REGISTERED CHARITY NUMBER: 1122605
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
Bracknell Islamic Cultural Socity
Three Leaves LTD Chartered Certified Accountants Rockware Business Centre Office 16 5 Rockware Avenue Greenford Middlesex UB6 0AA
Bracknell Islamic Cultural Socity
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Bracknell Islamic Cultural Socity
Report of the Trustees
for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity aims to develop a place of worship for Muslims living in and around Bracknell. The charity also organises and participates in community events to promote equality, diversity and good race relations.
Public benefit
BICS meets the Charity Commissions public benefit criteria under both the advancement of education and the advancement of citizenship or community development objectives. The trustees have complied with section 17 of Charities Act 2011 with regards to public benefit guidance issued by the Charity Commission.
ACHIEVEMENT AND PERFORMANCE
The charity has been organising Friday congregational prayers in addition to biannual Eid gatherings.
FINANCIAL REVIEW Reserves policy
There is currently no reserves policy.
The Charity has managed to bring in a stable stream of donations and has kept costs at a minimum. The charity also achieved significant results in the most cost effective ways possible which is reflected by the retained funds by the charity. The funds can be used to start new charitable projects.
FUTURE PLANS
BICS is a well established charity organisation supporting almost 400 Muslim families across Bracknell. Our future aim include:
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Continue to diversify funding streams, so that core organisational costs are met from a range or sources
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Involving local residents and groups in issues and developments likely to affect quality of life in the local area
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Developing new projects and initiatives that meet the current and emerging needs of the Muslim Community
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Strengthening internal governance structures and broadening the role and involvement of trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution adopted on 8th August 2007, and constitutes an unincorporated charity.
Organisational structure and management
Bracknell Islamic Cultural Society (known as BICS) was established in 2008 as unincorporated charity. The charity currently has 7 trustees who are elected for three years term from amongst the voting member of BICS. The trustees review and oversee the work of the organisation at regular Board meetings and the charity has no employees. Every trustee resigns after three years and it is open for them to stand for re-election after this period.
All trustees give their time voluntary and receive no remuneration or other benefits.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1122605
Page 1
Bracknell Islamic Cultural Socity
Report of the Trustees
for the Year Ended 31 March 2021
Principal address
Unit C Waterside Park Bracknell RG12 1RB
Trustees
Mr B Kuko-iyii Chairman Mr Y Djouamaa Deputy Chairman Mr M S Aripin Treasurer Mr R Butt Funds officer (resigned 18.7.20) Mr A Sanneh Secretary Mr E I Walele Dr A A Siddiqui Mr A Imtiaz (resigned 18.7.20) Mr S Sayed (appointed 18.7.20)
Independent Examiner
Imtiaz Khan FCCA Three Leaves LTD Chartered Certified Accountants Rockware Business Centre Office 16 5 Rockware Avenue Greenford Middlesex UB6 0AA
Approved by order of the board of trustees on 30 January 2022 and signed on its behalf by:
Mr B Kuko-iyii - Trustee
Page 2
Independent Examiner's Report to the Trustees of Bracknell Islamic Cultural Socity
Independent examiner's report to the trustees of Bracknell Islamic Cultural Socity
I report to the charity trustees on my examination of the accounts of Bracknell Islamic Cultural Socity (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies.
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
Imtiaz Khan FCCA Three Leaves LTD Chartered Certified Accountants Rockware Business Centre Office 16 5 Rockware Avenue Greenford Middlesex UB6 0AA
Date: .............................................
Page 3
Bracknell Islamic Cultural Socity
Statement of Financial Activities
for the Year Ended 31 March 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 356,871 Charitable activities Charitable activities 10,000 Investment income 2 - Total 366,871 EXPENDITURE ON Charitable activities 3 Charitable activities 32,188 Other 39,015 Total 71,203 NET INCOME 295,668 RECONCILIATION OF FUNDS Total funds brought forward 703,435 TOTAL FUNDS CARRIED FORWARD 999,103 |
Restricted funds £ - - - - - - - - - - |
31.3.21 Total funds £ 356,871 10,000 - 366,871 32,188 39,015 71,203 295,668 703,435 999,103 |
31.3.20 Total funds £ 240,580 - 2 |
|---|---|---|---|
| 240,582 23,453 3,108 |
|||
| 26,561 | |||
| 214,021 489,414 |
|||
| 703,435 |
The notes form part of these financial statements
Page 4
BTarkn¢ll l$lami Itural Socit Balance Sheei 31 March 2021 31.3.21 31.3.20 No FIXED ASSETS Tangible assets 957.960 6,350 CURRENT ASSETS D¢biors C&sh al bartk 4,172 138,931 1.750 696,295 143,103 698,045 CREDITORS Amounis falling wTrthin one year (101,9601 (960) NET CURRENT ASSETS 41.143 697.085 TOTAL ASSETS LESS CURRENT LIABILITJES 999.103 703,435 r4ET ASSETS 999.103 703.435 FUNDS Unrestricted fimds io 999,103 703,435 TOTAL FUPIDS 999,103 703,435 The financial sts*ments were approved by the Board of TTys1¢¢5 and authorised for issue on 30 January 2022 and tre signed on its beha]f bN'. Mr B Kuko-i)'Ii - Trustee Mr M S Aripin- TnLStee MT A SaHn¢h- Trus¢e The notes form pfjrt of these fiTWtcial statements Page 5
Bracknell Islamic Cultural Socity
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
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the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d);
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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
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the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to accountancy fees together with other overhead costs.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Charity adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefit to the Charity. The carrying amount of the replaced part is derecognised. Repairs and maintenance charged to the Statement of comprehensive income during the year in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Plant and machinery -33% of cost
The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
No depreciation has been charged for the freehold property.
