## 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.
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are
- reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- select suitable accounting policies and then apply them consistently;
## **Risk Management**
The Board of Trustees has a risk management strategy which comprises:
- A quarterly review of the risks the charity may face.
- The establishment of systems and procedures to mitigate those risks identified.
- The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
The main risks identified by the Board of Trustees this year include:
3
- The reputational risk of working with other organisations or individuals which may affect our credibility amongst our diverse range of stakeholders.
- Changes to the law on charities and campaigning. The Board is staying up to date with developments and ensuring that BWSB remains compliant with requirements.
## **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.
**----- Start of picture text -----**
Income
11%
89%
Donation Rent
**----- End of picture text -----**
## **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)**
**----- Start of picture text -----**
20 21 20 22 20 23
328.60
179.50
177.90
**----- End of picture text -----**
**----- Start of picture text -----**
How our money spent
5%
95%
Fundraising Charitable activities
**----- End of picture text -----**
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 w01n9 ¢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:**
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
## **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 acknOedge Ih&ir iosponslblillgs lor cOmplng 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 Sl•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