Registered Charity Number: 1121179 EIC AL-MAlD TRUST TRUSTEES REPORT A]¥D FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
EIC AL-MASJID TRUST CONTENTS Page General and administrative information Trusiees, report Independent auditors, report Statement of financial activitics 8- 11 12 Balance sheet 13 Cash flow statement 14 Notes to the financial statcmcnts 15-23
EIC AL-MASJID TRUST GENERAL AND ADMINISTRATIVE INFORMATION Reference and Administrative Details Trustees Rizwan Sanvar Butt {ChaiTman) Abdallah Ramankhan {Vice Chaim]an) Nazrul Islam (Secretary) Mohammcd Azizul Hoquc (Assistant Sccrctaryl MohamTnad Shahidul Hoque (Tieasurei} Khalid Mahmood (Assistant Treasurer) Mohammad Mushfique Uddin Abdul Azizul Haque Sulaiman Sulaiman Mohammed Abdul Kadir Zaigirdar Nizamul Islam Abid Mahmood A e5 OTllaf AhTned Zeeshan Rana Mohamed Imran Umar Mohammed Ilyas Secretary Nazrul Islam Registered Office 20-34 RaynhaTn Road Angel Edmonton London N182SJ Charity Registration Number.. 121179 Auditors UHY Hackcr Young Quadrant House 4 Thomas More Square London Elw IYW Bankers Natwest Bank plc Al Rayan Bank plc Barclays Bank plc
EIC AL-MASJID TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21123 The Tnjstees present their annual report and accounts for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's trust deed. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with thc Financial Reporting Standard applicable in the UK and Rcpublic of Ireland IFRS 102}. The EIC AL-MASJID Trust was constituted undet a Tt Deed dated 6 July 2003 and amended on 25 July 2007. The trust evolved from an incorporated a$SlatIOn, namely Edmonton Islami¢ Centre AL-MASJID (Charity no.1048604). which was registered on I l July 1995 and removed from the register on 25, October 2010 with all the funds being iransferred to EIC AL-MASJID Trust. The principal activities of the charity are the operation of an Islamic Centre for religious prySeS and the provision of scrvices to the Muslim community. STRUCTURE, GOVEELYANCE AND MANAGEMENT The charity is governed by its In1 deed. Legal responsibility for the management and stewardship of the charity is vested in the Board of Trustees. Trustees have set up a management group to oversee the day to day management of the charity. The management group consists of Trusiees wilh one of the Trustees being on a full-timc role. Thc Trustees who served during the year were as follows: Sulaitnan Sulaiman Abdallah Ramankhan (Vice Chainnan) Nazrul Islam (Secretary) Mohammad Mushfique Uddin Mohammad Shahidul Hoquc (Trcasurcr) Azizul Haquc Jahan¥ir Ahmad Kashmiri {Deceased on 14 June 2024) Rizwan Sarwai Butt (Chaittnanl Mohammed A£iLul Hoque {Assistsnt Secretary) Khalid Mahmood (Assistant Treasurer) Mohammed Abdul Kadir Zaigirdar Nizamul Islam Abid Mahmood Awcs Omar Ahmed Zeeshan Rana Mohammed Imran Umar Mohammed Ilyas Board meetings are held on a monthly basis with additional meetings as required. The Board decides matters of strategy and overall policy and sets budgets. Appointment and training of Trustees The Trustees are appointed at a special board meeting by way of voting.
