REGISTERED CHARTfY NUMBER: 1057815 REPORT OF THE TR TEES AND AUDITED FINANCJAL STATEME FOR LONDOli ISLAM[ octETY AND RECREATION KNOWN AS ICNIG
LOhT)ON ISLAME tc CULTURE AND RECREATION sOcTy S ICMG CONfENTS OF THE FLNMCL4L STATEMENrs R ThE YEAIi ENDED 4TH MARCH 2024 PaEe Report of the TThstees Report of the lftdependeot Auditon 9 to 11 Statement of Financial Activitse5 12 Statement of Finanoal Pfjsition 13 Statement of Cash Flows 14 Notes to the FiD2D¢ial &atemeJJts 15 to 29 Detailed Ststement of Financial Artivities 30 to 31
LONDON ISLAMIC CULTURE RECREATI OWN AS ICNfG REPORT OF THE TR OR TBE ITAR EST)ED 4TH MARCH 2024 The TeeS have pleas1e iti presenting theii report and the fnCIlI st2t¢ments for th¢ charity for tbe year ¢nded 04 March 2024. The Trustees have adopted tbe provisioJJs of Accounting and Reporting by Cknities." Statement of RecommeDd¢d Practice app1[ble to cFJarities preparitig their accounts in acc4)rdance with the Fiuancial Reporting StaEthrd applicable in the UK and the Republic of Ireland (FRS 102) (effective l January 2019). OWECTtVES AND ACTlVtriES Objettives and ainis Our WOTk is guided by and to advance th¢ Islamic ReJigii)n: the education of Tutkish people in particular by the provisxon of mother tongue and English ¢lasses' to provide advice lo people which wist in relieving their wvety or advancing their education or protecting or weserving their health. For the purposes of fijrtberance of these objects the Charity aims lo undertakes: (a) Setting up sGhool4 libraries and reading roo (b) Publish boob magazines and rnaAntsin reading roouts: (¢) Establish accommodations for the needy and help them re-establish tbemselv¢s La xtiety. (d) Organis¢ educational s¢millars and lectures. (e) Promote Islamic and Turkish Cultu. (fj Work in hamiony with other Islami¢ tnstitutioDS and As%Kiations: Main ArtiYAties Education PTogran)mes and Conferences For Elderty And Young. Organising C¢)mmunity Events. CLsOperatioD With other like-minded affiliafrd clwities. orgaDised accommodations for the needy, pl1¢5 aDnual Haji and Umrah and Islati]i¢ cuItLuzI trips and funeral assisTaDce. The tn35tees bave considered the CbaTiiy Conirnissioll's guidance on pubtic benefiL including the guidance 'publi¢ benefit: rlning a charity (PB2)'. The Trust furtkLers ils charitable PUTposes for th¢ publi¢ benefit through its missions and goal& OUT aim 15 to work to optimise our operating models and ways of work8 to reflect our 8oals and values, ensure fllwicial sustainability, achieve outromes and be accountable to all stakeholders. This will be in aligntnent with our current resources and the fitwi¢ial ¢ontexL We are aiming to undertak¢ a variety of actions: Accountability and contiauous improvement to have a better overview of our ¢apa¢iry. so we can better tsr8et supporL We will strengthen monitoring and evaluating our programm¢ to better achieve and demon51rat¢ impact and affm supporter contiibutions. W¢ will ajso look at our own internal perfor[Ua strengthenin8 our learning and development practices as well as our perf¢)rniance rnana8etDent approach. Tecbnologi¢al enablement - we aim to improve use of dats and digitsl platfOrn to improve support¢f5' experience of giving, praying and actiJJg with us. Internally, we will improve efficiency through automated processes of tasks such as income and expeDse PrCe5sjllg. Financial 5ustsinability - central to our approach ts iniegrating insiglts frorn vaTiOUS sources and improved visibility of data in support of targeted fUndrnsI well.1ryforna t allocations and ease of expendAtUTe monitorijjg. Page I
LONDON I C CULTURE LND RECREATION sOcTy . WN AS TCMG REPORT OF TItE TRUSTEES FOR THE YEAR ENDED 4TEI M.4RCH 2024 State)Dent of public benefit The board believe that the ¢PLty,$ activities advance for the spiritual and physical need5 of all people. Our ac1ivities proNide a meaJ]s by which people of any faitL or none, can gain an awareness of Islamic faith and can gain support and a5sisL2nce to deal with difficulties or Pressures tbey Y be facing in everyday life wbether that be spiritual need& health issues, educational Tequirements, farwty issues or personal problems. Our clwitable aCtitieS bring us into conlact with all the people in and around the Communities wbere w¢ are located and we Provide guidance. assistance and comfort to all people iJrespective of their social. econornic. etEu]ic or religious baekgroun(L The objective and a¢tivities and achievement section of this report has set out the activities which the Clwity undertakes for the public benefiL The Executive ConuJitt¢e collf]nns that it has eomplied witb the duty in respect of se¢tioD 4 of the Charities Act 2011 to have due regard to public beuefit guidance publish by the ¢omrnis5ion in determining the actAvÈties undertaken by the Charity. ACHIEVEMENT AND PERFORMthCE A review of our achievements and perforniance The ben¢fits of the London Islamic cultu and Recreation (LI5} work are to ettbance facilitstion to humanity, brothethood and fjjrtberance of1slami¢ education with current and fiJtur¢ Muslim Communities. The tntee6 aTe pleased that the a¢hievements and perfornMD¢e of the Tnjst so far, as s¢t out below, wbich demotLstrate sigoificallt endeavours. Significant activitses Despite challen8ill8 UK economy and global CCODomic environmenL the cbarity ¢ontinued to orwise its various fund-raising ev¢nts including Ramadan Iftat dinner events and fetes to $URDOrt its caus4 airL8 and operntions, and particularly the completion of the Islamic Centr's Building Iraprovernell Li¢$ is pleased to announce that most of the Buildin8 Improvement W&8 completed in the year and completion took place by mid-sunjmer of 2024. The charity arranged workshops and talks with Imams at the mosques and community ha115. It has also continued to provkd¢ UQBAH funeral services support to the local Muslim con]munity. In additio though Li¢ars as a charity is still going through an evolving srag< it Continued to expand its reach and orgatiised VaTied programmes: a) R¢gu12r trnining and involvement in humanilan actiTritieg b) Conferences, Qurdn recitstions and Tevival - pro8rammts of religious days and night c) R¢gvJlar teaclLers' meetings to inwve the experien¢c of our coromunities and benefici1¢$ d) Competition and held Mercy to the Wotld workshops e) Open Mo4ue Day events for our local comjnunity and promote goodness. fj Fon]lISed Tegionai. local branch education ¢ornmi5sion to oversee and promot¢ education g) Meeting with respect of yearly Haji and Umrah pilgrim - before and after 5100 The charity supported we¢keDd education schoob in different affiliated bTanchw in Edmonton, Romfort Peckha Maryate, Brighton. and B¢xl¢y in London. We are cuffent]y in the process of opening a new bTaneb in Enfiel¢l During the year, the charity spem fijrther £193223 on the Trfirbishin8 of its SectatIat to cater for the evolving needs of th¢ needy. local community and the youth. tyuriog the year the charity continued to provide Hail and Umrah trips for religious pilgrims, iucluding culttual tour to Tfjrkiye and Spai Our key perf0rnWi indicators are SUMMlsed in the table belovr. 2024 2023 Number of fund raising events Donations Value of clwitable expenditr¢S £503.053 £61.645 £95.105 £5,908 Page 2
