ChaTIty re9lstratlon nufflber 111013S C*)mpany r•gl$tratlon numbèr 05386816 (England and Wale•l SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$tws and dlr•clors M Nazir OBE Q Hussain S Hussaln M Yaqub Gulnawaz Khan Dlr¢¢tor Secrotary HNKhan Ch•rlty numb•r 1110135 Company numbor 05386816 R•glst•rad offlce Madina Masitrj Trust 24 Wo15eley Road Sheffield $8 OZU Independ•nt examlner Grant Wade BAACA Wells Rlchardson C¥nnon Houso Rutland Road Sheffield South Yorkslure S3 8DP Bank•rs HSBC Bank ple 40 Fishergate Preston LanShIr0 PR12AD
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST CONTENTS Pag• Tw$t••s' report Indop•nd8nt axamlnarfs rnport Slalemonl offinand81 act BaLgnco 8he•t NoE•s lo th• ffnoncbgl $t#lamonts 7-14
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trusteés present their annual report and flnanclal sts18menls for the year ondod 31 Decomr 2023. The flnan¢lal statgmonts have been prepared In accordance the accounting polides Set OLrt In note 1 to the rinanclal stalemgnts and comply wlth the trust's Memorandum and ArU¢les of Aswclatlon. the Companies Act 2006 arL(I 'A¢counting and Reporting by Chgrthes." Statement of Recommonded Pra¢tlce applicable to ¢harfUes preparing their ac¢ounts in a¢wrdan¢& with lh& Fin8ndg1 Reporrj Stsndard appli¢abl* in the UK and R$pubtic ol Ireland IFRS 102)" leff¢¢bv9 1 Janu¥ry 20191. Obloctl8 and actlvltl•s The tvusvs objects are: (i) to promote. by such means as ale charitable. the advancement of the tslth of Islam In accordance wilh the tenets and doctrfnes of the Hanfi8 (Bramal school of thought., and {iil to rsli8vè povety. age ond illnèss amongst the inhabltanls of South Sheffield Ilhe "aw of n¢fir1 (ond in p•rlirAJlar those inhabitsnts who a of the Muslim f8ith or who are in need by reason of their youth, age, infirmity or disablement, poverty or social ar economic circumslancesl through the provision ol faciliti8s in the interests of social welfare and for leisure time occupation wlh the obiecl of improviThJ the conditions of lifa of the sah Inhabitants. Durlng Ihg y&or und&r ffjvlew, ihe Charfty's k&y obj$¢llvgs were.. 111 to halp th& in¢Jlvidual refomi. purify and puAJe his or her lrfe in keeplng with the Islamic methods, and in particular lo help and guide the believers in18lam lin accordarsce with the Hanfia (Bralvla) school of Ihw9hl}.' lill to provide proper faci1Sties for congregauonal prayers for men. women and chlklren through th& establlshment of a Mosque with speclflc facllltSes and services for Musllm women.. Illil to advanc8 Islamlc gducation by providlng antl maintsining a Schl1 lor Islamic genetal education of Muslim thlldrèn and provlding fa¢ilili&s for •du¢ation Of Muslim ailulls land in particular womenl.. Ilv) to advance the education of the public in l$lamK StUdS. particularty. but wthout p]udice to thg foregoing. by th& tyovisi¢)n of cla8str8 and workshop5 in Islamic history. law and art and providè an l$lamic library.. Iv) to respond lo emerging social and chaiitable needs aff8cling tha I81 Community in aws such as odu¢atic and SI1 welfare. The trustees have paid duo regard lo guidan¢& issuod by the Charity Commission in decidin9 what activi118S the trust $houkl Lmdertake. The Committoe beligvos Ihat by promoting the work of the Chadty. it helps lo advanco puNIc knovl•dgo. understanding apprec4ation of ihe Muslim faith. Achl•v•monts and yrfomi•nc• Flnanclal revlew FInala1 management is the principal legal r&sponsibility of Mr. Gulnawaz Khan, thè Honorary Treasurer. The Joint Commiitee Treasurers. Mr Ibrar Khan and Mr Karamat Hu¥$ain. perforn daY4daY book-keeping duties. The Chaiity operates a bank account wSlh HSBC Bank Pl& Polentsl finanrAal risks have be identifi&J and revlewed by the Trustees and Commlttg&. It Trs Ihe policy of Ihe trust that unrestricted funds which hav8 not b8èn designated for a specific use should be maintained al a level equivalent lo at least three month's expenditure. The trustees o)n3ider that resems at this level will ensure that. In thg event of o slgnlflcanl dmp In funding. they will b8 able lo continuo the trust's curfont activitles whilo con$td¢ratton is given lo way8 in whi¢h additional funds may bg ralsgd. At 31 December 2023. the ¥8¢ ofsu¢h r¢s•Nes was £380,681 12022.. £361.047) whlth exceeds three months. nonal experHliiure. During lh& ar. tho Charlty has made the following payments to chartties from mLN)le$ r81ged for 8eparats apptral8.' UK Islamlc Mlsslon £1,136 St Luk8s £1,760 Turkèy Eat1hqu8ke appe¥l £11.027 KORT £5,130 The doslgnatgd fvnds in the a¢UnIS represent the net book valuo of tangible fixed as15. These fiJnd8 will ba rodud ovor th& useful econornic life of Ihe tangible fixed assats In ling with depreciation.