EIC AL-MASJID TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21123 Upon appointment as Trustees, it is the policy and procedures of the EIC AL-MASJJD Trust for all Trustees to read and review ihe remit of the charity- They meei wilh the oiher Trustees and staff to undergo training in the issues that the charity deals with and io familiarise themselN'es with the charity. They are kept up to date on key governance directives, trdining and publications. Trustees are in contact with the secretary and staff on a regular basis and sorne of the Trustees help with individual cases. No new Trustees have been appointed during the year ended 31 December 2023. Arrangements for setting pay for Trustees The Trnstees are considered to be key management personnel of the charity in charge of directing and controlling, njnning and operating of the Trnst on a daily basis. No Trustees are being remunerated by the charity. Organi5ation The Board of Trustees consists of otTice karers & ordinary Trustees. The otTice bearers include the Chairnian, Vi¢e Chaiman, Secretary, Assistant Secretary. Treasurer and Assistant Treasurer who carry out their roles as per the trust deed. Ordinary Trustees also forni part of sub committees that meet regularly to fulfill tasks given by the Board of Trustees. The following sub committees regularly met and carried out tssks given by the Board of Trustccs.. Building and tenant sub committee Fundraising sub commiitee Ramadhan sub committee Dawah & youth sub committcc Ladies sub committee Risk management The Trustees review the risks that the charity faces annually and ¢onsider that adequate safeguards are in place to minimize the exposure. The main risks identified are as follows.. a) Succession planning b) Continuity of voluntary income resources c) Reputation of thc trust d) Application of all legrislative requirements
EIC AL-MASJID TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21123 The Trustees have a risk management strategy which comprises." Th¢ cstablishmcnt of proccdurc5 to idcntify staffing rcquircmcnts based on thc nccds of the charity Detailed vctting proccdurcs for new applications Ensuring good goN'ernance is maintained throughout Continue to make appeals io donors and organise special events through the year Where significant financial risk still remains, they have ensured they have adequate insurance cover and an cftcctivc system of intcrnal control. OBJECTIVES AND ACTIVITIES The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the trust should undertake. The main objectives of the trust are as follows.. The advancement of religion in accordance with the tenets and d(Ktrines of Islam. b. The advancement of education. The relief of poverty. sickness and distress amongst elderly members of the community, counselling and in such other ways as the Trustees may decide. d. Thc provision of facililics for rccrcation and the Icisurc-time occupalion with the objective of improi'ing the conditions of life of those metnbers of the community which use them. To promote such othcr charitablc pUTSe5 a5 may from time to timc bc determined. Public Benefit The Tnjstees have complied with the duty in section 17(5} of the Charities Act 2011 to have due regard to guidance published by the Charity Commission with regard to public benefit. ACHIEVEMENTS AND PERFORMANCE EIC AL-MASJID Trust is one of the laigest mosquesllslamic centres in North London, and is attended by over 10,000 people per week. There are regular cOng£2(lon$ as well as other vital functions to cater for the local Muslim population and beyond. The Trust has seen a significanl rise in worshippers from different ethnic backgrounds, making it one of the very few mosques in the area that have such multi-cultural communities coming together. The Trust provides a complete funeral seTr'ice in line with the teachings of Islam. The reputation of EIC AL-MASJID Trust cndcavours to providc the IKst servicc for its users to ensure that the number of users is always on the increase.
EIC AL-MASJID TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21123 Financial Review The incoming resources for the year amounted to £847,122 (2022= £695,257)- This is an increase following gradual recovery from the COVID-19 pandernic since 2020. EIC AL-MASJID Trust is still extremely gratefi]I to all the supporters and expects the same support in the future. Within incoming resources is £134.340 (2022= £134.340) ielating to rent received from the letting out of the Charity's investtnent pioperty. The Charity held the following events in the year- Funeral scTr'ices Daily and ivcckly praycr5 E-consultation counselling services on marital, familial, religious and other personal 15SUCS. Ramadhan additional prdyers Monthly food bank service Op¢n 'lftsar' cvent Adhoc leCturSeminar addressing contetnporary subjects Weekly youth activities School visits EngagcTnenl with Safcr Neighbouiho(bd ieam Family Fun day event Youth Conference Saturday and Sunday Youth ¢lub Various Lectures and SeminaTS Eid dinner The Centre provided private counselling sessions wilh the imams including marriage counselling, and advice on different aspects of Islam. The Cenire also organised visits by the imams and oiher worshipers to patients in local hospitals at ihe request of the hospitals, Ihe paiients and family members. The Charity also played an active role in the North London Muslim council. Adult Arabic and Quran classes wcre also providcd on a regular basis throughout the year. EApendilure on charitable activities in the year aTnouni 10 £490,933 (2022= £289.692) whilst total govemance cosis incurred in ihe year came io £12,889 (2022= £19,657). Lasi year, the properties of the Chariiy had been revalued which resulted in a revaluaiion gain of£i,87221 l. The Trust held fund balances as at 31 December 2023 of £8,296,933 {2022.. £7,953,633), comprising of a fixed asset fund of £1,463,656 {2022.. £1,463,656), an unrestricted fund of £6,809,055 (2022= £6,465,755) and a restricted fimd of £24,222 {2022.. £24,222). These funds include cash reserves of £1.406,974 (2022.. £1.232,375) at the year-end.
