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← East London Mosque Trust

2024-03-31-accounts

EAST LONDON MOSQUE TRUST (A Company Limited by Guarantee)

Company Number: 00468317 e Charity Registration Number: 1122613

TRUSTEES’ ANNUAL REPORT, STRATEGIC REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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ABACUS PARTNERS (LDN) LLP

CHARTERED CERTIFIED ACCOUNTANTS & STATUTORY AUDITORS UNIT A, ABBOTTS WHARF, 93 STAINSBY ROAD, LONDON E14 6JL

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|||||| |---|---|---|---|---| |CONTENTS| |Contents|2| |Corporate|Details|3| |Trustees’ Annual|Report|4| |Objects|and|Public|Benefit|4| |Activities|4| |Strategic Report|6| |Achievements|and|Performance|6| |Plans|for the|Future|13| |Financial|Review|14| |Structure,|Governance and Management|16| |Statement|of Trustees’|Responsibilities|16| |Independent Auditor’s Report|18| |Consolidated|Statement of Financial Activity|22| |Consolidated|Statement|of Financial|Position|23| |Consolidated|Statement|of Cash|Flows|24| |Notes to the Financial Statement|25|

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CORPORATE DETAILS

Registered Name East London Mosque Trust

Working Names East London Mosque & London Muslim Centre Company Number 00468317 Charity Number 1122613 Trustees (Directors) Abdul-Hayee Murshad - Chairman Harun Rashid Khan - Vice Chairman Sirajul Islam (Hira) - Honorary Secretary Syed Tohel Ahmed - Treasurer Abdullah Faliq Hassan Kausar Ahmed (Appointed 2 Sep 2023) Ibrahim lan Thompson (Appointed 20 Sep 2023) Mahera Ruby Mohammed Abdul Malik (Appointed 2 Sep 2023) ; Rahela Choudhury (Appointed 2 Sep 2023) Salma Siddiqua : Ayub Khan (Resigned 2 Sep 2023) Muhammad Habibur Rahman (Resigned2 Sep 2023) ; Ruhana Ali (Resigned 2 Sep 2023) | Sayeda Anzumara Begum (Resigned 2 Sep 2023) : Chief Executive Officer = Junaid Ahmed (Appointed 9 October 2023) : Registered Office 82-92 Whitechapel Road, London, E1 1JQ | Website www.eastlondonmosque.org.uk Statutory Auditors Abacus Partners (Ldn) LLP, Unit A, Abbotts Wharf, 93 Stainsby Road, London, E14 6JL Main Bankers HSBC, 1-3 Bishopsgate, London EC2N 3AQ Al Rayan Bank, 24A Calthorpe Road, Birmingham B15 1RP Barclays Bank Plc, Leicester LE87 2BB

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Solicitors Lee Bolton Monier-Williams Solicitors, 1 The Sanctuary, London SW1P 3JT

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TRUSTEES’ ANNUAL REPORT

OBJECTS AND PUBLIC BENEFIT

The objects of the East London Mosque Trust (‘Trust’, ‘ELMT’ or ‘ELM’), as set out in its Articles of Association, are to:

  1. advance the Islamic faith for the benefit of the public by maintaining and managing a community centre and mosque in London;

  2. advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the general public, and in particular the Muslim community, and;

  3. promote such other charitable purposes as may from time to time be determined.

In pursuance of these objects, the Trust hosts a range of services and activities for the benefit of the public.

ACTIVITIES

The Trust has continued to deliver essential services and make significant strides, with a focus on community engagement, religious services, education, media outreach, and charitable work. This past year has been marked by numerous achievements and initiatives that have strengthened the mosque’s role as a leading Islamic institution in the UK, serving not only as a place of worship but also as a community hub dedicated to spiritual growth, education, and welfare.

Religious services have remained central to the mosque’s activities, with a year marked by full attendance, a focus on excellence, and continuous improvements. ELM’s doors have been open daily, welcoming thousands of worshippers for prayers, particularly during Friday congregations, where over 7,000 people attend. In addition to regular prayers, the mosque continued to deliver Friday sermons in both English and Bangla, with a mix of resident and guest speakers addressing contemporary issues. The sermons covered topics such as social justice, personal responsibility, and community cohesion.

Inclusivity has also been a key focus, with British Sign Language (BSL) interpretation provided during Friday prayers and on Eid, ensuring that the Deaf community is fully integrated into religious life at ELM. Furthermore, the mosque’s global reach was enhanced through its live streaming of prayers and sermons on platforms like YouTube, Facebook, Mixir, and Alexa, reaching both local worshippers and a global audience.

ELM’s digital presence saw significant growth, with the mosque’s website receiving over 22 million-page views from 1 April 2023 to 31 March 2024, up from 20 million the previous year. The website played a crucial role in providing prayer times, audio and video streams, and articles on Islamic topics, making it a key resource for both the local community and Muslims around the world.

Fundraising remained a core focus of ELM’s efforts, with 134 charity collections hosted at the mosque, raising £444,168 for UK-registered charities.

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Education continued to thrive at ELM, with two schools, Al-Mizan and the London East Academy (LEA), achieving significant milestones. Together, the schools educated over 278 students, with Al-Mizan increasing its capacity from 91 to 120 students and LEA seeking approval to expand its intake to 170 pupils. Both schools received positive reviews from Ofsted, with strong ratings for behaviour and personal development, reflecting the hard work and dedication of teachers, parents, and students.

Community engagement efforts were significantly enhanced this year, with ELM hosting several major events designed to foster greater understanding and cooperation between Muslims and the wider public. The mosque participated in the national Visit My Mosque initiative, welcoming hundredsofvisitors from diverse backgrounds. The event followed the theme of ‘Faith, Food, and Friends,’ with exhibitions on Islamic history, educational activities for children, and interactive sessions on the environment, including a popular display of a live beehive. These efforts highlighted ELM’s commitment to sustainability and environmental awareness.

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Phase Three of the ELM extension project continued to make steady progress. This extension will include expanded facilities for prayer, additional meeting rooms, and a larger multi-purpose hall. The expansion will allow the mosque to serve even more individuals and provide much-needed space for future events and programmes. .

Volunteering

The Trust greatly benefits from its dedicated volunteers, who are committed to supporting the Mosque, serving the community, and enhancing services for all. Volunteers have devoted their time to various activities, including assisting with collections and stewarding throughout the year, particularly during Eid and Ramadan—the busiest periods for the Mosque. Over 150 volunteers contribute their time, which is estimated to be worth approximately £155,000 per year. ,

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' STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

The Trust measures success in several ways, such as through satisfaction surveys, fundraising targets, and educational outcomes.

Religious Projects and Services

Prayer Facilities

This past year has been marked by both remarkable achievements and significant challenges for the East London Mosque Trust (ELMT), with a renewed focus on striving for |hsan—the pursuit of excellence in all aspects of our work. We have seen an inspiring resurgence in community engagement and spiritual connection, with our facilities alive with activity and purpose.

The Mosque has remained open every day, welcoming worshippers for daily prayers and accommodating congregations of over 7,000 people. Our well-maintained and accessible spaces at the East London Mosque, the adjoining London Muslim Centre, and the Maryam Centre continue to serve as vital hubs for worship, education, and community support.

Our khutbahs (sermons) on Friday continue to be delivered by our Head Imam and Senior Imams on alternate weeks.

