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← Bangladesh Welfare Society Of Barnet

2023-12-31-accounts

BANGLADESH WELFARE SOCIETY OF BARNET (BWSB) Trustees’ report and

Financial statements

For the year ended 31 December 2023

The rear of 18 Brookhill Road East Barnet EN4 8SD Registered charity no: 1111008

CONTENT

Page
Legal and Administrative Information 1
About BWSB 2
Structure: Governance and Management 3
Financial Review 5
Independent Examiner’s Report to the
Board of Trustees of BWSB 7
Statement of Financial Activities 8
Balance sheet 9
Notes to the financial statements 10

LEGAL AND ADMINISTRATIVE INFORMATION

Status

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.

Board of Trustees

Anhar Miah Badrul Islam (Chairman) Belal Ahmed Chowdhury Gousul Bari Chowdhury Haji Abdul Gaffar Jamal Miah Kalam Matin Mohammad Fozlul Hoque Mohammed Nurul Islam Mohammed Fozor Ali Mohammed Ochi Miah Ruhul Amin Siraj Uddin Tofozzul Miah

Company secretary

Belal Ahmed Chowdhury

Registered charity number: 1111008 Company registration number: 05314510

Registered Office

The rear of 18 Brookhill Road East Barnet EN4 8SD

Independent Examiner

Alamgir Hossain, ACCA

Accountant

Charity Finance and Accounting 64 Gale Street Essex RM9 4PA

Bankers

Barclays Bank UK Plc Whetstone Branch London N20 0PB

1

ABOUT BWSB

Our Objectives

Our objectives are to promote the Bangladeshi Cultural Heritage; to encourage the celebration of special events such as the Independence Day of Bangladesh; to encourage ethnic minorities to socialise in their spare time; to provide services to teach English to those with limited ability; to provide help to the elderly in the community; to help integration between all societies in the community; to promote female independence; to promote voluntary work in the local community and to advance education, particularly among persons of Bangladeshi origin; to provide knowledge of Religious Education and literacy of Bengali language.

Our mission

We envision a society where Bengali heritage and culture are actively promoted and appreciated.

What we do

We seek to meet the needs of the ever-growing Muslim community in Barnet by providing and facilitating good practice in faith, community development & educational services.

Organisation

Bangladesh Welfare Society of Barnet Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 16th December 2004. It is registered as a charity with Charity Commission. Anyone over the age of 18 and is a resident or working in the London Borough of Barnet and agrees to pay an annual subscription of £20.00 par annum can become a member of the company and there are currently twenty-one members, each of whom agrees to contribute £10 in the event of the charity winding up.

The board of trustees consists of fourteen members to administrate the Charity. The board meets quarterly and there is a subcommittee covering development,

membership and finance which meet more regularly.

Achievements and Performance:

For the last 4 years, BWSB has offered 5 daily prayer services, weekly Jummah prayers, Taraweeh during Ramadan, and Eid prayer. In 2022, we started our Maktab, after-school classes for children. The Maktab has been well received by parents and children. Due to space, we have to limit the numbers which we hope to increase in the future.

Section 106 has been signed with the London Borough of Barnet, to demolish and build a purpose-built Mosque. All relevant experts have been appointed through tendering and advice of our architects. Surveys and design work have begun, and soon we will be in a position to start construction tenders.

Future charitable activities

Over the last four years, Barnet Islamic Centre has become a regular place of worship for the local Muslim community. The ever-growing demand for more activities requires a huge investment to achieve our targets.

Fundraising has begun to raise approximately £2 million for the rebuild costs. Various social media and community engagement activities are planned to raise funds.

A new website is being developed to showcase our goals, objectives and future plans for our centre.

Meetings have taken place with a specialist consultant, to train management, staff and volunteers to deliver the highest service to our community.

2

STRUCTURE: GOVERNANCE AND MANAGEMENT

Governing document

Bangladesh Welfare Society of Barnet Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 16th December 2004. It is registered as a charity with Charity Commission under charity number 1111008.

Organisational structure

The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits from the Charity.

The Board meets quarterly to review the organisation’s progress and strategy and maintain financial oversight. As a small organisation, there is a strong level of involvement of the Board in supporting BWSB’s growth and development ranging from fundraising support to drafting policies and representing the organisation at external events.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees for the purposes of charity law who served during the year and up to the date of this report are set out on page 1.

Trustees Responsibility Statement

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:

Risk Management

The Board of Trustees has a risk management strategy which comprises:

The main risks identified by the Board of Trustees this year include:

3

Recruitment and appointment of trustees

The existing trustees are responsible for the recruitment of new trustees but in so doing the trustees seek the views and recommendations of both elders and community leaders. The trustees believe this approach ensures that new trustees are respected members of the local communities and ensures that good relations are fostered between the organisation and the people of the local community that we serve.

