DEAN BALOGUN & CO ACCOUNTANTS
BUSINESS ADVISORS • LICENSED ACCOUNTANTS • INDEPENDENT EXAMINER• ASSURANCCE
29 October 2021
199-201 Lewisham Way London SE4 1UY ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC)
Dear ,
Accounts for Period ended 31/03/2021
Please find attached final accounts for ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) for the period ended 31/03/2021 [including filleted/abbreviated accounts if appropriate].
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
DEAN BALOGUN
118 Chinbrook Road London SE12 9QP Telephone: 020 8857 7649 Mobile: 07748 800 066 E-mail: info@deanbalogun.co.uk
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC)
Charity No. 1135587
Trustees' Report and Unaudited Accounts
31 March 2021
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Statement of Cash flows | 5 |
| Notes to the Accounts | 6 |
| Detailed Statement of Financial Activities | 7 |
Page 1
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1135587
Trustees
The following Trustees served during the year:
A.M. Abdi A.G. Ahmed M. Ahmed A.A.A. Ashaashi M.H. Raghe
Accountants
DEAN BALOGUN & CO 118 Chinbrook Road London Licensed Accountant BA(Hons) Fmaat ,Fcpa, Aice SE12 9QP
OBJECTIVES AND ACTIVITIES
A large charity must provide an explanation of its aims, including details of the issues it seeks to tackle and the changes or differences it seeks to make through its activities...
A large charity must provide an explanation how the achievement of its aims will further its legal purposes... A large charity must provide an explanation of its strategies for achieving its stated aims and objectives... A large charity must provide an explanation of its criteria or measures it uses to assess success in the reporting period...
A large charity should provide a more detailed explanation of its short-term and long-term aims and objectives...
ACHIEVEMENTS AND PERFORMANCE
A large charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...
A large charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...
A large charity must provide an explanation when material investments are held, details of investment performance achieved against objectives set ...
A large charity must provide an explanation of any material expenditure occurred to raise income in the future...
A large charity must provide commentary on those significant positive and negative factors within and outside the charity's control which are relevant to the achievement of its objectives ...
PLANS FOR FUTURE PERIODS
Page 2
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Trustees Annual Report
A large charity must provide a summary of the charity's plans for the future including its aims and objectives and details of any plans to achieve them ...
A large charity's report should explain the trustees perspective of the future direction of the charity...
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
M. Ahmed Trustee 31 March 2021
Page 3
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Independent Examiners Report
Independent Examiner's Report to the trustees of ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC)
I report to the trustees on my examination of the accounts of ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
DEAN BALOGUN & CO 118 Chinbrook Road
London Licensed Accountant BA(Hons) Fmaat ,Fcpa, Aice SE12 9QP 31 March 2021
Page 4
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Statement of Financial Activities
for the year ended 31 March 2021
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Other 4 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricte d funds 2021 £ 26,050 |
Total funds 2021 £ 26,050 |
Total funds 2020 £ 62,354 |
|---|---|---|---|
| 26,050 30,404 |
26,050 30,404 |
62,354 57,869 |
|
| 30,404 - |
30,404 - |
57,869 - |
|
| (4,354) - |
(4,354) - |
4,485 - |
|
| (4,354) | (4,354) | 4,485 | |
| (4,354) 74,658 |
(4,354) 74,658 |
4,485 70,173 |
|
| 70,304 | 70,304 | 74,658 |
Page 5
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Balance Sheet
at 31 March 2021
| Charity No. 1135587 Fixed assets Tangible assets 6 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds Reserves 8 Total funds |
2021 £ 1,425 1,425 69,179 69,179 (300) 68,879 70,304 70,304 70,304 70,304 70,304 70,304 |
2020 £ 1,425 |
|---|---|---|
| 1,425 73,633 |
||
| 73,633 (400) |
||
| 73,233 74,658 |
||
| 74,658 | ||
| 74,658 | ||
| 74,658 | ||
| 74,658 | ||
| 74,658 |
Approved by the trustees on 31 March 2021
And signed on their behalf by:
M. Ahmed Trustee 31 March 2021
Page 6
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
for the year ended 31 March 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies 4 Other expenditure Employee costs Premises costs General administrative costs Legal and professional costs |
Unrestricted funds 2020 £ 62,354 62,354 57,869 57,869 4,485 4,485 4,485 - 4,485 Unrestricted £ 26,050 26,050 Unrestricted £ 4,480 25,624 - 300 30,404 |
Restricted funds 2020 £ - - - - - - - 1,125 1,125 Total 2021 £ 26,050 26,050 Total 2021 £ 4,480 25,624 - 300 30,404 |
Total funds 2020 £ 62,354 |
|---|---|---|---|
| 62,354 57,869 |
|||
| 57,869 | |||
| 4,485 | |||
| 4,485 | |||
| 4,485 1,125 |
|||
| 5,610 | |||
| Total 2020 £ 62,354 |
|||
| 62,354 | |||
| Total 2020 £ 6,720 40,354 761 10,034 |
|||
| 57,869 |
5 Staff costs
No employee received emoluments in excess of £60,000.