British Sign Language interpretation for Friday and Eid khutbahs is provided by Al Isharah, displayed on screens throughout the Mosque complex. We also stream the khutbahs live on YouTube and Facebook, with audio available on our local digital radios, as well as through global platforms such as Mixlr and Alexa.

Religious Teaching

Daily religious lectures are delivered in the main hall of the Mosque and are accessible to both men and women. These lectures are also streamed online, ensuring wider reach and accessibility. The promotion of Islamic teachings through these lectures helps prevent misunderstandings and supports the spiritual and academic growth of worshippers in a safe environment.

Ramadan & Eid

Ramadan began on March 11, 2024. Although the Mosque was busy during the day it was especially busy in the evenings for Iftar (the breaking of the fast) and Tarawih (late-night) prayers. The Trust was able to serve more than 30,000 Iftar meals this year. The congregations are at their largest during Ramadan, with the Mosque reaching full capacity. Teams of stewards and additional security personnel are deployed to ensure safe access and exit for worshippers. The Trust successfully held five congregational prayers for both Eid-ul-Fitr and Eid-ul-Adha.

Funerals

A total of 485 funerals were held during this reporting period. The Trust facilitates funeral prayers almost daily, often conducting several in one session, typically following the midday prayer. The majority of funerals are organised by the resident independent funeral service, Taslim Funerals, with a few managed by other funeral services.

Compulsory and Other Education

The Trust provides full- and part-time education.

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Al-Mizan School & London East Academy

The Trust has two schools: Al-Mizan School, a full-time junior school for boys and girls, and London East Academy (LEA), a full-time secondary school for boys, are both overseen by a single headteacher and managed under one governing body, which is a committee of ELMT.

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In September 2023, Al-Mizan School enrolled 121 students, and London East Academy had 157 students. The Department for Education (DFE) approved Al-Mizan’s capacity increase to 120 students, up from 91, and a separate application has been submitted to raise LEA's capacity from 160 to 170 students.

Both schools received an overall Ofsted rating of ‘Good’ in 2024. Both LEA and Al-Mizan achieved ‘Outstanding’ in ‘Behaviour & Attitude’ and ‘Personal Development’. This represents a significant improvement from the last inspections five years ago, reflecting the dedication of the pupils, as well as the efforts of parents, staff, the governing body, and ELMT staff.

This year (August 2024), an impressive 83% of our pupils achieved a grade 4 or above in five GCSEs, with 77% achieving this milestone including English and Maths. Notably, 47% of our students secured a grade 5 or above in five or more subjects, including these key areas. To put this in context,the national average for students achieving a grade of 4 or above in five GCSEs is 67.4%. This comparison highlights the outstanding performance of our students, who have surpassed the national average by a significant margin.

Al Mizan's 2024 SATS results demonstrate a strong performance compared to national averages.

Supplementary Education

The Trust's Evening Madrasah now operates 8 classes with over 120 students, following a full review of its schedule. As part of the changes, classes are now held four days a week instead of five.

The Iqra Institute, located on the entire fifth floor of the Maryam Centre, continues to provide educational services for children aged 6 and above in English, Arabic language, and religious studies. In addition to academic learning, the institute also offers parenting skills sessions. The ELMT supports several other educational projects based in its complex that includes Rainbow House, Saturday Islamic School, Hornafric Development Association, and Al Qalam Madrasah.

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Social Welfare

The Trust provides a range of welfare services directly and through supported projects.

Religious Advice and Support

Our Imams provide guidance on a wide range of topics, including marriage, inheritance, family matters, and other religious issues. Due to the high demand for these consultations, this work represents a significant portion of their responsibilities. To manage the demand effectively, the ELMT operates a booking system throughout the week, with certain slots reserved for urgent cases. Additionally, advice is available over the phone. The Imams performed 234 Islamic marriages this year (265 in the previous year)..

Support for Refugees

The ELMT, in partnership with Islamic Relief, continues to provide essential support to refugees and asylum seekers. Around 200 people attend weekly, receiving assistance with applications, ESOL classes, and access to food packs and other essential items.

Additionally, this year, 200 food packs were distributed in partnership with Muslim Aid, and a further 200 Ramadan packs and Eid meals, sponsored by Islamic Relief. Our welfare funding also supported over 300 families with vital items, and the hub even provided free haircuts to those in need.

This work is led by our Refugee Hub Coordinator and a dedicated team ofvolunteers. In celebration of Refugee Week and the Council's designation of Tower Hamlets as a Borough of Sanctuary, we hosted a special event with Qurbani meat, new toys, clothes, and prayer mats.

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Supporting Charitable Causes

This year, 134 external collections were hosted by the ELMT for Uk-registered charities, up from 103 last year. The total amount raised was nearly £444,168.

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Women-only Services

Maryam Women’s Services provides vital information, advice, and guidance to women in the community. Based on the second floor of the Maryam Centre, the front-desk staff offer a safe and supportive environment where women are welcomed for prayers and to participate in many educational and empowerment programmes throughout the year. In addition to the educational programmes, staff members are available for drop-in sessions where they provide advice and guidance, often referring clients to appropriate services and partner organisations, including our own ~ counselling service. This year saw 8,600 women contacting Maryam Women’s Services for support.

Counselling Service

The Maryam Centre Counselling Service is led by qualified counsellors who are trained to provide support through an Islamic perspective. The service offers a confidential space where women can express their thoughts and feelings. Women come to discuss a wide range of issues, including emotional struggles such as depression and anxiety, as well as relationship difficulties like bereavement, separation, and abuse. This service has proved to be crucial in helping women face personal challenges, allowing them to move forward in their lives with a sense of empowerment. Four counsellors have supported over 100 clients this year.

Support for New Muslims

New Muslims are supported through weekly programmes, one-to-one learning, and social gatherings. Additionally, several short courses were developed to further their learning.

Services forthe Elderly

The ELM Senior Citizens Project received three-year funding through the Tower Hamlets Council's grants programme. The activities are coordinated by both a male and female coordinator, supporting over 50 men and women. The project was initiated to combat isolation and loneliness among older adults and to improve health awareness. Loneliness among this age group can often lead to depression, further highlighting the importance of this initiative. The senior group has enjoyed activities such as light exercise classes, outings and day trips, creative workshops, and storytelling sessions.

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Community Cohesion

The Trust actively works to foster stronger relationships with interfaith groups, civic society, and wider communities through engagement programmes and activities throughout the year. Open Days and Tea & Tour events continued as usual. ELMT regularly facilitates open days and exhibitions through the Islam Awareness Project (IAP), which aims to improve community relations and dispel misunderstandings about Islam and Muslims. This year, we invited our neighbours for afternoon tea and a chat. Many attendees had never visited a mosque before, and we connected with individuals who were interested in learning more about our work and shared some of their own concerns as well.

Accredited Islam Awareness Courses — Faith in Diversity Programme

This year, we continued to successfully deliver our accredited courses on Islam, with a unique focus on exploring the intersection of theology and mental health. A key highlight has been the delivery of a bespoke course tailored specifically for Tower Hamlets NHS practitioners, focusing on mental health and wellbeing. The course, attended by over 100 NHS staff members, included sessions on the theological understanding of the mind, body, and soul, and their relationship to mental health.

Tackling Racism, Islamophobia and Anti-Semitism

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The ELMT has been working with anti-racist organisations such as No Place Hate Forum, Tower Hamlets Interfaith Forum, and the Tension Monitoring Group to challenge racism, Islamophobia and anti-Semitism. It also organised and supported several events throughout the year.

