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← Eic Al-Masjid Trust

2024-12-31-accounts

Registered Charity Number: 1121179

EIC AL-MASJID TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

EIC AL-MASJID TRUST

CONTENTS

Page
General and administrative information 1
Trustees’ report 2 - 7
Independent auditors’ report 8 - 11
Statement of financial activities 12
Balance sheet 13
Cash flow statement 14
Notes to the financial statements 15 – 24

EIC AL-MASJID TRUST

GENERAL AND ADMINISTRATIVE INFORMATION

Reference and Administrative Details

Trustees Rizwan Sarwar Butt (Chairman)
Abdallah Ramankhan (Vice Chairman)
Nazrul Islam (Secretary)
Mohammed Azizul Hoque (Assistant
Secretary)
Khalid Mahmood (Treasurer)
Azizul Haque (Assistant Treasurer)
Mohammad Mushfique Uddin
Sulaiman Sulaiman
Nizamul Islam
Abid Mahmood
Awes Omar Ahmed
Zeeshaan Rana
Mohamed Imran Umar
Mohammed Ilyas
Secretary Nazrul Islam
Registered Office 20-34 Raynham Road
Angel Edmonton
London
N18 2SJ
Charity Registration Number: 1121179
Auditors UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Bankers Natwest Bank plc
Al Rayan Bank plc
Barclays Bank plc

Trustees

1

EIC AL-MASJID TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and accounts for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The EIC AL-MASJID Trust was constituted under a Trust Deed dated 6 July 2003 and amended on 25 July 2007. The trust evolved from an incorporated association, namely Edmonton Islamic Centre AL-MASJID (Charity no.1048604), which was registered on 11[th] July 1995 and removed from the register on 25[th] October 2010 with all the funds being transferred to EIC AL-MASJID Trust.

The principal activities of the charity are the operation of an Islamic Centre for religious purposes and the provision of services to the Muslim community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its trust 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 Trustees with one of the Trustees being on a full-time role.

The Trustees who served during the year were as follows:

Sulaiman Sulaiman Abdallah Ramankhan (Vice Chairman) Nazrul Islam (Secretary) Mohammad Mushfique Uddin Mohammad Shahidul Hoque (Resigned 11 November 2024) Azizul Haque (Assistant Treasurer) Rizwan Sarwar Butt (Chairman) Mohammed Azizul Hoque (Assistant Secretary) Khalid Mahmood (Treasurer) Mohammed Abdul Kadir Zaigirdar (Removed 15 July 2024) Nizamul Islam Abid Mahmood Awes Omar Ahmed Zeeshaan 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.

2

EIC AL-MASJID TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Upon appointment as Trustees, it is the policy and procedures of the EIC AL-MASJID Trust for all Trustees to read and review the remit of the charity. They meet with the other Trustees and staff to undergo training in the issues that the charity deals with and to familiarise themselves with the charity. They are kept up to date on key governance directives, training and publications. Trustees are in contact with the secretary and staff on a regular basis and some of the Trustees help with individual cases.

No new Trustees have been appointed during the year ended 31 December 2024.

Arrangements for setting pay for Trustees

The Trustees are considered to be key management personnel of the charity in charge of directing and controlling, running and operating of the Trust on a daily basis. No Trustees are being remunerated by the charity.

Organisation

The Board of Trustees consists of office bearers & ordinary Trustees. The office bearers include the Chairman, Vice Chairman, Secretary, Assistant Secretary, Treasurer and Assistant Treasurer who carry out their roles as per the trust deed.

Ordinary Trustees also form 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 tasks given by the Board of Trustees:

Risk management

The Trustees review the risks that the charity faces annually and consider that adequate safeguards are in place to minimize the exposure. The main risks identified are as follows:

3

EIC AL-MASJID TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees have a risk management strategy which comprises:

Where significant financial risk still remains, they have ensured they have adequate insurance cover and an effective system of internal 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:

Public Benefit

The Trustees 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 largest mosques/Islamic centres in North London and is attended by over 10,000 people per week. There are regular congregations as well as other vital functions to cater for the local Muslim population and beyond. The Trust has seen a significant 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 service in line with the teachings of Islam.

The reputation of EIC AL-MASJID Trust endeavours to provide the best service for its users to ensure that the number of users is always on the increase.

