REGISTERED CHARITY NUMBER: 1086377
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
Turkish Religious Foundation of United Kingdom
Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FCPA, FFTA 536 Lordship Lane London N22 S5BY
Turkish Religious Foundation of United Kingdom
Contents of the Financial Statements for the Year Ended 31 March 2021
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Page|
|Reference|and|Administrative|Details|1|
|Report|of the|Trustees|2|
|Independent|Examiner's|Report|3|
|Statement|of Financial|Activities|4|
|Balance|Sheet|5|
|Cash|Flow|Statement|6|
|Notes|to|the|Cash|Flow|Statement|7|
|Notes|to|the|Financial|Statements|8|to|14|
|Detailed|Statement|of Financial|Activities|15|to|16|
----- End of picture text -----
Turkish Religious Foundation of United Kingdom
Reference and Administrative Details for the Year Ended 31 March 2021
TRUSTEES H Yildiz M Sahin E Pastirmacioglu M Yurtseven I Karadere Trustee (resigned 30.6.21) H Yazicioglu Trustee E Yenturk Chairman (appointed 11.10.20) A Ustun (appointed 30.6.21)
PRINCIPAL ADDRESS 31 High Street London N8 7QB REGISTERED CHARITY 1086377 NUMBER
INDEPENDENT EXAMINER Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FCPA, FFTA 536 Lordship Lane London N22 5BY
Page |
Turkish Religious Foundation of United Kingdom
Report of the Trustees
for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity established to provide social and religious services to the community in particular the Turkish immigrants in the UK to help the to achieve harmonious relations with the members of the British society and peaceful co-existence. The principal activities of the charity are weekend schools, services in the mosques, funeral transportation services, social services, religious education, women's branch activities, handcraft courses and media and communication
FINANCIAL REVIEW
Principal funding sources
Charitable donations
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Approved by order of the board of trustees on 10 December 2021 and signed on its behalf by:
I Karadere - Trustee
Page 2
Independent Examiner's Report to the Trustees of Turkish Religious Foundation
of United Kingdom
Independent examiner's report to the trustees of Turkish Religious Foundation of United Kingdom I report to the charity trustees on my examination of the accounts of Turkish Religious Foundation of United Kingdom (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I] have completed my examination. [ confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- I. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hasan Yusuf Musalar Association of International Accountants Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FCPA, FFTA 536 Lordship Lane London N22 SBY
10 December 2021
Page 3
Turkish Religious Foundation of United Kingdom
Statement of Financial Activities for the Year Ended 31 March 2021
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|31.3.2]|31.3.20|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|2|197,609|343,865|
|EXPENDITURE|ON|
|Raising|funds|3|98,691|71,574|
|Other|26,693|71,698|
|Total|125,384|143,272|
|NET|INCOME|72,225|200,593|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|2,339,478|2,138,885|
|TOTAL FUNDS|CARRIED|FORWARD|2,411,703|2,339,478|
----- End of picture text -----
The notes form part of these financial statements
Page 4
Turkish Religious Foundation of United Kingdom
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Balance|Sheet|
|31|March|2021|
|31.3.21|31.3.20|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|8|2,274,815|2,323,139|
|CURRENT|ASSETS|
|Cash|at|bank|and|in|hand|140,646|18,351|
|CREDITORS|
|Amounts|falling|due|within|one|year|9|(3,758)|(2,012)|