Special Events

Annual Iftar Reception - On 27 March 2024, the Trust hosted its annual iftar Reception, gathering ambassadors, dignitaries, community members, and faith leaders. High-profile guests included His Excellency Osman Koray Ertas, Ambassador of Turkiye, His Excellency Dato Zakri Jaafar, High Commissioner of Malaysia, and representatives from eight Muslim embassies, including H.E. Osman Topcagic, Ambassador of Bosnia-Herzegovina, and H.E. Mohamed Salah Hassan, Chargé d'affaires of Sudan. The event featured an exhibition of the mosque's 114-year history, showcasing its growth into a multi-million-pound complex that hosts over 30 community projects and accommodates over 7,000 worshippers. Speeches from dignitaries, including Lutfur Rahman, Mayor of Tower Hamlets, who praised the mosque’s collaboration with the council on education, community safety, and environmental initiatives.

Marking 20 Years of the London Muslim Centre - The Trust marked the 20th anniversary of the London Muslim Centre (LMC) on 11 June 2024, recognising two decades ofservice, education, and community engagement. Over the past two decades, the LMC has become a hub for a wide range of services and activities catering to the diverse needs of the community. From educational programmes to social services, the LMC has played a crucial role in fostering community cohesion, interfaith dialogue, and social development in East London.

ELM Connex - The East London Mosque launched a new initiative, ELM Connex aiming to foster intellectual discourse and strengthen community engagement. The debut event on 3 July 2024 featured Dr[Zulfigar][ Ali][ Shah,][ who][ delivered] a thought-provoking lecture on the influence of Islam on the English Enlightenment, marking the beginning of this exciting initiative.

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Srebrenica Genocide Memorial - On 10 July 2024, the East London Mosque Trust hosted an event to commemorate the Srebrenica Genocide, bringing together community leaders, diplomats, and survivors. The event highlighted the importance of remembrance and reinforced a commitment to peace and justice. His Excellency Osman Topcagic, the Bosnian Ambassador, provided a historical overview of the genocide, explaining how it resulted from a series of war crimes and crimes against humanity.

Public Relations

Over the past year the ELMT was featured in broadcast, print and online media, including BBC News, ITV, iNews, MyLondon, The Huffington Post, East London Advertiser, The Tablet, Arab News, The New Arab, and Morocco World

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News, TRT World. Because of the international issues such as the Israeli war on Gaza and far-right riots, the mosque was inundated with requests for interviews and comments.

Our weekly Khutba blog has become a valuable resource for our community and beyond. Each week, we publish a summary of the Friday sermon delivered at the mosque, making the key messages from our Imams accessible to a wider audience.

In 2024, the Media Team successfully arranged a high-profile documentary titled "Ramadan: A Journey Across Britain" in collaboration with ITV's Shehab Khan. This documentary showcased the East London Mosque (ELM) at the heart of British Muslim life during Ramadan, highlighting the mosque's central role in the community. The documentary was a resounding success, amassing millions of views and significantly raising the profile of the ELM on a national scale.

The monthly newsletter continues to be a cornerstone of our communication strategy. In 2024, we revamped its design and content structure to make it more engaging and informative. The newsletter now reaches over 20,000 subscribers, providing updates on mosque activities, community events, and important announcements.

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Social Networks

The East London Mosque’s Facebook page has over 344,000 followers. The page is regularly updated with information on fundraising activities, services, announcements and media statements. Enquiries directed to the ELMT via Facebook and Instagram messages are also responded to, and advice given to users. Our Twitter account has over 15,700 followers. The Mosque’s YouTube channel has grown significantly, with a total lifetime 9.7 million views, 1.7 million views over the past year and now has over 68,000 subscribers. Our Instagram account has grown to 31,000 followers, and TikTok stands at 30,100.

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Premises

Phase 3 Prayer Hall Extension

In preparation for Ramadan 2024, the East London Mosque temporarily opened its Phase 3 prayer hall extension, allowing almost 1,000 additional worshippers to attend prayers during the sacred month. This development demonstrated the mosque's commitment to accommodating the growing needs of its congregation, particularly during one of the busiest periods ofthe Islamic calendar.

The temporary opening marked a significant milestone in the mosque's ongoing expansion project, highlighting its dedication to providing a welcoming and spiritually enriching environment for all worshippers. Although the prayer hall extensions were accessible for Ramadan, they. were closed again afterwards to complete the remaining construction work. The works are to re-start in September 2024 and scheduled to be completed in February 2025.

To support the continued development of the mosque, a fundraising campaign was launched to cover the capital | costs associated with the new extensions. This initiative aimed not only to complete the current phase of expansion : but also to lay the groundwork for future growth, ensuring that the East London Mosque remains a central hub of faith, education, and community in East London for years to come.

ELM Dome Replacement

Due to a significant increase in the cost estimate, and the prioritisation of Phase 3 works, the dome replacement project has been put on hold.

Security

There are potential risks including damage to property, burglary, theft, arson, and hate crimes. All reasonable measures are taken to enhance security. To this end, risk assessments are conducted as required, and at least annually.

Where appropriate, expert advice has been sought to determine security risks and precautions required to deal with these potential threats. The ELMT is in regular contact with the police and Community Liaison Officers. We also have close and regular contact with Tower Hamlets Council's Community Safety Department as well as the Tension Monitoring Group.

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Staff and volunteers are provided with sufficient resources, information and training to implement the security procedures, which are reviewed regularly. The Security Team provides 24/7 security cover for our buildings, which acts as a deterrent, and is reassuring for staff, volunteers and users.

Security is increased during high profile visits by dignitaries to the Mosque and Centre, also for Ramadan night-time prayers and Eid prayers.

Governance and Administration

The Strategic Priorities 2024 outlines the priorities for the next 12 months for the organisation, which includes the development of a long-term Strategic Plan. The ELMT’s policies and procedures are kept under regular review by the Governance, Compliance & Audit Committee.

Senior Management

The Director of Finance & Engagement stepped down at the end of June 2023, following many years of dedicated service. In October 2023, the ELMT appointed Junaid Ahmed as the Chief Executive Officer (CEO), aligning with a key priority highlighted in last year's report.

External Review

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In December 2023, the Board of Trustees engaged a consultant to conduct a comprehensive review of all financial policies and procedures, including the Investment Policy. The consultant's work to date has focused on the following areas:

Additionally, the consultant will provide an independent assessment of the organisation’s financial health and offer recommendations for improvement.

Board of Trustees

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Anew term for the Board of Trustees commenced in September 2023, after several long-serving trustees retired from the Board. Their substantial contributions over the years were honoured and recognised by staff and trustees. To support ongoing development, a training and development programme for trustees has been launched, encompassing both formal and informal methods. Trustees have already participated in fraud and anti-money laundering training, with additional training planned. The Board currently includes a trustee with expertise in the financial sector and is seeking to recruit a trustee with legal expertise.

Staffing Review

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The CEO has commenceda review of the staffing and departmental structure to ensure that the organisation has the necessary resources to deliver high-quality services and support future growth.

Fundraising, Income Generation, and Investment Performance

The Trust’s income in 2023-24 was £5.60m (£5.11m in 2022-23), generated through donations, investment income and school fees. The expenditure in 2023-24 was £4.96m (£4.39m in 2022-23). This performance returns the organisation to surplus in 2023-24 of £0.63m.

The Phase 3 project, which involves extending the prayer halls for both men and women, generated £0.46 million in 2023-24 and is scheduled for completion by February 2025.