In selecting new trustees, we seek to identify people who regularly attend events and functions organised by the charity and are willing to volunteer to help in our broader community work. Potential trustees are invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees' meeting. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills.

This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with an existing trustee assisting on particular activities and projects run by the charity. After satisfactory feedback from existing trustees, they are then given the task of leading a particular activity or project and reporting progress at trustees' meetings.

Volunteers recruiting procedure

BWSB’s work would not be possible without the large numbers of volunteers who get involved in the day-to-day office activities as well as supporting events and other activities. Volunteers are an important resource in both our faith and community work. Volunteers are involved in most of our faith and community. We encourage all members of our foundation to be involved in voluntary activities and to share their skills with others. All those volunteers working with projects involving children or other vulnerable groups are subject to CRB checks.

Public benefit

The Board of Trustees confirms that they abide by the Charity Commission’s general guidance on public benefit complying with Section 4 of the Charities Act 2011 to have due regard to public benefit in pursuance of its objectives and activities.

Induction and training of trustees

Following the appointment, new trustees are introduced to their new role and given copies of the trust deed and a guide to the policies and procedures adopted by our charity. Several publications from the Charity Commission are also provided including the guidance on charities and public benefit and the advancement of religion for the public benefit.

4

FINANCIAL REVIEW

The financial statements have been prepared in accordance with the accounting policies set out on page 10 of the attached Financial Statements and comply with applicable laws and requirements of the ‘Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) issued by the Charity Commission.

The trustees have identified no material uncertainties that may cast doubt on the ability of the charity to continue as a going concern.

Income

The charity’s total income for the year was £178k (2022: £179k), a small reduction compared to the previous financial year. The Charity received a rental income of £20k from its property investment.

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Income
11%
89%
Donation Rent
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Expenditure

Our total expenditure for the year ended 31 December 2023 was £63k (2022: £57k). The expenditure on the charitable objective was £60k (2022: £52k). The fundraising expenditure for the financial year was £3k (2022: £5k)

Three years’ income trend (£000)

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20 21 20 22 20 23
328.60
179.50
177.90
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How our money spent
5%
95%
Fundraising Charitable activities
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5

Net assets The balance sheet for the charity shows a balance of nel assgts of £1m. compared lo £909k in the previous year, represenling an increase of £114k In the w0￿1n9 ¢apilal and reseNes. The actounls of the Charity were approved by the Board ol Trustees on 02 September 2023 Financial risk The Board of Trustees has the overall responsibility for eASLJring the Charity has an appropriate system of controls, financial and otherwise, across the enlire organisalion in order lo provide reasonable assurance that.. Ils assets are safeguarded against unaulhorised Ljse or disposition, Proper records are maintained and that financial infomialion is reliable, The Charity complies with relevant laws and iegulalions. Badrul Islam Chaimian Tofozzul Miah Twslee Tangible fixed assets The Charily purchased a property during the y8ar for investment purpose. Investment policy The Investment Policy of the Charily is lo invest ils surplus funds In properties that will generate income for the Charity. The profil generated from Inveslmenl properties is utslized for charitsble purposes. Belal Ahmed Chowdhury Company Secretary Reserve pollcy The Trustees recognise the need lo hold sufficient ieserv85 to allow protection of cor8 aclivili8s in the evenl ol any Incom8 shortlalls lo implement long-lerm strategic programmes ar¢d enable BWSB lo carry out ils essenti81 proiecls. The reserve policy ensures, as lar as possible, the sustainabilily ol charitable activities across various sectors.

INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF TRUSTEES OF BWSB

Independent examiner's report to the trustees of Bangladesh Welfare Society of Barnet Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

Respective responsibilities of Trustees and Examiner

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with general Directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

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

Alamgir Hossain, ACCA London

Date: 02 September 2023

7

STATEMENT OF

FINANCIAL ACTIVITIES

For the year ended 31 December 2023

Unrestricted Restricted Total Total
Funds Funds 2023 2022
Notes £ £ £ £
INCOME
Voluntary income:
Donations 2 157,484 - 157,484 159,078
Rent income 20,400 - 20,400 20,400
TOTAL INCOME 177,884 - 177,884 179,478
EXPENDITURE
Costs of raising funds:
Fundraising cost 3,301 - 3,301 5,028
Expenditure on charitable activities:
Programme expenditure 60,081 - 60,081 51,977
TOTAL EXPENDITURE 3 63,382 - 63,382 57,005
Net income/(expenditure) and net
movement in funds for the year 114,502 - 114,502 122,473
Reconciliation of funds:
Total Funds brought forward 7 909,166 - 909,166 786,693
Total funds carried forward 1,023,668 - 1,023,668 909,166