|NET CURRENT|ASSETS|136,888|16,339|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|2,411,703|2,339,478|
|NET|ASSETS|2,411,703|2,339,478|
|FUNDS|10|
|Unrestricted|funds|2,411,703|2,339,478|
|TOTAL FUNDS|2,411,703|2,339,478|
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on 10 December 2021 and were signed on its behalf by:
I Karadere - Trustee
The notes form part of these financial statements
Page 5
Turkish Religious Foundation of United Kingdom
| Cash Flow Statement | |||
|---|---|---|---|
| for the Year Ended 31 March 2021 | |||
| 31.3.2] | 31.3.20 | ||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 122,295 | 248,199 |
| Net cashprovided by operating activities | 122,295 | 248,199 | |
| Cash flows from investing activities | |||
| Purchase oftangible fixed assets | - | (375,555) | |
| Net cash provided by/(used in) investing | activities | - | (375,555) |
| Change in cashand cash equivalents in | |||
| the reporting period | 122,295 | (127,356) | |
| Cash and cash equivalents at the | |||
| beginning ofthe reporting period | 18,351 | 145,707 | |
| Cash and cash equivalents at the end of | |||
| thereportingperiod | 140,646 | 18,351 |
The notes form part of these financial statements
Page 6
Turkish Religious Foundation of United Kingdom
Notes to the Cash Flow Statement
for the Year Ended 31 March 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.3.2] | 31.3.20 | |
| £ | £ | |
| Net income for the reporting period (as per the Statement of | ||
| Financial Activities) | 72,225 | 200,593 |
| Adjustments for: | ||
| Depreciation charges | 48,324 | 50,463 |
| Increase/(decrease) in creditors | 1,746 | (2,857) |
| Netcashprovidedbyoperations | 122,295 | 248,199 |
- ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.20 | Cash flow | At 31.3.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 18,351 | 122,295 | 140,646 |
| 18,351 | 122,295 | 140,646 | |
| Total | 18,351 | 122,295 | 140,646 |
The notes form part of these financial statements
Page 7
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements for the Year Ended 31 March 202]
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 8
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Gifts | - | 1 | |
| Donations | 197,609 | 343,864 | |
| 197,609 | 343,865 | ||
| 3. | RAISING FUNDS | ||
| Raising donationsand legacies | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Support costs | 12 | 9,661 | |
| Other trading activities | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Licensing | 205 | 543 | |
| Support costs | 50,150 | - | |
| 50,355 | 543 | ||
| Investment management costs | |||
| 34.3.2] | 31.3.20 | ||
| £ | £ | ||
| Property repairs | - | 1,206 | |
| Support costs | 48,324 | 60,164 | |
| 48,324 | 61,370 | ||
| Aggregateamounts | 98,691 | 71,574 |
Page 9
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
4. SUPPORT COSTS
| SUPPORT COSTS | |||||
|---|---|---|---|---|---|
| Information | Governance | ||||
| Management | Finance | technology | costs | Totals | |
| £ | £ | £ | £ | £ | |
| Raising donations and | |||||
| legacies | - | 12 | - | - | 12 |
| Other trading activities | 20,678 | - | 28,572 | 900 | 50,150 |
| Investment management | |||||
| costs | - | 48,324 | - | - | 48,324 |
| 20,678 | 48,336 | 28,572 | 900 | 98,486 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 3] March 2020.
STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Wages and salaries | 25,246 | 24,470 |
| Social! security costs | - | 2,184 |
| Otherpension costs | 757 | 734 |
| 26,003 | 27,388 | |
| The average monthly number ofemployees during the yearwas as follows: | ||
| 31.3.21 | 31.3.20 |
No employees received emoluments in excess of £60,000.