NDON I so C CULTURE AND RECREATION . "ow AS lClfG REPORT OF THE TRUSTEES FOR THE YEAR ENI)ED 4TH [RCH 2024 Finanaal position We Are appreciative and of contAnued support from d)e cornrnunity aud our supporter& despFte another difficult year and with continued pressures on UK bousehold budge Our supporters and voluuteers bave adapted and continued to expand ways to engage with us. as traditional fuodTai5ing metholts have ken replaced by more on]ine giving a¢tivitie$ followiti8 the pandemic. Retsardless of the LfK onoMiC cballenges, the comn]ilment of our supporters to w has been enwuragin8. Our total income ID 2023124 was £684.734 which is £457,714 {2029/0 per cent) bigher than 1&8t year. That exceptional result in 2023124 was nearly 314Yo per cent higher t11 the previous year and was particularly b¢)ost¢d by receiving genezal donations £336,336 frotn ICMG {GeruwLy). Additionally. a healthy itierease in its rental incoll of £169.746 (2023: £ 26,703) from the connected charities Hasene and Alberonius Foundation for using our facilities. As in every year. the majority of our income comes from the oLug loyal and generous support froni our Chair. omtnunity and alliated ICMG organisations. We received £503.053 (compared to £95.I05 in 2022Q3) in general doDations and legacies from those supporters. The total in¢ome for the year was £684,734 (£227.020) The totsl resources exp¢nd¢d amounted to £385,168 (2023: £154.658) The net surplus for th¢ year amounted to £299.566 (2023.. £71362) Reserves poliey Every year, the trustees seek to set aside sufficient reserves to eDsure a balance between spending to meet the inmiediate needs of our operaTion5 and protectin8 our fvtt]Te work This serves as baviDg a buffer and 8]lows tin to adjust the chaTity to any unexpected operational challenges should there be a large reduction in the an]ount of illn we Teceive. The trnste¢s are airning to nltita]n a reserve equivaleDi to 3 montbs working capital r4uixements. The total accumulated reserves were £1.026,434 as at 4 March 2024 (2023: £486,942 as restated). The trte¢S consider the reserves ar¢ sufficient to continue the charity acttvities iti the fjjrure years. Page 3
"OWN AS ICMG REPORT OF THE TRLT TBE YEAR EThTIED 4TH NL4RCH 2024 Proposed change of the Charity's antsllAI reporling date The Board of Trustees ]w reviewed its histOTiC yearly Teporting date (of 4th Match) with ihe Charity ConllDissiofy in onjunction with its expandin8 activities and level of operations and for the purpose of better reporting hav¢ d¢cided to change its annua] r¢portino date to, 31 MarckL Subsidiary undertaking The charity subsidiary's 2024 annual accounts reading a deficit on its balancc sheet of £6.250 (2023: £5,796). The subsidiary is in dornwicy and the Charity will ctinlinue to provide fmancial suppo¢ should such a need artse. Environmental stewardship We aim to develop and estsblish Licars '$ ¢aTbon footprint but has been delayed due to operational ¢onstraints and would ty to target io ?024125. In the meantinw we continue our efforts to reduce our own emissions and improve our caxbon footprint through our internal initiatives. Statement on safeguarding We are committed to recognising the saf¢gUa1llg of all people we work with. espcciatty vulnerable wups. We bave a particular concern to ensure children. young people and vulnerable adults are safeguarded and recognise we have a special duty of and rwect Towards them. We are committed ro upbolding professioDaJ conduct in aJ] areas of our work and creatin8 an organisalioDal Guiture that prioritises safeguarding and eDsures a safe and trusta environtllent for all wbo com¢ intr) Contact with Statement OD fundraising We respect the righty dignity and privacy of OUT SUPPOrter& We will not put undue pressur¢ on supporters to make a gift and if a supporter does not wallt lo give. or wisbes to cease giving, we Tespttt their decision and a¢t i)n this W¢ offer SUFporiers choices about bow they wish kn be coAts¢¢ and we respond to requ¢sts to ¢nd rolltscL Trustee risk management gtatement The principal risks faced by the Trust lie in the FrforniaDee of the charity. Risks gre factors that ¢ould stop us from a¢bicvin8 our plans or goals" TrY be of financlal. polAtical, regulatory, governance or operational. While we ty to Ixm(t risL we nllOt prevent all events from occurring. That is why we have actions alld controls ia place to reduce negativ¢ itnpacts. Identifying and addressitig tbe ll5t significant risks helps reduce the possibility of fll]aaciai loss or dwge lo Licars 's reputation attd ensure5 efficient Use of resources. We pay p2rti¢ular attention to risks that would bave the highest impact on Licars's. if they came about. Our risk management is proactive, identifying and assesstDts key risks befoTehand. It i5 integrated inro a]1 our work planniJ]g and decision-makin8 presses. Team ¢ollaEx)Tates with n]anagernt conllnittee and tn¢¢5 to identify Tisks and deN'elop mitigation strategies. At tbe organisational l¢v¢L trustees review LIOTS 'S Iisk register at least annually, ensiw significant risk5 are managed properly. The operationa] risk from ineffettive internal control8 and procedure& The Trustees have assessed the niajor risks to thIeh the charity is expose4 in particular those Trlated to its rcgulatory. operations and finances. and are satisfied that systems and procedures are in platt to mitigate exposure to the major risks. Th¢ trLL8tees are of the opinion that the c]wity is not exposed to any rnajor risks &8 il has a heathy reserve position and is not wholly d¢p¢lldent for funding on its m¢mbers, which is growing. Tbe trustees regularly revicw the operations of the clwity includi(1 any changes to the service delivery to identify kcy risks against the COV provided by the cutrent insuranLr policies whicb aTr then re-negotiated if r4uired to ensure adequacy of cover. Page 4
NDOIN, C CULTURE AND RECREA ILYOWN AS TCMG ON so REPORT OF THE TRLTSTEES E YE.4R EThTIED 4TH NIAR FINANCIAL REVIEW An economic dowJ]turn coujd have a direct iJnp3Ct on our donots. ability to coniinue its SUPPOTL The economic and political landscape is uncertain and could have a Signif imyact on casb use of the Charity. TnteeS therefore altu to keep abre&st of economi¢ conditions both in the UK and abrowL 0veyh are carefully monitored to ensure that resources used effectively. The Board of TThte¢s considered that through their decision making iu tbe year, they have acted in a way to promote tbe Charity and for the benefit of its stakeholder as a whole. Engagement with employees 9nd volllntttrs The Charity could not function without its stsff and volunteers. and trlreeS consider their needs when making decisions. The Management COEtJtnittee teauL l¢d by the Cbair of Licars. handles the day-tu-day administration and reports to the stees. The Chair oversee% the tea ¢olle¢tively forming Licars TeaoL The managetD¢llt council manages LICARS and llJpl¢ments decisions made by the ttLstees. delegate ¢¢rtain powers to them as outlined. The trnstees aim to raise awareness of organisation-wide issues. Staff and volunteers regularly receive governanc¢ and financiat updates. Tee$ orgallise eDgagern¢nt opportunities within board and ¢on]rnittee njeetln, collaboratin8 with the teatn to commutiieate decisions effectively. Specialist staff m¢mbeTs frequently participate in ihcse meerijw. pre5entiug th¢ir woJk and seeking iDPUt from tystees al specialist adviseLS 10 8uide de¢ision-makin8. Governed by the Thfyistleblowing policy. trustees c8n hear staff COncm when forn Licars Complaints meclwiisms bave been exhauste4 with clear protocols in place to resolve any matters raised in this way. During the year, the charity etnployed 3 full time ernployees including an office op¢r4tional maDager to ¢oordinat¢ the operaiiollal wings. All th¢ rnajor activiti¢s were caryied out by the volunteets and thLStees. The ttustee5 provide their till and experrise to the charity ou a voluntary b&sis. Plans for the future We have identified that tkn is a buge demalld for the work we do in the Muslim coD]munity, and we regutarly receive requests to assist in opening new centres or extend our services in other areas oeLondon aDd the surnundings. We are at the final stages of receivitig the keys and opening a new education centre in EDfield and plan to start with OUT education services in tbe new season. Before opening other centre4 we plan to strengthen