2020-10-31-accounts

Charity number: 1126949

Milton Keynes Islamic and Cultural Association

Trustees' report and financial statements

for the period ended 31 October 2020

Milton Keynes Islamic and Cultural Association

Contents

	Page
Legal and administrative information	1
Trustees report	2 - 3
Independent examiners' report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 10

Milton Keynes Islamic and Cultural Association

Legal and administrative information

Charity number

1126949

Business address Al-Rawdha 401 South Row, Central Milton Keynes MK9 2PG Registered office 7 Weybourne Road Broughton Milton Keynes MK10 9ND Trustees Mr Cabdixakim Maxamud Dhaqane Mr Ibrahim Abdiqadir Mr Ahmed Sheikh Mr Mohamed Wadad Mr Farhaan Muhumed Awas

Accountants

RUS Chartered Accountants 1190a-1192 Stratford Road Hall Green Birmingham B28 8AB

Page 1

Milton Keynes Islamic and Cultural Association

Report of the trustees for the period ended 31 October 2020

The trustees present their report and the financial statements for the period ended 31 October 2020. The trustees who served during the period and up to the date of this report are set out on page 1.

Structure, governance and management

Governing Document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Organisational Structure

The Charity has a management committee who has overall control and responsibility for policy and major decision making and all members of the committee are trustees. Dad to day management and responsibility for implenting policies is carried out by the trustees on a voluntary basis.

Membership of committee is open to all individuals over 18 years of age who are approved by the trustees. The trustees must accept applications for membership unless they consider that it would be in the best interets of the charity to refuse the application.

Risk Management

The trustess have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Objectives and activities

Objectives and aims

The principle objectives of the charity are as follows:

The advancement of the Islamic religion in Milton Keynes and in particular the provision of facilities for a masjid, ceremonies, Muslim festivals and madrassa;

The advancement of education of persons of the Muslim faith resident in Milton Keynes;

To provide and assist in the provision of facilities for prayer, recreation and leisure time occupation of members of the muslim community in the interest of social welfare and with the objective of improving their condition of life: and;

Such other charitable purposes to benefit the Muslims in Milton Keynes area and the wider Muslim community as their trustees in their absolute discretion think fit.

Volunteers

The Charity relies on the unpaid work of the trustees to further it's objectives.

Achievements and performance

Fundraising activities

Financial review

Financial Performance

The incoming resources were £31,627 for the year ended 31st October 2020 and these were lower than last year's (£58,405). The outgoing resources totalled £23,655 compared to last year's (£35,234).

Page 2

Re￿rt of the truste lor the ended 31 Iktober 21120 St3tem¢nt oftru5tet5' ff4msil)llilie4 The trustees ar¢ r¢S￿￿$1b]e foi P￿patIng the Ttustres. A0￿￿1 Rep)Ll a¥¥J ts financi21 Sfrrnts ITL ae¢ordatre witb applicable law and [Mi￿d Kingdom A¢c¢)utht)g Stsndanb (United Kingdom Genernlly A¢cepted AccountirLB Praeticel. taw applicablc to charitie5 Engla￿1 and Waks Ttqutre5 the t￿￿tenible for g•fegVtrdi￿8 the %bets' OE the cknity #nd for lJkn8 r¢&W￿b￿ st¥> tht F*¢vrotion arwj detectiQD of ¥Jxd other On behalf of board MrAhmed Sh￿￿￿ Date:

