Charity Registration No: 1111703 Company Registration No: 05460115
THE BRITISH MOROCCAN SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
TaxAssist Accountants Victoria
The British Moroccan Society Annual Report and Financial Statements For The Year Ended 30 September 2022
Contents
| Contents | |
|---|---|
| Page | |
| Legal and administrative Information | 1 |
| Trustees’ Report | 2 |
| Independent Examiner’s Report | 3 |
| Statement Of Financial Activities | 4 |
| Statement Of Financial Position | 5 |
| Notes To The Accounts | 6—9 |
The British Moroccan Society Legal and Administrative Information For The Year Ended 30 September 2022
Trustees
Dr A Bahaijoub Benedicte Clarkson Ali Kasmi Anthony Layden Lord Francis Newall Dr Hansdev Patel Graham McCulloch
Charity Number
Principal Address
1111703 205 Lavender Hill London SW11 5TB
Accountants TaxAssist Accountants Victoria 83 Victoria Street London SW1H 0HW
Page 1
The British Moroccan Society Trustees’ Report For The Year Ended 30 September 2022
The Trustees present their report and the financial statements for the year ended 30 September 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The purpose of the British Moroccan Society (BMS) is to create opportunities for social, cultural, educational, business and charitable activities, continuing to contribute to the strong relations started 800 years ago between the UK and Morocco.
Aims
The BMS aims to foster:
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Knowledge of Morocco in the UK and vice-versa
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Interest in Moroccan and British culture and art and the development of cultural exchange between the two countries
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Social contacts between those interested in the two kingdoms
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Commercial, economic and touristic links and exchanges
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Educational collaborations and connections
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Events to raise money for charitable causes in Morocco
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
Objectives of the BMS achieved through events, activities, and fund-raising were:
Number of members increased especially among young professionals and university students. Growing number of cultural organisations and festivals in UK and Morocco collaborating or partnering with the BMS Regular, well organised, enjoyable, interesting events; good socialising and networking opportunities Commitment and small donations to worthy charitable causes in Morocco.
TaxAssist Accountants (London SW1) managed the Society’s book-keeping; accounts effectively and efficiently managed.
Financial review
A contingency fund of £10,000 is retained in a NatWest Business Reserve Account. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Charity is a company limited by guarantee and has no share capital. The Directors have no interest in the members’ funds.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
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Dr Ali Bahaijoub
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Benedicte Clarkson
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▪ Ali Kasmi
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Anthony Layden
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Lord Francis Newall
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Dr Hansdev Patel
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Graham McCulloch
-
Mike Wood
-
John Wolfe
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees' report was approved by the Board of Trustees.
On behalf of the board
A.Bahaijoub
Dr A Bahaijoub 27/06/2023
Page 2
The British Moroccan Society Independent Examiner’s Report To The Trustees Of The British Moroccan Society
I report on the accounts of the Charity for the year ended 30 September 2022, which are set out on pages 4 to 9.
Respective responsibilities of Trustees and examiner
The Trustees, who are also the directors of The British Moroccan Society for the purposes of company law, are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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(i) examine the accounts under section 145 of the 2011 Act;
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(ii) 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
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the 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.
Independent examiner's statement
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements of 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Martin Thomas FCA
TaxAssist Accountants Victoria 83 Victoria Street London SW1H 0HW
27/06/2023
Page 3
The British Moroccan Society Statement of Financial Activities For The Year Ended 30 September 2022
| Notes Income from Donations and legacies 2 Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities 5 Net income/(expenditure) for the year/ Net incoming/(outgoing) resources Other recognised gains and losses Other interest receivable and similar income 9 Net movement in funds Fund balances at 1 October 2021 Fund balances at 30 September 2022 |
2022 £ 1,326 56,177 - 57,503 (62,663) (5,160) (576) (5,736) 126,247 120,511 |
2021 £ - 6,989 35 7,024 |
|---|---|---|
| (21,002) (13,978) - 13,978 140,225 |
||
| 126,247 |
The notes on pages 6 to 9 form part of these financial position.
Page 4
The British Moroccan Society Statement of Financial Position As at 30 September 2022
| Notes Current assets 10 Cash at bank and in hand Current Liabilities 11 NET CURRENT ASSETS INCOME FUNDS Unrestricted funds |
2022 £ £ 27,285 110,347 137,632 (17,121) 120,511 120,511 120,511 |
2022 £ £ 27,285 110,347 137,632 (17,121) 120,511 120,511 120,511 |
2021 £ £ 127,687 127,687 (1,440) 126,247 126,247 126,247 |
2021 £ £ 127,687 127,687 (1,440) 126,247 126,247 126,247 |
|
|---|---|---|---|---|---|
| 137,632 (17,121) |
127,687 (1,440) |
||||
| 120,511 | |||||
| 120,511 | 126,247 |
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records for the preparation of accounts.
The financial statements were approved by the Trustees on 01[st] April 2022.