our regional management commirtee with new members and possibly have a few more tnLStees on the board as from previous y¢ars of experience we have learnt that we should ¢xpand 2nd Erow tbe charity at 2 pace which does not over102d or stress the man4cfement team. We aim to illcree our incom¢ raised in the UK with more fvn(trai5ing eveDl& sponsors alld in¢reasing montb]y direct debits from Tegular donors to fimd the increase in the capaclty of our seTvices. Due to recent expansion of our operations. w¢ are aiming to 5tren8then OUT accounts function by hirin8 ycialist staff. In additio we aim to ¢ontinue our endeavours to empowering com]nunitie5 through eduL¥tion. social services. and huTnanitaTian efforts and bas a stroD8 fjnancial aTrangem¢nt and support in plac¢ from our major partner IGMG in Gernwny. We are also CuentlY in negotiatioD wilh our long-telln Icnder IGMG and PaMer witb respxt of TestructUTiDg our existing foreign loan ierms in order to release adequate funds ro achieve medium-temi goals. We are pleased elY indication of these negotiation are looking favourable and we aim to agree an optEnl loan tertfLS. Events sinte the year end The ¢kwity held its opening ceremony in May 2024 to unveil its new ceotre after refilishMellt. The charity 15 in negotiation with its lender to reslLvctttre its loans in (rder to address the going concern issue. Page 5
LO.ND ISLAMtC CULTURE AYA D R MG oh. REPORT OF THE TRUSTEES FOR THE ITAR EIYDED 4TH TrL4RCH 2024 STRuuRE, GOVERNANCE AND MANAGEMENT Coverning document The TnJ5t is an unincorporated retered ch&ity Dumber 1057815 aDd is guided by its govemin8 document under 3 trust dee The trustees 0r¢ responsible for the general cootrol and maDagement of the charity. The administration of the Charity is vested with The MaDag¢ment Council. The Mallagement Councxl deals with the day to day affaits of the clwity. It trIeS out or execute the objects of the Cbatity as laid out in the trusvs articles. The Management CouDciI meets at least once a n]onth for discussions and consequential decisi0Trs ar¢ nmde ou a simple majority basis on th¢ Charity's matters. The Management Council elects froni arnong themselves a chairnwi. The Chaimian SI11 choose from the rnembeTS of tb¢ Mana8em¢nt Council, a Vice Chainnao a Se¢Td&ry General. A Trcasurer. Three other members shall be ¢le¢ted as Active At the tttts, meetillgs. the trustees the broad strategy and areas of a¢tivity for the Tn( including consideration of charitable activities, investrient% resetves and risk management policies and perfonnance. In &85iSting the tnte¢& the management ¢oun¢ii meets weekly. prior to the nill Intee$, meetin& to consider and focus on tbe new projects. programmes and n¢edy caus&s lfill]llg the Tclcvant criteria and make re¢ommendation5 for other charitable fAmding. The management council is supported by the teams of volunteets and ajso consider the monitorino inforntioll concerning the perfonnance of the projects date alld make recomD]cnd*ions to the trustee> The J]]anagen]eJt Council have the power to hire and en8age expens as educational advis¢TS or ¢ouns¢lling. The day-to-day administration is delegated to the cbarity offlce operatiODal manager. The trustee5 give their time freely and receive OD rfflnunerniion or other fmancial benefits. The trustees gratefully acknowledge th¢ swice, dedication and supw)rt of management ColnIttee5, members. Retruitinent and appointment of new tru51ee5 On appoinlmenL new trustees sign a tsustee declaration staterneot COD]mitting them to 8ivin8 of tbeir timc and expertise. There is a forn1 induction pro8ratse fot any newly appointed tnL5tee. which tncludes an initial meetin8 the Chair and tbe tnte¢s, followed by a serie5 of short meetings with the management committee tllcmbers. Details of trustees, expenses and related paty transactions are disclosed in not¢ 21 to the accounts. Trustees are required to disclose all rclevaot interests and register them wlth the Offiee manager and in a¢¢oTdance the Tt'S policy withthaw from decisions where a confii¢t of intettst arises. Registered Charity number 1057815 Prcipal addre&8 399401 Higb Road London N17 6QN Trustees U Bilaloglu M Gulbahar R Gokce Page 6
NDON ISLAMIC CULTURE AhT) RE "OWN AS IC.VG ATION REPORT OF THE TRUSTEES OR THE YEAR ENT)ED 4TH INLIR 2024 The Charity's website addr: icmg.org.uk Other name whi¢h the tharity D$e3: Islamic Community Mith- Gorus (ICMG) Management counciE mernbcrs are detsiled below Names Mehmet Glln£Ordu Adem OzdemÈr Mustafa Kiranoglu tbr&him TrkMell Mustafa Ersoy Aliye Sert Ekmel Pakoz Fatma Simsek Mustafa Aydin Emin Centinkaya Omer Mucahit Ercan Buldu Ferdi Yilnttz Nuh Koksal Role Vice PreSidt & Organization President Vi(t President & Head of Educalion Vice President & Chairman of ITshad Vi¢¢ President & CoTporate Conllnunications Vice Pr¢sid¢nt & Humanitarian Aid SHB President of tbe Women's Or8aniz2tion Deputy Chairman of th¢ Youth Organization PresidcDI of the Women's Youth Orgaoization Head of Inspection Head of Accounting Ihsall Chats Rwonsible Head of Administrative Affairs Head of Haii Un)rah Trnvel Affai Head of Funerni Services Aeeountants and business adviso S.D. Gller + Co Limited Chartered Certifi¢d Accountants and Statutory Auditors 92 Station Lane Horn¢bureh Essex RM12 6LX AudAtors Inam & Co Ltd Cbortered Certified Accountants and Ststutory Audito 459 Green Lane Goodmay¢s Essex IG3 9TD Solicitors Bowling and Co 62 Broadway Stratford London EL5 ING Page 7
LODON IS so ON Kh'owts AS ICM REPORT OF THE TR ISTEES FOR THE YEAR EYI DED 4TH I¥IAR H 2024 STATEMENT OF TRUSTEES, RESPONSIBtLTfiFS The trustees are rcsponsible for preparing the Report of the Tr and the financial statrments in aeeoTdance with applicable law and United KiDgdom Accoutsting Sr3Ddards {UJJited Kiagdojn Generally Accepted Ac¢ouJJting Pra¢tice) iDcluding Finan¢ial Reporting Standard 102 'The Financial Reporting StaDdard applicabl¢ in the UK and Republic of Ireland.. The law applicable to cbarities in EnglaDd and Wale& the Clwities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the tTht deed requiffs the trustees to prepare financial starements for each fillancial year which give a true and fair view of the stste of affairs of tbe cbarity and of the in¢oming resources and app17cation of resourc¢s. including the income and expenditur4 of the Chty for tbat period. ID Preping those fmancial ststement4 th¢ trustees are Tequired to select suitable accounting poli¢i¢s and then apply them nSIstentlY. observe the methods and principles in tbe Cbariry SORP. make judgcments and estimatrs that are re&8oDable and pruden state whether applicable accouuting standards hav¢ been followe subject to aay matrrial departures dtsclo*l and explaiDed in the financial statements" prepare the finan¢iaL statements on the going Coll basis unless it is inappropriat¢ ro presume that the clwity will ontinue in business. The trustees are responsJbl¢ foT keeping PTop¢r accountin8 records which disclose with reasonable accww at any time the fmancial position of the clwity and to enable them to ensure tbat the financial statements comply witb the Charlties Acl 2011, the Charity (Accounts and Rep)rts) Regulations 2008 and the provisions of the trnst dee& They are also Te5ponsible for safeguarding the assets of tbe cbarity and hence for taJ(in8 reasonable steps for the Prevention and detection of fraud and other I¢glaritieS. AppToved by ord of t e board of trustees OD 16th May 2025 and $i¢d on its behalf by. U Bilaloglu - Trustee Page 8