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Tho Irustg8s havo a$$88$ed th8 mr rf8k$ lo whlch the trusl 18 exposed, and are sofj$fl•d th81 ¥y$tom$ oro In plac• to 1101& exposure lo tho mglor rfsks. Slructurn. 9Ov•rnan and manag•m&nt Tha tnjst Is a company Ilfflllad by guarantee whleh was Incorporatod on 9 March 2005. 11 Is gov8m8d by Its Memorandum and Artl¢los ol AssoGlation daied O Aprfl 2005. as 8mgnded by a spgctal resolutlon dated 14 June 2005. Each m•mber of th8 company 1$ requlred lo contribLrtg an amount not exce8dlng £10 8lvJuld the c¢)mp8ny bg wound up whlle they are a membar, or wllhln a yoar after thoy ct$e to be a membèr. Tho charlty oporatos from Its premlses al Wolsetey Road, Sheffigkl, and bs Independonl of any olh•r or slmllarty namod organlsallons. The Chadty optsralos a ttIr m8n8gemont stwcture. Th8 Trusl••s ar• both thBrity trusts88 and company dlrecioTS. In addftton lo havtng log81 re¥ponslbllltlas wllhln charfty and company law. tha Tru5t&&B havo ro$ponslbllltle$ lo 6n8ure th8 Charfty work3 wlthln Its alms and prlnciples lo provlde the best possSbl• for bts U8grs and for tho10¢g1 mm[$nIty. Tho Trustaes also h8 resF#)nslblllt1•8 88 an employor and delegate t•$k8 In tho day lo day Nnnlng ol the Chartty to lh8 Commltt88. Thé Committe8 nsISts of 10 mombgrs and Includ6$ 8 Chalr, VI-Chalr, Minuteg Secretary, Tr&a$urer Ibook- kg8p8rl and Educatlon Manager who ar8 all unpald a1 alecled by lh8 membors at each AGM and report8 811 tt8 activlles ¢0 the Trustfjg$. Commltt•a members serv8 untll the nèxt AGM lollowlng tholr 91oCtlon vth8n thay shall r8$lgn bul may offor tm81v¥S for fe19¢t10n. No Commlttee mgmbor serves for • portod of more than thro• onSe¢ull y68rn. Tho Commltteg. Ltndor tha dlrectten ol thè TnJ8te•s. undertakos th• day-ltrdAy managamonl of Ihè Charlty'8 proml888, 8u¢h as 8•¢urfty. CaTetaklng and d8anlng Iprovld6d no flnanclal IrAn8a¢llon abovg the valutr of £50018 undért•k8n by t Commlttg• wlthoul th8 Authorfslng 6lgnalur8 of a rMInated Tru$tso1', and gfranp5 lor and $uparvls8s rellglous educallon. 11 roports to th8 Trust888 on all mattors relollng to th& Charfly's actlvltles Includlng Ilnanco. $tafflng, educatlon and fulurn prfodllè8 and actlon$. Chalr of th• Monogem•nt Commlttoo 18 Mr A Sh&hefjn', VI-chaIr Mr T Mahmood., S•¢r•t8ry K4r Z Khan.. Jolnl Comrnltt•o Tr••surarn Mr Ibror Khon and Mr Karamal Hu$saln,' th& EdL¢C8llon Manag•r18 Mr. A Razzaq. T Iru81888, most