4

EIC AL-MASJID TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Review

The incoming resources for the year amounted to £1,147,604 (2023: £847,122). This is an increase following gradual recovery from the COVID-19 pandemic since 2020. EIC AL-MASJID Trust is still extremely grateful to all the supporters and expects the same support in the future.

Within incoming resources is £295,069 (2023: £134,340) relating to rent received from the letting out of the Charity’s investment property.

The Charity held the following events in the year:

The Centre provided private counselling sessions with the imams including marriage counselling, and advice on different aspects of Islam. The Centre also organised visits by the imams and other worshipers to patients in local hospitals at the request of the hospitals, the patients and family members. The Charity also played an active role in the North London council of mosques.

Adult Arabic and Quran classes were also provided on a regular basis throughout the year.

Expenditure on charitable activities in the year amount to £617,522 (2023: £490,933) whilst total governance costs incurred in the year came to £17,839 (2023: £12,889). The Trust held fund balances as at 31 December 2024 of £8,809,176 (2023: £8,296,933), comprising of a fixed asset fund of £1,463,656 (2023: £1,463,656), an unrestricted fund of £7,321,298 (2023: £6,809,055) and a restricted fund of £24,222 (2023: £24,222). These funds include cash reserves of £1,807,026 (2023: £1,406,974) at the year-end.

Outlook for 2025

In the coming year, the Trust is expected to continue with its fundraising 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

5

EIC AL-MASJID TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

have been refurbished in the year. The refurbishment plan will carry on in 2025 with the wudhu and toilet facilities in the front part of the mosque.

Roof for all buildings require extensive repair. A part of the mosque building has been attended to and the rest of the investment property still requires repair. The trustees 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 2025:

Reserves policy

The Trustees have formalised a specific reserves policy, beyond the requirement that reserves levels are regularly monitored to ensure that sufficient reserves are maintained to meet anticipated future needs.

Investment policy

The Charity has no investments apart from that of an investment property and cash deposits retained with major UK retail banks.

Trustees’ responsibilities statement

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Charity 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 at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to:

6

EIC AL-MASJID TRUST TRUSTF.ES' REPORT r4OR THE YEI AR ENDII D 31 Dlt CEMBEII 2024 Ti'ustees, respoiisibillties stateincnt (continued) select suitable accounting policies and tlien apply thcm consRstently' obseive tlie inethods and pi-inciples in tlic Cli(11-iÉies SORP. make judgeinents and cstiiiiates that at'c J'ca80nablc and pi-udciit. slate wliethci. applicable accouiiting staiidai'ds and stateinents of i'ecoiiunended pl'actice have been followed, %ubjcct to any in(itci'ial dcpai'tuirs disclosed tind expltiined in die financial statements. and pi'epai'e the financial stateinents on the going concei-n ba8is unless it is inappropriate to pi'esume that the charity will coiitinue in opei-atioii. Tlic TrustCC8 al'c i'csponsiblc for kccpiiig pi'oper records wliich disclo8C Witli i-easonable accui'acy the fiiiaiicial po.8ilioii of the cliai'ity aiid eiiablc diein to eiisiii'e that tlie financial statements, comply witli tlie Cli<il'lties Act 201 I, tlie Charity (Account.8 and Rci)oi'ls) Regula11011s 2008 and 11)e piovisions of the ti'ust deed, They al'e also responsible for .safeguarding tlic cliai'ity's a.8scts and lience taking i'easonable SEPS for the PA'evention aiid detection of fi'aud and breachcs of law aiid iEgulations, Thc Ti'ustces al'e I'c.spoiisible foi. the inaintenance and integrity of tlie charity and tlie finaiicial infoj'mation incliided 011 the cliai'ily's website. Legi.8lalioii in thc United Kingdom govei'iiing tlie pi'epai'ation and disseiniiiiltion of financial staleinents may diffei. fL'om Icgi.8latioii in olhci. jui'i8dictions. Stateinent of disclosui'e to the audltor So fai. a8 tlie Trustees ale aware.. tlici'c is no i'elevant audit infoi'mation of wliich the chai'ity's %iiiditors ill'e unaware. aiid they have taken all tlie steps that they ought to liave taken as Ti'ustees in oi'dei. to malce thcinsclves awai'e of any relev¢int audit infoLinatioii and to eslablish that tlic chai-ity's auditoi ale awai'e of that iiifoi'mation. Auditors A resolution will bc proposed at the Annual CJcneixl Meeting that UHY Hackci. Young bc reappointed as auditoi's to t5ie cliai'iiy fot. tlie en.qiiiiig Ye￿.. Approved by tlic Tt'll8tccs OAI 27 October 2025 and sigiied on thell. behaifby: Rizwaii Sarwar Butt Chaii'man