REPORT OF THE EPENDENf AUDTfoRS TO TItE TRUSTEES OF LOND NIS C CLTLTLtRE AND RE sOcTy OWN AS ICMG Opinion We have audited the finaucial statetnents of London Islami¢ CuItsJre and Recreation Society (known a8 ICMG) (the 'dwity') for the year ended 4th Mah 2024 whtcb Compri the Staten)ent of FÈn3ncial Activities, the Statement of Financial positio the Ststement of Cash Flows and notes to the financial StateMts. including a 5umllLary of siguificant policies. The fllwlcial reporting framework that has been 4>plied in their preparation i5 applicable law and Ullited Kingdom Accounting Standar&s (United kngdom Genernlly Accepted Accountins l¥actice), including Financial Reporting StsndaTd 102 Yh¢ Financial ReportiDg Standard applicable ill the UK and Republic of ]rcland'. In our opinion the finallcial statenwits.. give a lrne 2nd fair view of the state of the Ciry'S affairs as at 4th March 2024 and of its incorning resources and application of resour¢¢s, for the year then ended: have been Properly prepared in a¢eordance with United Kingdom Generally Accepted Accoutsting Practic4 including Financial Rcporting Standard 102 The Financial Reporting Standard applicable in the UK 2nd Republic of Ireland and bave been pr¢pared in accorda1e with the requirerAents of the Charities Act 201 I. Basis for opinion We conducted our audit in accordance with Tnternauonal Standards on Auditing (UK) (ISAS (UK)) and a¥)pli¢able law. Our responsibilities under those standards are further describcd ID the Auditors, reswnsibittties for the audit of the finan¢iaI ststements section of our reporL We are Indepdent of the charity in ac¢rdanCe with the ethical rquirements that are relevant to our audit of the financial statements in the UL Tn¢luding the FRC'S Ethic41 Standar4 and we have lfled our oth¢r ethical rcsponsibilities in a(rordanee with these requirernent& We believe that the audit evi&nce we have obtained is swfficient and appropriate to provide a basis for our opinio Conclusions relatiD8 to going concern In auditin8 the financial ststemettts, we have CQll¢luded that tbe tnjstees, use of the going coDe¢rn basis of ac<ountin8 in th¢ prepaTation of the financial staternenls is appiopriaie. Based OD the work we have performe& we have nol identified 3lly DIatla1 Un¢alDUcS relating to events OF conditions that. individually or ¢oll¢cliv¢ly, may cast significant doubt on the ability to CODtinue as a goin8 concern for a period of at least twelve n]onths from when the fiDaDcial alernents are authorised foT iS5U Our responsibilities and the responsibilities of the trStee$ with respect to going concern are described in the r¢levant sections of this r¢porL Other information The trte¢S are responslble for the other informatioL The Ot1 inforn]ation comprises tbe infomiation iacluded in the Annual ReporL other than the financial statements and out Report of the Independent Auditors thcreon. Our opinion on the fanCIaL statements does not cover the other infornlation and except to the exlent otherwise explieitly stated in our report, we do not cxpress any forni ofawrjn condusion thero)n. In connection with our audit of the fmancial statementy out Tesponsibility is to Tead the other infonnation an in doing so. consider whether the otbet infor0tIon is rnaterially iQCODSiStent with th¢ financia] statements or our knowledge obtained i the audit or otherwise appears to be ]atlallY misstste(L If we identify such n)aterial inconsisteDoies or apparent materia] misstatements, we are required to d¢tern]ine whether this gives rise to a material misstatement in the fu)ancial statements then]selves. If, based OD tbe work we have perfornie4 we wnclude that tbere is a material mis5tatern¢nt of tbis other lnfonnati0 we are requir¢d to report that facL We have nothing to rep)rt iti this regar Matters on whAch we are required to report by exception We have nothing to report in respect of the following matter5 where the Clwities (A¢¢ounts and Reports) Regulations 2008 requires u5 to report to you if. in our OPiDiOn". the inforrDation given in the Report of the TrusteL% is inconsistent iti any matffiaI respect with the financial stateJnents" sufficient accounting records have not been kepL or the finaucial statements are not in agreetoent with the accounting records and returns or we have not reccived alE th¢ inforn)ation and cxplanatiolls we rquire for our audiL Page 9
REPORT OF TEE INDEPEfiDENT AUDITORS TO TRUSTEE5 OF LOhJ)ON JSLAMIC CULTLIiE AND RECBEATION oTy OWN AS ICMG Responsibilities of trustees As ¢xyl&'ned llre fully in the Ststement of Tn]stees' Responsibilitses: the trustees are resp)nsible for the pry2rion of the financial statem¢nts which giite a te and fair view. and for such intenul control as Ihe trustees determine ts necessary to enable the preparation of financial statements that fr& from Malen misstatemenL whethei due to fraud or error. In pwg the fiD2mcial statements, the trustees are resp)nsible for a%Sing the clwity's ability to contimie as a going concery disclosing. as applicable, mallers related to going concern and us]ng the going corern basis of accounting unless the trustees either intend to I1da chan.ty or to ¢¢ase operntions: or have no realstic altern*iv¢ but to do so. Our responsibilitses for the audit of the financial statements We Iw¢ been app)inted as auditors under Section 144 of the CFarities Act 2011 Teport in accordance with the Act and relevart reatiOnS tn2de or kning effect theuTIer. Our objectives aTe to obtain reasonable assurance abOt whether tlk financial statements as a H,hole are fe from material misslalernenl whether due to fi2ud or error. and to issue a Report of the IndeEKndent Auditors that includcs our opinio]L Reasonable asSUrce is a high level of assllrae, but is not a gUattt that an autht conducted in arxordance with ISAS (UK) will always detcct a material misstatement wn it exists. Misstatements can aris¢ from fraud or error a])d are considered material if, illdividually or in the aggrega. ty could reasonabkj. be exTrected to infiuence the economic decisions of users taken on the basis of these fina131 starements. The extrnt to which our procedures ate pable of detecting iTffgularitie& in¢ludiDg fraud is de12iIed below; - Identify ar1 assess the risks of Materi n5Statements of the financial statements, wther to fraud or ernr. desi1 and perform audit procedures resFrf)rLsive to those risks, aNI oblain audit evidence that is suffAcieni 2nd appTopriafr to provide a basis for our opiniotL The Iisk of not d¢lecting a material misslatement resulting from fraud is higher than for one re$tg from crror. As frnud may involve collusior4 forger),, illientional omissions, n)isrepresentstsons, or the ov¢rTide of the ititernal cOntL - Obtsin an understandillg of the internal control relevant lo the audit in order to design audit proceduTCS that are appropriate in the cireumstanc¢s: bui not for the purposes of e.Iyressing aa opinion on the effectiven¢ss of the ¢hatity's infrrnal conttol. - Evaluafr the appropriatrness of accounting p)li¢ies used and the reasonableness of accounting estimates and telated disclosures made by the tslees. - Conclude on the approptiateness of trustees. use of going COe1n basis of accouniing an¢ based on ts audit evIdee obtainc(I w'heth¢r a material unceLtiinty exists relaied events or conditiOELS that may cast significart doubt on the ¢harity'S abJlAty to COlnue as a going corern and reFK)rt appropriate disclosur in the accounts or in our audit rewrt. - ETrknte the appropriate presentatio Strnc and content of t fU)ala1 stalern¢nts: including th¢ disclosus, and whether tk fAnan¢ial ststements repiEsent the und¢rlyiJg tranalOnS and ents in a n)ner that achieve fair preseniation. - Evaluated the ¢onduct of operations in latioll to laws aTrJ other ffgulations including bul nol Jimited to. intellecttol property. ¢omtuercial trading data prot¢rtiorL llxbney lauThlering.. and employment. Our evaluauon took account of whcth¢r any non<ompliatr¢ would have a matetial effe on th¢ fmancia] statements. We commurricale with tFM)se charged with governa regardi(¥ atnong other n)atters: the planned scope and liming of the audit and siwficant audit fUingS, incluthng any SigfiCa defjciencies in internal control that we identsfy during our audit. A further descriMion of our r¢sporLsibilities for the audit of the firon¢ statements is located on the Financial Reporting Council's website at wvrn.frc.org.uk/auditowespollsibiIities. This description forn part of our Rewrt of tF£ IndqKndent Auditors. Page 10
