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2023-03-31-accounts

CWA

Excellence in Accounting

Dear Client,

Accounts for Year End

If you are satisfied to the best of your knowledge that the Annual Accounts is complete and correct, please approve the Annual Accounts as soon as possible.

Please sign the following documents and return them to us for submission.

Could you please sign the attached Annual Accounts (full), Director's Report and Balance Sheet where your name appears.

Kindly also sign the attached Filleted Accounts on pages where your name appears.

Lastly your signature is required on the space next to your name on the attached Corporation tax return (CT600).

Kind Regards

Ali Arif

Principal Accountant

Tel: 020 7998 7242 City Office: 271 Upper Street, London, N1 2UQ North London Office: 403 Hornsey Road, Islington, London, N19 4DX

Hornsey Rise Ltd

Charity No. 1117819

Company No. 05484099

Trustees' Report and Unaudited Accounts

31 March 2023

Hornsey Rise Ltd Contents

Pages
Trustees' Annual Report 2 to 3
Independent Examiner's Report 4 to 4
Statement of Financial Activities 5 to 5
Summary Income and Expenditure Account 6 to 6
Balance Sheet 7 to 7
Statement of Cash flows 8 to 8
Notes to the Accounts 9 to 14
Detailed Statement of Financial Activities 15 to 16

Page 1

Hornsey Rise Ltd Trustees Annual Report

Hornsey Rise Ltd

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05484099

Charity No. 1117819

Principal Office

440 Hornsey Road Islington London N19 4EB

Registered Office

C/O CWA Unit 4, 3rd Floor Pride Court, 80-82 White Lion Street N1 9PF

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

M.H. Bhuiyan M.A. Karim M.A. Rahman

Key Management Personnel

Mohammed A Rahman Mohammed A Karim

Accountants

CWA Certified Accountants Unit 4, 3rd Floor 80-82 White Lion Street London N1 9PF

Bankers

Barclays Bank Plc 1 Churchill Place London E14 5HP

OBJECTIVES AND ACTIVITIES

Page 2

Hornsey Rise Ltd Trustees Annual Report

The charity's objects are:

To further, or benefit, the Islamic community of Islington and the surrounding boroughs, without distinction otherwise sex, sexual orientation, race or of political, religious or other opinions by associating together the said community and the local authorities, voluntary and other organisations in a common effort to advance education, the Islamic religion and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the community.

In furtherance of these objects but not otherwise, the trustees shall have the power:

To establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects.

Directors and Trustees

The Directors of the charitable company are its Trustees for the purpose of charity law. The Directors who served during the year are as above.

Governing document

HRL is a registered charity with the Charity Commission under charity number 1117819. The company registration number is 05484099 at Companies House. The Company and charity are governed by its memorandum and articles of association incorporated 17 June 2005 as amended by special resolution dated 16 December 2006.

ACHIEVEMENTS AND PERFORMANCE

We continue to lease 440 Hornsey Road, N19 4EB, to Holloway Educational and Cultural Centre (HECC). The lease was renewed in March 2023. HECC continues to provide activities from the centre to the community in the interest of public benefit. Activities taking place at the centre include:

*Children’s Education through the Academy

*Daily prayers and circles

*Adult classes for Men and Women

*Community welfare visits

*Seasonal activities during Ramadan and Eid festivals

HRL continued to work with partner charities and to support with administering finance management, such as utility bill payments and holding income on their behalf. HRL supported HECC in particular after NatWest Bank closed HECC’s business account without notice. This caused significant disruption to their operation and risked its future. We were pleased to offer our support until HECC were able to open a new business account. HECC has successfully opened an account with CAF Bank and is working hard to transfer all liabilities such as utility contracts to be paid from HECC bank account.

Community Outreach Visits

The trustees and charity volunteers regularly visit homes to engage with youth and adults to provide support and advice to those in need. Our youth volunteers walk the streets engaging with the youth and give advice to attend our centre and participate in the activities at the centre.

FINANCIAL REVIEW

Page 3

Hornsey Rise Ltd Trustees Annual Report

A review of the charity's financial position at the year ended 31 March 2023 During the financial year 2023, the charity recorded income amounting to £54,333 mainly from unrestricted donations and rental income from Investment property. The charity remains satisfactory to support its level of expenditure on the charitable objectives. There are no uncertainties about the charity's ability to continue as a going concern.

PLANS FOR FUTURE PERIODS

We are looking into the following as future activities:

*Better use of the property space, possibly allowing other charities to operate from the premises.

*Improve the space to make it more welcoming to children, women and older people.

*Secure two community groups or charities to have regular slots to provide activities and service to support the local community.

*Look to open a food bank as the need and request for it is increasing.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Page 4

Hornsey Rise Ltd Trustees Annual Report

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public Benefit

We confirm that in providing the above services and in writing this report, we have had regard to the guidance issued by the Charity Commission on public benefit. Reserve Policy

HRL provides space for other charities to carry out activities in line with our objectives. There are no employees or regular activities needing funding. The trustees recognise the requirement to look into keeping reserves in the future for possible future activities that HRL may run. The reserves would ensure as far as possible the sustainability of the charity’s future activities.