of vthom ire #190 the dlrocior8 for lh• purpo9• of comp4ny law, #nd who 8eNeil durfng tha year and up to the dale o181gnalure of the flnanclal stslem8nls wer•: l Mohammad Nazlr OBE Director and Irusl8e Dlrector and Iru$lee Director and trusloè Dlre¢lor and trustee Dire¢tor and Honorary Trnasuror Sablr Hus8aln Mohammèd Yaqub Qurb•n HU01n Guln8waz Khan Wh•n completo. thg Truste8$ con8181 ot. - four'Guardlan TNStg9$', belng Ihe first four $ubs¢rlb8rs to the Mgmorandum.. Company Sw¥tsry and an honorary Treosur•r COwOPted by Ihe Guardlan Tru$to9¥. The Charity may Incroa or reducè the m8xlmum number of trustees by passing gn ordlnary rasoluUon, pded that the nrnr 1$ not reducod to below Ihreg. In addltlon, the members of the Charfty must apwinl four parsons to be"3econd8ry Guardlan Trus09. for th& Chatlty- Such persons will not bo Tw$leg5 on appointm•nt but any ono of Ihom Is enlltlod lo bg appolnted as Guardian TnJsta8 on the death. rotlremenl or rgmoval of a Guardian Trusts•. N8w TnJstse8 underrjo orfenlalion to briof thèm on their legal obllgation$ und&r Charity law, the ¢onlfjnt of the 08daration of TNSI. Ihg d8clsion fflang process and recent flnandal performanco of tha Charfty. All Trustses are rgqulr8d to sign a dedaralion of Iheir wllllngness to act as TDJste8 bafore they can vots In any meetings. Small eompanl•8 •x•mptlon Thi$ report ha8 been prep8r8d in accordance the provl¥lons appIlble to compani•s entltled to tha small mpanies 8xemplicffj.
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Tho Irusle•8' roport was aPprd by th& Board of Tru$tees. H M Naar OBE TruJt•g 26 S•pl•mb•r 2024
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST I report to the tnJ8tee8 on my examlnatlon of the ftnandal 8thtem•nl¥ of Shgffleld 181Amk Centro Madlna Masjld Tn•t (tho Iru8Q fortho yoar orKted 31 Decambor 2023. RMponilbllll1 and bag1• of r•port AS the trus1 of the Iwst (and 8180118 dlractor8 for the pu0889 of company lawl you ar• reapon8lbl8 for Ihg prfjparatlon ol the fmand•l slatemenl8 In accordane• wllh the requlrements of thg Companle8 Act 2008 2006 HAvh)9 88I•fied my•elf that the fln8ndil •tatsmont8 of the trult ar• not requFrnd lo bè 8udtt8d und8r Part 18 of th8 2fy)6 A¢t and Jre ellglble for Ind8p8nd•nt èx•mln8Non. I report In re8ped of my examtnalkn of the IN81'4 Itnanclal 8tst8m•n18 c4rfed out undor sa¢Oon 145 01 tho Cha08 Acl 2011 (th9 2011 Act). In c4rrylng out my èxamlrtallon I havo