**REGISTERED COMPANY NUMBER: (England and Wales)** : **04875873 REGISTERED CHARITY NUMBER: 1122887** **Report of the Trustees and Financial Statements for the Year Ended 31 December 2022 for** **Inter Cultural Centre** ## **Report of the Trustees** ## **For the year ended 31 December 2022** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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 2015). ## **OBJECTIVES AND ACTIVITIES Objectives and Aims** Inter Cultural Centre is a registered Charitable Organization in the United Kingdom founded on 20 February 2008 with the mission of: Promotion of Iranian culture, arts and Irfan (mysticism). ## **Report of the Trustees** ## **For the year ended 31 December 2022** ## **STRATEGIC REPORT** ## **Achievement and performance** The charity successfully carried out its objectives during the year. ## **Financial review** ## _Financial position_ The trustees were delighted to receive donations and other income of £60,413 from the United Kingdom and overseas, Total resources expended for the year was £80,188 and therefore the charity can report a net deficit in funds of £19,775. ## _Reserves policy_ The charity has power to set aside income as a reserve against future expenditure but only in accordance with a written policy about reserves to cover administrative costs. ## _Going concern_ The trustees have reviewed the circumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees are of the view that the charity is a going concern. ## **Principal risks, uncertainties and their management** The trustees are responsible for ensuring that there is an effective system for the management of the risks faced by the charity and have implemented risk management processes. The Trustees have ensured that appropriate controls are in place to provide assurance against fraud and error. These controls are continually monitored for adherence. The principal sources of funding to the charity were from individuals. These funds provide the commercial basis for charitable projects undertaken by the charity. ## **Plan for future periods** The core of the charity's objectives are to promote Iranian culture, arts and Irfan (mysticism). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is a registered charity and a company limited by guarantee. The governing document is the Articles of Association. The charity is further governed by the Board of Trustees which consists of two who are set on this document. Trustees are responsible for decision-making on long-term strategic direction and governance as well as the review of the charity's performance. ## **Recruitment and appointment of new trustees** The appointment of a new trustee to the Board of Trustees takes place after due consideration from both parties, to ensure a good strategic fit for the Board and the prospective trustee. ## **Key management remuneration** No remuneration has been paid to the trustees. **Report of the Trustees For the year ended 31 December 2022** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** (England and Wales) 04875873 ## **Registered Charity number** 1122887 ## **Registered office** 128 City Road London EC1V 2NX ## **Trustees** Dr Seyed Mostafa Azmayesh Mehrdad Noorani ## **Accountants** **Boroumand & Associates LLP** Chartered Accountants Suite 105, Viglen House Alperton Lane Wembley HA0 1HD ## **Bankers** HSBC 79 Piccadilly London W1J 8EU ## **EVENTS SINCE THE END OF THE YEAR** There were no events since the end of the year. ## **FUNDS HELD AS CUSTODIAN FOR OTHERS** There were no funds held as custodian for others for the year ended 31 December 2022. ## **Report of the Trustees** **For the year ended 31 December 2022** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The trustees who are also the directors of Inter Cultural Centre for the purposes of company law are responsible for preparing the Report of the Trustees 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 those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which 