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Income from hall hire was £0.17 million. Plans are underway to refurbish the halls and invest in marketing and promotion efforts to boost income from hall rentals.

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Planning permission for the Pershore Street investment is expected by the end of 2024, with the return on investment projected around March 2025.

Income from investment totalled approximately £1.07 million in 2023-24, up from £0.95 million in 2022-23, reflecting a 13% increase. The ELMT’s investment properties, valued at £15.69m, consist of a portfolio of freehold and leasehold assets both within and outside the Mosque complex.

To support cash flow and meet financial commitments for the Phase 3 works, one of the investment properties was sold in October 2023, at a price of £407,000. Additionally, the sale of a new-build property in Northampton resulted in a profit of £51,609 for the Trust.

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PLANS FOR THE FUTURE

Income Generation & Financial Stability

  1. Develop Fundraising Strategy: Evaluate and enhance fundraising strategies: Assess and improve the effectiveness of current fundraising approaches to ensure optimal financial support. —

  2. Expand digital/social media presence for increased impact and innovation: Utilise digital platforms to broaden reach, enhance impact, and encourage innovative financial approaches.

  3. Investment Management & Efficiency Measures: Enhance the management of current investments to maximise returns and financial stability. Explore efficiency/cost-saving measures where possible.

Organisational Capacity (People & Digital)

  1. Develop a fit-for-purpose organisational structure: Design an organisational structure that aligns with current needs and future goals.

  2. Prioritise recruitment of key positions and a strong leadership team.

  3. Review and refine financial policies, systems, and processes: Scrutinise and improve existing financial policies, systems, and processes for efficiency and transparency.

  4. Evaluate and update governance policies to ensure they meet current standards and organisational requirements.

  5. Strengthen IT and Cyber Security measures: Enhance security measures to protect IT infrastructure and sensitive data.

  6. Vision 2030 & Strategy: Clearly define and align organisational goals with the long-term vision for the year 2030.

Culture of Excellence and Continuous Improvement

  1. Implement a performance management framework: Establish a system for effectively managing and evaluating employee performance.

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Service Provision and Stakeholder Engagement

  1. Review overall Service provision within the complex to ensure it’s in line with priorities and manage duplication.

  2. ELM Evening Madrasah: Evaluate and revamp the Evening Madrasah for improved impact and relevance.

  3. Engagement & Outreach - Reposition ELM’s engagement with key civic society institutions and high profile/impact personalities.

Capital Projects and Facilities

  1. Capital projects: Ensure the successful implementation of Phase 3 capital project.

  2. Maintenance - Improve maintenance service level and overall facilities standard to improve public image.

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FINANCIAL REVIEW

Performance

Donation income increased to £1.72m (£1.58 in 2022-23). Income from charitable activities increased to £2.05m (£1.94m in 2022-23). Investment income increased to £1.07m (£0.94m in 2022-23) and income from fundraising activities increased to £0.70m (£0.60m in 2022-23). There is a surplus of £0.63m for the year compared to a deficit of £0.23m in the previous year.

Restricted income includes donations received for specified projects and income for the full-time schools and evening madrasah and collections for charitable and welfare distributions.

The net current liability stands as £0.36m, much improved from £0.90m in 2022-23. The Trust has been monitoring and reviewing its cashflow on a monthly basis. With progress in the sale of investment properties after 31** March 2024, the Trust is expected to address its liability. :

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Staff Remuneration

The remuneration committee agreed an overall 3.5% increase to the pay scale from 1 April 2024. The National Minimum Wage increased by 9.4% which will benefit those on the lower end of the pay scale.

Investment Policy

The objective of the ELMT’s investment policy is to grow its assets to support its strategic goals and activities, as well as to meet operational costs.

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Looking ahead, the Board of Trustees intend to develop an investment portfolio to generate a larger share of its income from investment activities. The goal is to gradually build a diversified investment portfolio that includes placements with UK-authorised Islamic financial institutions, property, and financial instruments that comply with Shariah principles. To achieve this, the Board will establish an Investment Committee grounded in principles of good governance.

Reserves Policy

The aim of the reserves policy is to ensure that the Trust can meet its short-term operational costs in an event where income drops to an unsustainable low. It is currently operating to service at least two months of liabilities, which is £0.80m. The Board of Trustees considers the reserve policy to be adequate, as the giving tradition is strong in such a faith-based organisation, with regular income received from the investments. The free reserves on 31% March were £0.24m, however this is temporary. Post-year receipts from the sale of properties will increase the level of reserves.

Principal Uncertainties, Risks and Management

The ELMT identifies and monitors risks related to compliance, reputation, financial management, governance, and operations, and implements measures to mitigate these risks, particularly those considered major. These measures, supported by regular reviews, ensure robust protection of the charity.

Key risk management measures implemented by the ELMT include:

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To mitigate reputational risks, the ELMT has a stringent booking process and policy for speakers and actively challenges any misleading or malicious media reports. Additionally, it has strengthened its due diligence procedures.

Security measures are continuously reviewed, with the ELMT employing 24/7 security guards and maintaining close coordination with the local police force and other agencies, such as the Tension Monitoring Group.

The ELMT benefits from interest-free loans from supporters, known as Qard Hasana. The balance of these loans increased to £5.38 million from £4.85 million by the end of this reporting period.

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The ELMT ensures it maintains sufficient cash flow to repay Qard Hasana upon request and is prepared to sell some of its remaining investment properties if necessary.

Independent Auditor

An independent audit was carried out by Abacus Partners (Ldn) LLP, Chartered Certified Accountants & Registered Auditors. The auditor is deemed to have been re-appointed in accordance with section 487 of the companies Act 2006. ;

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| STRUCTURE, GOVERNANCE AND MANAGEMENT

The East London Mosque Trust is a company limited by guarantee. Its Articles of Association were last updated in 2020. Ten trustees are elected by the Trust’s membership from amongst themselves every two years. The elected trustees may appoint up to five additional trustees whose expertise may benefit the Trust. Trustees are the company directors for the purpose of company law. Trustees do not receive any remuneration.

A trustee induction procedure outlines steps for vetting trustees, key documents that are considered essential, and expectations for appropriate training. The Board of Trustees typically meets every six weeks; in this reporting period, they met 17 times. It has established three principal committees for effective governance: ,

After the appointment of the CEO, the CEO and Senior Management Team are overseeing the operational management of the ELMT. The delegation of decisions to committees is outlined in terms of references, and to staff in job descriptions. The Board of Trustees retains ultimate oversight of financial controls, the management of risks, significant developments, and in ensuring the Trust operates in accordance with its Articles of Association, charity law and other legal requirements, and best practice.

The Trust has a subsidiary, the ELMT Waaqf, to make investments. The Trust cooperates with other charities and organisations where this will help deliver its objects to its beneficiaries, with due regard to any conflicts of interest.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of East London Mosque Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The Board ofTrustees is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company, and to enable them to ensure that the financial statements comply with Companies Act 2006. They are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the persons who is a director/trustee at the date of approval of this report confirms that:

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The Trustees' Annual Report and the Strategic Report were approved by the Board of Trustees (in their capacity as company directors) on 12 October 2024 and signed on its behalf by:

Chairman

-; Sirajul Islam {Hira) Honorary Secretary

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INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS/TRUSTEES OF THE EAST LONDON MOSQUE TRUST FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of The East London Mosque Trust for the year ended 31st March 2024, which comprise the statement of financial activities, the Statement of Financial Position, the statement of cash flows, and the related Notes, 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).