foll¢%Md all the appficable Dlr¢¢Alon8 gn by tho Chath/ Commlmkn under 8edon 146(5)Ib) olthe 2011 Act. Ind•p•nd•nt •x•mln•f• 8tatsm•Tht I have completed my ?xamlnallon. I confimi that no matt•r8 hav• como to my att•nlkn In e4nn•¢llon wllh the •xamlnallon glvln9 mo GgU80 lo bdlM that In any m•tsrfal le&CL. accountlng ro¢ord8 wore nol kept In re8PO¢t ofthe InMI 88 requlred ty 4o¢Xlon 388 of th• 2000 Ad., or the lInCle1 $l•lemgnl8 do not 8ccord wllh tho8• rncord8: or th? flnAnd•l 8t8tam•nts do not compty wllh th8 4ccounllng r•qulr•menl• of s•¢llon 390 of th• 2006 Act oth•r IhAn any r•qulr•m•nt that the accounts gl¥• a truo #nd falr th whlth * not a m•tt•r conlklafed a• pqrt of an Indepfrndenl examlnallon; or 4 thg finandal 8talemen18 ho nol bogn prepAr•d In accord•nce wllh th• method8 and prlrWA ol tho statement of R•c¢>mmended PracULYJ for AC¢OLmUng and r•portlng by Charfa8 appllcabl• to preparfng th•lr 8c¢ounl8 In accordance wllh th? Fln•ncL41 Reportlng Stsndard 8ppllrabl8 In th• UK and R•pubNc of Ir•land (FRS 102). I havo no nc•m& and hav• ¢om• 8(¥088 no other mattern In cOnnlI0n wllh tho txamlnallon to whlch attenllon should b• drawn In th1• r•port tn ord•r to onoblo • proper und•r•t4ndtng ofth• flnirKlal stat•m•ntJ to bo r•ached. Grnnt Wad• BAACA W•ll8 Rl¢hard80n Cannon Ho8 Ruttand Road Shgfflgkl South York•hlr• $3 8DP Oated: 28 Sèpternb•r2tr24
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDrniRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Tolal Unrnstrlct•d UTrre•trl¢t•d fundi fund• 9•n•r dloat•d 2022 2022 Total fvnd funds g•n•rnl dmlgnatod 23 2023 2023 2022 Not•• Donattons artdlegauos Other tr¥tJlng acttvitias 186.743 28,200 186.743 28.200 142.912 18.750 142.912 18,750 Total Incom• 214.943 214,943 161.662 161.882 Ch8rit8bl& oc1105 184.931 184.931 155.189 155.189 M•t In¢omlng r••ourc•s b•lor• 30,012 30.012 6,473 6.473 Grou tr•n¥l•rs ba••n funds (10.3781 10.378 6.214 {8,2141 N•¢ In¢t)m• lor th• y••rl N•t mov•m•nt Sn lund• 19.634 10,378 30,012 12.887 16.2141 8.473 Fund balanc¢s •11 January 2023 361.047 5.037,160 5.398,207 348.360 5,043.374 5,391,734 Fund balanc•• at 31 D•¢•mbw 2023 380.681 5.047,538 5,428.219 381.047 5.037.100 5,398,207 The stalement of flnarwJal adv1 indth am and lossey recowlJ in yfjar. income and exp•ndllure dollve from nlu1j •¢Uvth& The 8talem•nt of flnandal actsvits•8 alw oJ)Wig• Iho requirements for an Ir#>M and •wdltAwe 8ccounl under the CrAnpani•sAcl 2006.