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of EIC AL-MASJID Trust (the ‘Charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the cashflow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, 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 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditors’ report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

8

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2024

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

9

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, 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 regulations related to the acts by the Charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inflated income.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed non - compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

10

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF EIC AL-MASJID TRUST FOR THE YEAR ENDED 31 DECEMBER 2024

Use of our report

This report is made solely to the Charity's trustees, as a body, in accordance with Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young Statutory Auditor

Quadrant House 4 Thomas More Square London E1W 1YW

Date: 30 October 2025

UHY Hacker Young LLP is eligible to act as an auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

11

EIC AL-MASJID TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes Unrestricted Restricted Total
funds funds funds Total funds
2024 2024 2024 2023
£ £ £ £
Income and endowments from:
Voluntary income 2 697,294 124,500 821,794 692,907
Activities for generating funds 3 23,511 7,230 30,741 19,875
Other income 4 295,069 - 295,069 134,340
__ __ __ __
Total 1,015,874 131,730 1,147,604 847,122
__ __ __ __
Expenditure on:
Charitable activities 5 485,792 131,730 617,522 490,933
Others 6 17,839 - 17,839 12,889
__ __ __ __
Total 503,631 131,730 635,361 503,822
__ __ __ __
Net movement in funds 512,243 - 512,243 343,300
========= ======== ======== ========
Reconciliation of funds
Total funds brought forward 6,809,055 1,487,878 8,296,933 7,953,633
__ __ __ __
Total funds carried forward 7,321,298 1,487,878 8,809,176 8,296,933
======= ======= ======= =======

There are no recognised gains or losses other than those included in the Statement of Financial Activities.

All incoming resources and resources expended derive from continuing activities.

12

EIC AL-MASJID TRUST BALANCE SHEET AS AT 31 DEI CIMBEII 2024 Notes 2024 2023 riixed assets Taiigible assets Investinent pi'operty 10 3,386,801 3,600,000 3,320,117 3,600,000 Total fixed assets 6,986,801 6,920,117 Curl'ent assets t)ebtoi's Casli at bank and in Iiand 12 184,824 1,807,026 140,613 1,406,974 Total ciii'rent assets 1,991,850 1,547,587 Liabilities Ci'editoi's: amounts due within one yeai. 13 (169,475) (170,771) Net eui'rent asscts 1,822,375 1,376,816 Total assets less cui'l'cnt liabilities 8,809,176 8,296,933 The funds of tlie chai'ity: Uiii'esti'ictcd funds Uiii'egli'icted i'eveiiue accumulated Revalualion i'eseives 14 14 5,449,087 1,872,211 4,936,844 1,872,211 7,32 E,298 6,809,055 Restricted income lunds Re%li'icted i'eveiiiie accumiilated Ilestricted capital funds Rcsliicted fixed assci fuiids 14 24,222 24,222 14 1,463,656 ,463,656 Total chai'lty funds 8,809,176 8,296,933 The financial stateinents wei'e appi-oved by tlie Boai-d of Trustees on 27 OctobeK' 2025 aiid were signed on its belialf by.. Rizwaii (Ii'wai. Butt Cliairinaii 13

EIC AL-MASJID TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes 2024 2023
£ £
Cash flows from operating activities:
Net cash provided by operating activities 16 491,328 369,757
Cash flows from investing activities:
Purchase of property, plant and equipment (101,276) (195,158)
__ __
Net cash used in investing activities (101,276) (195,158)
__ __
Cash flows from financing activities:
Repayment of borrowings 10,000 -
__ __
Net cash received in investing activities 10,000 -
__ __
Change in cash and cash equivalents 400,052 174,599
Cash and cash equivalents brought forward 1,406,974 1,232,375
__ _
Cash and cash equivalents carried forward 17 1,807,026 1,406,974
======= =======

14

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

a) 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 (FRS102) – (Charites SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities act 2006. The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of donation income which needs to be raised each and every year and is covered in more detail in the performance and risk sections of the trustees’ annual report for more information. Accordingly, they continue to adopt the going concern concept in preparing these financial statements.

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 statements have been prepared under the historic cost convention, except for the investment property which is held at fair value. A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

b) Incoming 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 sufficient reliability.