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

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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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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

We have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The Statement of Financial Position presents net current liabilities of (£361,637) at the year-end, indicating that the obligations that the Trust has for the year ahead, exceed its liquid assets available. Our conclusion considered that the Trust realised £0.3m cash in July 2024 (Note 34 of Accounts), to significantly reduce its net current asset liabilities. We also sought clarity on the Trust’s legally enforceable capital commitments, alongside its cashflow projections.

Based on this, and other work we have performed, we have not identified any material uncertainties relating to events or conditions that cast doubt on the charitable company’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.

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Aside from our post year-end assessments, users should also note that current liabilities include £1.89m of Qard Hasana loans, which in practice are unlikely to be recalled by all private lenders within the next year.

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read 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 or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and the Trustees Annual Report.

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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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.

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In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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

As part of our planning process:

The key procedures we undertook to detect irregularities and misstatements including fraud, included:

Use of our report

This is report is made solely to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Acts 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

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extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as body, for our audit work, for this report, or for the opinion we have formed.

Mr Nur Ahmed Chowdhury (Senior Statutory Auditor) For and on behalf of Abacus Partners (Ldn) LLP Statutory Auditor Unit A, Abbotts Wharf 93 Stainsby Road London E14 6JL

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EAST LONDON MOSQUE TRUST

(Company Limited by Guarantee)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |CONSOLIDATED|STATEMENT OF FINANCIAL ACTIVITY (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)| |FOR THE YEAR ENDED|31|MARCH|2024| |Total|Total| |Notes|Unrestricted|Restricted|2024|2023| |£|£|£|£| |Incoming|Resources| |Donations|and|Legacies|3|1,263,038|460,828|1,723,866|1,578,914| |Activities|for Generating|Funds|4|702,666|-|702,666|604,783| |Investment|Income|5|1,016,843|51,609|4,068,452|945,046| |Income from|Charitable Activities|6|283,297|1,771,173|2,054,470|1,936,103| |Others|Incoming|Resources|7|47,818|-|47,818|46,916| |Total|Incoming|Resources|3,313,662|2,283,609|5,597,271|5,111,762| |Resources|Expended|:| |Fundraising|Costs|8|258,942|-|258,942|266,484| |Investment Management Costs|9|324,257|52,160|376,417|300,278| |Charitable Activities|Costs|10|1,532,007|1,759,303|3,291,310|2,978,361| |Support costs|11|864,425|-|864,425|738,348| |Governance|cosis|11|468,502|-|168,502|405,170| |Total|Resources|Expended|3,148,133|1,811,463|4,959,596|4,388,644| |Net Income/Deficit|Before|Fund Movements|465,528|472,146|637,676|723,121| |and|exceptional|items| |Gross Transfer Between|Funds|22|*|(58,289)|58,289|-| |Net Movement before other recognised|gains and|losses|107,239|530,435|637,676|723,121| |Profit/ (loss) on|disposal|of Fixed|assets|(3,000)|(3,000)|(1,000,000)| |Gains|/|(losses)|on|revaluation|of|Fixed|assets|-|-|46,320| |"Net Movement in Funds|104,240|530,435|634,676|(230,559)| |Reconciliation|of funds:| |Total Funds|Brought Forward|36,187,382|947,140|37,134,522|37,365,081| |Total Funds as|at 31|March 2024|36,291,622|1,477,575|37,769,198|37,134,522|

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All the activities of the company are from continuing operations.

The notes beginning on page 25 form part of these financial statements. 22

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |EAST|LONDON|MOSQUE|TRUST| |(Company|Limited|by Guarantee)| |CONSOLIDATED|STATEMENT|OF|FINANCIAL|POSITION| |AS AT|31|MARCH|2024| |Note|Total2024|,|Total2023| |£|£|£|£| |Fixed|Assets:| |Freehold|Land|and|Buildings|13|25,078,799|24,427,011| |Investment|Properties|13|45,689,751|16,099,751| |Fixtures,|fittings|and|equipment|13|440,894|433,299| |Other|investments|763,494|538,933| |Investment|in|Subsidiaries|1|1| |41,972,939|41,498,995| |Current|Assets:| |Stock|2,421|2,863| |Debtors|&|prepayments|14|1,105,797|41,158,332| |Cash|at|bank &|in|hand|2,209,328|1,536,354| |3,317,546|2,697,549| |Current|Liabilities:| |Amount|falling|due|within|one|year|15|3,679,184|3,598,376| |Net Current Assets|/|(Liabilities)|(361,637)|(900,826)| |Total Assets|less|Current|Liabilities|41,611,302|40,598,169| |Creditors:| |Amount|falling|due|after|one|year|16|3,842,104|3,463,647| |Total|Net Assets|37,769,198|37,134,522| |Funds|of the|Charity|.| |Restricted|Funds|21|1,477,575|947,140| |Unrestricted|Funds|22| |General|Funds|.|245,026|236,274| |Designated|Funds|36,046,595|36,291,622|35,951,108|36,187,382| |Total Funds as at 31|March 2024|37,769,198|37,134,522| |The financial|statements|were|approved|and|authorised|for issue|by the|Board|on|12|October|2024.| |Signed on|behalf of the board|of trustees|

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Trustee & Chairman

Trustee & Treasurer

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The notes beginning on page 25 form part of these financial statements. 23

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EAST LONDON MOSQUE TRUST (Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £ £ £
Cash from Operating Activities
Operating Surplus / (Deficit) 634,676 723,121
Rentfrom investments (1,016,705) (944,017)
Depreciation 178,484 74,874
Other Investment Income (137) (1,029)
(Gain)/Lossonflxed assetdisposal (48,609) -
(Increase)/Decrease in Debtors 62,535 (332,797)
(Increase)/Decrease in Stock 442 164
Increase/(Decrease) in Creditors 80,808 367,660
CashfromOperations (118,507) . (142,025)
NetCash Generated from Operations (118,507) (112,025)
Cash from InvestmentActivities
PurchaseofTangible FixedAssets (1,027,375) (687,917)
Investments purchased (224,561) (1,538,933)
Proceeds from sale ofassets 648,117
Rents from investments 1,016,705 944,017
Interest / Profit on investment 137 1,029
NetCash inflow/outflow frominvestmentActivities 413,024 (1,281,804)
Cash from Financing Activities
Increase/(Decrease) ofBankLoan (144,664) (147,720)
Increase/(Decrease) ofQard Hasanah (Private Loan) 523,121 378,457 336,850 194,129
Net Increase/(decrease) in Cash and Cash Equivalents 672,974 (1,199,700)
Opening Cash and Cash Equivalents 1,536,354 2,736,054
Closing Cashand Cash Equivalents ~~2,209,328~~ ~~1,536,354~~
Reconciliation:
Cash at bank and in hand 2,209,328 1,536,354
2,209,328 1,536,354
See Note32 for analysis ofchanges in netdebt
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1 Accounting Policies

EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

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Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charities programmes and activities. Where support costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

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EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

1.8 Tangible fixed assets and depreciation:

Freehold properties were previously not depreciated on the basis that they were maintained to a high standard. As it can no longer be demonstrated that their useful lifes are being extended, they are now being depreciated as required by the accounting standards.

Individual fixed assets costing £500 or more are capitalilsed at cost, and are stated in the accounts at cost less depreciation.