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 FSxod •s$•ts Tangible assets Currnnt ai••t• Debtors Cash al bank 8nd In hand 11 S,047,538 5.037.160 12 3.980 389.880 7,910 368.218 393,840 374,128 Crodltor•: amounts falllng du• wlthln on• y•f 18 {13,1591 113,081} Nol curr&nl $•t3 380,681 381,047 Tot1 a•••ts l••• ¢urr•nt Il•bllltl•• 5.428,219 5.398.207 In¢omo fund• De8ignatod fijnds Unro8tr1¢ltd lund8- general 15 5.047,538 380,681 5.037.160 361.047 5,428,219 5,398,207 Th8 company18 ontlll8d lo tho 8xofflpthJn from the audll requlremenl conlalned In ¢0Th 477 01 the Conwanles Act 2006, for the year •nd•d 3108c•mr 2023. Tho dlrectors acknowledp Iholr r•lpon$ibilltl for MplyIng wllh tho roqulrements of the Companle$ Act 2fy)8 Imlh r•8PocI lo accounting rocrrtd8 and the preparnkn of fingncl818talemenl8. Tha momb8rs hav• not r•qulrnd th• ¢ompony lo oblaln an audll of tt8 flnanclal 8tst•m8nl8 for the yfjar In quo8llon In occordonco wllh ¢110n 476. These flnanclal slalernants havo bgen proporfjd kn ocwd8nce wlth the prov181onts applk•blè to tsJmpanl8s Subject to th$ smo11 companlgs reglm8. The financial 8tatemgnls were opprovod by Ihe Tru8t888 on 28 Seplomb•r 2024 H M Nazir OBE Tru•t Company R•gl$tratlon N¢. 05386816
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accovntlng polSde Charlty Informatlon Sheffiejd Islamic Cantre Madina Masjld Twst Is a prtvats company Ilmltod by guarantee incorporated in England and Wales. The reglstered offl¢8 is Madina Maslld TNSL 24 Wol$$ly Rogd. Sheffield, S8 OZU. 1.1 A¢¢ountlng conventlon The finynwl $tst¢m¢nts have begn Prepared in accordance wlh the Iru5f$ Memorandum and AJtides of A830ciation. Ihe Comp8nies Act 2006. FRS 102 Financial R8POrting Standard appll¢able in tho UK and RepU1C of Ireland. I"FRS 102.1 artd the Charities SORP 'A¢counting and Reporting by Chgrill.. Statom8nl of RecommgfKl8d Practic• applicable to d)arilie$ prgparlng thelr accounts In accordance with th8 Fin8ncial Reporbng St8nd8rd applica& in the UK and Republic of Ireland IFRS 1021'1off8cUve 1 January 2019}. The trust is a Public Benefit Ertllty as defined by FRS 102. Th8 trust has taken advantage of the pffjwsions in the SORP for charlties not to prepare a Statement of Cash Flows. Th& financlol statsments are preparod In stsding, which is the fijnclional currency of the trust. Monetsry amounts in th8se financial statements 8re round8d to thè nearast £. The financlal stal¢ments have been prepared under Ihe historical Mst ¢oftvenlion. The wincipal accountlng policAes adopted 8r8 sel rjjl below. 1.2 Golng conc•m At thè of approving the financial stai8mont$. th8 Iruslees havts a reasonable expectafjon th thg twst has adequ8le resources to Confjnug in operational existen for the for•saeabl8 fiJtur8. Thus the Irustegs continue to adopt the gothg con¢wn basls of accounting in preparing Iho finandal stal0nts. la Charltable funds Unrethcted funds are avallable for use al the dis¢rets¢J) of th8 Iruslees In further8nco of thgir ¢harftab5• objectives. Designated funds are those fun(Js Set as4de out of general funds by the Iruslo8s for a specific purpose over whose use and purpose the trustees have dis¢retlon Rostrithd funds ar8 subject to specific ¢ondltion$ by donors or grantors as to how they may bg used. The purpt)ses and usgs of th& r¢$tricted funds are sel out In Ihe notes to th• financlal statements. Endcy•nnenl lun(18 ¥ffj subjoct to $padf conditions by donors that the capilal must be mainlalned by the twsl. 1.4 Incomè Income 13 ffj¢ognised whon tha trust Is legally lItIe to it aftsr any perfomiance condition$ have been meL the amounts ¢on b& m&a$ured reliably. and it i¥ probabla thot incom8 wll be recèiv¥d. Cash donailons are reLwnlsed on rè¢elpL Other donauons r•cogni8ed oncs the trust has been tified ol the donatith). unless performance condition5 requlre deferral of th8 amount. Income tox recoverable in relation to donatoons r1Ved uThJer GIftA¢d or deeds ofcovenanl is r&cognwd at the timg of tha donation. Logades are recognised on receipt or olhgrwlse if the trust has been notified of an Smpending distribuon, the amount is known. and receipt is expected. If the amount 18 not known, thelggaey is treated 88 8 ntIngent asset.
