HYDE ISLAMIC RESOURCE CENTRE
COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT & FINANCIAL STATEMENT FOR THE YEAR ENDED 31st AUGUST 2023 COMPANY REGISTRATION NO: 06346128 CHARITY REGISTRATION NO: 1127584
HYDE ISLAMIC RESOURCE CENTRE
| (A company limited by guarantee) | (A company limited by guarantee) | |
|---|---|---|
| CONTENTS | ||
| Page | ||
| Directors / Trustees | l | |
| Trustees Report | a | |
| Independent Review | 3 | |
| Income and Expenditure | Account | 4 |
| Balance Sheet | 5 | |
| Notestotheaccounts | 6-9 |
HYDE ISLAMIC RESOURCE CENTRE
DIRECTORS / TRUSTEES AND PROFESSIONAL ADVISORS
DIRECTORS / TRUSTEES:
MR. NAZRUL ISLAM
MR. LUBEN MIAH
MR. MOHAMMED MOHEBUR RAHMAN
MR. QASIM ABDULLAH
SECRETARY:
MR. SHAMSHED ALI
BUSINESS ADDRESS:
ONWARD CHAMBERS
| ONWARD STREET HYDE CHESHIRE SK1I4 [LHW
BANKERS:
THE ROYAL BANK OF SCOTLAND HYDE BRANCH
| CORPORATION STREET HYDE CHESHIRE SK14 IAQ
THE CO-OPERATIVE BANK P.O. BOX 250 SKELMERSDALE WN6 6WT
LLOYDS BANK
25 GRESHAM STREET LONDON EC2V 7HN
ACCOUNTANTS:
ZAHEER AND COMPANY 63 KINGS WAY BURNAGE MANCHESTER M19 2LL
Page |
HYDE ISLAMIC RESOURCE CENTRE
TRUSTEES REPORT
Charity Policy
Charity funds’ is to be spent on the running of the centre (i.e., Water, Electricity, Gas etc.) and paying for the Imams wages.
Extra funds also to raised and spent on:
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e The work required at the new building (Royal Building, Corporations Street, Hyde) i.e., Roof work and interior works such as new doors, windows, heaters (air conditioning units), air dehumidifiers.
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e Architect and Heritage Statements
Excess fund to be saved for the outstanding debt payment (loans) from the borrowing for the final purchase payment of The Royal Building, Corporation Street, Hyde.
The trustees shall review this statement should the debt be paid off and excess funds become available.
Treasurers Responsibilities
Charity law requires the trustees to prepare statements of accounts for each financial year, in preparing those financial statements, the trustees are required to:
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" select suitable accounting policies and apply them consistently.
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“ make judgements judgements and estimates that are reasonable and prudent. “ prepare the financial statements on the going concern, unless it is inappropriate to presume that the trust will continue to operate.
make judgements judgements and estimates that are reasonable and prudent.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and to enable them to ensure that the financial statements comply with The Charity (Accounts & Audit) Regulations 1995.
Signed on Behalf of the Trustees:
Shamshed Ali Company Secretary Date: 25 May 2024.
Page 2
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF HYDE ISLAMIC RESOURCE CENTRE
We report on the accounts of the Hyde Islamic Resources Centre, registered charity number 1127584 for the accounts year ended 3 Ist August 2023 set out on pages 4 to 9.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees are responsible for the preparation for the accounts in accordance with the requirement of the Charities Act 2011 ("the Act"). The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 145 of the 2011 Act)
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act): and in accordance FRS 102 SORP
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- to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT:
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes the accounting records kept by the charity and a comparison of the accounts presented with hose records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT:
In connection with our examination, no matter has come to our attention:
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(1) which gives us reasonable cause to believe that in any material respect the requirements
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. to keep accounting records in accordance with section 41 of the Act: and
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. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met: or
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(2) to which, in our opinion. attention should be drawn in order to enable a proper understanding ofthe accounts to be reached.