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||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Depreciation|is|calculated|to write|off the|cost|less|their estimated|residual|value,|over their expected|useful|lives on|the|following|basis:| |Freehold|Property|Over|ZUU years on|non-land|portion| |Computers|and|Equipment:|15%|Reducing|balance.| |Furniture,|Fixtures|and|fittings|15%|Reducing|balance.| |1.9|Investment|properties:| |Investment|properties|are|held|at|fair|value,|which|is|measured|annually with|changes|in|fair|value|recognised|in|‘net gains|/|(losses)|on|investments’|in|the| |SOFA.| |1.10|Investments|:| |Investments|are|recognised|initially|at fair value,|which|is|normally stated|at cost|less|provision|for permanent diminution|in|value.|Subsequently,|they|are| |measured|at fair value|with|changes|recognised|in|‘net gains|/ (losses)|on|investments’|in|the|SoFA.|Other investments|are|measured|at cost|less| |impairment.| |1.11|Stock:| |Stock|held|by the|entity|consists|of books|and|radios.|Goods|are stated|at,|the|lower|of,|cost|or|net|realisable|value.|The cost|includes|all|costs|of purchase,| |any|costs|of conversion|and|other costs|incurred|in|bringing|the|goods|to|its|present|location|and|condition.| |1.12|Debtors|and|prepayments:| |Debtors|are|receivable|within|one|year and/or more than|one year|recognised|at the transaction|price.|Prepayments|are|valued|at the amount|prepaid|net of| |any|discounts|due.|:| |1.13|Creditors|and|accruals:| |Creditors|payable|within|one|year|and/or more than|one year are|recognised|at the|transaction|price.|Accruals|are|valued|at the|net|cost,|less|any discounts| |offered.| |1.14|Loans and|borrowings:|:| |Loans|and|borrowings|are|initially|recognised|at the|transaction|price,|including|transaction|costs.| |Private|Loans:|"Qard|Hasanah"|are|interest free|loans from the|charity's|beneficiaries,|which|are|repayable on|demand,|unless|a|separate|contract|exists| |with|individuals.|Qard|Hasanah|is|recognised|upon|receipt|and|recorded|under|liabilities due|within one|year,|or|greater|than one year|(in|cases where the|©| |loaners|have|contractually|agreed|to|not|have|the|right to|have|the|loans|repayable on|demand).| |1.15|Provisions:| |Provisions|are|recognised|when|the|charity has|an|obligation|at the|balance|sheet date as|a|result|of a|past event,|it|is|probable|that|an|outflow|of economic| |benefits|will|be|required|in settlement and|the amount can|be|reliably estimated.| |1.16|Pensions:|.| |Employees|of the charity are entitled to join a defined|contribution|pension scheme. The pension contributions|by the charity are charged to the financial| |statements,|and|equal|or exceed|the|statutory|minimum|percentages|applied|to|pensionable|earnings.|

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1.17 Taxation:

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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1.18 Group accounting The entity has a 100% stake in a dormant subsidiary LMC Limited and a 100% stake in ELMT Wagf Ltd. The latter's total reserves at 31 March 2024 were (£2,183). ELMT has a loan outstanding with ELMT Waaf Ltd., the details of which are discussed in Note 29.

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EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

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2. Legal status ofthe charity
The charity is
acompany limited byguarantee and hasno share capital. In		 theeventofthe charitybeingwound up, the liability in respect oftheguarantee is
limited to£10 foreach memberofthe charity. ;
Incoming Resources
3 Donationsand Legacies Note Unrestricted Restricted 2024 2023
£ £ £ £
General Donations 1,177,254 1,177,254 4,206,392
- Archiving Project 1,695 1,695 2,025
BuildingAppeals (Dome/Phase 3) 459,133 459,133 288,645
GiftAid ~~85,784~~ ~~85,784~~ ~~81,852~~
1,262,393 461,473 __1,723,866 1,578,914 .
4 ActivitiesforGeneratingFunds "Unrestricted Restricted 2024 2023
£ £ £ £
Hall and Room Hire 168,811 168,811 210,556 ;
Fundraising Activities 15,316 15,316 58,068
Digital Fundraising incl. website 397,645 397,645 251,170
Bookstall and similarsales 45,894 45,894 31,739
Charity package sponsorships 75,000 75,000 53,250
702,666 - 702,666 604,783
§ Investment Income Unrestricted Restricted 2024 2023
£ £ £ £
Rent and Services Charges 1,016,705 1,016,705 944,017
ProfitonBank Deposits and investments 137 137 1,029
ELMTWaaf 51,609 51,609
. ~~1,016,843~~ ~~51,609 ~~ ~~_1,068,452~~ ~~945,046~~
6 Incomefrom CharitableActivities Unrestricted Restricted 2024 2023
£ £ £ £ :
a) Educational Projects
Ai Mizan School 448,580 448,580 547,855
London EastAcademy 733,689 733,689 715,238
ELM Evening Madrasah ~~72,190~~ ~~72,190~~ ~~58,546~~ :
- 1,254,459 1,254,459 4,321,639
~~b) Contributions to ELMT for service use~~
Al Mizan School 69,783 69,783 79,752
London EastAcademy 88,424 88,424 101,056
158,207 158,207 180,808
c) Other charitablefunds
Fitr Fund 109,701 109,701 80,070
Zakat Fund 95,518 95,518 88,482
Welfare Fund 206,748 206,748 118,886
Counselling Projects 11,417 11,417 36,719
Winter Food Project 26,758 26,758 -
IslamAwareness Project 66,572 66,572 21,259
Itikaf contributions, and Iftarand Huffazcollections 125,090 125,090 88,240
~~125,090~~ ~~516,714~~ ~~641,804~~ ~~433,656~~
Total 283,297 1,771,173 2,054,470 1,936,103
The contributions bythe schools for use ofELMTfacilities are reflected in the schools’ costs in Note 10.
7 OtherIncoming Resources Unrestricted Restricted 2024 2023
£ £ £ £
UserGroups' Contributions 5,031 5,031 3,155
Weddings and Attestations 37,170 37,170 28,900
Sundry ~~5,617~~ ~~-~~ ~~5,617~~ ~~14,861~~
47,818 - 47,818 46,916
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Total income ~~3,313,017~~ ~~2,284,254~~ ~~5,597,271~~ ~~5,111,762~~

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EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