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl•g IContlnu•d 1.5 Exp¢ndltur• EKp¢ndltUfe Is recognlsed On there 18 a legal or constructive obligation to transfer ecorw)nuc benefft lo a Ihird party, li Is probablg Ihat o transfor of gcxjnomic benefits VAII b8 requlred In settbm8nl. and the amount ol the obligalion Can b8 m&a$ursd reliably. Expenditure dassified by actNity. The t$ of eath actwity are made up of the totsl of direct costs 8nd shared costs, induding support costs irwolved in undertaking each activity. Oirect cosls attributable to a single acbvty are allocaled directty to that activity. Shared costs which contribute io more than on8 activity and support costs which ar¢ not attrlbutable to a $lngle actlvlty aro appthonod b&en thosg activilles on a ba$1$ consistent with tha us& ol reSoUrS. Central stafl costs allocatad on the basls of tlme spont. and dopreclalion ¢hargo9 ar& 8llocateil on Ihg portion of the 88sefs use. 1.6 Tanglble flx•d a88¢ts Tangibltr fixed 8$80ts are ¢¥pitsli8od il they L)JSt more Ihan £200 and can be used for rTh)Te than one year. They are initially measured al wst and 8ubBequenUy m8asured at cost OT valualion. n8t of depreciation and any impairrnenl losses. Depreciation is recognised 30 as lo writ8 off the ¢))sl or valuation of ass8ls18s$ thoir r8SKlual vglugs over thgir uselul lives on the following bases.. Freehold land and bjildings LeahOldIrhd and buildings Flxtures and IINln98 20% Strotghl line The gain or l¢yd$ ari¥ing on the disposal of an asset 18 deiemiined as the difference between th8 sale Fmeds and Ihe carying value of the asset. and is recognised in the Slotement of fin8nd81 o¢tiwttes. In actsJrdan¢e with Financial Reporting Siandard 102 land 1$ not depre¢la18(1. 8ulldlng$ hav• been Induded at cost when acqulred durfng the ygar. Th& carrylng volu9$ of tangibk ffixed as88ts prewt)usly valuèd when capitalised have bean ralaln8d at tholr book amount ¥$ a dgemed cost on transition lo SORP FRS 102. No depr8aation is provtdad on freahold or18a$¥hJld land and buildings. 11 is the policy ol the Trustees lo maintain Its prope0$ In such a ¢on<iitson that Ihoir value is not impaired by the passage ol time. The resldual valu8 is similar lo its Carrying value and depreciation, iherefore. would tK*t ba mat8rf81. Thè tNste&s p&rfom annual impairment reviews in order lo ensure that the carying value is not more th8n thtr recoverable afflounl. Although thls acGounWng potlGy Is In accordance with applicable accounting standards, it is a d8parture from th& ggngral requiomenl of the Compan168 Act 2006 for all fixed assets to be d8praciated. In th8 op1nion of tha trust898 compliance with the standard is not necessary for ihe finandal ststgments to glvo 8 true 8n(J falr vlew. Depreciafy'on or amortisats'on is only one of many factors rgffle¢ted In Ihe valualh)n and the amount of Ihi8 which rnighl olherw738 have been charged cannot be sop8ratgly id¥ntified or quanb'figd. 1.7 lrnpalrment of ftxod ass•ts Al each reportong ènd dale, the trust revlews the carying amounts of Its tsnglble ats to deterrTune whether there is any indication that thos8 ass&ts hava suff8r8d an Impairment loss. If any such indication exists, the recoverablg amount of the asset is estlmated In Order to delemln$ the extent of the impairment loss {if any). 1.8 Ca¥h •nd $h equlvalents Cash and cash aqulvalents In¢lud& cash in hand. dep)sits held al call wlth bonks. other short4emi Itqukl Investments Wth orfglnal maturities of thre¢ mnlhs OT less. and bank overdrafts. Bank owrdr8fts arè shown within borrowings In ¢urrent liablllfjgs.