REPORT OF THE INDEPEfiDENT AUDIT RS TO THE TRUSTEES OF U)NDON ISLATrIIC CULTIRE RECREATION SOCIETY ICMG Other matters which we are required to address In the preOS accounting period the thjstees of the chaEity took advantage of audit exemption under s.144 of the Clwities Act 2011. Therefore: the prior period financial statements were nol subject to an audiL Use of our report Tl)is r4)ort AS made solety to ts CIlty's tnjstees, as a bod)", in accollIan Part 4 of the Clwities {Accounis 2nd Reports) Regulations 2008. Our audit wod( has been underraken so that we rnight s&t¢ to Ilr ChIty'S trustees those matters e are reqw¢d to state to thuu An an audiiors, ryrt and for ro other purpose. To the fullest extent Tled by law: we do not accept or assume responsibility to anyone other than the charity aTra the cl)an"ty's trustees as a body.. for OUT audit work. for this rep)rL or foi the OPiDions we have fornd. M I Ullah {SeDior Ststutory AalT} FOT and belwjf of Inam & Co Ltd Chartered Certified Accountants & Statuiory Auditors 459 Green Lane Ilford Essex IG3 9TD 16th May 2025 Page 11
LOND N IsL[c CULTURE AND RECKEATI "OWN AS ICM sTATEENT OF FLNANCJAL ACTivrrtES FOR THE YEAR EIT)ED 4TH NIARCH 2024 Unaudited 2023 Total funds as restated 2024 Totsl fimds Unrektrictsd Restrtded fijnd Note5 tNCOME AND ENDOWMENTS FROM Donations and legacies 503,053 503.053 95.105 Charitable activittes Funerni 5ervtces Student 5UPPOrt 11.935 11,935 46.851 58.361 Investment Ill¢ 169.746 169.746 26,703 Tot21 672,799 11.935 684,734 227 020 EXPENDtruRE ON Raising fimds IL.868 11.868 24.064 Cbaritsble activities Funeral servic¢s Projects Adminsstration & 5tipport costs Cultural attd religious pilgrimages 2.750 2,750 61,645 299,248 2.354 61.645 299248 2.354 5.908 110.465 9,649 4.572 Totfdl 382418 2.750 385.168 154 658 NET nYCOME Transfers between tsllds 290.381 9.185 33,944 299.566 72,362 Net movement in huds 256,437 43,129 299.566 72J62 RECONCiLIATIOIY OF FUNDS Total fiwds brought forwanl 676.191 50.677 726,868 414.580 TOTAL FUNDS CARRtED FORWARD 932 628 93.806 1,026,434 486 942 The notes fotm part of these financial statements Page 12
LONDON OWN AS ICMG STATEMENT OF FLNANCIAL POStrIoN 4TtI IIARCH 2024 Un&udited ?023 Total fid$ as restated 2024 Total funds fund fund Notes FIXED ASSETS Tangible assets Investments 14 15 3.632.595 3,632,595 646,195 3.465,801 642.813 4,278,7 4,278.790 4,108,614 CURRENT ASSETS Debtors PrepayEnents and ae¢rued income Cash at bank 16 20,632 10.872 34.112 91,123 111.755 10,872 36,795 1683 65,616 93,806 159,422 92.757 CREDrroRS Amouuts falling due within one year 17 (596,152} (596,152) (89,039) NET CURRENT ASSETS 530,536) 93,806 (436,730 3,718 TOTAL ASSETS LESS CURRENT LIABILITIES 3,748,254 93,806 3,842.060 4,112,332 CREDITORS Amounts fallxn8 thie after more than one year 18 (18L5,626) (1815.626) (3,625,390) NET ASSETS 932.628 93.806 1.026.434 486,942 FUNDS Unrestricted funds Restrirted fimds 20 932.628 93,806 436.265 50.677 TOTAL FUNDS 1,026.434 486.942 The fiD3ncial stat¢ments Tvere approved by the Board of Tnle¢S arLd authori5 for issue on 16 May 2025 and were signed 'J• its behalf b U Bilaloglu - T The notes fo t of these finallciai ststem¢nts Pag¢ 13
07)0 ISLLMIC CULTURE AND RE SOCtETY TION STATEMLYf OF FLOIVS FOR ThE YEAR ENDED 4TH NL4RCH 2024 Unaudited 2023 as restated 2024 Notes Cash flows from operating activities Casb generated from operations Interest paid 599.037 (68,999) 90,612 Net cash wovided by ¢)p¢rating activities 530.038 90.612 C2sh llows from investing activitAes Purchase of tangibl¢ fixed asset5 (211.312 3.465.308 Net cash used in investiog activities (211.312) 3.465,308 Cash flows from fwcing activities New loans in year Loan repayments in year Loao Reallocated 3,462,156 (66,943) (56.966) 317 722 Net cash (used inypTovid¢d by ncIng activities 374 688) 3J95,213 Change in tasb and casb ¢quivaleDts in the reportiog period Cash and cash equivalents at the bllnIng of the reportiDg period (55,962) 20,517 72.240 Cash and casb equivalents at the end of the reportin¥ period 36.795 92,757 Th¢ notes forni part of thes¢ fman¢iai statem¢nts Page 14
LONDON ISLAMIC CULTURE AND RECREATION SoTy NOTES TO TKE FLNANCIAL STATEMENTS FOR THE ITAR 4TH MARCH 2024 ACCOUNTING POLICIES Basls of prep2ring the financiaj statements The fiuanckal statements of the chaTity. which 15 a public benefit entity under FRS 101 have been prepared in aCrdance witb the Clwities SORP (FRS 102) 'Accounting 2nd Reponing by Clwities: Statement of Recornrnended PTactice applicable to ChltieS PTeparing their accounts in accordance with tbe Financial Reporting StarAdard applicable in the UK and Republic of ITeland (FRS 102) (effective l January 2019),, Fin¢aL Reporting Standard 102 The Finallcial Reporting Standard appIlble in the UK and Republic of Ireland, and the Charities Act 2011. The financia] STateDwnt5 bave been prepared under the historical cost Conventio with the exception of invesfments which are induded at market value. The presentation currency of the financial statements is the Pound Sterling (£) which is also the fim¢tional currency. come Unrestricted income is avai13blc for expendiWr¢ approved by the Board. RestTiCted income is available for expendittwe in accordance with the Pu05¢ specif1 by the donor. tncome is credited to the Statctnent of Financial Activiti¢s when entitlement can be dem¢)nstrate& relpt is probable. and the amount ¢an be reliably measured usin8 ¢ither the perfornwice rAodel or the a¢¢rual model. 2) Dongllons and legacies Donations from support¢TS are accouat¢d for wheD received PecuDiary ic8acies are r¢¢ognised on notification provided there is no known dispute and evidence there are suffi¢ient moDies in the estate to rnake a dtstributio Entitlement to other lesacies is deemed to be at the earlier of payment being re¢eived or nOtifi70n of a dISl)ution or notification of the fll) estate a¢¢ounts being approved by the executor& b) Membership income The membership is recowsed when membersbip tegistration process is completed and fee is receivoj. Expendithre Liabilitie5 are reco8nised as expenditsjre as soon as there is a legal or constLu¢tive obligation conuJ)itting the charity lo tbat ¢xpendiDJre. it is probable that a transfer of e¢onornic benefits will be rquired in settIement and the amount of the obligatioll can be msured reliably. Expenditure is acc4)Unt for on all accruals basis and ba5 been classified und headings that awegate all cost related to the category. Where ¢osts cannot be dire¢dy attributed to Particular beadings they hav¢ been allocated activities on a basis consisterjt with the use of resources. Graats offered subject to conditions whi¢b have not been met at the year end date are noted &s a commitment but not acCed expeDdifur Cbaritsble actiI4ties In respect of income from govetnn]ents and other institsjtional douor% ¢ntitlement is obtsined when only adJJ)inistrdtiv¢ requireuwits cxisL and all disbutsanent and other entidemeDt conditions aTe satisfied. Taxation The charity is exempt from tax on its cbaritable aclivitie& Fund accounting Unrestricted funds can be used io awordance with the ¢haTitable objectives at the discretioa of the trustees. Restiicted fi(ts ¢an only be used for particular restricted purposes within the objects of the clwity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpses. Further explanation of the Datte and puSe of each fund is induded in the Dotes to the financial slateraents. Page 15 contitiue¢L..