Expenses Summary

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8 Fundraising Costs Unrestricted Restricted 2024 2023
£ £ £ £
Salaries and Employer's NIC 100,303 100,303 98,459
Fundraising Events and Campaigns 140,199 140,199 152,633
Bookstalland Similar Supplies ~~18,440~~ ~~18,440~~ ~~15,392~~
258,942 - 258,942 266,484
9 InvestmentManagementCosts Unrestricted Restricted 2024 2023
£ £ £ £
Salaries and Employer's NIC 12 90,732 90,732 86,625
Premises Expenses 12 150,376 150,376 162,638
Insurance 12 30,203 30,203 9,166
Finance Charges 52,946 52,946 41,261
Waaf Ltd. 52,160 52,160 588
324,257 52,160 376,417 300,278
10 CharitableActivities Unrestricted Restricted 2024 2023
£ £ £ £
Educational Projects
Al Mizan School 458,183 458,183 531,933
London EastAcademy 799,524 799,524 720,194
Elm Evening Madrasah 88,003 88,003 75,440
- 1,345,709 1,345,709 1,327,567
Salaries and NIC - imams and Religious support 189,313 189,313 180,704
Welfare Fund Distribution 172,982 172,982 92,467
Counsellor Fees 53,342 §3,342 37,105
Fitr Fund Distribution 104,564 104,564 77,824
Zakat Fund Distribution 34,130 34,130 88,243
: 189,313 365,018 564,331 476,340
- Salariesand Employer's NIC 13 206,210 206,210 196,875
Premises Expenses 13 972,378 972,378 747,978
Archiving Expenses 11,075 41,075 15,892
Baraka Khan Visitor Centre 4,321 4,321 4,672
WinterFood Project 24,077 24,077 -
Burial Support - 28,800
Foodbank and Community Support - 17,276
Kickstarterscheme 7,565
IslamAwareness Project 9,103 9,103 10,389
Iftar, Itikaafand Huffaz Expenses 102,474 102,474 85,284
Publications related to charitable events 26,943 26,943 13,751
Web hosting and digital hub 18,702 18,702 27,807
Telephone, Fax and Internet 413 4,378 4,378 4,980
Computers and IT Expenses 13 11,610 11,610 9,288
Postage and Stationery - ~~3,899~~
1,342,694 48,576 1,391,270 1,174,455
1,532,007 1,759,303 3,291,311 2,978,362

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EAST LONDON MOSQUE TRUST

Notes to the Financial Statements

for the Year Ended 31 March 2024

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1 SupportandGovernance Costs: Note Unrestricted Restricted Restricted 2024 2023
a)Support Costs £ £ £ £
Salaries and Employer's NIC 12 461,910 461,910 440,999
Insurance 12 - - 18,332
Telephone, Faxand Internet 12 4,378 4,378 4,980
Computers and IT Expenses 12 11,610 11,610 9,288
Postage and Stationery 6,781 6,781 3,899
Legal and Professional Fees 83,632 - 83,632 87,236
Payroll service 854 854 161
Training and Recruitment 8,010 8,010 8,905
Book-Keeping andAccountancy 10,200 10,200 9,660
Bankand CreditCard Charges 58,725 58,725 48,684
Volunteer Expenses 7,130 7,130 4,968
Subscriptions 14,022 14,022 11,484
Sundry 30,148 30,148 26,818
Depreciation on FF and Equipment 67,070 67,070 62,934
Depreciation on Freehold property 99,957 99,957
864,425 - 864,425 738,348
b) GovernanceCosts
Salaries and Employer's NIC 12 65,987 65,987 63,000
Legal fees 86,701 86,701 26,203
Auditor remuneration 9,240 9,240 9,160
Meetings and Training 6,574 6,574 6,807
168,502 - 168,502 105,170
1,032,927 - 1,032,927 843,518
Total Expenses ~~3,148,133~~ ~~1,811,463~~ ~~4,959,597~~ ~~4,388,642~~
Investment
12 Allocation ofCosts: Total Support Costs Governance Costs Mgtcost CharitableActivities
~~a) Charitable Activities:~~ ;
Cleaning and Support Services 379,888 37,989 341,899
Service Charges 9,602 9,602
General Rates and Water 31,733 31,733
Lighting and Heating 364,742 36,474 328,268
Repairs and Maintenance 306,626 30,663 275,963
1,092,590 - : 146,460 946,130
b) Support Costs:
Computer and IT Expenses		 23,219 11,610 11,610
Insurance 30,203 30,203
Salaries and Employer's NIC 824,839 461,910 65,987 90,732 206,210
Telephone, Fax and Internet 8,756 4,378 4,378
887,017 477,897 65,987 90,732 252,400

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements
forthe Year Ended 31 March 2024
13 Tangible Fixed Assets: Freehold
Land & Buildings		 Investment
Properties		 “ixtures, Fittings
& Equipment		 Total
Cost or valuation: £ £ £ £
At 1 April 2023
Additions		 24,427,011
941,253		 16,099,751 1,687,906
86,122		 42,214,668
1,027,375
Gains /(losses) on fair value of Fixed assets , -
Disposal (189,508) (410,000) (599,508)
Land and Buildings transferred to FA Investment -
Depreciation: : ~~25,178,756~~ ~~15,689,751~~ ~~1,774,028~~ ~~42,642,535~~
At 14 April 2023 1,254,607 1,254,607
Charge forthe year 99,957 78,527 178,484
Eliminated by Disposal : -
99,957 - 1,333,134 1,433,091
Net Book Value
As at31 March 2024 25,078,799 15,689,751 440,894 41,209,444
As at 31 March 2023 24,427,011 16,099,751 433,299 40,960,061
2024 2023
Investment properties: £ £
Fairvalue investment Properties b/f 16,099,751 16,049,751
Reclassifications and additions - 3,680
Disposal of42 Prioress House (410,000)
Gains /(losses) on revaluation - 46,320
15,689,751 16,099,751

Mixed use Land and buildings (with investment element), and sole investment properties were not subject to professional valuations during the financial year. The trustees have considered that mixed use buildings show some sign of having higher market value, but in the absence of market data on sold properties of a similar purpose built nature, an upwards fair value revaluation was difficult to demonstrate.

~The disposal of £189,508 in freehold land and buildings relates to the sale of one of the plots of land in Northampton, held by ELMT Waaf Ltd. See Note 26

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14 Debtors & Prepayments: 2024 2023
£ £
Prepayments 111,418 89,936
Rent and Others 352,978 588,086
GiftWelfare Aid accrueddebtors 31,98810,000 20,00021,415
Other accrued income 69,142
Student Fees 530,271 438,895
1,105,797 1,158,332
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15 Creditors: Falling due within within one year

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EAST LONDON MOSQUE TRUST Notes to the Financial Statements

for the Year Ended 31 March 2024

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|||||||| |---|---|---|---|---|---|---| |Creditors:|Falling|due within within|one|year|2024|2023| |£|£| |Other Taxes|and|Social|Security|Costs|57,206|46,465| |Trade|Creditors|316,621|203,172| |Rent|and|Hall|Hire|Deposits|156,656|148,016| |Advance|Tuition|Fees|346,036|363,964| |Accruals|and|Deferred|Income|696,656|701,634| |AlUnidentifiedRayan|(IBB)schoolsBankreceiptsLoan|:|190,367|190,36722,155| |Qard|Hasanah-|Private|Loan|1,893,873|1,893,873| |Pension|Contributions|21,765|28,726| |3,679,184|3,598,376| |Creditors:|Falling|due|after more than|one year|2024|2023| |£|£| |Qard|Hasanah|-|Private|Loan|3,483,903|2,960,782| |Al|Rayan|(IBB)|Bank|Loan|358,201|502,865| |3,842,104|3,463,647|

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Private Loans: "Qard Hasanah" are loans from the charity's beneficiaries, which are repayable on request. There is no interest due or security given for these loans. Long-term Qard Hasanah loans have been contractually agreed with private individuals, as not repayable within 12 months. Short-term loans can be repayable at any time that the loaner requests the return of their loan.

FRS102 requires long-term interest-free loans to be stated at their present value. Effectively this would mean loan amounts stated in the account are lower than the actual amounts payable in future. This has potential to confuse the charity's stakeholders; as such the trustees have opted not to follow FRS102 treatment for these loans. This represents a departure from the accounting standards.