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (COIrnNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl•s IContInd) Basic finan¢lal assels. whkh IUdg debt0 rash and balancw. ¥¢ inillally measured at transaction pricè induding trar1sa¢li costs and are subsequenty carrled at amortised eost uslng th8 8ffecilve Interest melhod unless the arrarvJefflent ry)nslituies a finanon9 transact, where the transaction Is measurgd at the pyesenl value ol the fvture rwipts disCted at a market rats of interosL Finawol assots classified as receivat4e ¥thin ce year are Th)t 8•slc ffnanelal Ilablllues Basic finanLyal ItlIties, 1ndL9 ¢ygth1tys aThJ ba hjans are inlbaly Twnisad gt tr8nsaction price unless the affangement constilule¥ a finanthThJ Iranti, t•&there the debt instruThnt is measurod at th& present value of the future payInts diqojunted at a markel rale of intere5L Finanaal Irabilities dassified as payable thin year arv nol amtised. Debt inslNThnts arè sub8eynUy ¢arried at arnortised cos( USI the effectN8 intwest rdte melhod. Trnde ry8d4tors are obItsJaliS lo pay switos tho1 have been acwNred in Iho ordinary ¢Jwrso of op¢ration$ from sUlerS. AJnounts payable dassffied 8$ Krant Ilabilllies if payment t$ due withln one year or less. If rKI they af8 presented as noTrOJrrl liabilities. Trade &d110(S are recrJnised initially at transaction price and SubWnIty troasured at atIs cost using the effec¥e intarest melh¢)d. 1.9 Retlr•ment ofits PayrrÉnts to dofinod ¢(thtMJtJn relirement ben¢fft sthomos w• ¢hW as an exwse as fall due. Crltlcal accauntlrwj e4tlm•tO$ 4ndJUdgts In the applicati of the trust's accJnti pthxes. trusto¥s ar• r•quired lo make I, ostimates and assump110r about tho ¢arryiThJ amunt of assets and 14qbilitios that ar¥ not readily apparènt from other Sour$. The estimates and as8 OSSLwnptions are basgj on hiskn(al ewien and other factors that oro COK1¥r8d to be relevanL P£iual results may differ from these estimates. estimates are reojgnised in the pèn.od in the esiimate revised Wrg the rewsion affgcls only that p$ri¢xl, or Wi thè wcJ of the le810n aryj future p8rh)ds wWe the tevision aff¥ts I)th aJThent and ftre period¥. Donattons and l•gacle* Vnrnstrlcted Unrestrfcted fund$ funds geDorn1 general 2023 2022 186.743 142,912 Donallons and glfts COlltIon datiOnS Coledon Mosq 13.755 172.988 8.894 134.018 186,743 142,912
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR TrIE YEAR ENDED 31 DECEMBER 2023 In¢om• from oth•r tradlng •¢tl¥lO Unl••trIe Unr•strfet•d fund• lunds 2023 2022 Lettlng and Ik•n8lng arr8ng•m&nts 28,200 18.750 h•rltabh Charftablo •ctlvltl•• tlvlll 2023 2022 Olr•¢t Staff c08ts Depredaon and Imp•lm*nl Telophon• InsurAnc8 Water fate¥ 32,870 8.622 1.551 17.503 29,845 6,214 1.892 18.508 6.381 k ij Consultancy fo Prfnting, poslago •1 Bank ¢horge$ LSght and h••t He1h and fety Ropalrs and renoLI Lan9 ol offlce oqulpment Mork8t4ng. publw and educ8tk)n 1818mlc books C18anlrvJ Legol arKI prof•ulonal Iws 17.905 lo.8) 882 729 48,217 3.847 10.856 1,419 3.551 463 8.211 3,074 792 48.874 3.783 28,896 1,527 5,932 3.120 183.851 154.469 Shar• ol Support and gov•rnanc• colts (#•• not• 6) Govemancs 720 184.931 155.169 An•lysS8 by fvnd Unrestricled fvndg- 9en8rn1 184.931 1SS,189 10-