Page 10
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|
|fund|
|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|343,865|
|EXPENDITURE|ON|
|Raising|funds|71,574|
|Other|71,698|
|Total|143,272|
|NET INCOME|200,593|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|2,138,885|
|TOTAL FUNDS|CARRIED|FORWARD|2,339,478|
----- End of picture text -----
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|8.|TANGIBLE|FIXED|ASSETS|
|Freehold|Plant|and|Motor|
|property|machinery|vehicles|Totals|
|£|£|£|£|
|COST|
|At|1|April|2020|and|31|March|202}|2,416,407|40,087|13,955|2,470,449|
|DEPRECIATION|
|At|1|April|2020|93,270|40,086|13,954|147,310|
|Charge|for|year|48,324|-|-|48,324|
|At 31|March|2021|141,594|40,086|13,954|195,634|
|NET BOOK|VALUE|
|At|31|March|2021|2,274,813|||||2,274,815|
|At|31|March|2020|2,323,137|1|]|2,323,139|
----- End of picture text -----
Page 11
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|31.3.2]|31.3.20|
|£|£|
|Trade|creditors|3,758|2,012|
|10.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|1.4.20|in|funds|31.3.21|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,339,478|72,225|2,411,703|
|TOTAL FUNDS|2,339,478|72,225|2,411,703|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|197,609|(125,384)|72,225|
|TOTAL FUNDS|197,609|(125,384)|72,225|
|Comparatives|for|movement|in|funds|
|Net|
|movement|At|
|At|1.4.19|in|funds|31.3.20|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,138,885|200,593|2,339,478|
|TOTAL FUNDS|2,138,885|200,593|2,339,478|
----- End of picture text -----
Page 12
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|343,865|(143,272)|200,593|
|TOTAL FUNDS|343,865|(143,272)|200,593|
----- End of picture text -----
A current year 12 months and prior year 12 months combined position is as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1.4.19|in|funds|31.3.2}|
|£|£|£|
|Unrestricted|funds|
|General|fund|2,138,885|272,818|2,411,703|
|TOTAL FUNDS|2,138,885|272,818|2,411,703|
----- End of picture text -----
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|541,474|(268,656)|272,818|
|TOTAL FUNDS|541,474|(268,656)|272,818|
----- End of picture text -----
Page 13
continued...
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 14
| Turkish Religious Foundation | ||
|---|---|---|
| ofUnited Kingdom | ||
| Detailed Statement ofFinancial Activities | ||
| for the Year Ended 31 March 2021 | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | - | l |
| Donations | 197,609 | 343,864 |
| 197,609 | 343,865 | |
| Total incoming resources | 197,609 | 343,865 |
| EXPENDITURE | ||
| Other trading activities | ||
| Licensing | 205 | 543 |
| Investment management costs | ||
| Property repairs | - | 1,206 |
| Other | ||
| Wages | 25,246 | 24,470 |
| Employer's NI | - | 2,184 |
| Pensions | 757 | 734 |
| Host and domain | 16 | 10 |
| Equipment expenses | 92 | 765 |
| Trade refuse | 582 | 401 |
| Security expenses | - | 306 |
| 26,693 | 28,870 | |
| Support costs | ||
| Management | ||
| Rates and water | 3,040 | 4,196 |
| Insurance | 2,582 | 2,585 |
| Light and heat | 11,193 | 17,159 |
| Telephone | 1,963 | 3,824 |
| Postage and stationery | 263 | 319 |
| Sundries | 11 | 21 |
| Carriedforward | 19,052 | 28,104 |
This page does not form part of the statutory financial statements
Page 15
Turkish Religious Foundation of United Kingdom
| Detailed Statement ofFinancial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2021 | ||
| 31.3.2] | 31.3.20 | |
| £ | £ | |
| Management | ||
| Brought forward | 19,052 | 28,104 |
| Travel & Subsistence | - | 3,299 |
| Fuel and oil | - | 2,360 |
| Penaties and fine | - | 315 |
| Toll charges | - | 5 |
| Other motor expenses | 1,626 | 437 |
| 20,678 | 34,520 | |
| Finance | ||
| Bank charges | 12 | 120 |
| Freehold property | 48,324 | 48,328 |
| Plant and machinery | - | 2,135 |
| 48,336 | 50,583 | |
| Information technology | ||
| Repairs and renewals | - | 12,640 |
| Charitable expenses | 28,572 | 6,454 |
| 28,572 | 19,094 | |
| Human resources | ||
| Software licences | - | 440 |
| Governance costs | ||
| Accountancy and legal fees | 900 | 8,016 |
| Total resources expended | 125,384 | 143,272 |
| Netincome | 72,225 | 200,593 |
This page does not form part of the statutory financia! statements
Page 16