EIC AL-MASJID TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 21123 Outlook for 2024 In the coming year, the Trust is expected to continue with its fimdraising activities to improve facilities for its users especially for the ladies and the youth. The wudhu and toilet facilities in the back part of the mosque have been refurbished in the year. The refurbishment plan will carry on in 2024 with the Midhu and toilct facilitics in thc front part of thc mosquc. Roof for all buildings require extensiN'e repair. A part of the mosque building has been attended to and the rest of the investment property still requires repair. The [nte¢S are getting several quotes before making the final decision on the firm to engage for these works. The Trustees are looking to hold the following activities in 2024= School visits Engagemeni with Safer NeighboUrhO Food Bank Family Fun day event Youth Conference Saturday and Sunday Youth ¢lub Various Lccturcs and Scminars to bc held Breakfast club for the local community Reserves policy The Trustees have not yet fomialised a specific reserves policy, beyond the requiremen( that reserves levels are regularly monitored to ensure that sufficient reserves are maintained to meet anticipated future needs. Investment policy The Charity has no investsnenls apart from thai of an investment pioperty and cash deposits Tetained with major UK retail banks. Trustees, responsibilities statement The financial statements have been prepared in accordance with the accounting tK)licies set out in notes to the accounts and comply with thc charity's govcrning documcnL thc Charities Act 201 l and Accounting and Rcporting by Charitics.. Statcmcnt of Rccommcndcd Practicc {SORPI applicablc to charitlcs prcparing their accounts in accoidance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland {FRS 102).
EIC AA&jID TRUST TRUSTEES* REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tru5tees' ruponslbllAtAes statement (wnlinu¢d) Charity law r¢quir¢s the TnteeS to ptepare financial statements for each financial year which give a ttue and fair vi¢w of the slate of affairs of the cFtsn"ry at the end of the finallc1 year alld of its surplus or deficit for the flljallciai y¢ar. In doing so the Tnts are required to.. seleA suilable accounting poh.cies and therl apply them ¢onsist¢ndy. observe the methods and principles in the Charities SORP. make judgements and estinlltes are reasonable and pn( state whether applicabl¢ aoUnting 5tand8rd5 8nd stat¢wnents of [tMmended practice have b¢¢n followe& subject to any material departwes discl¢)sed and explained in the financial stat¢m¢nts" and prepare the financial siatements on the going concern b&8is unl¢ss it is in8ppropriat¢ to presume that th¢ ¢haTity will continue in op¢rdti The Truste¢5 are respoDsible for keeping proper records which diKlose with re&8onable accuracy the financial position of the charity and enable them to ensure that the fjnanciai statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regul105 2008 and the provisions of the lThst deed They are also reswnsible for safeguardmg the charity's assets and bence taking re&sonable steps for the prevention and d¢l#tion of fraud and breaches of law and regulatiotLs. The Trnstees are responsible for th¢ maiDt¢Dan¢¢ and integrity of th¢ ¢h8rity and th¢ finowial IJ)formation included on the charity's w¢bsite. Legislation in the United Kingdom governing the preparation and d]emInatt.oll of finanei#l staiemcnts may differ frotn legislation in other jurisdictions. Statement of dlscloJur¢ to the auditor So far as the Trnste¢s ar¢ awate.. there is no rel¢van¢ audii Inforntion of which the cbaTity's auditor5 are unaware" and they have taken all the steps that they Ollt to have tsken as Trustees in order to make then)selves aware of ally relevant audit infornydtion and to estsblish that the ¢harity's #uditots are aware of ihat infonnation. AdItorS A olutiOn will be prOPd at the Amwal Genernl Meeting that UHY H#¢ker Young be r¢apFrf)iDted as auditors to the ¢h4rity for the ensuing year. Approved by the TnL4ttts on 17 October 2024 and signed on their behalf by: Rizwan Sanvar Butt Chalrm•
