Company registration number: 04597226 Lambeth Somali Communty Association Company limited by guarantee Unaudited financial statements 31 March 2024
Lambeth Somali Community Association Company limited by guarantee Contents Page Directors and other information Directors report Accountants report Statement of comprehensive income Statement of financial position Statement of changes in equity Notes to the financial statements 8-10
Lambeth Somali Community Association Company limited by guarantee Directors and other infomation Directors Mr Abdalla Idris Abdullahi Mr Mohamud Mohamed Elmi Mr Abdullahi Abdi Ali Mr Abdirahman Mohamed Nur Mr Mohamed Ahmed Appointed 02 November 2023 Secretary Miss Najma Ahmed Elmi Company number 04597226 Registered office Annex Building 13-15 Stockwell Road London SW9 9AU Business address Annex Building 13-15 Stockwell Road London SW9 9AU Accountants Zaidi and Co. Chartered Accountants 241 Mitcham Road London SW17 9JQ Bankers Barclays Bank PIC Clapham Common Branch PO Box No SW12 gYB Page 1
Lambeth Somali Community Association Company limited by guarantee Directors report Year ended 31st March 2024 The directors present their report and the unaudited financial statements of the company for the year ended 31st March 2024. Directors The directors who served the company during the year were as foll0v. Mr Abdalla Idris Abdullahi Mr Mohamud Mohamed Elmi Mr Abdullahi Abdi Ali Mr Abdirahman Mohamed Nur Mr Mohamed Ahmed (Appointed 2nd November 2023) Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on by: .Q8.-1(.qfj..Z.4.. and signed on behalf of the board Mr Abdalla Idris Abdullahi Director Date.. Page 2
Lambeth Somali Community Association Company limited by guarantee Chartered accountants report to the board of directors on the preparation of the unaudited ststutory financial statements of Lambeth Somali Community Association Year ended 31st March 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lambeth Somali Community Association for the year ended 31st March 2024 which comprise the statement of comprehensive income. statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which a detailed at http"./.1caeW.cOM lenlmemberslregulations-standards-and-guidancel. This report is made solely to the board of directors of Lambeth Somali Community Association. as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lambeth Somali Community Association and state those matters that we have agreed to state to the board of directors of Lambeth Somali Community Association as a body, in this report in accordance with ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lambeth Somali Community Association and its board of directors as a body for our work or for this report. It is your duty to ensure that Lambeth Somali Community Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lambeth Somali Community Association. You consider that Lambeth Somali Community Association is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lambeth Somali Community Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore. express any opinion the statutory financial statemer aidi a ered Accountants 241 Mitcham Road London SW17 9JQ Date. ..11.-.i.1.: 2¢) l(t Page 3
Lambeth Somali Community Association Company limited by guarantee Statement of comprehensive income Year ended 31st March 2024 2024 2023 Note Turnover Cost of sales 85,016 (53.845) 41,025 (40,411) Gross profit 31,171 614 Administrative expenses Operating profitllloss) (12,893) {9,522) {8,9081 18,278 ProfiU(loss) before taxation 18,278 (8,908) Tax on profiU(loss) Profitl(loss) for the financial year and total comprehensive income 18,278 {8,908) All the activities of the company are from continuing operations. The notes on pages 8 to 10 forni part of these financial statements. Page 4
Lambeth Somali Community Association Company limited by guarantee ststement of financial position 31st March 2024 2024 2023 Note Fixed assets Tangible assets 5,233 3,143 5,233 3,143 Current assets Cash at bank and in hand 47,426 29,824 Creditors: amounts falling due within one year Net current assets 47,426 29,824 (4.953) (3,540) 42,473 26,284 Total assets less current liabtlities 47.706 29,427 Net assets 47,706 29,427 Capital and reserves Profit and loss account 47.706 29,427 Members funds 47,706 29,427 For the year ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities.. The members have not required the company to obtain an audit of its financial ststements for the year in question in accordance with section 476.. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordan with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. The notss on pages 8 to 10 foryn part of these financial statements. Page 5
Lambeth Somali Community Association Company limited by guarantee Statement of financial position (continued) 31st March 2024 These financial statements were approved by the board of directors and authorised for issue on ..S•.j!-ZWP and are signed on behalf of board by". Mr Abdalla Idris Abdullahi Director Date.. Company registration number.. 04597226 The notes on pages 8 to 10 fomi part of these financial statements. Page 6
Lambeth Somali Community Association Company limited by guarantee Statement of changes in equity Year ended 31st March 2024 Profrt and loss account Total At 1st April 2022 (as previously reported) Prior period adjustments At 1st April 2022 (restated) 36.133 2,202 36,133 2,202 38,335 38,335 Profivlloss) for the year Total comprehensive income for the year (8,908) (8,908) (8,908) {8,908) At 31st March 2023 and 1st April 2023 29,428 29,428 Profit](loss) for the year Total comprehensive income for the year 18,278 18,278 18,278 18,278 At 31st March 2024 47,706 47,706 Page 7
Lambeth Somali Community Association Company limited by guarantee Notes to the financial statements Year ended 31st March 2024 General information The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Lambeth Somali Community Association, Annex Building, 13-15 Stockwell Road, London, SW9 9AU. Statement of compliance These financial statements have been prepared in Complian with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. The Triennial review 2017 amendments to the standard have been early adopted. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. Fund Accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment asset at market values. Restricted funds are subjected to restriction on their expenditure imposed by the donor or through the terms of an appeal. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Incoming Resources These are included in the Statement of Financial Activities (SOFA) when-, The company become entitled to the resources.. The directors are virtually certain they will receive the resources.. and The monetary value can be measured with sufficient reliability. Incoming resources with related expenditure Where incoming resources have related expenditure (as with fund raising or contract income) the incoming reSoUrS and related expenditure a reported gross to the SOFA. Tangible assets Tangible assets are initially recorded at cost. and are subsequentiy stated at cost less any accumulated depreciation and impairment losses. Page 8
Lambeth Somali Community Association Company limited by guarantee Notes to the financial ststements (continued) Year ended 31st March 2024 Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Fittings fixtures and equipment 180 reducing balan If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. Other Income This included in the accounts when received. Resources Expanded Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates,. Cost of generating funds comprises the costs associated wrth attracting voluntary income. Expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fee and costs linked to the strategic management of the charity All costs are allocated beeen the expenditure categories of the SOFA on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on the appropriate basis. Grants and Donations Grants and donations only included in the SOFA when the company has unconditional entitlement to the resources. Contractual Income and perfomiance related grants This is only included in SOFA once the related goods and setvices have been delivered. Limited by guarantee The company is limited by guarantee. Employee numbers The average number of persons employed by the company during the year amounted to 212023.. 2). Page 9
Lambeth Somali Community Association Company limited by guarantee Notes to the financial statements (continued) Year ended 31st March 2024 Tangible assets Fixtures, fittings and equipment Total Cost At 1st April 2023 Additions 7,724 3,239 7.724 3,239 At 31st March 2024 10,963 10,963 Depreciation At 1st April 2023 Charge for the year At 31st March 2024 4,581 1,149 4,581 1,149 5,730 5,730 Carrying amount At 31st March 2024 5,233 5,233 At 31st March 2023 3,143 Creditors: amounts falling due within one year 2024 2023 Postcode community trust Social security and other taxes Accruals 1,041 1,388 175 1,977 3,426 4,953 3,540 Page 10
Lambeth Somali Communty Association Company limited by guarantee The following pages do not fomi part of the statutory accounts.