LONDON ISLAMIC CULTURE LYD RE 0ETy TION NOTES TO THE FIN.4NCKAL TATEMENTS - tontioued FOR THE YEAR LJry)ED 4TH NIARCH 2024 ACCOUNTING POLICIES- eontinlled Forei.on t]Jrrenties Assets and Ikabi]ities in foreign currencies are Irlated into sterling at the rates of exchange nlling at the statement of fll)ancial position date. Transactions in foTeigD currencies are translated into sterling at the rate of exthng¢ njling at th¢ date oftransaction. EAGhange differences aT¢ tskeD into account ID arrivitig at tbe opeTating result. Basis of preparation and assessment of going contern At th¢ time of approving the charity annual accounts the trustees have a reasonable expectation that the charity has adequate resources to continue its operdtion foT the foreseeable futu The chIty'S 2024 balance sheet És sbowing an excess of its current liabilities of £436.730 (2023.. £3.718. a net current et position). this deficit has reslllted tDainly due to amounts of £323,376 owed for other long t¢rni loan obligation which are due within onc year and other payables owed to the same partner in GenDany. The Tntstees have made appropriate enqLtirtes and bave reasollable expectation that the clwity bas adequate resources and fiJndiDg support to meet its liabilities as they fall thie. As detailed ID the trustees, report ullder the heading "PlaDS for firture. the charity is actively expanding its ¢baritable operntioos to incre its in¢ome and Charitable operations. If the Charity is unable to geDerate an increase in its income in line with its expectations and therefore will be unable to Tepay its obligations includin8 amounts owed to IGMG ill Germany. However, IGMG bave given an undertalang to provide the ¢b8rity financial support for tELe foreseeable fvture aud also is CentlY ID th¢ process of restructuring its long-term loan to ease up tbe Chariry's cashfiows. Statement of Cash Floiys The charity uses tbe indirect method to present its cash flows from operdting aetivitie5. Cash flows from operating activitie5 are generdlly the cash effects of events that enter into the det¢rmination of net income. Classes of cash flows are investing. fillanci and operating 8Dd require5 th¢ CFority to classify each cash receipt and cash payLnenC in one of tbese three classes. The ¢las5ification is based on the nature of the clth flow, without regard to whether a cash tlow stems from another irenL A cash flow is fst evaluated to detemiille if it roe¢ts ¢ith¢r th¢ definition of an investing or finan¢ing casb flow. If a cash flow does not meet the d¢fiDition of an inv¢sting activiry or a flljancing activity. the cash flow is dassified a5 an opttating activity. Accrlled income Accrued income represents a best estimate of the recoverable fair value of services Or work perfoKm¢d on n]att¢rs at the year*nd after deductiog amounts in respe¢t of matters, where the right to coLsideration depends on fvbjre events. Trade debtors Trade and other debtor5 tbat are receivable thIti one year and do nol CODStitute a flljancing tT8Dsaction aT¢ recorded at the undiscounted amount expected to be received Det of impairment. Investments in subsidiaries Investments in subsidiaries are accounted for at cost less itnpairnieDt in the individual fmancial statements of the parent undertaking Rentsl income Reutai in¢ome from an opctatlng lease is recOlS¢d on a strnighr-line basis over the life of the lease even if payments aTe not madc on that basis. Page 16 continued...
LOYDOI% ISLAMtc sOcTy SICM TES TO THE EYNcIAL STATETs . continll FOR THE YEAR EED 4TH 2024 ACCOiINTING POLIC - continued Interest Teeeiyable aDd payable Interest receivable or payable is credited or Gbarged to th¢ incom¢ and expenditur¢ account in the fjnancial year io which it rdate5. Financial liaboities Finanelal liabilities and all other finaneiaj liabllities are beld at amortised cost using the effective interest rate Metho this includes loans. Fiied assets Tangible Fixed Assets Land aDd buildings are stated at o)sL Only buildings are depreciared over their economic life Oll a strdigbt-line basis. The ¢¢onomic life is currently estimated not exceed filty years. Fixtures and fittin8s - depreciated at 20¥0 straight line basis Repairs and Maintenance Expenditwe to eDsure that a tangible fjxed asset maintains its previously recogrtised standard of performance is expensed in the ptriod it is in¢urre Financial instrnments Loans Teceivabl¢s are carried at a)nonised ¢ost using the effective iDterest rate method l&ss any allowance for esTimated impairments. A PTovision is estsblished for impairments when tbere is objective evidence that the Cbarity will not be able to ¢oll¢ct all arnounts due under the oriwa] trrn]5 of tbe loan. Interest income, together with losses when the loans are impaired are recoguised on an effective interest basis in the profit and loss attount. Cash and cash equivalents Cash and cash equivalents iDclud¢ deposits repayable on demand without penalty. Short term money market deposits and fixed tern] cash deposits wbicb do not mp£t thks criterion ar¢ held under current assets &s short-terni deposits. Cash and bank deposits are stated at the casb amounL DONATIONS AND LEGACIES Unaudited 2023 as restated 2024 DonatioDS Cultural and r¢Jigious pi18rima8es Grants 462.985 9,719 30,349 89,105 6.000 503 053 95,105 Page 17 continuetl..
LO.NDOLY ISLAMIC CULTURE AND CREATION SOCtETY OWNA ICMG NOTES TO THE FINA IAL STATEMEf¥TS . tODtinued FOR THE YEAR ENDED 4TH . CH 2024 STMENT COmE UtsauditeAI 2023 a5 restated 2024 Rent receivable frorn Social inve5tDwIts 169 746 26,703 INCOME FROM CAARITABLE ACTIvrrIES Unaudited 2023 2024 as reststed Total activities Funezal services Income from cbaritable Income from Charitable activities (Funeral a¢tivities) 58.361 LL.935 46,851 11.935 105.212 RAISING FUNDS Other trading activities Unaudited 2023 as reststed 2024 Evellts & Publications costs 24.064 fvnding of activitie5 (see note Support costs {5e¢ note 8) Totals Funeral s¢rYÈces Pioj¢cts Administration & support Costs Cultural and religious pilgrimages 2,750 61.645 2,750 61,645 299.248 2,354 299.248 2,354 66,749 299 248 365.997 Page 18 continued...
ONDON ISLAMIC CULTURE AIYD RECREATION SOaETY NOTES TO THE FLNAN STATEMENTS - continued FOR ThE YEAR Eh'DED 4TH MARCH 2024 GIL4NTS PAYABL Unaudited 2023 as re5tsted 2024 Funeral services Projects Cultural and re]igious pl1nag¢S 2.750 61.645 2J54 5,908 9.649 66,749 15.557 SUPPORT COSTS Infornution tcchnology Finance Other resources expended Administration & support costs 2.747 1,462 150.327 136 959 150.3?7 136.959 4.209 Goven)ance costs Totsls Other ieso)rces expended AdministrnTion & support costs 1,116 7,303 299.248 10.500 1.116 13.940 306,551 Support cost& induded in the abov¢. are as follows: Management Unaudited 2023 2024 as restated Administration & 5UPPOrt Costs Totsl activities Wages Social security Rates and water 28530 18 15,193 2.364 20286 3,849 2,172 16.017 17,025 219 462 1,929 7.386 7,876 838 15.712 23.862 873 Light 2nd heat Telbone Postage and statAon¢ry Travelling & subsisten¢e Consultancy fees Depreciation of tangible and heritsge assets L05s on sale of tangible fixed assets 61.063 835 1SOJ27 76,182 Page 19 Contillu..