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 the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: Mehrdad Noorani ............................................. - Trustee Registered number: 04875873 INTER CULTURAL CENfRe DIRECTORS, REPORT AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR EhlDED 31 DECEMBER 2022 8oroumand & Assodates LLP Chartered Accountsnts Suite 105, Viglen House Al￿rtOn Lane London HAO IHD Inter Cultural Centre Dlrectoys. Report and Unaudlted Financfal Ststements For The Year Ended 31 December 2022 Content5 Pag¢ Compony Inform)tion Dlrector5' Report Accountants, Report ErKorne and Expendltyre AccoLFnt Statement of Comprehensive Income Balance Sheet Statement of Changes In Equlty Notes to the Financial stateM￿ts 8-10 The following pages do not form part of the 5tatytory aco)unts'. Detailed Income and Expendlture Account li Inter Cultural Centre Company Informatlon For The Year Ended 31 December 2022 Dlr¢rtov• Mr Mehr(lad Nthyanl C4%np•ny Numb•r 04875873 R•gl•t•Md Offl¢• 128 Oty Road London ECIV 2NX Aceauntants Boroumand & L550clates LLP Chartered Accountants Sulte 105. Vlglen House Alperton Lant London HAO IHD Pd9e I Inter Cultural Centre Company No. 048758n DIrect￿. Report For The Year Ended 31 December 2022 The company's kylndpal a¢llvlty crxWnu8S to b• th•t of tran1•) •ts lrf•n (fflystlclsm). Th• 0>n￿n¥ ts a non*ofi¥cal and rth.wofft n￿k1Th4 oryantsatirA). Th¥ dfjr•Ct￿ who held offlce durhvj th• y•w folknts: Dr S•y•d Mogtafa Izmaytsh Mr M•hthd l*or• The dlrectors are re$ponslUe for pr•parkig th• Dlrqrtcn, Rwt •nd th• tlwthi stat*n￿ts kn aC¢Onl•n￿ wlth •pplthbl• law aftd reoulatlons. Company law wuires th• dlrectors to finandal statements for •J¢h fimndal y••r. Vnd•r that law th• dlrqciors h• •lected to pr•par• the finandal stat•ments In accordm with UnW ￿ngthM G*watty Accounyng Pr4rtlc• (United Klnodorn Ac¢ountln9 Standards and applic•ble law). Undqr ¢ompany Jaw th• dIr￿t015 must not approv• the flftandal stsiements unl•s$ th•y ar• sa￿*7*￿ that th•y 9h* • tru• •rKI tslr vl• ol th• stst• of affairs ol th• company and of the surplus or d•ficlt of th• cornp*y for that p￿￿￿. In lh• Ilnjncw st•tom￿ dlru¢b)r¥ ￿ r•qulr*d tr): • sel•ct SUItab￿ accounUryJ pollcles aftd tr￿7 apply them coftslst¢ntty.' • make Judgments and a¢countlng e*imat•s that ar• rnascffiable wud•nt; wlll cortlnu• kn bwln•55. Th• dIr+c￿ ar• r•$F￿SIble for ka•qpfj adwuatt *courtkvJ rwds that ￿ suincSwt to •nd •xplaln th• comp•ny'$ transacth>ns ènd disdos• w*h v•a a¢cvrw at any tlm* ￿ ftnandal pxlth)n GQ the company and enabl• to •nsur• that the finandal statemènts comply wbth th• Companfj•s Art 2006. Thw arn also rw))nslbl• for *u•rdkno th• IrT•gul•rlU•s. The dIr•c￿r5 •r• r•sponglbl• for th• m41n¢•nance and Iiit4grlty rf the oxptyat• and flnamal informat6on IrKlud•d on th• mpany's wqbstte. LegLslatlon In thè Unlta(l KI[￿ W￿nINj th• pr¥￿1•￿ w d65g•mln•tltsn d fln•n¢thi siat¢m•nts may dSff•r fmjm *tststton In other Sm•ll ¢•mp•fvy R4 Thls r•pJrt h•5 b￿n w•pared In •¢corthrKe wlth the Ip•d•l wovtsknis rd•uThJ ￿ comp￿10$ subJ•tt to the ￿411 comp•ni•S r•Jlm• wlthln Pért 15 rf th• Compan1•5 200& On b•h•llof th• Mr Mehnlad Tr&)ornnl Diractor 2610712023 Inter Cultural Centre Accountants, Report For The Year Ended 31 December 2022 Chwtered Accountsnts. report to the dlrectors on th• prep•ratl•n ol the uft•udlted statutory ￿oUrtts of Int•r Cultural C¢ntre For The Year Ended 31 D•cember 2022 En order to asslst you to fiJMI your duties under the Companks P£t 2006. we have prepared for your approval the accounts of Inter Cu￿Ural Centre For The Year Ended 31 December 2022 whld) comprf5e the Income and ExpendI￿re Account, the Balance Sheet and the related notes from the company's aCcoUn￿n9 records and Information and explanations you have given to us. As a practislng member firm of the Instrtute of ￿artered Actountsnts In En9land and Wales IICAEWI, we are sublert to Its ethical and other professional requlrements whlch are detailed * http:l/vrnw.iuew.aynleWmembershlp/regulatlons- 5tandard5-and-guidance. Thls report Is made solely to the dlr•ctors of Inter Cu￿ra4 Cen￿, as a t￿y1 In accordance wlth the temis of our engagement letter. Our Work ttas been undertaken solely to prepare for your approval the accounts of Inter Cultural Centre and stste those matters that we have Jgreed to state to the directors of Inter Cultural Centre, as a body, thls report In accordance wlth ICAEW Techniol Release 07116 AAF. To the fiJllest extent pemltted by law, we do not accept or assume responslblllty to anyone other than lrter Culturnl cent￿ and K5 dirertors, as a tx)dy. for our wtsrk or for thls report. tt Is your duty to •nsure that Cultural Centr* h•$ kept adequats a¢tounting records and to prepare ststutory accounts that glve a true and falr vlew of the assets. Ilabllitles, fin•na•l posith)n and profit or l¢)ss of Inter Cultvr•l Centre. You consldèr that Inter Cultural Centre Is exempt from the statukny audit requirement for the year. W¢ have not been Instructed to out an audlt of the accl￿ftts af inter Culturnl Centra. For th15 wson, w• havt not vedned thÈ acojracy or COM￿etene$S of the occounting records or Inforniatlon and &xpl•natlons you have glven to us and we do not, therefore. express any oplnion on th* flnandal ststements. Sl9ned 8oroumand & Asso¢i4tes LLP 2610712023 Boroum4nd & Assoc5ate$ LLP Chartered A¢countants Sulte 105, Vlglen House Alperton L•ne London HAO IHD Page 3 Inter Cultural Centre Income and Expendlture Attount For The Year Ended 31 December 2022 2022 2021 TURIIOVER 59.550 87,536 GROSS SURPLUS 59.550 87,536 Admln15tratlve expenses (79,684) 154,196) opeRAnX$ {DenuT)ISURPLUS Other Interest recelvable and slmllar Incom• [Trte￿st payable and slmllar charges (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR (20.134) 863 15041 (19.775) 33,340 142 1261) 33,201 The note5 on pages 8 to 10 form part ol these nnandal stateM￿ts. Page 4 Inter Cultural Centre Statement of Comprehensive Income For The Year Ended 31 December 2022 2022 20Zi DEFIcrr FOR THE FINANCIAL YEAR OTHER COMPREHENSIVE INCOME FOR THE YEAR (19.775) 33,201 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 119.775} 33,201 Page S Balance Sheet As At 31 December 2022 2022 2021 Tangll)1o Assets 759 492.358 S13h33 513.433 493,117 1956 596,749 1956 Cash at bank and kn IWMJ 639,796 On• Y••r (2,300) (A3￿) 637,496 UAaiLTr 1.110,838 1,130,613 1,110,838 1,130,613 Jnw• •rMI exp•ndltur• Acc￿nt 1.110,838 1,130,613 1,110.838 1,130,613 For th• year •ndlno 31 O¢C￿nber 2022 th• w•s •nYU•d to •x•mOknn from •wJlt ur•J•r 9KYon 477 of th• Compan￿$ Act 2006 r¢lJtyng to small comw*5. Thè mamt4rs hm not requlr•J th• ccffipany to Otst￿n an wdlt In aCcOrdw￿ wtth sacttr)n 476 rAth• com￿n￿$ Att 2(M)6. Th• dlrn¢iors acknowlqdg• It￿1r resp￿sibIlItI•S for *lth th• rw4ulr•monrs rf the ¥•£t wlth resp￿ to •ccountlng rKords and th• pr¢paratson of *Kcounts. Mr Mehnl•J Ilw•nl Inter Cultural Centre Statement of Changes In Equlty For The Year Ended 31 December 2022 Intgme and Expendlture Account As at I lanuary 2021 Prollt for the year and totsl ¢omprehenstve Incoff As at 31 December 2021 and l January 2022 1,097.412 33,201 1,130,613 Loss for the year and total comiyeh￿￿ve IrKome As at 31 December 2022 119,775) 1,110,838 e7 Inter Cultural Centre Notes to the Flnan¢lal Statements For The Year Ended 31 December 2022 l. General Infr•rniatloTr Inter cU￿Ural Centre Is a pdvate tompany, Ilmited by guarnntee. Incorporated in england & Wales. reglstered number 04875873. The re9lstered offlce is 128 Clty R¢Jd, London, ECIV 2NX. 2. A<¢ountln9 Polld 2.1. B•*l• of Prnp•r•iion of FIMnd•l Statwn¢ The finartclal statements are prepar&J under the hisiDrioI cost a)nvention wth the exception of Invesbnent property which is stated at falr val¢Je and in aceordarKe wrth the FRS 102 Sertlon IA Small Entitfes- The financlal Reportlng Stsndard appllcable In the UK and Rewbllc of Irdand and the Companies kt 2006 2.2. Golng Concom Dl*clowr• The dlrectors have not I￿en￿fied