17

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||||||| |---|---|---|---|---|---| |Analysis|of Staff Costs:|2024|2023| |£|£| |Total|Salaries|2,194,880|2,029,789| |Employer's|NIC|166,748|156,582| |TotalPensionEmploymentContributionscost|:|2,467,600105,972|;|2,299,249|112,877| |Average|number of employees:|Support|33|38| |Average|number|of employees:|Charitable|90|91| |<0|ee| |Employees|paid|in|excess of £60,000|-|-|

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31

:

EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

18 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2023: £Nil)

Key management personnel (this excludes all Company directors/trustees) received remuneration of £168,849 during the year (2023: £212,326) including pension costs. The trustees did not have any expenses reimbursed during the year (2023 - £nil).

19 Pensions:

The charity's pension scheme incorporates a SMART salary sacrifice scheme. It is operated by Evolve. Employer's contributions made to pension schemes were £112,877 (2023: £101,754), recognised as an expense under staff emoluments.

'

20

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|||||||| |---|---|---|---|---|---|---| |~—Deferred|income:|2024|2023| |£|£| |At|start 01.04.2023|629,456|804,031| |Additions|during|the|year|.|834,653|629,456| |Amounts|released|to income|(629,456)|(804,031)| |At end|31.03.2024|834,653|629,456|

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Deferred income occurs where the entity has raised invoices for a service to be provided in the next financial period. This includes:

Rent and service charges: Invoices are raised a month in advance of the rent quarter to be billed.

i

:

-

|

|

Hall Hire: Bookings made for events ocurring in the period after 34st March 2024.

Student fees: Fee invoices raised in the school academic year, but actually pertaining to the next financial year. The academic year crosses 2 financial years, and fees are allocated accordingly. Students awaiting enrolment may also be invoiced in advance.

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|||||||||| |---|---|---|---|---|---|---|---|---| |21|~~|Restricted Fund Movements|Opening|Incoming|Resources|Closing| |01.04.2023Balance|Resources|Expended|Adjustment|31.03.2024Balance| |£|£|£|£|£.| |Educational|Projects| |London|East Academy|307,422|733,689|799,524|241,587| |Al|Mizan|§0,009|448,580|458,183|40,406| |Evening|Madrasah|72,190|88,003|15,813| |367,431|1,254,459|1,345,709|15,813|281,993| |General|Projects|-| |Zakat|Fitr|Fund|61,057|205,219|138,694|127,582| |Welfare|Funds|165,905|206,748|172,982|199,671| |Penny Appeal/EECF|Counselling|Grants|-|11,417|53,342|41,925| |Archiving|Project|11,087|1,695|11,075|1,707| |Baraka|Khan|Visitor|Centre|107,388|4,321|103,067| |Winter|Food|Campaign|(Islamic|Relief)|8,130|26,758|24,077|10,811| |Islam Awareness|Project|10,870|66,572|9,103|68,339| |NHS|Community|Investment Scheme|4,600|4,600| |Waaf|-|51,609|§2,160|551| |Building|Appeals|(Dome/Phase|3)|220,672|459,133|679,805| |947,140|2,283,609|_|1,811,463|58,289|1,477,575|

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32

EAST LONDON MOSQUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2024

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22. ~+Movement in Funds Unrestricted Designated Unrestricted — Restricted Total
Fund Fund Total Fund Fund
£ £ £ £ £
As at 1 April 2023 236,274 35,951,108 36,187,382 947,140 37,134,522
Current year surplus - 165,528 165,528 472,146 637,676
Profit/(loss) on investment property disposal (3,000) (3,000) (3,000)
Current year transfer (153,776) 95,487 (58,289) 58,289
As at 31 March 2024 245,026 36,046,595 36,291,622 1,477,575 —_37,769,198
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Approximately £36m of funds are designated funds are tied up in buildings, investments and fixed assets. As at the balance sheet date the charitable company has £0.24m free reserves for its day to day operations. (2023: £0.24m)

23 ‘Taxation

;

The entity is exempt from corporation tax, as it engages in charitable activities. Part of rental income is VATable, and charged at a rate of 20%.

24 ~~ Auditors' Remuneration

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Auditor's|Remuneration|for the|audit of the charity's|annual|accounts|11,250|11,250| |Fees|Payable|to the|charity's|auditor for|non-audit services|11,210|11,210|

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The entity had no contingent liabilities as at 31 March 2024 nor at 31 March 2023.

One of the two plots have been sold in July 2023. The profit on disposal of £51,599 has been included in accrued income in the group accounts, and was realised as cash in the parent entity's bank account after the year-end (August 2024).

The Trust made charitable distributions to Muslim Aid of £14,365.76 in the year. Syed Tohel Ahmed is also a Trustee at Muslim Aid.

27 ~—«*Volunteers

The charity benefited from work performed by volunteers, including counting of cash collections, and stewarding during Friday prayers, and Ramadan.

The Charity have committed to extension work to the prayer hall (Phase 3), which are likely to be £481k, in the 12 months after the signing of accounts.

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29 Analysis of net assets between funds
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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total| |Total|Fund|Fund| |£|£|£| |Tangible|fixed|assets||41,209,444|0|44,209,444| |Investments|763,495|763,495| |Current|assets|1,839,327|1,478,220|3,317,547| |Current|liabilities|(3,679,184)|(3,679,184)| |Creditors|over|1|year|(3,842,104)|(3,842,104)| |Total|net assets|36,290,978|1,478,220|37,769,198|

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The ELMT investment with Sama Ventures Ltd commenced in August 2022, and currently stands at £763,494; the two entities formed a joint venture called SV7 Ltd. for the purpose of obtaining a planning gain on a plot of land aimed at provide student accomodation in Birmingham. A decision on planning permission was expected in the financial year, but it is likely that any gain or loss on the investment will now be determined in the following financial year.

;

Where the Trust collects funds for specific charitable appeals that it cannot execute, it passes those funds to other UK registered charitable companies, at the discreiton of the Trustees. All charities that receive collections for charitable use from ELMT, undergo a vetting process. During the financial year, the Trust did not engage in any grantmaking activities with other charities. 33

32 Analysis of changes in net debt

The analysis below serves as a note to the consolidated cash flow statement:

Atstart Acq/disp New Fairvalue Forex Othernon- Atend
ofyear Cashflows —_ ofinvestments financeleases movements movements cashchanges ofyear
£ £ £ £ £ £ £ £
Cash atbank 1,536,354 897,535 (224,561) - - : : 2,209,328
Cash equivalents - - - - - - - -
Overdraft facility - - - - - - - -
Totalcash ~~1,536,354~~ ~~897,535~~ ~~(224,561)~~ ~~0~~ ~~0~~ ~~0~~ ~~0~~ ~~2,209,328~~
Privateloans<1 year (1,893,873) 0 - - - - - (1,893,873)
Privateloans >1 year (2,886,573) (623,121) - - - - - (2,886,573)
Bankloans< 1 year
Bankloans> 1 year		 (180,789)
(502,865)		 180,789
.		 -
-		 -
-		 -
:		 -
:		 (180,789)
144,664		 (180,789)
(358,201)
Finance leases - - - - - - : -
Totalborrowings ~~(5,464,100)~~ ~~(342,332)~~ ~~:~~ ~~:~~ ~~-~~ ~~-~~ ~~36,125~~ ~~-~~ ~~5,319,436~~
TOTAL ~~(3,927,748)~~ ~~555,203~~ ~~(224,561)~~ ~~:~~ ~~:~~ ~~:~~ ~~(36,125)~~ ~~(3,110,108)~~

The Trust sold one of its investment properties (37 Ullin Street), in July 2024, to improve its cashflow, and reduce its net current liabilities.

34