Mr. Farroukh Zaheer (FCCA)
Zaheer and Company
Chartered Certified Accountants and Registered Auditors
63 Kingsway
Burnage Manchester
M19 2LL
Date:
Page 3
HYDE ISLAMIC RESOURCE CENTRE
RECEIPTS AND EXPENDITURES ACCOUNT
FOR THE YEAR ENDED 3ist AUGUST 2023
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|---|---|---|---|---|---|---|---|---|
|Notes|2022-23|2021-22|
|Un-restricted|Restricted|| Endowment|Total|Total|
|INCOME|AND|ENDOWMENTS|Funds|Funds|Funds|
|DONATIONS AND|LEGACIES|1|399,176|-|-|399.176|200,661|
|TOTAL INCOME|399.176;||=||,|||=|||390.976|200,661|
|LESS:|EXPENDITURE|
|EXPENDITURE|ON|RAISING|FUNDS|4|73,896|73.896|58,806|
|EXPENDITURE|ON|CHARITIABLE|ACTIVITES|4.1|52,977|$2,977|74,573|
|TOTAL EXPENDITURE|126,873 ae|Ee|||126,873|133,379|
|NET|INCOME|/|EXPENDITURE|272,303|272,303|67,284|
|TOTAL|FUNDS|BROUGHT|FORWARD|676.819|676.819|609,535|
|TOTAL FUNDS CARRIED FORWARD|949,122 Be|ise|676,819|
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Page 4
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HYDE ISLAMIC RESOURCE CENTRE BALANCE SHEET
AS AT 31st AUGUST 2023
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Notes 2022-23 2021-22
2 [eee]
FIXED ASSETS
Tangible Assets § 880.525 614,196
-
880.525 614.196
|
CURRENT ASSETS
Debtors
Cash at bank and in hand 6 79.105 153,849
79,105 153,849
CURRENT LIABILITIES
Creditors:one year amount falling due within 7 | 7,008 1,226
| 7,008 1,226
NET CURRENT ASSETS | 72,097 152,623
Creditors: amount falling due more than 3,500 90.000
one year
TOTAL NET ASSETS | 949,122 676,819
| ee
Capital and Reserves |
Trust Reserves b/f 8 676.818 609,535
Income of Receipt over Expenditure for the year 272,303 67.284
TOTAL CHARITY FUNDS 949,121 676,818
|
For the year ending 31st August 2023 the company was entitled to exempt:on from audit under section 477 of the Companies Act 2006
relating to small companies and under charities Act 2011.
Directors' responsibility:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476:
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the
preparation of accounts
The accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies
Act 2006, with the Financial Reporting Standard for Smaller Entities (effective April 2008) and FRS 102 SORP.
The Charity is subject to Independent Examination under charity legislation, and the report is on page '3'.
Approved on behalf of the Board
We approve these accounts and confirm that we have made available all the information and explanations for their
preparation.
Secretary:
MR. SHAMSHED ALI Date :
j Page 5
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:
HYDE ISLAMIC RESOURCE CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AUGUST 2023
| 2022-23 | 2021-22 | ||||
|---|---|---|---|---|---|
| Note: 1 |
|||||
| INCOMEAND ENDOWMENTS | Un-restricted | Restricted Endowment | Total | Total | |
| = | < | £ | £ | £ | |
| Donations and Legacies | 353,168 | = | - | 353,168 | 152,598 |
| Fees Received | 42.408 | - | - | 42.408 | 43.863 |
| Rent Received | 3,600 | - | - | 3.600 | 4.200 |
| 399.176 | 3976 | L001 |
Note: 2
ACCOUNTING POLICIES
The accounts have been prepared on the accruals basis, under the historical cost convention. and in accordance with Recommended Accounting Practice 2015". (FRS 102 SORP), and in accordance with all applicable law in the charity's jurisdiction of registration. except that the charity has prepared the financial statements in accordance with the FRSSE SORP 2015 in preference to the previous SORP, the SORP 2005. which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. ‘Chis has been done to accord with current best practice.
Accounting convention
The financial statements are prepared. on a going concern basis, under the historical cost convention. The charity is mainly dependent on continuing donations and as a consequence the going concern basis is also dependent on the continuing of donations.
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.
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.
Recognition of liabilities and expenditure
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 ofthe expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs oftrading for fund raising purposes.
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Page 6
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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.
All costs are allocated between the expenditure categories of Statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly . and others are apportioned on an appropriate basis.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Note: 2.1
LIABILITY TO TAXATION
As a registered charity. the organisation is exempt from income and corporation tax to the extent that its income and gains are applied towards the charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
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|---|---|---|---|---|---|---|---|
|Note:|3|2022-23|2021-22|
|STAFF COSTS|Total|Total|
|3|£|£|£|£|
|Wages|and|Salaries|71.657|-|-|71.657|56.355|
|Pension|1,680|-|-|1,680|582|
|73,337|-|-|73,337|56,937|
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Note: 3.1
TRUSTEES REMUNERATION
All trustees provide their services to the charity free of charge without any remuneration.