INDEPEF4DENT AUDITORS, REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Opinion Wc havc auditcd thc financial statcmcnts of EIC AL-MASJID Trust (Ihc 'Charity'l for thc ycar cndcd 31 Dcccmbcr 2023 which comprisc thc Statcmcnt of Financial Activitics, thc Balance Shcct. thc cashflow statement and the notes to thc financial staiancnts. including a suTnmary of significant accounting policies. The financial Iq)orting fraTncwork that has b¢cn applicd in their prcparaiioT] is applicable law dnd United Kingdom Ac¢ouniing Standards, including Financial Reponing Sthndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generdlly Accepted Accounting Practice),. In our opinion the financial statements.. give a trne and fair view of the state of the Chariry's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have b¢¢n prepared in ac¢ordan¢e with the requiremenis of the Charities Act 2011. Ba515 for opinion We conducted OUT audit in accordance with International Siandard5 on Auditing (UK) {ISAs (UK)) and applicable law. Our rcsponsibilitics undcr those Standaid5 arc furthei dcscribcd in the Auditots, responsibilities for the audit of the financial staiements section of our report. We are independenl of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial statemcnts. 'e have concludcd that the trustce5' use of the going concern basis of accounting in the pieparation of the financial statement5 is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tntsiees wilh respeci to going concern are described in the relevant sections of this report. Other information The other inforn)ation comprises the inforniatton included in the annual report, other than the financial statements and our auditors. report thereon. The Trustees are restrt)nsible for the other inforniation. Our opinion on the financial statements does not cover the other inforniation and we do not express any forni of assurancc conclusion thcrcon.
INDEPEF4DENT AUDITORS, REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Our rcsponsibility is to rcad thc othcr inforn]ation and. in doing so. considcr ivhcthcr thc othcr inforniation is matcrially inconsistcnt with thc financial statcmcnts or our knowlcdgc obtsincd in the audit or othcnvisc appear5 to be Tnaicrially misStat¢d. If wc idcntify such maicrial inconsistcncic5 or apparent Tnalcrial misstatements. we ale rcquircd to dctcrtnine whcthci Ihcrc 15 a rnatcrial Jnis5tatcincnl in the financial statements ihemselves. If, based on ihe work we have perfom)eiL we conclude (hai there is a malerial misstatement of this other inforn)ation, we are required to report that fact. We have nothing to report in this regard. Matter5 on Mhich we are required to report b!. exceptio In the light of the knowledge and understandin¥ of ihc charity and its eniironmenl obtained in the course of the audit, we have noi idcntificd material TniSStatCTncnls in ihe Ttusiees, ieport. We have nothing to report in respect of ihe following matters in relation to which the Charities A¢t 2011 requires us to report to you if, in our opinion.. the infonnation given in the Tnjstees, Report is inconsistent in any material respect with the financial statements- or su]ctent accounting records have not been kepi. or Ihc financial statements ate not in ae¢ent with the accountin¥ Tecords and Teturns" or wc have not rcceivcd all thc inforniation and cxplanations wc requiTC for our audit. Responsibilities of irustees As explained more fully in the Statemeni of Tnle¢s, Responsibilities, the Trllstees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the prepardtion of financial Stements that are free from material misstatement, whether due to fraud or error. In preparing the financial statCTnents. the Trustees ore reswJnsibl¢ for assessing the Charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of ac¢ouniing unless the Intee$ eiiher intend io liquidaie the Chari(y or to cease operations, or have no realisiic alternative but to do so.