NDON ISLLMIC CULTURE AhT) RECREA SOETy "OWf*' AS ICMG ON NOTES TO THE FINLN ATENTs . ¢oDtinued FOR THE YEAR ElED 4TH MAR H 2024 SUPPORT COSTS - continued Finance Unaudited 2023 as restated ?024 & support ¢05ts Totsl activitie5 Bank charges Exchange differences Bank interest 746 67214 68.999 1.083 136 959 1.083 Unaudited 2023 as r¢stated 2024 Total activities expcnded Sunthies 1.116 606 Governan¢e costs Unaudited 2023 Te5tsted 2024 Administration & support costs resources expended Totsl a¢tiviticg Total activitics Auditors, remuneration AccountanGy and le1 fees io.soo 10,500 10.500 13.940 AUDOR5, RE[uNERATIoN Unaudited 2023 as restaled 2024 Fees payable to the charitys auditors for the audit of the cljarity's fllwicial statements 10.500 Page 20 oDtinued...
LONDON ISLAMI CUL SOCIETY D RECREATION NOTES TO THE NCIAL STATEMENTS - conlinued FOR THE YEAR LIIIED 4TH 11£4RCH 2024 10. TRUSTEES, REMUNERATION AD BENEFrrs There were Do tn, Temuneration or other benefits for the year ejthd 4th Marth 2024 ]Jor for the year ended 4th March 2023. Trnstees, expenses There were no trust¢¢s' expenses paid for the year endtrj 4th March 2024 nor for the year ended 4th March 2023. ADMINISTIL4TIVE AND SUPPORT ii. Unaudited 2023 2024 Wages and salaries So¢ial security costs 28,530 18 17.025 219 28.548 17.244 The averd8e monthly nutober of employees during the year was as follows: Unaudited 2023 as restated 2024 Admin No employees re¢¢ivcd emoluments in extess of £60,000. 12. COMPARATIVES FOR TI[£ STATEMENT OF FINANCIAL ACTtVrnES Unrestricted fund Re$tri¢ted fiwd Tota] nds as restated INCOME EI¥DOWMENTS FROM DonatiODS and legacies 95,105 95,105 Charitable actiVAties Funeral serwic¢s Swdent 5UPPOrt 46,851 46.851 58,361 58,361 Investment income 26.703 26,703 Total 180 169 227 020 Raising fiwds 24.064 24,064 Cbaritable acliiities Proj¢¢ts AdmInitiOn & support costs Cultural 2nd religious pil8ritna8e5 5.908 110.465 5.908 110.465 9,649 9.649 Page 21 contLtll...
ON ISLLMIC CULTURE AIYD RECREATION OCtETY NOTES TO THE FINLN STATEMENTS - Continued FOR THE YEAR E)I)ED 4TH CH 2024 12. COMPAIi4TIVES FOR THE STATEMENT OF FtNANCIAL ACTTVITIES . continued LfDrestrKcted fuDd Restricted fund Total fijods as restated Other 4.572 Total 145.009 9,649 154.658 NET INc0E 35.160 37202 72,362 RECONCILIATION OF FUNDS Total funds brougbt forwird As previously reported loi year adjustment 641.031 239.926) 13.475 654,506 239.926 As restated 401.105 13,475 414.580 TOTAL FtrNDS CARRIED FORWARD 436.265 50.677 486,94? 13. The prior year adiustm¢nt of £239,926 is made up as follows: l. A prior year adjustment of £71693 h&8 been made in respe¢t of loan interest charged for the year ended 4 March 2023 as it was omitted 2. A prior year adjustment of £163,233 has been made in respect of tra$tion of the forei year end loan balance for the year ended 4 March 2023 as it was omitted. Pa8e 22 conttnueiL..
LONDON ISLAMIC CULTURE Ahl) RECREATION NOTES TO THE FINANCIAL STATEMENTS . continued OR THE YEIiR ENI)ED 4TH.IL4RCH 2024 14. TANGtBLE FIXED ASSETS Freehold propety and fittings Totals COST At 5th March 2023 Addilions Disposals 3,461308 193223 6,556 35.469 3,468.864 228.692 At 4th March 2024 3.655,531 38.469 DEPRECIATION At 5th March 2023 Charge foi year Eliminat¢d on disposal 3,063 7,952 (2.721) 3.063 61.063 (2,721 53,111 At 4th March 2024 53,111 8294 NET BOOK VALUE At 4th March 2024 3,602.420 30.175 3.632.595 At 4th March 2023 3 462,308 3,493 3,465.801 Included in cost or va]uatioo of land and buildings is fr¢ehold land of £l.000,000 which is noi depreciated. The freehold property has a lega] char8e over it to secure funding provided by Ibe Gernian lender EMUG ev. 15. FIXED ASSET INVESTMEiYts Unaudlted 2023 as restated 2024 646.194 642.812 Other 646,195 641813 Other loans At 5th March 2023 New in year 642,812 3,382 At 4th Marth 2024 646.194 There were DO investtnent Lssets outside the UK. Page 23 continued...
ON ISLLMIC CULTURE AND RECREATION OCtETY ASI . NOTES TO THE FINLN ST.4TEMENTS - tonlinued FOR THE YEAR EIYDED 4TH ILARCH 2024 15. FIXED ASSET tNVESTM£iYfs . ¢ontiAued ]nv¢stments (neither listed nor unlisted) were as follows: Unaudited 2023 as resttted 2024 Jnvestment in subsidiaries The Tntee5 have r¢assessed the cost of the investment in its subsidiary and funding provided so far to acquirc a freehold PTeiDiS¢S to set up an educational school. Previously. this was preseDt¢xl as a debtor- amounts owed by the subsidiary undercaking of £ 642,812 alld decided to embed the balauee within tILe cost of the investment in bsidiary due to the nature of this investmeot and sbared characteristic& At presenL the subsidiary is dormant and on¢¢ it is fillly operational, the school building is to be used to for Licars '5 objcctives and aim to meet its day to day operdtions. TILe 2023 comparative has bccn restated to retlect this chantre. 16. DEBTORS: AMOUNfs FALLING DUE WITSIIN ONE YEAR Unaudited 20?3 as restated 2024 Trnde debtors Other debtors 91,185 20,570 111,755 17. CREDITORS: AMOUNTS FALLING DUE WITEIIN ONE YEAR Unaudftted 2023 as restated 2024 Trade creditors Other crediiors 233286 362.866 81.419 7.620 596.152 89.039 Page 24 continu¢d..
LONDON I ATION "ONVN AS ICMG TES TO TItE FtN.4NCIAL STATEMENTS - CODtiDued FOR THE IEAR ENUIED 4TH TrIAR 2024 18. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Unaudited 2024 as restated Other creditors 1815.626 3,625,390 The other loan was PTovided by IGMG - (Gern]any) to Lic3rs and has a close working relationship with the charity. The loan is scheduled to be repaid by 2032 and attrd¢ts an interest of 2.50/0 pa. The loan is sttured by way of a leiyal charge ovu the freehold propety. 19. SECURED DEBTS The following secured debts are included witbin creditors: Unaudited 2023 2024 as restated Loau from ICMG Germany 3.139.001 3.462.157 The loan 15 repayable in instslnwits and is secured over the freehold property. MOVEMENT IN FiJNDS 20. Net ovement D fLmds Transfers between funds At 413124 At 513r23 Unrestricted funds General fijnd 676.191 290.381 (33,944) 932,628 Restricted funds Restricted funds 50.677 9,185 33.9 93,806 TOTAL FUNDS 726.868 299.566 1.026.434 Net rnovement in fimds. included in the abov¢ are &8 follows: Incoming Resources cxpended Movement in funds Unrestricted fund¥ General fimd 671799 (382,418) 290J81 Restrieted fonds R¢stricted funds 11.935 (2,750) 9.185 TOTAL FUNDS 684,734 385.168) 299,566 Page 25 continued...