Donations

Donations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured.

Other trading activities

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.

c) Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 5 below.

15

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Charitable activities

These are the costs incurred in the operation of the Trust.

Other costs

Other costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice, including the statutory audit and legal fees. All resources expended are inclusive of irrecoverable VAT.

d) Investment property

Investment property is included in the balance sheet at their open market value and is not depreciated.

e) Depreciation

Depreciation is provided 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 25% on reducing balance basis Fixture and fittings 15% 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.

f) Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objectives of the Trust at the discretion of the Trustees.

Restricted fixed assets funds are resources which are to be applied to specific capital purposes.

Restricted general funds comprise all the resources which are to be applied for specific purposes for which the donors have contributed to.

g) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

EIC AL-MASJID TRUST

Basic financial liabilities

Basic financial liabilities, including creditors 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.

The charity has taken advantage of Section 34 of FRS 102 to recognise the interest-free loan that it has received as a concessionary loan. As such, the charity initially recognises and measures the loan at the amount received, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest.

h) Critical judgements – Valuation of investment property

Investment properties are valued annually at fair value. Fair value is ascertained through a review of a number of factors and information flows, including market knowledge, recent market movements, recent 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.

2 Donations and legacies

nations and legacies
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Donations and gifts 679,224 - 679,224 547,395
Funeral facility 18,070 124,500 142,570 145,512
__ __ __ __
697,294 124,500 821,794 692,907
======= ======= ======= =======

17

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 Other trading activities
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Hall and stalls hire 23,511 - 23,511 9,125
Huffaz collection - 7,230 7,230 9,000
Others - - - 1,750
__ __ __ __
23,511 7,230 30,741 19,875
======= ======= ======= =======
4 Investment income
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Rent from investment property 295,069 - 295,069 134,340
__ __ _ __
295,069 - 295,069 134,340
======= ======= ======= =======
5 Expenditure on charitable activities
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Direct costs
Provision of funeral facilities 18,720 124,500 143,220 36,313
Staff costs (including NIC) 226,626 - 226,626 227,079
Temporary staff costs 50,197 - 50,197 24,062
Ramadhan and food bank expenses 35,766 - 35,766 16,370
Huffaz Hadiya - 7,230 7,230 9,000
Event Expenses 5,000 - 5,000 -
Card Charges 411 - 411 -
__ __ __ __
336,720 131,730 468,450 312,824
======= ======= ======= =======

18

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 Expenditure on charitable activities (continued)

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Allocated support costs
Advertising and promotion - - - 324
Premises costs 77,240 - 77,240 151,539
Office expenses 16,925 - 16,925 4,645
Finance payments 697 - 697 787
Sundry expenses 19,619 - 19,619 12,238
Depreciation 34,591 - 34,591 8,576
__ __ __ __
149,072 - 149,072 178,109
======= ======= ======= =======
Total costs 485,792 131,730 617,522 490,933
======= ======= ======= =======
6 Governance costs
2024 2023
£ £
Auditors’ remuneration 11,717 11,889
Legal and professional fees 6,122 1,000
__ __
17,839 12,889
======= =======
7 Staff costs
2024 2023
£ £
Wages and salaries 211,937 212,674
Social security costs 13,633 13,132
Pension costs 1,056 1,272
__ __
226,626 227,078
======= =======

No employees received remuneration in excess of £60,000 during the year. The average number of employees during the year was 9 (2023: 9).

19

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8 Transactions with Trustees

Mr Mushfique Uddin, one of the Trustees of EIC AL-MASJID Trust, has an interest in Ebrahim Community College, to which EIC AL-MASJID Trust has given a loan (Refer to note 12). Mr Mushfique is a trustee of Ebrahim Community College.

One of the Charity’s Trustees, Mohammad Azizul Hoque is also a Trustee of Aid International UK which provides educational services using the Charity’s premises and paid rent of £11,000 (2023: £11,000) in the year. Both Mohammad Azizul Hoque and Mohammad Shahidul Hoque (also one of the Charity’s Trustees/ former Trustee) are also employees of Aid International UK.

No other related party transactions took place during the period.

9 Auditors’ remuneration

The remuneration constituted an audit fee of £11,717 (2023: £11,889).