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Supwt ¢oth allo¢atsd to a¢ll¥lUe$ 2023 2022 GovemarKe o)sts 720 720 2023 2022 Govwnance costs MlS•. Independent examinalh)n f 1.080 720 1.080 720 Met moVt In lunds 2023 2022 The net Thhjvemènl in funds 1$ slatsd after dHr(irWlryedlir¥Jl: Dewedalcffi or0ed langible [ed ¥ts 8.622 6214 TnMte•• Nona of Ihe fnjstees lor any persms ctynecled wilh Ihem} recepd any rerThJn&rnUon or benefits from tho trust durfng the yoar. Employ••s The average monthty number ofemplojws the y8ar was: 2023 Numb•r 2022 Numb Employm•nt ¢Mts 2023 INages and salaiies Other penon ¢osts 32,394 476 29.554 91 32.870 29,645 11
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Taxatlon The ¢harfty 1$ exompl from lax8On on Its activities because all its income Is applied for charitable purposes. 11 Tanglblè fixed assets Frq¢hold lind and buUdlng5 Lumhold Flxturts nd land an fitttry¥ bulldlng8 Toll Cost At 1 January 2023 Ad¢jIOn$ 4,504,690 519,531 298.981 5,323,202 19,000 19,0fy) Al 310ecember 2023 4.504,690 519,531 317.981 5.342.2W2 D•proclatlon and Impalrmont At l January 2023 Depreciallon charged in the year 286.042 8,622 286,042 8,622 At 310ocomber 2023 294,664 294.664 Carrylng amount Al 31 Oecemb8r 2023 4.504,690 519,531 23.31T 5,047,538 At 31 December 2022 4.504,690 519,531 12.939 5.037.1 12 Debtorn 2023 2022 Amounts falllng du• wlthln one year: Other debtors PreFoymenls and acuued incAJme 3.600 4,310 3,980 3,980 7.910 13 Credltorn: amounts falllng due T*lthln ong yoar 2023 2022 other tsxation and social sgcurfty Other creditor8 AccnJaL8 and dèfarrad Incl• 438 2,400 10,321 561 12.$20 13.159 13.081 12-
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 R•tlr•m•nt b•n•llt •ch•m 2023 2022 D•fin•d Mntrlbutlon •ch•rn Charye lo profil orlo$8 In respoct old&flnod c0nldbu 8¢h8rn•s 476 91 Tha Irusl oparato$ a d8flned conirlbutlon p8nslon Scheme for all qualifw'ng employees. Th• 8850ts of th• 8d)om& aro h•ld soratlY from iho88 of th$ trust In an Indapondanlly admlnlstefed fund. 15 Unr••trlct•d funth- D••lgnat•d These are de8lunatsd lund8 whlth ha b8•n sel aBld8 out of unro8trkted fundi by the Iruslees lor spedfic purp06O8. Al 1 JaTru•ry 2023 Tr*n•hr• At31 O•c•mbor 2023 Tanglblo flxed awts 6.037.100 10.378 5,047.538 Pr•vlou• y•ar. At 1 J•nu•ry 2022 Tr•n•f•r• At31 D•c•mb•r 2022 Tanglbl8 flxed as1& 5,043,374 16,2141 S,037,160 11 Unr•JtrSet•d fund• Th• unmslrkt•d lund8 olth• ¢hgrlty compr180 thè unexpended balarth8 01 donatklns and grant$ whlch are not 8ubhoCt to 8p•clflc condlllons by donw8 and grantors as lo how they may bo used. At 1 J•nuary 2023 Incomlnq r•wir¢•• R••our¢•• •xp•nded Tran•f•r• A131 D•cember 2023 Gora1 fund$ 361.047 214.943 1184,931) 110.378} 380,681 Prfrvlous ymr: At 1 January 2022 Ineomlng Ro8ourc•s rnwur¢•• •xpBnd•d Tr•n•f•rJ At31 D•cembor 2022 General funds 348.360 161.662 {15S.189 6.214 381.047 13-
SHEFFIELD ISLAMIC CENTRE MADINA MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Analysls of net aets htween fvnd$ Unr•strlct•d Unrestrlctqd funds fvnds neral Designated 2023 2023 Total 2023 At 31 DO¢•mr 2023: Tangible osset$ Cury¢nt o$s0tsllliabllllos1 5,047.538 5,1)47,538 380,681 380.681 380,681 5,047.538 5,428.219 Unr•strlctsd Unrn$trl¢t•d funds lund$ general Deslgnated 2022 2022 Totsl 2022 At 31 D•¢¢mb•r2022.. Tangibl& assets Current asseisl{Ilabiliti¢$} 5.037.160 S,037,160 361.047 301.047 361,047 5,037,160 5,398,207 18 Rolat•d party transactlon8 There were no disclosabl8 related party transactions durfng the y$4r12022- non&l. 14-