Charity registration number 1118585
Company registration number 04645785 (England and Wales)
BOSNIAN CULTURAL CENTRE - MIDLANDS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
BOSNIAN CULTURAL CENTRE - MIDLANDS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Z Viteskic Mr S Halilovic Mr A Kahriman Mr A Dedic Mr D Imamovic Mr M Gazibegovic Charity number 1118585 Company number 04645785 Principal address 68 Stanhope Street Highgate Birmingham B12 0XB Registered office 68 Stanhope Street Highgate Birmingham B12 0XB Independent examiner M T Manley & Co Limited 696 Yardley Wood Road Billesley Birmingham B13 0HY
BOSNIAN CULTURAL CENTRE - MIDLANDS
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
BOSNIAN CULTURAL CENTRE - MIDLANDS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2022
The trustees present their annual report and financial statements for the year ended 31 January 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 Memorandum and Articles of Association , the Companies Act 2006 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 charity is seeking to provide support for the disadvantaged Bosnian community by promoting education and training, advocacy and research, so as to further health and poverty relief, and to alleviate social exclusion, distress and sickness.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr Z Viteskic Mr S Halilovic Mr A Kahriman Mr A Dedic (Resigned 31 January 2022) Mr A Dedic Mr A Gazibegovic (Resigned 31 January 2022) Mr D Imamovic Mr M Gazibegovic
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.
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BOSNIAN CULTURAL CENTRE - MIDLANDS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.
The trustees' r eport was approved by the Board of Trustees.
Mr Z Viteskic
Trustee
27 May 2022
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BOSNIAN CULTURAL CENTRE - MIDLANDS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BOSNIAN CULTURAL CENTRE - MIDLANDS
I report to the trustees on my examination of the financial statements of Bosnian Cultural Centre - Midlands (the charity) for the year ended 31 January 2022.
Responsibilities and basis of report
As the trustees of the charity (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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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).
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.
M T Manley & Co Limited
696 Yardley Wood Road Billesley Birmingham B13 0HY
Dated: 27 May 2022
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BOSNIAN CULTURAL CENTRE - MIDLANDS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2022 | 2021 |
||
| Notes | £ |
£ |
|
| Income and endowments from: | |||
| Donations and legacies | 3 | 53,115 | 50,327 |
| Other income | 4 | - | 10 |
| Total income | 53,115 | 50,337 |
|
| Expenditure on: | |||
| Charitable activities | 5 | 21,176 | 31,115 |
| Net income for the year/ | |||
| Net movement in funds | 31,939 | 19,222 |
|
| Fund balances at 1 February 2021 | 309,545 | 290,323 |
|
| Fund balances at 31 January 2022 | 341,484 | 309,545 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BOSNIAN CULTURAL CENTRE - MIDLANDS
BALANCE SHEET
AS AT 31 JANUARY 2022
| Notes Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 106,287 (1,080) |
£ 236,277 105,207 341,484 341,484 341,484 |
2021 £ 73,482 (1,020) |
£ 237,083 72,462 309,545 309,545 309,545 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 27 May 2022
Mr Z Viteskic Trustee
Company registration number 04645785
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
Charity information
Bosnian Cultural Centre - Midlands is a charitable company limited by guarantee.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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) (effective 1 January 2019)". 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 are prepared in sterling , which is the functional currency of the charity . Monetary a mounts 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 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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.
1.4 Income
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.
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Fixtures and fittings 15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 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.
Basic financial assets
Basic financial assets, which include debtors 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.
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors 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 p aymen ts 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 creditors 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 creditors 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.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 53,115 | 40,327 |
| Covid grant | - | 10,000 |
| 53,115 | 50,327 |
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
4 Other income
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| 2022 | 2021 |
|
| £ | £ |
|
| Other income | - | 10 |
| Charitable activities | ||
| Charitable | Charitable |
|
| Expenditure | Expenditure |
|
| Heading 1 | Heading 1 |
|
| 2022 | 2021 |
|
| £ | £ |
|
| Depreciation and impairment | 806 | 1,291 |
| Share of support costs (see note 6) | 19,290 | 28,804 |
| Share of governance costs (see note 6) | 1,080 | 1,020 |
| 21,176 | 31,115 |
5 Charitable activities
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
6 Support costs
| Support costs Governance costs £ £ Power, light and heat 1,633 - Property repairs and maintenance 829 - Travelling expenses 8,251 - Volunteer subsistence 726 - Insurances 1,104 - Telephone and stationery 407 - Sundry expenses - - Donations 6,126 - Bank charges 214 - Accountancy - 1,080 19,290 1,080 Analysed between Charitable activities 19,290 1,080 |
2022 Support costs Governance costs £ £ £ 1,633 1,983 - 829 1,583 - 8,251 5,736 - 726 618 - 1,104 1,076 - 407 572 - - 204 - 6,126 16,867 - 214 165 - 1,080 - 1,020 20,370 28,804 1,020 20,370 28,804 1,020 |
2021 £ 1,983 1,583 5,736 618 1,076 572 204 16,867 165 1,020 29,824 29,824 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 1,080 (2021- £ 1,020 ) for independent examination fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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BOSNIAN CULTURAL CENTRE - MIDLANDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
9 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 February 2021 231,712 23,897 At 31 January 2022 231,712 23,897 Depreciation and impairment At 1 February 2021 - 18,526 Depreciation charged in the year - 806 At 31 January 2022 - 19,332 Carrying amount At 31 January 2022 231,712 4,565 At 31 January 2021 231,712 5,371 10 Creditors: amounts falling due within one year 2022 £ Accruals and deferred income 1,080 |
Total £ 255,609 255,609 18,526 806 19,332 236,277 237,083 2021 £ 1,020 |
|---|---|
11 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
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