REGISTERED CHARITY NUMBER: 1108355
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
FOR
OADBY AND WIGSTON MUSLIM ASSOCIATION
Watergates Ltd 109 Coleman Road Leicester LE5 4LE
OADBY AND WIGSTON MUSLIM ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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Page
Trustees' Report 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 12
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OADBY AND WIGSTON MUSLIM ASSOCIATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. 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
OWMA is a charity with the following objectives:
To adopt ways and means in order to improve, protect and promote the Religious, Educational, Social and Cultural interests of all Sunni Muslims living within local area.
To serve as a Centre of Learning and to teach the principles of the Islamic Faith in accordance with the Sunni Path.
To guide Muslims in Islamic Affairs.
To provide advice and information when necessary.
To actively promote and provide facilities and activities for the benefit of the local Muslim men and women, young and elderly.
To promote racial and religious harmony by engaging with the local indigenous community.
To achieve these aims OWMA has organised and been involved in various activities as described later.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The activities listed below continue to be the basis of the Centre's operation.
Coffee mornings are held twice monthly and these are well attended by a wide range of people and are open to everyone, irrespective of religion. Wherever possible, speakers are invited to attend and provide presentations on a wide range of subjects to enthuse the attendees.
The Centre continues to be hired out on a regular basis to various groups providing both Islamic and non-religious based activities. Our premises are also used regularly after school by an external provider who offers English and maths tuition to children.
The centre recognised a need for the physical wellbeing of its women community and provided various exercise classes.
OWMA now offers schools the opportunity to visit the Centre and Mosque and provide free educational talks with refreshments. These visits have been well received with many schools re-booking for the next year. Our aim is to continue to provide this service free of charge.
OWMA has been gradually recognised by all the faiths and specially by the Borough Council, as a valuable institution within the Community for all the work done for the Community at large.
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OADBY AND WIGSTON MUSLIM ASSOCIATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
FINANCIAL REVIEW
Principal funding sources
OWMA raised funds for the maintenance and upkeep of the Centre through various means including regular donations from members, collections during peak periods and targeted funding events during the course of the year.
The charity's investment in a residential flat provides a regular stream of income to fund the running costs of the charity.
With the centre returning to normal after the pandemic restrictions, the centre has experienced a vast increase in those attending the centre especially for the congregational prayers and programmes resulting in the donations increase.
Reserves policy
The charity aims to keep sufficient reserves to meet costs of its ongoing activities, as well as anticipated renovation works and a provision for any unexpected costs related to the planned town changes in the near future.
The charity has collected funds specifically for new build premisses to accommodate the increase number of attendees, these funds are restricted to this project and will be used when the project starts.
FUTURE PLANS
With the increased number of attendees there have been times where the centre has reached capacity especially for Friday congregational prayers, rebuilding of the current premises has been discussed and agreed. Search for suitable experienced Architects has started.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Oadby and Wigston Muslim Association (OWMA) is an unincorporated Charity, constitution adopted on 03/10/2004 amended 11/02/2004 and registered with the Charity Commissioners under charity number 1108355 on 01/03/2005.The constitution was further amended in 2017.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1108355
Principal address
Sandhurst Street Leicester LE2 5AR
Trustees
Mr Zubeir Hassam Mr Aslam N J Karim Mr Aniz Girach Mr Ashraf Ahmed
Independent Examiner
Watergates Ltd 109 Coleman Road Leicester LE5 4LE
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OADBY AND WIGSTON MUSLIM ASSOCIATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
Approved by order of the board of trustees on 25th March 2024 and signed on its behalf by:
Mr Zubeir Hassam - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OADBY AND WIGSTON MUSLIM ASSOCIATION
Independent examiner's report to the trustees of Oadby and Wigston Muslim Association
I report to the charity trustees on my examination of the accounts of Oadby and Wigston Muslim Association (the Trust) for the year ended 31st March 2023.