10 Tangible fixed assets Freehold Fixture,
land and Motor Fittings and
buildings vehicles Equipment Total
£ £ £ £
Cost
At 1 January 2024 3,116,390 19,475 388,451 3,524,316
Additions 49,588 - 51,688 101,276
__ __ __ __
At 31 December 2024 3,165,978 19,475 440,139 3,625,592
======= ======= ======= =======
Depreciation
At 1 January 2024 - 15,972 188,227 204,199
Charge for the year - 876
33,716		 34,592
__ __ __ __
At 31 December 2024
 - 16,848 221,943 238,791
======= ======= ======= =======
Net book value
At December 2024 3,165,978 2,627 218,196 3,386,801
======= ======= ======= =======
At December 2023 3,116,390 3,503 200,224 3,320,117
======= ======= ======= =======

The historical cost of the freehold land and buildings was £2,493,767 (2023: £2,444,179).

20

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11 Investment property

£ Fair value at 1 January 2024 / 31 December 2024 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 consideration a report provided by an external valuer.

The historical cost of the property was £2,400,000 (2023: £2,400,000).

12 Debtors

2024 2023
£ £
Other debtors 103,324 49,113
Ebrahim Community College Loan (Charity No.1108141) 11,500 11,500
Madni Trust Loan (Charity No.1022471) 20,000 20,000
Sopwell Community Loan (Charity No. 1156299) 10,000 10,000
Southgate Mosque (Charity No. 1201327)
-		 50,000
Darul Noor Islamic Centre (Charity No. 1190170) 25,000 -
Enfield Deen & Education Trust Ltd (Company No. 11932164) 15,000 -
__ __
184,824 140,613
======= =======
editors: amounts falling due within one year
2024 2023
£ £
Trade Creditors - 21,610
Qarze Hasna loans 30,500 30,500
Accrued expenses 12,369 8,755
Other taxes and social security 23,736 9,221
Other creditors 102,870 100,685
__ __
169,475 170,771
======= =======

13 Creditors: amounts falling due within one year

21

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14 Movement in funds
At Incoming Resources
At 31
1 January Resources Expended December
2024 2024
£ £ £ £
Unrestricted funds
General funds 4,936,844 1,015,874 (503,631) 5,449,087
Revaluation reserve 1,872,211 - - 1,872,211
__ __ __ __
6,809,055 1,015,874 (503,631) 7,321,298
======= ======= ======= =======
Restricted revenue funds
Funeral service 19,057 124,500 (124,500) 19,057
Children’s Hospice 5,165 - - 5,165
Huffaz Hadiya - 7,230 (7,230) -
__ __ __ __
24,222 131,730 (131,730) 24,222
======= ======= ======= =======
Restricted fixed assets funds
Capital funds 1,463,656 - - 1,463,656
======= ======= ======= =======
Total funds 8,296,933 1,147,604 (635,361) 8,809,176
======= ======= ======= =======
15 Analysis of net assets by funds
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Fixed assets 5,523,145 1,463,656 6,986,801
Current assets 1,967,628 24,222 1,991,850
Creditors amounts falling due within one year (169,475)
-		 (169,475)
__ __ __
7,321,298 1,487,878 8,809,176
======= ======= =======

22

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16 Reconciliation of net movement in funds to net cash flow from operating activities

==> picture [453 x 286] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Net movement in funds|512,243|343,300| |Add back: Depreciation charge|34,592|8,577| |Increase in debtors|(54,211)|(3,218)| |Increase/ (Decrease) in creditors|(1,296)|21,098| |_ _| |Net cash provided by operating activities|491,328|369,757| |======= =======| |Analysis of cash and cash equivalents| |2024|2023| |£|£| |Cash in hand|1,807,026 1,406,974| |_ _| |Total cash and cash equivalents|1,807,026 1,406,974| |======= =======|

----- End of picture text -----

17 Analysis of cash and cash equivalents

23

EIC AL-MASJID TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18 Comparative Statement of Financial Activities

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Income and endowments from:
Donations and gifts 692,907 - 692,907
Other trading activities 10,875 9,000 19,875
Investments 134,340 - 134,340
__ __ __
Total 838,122 9,000 847,122
__ __ __
Expenditure on:
Charitable activities 481,933 9,000 490,933
Others 12,889 - 12,889
__ __ __
Total 494,822 9,000 503,822
__ __ __
Net movement in funds 343,300 - 343,300
__ __ __
Reconciliation of funds
Total funds brought forward 6,465,755 1,487,878 7,953,633
__ __ __
Total funds carried forward 6,809,055 1,487,878 8,296,933
======= ======= =======

24