REGISTERED COMPANY NUMBER: (EDglaTrd #Dd Wales)". IM875873 REGISTERED CHARITY NUMBER: 1122887 Report of the Trwsteu Fl•aa¢ll Sttemtthts for the Yur Ewded 31 Detethbtr 2023 for Iwter Cult¥rnl Cetttr¢
Report of the Trwto For the year edtd 31 De¢ber 20LI The tntsiee5 who are also direaors of the charity fcr the of the COMleS Aa 2(K16. present their reFK>rt with the filla1 aternents of the chty for theyear ended 31 December 2023. The trSte¢S have adopted the provisions of Accounting and Reporting by Charities.. steMen( of Recomrnended Prxtice applicabk io charities preFwing their accounts in accordance with the FIla1 R¢wting StsrKlard at4Jlicabk in the UK and Republic of Ireland (FRS 102) (effective l January 2015). OWECTIVLS AND ACTIVITIES ObJrftiv&8 and Aims Inter Cultural Centre is a regisitred Charitable (kgani74tion in the Unl Kingdom founded 20 Febnwy 2(K)8 with the mission OF To promote culiurai cohesion through t1081 athivitR¢s xross religious al ¢uliurnl within the contexi of humanil&rian endeavour5 based ffi the pri1p1t5 of Hurnan Rights.
Rep)rt of tbe Trustefs For the yer ended 31 Dec¢mbtr 2023 STRUCTURE COVERNANCE AND MANAGEMEJ¥T REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number (EnglatKI and Wales) 04875873 Registered Chrity number 1122887 RelL5t¢r 0[re 128 City Ro#d London ECIV2NX Trustees Dr Seyed Mosthfa Azmayesh Mehrdad Noor8ni Aecounl•nlJ Boroumnd & AJsoeli¢g LLP Chartered Accounlants Suit¢ 105. Viglen House Alperton Lane Wembl¢y HAO IHD Bttk¢rJ HSBC 79 Pic¢lilly London WIJ 8EU EVENTS SINCE THE END OFTHE YEAR There were no events since the end of the year. FUNDS HELD AS cusfoDIAN VOR OThEILS There were no fvnds held ¢ustodian for i)thers for the year ended 31 Decanter 2023.
Rtport of th¢ Tntstees For ih¢ YreDded 31 December 2023 STRATEGIC REPORT Achievement and perfDrm#ntt The charity successIlY Carried out its d)iectives thwing th¢ year. Fin8ncial revie Financialposilio The trustees weT¢ delighted rteeiv¢ and oth¢r iwome of £54.136 from the United Kin8don] and overs, Total re50uTces expended for the year w&% £93,(rf aThJ therefort the charity can re[ a net deficit in fiv)ds of £39,533. Reserves policy The tharity has powtt to s¢1 aside income ¥ a reserve winst fithw¢ tArt only in ¥crdan with a written Tmilicy reserves to cover thinistrive ¢¢)5ts. Going concern The trustees have re¥W¢d the Circumsta ofthe charity and considerthat W re50urce5 coniinue io be avwlable to fund the attiviti¢5 of the charity for the foreseeable firtU. The truses are of the view that the charfty ffts a 80ing Princi1 risks untertainti¢s and thelr #&¥ement The tru5tee5 are reswnsible for ensurtng that there is att effecttve system for the management of the risks faced by the charity and have implemend risk rnanag¢m¢nt pr(¢sM The TnLgees have ensured that aptKoWe Cont1$ &Te in The principal Sources of fitsmling to the cl4rity were from individuals These Fffovide the Comme14] basis for charitsble proj¢rt5 Und¢en by the charÉty. PlTh for periods Th¢ Core of the chariws obje¢tives are to Imiati cuhTry and Irfan (rnysticism). STRUCTURE. GOVERNANCE AND MANAGEMENT GoverniAg dotumeit The charity is ? reged chuity cLnp4ny limid by guaTaMtt. The 8ovttning thomi¢nl is the Articles of Association. The charity is further g0vena by the B(xrd of TnL5tees which ccffisists of hvo Twho are Set this docu1. Tn ¥r¢ r¢sFrf)nsible forthision4nakingffi long4¢rm s¢r4gic dIreCtK and govern well the reYKw ofthe charity's Rtcruitment appointmeot of thtw trlIeS The appointment of a new trLL4te¢ to the Board ofTntses tskes plxe afterth fr(xn both wtie& to ensure a good Stra]¢ fit for th¢ B(Igrd and the EO$peCtIve trustre. Key mtt*zemeDt rtmUn¢r•tl No r¢mun¢r4tion has been paid to the trusttt
Rewrt of ib¢ Tru5te¢s For the yr ended 31 December 21123 STATEMENT OF TRusrgES RESPONSIBILITIES The trustees who are a150 the directors of Inier Culiurai Centre for th¢ of company law are responsible for preparÉng the Rert of the Tntstees and the financial stst¢ments in accorthce wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the tnLStee5 to prepare finwKial seMents for each finan¢ial y¢4r which give a true and fair view of the sMe of affairs of the charitrble cornpany and of the incoming resources and application of resources. including the income and expenditure of th¢ tharitable cotnpany for that In prwing th(w fiTWKi81 ststementy the trusl¢¢s are requir¥] to select suitsble accouniing policies aDd then apply them consistently: observe the methods and prIlpleS in the Charity SORP: make judgements and estirnat¢s that re&8onable and prepare the financial ststements the goingco¢rn basis unless 1¢ is ingFvryrn eSuMe that the charitabl¢ company wtll wntinue in bSiness. The trustees are resp)nsibk for keeping pr(yeT xcounting recordg which disclose with re£8onabie accuracy at any tim¢ th¢ financial posilion of the Charitable )MpanY aThJ enable them th ensure that the financial swements compty with the Companies Ath 21kn. They are also reSI51b]e for safeguarding the &$5¢ts of clwitsble c(Knpany and hen f tskirjg reasolthble epS for the preventi and detrttion of fra and other irregui8ritie5. director& on ..&....... aNI on behalf by: M¢hrdad Nral