INDEPEF4DENT AUDITORS, REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors, responsibilities for the audit of the financial statements Wc havc bccn appointcd as auditors undcr scction 144 of thc Charitics Act 2011 and rcport in accordancc with regulations madc undcr scction 154 of that Act. Our objcLtivcs are to obtain icasonablc a5surancc aboul whcthci the financial siatcTnenl5 as a whole arc frce frotn material misstaiement, whether due to frnud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaiement when it exists. Misstatements can arise from fraud or error and are considered material if. indi]duallY or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statcmcnts. Irregularities, including fraud, ale instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. io detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are ¢apable of detecting irregulariiies, including fraud, is detailed below. Based on our understanding of the Charity and the industry in which it operates. we identified that the principal risks of non-compliance with laws and rcgulations rclaied to thc acts by the Charity, i¥hich wcrc contrary to applicablc laws and rcgulations including fraud. and wc considered the extent to which non compliance might have a material effeci on the financial statements. We also considered those laws and regulations that have a direct impact on the preparaiion of the financial statements such as the Charities Act 2011. W¢ evaluaied management's inceniives and oppominities for fraudulent manipulation of the financial statements (including the risk of override of controls), and detennined that the principal risks were related to inflated income. Audit procedures perfornied included= review of the financial statemeni disclosures to underlying supporting documcntation. cnquirics of managcmcnt and tcsting of journals and evaluating whcthcr therc was evidence of bias by the Trusiees thal represented a risk of maierial missvdtement due lo fraud. There are inherent limitations in the audit pmcedures described above and the further removed non compliance with laws and regulations is from the events and Iransaciions reflected in the financial statements, the less likely we would become aware of it. Also. the risk of not detecting a material misstatcmcnt duc to fraud is highcr than thc risk of not dctccting onc rcsulting from crror, as fraud may involvc dclibcratc conccalmcnt by, for cxamplc, forgcry or intcntional Inisrcprcscntalions, or through collusion. A funher description of our responsibiliiies for the audit of the financial statements is located on the Financial RerK)rting Council's website at= http=Ilwww.frc.org.uklaudiiorsresponsibilities. This description fonns part of our auditor's report. io
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTELS OF EIC AmASJTD TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Use of our report This report is made solely to the Charitys tnLStees. &$ a bly. in accordance with Chariti¢s A¢t 2011. Our audit work has been undertaken so that we migbt state to the those mattths w¢ ar¢ requireAJ to state to them in an auditors, report and for no other purpose. To the fvllest extent perniitt¢d by law. we do not accept or assume resp)nsibility to anyon¢ other than th¢ Cl)aTity and its trustees a5 a EM)dy* foT our audit work. for this TeporL or fot tbe opinions we have forni acker Young Stabjtory Auditor Quadrani House 4 Thomas More SquaTe Lknndon Elw IYW Date: 2L ortober 2024 UHY Hacker Young LLP 15 eligible to xt as an auditOT of the Charity by virtue of its eligibility for 4ppointm¢nt 45 auditor of a company undeT sethion 1212 of the Cwanies Act 2(N)6. li