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

8

BALANCE SHEET As at 31 December 2023 Not•s 2023 2022 Flx•d a•••ts Tanglble a5s8ts Inveslments 893,760 903.070 893.760 903,070 Currant assets Debtor5 Cash at bank and in hand 120,000 52,907 106.095 172.907 106.095 Cr•dltors". amounts fallin9 due within on8 yaar 142,9991 {99,9991 To¢1 ••1•1s l•ss curr•nt Ilabllltl•s Cr•dllors'. amounts lalling ¢Jue after more than on& year N•t •$$•ts 1,023.668 909.166 1,023.668 909.166 Th• lunds of thtr charlty: Unreslricled income lunds General lun¢J Reslricled income lunds 1.023,668 909.166 Total Charlty funds 1,023,668 909.166 For the year ènding 31 December 2023, the charity was enlilled lo exeTnPtion from audit under s8ction 477 of thè Companies Act 2006 relating lo small companies. Oireclors. responsibilities.. .The members have nol required the company lo obtain an audit of 11$ financial s¢o1gmenls lor Ihe year in quosbon In accordance with section 476.. .The directors acknO￿edge Ih&ir iosponslblillgs lor cOmpl￿ng k¥llh the r&qulr&ments of iho Act wllh reskwcl to accounting recL)rd5 and Ihe preparation ol financial stalemenls. These financial stalemenls have been prepared in accordance with the provisions applicable lo eompgnios subl•cl lo the srn811 ¢ompan16s' regim&. These financial sialements were approvod by Ihe board ol ifustees and aulhoris8d lor issu• on 02 S￿l•m￿r 2024. and are signed on behall of the board by.. 8adrul Islam Chairman B•lal Ahmed Chowthiry Compony S•cr•tvy

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1 Accounting policies

a) Basis of accounting

The financial statements of the charitable company, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

b) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

c) Going concern

There are no material uncertainties about the charity's ability to continue.

d) Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

e) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

f) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two subclasses: restricted income funds or endowment funds.

g) Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, the receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

10

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

h) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

i) Tangible fixed assets and depreciation Non-programme expenditure of more than £50 per item for buildings, equipment and leasehold improvements is capitalised at cost. Depreciation is provided at rates calculated to write off the cost less

the residual value of each asset over its expected useful life, as follows:

Leasehold properties Straight line over
the life of the lease
Freehold properties 1% straight line
Computers and software 25% straight line
Fixtures and fittings 10% straight line
Office equipment 15% straight line
Motor vehicles 15% straight line

j) Taxation As a registered charity, BWSB is exempt from taxation of income and gains to the extent these are applied to charitable objectives.

k) Limited by guarantee

The liability of the company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to

11

Unrestricted
Funds
2
Donations
£
General Donation
157,484
Membership fees
-
157,484
3
Analysis of expenditure on charitable activities
Direct
costs
£
Cost of generating funds
2,470
Charitable activities
Prayer Service and other
44,962
activities
Total Charitable activities
44,962
Total expenditure
47,432
3.1
Analysis of support costs
Support costs
Finance and IT costs
Office Expenses
Governance costs
4
Tangible fixed assets
Freehold
Building
Cost
£
At 1 Jan 2021
931,000
Additions
-
Release
-
As at 31 Dec 2021
931,000
Depreciation
At 1 Jan 2021
27,930
Charge for the year
9,310
Release
-
As at 31 Dec 2021
37,240
Net book values
At 31 Dec 2021
893,760
NBV at 31 Dec 2020
903,070		 Restricted
Funds
£
-
-
-
Support
costs
£
831
15,119
15,119
15,950
Building
renovation
£
-

-
-
-
-
-
-
-
-
-		 Total
2023
£
157,484
-		 Total
2022
£
159,078
-
157,484 159,078
2023
Total
costs
£
3,301
60,081		 2022
Total
costs
£
5,028
51,977
60,081 51,977
63,382 57,005
2023
£
446
12,072
3,432		 2022
£
-
11,727
7,113
15,950
Furniture
& Equipment		 18,840
Total
£
-
-
-		 £
931,000
-
-
- 931,000
-
-
-		 27,930
9,310
-
- 37,240
- 893,760
- 903,070

12

5 Debtors 2023 2022
£ £
Loan given to other Charities 120,000 -
120,000 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Qurd Hasana Loan 40,500 97,500
Other creditors 2,499 2,499
42,999 99,999
7 Movement of funds
As at Incoming Resources As at
01 Jan 23 Resources Expended 31 Dec 23
Unrestricted funds £ £ £ £
General fund 909,166 177,884 (63,382) 1,023,668
Total unrestricted funds 909,166 177,884 (63,382) 1,023,668
Restricted funds
Total unrestricted funds - - - -
TOTAL 909,166 177,884 (63,382) 1,023,668

8 The charity did not collect any new Qarz Hasana (loan) and refundsed £57,000 to six individuals during the financial year. The outstanding balance of loan as at 31.12.2023 was £40,500

13