Registered number: 04875873
INTER CULTURAL CENTRE DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Boroumand & Associates LLP Chartered Accountants Suite 105, Viglen House Alperton Lane London HA0 1HD
Inter Cultural Centre Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Income and Expenditure Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8—10 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 11 |
Inter Cultural Centre Company Information For The Year Ended 31 December 2023
| Directors | Dr Seyed Mostafa Azmayesh |
|---|---|
| Mr Mehrdad Noorani | |
| Company Number | 04875873 |
| Registered Office | 128 City Road |
| London | |
| EC1V 2NX | |
| Accountants | Boroumand & Associates LLP |
| Chartered Accountants | |
| Suite 105, Viglen House | |
| Alperton Lane | |
| London | |
| HA0 1HD |
Page 1
Inter Cultural Centre Company No. 04875873 Directors' Report For The Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of promotion of Iranian culture, arts and irfan (mysticism). The company is a non-political and non-profit making organisation.
The company was granted charity status on 20 February 2008 under charity number 1122887.
Directors
The directors who held office during the year were as follows:
Dr Seyed Mostafa Azmayesh
Mr Mehrdad Noorani
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Date
Page 2
Inter Cultural Centre Accountants' Report For The Year Ended 31 December 2023
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Inter Cultural Centre For The Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Inter Cultural Centre For The Year Ended 31 December 2023 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulationsstandards-and-guidance.
This report is made solely to the directors of Inter Cultural Centre, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Inter Cultural Centre and state those matters that we have agreed to state to the directors of Inter Cultural Centre, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inter Cultural Centre and its directors, as a body, for our work or for this report.
It is your duty to ensure that Inter Cultural Centre has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Inter Cultural Centre. You consider that Inter Cultural Centre is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Inter Cultural Centre. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Boroumand & Associates LLP
Date
Boroumand & Associates LLP Chartered Accountants Suite 105, Viglen House Alperton Lane London HA0 1HD
Page 3
Inter Cultural Centre Income and Expenditure Account For The Year Ended 31 December 2023
| Notes TURNOVER GROSS SURPLUS Administrative expenses OPERATING DEFICIT Other interest receivable and similar income Interest payable and similar charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ 44,749 44,749 (90,300) (45,551) 9,387 (3,369) (39,533) |
2022 £ 59,550 |
|---|---|---|
| 59,550 (79,684) |
||
| (20,134) 863 (504) |
||
| (19,775) |
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Inter Cultural Centre Statement of Comprehensive Income For The Year Ended 31 December 2023
| DEFICIT FOR THE FINANCIAL YEAR OTHER COMPREHENSIVE INCOME FOR THE YEAR TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2023 £ (39,533) - (39,533) |
2022 £ (19,775) - |
|---|---|---|
| (19,775) |
Page 5
Inter Cultural Centre Balance Sheet As At 31 December 2023
| Notes FIXED ASSETS Investment Properties 4 CURRENT ASSETS Debtors 5 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 6 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2023 £ £ 513,433 513,433 2,989 557,543 560,532 (2,660) 557,872 1,071,305 1,071,305 1,071,305 1,071,305 |
2023 £ £ 513,433 513,433 2,989 557,543 560,532 (2,660) 557,872 1,071,305 1,071,305 1,071,305 1,071,305 |
2022 £ £ 513,433 513,433 2,956 596,749 599,705 (2,300) 597,405 1,110,838 1,110,838 1,110,838 1,110,838 |
2022 £ £ 513,433 513,433 2,956 596,749 599,705 (2,300) 597,405 1,110,838 1,110,838 1,110,838 1,110,838 |
|---|---|---|---|---|
| 513,433 557,872 |
513,433 597,405 |
|||
| 560,532 (2,660) |
599,705 (2,300) |
|||