Risk Management

The trustees believe that sound risk management is integral to both good management and good governance practice. Risk management forms an important part of the charity’s decision–making and is incorporated within planning.

Risk assessment are to be conducted on all new activities and projects to ensure they are in line with the charity’s objectives and mission. A risk register covering key strategic risks will be maintained and updated. A detailed risk register is to be drafted and will be maintained and will regularly review and monitor the effectiveness of its risk management framework and update it as necessary.

Volunteers

HRL recognises the contributions of its volunteers who work tirelessly to serve the local community. Volunteers are requested and recruited as and when necessary, using our Volunteer Management policy as the guide.

Statement of Trustees Responsibilities

The Trustees are aware that Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure for that period. In preparing those financial statements, the directors are required to:-

*select suitable accounting policies and then apply them consistently;

*observe the methods and principles of the charities SORP;

*make judgments and estimates that are reasonable and prudent;

*state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

*prepare the financial statements on a going-concern basis unless it is inappropriate to presume that the company will continue in business.

Page 5

Hornsey Rise Ltd Trustees Annual Report

The Trustees are responsible for keeping proper accounting records which 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 Companies Act 2006. 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.

Statement as to Disclosure of Information to Independent Examiner

So far as the Trustees are aware, there is no relevant information of which the charitable company’s independent examiners are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity’s auditors are of that information.

Method of preparation of accounts

The accounts have been prepared in accordance with the charity’s Memorandum and Articles of Association and comply with the Companies Act 2006 and the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities Act 2011.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the Board of Trustees on 24 July 2024 and signed on its behalf by:

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 Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

M.A. Karim Trustee 24 July 2024

Page 6

Hornsey Rise Ltd Independent Examiners Report

Independent Examiner's Report to the trustees of Hornsey Rise Ltd

I report to the charity trustees on my examination of the financial statements of Hornsey Rise Ltd for the year ended 31 March 2023.

Responsibilities and basis of report

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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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

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 financial statements to be reached.

Mr Ali Arif BS'c Hons, FCPA, AFA Certified Accountants CWA Certified Accountants Unit 4, 3rd Floor 80-82 White Lion Street London

N1 9PF 24 July 2024

Page 7

Hornsey Rise Ltd Statement of Financial Activities

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
4
Other
5
Total
Expenditure on:
Other
6
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
47,730
6,603		 Restricted
funds
2023
£
-
-		 Total funds
2023
£
47,730
6,603		 Total funds
2022
£
24,825
-
54,333
43,335		 -
-		 54,333
43,335		 24,825
24,026
43,335
-		 -
-		 43,335
-		 24,026
-
10,998
-		 -
-		 10,998
-		 799
-
10,998 - 10,998 799
10,998
-		 -
1,538,059		 10,998
1,538,059		 799
1,537,261
10,998 1,538,059 1,549,057 1,538,060

Page 8

Hornsey Rise Ltd Summary Income and Expenditure Account

for the year ended 31 March 2023

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2023
£
54,333
54,333
43,335
43,335
10,998
10,998		 2022
£
24,825
24,825
24,026
24,026
799
799

Page 9

Hornsey Rise Ltd Balance Sheet

at 31 March 2023

Company No.
05484099
Notes
2023
£
Fixed assets
Investments
8
1,582,666
1,582,666
Current assets
Debtors
9
50,599
Cash at bank and in hand
32,360
82,959
Creditors:Amount falling due within one year
10
(116,568)
Net current liabilities
(33,609)
Total assets less current liabilities
1,549,057
Net assets excluding pension asset or liability
1,549,057
Total net assets
1,549,057
The funds of the charity
Restricted funds
11
Restricted income funds
988,059
988,059
Unrestricted funds
11
General funds
10,998
10,998
Reserves
11
Revaluation reserve
550,000
550,000
Total funds
1,549,057		 2022
£
1,544,473
1,544,473
13,000
58,227
71,227
(77,640)
(6,413)
1,538,059
1,538,059
1,538,059
988,059
988,059
-
-
550,000
550,000
1,538,059

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 24 July 2024

And signed on its behalf by:

M.A. Rahman Trustee

Page 10

Hornsey Rise Ltd Balance Sheet 24 July 2024 Page11

Hornsey Rise Ltd Statement of Cash flows for the year ended 31 March 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Dividends, interest and rents from investments
(Increase)/Decrease in trade and other receivables
Decrease in trade and other payables
Net cash used in operating activities
Cash flows from investing activities
Payments for investments
Interest and rents from investments
Net cash used in investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2023
£
10,998
(6,603)
(37,599)
-
(33,204)
(38,193)
6,603
(31,590)
38,927
38,927
(25,867)
58,227
32,360
32,360
32,360		 2022
£
799
-
12,000
(21,425)
(8,626)
-
-
-
16,982
16,982
8,356
49,694
58,050
58,227
58,227