EIC AL-MASJID TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Income and endowmellts from: Voluntary ineumc Activities foi generating funds Other income 692.907 10.875 134.340 692.907 19.875 134,340 540,456 20.461 134.340 9.000 Total 838,122 9,000 847,122 695,257 Expenditure on: Charitable activities Others 481.933 12.889 9.000 490,933 12.889 289,692 19,657 Total 494,822 9,000 503,822 309,349 Net expenditure 343,300 343,300 385,908 Other recognised gains: Net gains on investment properties Revaluation of fixed assets 1,200,000 672,211 Net movement in funds 343,300 343,300 2,258,119 Recollciliation of funds Total funds brought fotivard 6,465.755 1,487,878 7,953,633 5,695.514 Total funds carried foThard 6,809,055 1,487,878 8,296,933 7,953,633 There are no recognised gains or losses oiher ihan ihose included in ihe Statement of Financial Activities. All incoming resour¢es and resour¢es expended derive from continuing activities. 12
EIC AbMA&JID TRUST BALANCE SHEET S AT 31 DECEMBER 2023 Notes 2023 2022 FRx¢d #s$¢ts Tangiblc a55¢ts Iuv¢s4n¢nt prop¢ty io li 3.320.117 3,600.000 3.133,536 3,600,(M)O Totsl fix Its 6.920.117 6.733.536 Current a&gets tkbtors Cash at bank artd in l)aDd 12 140.613 1,406,974 137.395 1.232.375 Total current assets 1547.587 1,369.770 Liabilities Creditors: amounts due withill one year 13 (170,771) (149,673) Net ¢urrellt 9$8tts 1.376.816 1220.097 Total w¢ts le58 curreDt liabilities 8296.933 7.953.633 The fuDds of the chartty: Unrestrlrted fundj Unrestricted revenue accumulated Revatuation reserves 14 14 4.936.844 1,872.211 4,593,544 1,872,211 6.809,055 6,465,755 Restrlcted IDcome funds Restricted Tevenue accumulated Restiicted capital funds Restrftcted fed asset fimds 14 24222 24222 14 1,463,656 1.463,656 Total cbarity funds 8296.933 7.953.633 Th¢ financial s¢at¢ments were 4wved by th¢ Board of TnLses on 17 October 2024 and were signed on its b¢half by: Rizwan S2n¥ar Butt Chalrmatt 13
EIC AL-MASJID TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 Note5 2023 2022 Cash flows from o ratin aetivities: Net cash provided by opernting activities 16 369,757 394,525 Cash flows from investin actiiities: Purchase ot. property. plant and equipmenl Proceeds from disposal of property, plant and equipment (195,158) (9,560) 1,801 Net ¢4sh usedin investtng 4elivities (195,158) (7,759) Change in cash and cash equivalellts 174,599 386,766 Cash and cash equivalents brought fonyard 1,232.375 845,609 Cash and cash equivalents carried fornard 17 1,406,974 1,232,375 14
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Ba.¥i.g ofprepdrotEOn The financial statements have been prepared in accordance with Accounting and Reporting by Charitics= Statcmcnt of Rccomtncndcd Practicc applicablc to charitics prcparing thcir accounts in accordance with the Financial Rcponing Standard applicable in ihc UK and Republic of Ircland (FRS102) - {Charites SORP IFRS 102)). the Financial Reportin¥ Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS 102) and the Charities act 2006. The Trust constitutes a piibli¢ benefit entlly as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statcmcnts have bccn prcparcd under thc historic cost convention, exccpt for the investmeni property which is held ai fair value. A sumTnary of ihe principal accounting policies adopted {which have been applied consistenily, except whete noted), judgements and key sources of estimation un¢enainty, is sei out below. b) Irtcoming resources All incoming resources are recognised when the trust has entitlement to the funds, certainty of the receipt and the amount can be measured with su1clent reliability. Dovalions Donaiions are recognised on a receivable basis where there is certainty of receipi and the amount can be reliably measured. Other trudin aetitrities Other income, including the hire of facilities. is recognised in the year it is receivable and to the extent the goods have been provided or on the completion of the service. Resources expended Liabilities are recognised as expendiiure as soon as there is a legal or constmctive obligation committing the charity to that eXnditure, it is probable that settlement will be required and (he amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All exFenses. including support costs and governance costs. are all(ated or aptK)rtioned to the applicable expenditure headings. For more infornmtion on this attribution refer to note 5 below. Irrecovernble VAT is charged against the calegory of resources expended for which it was incurred. These are ihe costs incurred in the operation of the Tnt. Other cosls Othcr costs comprisc all costs involving thc public accountability of ihc Charity and its compliance with regulation and good practice, including the siatutory audit and legal fees. All resources expended are inclusive of irrecovernble VAT. 15