Mllton Keynos Islamic and Cultural A&wciation Independent examiner's report to the trustees on the unaudited fuwieial StateD￿lts ofMilts•n Keynes Tslamie and Cultural A&sociatio Iryort ott the accollnts of Milton Keynes 1slaTDiC and ASW1￿ for the ended 31 iknber2020 set o on pages 2 to 10. As the ckniWs trusrees you are restM)nsible for thc prerAration of the aClXM]nts, you ¢oosider that the audit requirell￿t of Section 43(21 of the Charltses ACL 1993 Ilhe knl. a8 anrnded by 5eLtioo 28 of Charities Act 21X)6 d(%5 not apply attd that an indyndeDt eXaK]i￿tiOll IS lle￿ Ii is my I￿[￿11￿ty to examine ￿ acrA)unts llllder section 43131(al of the A¢¥ as amended. to follow pr(Kzdwu laid th)wn in the GeDeral DirectioLs giveD by the Chartty CornD￿n ￿￿1¢r sediorl 4317Mb} of the ALt a5 all￿ded. oAdto Particu￿ rnatrs have coll* to my attention. Bgsls otindependent examlner's slatement ¢xallJis]atson Includes a rcTriew of thc accoullling trKonis kepl by the chariry and a CoThp￿lSOn of the a¢¢ouots Pfes¢rÈtrd witb those xe¢ords. l( also inchmles co￿51delation of it¢ms or disclosures in ￿ accoullts, attd s¢eking evidence that would be rquired in aD audit and cotLWtty uo QPiDiOtt is given &q to vtsher the accou￿ Tndependent exam6lleT'S stst¢mart to keep proper accounting tecords ill a¢¢otht)ce with stttion 41 of the ACL. and to prepare accounts wthirb a¢¢ord with the accounting rttords ar￿ to comply with the x¢ountiDg r4uirements of tbe Act {iil io which, in my op1rri￿ 4tr¢tttion should be drawn in order to enabk a properuDdersrandxDg of the aCCOUDts to I reacTr￿. CharteiedA(countaDts Mr Samar FCA ICAEW 1190a-1192 Strarford Road Hall Gre¢ Birmingham 1190A_1194 Stratford Road Bimiingham 828 8AB [phone] Inf oQrus.co.uk www.rus.ro.uk B28 8AB

Milton Keynes Islamic and Cultural Association

Statement of financial activities

For the period ended 31 October 2020

Unrestricted Restricted funds funds Notes £ £ Incoming resources Incoming resources from generating funds: Voluntary income 2 14,458 - Funeral Funds 2 - 17,169 Total incoming resources 14,458 17,169 Resources expended Funeral costs - 11,475 Staff costs 3 - - Establishment costs 1,241 - Accountancy fees 1,500 - Legal and professional fees - - Communications and IT 212 - Other office expenses 43 - Depreciation and impairment 8,494 - Bank charges 690 - Travel - - Printing, postage & stationary - - Total resources expended 12,180 11,475 Total funds brought forward 280,083 2,470 Total funds carried forward 282,361 8,164	Year ended 31/10/20 Total £ 14,458 17,169 31,627 11,475 - 1,241 1,500 - 212 43 8,494 690 - - 23,655 282,553 290,525	Year ended 31/10/19 Total £ 58,405 -
		58,405
		- 5,777 9,583 1,495 4,149 809 360 10,618 744 1,594 105
		35,234
		256,911
		280,082

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 5

Balante sI￿t at31 October 2020 31niv20 xed %8ets Tan8ibl¢ a%sei Current a55ets Debrors Cash at bank in hand 33.977 42.471 249.61M 241J47 258.IM8 241y7 Credit(rs: #moullts fAlb due within one ye4r {1S(M)) 11.4651 Ne¢ curreDI aslets 256548 Net w¢ts 2W525 28L553 Restricted fullds Umre$tii¢ted iticome futtds 8.164 281361 2.471 280.082 Totsl funds )J25 282.553 Mr.Ihmed Sbeikb TThstse Datt: -l_7, 0¥,1021 P¥ge6

Milton Keynes Islamic and Cultural Association

Notes to financial statements for the period ended 31 October 2020

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period and the preceding period.

1.1. Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP FRS 102 ) and the charities act 2011.