On behalf of the board
A.Bahaijoub
Dr A Bahaijoub 27/06/2023
Page 5
The British Moroccan Society Notes to the Financial Position For The Year Ended 30 September 2022
1. Accounting Policies
Charity information
The British Moroccan Society is a registered charity at the charities commission.
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2. Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.3. Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
1.4 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Page 6
The British Moroccan Society Notes to the Financial Position (continued) For The Year Ended 30 September 2022
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2. Donations and legacies
| . Donations and legacies | |
|---|---|
| Donations and gifts | 2022 2021 £ £ 1,326 - |
| 1,326 - |
3. Charitable activities
| . Charitable activities | |
|---|---|
| Memberships and Subscriptions Events Auctions and Raffles . Investments Interest receivable |
2022 2021 £ £ 4,627 6,989 47,907 - 3,643 |
| 56,177 6,989 |
|
| 2022 2021 £ £ - 35 |
4. Investments
Page 7
The British Moroccan Society Notes to the Financial Position (continued) For The Year Ended 30 September 2022
5. Charitable activities on expenditure
| . Charitable activities on expenditure | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Freelancer fees | 3,020 | 1,200 | |
| Printing, postage and stationery | - | 88 | |
| Bank Charges | 156 | 130 | |
| Charitable Causes | 23,981 | 18,138 | |
| Events | 33,761 | - | |
| IT Expenses | 546 | 246 | |
| 61,463 | 19,802 | ||
| Share of governance costs (see note 6) | 1,200 | 1,200 | |
| 62,663 |
21,002 | ||
| . Support costs | |||
| Basis of | |||
| 2022 | 2021 | allocation | |
| £ | £ | ||
| Governance | |||
| Accountancy | 1,200 | 1,200 |
6. Support costs
7. Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year.
8. Employees
There were no employees during the year.
9. Other gains or losses
| . Other gains or losses | ||
|---|---|---|
| Foreign exchange (gains) and losses 10. Current assets Accrued income Prepayments |
2022 £ 576 2022 £ 23,997 3,288 27,285 |
2021 £ - |
| 2021 £ - - |
||
| - |
Page 8
The British Moroccan Society Notes to the Financial Position (continued) For The Year Ended 30 September 2022
11. Current liabilities
| 11. Current liabilities | ||
|---|---|---|
| Advance received Accruals and deferred income |
2022 £ 4,500 12,621 17,121 |
2021 £ 1,200 |
| 1200 |
Page 9
Issuer
Issuer TaxAssist Accountants Document generated Wed, 28th Jun 2023 9:23:22 BST Document fingerprint c17c5e58943ae5d59f27e39c8de5a0e6
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Wed, 28th Jun 2023 17:00:31 BST Mr Ali Bahaijoub - Signer (458791466b7a609f2800d9a7fbf9a737) Wed, 28th Jun 2023 17:00:31 BST Hub Administrator - Copied In (8a7af54de280b3d11167718011fa577a) Audit history log Date Action Wed, 28th Jun 2023 17:02:00 BST Mr Ali Bahaijoub viewed the envelope. (82.21.163.13) Wed, 28th Jun 2023 17:00:35 BST Document emailed to party email (18.169.134.70) Wed, 28th Jun 2023 17:00:34 BST Mr Ali Bahaijoub viewed the envelope. (82.21.163.13) Wed, 28th Jun 2023 17:00:31 BST The envelope has been signed by all parties. (82.21.163.13) Wed, 28th Jun 2023 17:00:31 BST Sent a copy of the envelope to Hub Administrator (accountsteamwestminster@taxassist.co.uk). (82.21.163.13) Wed, 28th Jun 2023 17:00:31 BST Mr Ali Bahaijoub signed the envelope. (82.21.163.13) Wed, 28th Jun 2023 16:57:44 BST Mr Ali Bahaijoub viewed the envelope. (82.21.163.13) Wed, 28th Jun 2023 16:57:43 BST Mr Ali Bahaijoub viewed the envelope. (82.21.163.13) Wed, 28th Jun 2023 16:53:04 BST Mr Ali Bahaijoub viewed the envelope. (82.21.163.13) Wed, 28th Jun 2023 9:23:32 BST Document emailed to party email (13.40.104.68) Wed, 28th Jun 2023 9:23:24 BST Sent the envelope to Mr Ali Bahaijoub for signing. (18.132.198.183) Wed, 28th Jun 2023 9:23:24 BST Hub Administrator has been assigned to this envelope. (18.132.198.183) Wed, 28th Jun 2023 9:23:24 BST Mr Ali Bahaijoub has been assigned to this envelope. (18.132.198.183) Wed, 28th Jun 2023 9:23:24 BST Envelope generated. (18.132.198.183) Wed, 28th Jun 2023 9:23:24 BST Document generated with fingerprint c17c5e58943ae5d59f27e39c8de5a0e6. (18.132.198.183) Wed, 28th Jun 2023 9:23:22 BST Envelope generated with fingerprint 87745756e7ac29b9155354c13efea3b8 (35.176.231.177)