any materfal uncertalntjes related to events or condltlons that may cast slgnlflcant doubt about the company's ablllty to contlnue as a golng Con￿M. 2.3. Turno¥•r Turnover Is measured at the falr value of the Con￿den￿on recefjved or recelvable, net of dlscourts and value added tsxes. TUm0￿r Ind¢Jdes revenue eamed from the sale ¢X 9oods and from the rendthng of servlces. Thmover Is radU￿d for estlmated customer returns. rebate5 and other slmlhryr allowan￿. S•1• of good• rnover from the sale of goods Is recognlsed when the slgnmcant dsks and rewards of owntrshlp of the goods h•$ transferred to the buyer. Thls Is usualty at the polnt that the customer has slgned for the dellvery of the goods. R•nd•rln• of Mr¥l Turnover from the reTh1erlng of servlces ￿ rrfognlsed by rtthrKé to the 5tsge of Comple￿on c* the contract. The st4ge of £ompletFon of a contrnrt Is measuret1 by comparfng the costs incurred for work perfomied tts date to the total estimated contract costs. Tumover Is only recognlsed t¢ the extent of recoverable expenses when the gutcorne of contract cannot be esumated rellably. 2.4. Tanglbl• Plx•d A•••ts •nd l>•pr•cl•tlan Tanglble ftxed assèts are measured at cost less accumul•ted depreda￿On and any acoJmulJted Impalmeftt 195ses. Depreciatlon 5s provlded at rates calculated to wdte off the cost of the flxed assets, less thelr esb"mated residual v)lue, over thelr expected usefvl Ilves on the followlno ba5e5'. Freehold Computer Equlpment 2.5. Inv••tm•nt Pvwrtl All Inv¢stment propertles are carrfjed at fJlr value detemlntd annually and derfved frorn the current market rents and Invesknnent property ylelds lor comparable ml estJte, adjusted If nee•554ry for any dfjfferen￿ In the nature, locatlon or tondltlon of the specfflc asset. No depreckitlon Is provlded for. ChaThJes In falr v•lue are recognlsed In the Income and expendlture accovnt. No depredalon pmlded 25 Pa9e 8 Inter Cultural Centre Notes to the Flnancial Ststements (contlnued) For The Year Ended 31 December 2022 2.6. Plnan¢lal XnstNmeThts The company has elerted to appty the pmisions of Section 11 'Bask Rnandal Instruments, and Sectkjn 12 '0ther Flnanclal Instruments 155ues' of FRS 102 to all of rts finandal Instruments. Flnandal instruments are rwnised in the coryanvs balancè sheet when the company becomes paity to the ¢ontractuèl provislorts of the Instrument. Flnanclal assets and Ilabilibes are (trffset, wth net arnounts prnsenw In the finandal statements, when there Is a legally enfor￿ble right to set off the recognlsed amounts and there Is an Intention to settle on a net basls or to rèlease the asset and settle the Ik4bllrty slmultsr*ousJy. Baslc flnandal assets Baslc financlal assets, whlch Indude debtors and cash and bank balaKes, are Inltyally measur&fj at trjnsactyon prfce ndudlng trdn5actlon costs and are subsequently iarried at amortlsed cost uslng the effethve Interest mèthod unless the atTangement constitutes a finonclng transartlon. where the transartlon Is meagJred at the present value of the future receSpts discounted at a market rate of InterE5L Flnanclal ass•ts as recelvable withln one year are not amortlsed. Classifltatlon of fin•nclJl Ilabllltles FlnanclaS Ilabllltles and equity Instruments *￿ dassffled atcordlng to the gJbstanc* of the contrncbjal 4nangernents entered Into. An equlty Instrument Is any contract that evlderths a resklual Interest In the •ssets of the company after deduthng all of Its Ilabllltles. Ba51c flnandal Ilabllltleg Baslt flnandal Ilabilltle5, Includlng credrtors, bank loans. other loans and preference shares that are classlfled as debt, re Inltlally retognlsed at trnns•rtlon prtce unle55 the arrangement constl¢ute5 a financln9 transartlon, where the débt Instrurnent Is Measu￿ at the present value of the future payments dlscounted at a mafket rate of Interest. Flnanclal Ilabl1￿1*S dasslfied as pjyable wlthln one year are not arno￿$¢d. Debt Instruments are substquentsy carrled at •Fr￿￿rtISed COK u*ng the eff¢Ltlve Irrterest rats method. de credltors Jre obligations to pay for ge4)ds or serv1￿ that have been Jrqul￿j In the ordlnary course of buslness from supplSers. Amounts payable are classllted as ojrent Ilabllltles ff payment Is due wlthln one year or less. If not. they are presented as non-current Ilabllltles. Trade credltors are recognlseil Inltlally at transactlon Pr)￿ and subsequently me•sured at am(¥tlsed cost *Jslng the eifettive Interegt rate rne￿￿￿. 