Note: 4
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|---|---|---|---|---|---|---|---|
|EXPENDITURE|ON|RAISING|FUND|2022-23|2021-22|
|Un-restricted|Restricted|Endowmen|Total|Total.|
|£|£|£|£|£|
|Wages|and|Salaries|71.687|-|-|71.657|56.355|
|Pension|1.680|-|-|1.680|582|
|Printing.|Postage &|Stationery|558|-|=|558|1.868|
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Page 7
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Note: 4.1
EXPENDITURE ON CHARTIABLE ACTIVITIES
| Accountancy | 1,626 | - | - | 1.626 | 1,504 | |
|---|---|---|---|---|---|---|
| Event cost | 200 | - | : | 200 | - | |
| Legal& Professional | 1.710 | - | - | 1.710 | 11,149 | |
| SUPPORT COSTS: | ||||||
| Repairs& Maintenance | 3,388 | - | - | 3.388 | 37.144 | |
| Charitable Donations | 7.335 | - | - | 7,335 | 150 | |
| Insurance | 764 | - | - | 764 | 1,432 | |
| Telephone | 796 | : | - | 796 | 381 | |
| Food and subsist | 394 | - | : | 394 | - | |
| Depreciation | 6.715 | $ | : | 6.715 | 7.736 | |
| Heat and Light | 21,422 | - | - | 21,422 | 11.188 | |
| Water/Rates | 4.938 | - | - | 4.938 | 3.403 | |
| Bank charges | 2.561 | - | - | 2.561 | - | |
| Cleaning | 660 | - | 660 | - | ||
| General Expenses | 469 | S | - | 469 | 486 | |
| 52,977 | - | - | 52,977 | 74,573 | ||
| Note: 5 | ||||||
| Fixtures & | Plant & | |||||
| TANGIBLE ASSETS: | Land& Buildin | Fittings | Machinery | Total | ||
| Cost | ||||||
| At Ist Sep 2022 | $70,360 | 55777 | 12.872 | 639.009 | ||
| Addition | 272.114 | 930 | 273.044 | |||
| At 31stAug 2023 | 842,474 | 55,777 | 13,802 | 912,053 | ||
| Depreciation | ||||||
| At Ist Sep 2022 | - | 22.882 | 1.931 | 24.813 | ||
| Charge for the year | - | 4.934 | 1,781 | 6.715 | ||
| At 31st Aug 2023 | - | 27,816 | 3,712 | 31,528 | ||
| _ | ||||||
| Net Book Value | ||||||
| At 31st Aug 2023 | 842,474 | 27,961 | 10,090 | 880,525 | ||
| AtIstSep2022 | 570,360 | 32,895 | 10,941 | 614,196 |
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Page 8
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Note: 6
| CASHATBANKAND IN HAND | 2022-23 | 2021-22 | |||
|---|---|---|---|---|---|
| Cash at Bank HSBC | 77,425 | 152.865 | |||
| Cash at Hand | 1.680 | 984 | |||
| 79,105 | 153,849 | ||||
| Note: 7 | |||||
| CREDITORS: Amount falling duewithin | within one year | 2022-23 | 2021-22 | ||
| PAYE | 2,003 | 236 | |||
| Accruals | 2,428 | 990 | |||
| Pension | 77 | - | |||
| Wages and salaries | 2.500 | - | |||
| 7,008 | 1,226 | ||||
| Note: 8 | |||||
| CREDITORS: Amount fallingdue | morethan onevear | 2022-23 | 2021-22 | ||
| Qard E Hasna | 3,500 | 90,000 | |||
| ____-3,500 | 90,000 | ||||
| Note: 9 | |||||
| ACCUMULATED FUNDS | Un-restricted | Restricted | Endowment | Total | Total |
| Opening Funds as at 01/09/2022 | 676,818 | - | - | 676,818 | 609,535 |
| Net income/expenditure | 272,303 | - | - | 272,303 | 67.283 |
| Closing funds as at 31/08/2023 | 949,121 | - | - | 949,121 | 676,818 |
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