continued...
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Bracknell Islamic Cultural Socity Notes to the Financial Statements - continued for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Charitable activities
Cost of charitable activities comprises all overheads and governance costs excluding finance charges.
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 31.3.21 | 31.3.20 | |||
| £ | £ | |||
| Deposit account interest | - | 2 | ||
| 3. | CHARITABLE ACTIVITIES COSTS | |||
| Support | ||||
| costs | (see | |||
| note | 4) | |||
| £ | ||||
| Charitable activities | 32,188 |
continued...
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Bracknell Islamic Cultural Socity
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
4. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Charitable activities | 19,936 | 643 | 11,609 | 32,188 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 April 2020 5,472 Additions 951,900 At 31 March 2021 957,372 DEPRECIATION At 1 April 2020 - Charge for year - At 31 March 2021 - NET BOOK VALUE At 31 March 2021 957,372 At 31 March 2020 5,472 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
Plant and machinery £ 1,310 - 1,310 432 290 722 588 878 31.3.21 £ 2,550 1,622 4,172 |
Totals £ 6,782 951,900 |
Totals £ 6,782 951,900 |
|---|---|---|---|
| 958,682 | |||
| 432 290 |
|||
| 722 | |||
| 957,960 | |||
| 6,350 | |||
| 31.3.20 £ 1,750 - 1,750 |
|||
| 1,750 |
continued...
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Bracknell Islamic Cultural Socity
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Qarz-e-hasna Accrued expenses ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fund £ Fixed assets 957,960 Current assets 143,103 Current liabilities (101,960) 999,103 MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Restricted funds £ - - - - At 1.4.20 £ 703,435 703,435 Incoming resources £ 366,871 366,871 At 1.4.19 £ 489,414 489,414 |
31.3.21 31.3.20 £ £ 101,000 - 960 960 101,960 960 31.3.21 31.3.20 Total Total funds funds £ £ 957,960 6,350 143,103 698,045 (101,960) (960) 999,103 703,435 Net movement At in funds 31.3.21 £ £ 295,668 999,103 295,668 999,103 Resources Movement expended in funds £ £ (71,203) 295,668 (71,203) 295,668 Net movement At in funds 31.3.20 £ £ 214,021 703,435 214,021 703,435 |
|---|---|---|
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
10. MOVEMENT IN FUNDS
continued...
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Bracknell Islamic Cultural Socity
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 240,582 240,582 |
Resources Movement expended in funds £ £ (26,561) 214,021 (26,561) 214,021 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 489,414 489,414 |
Net movement in funds £ 509,689 509,689 |
At 31.3.21 £ 999,103 |
|---|---|---|---|
| 999,103 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 607,453 607,453 |
Resources Movement expended in funds £ £ (97,764) 509,689 (97,764) 509,689 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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Bracknell Islamic Cultural Socity
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2021 | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 330,201 | 236,042 |
| Gift aid | 26,670 | 4,538 |
| 356,871 | 240,580 | |
| Investment income | ||
| Deposit account interest | - | 2 |
| Charitable activities | ||
| Grants | 10,000 | - |
| Total incoming resources | 366,871 | 240,582 |
| EXPENDITURE | ||
| Other | ||
| FR - Events costs | 4,405 | 3,108 |
| FR - Online platform costs | 5,259 | - |
| FR - Advertising & promotes | 29,351 | - |
| 39,015 | 3,108 | |
| Support costs | ||
| Management | ||
| Rent payable | 8,664 | 16,392 |
| Rates and water | 347 | 351 |
| Insurance | 176 | 116 |
| Light and heat | 385 | 1,299 |
| Telephone | 610 | 130 |
| Printing, postage & stationery | 81 | - |
| Travel costs | 47 | 93 |
| Donations | 9,336 | 1,950 |
| Depreciation of tangible and heritage assets | 290 | 432 |
| 19,936 | 20,763 | |
| Finance | ||
| Bank charges | 643 | 1,730 |
| Governance costs | ||
| Legal & professional costs | 10,649 | - |
| Accountancy fees | 960 | 960 |
| 11,609 | 960 | |
| Total resources expended | 71,203 | 26,561 |
| Net income | 295,668 | 214,021 |
This page does not form part of the statutory financial statements
Page 11