REGISTERED CHARITY NUMBER: 1086377
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
for
Turkish Religious Foundation of United Kingdom
Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FIPA,,FFTA 536 Lordship Lane London N22 5BY
Turkish Religious Foundation of United Kingdom
Contents of the Financial Statements for the Year Ended 31 March 2024
| 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 |
Turkish Religious Foundation of United Kingdom Reference and Administrative Details for the Year Ended 31 March 2024
TRUSTEES E Pastirmacioglu M Yurtseven E Yenturk Chairman M Canga Trustee
PRINCIPAL ADDRESS 31 High Street London N8 7QB REGISTERED CHARITY 1086377 NUMBER INDEPENDENT EXAMINER Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FIPA,,FFTA 536 Lordship Lane London N22 5BY
Page 1
Turkish Religious Foundation of United Kingdom
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 12 December 2024 and signed on its behalf by:
E Yenturk - 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 2024.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of International Accountants, which is one of the listed bodies.
I have completed my examination. I 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 The Association of International Accountants
Musalar & Co Accountants International Accountant &Tax Consultant FAIA, FFA, FIPA,,FFTA 536 Lordship Lane London N22 5BY
12 December 2024
Page 3
Turkish Religious Foundation of United Kingdom
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.24 Unrestricted fund £ 763,424 624,581 42,322 666,903 96,521 2,646,379 2,742,900 |
31.3.23 Total funds £ 609,616 443,697 69,218 512,915 96,701 2,549,678 2,646,379 |
|---|---|---|
The notes form part of these financial statements
Page 4
Turkish Religious Foundation of United Kingdom
Balance Sheet 31 March 2024
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.3.24 Unrestricted fund £ 2,616,680 132,083 (5,863) 126,220 2,742,900 2,742,900 2,742,900 2,742,900 |
31.3.23 Total funds £ 2,615,315 34,703 (3,639) 31,064 2,646,379 2,646,379 2,646,379 2,646,379 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2024 and were signed on its behalf by:
E Yenturk - 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 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.24 £ 99,086 99,086 (1,706) (1,706) 97,380 34,703 132,083 |
31.3.23 £ 61,060 61,060 (100,500) (100,500) (39,440) 74,143 34,703 |
|---|---|---|
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 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Increase/(decrease) in creditors Net cash provided by operations |
31.3.24 £ 96,521 341 2,224 99,086 |
31.3.23 £ 96,701 - (35,641) 61,060 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1.4.23 Cash flow At 31.3.24 £ £ £ |
|---|---|
| Cash at bank | 34,703 97,380 132,083 |
| 34,703 97,380 132,083 |
|
| Total | 34,703 97,380 132,083 |
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 2024
1. 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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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.
continued...
Page 8
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. DONATIONS AND LEGACIES
| Gifts Donations 3. RAISING FUNDS Raising donations and legacies Support costs Other trading activities Support costs Investment management costs Rent collection Support costs Aggregate amounts |
31.3.24 £ 208,737 554,687 763,424 31.3.24 £ 609,563 31.3.24 £ - 31.3.24 £ 15,018 - 15,018 624,581 |
31.3.23 £ 31,550 578,066 609,616 31.3.23 £ 484,908 31.3.23 £ (59,482) 31.3.23 £ 16,116 2,155 18,271 443,697 |
|---|---|---|
continued...
Page 9
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
4. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Information | |||
| Management | Finance | technology | |
| £ | £ | £ | |
| Raising donations and legacies | 63,895 | 1,349 | 542,062 |
| Other resources expended | 718 | - | - |
| 64,613 | 1,349 | 542,062 | |
| Raising donations and legacies | Human resources £ 31 |
Governance costs £ 2,226 |
Totals £ 609,563 |
| Other resources expended | - | - | 718 |
| 31 | 2,226 | 610,281 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: |
31.3.24 £ 26,961 622 27,583 31.3.24 |
31.3.23 £ 27,382 634 28,016 31.3.23 |
|---|---|---|
No employees received emoluments in excess of £60,000.
continued...
Page 10
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 April 2023 2,756,907 Additions - At 31 March 2024 2,756,907 DEPRECIATION At 1 April 2023 141,594 Charge for year - At 31 March 2024 141,594 NET BOOK VALUE At 31 March 2024 2,615,313 At 31 March 2023 2,615,313 |
Plant and machinery £ 40,087 1,706 41,793 40,086 341 40,427 1,366 1 |
Motor vehicles £ 13,955 - 13,955 13,954 - 13,954 1 1 |
Unrestricted fund £ 609,616 443,697 69,218 512,915 96,701 2,549,678 2,646,379 Totals £ 2,810,949 1,706 2,812,655 195,634 341 195,975 2,616,680 2,615,315 |
|
|---|---|---|---|---|
continued...
Page 11
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors 10. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 2,646,379 TOTAL FUNDS 2,646,379 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 763,424 TOTAL FUNDS 763,424 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 2,549,678 TOTAL FUNDS 2,549,678 |
31.3.24 £ 5,863 Net movement in funds £ 96,521 96,521 Resources expended £ (666,903) (666,903) Net movement in funds £ 96,701 96,701 |
31.3.23 £ 3,639 At 31.3.24 £ 2,742,900 2,742,900 Movement in funds £ 96,521 96,521 At 31.3.23 £ 2,646,379 2,646,379 |
|
|---|---|---|---|
continued...
Page 12
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 609,616 TOTAL FUNDS 609,616 A current year 12 months and prior year 12 months combined position is At 1.4.22 £ Unrestricted funds General fund 2,549,678 TOTAL FUNDS 2,549,678 |
Resources expended £ (512,915) (512,915) as follows: Net movement in funds £ 193,222 193,222 |
Movement in funds £ 96,701 96,701 At 31.3.24 £ 2,742,900 2,742,900 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 1,373,040 (1,179,818) |
193,222 |
| TOTAL FUNDS | 1,373,040 (1,179,818) |
193,222 |
continued...
Page 13
Turkish Religious Foundation of United Kingdom
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 14
Turkish Religious Foundation of United Kingdom
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Total incoming resources EXPENDITURE Investment management costs Rent collection Other Wages Pensions Hire of plant and machinery Host and domain Equipment expenses Trade refuse Security expenses Other Professional Fees Support costs Management Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Travel & Subsistence Fuel and oil Penaties and fine Toll charges Other motor expenses |
31.3.24 £ 208,737 554,687 763,424 763,424 15,018 26,961 622 550 130 4,250 1,078 361 7,652 41,604 6,610 6,582 14,853 2,804 131 - 1,101 30,137 1,711 624 37 23 64,613 |
31.3.23 £ 31,550 578,066 609,616 609,616 16,116 27,382 634 - 90 542 769 250 39,551 69,218 (3,323) (96,579) 13,928 3,045 751 330 626 9,012 2,079 145 22 28 (69,936) |
|---|---|---|
This page does not form part of the statutory financial statements
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Turkish Religious Foundation of United Kingdom
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Management Finance Sundries Bank charges Plant and machinery Information technology Repairs and renewals Charitable expenses Human resources Software licences Governance costs Rates and water Accountancy and legal fees Total resources expended Net income |
31.3.24 £ 6 1,002 341 1,349 198,327 343,735 542,062 31 - 2,226 2,226 666,903 96,521 |
31.3.23 £ 60 332 - 392 8,490 481,231 489,721 - 4,214 3,190 7,404 512,915 96,701 |
|---|---|---|
This page does not form part of the statutory financial statements
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