Page 12

Hornsey Rise Ltd Notes to the Accounts

for the year ended 31 March 2023

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 13

Hornsey Rise Ltd Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 14

Hornsey Rise Ltd Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 15

Hornsey Rise Ltd Notes to the Accounts

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Total
Expenditure on:
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Friday collections
Online donations
Standing orders		 Unrestricted
£
4,485
41,829
1,416
47,730		 Unrestricted
funds
2022
£
7,120
15,798
1,906
24,825
24,026
24,026
799
799
799
1,537,083
1,537,882
Total
2023
£
4,485
41,829
1,416
47,730		 Total funds
2022
£
7,120
15,798
1,906
24,825
24,026
24,026
799
799
799
1,537,083
1,537,882
Total
2022
£
7,121
15,798
1,906
24,825
Rental income
5
Other income
Interest receivable
Rental income		 Unrestricted
£
3
6,600
6,603		 Total
2023
£
3
6,600
6,603		 Total
2022
£
-
-
-

Page 16

Hornsey Rise Ltd Notes to the Accounts

6 Other expenditure

Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs		 Unrestricted
£
120
13,191
701
29,323
43,335		 Total
2023
£
120
13,191
701
29,323
43,335		 Total
2022
£
1,440
19,249
673
2,664
24,026

7 Staff costs

No employee received emoluments in excess of £60,000.

Neither the trustees nor any person connected with them have received any

remuneration, either in the current year or the prior year. No expenses were paid to trustees or persons connected with them.

8 Investments

Cost or revaluation
At 1 April 2022
Additions
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Freehold
Investment
Property
£
1,544,473
38,193
1,582,666
1,582,666
1,544,473		 Total
£
1,544,473
38,193
1,582,666
1,582,666
1,544,473

Freehold Investment Property

The freehold investment property was acquired on 2005. The property was revalued on 2019 by Local Estate Agent .

9 Debtors

Other debtors (connected charity)
10 Creditors:
amounts falling due within one year
Other loans
Accruals		 2023
£
50,599
50,599
2023
£
116,567
1
116,568		 2022
£
13,000
13,000
2022
£
77,640
-
77,640

Page 17

Hornsey Rise Ltd Notes to the Accounts

11 Movement in funds

Restricted funds:
Restricted income funds:
Donation by public
Total
Unrestricted funds:
General funds
Revaluation Reserves:
Restricted funds:
Donation by public
Total
Total revaluation reserves
Total funds		 At 1 April
2022
988,059
988,059
-
550,000
550,000
550,000
1,538,059		 Incoming
resources
(including
other
gains/losses
)
£
-
-
54,333
-
-
-
54,333		 Resources
expended
£
-
-
(43,335)
(43,335)		 At 31
March
2023
£
988,059
988,059
10,998
550,000
550,000
550,000
1,549,057

Purposes and restrictions in relation to the funds:

Revaluation reserves Represent the amount by which investments exceed their historical cost.

Restricted funds: Donation by public To Support Charity's day to day activity

Investments
Net current assets		 Unrestricted
funds
£
-
82,958
82,958		 Restricted
funds
£
1,582,666
(116,567)
1,466,099		 Total
£
1,582,666
(33,609)
1,549,057

Page 18

Hornsey Rise Ltd Notes to the Accounts

13 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Borrowings
Net debt		 At 1 April
2022
£		 Cash flows
£		 At 31
March
2023
£
58,227 (25,867) 32,360
58,227
(77,640)
(77,640)
(19,413)		 (25,867)
(38,927)
(38,927)
(64,794)		 32,360
(116,567)
(116,567)
(84,207)

14 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 19

Hornsey Rise Ltd Detailed Statement of Financial Activities

for the year ended 31 March 2023

Income and endowments from:
Donations and legacies
Friday collections
Online donations
Standing orders
Other
Interest receivable
Rental income
Total income and endowments
Expenditure on:
Motor and travel costs
Travel and subsistence
Premises costs
Rates
Light, heat and power
Premises insurances
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Bank charges
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Management charges
Solicitor's fees
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income		 Unrestricte
d funds
2023
£
4,485
41,829
1,416
47,730
3
6,600
6,603
54,333
120
120
445
11,347
1,399
-
-
13,191
216
-
485
701
350
28,973
29,323
43,335
43,335
-
10,998		 2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2023
£
4,485
41,829
1,416
47,730
3
6,600
6,603
54,333
120
120
445
11,347
1,399
-
-
13,191
216
-
485
701
350
28,973
29,323
43,335
43,335
-
10,998		 Total funds
2022
£
7,121
15,798
1,906
24,825
-
-
-
24,825
1,440
1,440
775
8,441
1,750
8,255
28
19,249
-
462
211
673
-
2,664
2,664
24,026
24,026
-
799

Page 20

Hornsey Rise Ltd Detailed Statement of Financial Activities

Hornsey Rise Ltd
Detailed Statement of Financial Activities
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 10,998
-
10,998
-
10,998		 -
-
-
1,538,059
1,538,059		 10,998
-
10,998
1,538,059
1,549,057		 799
-
799
1,537,261
1,538,060

Page 21