1.2. Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

1.3. Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.4. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

• Plant and machinery 20% reducing balance - Fixtures, fittings and equipment 20% reducing balance

Page 7

Milton Keynes Islamic and Cultural Association

Notes to financial statements

for the period ended 31 October 2020

2. Voluntary income

Friday Collections Donations Funeral Fund Fit Payments	Year ended 31/10/20 £ - 12,793 17,169 1,665 31,627	Year ended £ 16,432 40,198 - 1,775 58,405

3. Employees Employment costs Wages and salaries No employee received emoluments of more than £60,000 (2019 : None).	Year ended 31/10/20 £ -	Year ended 31/10/20 £ 5,777

Number of employees

The average monthly numbers of employees (including the trustees) during the period, calculated on the basis of full time equivalents, was as follows:

full time equivalents, was as follows:
	Year	Year
	ended	ended
	31/10/20
	Number	Number
Employees	-	3

Page 8

Milton Keynes Islamic and Cultural Association

Notes to financial statements

for the period ended 31 October 2020

Fixtures, 4. Tangible fixed assets Plant and fittings and machinery equipment £ £ Cost At 1 November 2019 and At 31 October 2020 2,000 160,812 Depreciation At 1 November 2019 1,476 118,865 Charge for the period 105 8,389 At 31 October 2020 1,581 127,254 Net book values At 31 October 2020 419 33,558 At 524 41,947 5. Debtors 31/10/20 £ Amounts due from subsidiary and associated undertakings 249,600 6. Creditors: amounts falling due within one year 31/10/20 £ Accruals and deferred income 1,500 7. Analysis of net assets between funds Unrestricted funds £ Fund balances at 31 October 2020 as represented by: Tangible fixed assets 33,977 Current assets 258,048 Current liabilities ) (1,500 290,525		Total £ 162,812 120,341 8,494 128,835 33,977 42,471 £ - £ 1,465 Total funds £ 33,977 258,048 ) (1,500 290,525

Page 9

Milton Keynes Islamic and Cultural Association

Notes to financial statements for the period ended 31 October 2020

8.	Unrestricted funds		At							At
		1 Nov		Incoming		Outgoing				31 Oct
		2019		resources		resources				2020
			£		£		£			£
			280,083		14,458		(12,180	)		282,361
9.	Restricted funds		At							At
		1 Nov		Incoming		Outgoing				31 Oct
		2019		resources		resources				2020
			£		£		£			£
	Funeral Fund		2,470		17,169		(11,475	)		8,164

10. Related party transactions

There were transfer of £249,600 to Milton Keynes Islamic and Cultural Association CIO during the year ended 31st October 2020.

Page 10

Milton Keynes Islamic and Cultural Association

The following pages do not form part of the statutory accounts.

Milton Keynes Islamic and Cultural Association

Detailed statement of financial activities

For the period ended 31 October 2020

		Year	Year		Year	Year
		ended			ended
		31/10/20
	£		£	£		£
Incoming resources
Incoming resources from generating funds:
Voluntary income
Friday Collections			-			16,432
Donations			12,793			40,198
Funeral Fund			17,169			-
Fit Payments			1,665			1,775
			31,627			58,405
Total incoming resources from generating funds			31,627			58,405
Total incoming resources			31,627			58,405
Resources expended
Costs of generating funds:
Cost of generating voluntary income
Donations
Donations - Funeral costs	11,475			-
Donations - Staff - Wages and salaries	-			5,777
Donations - Establishment - Rent	-			274
Donations - Establishment - Light & heat	1,051			3,003
Donations - Establishment - Repairs & maintenance	190			4,364
Donations - Establishment - Insurance	-			1,236
Donations - Establishment - Other	-			706
Donations - Professional - Accountancy fees	1,500			1,495
Donations - Professional - Legal fees	-			4,104
Donations - Professional - Book-keeping services	-			45
Donations - Office - Telephone expenses	212			809
Donations - Office - Advertising	43			360
Bank charges	690			744
Travel	-			1,594
Printing, postage & stationary	-			105
			15,161			24,616
Total cost of generating voluntary income			15,161			24,616
Fundraising trading:
cost of goods sold and other costs
Total costs of generating funds			15,161			24,616

Page 12

Milton Keynes Islamic and Cultural Association

Detailed statement of financial activities

For the period ended 31 October 2020

Charitable activities Governance costs Activities undertaken directly Depreciation & impairment Total governance costs Net incoming/(outgoing) resources for the period	Year ended 31/10/20 £ 8,494 8,494 8,494 7,972	Year ended £ 10,618 10,618 10,618 23,171	Year ended £ 10,618 10,618 10,618 23,171
			10,618
			23,171

Page 13