| 1,071,305 | 1,110,838 | |||
| 1,071,305 | 1,110,838 | |||
| 1,071,305 | 1,110,838 | |||
| 1,071,305 | 1,110,838 |
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors on ..................... and were signed on its behalf by:
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Inter Cultural Centre Statement of Changes in Equity For The Year Ended 31 December 2023
| As at 1 January 2022 Loss for the year and total comprehensive income As at 31 December 2022 and 1 January 2023 Loss for the year and total comprehensive income As at 31 December 2023 |
Income and Expenditure Account £ 1,130,613 (19,775) |
|---|---|
| 1,110,838 | |
| (39,533) | |
| 1,071,305 |
Page 7
Inter Cultural Centre Notes to the Financial Statements For The Year Ended 31 December 2023
1. General Information
Inter Cultural Centre is a private company, limited by guarantee, incorporated in England & Wales, registered number 04875873. The registered office is 128 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention with the exception of investment property which is stated at fair value and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation provided Computer Equipment 25%
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income and expenditure account.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to release the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
...CONTINUED
Page 8
Inter Cultural Centre Notes to the Financial Statements (continued) For The Year Ended 31 December 2023
2.6. Financial Instruments - continued
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.
2.8.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as laibilities once they are no longer at the discretion of the company.
2.9.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short tem liquid investments with original maturity of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
4. Investment Property
| Fair Value As at 1 January 2023 and 31 December 2023 5. Debtors Due within one year Other debtors 6. Creditors: Amounts Falling Due Within One Year Accruals and deferred income |
2023 £ 2,989 2023 £ 2,660 |
2023 £ 513,433 |
|---|---|---|
| 2022 £ 2,956 |
||
| 2022 £ 2,300 |
Page 9
Inter Cultural Centre Notes to the Financial Statements (continued) For The Year Ended 31 December 2023
7. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8. Ultimate Controlling Party
The company's ultimate controlling party are Dr Seyed Mostafa Azmayesh and Mehrdad Noorani.
Page 10
Inter Cultural Centre Detailed Income and Expenditure Account For The Year Ended 31 December 2023
| TURNOVER Donations, Publications and other income Rental income GROSS SURPLUS Administrative Expenses Travel expenses Rent Rates and service charge Light and heat Computer software, consumables and maintenance Repairs, renewals and maintenance Insurance Accountancy fees Professional fees Venues, Hall rental and Publications Charitable donations Depreciation of computer equipment Sundry expenses Foreign exchange deficit/(surplus) OPERATING DEFICIT Other interest receivable and similar income Bank interest receivable Interest payable and similar charges Bank charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ £ 27,853 16,896 44,749 44,749 231 13,100 4,377 1,420 1,793 12,062 570 2,760 - 46,210 980 - 1,441 5,356 (90,300) (45,551) 9,387 9,387 3,369 (3,369) (39,533) |
2023 £ £ 27,853 16,896 44,749 44,749 231 13,100 4,377 1,420 1,793 12,062 570 2,760 - 46,210 980 - 1,441 5,356 (90,300) (45,551) 9,387 9,387 3,369 (3,369) (39,533) |
2022 £ £ 44,180 15,370 59,550 59,550 1,147 12,998 3,177 1,638 2,143 1,193 1,232 1,800 1,384 65,584 480 759 - (13,851) (79,684) (20,134) 863 863 504 (504) (19,775) |
2022 £ £ 44,180 15,370 59,550 59,550 1,147 12,998 3,177 1,638 2,143 1,193 1,232 1,800 1,384 65,584 480 759 - (13,851) (79,684) (20,134) 863 863 504 (504) (19,775) |
|---|---|---|---|---|
| 44,749 44,749 (90,300) |
59,550 59,550 (79,684) |
|||
| 9,387 | 863 | |||
| (45,551) 9,387 (3,369) |
(20,134) 863 (504) |
|||
| 3,369 | 504 | |||
| (39,533) | (19,775) |
Page 11
Independent Examiner's Report to the trustees of Inter Cultural Centre
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Inter Cultural Centre and also its directors for the purposes of company law you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Inter Cultural Centre are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Inter Cultural Centre as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
......................................
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Chartered Certified Accountants 17 Birkdale Road London W5 1JZ
22 August 2024