2.7. Fornlgn Curv•fid•• Monetary assets ond Ilablllt5es In forelgn currencles ￿￿ trnnslated Into stedlng Jt the rntes of exchange rullng at the balance sheet date. TransKUons In forel9n currendes art tran￿Jtsd Into steding at the rote rullng on thè d)te of the transactEon. exthange dIfferen￿ are taken Into Jccourt In afflvlng at the oper*lng surplus. equlty In*trum•nts Eoulty Instruments Issued by the company are recorded at th• proceets re￿￿. net of dlrect Issue costs. Dlvldent15 payable on equlty Instruments are recognlsed as lalblllUe5 On￿ they are no longer at the discretlon of the company. •h at b•nk and In hand Cash at bank and In hand a￿ basic firTranoal assets ènd Indude cash In hand, deposits held at call wlth banks, other short tem Ilquld investments wrth original fflaturity of three rrK)nths or less. ant1 bank overdrafts. Bank overdrafts are shown withln bomwings In cUr￿t Ilablltttes. 3. Averrye Mumbor of Employ Avernge number of employees, indudlng dlrectors. durfng the year was as fotlows: 2 {2021: 2) Inter Cultural Centre Notes to the Flnancial Statements (contlnued) For The Year Ended 31 December 2022 4. Tanglble As#¢ts Comput•r Equipment As at l January 2022 3,084 As at 31 December 2922 3,084 Depredation As at l January 2022 Provlded during the peric 2,325 759 As at 31 December 2022 3,084 Ilet Book V•lu• As at 31 ()ecernber 2022 As at l January 2022 759 2022 Falr Valuè As at l January 2022 Addltlons 492,358 21.075 A5 at 31 December 2022 S13,433 6. Oebtors 2022 2021 Due wlthln one y￿r Other debtors 2,956 2,956 2,956 2,956 7. Credltots: Amounts Falllng Due Wlthln One Year 2022 2021 Accruals and deferred Income 2,300 2,300 2,300 2,300 8. Company 11m1t￿ by quapantse The cornpany Is Ilmlted by ouarantee and has nD Sha￿ captthl. Every member of the company undertakes to corttribute to the assets of the wmpany. in the event of a winding Upi such an amount as may be requlred not exceeding £1. 9. Ultlm•te Controlling Party The company's ultlmate controlling party are Dr Seyed Mostsfa Azmayesh and Mehrdad Noorani. Pa9e 10 Inter Cultural Centre Detslled Income and Expenditure Account For The Year Ended 31 December 2022 2022 2021 TURNOVER Donations, Publrcations and other income Rentsl income 44.180 15,370 81.678 5,858 59.550 59,SSO GR¢>SS SIIRPLUS 87,536 87,536 Admlnlsttatlve exptnses Travel expense5 Rent Rates and 5erySce tharge ght and heat Computer software, consumables and maintenan Repairs, renewals and malntenan Insurance Accountancy fees Professional fees Venues, Hall rentsl and Pubjications Charitable donations Depreciation of cornp￿er equlpmert S¢Jndry expenses Foreign exchange (surplusljdefktt 1.147 12.998 3.177 1,638 2.143 1.193 1,232 1.800 1.384 65,584 197 7,623 2.010 1,310 1.168 5,429 130 1,800 1,174 27,130 480 77L 263 4.711 759 (13.851) (79.684) 154,196) OPERATIPIG (DEFfCIT}/SURPLUS {20.134) 33.340 Oth•r Interest M¢¢lvable and slmllar I0￿m• ank Interest receivable 863 142 863 142 Zrrterest payable •nd $lmllav charye• Bank charyes 504 281 15041 12811 {DEFICIT}ISURPLUS FOR ThE FIIIANCIAL YEAR {19,7751 33,201 ell Fttefox about:blallk IDdepeDdtttt Ex#theVs Report to the trustets of knter Cthral Centr* 2022. I'the 2(¥)6 Ad'l. ¢hayJ'ry's 1$ out scdioo 145 of th Cti•ritit5 Act 2011 I'thr 2QI I A¢i'i. In Ca￿￿$ 2011 Ad. Ad.. or 2. the￿0￿￿￿& I*¢￿d￿l￿ t any r¢wiremEDt thai the ￿￿0¢$ 8ry¢ •"InX aDd f4wv** is 4 LMtteriwldu￿ as part of• ¢WIIttts LD o¢c¢th wmb the Reponio8 4WK4bJt ill the UK •tyJ Rtpubii¢ of IreJ4hllPTrS 10211. Key P4 17 Brtdth Rc4d LoDdon W5 IJZ 12 Deeelll%r 2D22 lofl 1911012023, 11..47