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. 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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Nazir Malida FCCA
Watergates Ltd 109 Coleman Road Leicester LE5 4LE
25th March 2024
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OADBY AND WIGSTON MUSLIM ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 124,645 Charitable activities Community centre 11,909 Investment income 2 5,900 Total 142,454 EXPENDITURE ON Raising funds 3 1,695 Charitable activities Community centre 120,029 Total 121,724 Net gains on investments 6,000 NET INCOME 26,730 RECONCILIATION OF FUNDS Total funds brought forward 571,347 TOTAL FUNDS CARRIED FORWARD 598,077 |
Restricted funds £ 16,519 - - 16,519 - 2,994 2,994 - 13,525 - 13,525 |
31/3/23 Total funds £ 141,164 11,909 5,900 158,973 1,695 123,023 124,718 6,000 40,255 571,347 611,602 |
31/3/22 Total funds £ 96,256 6,570 8,374 111,200 1,180 88,784 89,964 3,000 24,236 547,111 571,347 |
|---|---|---|---|
The notes on page 0 form part of these financial statements
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OADBY AND WIGSTON MUSLIM ASSOCIATION
STATEMENT OF FINANCIAL POSITION 31ST MARCH 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 213,421 Investment property 8 133,000 346,421 CURRENT ASSETS Debtors 9 1,726 Cash at bank 261,452 263,178 CREDITORS Amounts falling due within one year 10 (11,522) NET CURRENT ASSETS 251,656 TOTAL ASSETS LESS CURRENT LIABILITIES 598,077 NET ASSETS 598,077 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - - 13,525 13,525 - 13,525 13,525 13,525 |
31/3/23 Total funds £ 213,421 133,000 346,421 1,726 274,977 276,703 (11,522) 265,181 611,602 611,602 598,077 13,525 611,602 |
31/3/22 Total funds £ 218,696 127,000 345,696 1,600 228,506 230,106 (4,455) 225,651 571,347 571,347 571,347 - 571,347 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25th March 2024 and were signed on its behalf by:
Mr Zubeir Hassam - Trustee
The notes on page 0 form part of these financial statements
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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, as modified by the revaluation of certain assets.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Fixtures and fittings - 20% on cost
INVESTMENT PROPERTY
The fair value of investment properties has been achieved through an informal basis, the valuation is based on an average price paid for similar properties in the area. It is the opinion of the trustees that to undertake a formal process to determine fair value would represent undue cost to the charity, and this method gives sufficient accuracy to give a true and fair view.
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.
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
2. INVESTMENT INCOME
| 2. INVESTMENT INCOME |
|
|---|---|
| Rents received Deposit account interest |
31/3/23 31/3/22 £ £ 5,850 8,330 50 44 |
| 5,900 8,374 |
|
| 3. RAISING FUNDS INVESTMENT MANAGEMENT COSTS Insurance, council tax etc |
31/3/23 31/3/22 £ £ 1,695 1,180 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Project workers No employees received emoluments in excess of £60,000. 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 96,256 Charitable activities Community centre 6,570 Investment income 8,374 Total 111,200 EXPENDITURE ON Raising funds 1,180 Charitable activities Community centre 88,784 |
31/3/23 5 Restricted funds £ - - - - - - |
31/3/22 5 Total funds £ 96,256 6,570 8,374 111,200 1,180 88,784 |
|---|---|---|
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
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6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£ £ £
Total 89,964 - 89,964
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Net gains on investments 3,000 3,000
NET INCOME 24,236 - 24,236
RECONCILIATION OF FUNDS
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Total funds brought forward 547,111 547,111
TOTAL FUNDS CARRIED FORWARD 571,347 - 571,347
7. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£ £ £
COST
At 1st April 2022 and 31st March 2023 263,753 21,106 284,859
DEPRECIATION
At 1st April 2022 45,066 21,097 66,163
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Charge for year 5,275 5,275
At 31st March 2023 50,341 21,097 71,438
NET BOOK VALUE
At 31st March 2023 213,412 9 213,421
At 31st March 2022 218,687 9 218,696
8. INVESTMENT PROPERTY
£
FAIR VALUE
At 1st April 2022 127,000
Revaluation 6,000
At 31st March 2023 133,000
NET BOOK VALUE
At 31st March 2023 133,000
At 31st March 2022 127,000
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
8. INVESTMENT PROPERTY - continued
| Fair value at 31st March 2023 is represented by: Valuation in 2017 Valuation in 2018 Valuation in 2019 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 11. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 571,347 Restricted funds Building Project - TOTAL FUNDS 571,347 |
31/3/23 £ 1,726 31/3/23 £ 395 11,127 11,522 Net movement in funds £ 26,730 13,525 40,255 |
£ 37,568 3,000 13,088 107 (2,195) 3,000 6,000 72,432 133,000 31/3/22 £ 1,600 31/3/22 £ 1,123 3,332 4,455 At 31.3.23 £ 598,077 13,525 611,602 |
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 142,454 (121,724) Restricted funds Appeals 2,994 (2,994) Building Project 13,525 - 16,519 (2,994) TOTAL FUNDS 158,973 (124,718) Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 547,111 TOTAL FUNDS 547,111 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 111,200 (89,964) TOTAL FUNDS 111,200 (89,964) |
Gains and losses £ 6,000 - - - 6,000 Net movement in funds £ 24,236 24,236 Gains and losses £ 3,000 3,000 |
Movement in funds £ 26,730 - 13,525 13,525 40,255 At 31.3.22 £ 571,347 571,347 Movement in funds £ 24,236 24,236 |
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OADBY AND WIGSTON MUSLIM ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Building Project TOTAL FUNDS |
At 1.4.21 £ 547,111 - 547,111 |
Net movement in funds £ 50,966 13,525 64,491 |
At 31.3.23 £ 598,077 13,525 611,602 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Appeals Building Project TOTAL FUNDS |
Incoming resources £ 253,654 2,994 13,525 16,519 270,173 |
Resources expended £ (211,688) (2,994) - (2,994) (214,682) |
Gains and losses £ 9,000 - - - 9,000 |
Movement in funds £ 50,966 - 13,525 13,525 64,491 |
|---|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2023.
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