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) d) Inveslmenlproperty Invc5tmcnl propcrty is included in the balance sheet ai iheir open markei value and is not depreciated. Depreciotio Depreciation is pmvided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life as follows.. Motor vehicles Fixture and fittings 25 /0 on reduciTJg balance basis 15 /0 on reducing balance basis No depreciation is charged on freehold land and buildings as Trustees are of the opinion that the property has been well maintained and the value of the property has increased. Fund accouiiting Unrcstrictcd incomc funds rcpresenl thosc rcsources which Tnay be used towards mecting any of the charitablc objcctivcs of the Trust at thc discrction of thc Trustccs. Restricted fixed assets funds are resources which are io be applied lo specific capital purposes. Restricted general funds comprise all the resources which are to be applied for specific purposes for which the donors haN'e contributed to. Criticalj14dgements - Waliiation ofiiiveslmenlpropertiy Invc51mcnl propcrtics arc valued annually at fair i'alue. Fair valuc is asccTtained through a rcview of a number of factors and infomaiion flows, including markei kno,1tdge, recenl market movements, receni sales of similar properties, historical experience and rent levels. There is an evitable degree of judgement involved and value can only reliably tested ultimately in the market itself. Donatioll5 and legaeies Unres¢rieted Funds Restricted Total Fmnds Total Funds Funds 2023 2022 Donaiions and gifts Funeral facility 547,395 145,512 547.395 145,512 436,826 103,630 692.907 692,907 540,456 16
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other trading aCtitieS Unrestricted Fund5 Restricted Total Funds Total Funds Fund5 2023 2022 Hall and stalls hire Huffaz collection Others 9.125 9,125 9.000 1,750 11.024 4,570 4,867 9,000 1,750 10.875 9.000 19,875 20,461 Investment income Unreslricted Funds Restricted Total Funds Tolal Funds Funds 2023 2022 Rcnt from invcstmcnt propcrty 134.340 134,340 134,340 134.340 134,340 134,340 Expenditure on charitable actiiities Unrestricted Funds Restricted Total Funds Total Funds Funds 2023 2022 Direct costs Provision of funeral facilities Staff costs {including NIC) Temporary staff costs Ramadhan and food bank cxpcnscs Huffaz Hadiya Loss on disposal of fixed asset 36,313 227,079 24,062 16.370 36,313 227,079 24,062 16,370 9,000 17,811 184,055 12,005 4,570 113 9.000 303,824 9,000 312,824 218,554 17
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charitable actiiitie5 {continued) Unrestricted Funds Restricted Total Funds Total Fund5 Funds 2023 2022 Allocated support costs Advertising and promotion Premises costs Office expenses Financc paymcnts Sundry expenses Depreciation 324 151,539 4,645 787 12.238 8.576 324 151,539 4,645 787 12.238 8.576 1,750 49,179 2,413 756 4,403 12,637 178,109 178,109 71,138 Total costs 481,933 9,000 490,933 289,692 Governance costs 2023 2022 Auditors, remuneration Legal and professional fees 11,889 1,000 8,450 11,207 12,889 19,657 Staff eosts 2023 2022 Wagcs and salarics Social security cost5 Pension costs 212,674 13.132 1.272 174,582 8.760 713 227.078 184,055 No cmployccs rcccivcd rcmuncration in cxcc5s of £.(m) during thc ycar. Thc avcragc numbcr of employees during the year was 9 (2022= 9). 18