Page 10
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
6 Tangible fixed assets
| Cost or revaluation At 1 April 2020 At 31 March 2021 Depreciation and impairment At 1 April 2020 At 31 March 2021 Net book values At 31 March 2021 At 31 March 2020 7 Creditors: amounts falling due within one year Accruals and deferred income |
2021 £ 300 300 |
£ 3,660 3,660 2,235 2,235 1,425 1,425 |
£ 3,660 |
|
|---|---|---|---|---|
| 3,660 | ||||
| 2,235 | ||||
| 2,235 | ||||
| 1,425 | ||||
| 1,425 | ||||
| 2020 £ 400 |
||||
| 400 | ||||
| 8 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 9 Analysis of net assets between funds Fixed assets Net current assets |
At 1 April 2020 74,658 74,658 |
Incoming resources (including other gains/losses ) £ 26,050 26,050 Unrestricted funds £ - (300) (300) |
Resources expended £ (30,404) (30,404) Restricted funds £ 1,425 69,179 70,604 |
At 31 March 2021 £ 70,304 |
| 70,304 | ||||
| Total £ 1,425 68,879 |
||||
| 70,304 |
Page 11
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Notes to the Accounts
10 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 April 2020 £ |
Cash flows £ |
At 31 March 2021 £ |
| 73,633 | (4,454) | 69,179 | |
| 73,633 73,633 |
(4,454) (4,454) |
69,179 | |
| 69,179 |
Page 12
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Statement of Cash flows
for the year ended 31 March 2021
| Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: (Decrease)/Increase in trade and other payables Net cash (used in)/provided by operating activities Net cash from investing activities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ (4,354) (100) (4,454) - - (4,454) 73,633 69,179 |
2020 £ 4,485 100 |
|---|---|---|
| 4,585 | ||
| - | ||
| - | ||
| 4,585 | ||
| 69,048 | ||
| 73,633 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 69,179 | 73,633 |
| 69,179 | 73,633 |
Page 13
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Detailed Statement of Financial Activities
for the year ended 31 March 2021
| Income and endowments from: Donations and legacies Total income and endowments Expenditure on: Employee costs Staff welfare Premises costs Rent Rates Light, heat and power Premises cleaning Premises repairs and maintenance Other premises costs General administrative costs, including depreciation and amortisation General insurances Legal and professional costs Accountancy and bookkeeping Solicitor's fees Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: |
Unrestricted funds 2021 £ 26,050 26,050 26,050 4,480 4,480 15,600 4,140 1,109 1,251 1,762 1,762 25,624 - - 300 - 300 30,404 30,404 - (4,354) (4,354) - (4,354) |
Total funds 2021 £ 26,050 26,050 26,050 4,480 4,480 15,600 4,140 1,109 1,251 1,762 1,762 25,624 - - 300 - 300 30,404 30,404 - (4,354) (4,354) - (4,354) |
Total funds 2020 £ 62,354 |
|---|---|---|---|
| 62,354 | |||
| 62,354 6,720 |
|||
| 6,720 | |||
| 30,600 4,495 1,310 1,560 562 1,827 |
|||
| 40,354 | |||
| 761 | |||
| 761 | |||
| 700 9,334 |
|||
| 10,034 | |||
| 57,869 | |||
| 57,869 - |
|||
| 4,485 | |||
| 4,485 - |
|||
| 4,485 | |||
Page 14
ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Detailed Statement of Financial Activities
| ALBARAKA ISLAMIC RESOURCES CENTRE (AIRC) Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Total funds brought forward Total funds carried forward |
74,658 70,304 |
74,658 70,304 |
70,173 |
| 74,658 |
Page 15