LONDON ISL4MIC SOaETY 'OWN AS IC.MG NOTES TO THE FLNLNCIAL STATEMENTS - eontitiued FOR ThE YEAR ENDED 4TH.MARCH 2024 20. MOTrTThN[ IN FUNDS . eontinlled Compardtives for moveffjeDt in fuyjds Net movement ill fijnds At 413123 At 5rJr22 adjustment Unrestricted funds General filltd 641,031 (239,926) 35.160 436.265 Restricted funds R¢stricted fun(Ls 3.475 37202 50,677 TOTAL FUNDS 239.926) 72,362 486,942 Con]parntive act jn0vemt in fid$. iDcluded in the above are as follows: Incoming Tesources Resources expended Movem¢nt in funds Unrettrieted funds General fund 180.169 (145,009) 35,160 Restricted funds Restricted fullds 46.851 (9,649) 37,202 TOTAL FUNDS 227 020 154.658) 72.362 A current year 12 months and prior year 12 mooths combined position is as follows." Prior Net movemeot in funds Transfers between At 413124 At 513122 adjustjnent UDrestrirted funds General fund 641.031 (239.926) 325,541 (33.944) 692.702 Restricted hnds Restiicted fimds 13.475 46.387 33.944 93,806 TOTAL FUNDS 654.506 (239.92 371.928 786,508 Page 26 continued...
NDON ISLAMtc sOcTy ON WN AS ICMG NOTES TO THE FJNLNCtAL STATEMENTS - contillued FOR THE YEAR ENT)ED 4TH IL4RCH 2024 20. MOVEMENT IN FUNDS . tontinued A ¢UTrent year 12 months aDd prior yw 12 moDths COD]bined Det D)ovement in fiJDds. included in the above are as follows: Jncoming Resources TOurCeS expended Movement in funds Unrestrieted funds General fund 852.968 (527,427) 323.541 Restricted thnds Restricted funds 58,786 (12.399) 46,387 TOTAL FUNDS 911.754 539.826) 371.928 The to reserves at 0510412023 have been restated from £726,868 to £486,942 making prior ycar adjustments of £239,926 details of which are provided in not¢ 13. Transfers between funds £33,944 has been transfeJT¢d from unrestrieied fLmds to restried funds to reflect the fact that the fimeral servi¢es are now the only restricted fimds that should bc carried forwaTd. 21. RELATED PARTY DISCLOSURES The LICARS is required to disclose material transactions with related parties. both individuals and entities that bave the potential trj control or infiucucc exchanges with the ¢lwiry. Tbe folloTrving trnnsartions were rIed ollt with the related parties: Transaetion Ivith Trnstees Duriug the year, the Chair WntiibUt towards general donation iotatlin8 of £40,257. DuriD8 the year. the trustee R ke colltnUlcd toward5 donation totslling of £240. Transaction Mith MaDggemeDt Council Durin8 the y¢ar, Mehmet GuThgOrdfj ¢ontnThuted to general dOnat1¢X of £240. During ihe year, Mustafa KiTanoglu contiibuted gener41 donations of £13.000 which were coUe¢t¢d on Licars behalf. During the year, Ibrahim TQrkmen paid io genernl donation of £3.350. Tr2llSaCtion with conuected and affiliated charities Durlng the year Hasene Humanitarian Aid UL a UK clwity. paid the elwity a totsl of £36,000 fot the use of the LICARS seLrEtariat aud its fackLitie& The coDllectd entity provided a grant of £30,349 towards LÉcars' hum•)itarian projects. Page 27 contitiued...
NDON ISLAMI SOaETY RE AM) RECREATIO NOTES TO THE FNCIAL STATEMEN - eontinoed FOR THE YEAR LIry)ED 4TH MARCH 2024 21. RELATED PARTY DLSCLOSURES. continued The AlbeTonius Foundation wbose te¢S are Ulyde Bijaloglu and Rifat Gokce are also tn of Licars. The Alberonius Foundation paid for Studeni Acwmmodation as rental income of £120.000 for the use of the Licars secretsTiat faci]ities and stydent bostel accommodation. ICMG GerLuaDy- Loan The otheT loan is provided by JGMG - [Genrny} and LICARS has a cl()se working relatio]tship. The loan is scheduied to be repaid by 2032 and attracts an interest of 2.5% The loan is secured by way of a legal cl)arge over the Freehold propety. LICARS affiliated tharitie8 are not onder common covtroI and vite versa. However. they have Clo working and bence below tr2nsYdction Ivere recorded during the year. ICMG - Edmonton braDcb paid relltal in¢om¢ of £18.0(K) for the use of tbe Licars se¢retarAat facititie5. ICMG - Bexley. Brishton and Pcckbam Mosque reniitted surns of £4,692 with respect of sale of Licars publications. ICMG - Gennany paid general donation income of £10,122 towards the improvenwit and completion of Li¢a Youth Centre facility. 22. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITtES Unaudited 2023 as restated 2024 Net income for the reporting period (as per the Statement of Financial Activities) Adjustnjents for: Depreciation cbarges Loss on disposal of red assets Intsrest paid Unrealised FX Ioss Prior Year Adjustment ncreaseydecrease in debtors Increase in cr¢dit¢)rs 299.566 72.362 61,063 835 68,999 67.214 19.680 ( 102,057) 183.737 873 (76,693) {163,233) 9.750 247,553 Net C8$h provided by operations 599.037 90.612 ANALYSIS OF CHANGES IN NET FUNDS non-C&8h chaD8es At 513Q3 Casb flow At 413124 Net ca5b Cash at bank 92.757 55.962 36.795 92.757 55,962 36,795 Debt Page 28 ¢onlinucd...
K0 NOTES TO THE FINANCIAL STATEMLNTS . continued FOR THE ITAR l)ED 4TH IMARCH 2024 ANALYSIS OF CHANGES IN NET FUNDS - continued Debts falling due within l year Debts falliug due after l year 323,376 323.376 3,318,520 (742.820 239,926 2.815.626 3.318,520 419.444 239.926 3.139.002 Tots] 3.411 475.406 3 175.797 24. CREDITORS AMOt)NTS FALLING DUE WITIHN ONE YEAR Included in otber credirors is £323.376 amouats owed to EMUG Ev. Page 29
LON ON ISLAMIC C SOaETY ICMG DETAILED STATEMENT OF FLNLWCL4L AC FOR THE YEAR ENIIED 4TH TrL4RCH 2024 Unaudit 2023 as restated 2024 tNCOME AND ENDOWMENrs Donations and legacies Donations Cultural and religious pilgrimages Grants 462.985 9.719 89,105 6,000 503.053 95.105 Investment income Rent rrfeivable from social Investments [69,746 26,703 Charitsble a¢tivitie5 tncome frotll charitable In¢ome from Cbaritabl¢ activities (FuneraI activities) 58,36L 11,935 46.851 11,935 105,212 Totsl i)Jtomin8 resources 684,734 227,020 Other trddiDg activitles Evellts & Publications costs Ll,868 24.064 Charitable attivities Cost of direct cl)aritable activities 66,749 15.557 Support costs anagement Social security Rates and water losurance Light and heat Telephone Postsge and stationery Ttavelling & subsistence Consultancy fees D¢preciatiOD - Freebold propetty Depreciation - fixtures & fittio85 Carried fonvard 28.530 18 15.193 2,364 ?0,286 3.849 2.172 16,017 17,025 219 462 1.929 7,386 7,876 838 15,712 23,862 53.111 7,952 149.492 873 76,182 This pag¢ does Dot forni paIt of the statutory financial ststements Page 30
KoWN ICMG DE AILED STATEKENT OF FENANCIAL A FOR THE YEAR E&DED 4TH hlARCH 2024 Unalldited 2023 as restated 2024 ManageubeDt Brought forward Loss on sale of tangible fixed assets 149,492 835 76.182 150.327 76,182 Finance Bank chargts ExcOL. differeoces B2Dk interest 746 67214 68.999 1,083 136,959 1.083 Information teehnology Repairs and nIntenanCe 4209 Other Sundries 1.116 606 GovernaDee eosts Auditors, rernuDerdtion Accountancy and legal fees 10.500 4,572 Total resources expend 385.168 154.658 Net income 299,566 This page does not fonn part of the staThrtory fiDaDcial statements Pa8e31