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Transactions with Trustees Mr Mushfiquc Uddin. onc of thc Tru5tccs of EIC AL-MASJID Trust. has an intcrcsl in Ebrahim Community Collcgc. to which EIC AL-MASJID Trust ha5 given a loan {Rcfer to notc 12). Mr Mushfique is a trustee of EbrahiTn Community College. One of the Charity's Trustees, Mohammad Azizul Hoque is also a Trustee of Aid International UK which provides educational seTr'ices using the Charity's premises and voluntarily donated £1 1,000 (2022.. £11,000) in the year. Both Mohammad Azizul Hoque and Mohammad Shahidul Hoque (also one of the Charity's Trustees) are also employees of Aid International UK. No other related paty transactions took place during ihe peTiOd. Auditors, remuneration The remuneration constituted an audit fee of £l1.889 {2022= £8,450). 10 Tangible fixed assets Freehold land and buildings Fixture, Motor Fittings and vehicles Equipment Total Cost At l January 2023 Additions 3,055,000 61,390 19,475 254,683 133,768 3,329,158 195,158 At 31 Dccember 2023 3.116.390 19.475 388.451 3,524.316 Depreciation At l January 2023 Charge for the year 14,804 1,168 180,818 7,409 195,622 8,577 At 31 Dcccmbcr 2023 15.972 188,227 204,199 Net book value At December 2023 3,116,390 3,503 200,224 3,320.117 At December 2022 3,055.000 4,671 73,865 3,133,536 Thc historical cost of thc frcchold land and buildings was £2.444.179 (2022= £2.382.789}. 19
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 li Investment property Fair value at l January 2023 131 DeceTnber 2023 3,600,000 The Trustees assess the fair value of the investment properties comparing the current value to the market value at the period end. taking into considerdtion a repon provided by an external valuer. The histotical cost of the property was £2.400,0(M) (2022: £2.400.000). 12 Debtors 2023 2022 Othcr dcbtors Ebrahim Community Collcgc Loan {Charity No.1108141) Madni Trust Loan (Charity No.1022471) Sopwell Communily Loan {Charity No. 1156299) Southgate Mosque (Charity No. 1201327) 49.113 11.500 20,0(M) i 0,000 50,0 94.895 12,500 20,000 10,000 50,000 140.613 137,395 13 Creditors: amounts falling due within one yegr 2023 2022 Tradc Crcditors Qatzc Hasna loans AcLrued expenses Othcr laxc5 and social secuTity Other creditors 21.610 30.5(K) 8,755 9.221 100,685 30,500 7.171 12.002 i 00,000 170,771 149,673 20
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 Movement in funds At l JanuarTr 2023 Incoming Resources At31 Re50urce5 Expended December 2023 Unrestricted funds General funds Revaluation reserve 4.593.544 ,872.211 838,122 (494,822) 4,936,844 1,872,211 6,465,755 838,122 (494,822) 6,809,055 Re5trieted revenue funds Funcral scrvicc Children's Hospice Huffaz Hadiya 19.057 5.165 19,057 5,165 9,000 (9,000) 24,222 9,000 (9,000) 24,222 Restricted fixed assets funds Capital funds .463.656 ,463,656 Total funds 7,953.633 847,122 (503,822) 8,296,933 15 Analysis of net assets by funds Unrestrided Restrie¢ed funds funds 2023 2023 Total funds 2023 Fixed assets Current assets Creditors amounts falling due within one year 5,456,461 1,463,656 6,920,117 1,523.365 24222 1,547,587 {170.7711 {170,771) 6.809,055 1,487,878 8,296,933 21
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21123 16 Reconciliation of net movement in fulld5 to llet cash flow from operating actiiTrties 2023 2022 Net movement in fvnds Less.. Revaluation gain Add back.. Depreciation charge Add back.. Loss on disp)sal of fixed assets Incrcasc in dcbtors Incrcasc in crcditors 343,3(K) 2,258,119 (1,872,211) 12,637 113 (7,161) 3,028 8,577 13,218) 21,098 Net cash provided by operating activities 369,757 394,525 17 Analysis of cash and cash equivalell¢s 2023 2022 Cash in hand 1,406,974 1,232,375 Total cash and cash equivalellts 1,406,974 1,232,375 22
EIC AL-MASJID TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ELYDED 31 DECEMBER 2023 18 Comparalive Siatement of Financial Activities Unrestricted Restricted funds funds Total funds 2022 2022 2022 Income and endowments from: Donations and [IS Other trading activities Investments 540,456 15,891 134,340 540.456 20,461 134,340 4,570 Total 690.687 4,570 695,257 Expenditure on: Chariiable activities Others 285,122 19,657 4,570 289,692 19,657 Total 304,779 4,570 309,349 Net Expenditure 385,908 385,908 Other recognised gains: Nct gains on ini'cstmcnt properties Revaluation of fixed assets 1,200,000 672,211 1,200,000 672,211 Net movement in funds 2.258,119 2,258,119 Reconciliation of funds Total fLd5 brought fOard 4,207.636 1,487,878 5,695,514 Total funds carried fonvard 6,465,755 ,487,878 7,953,633 23