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2022-03-31-accounts

USWAT WELFARE TRUST

Report and Financial Statements For the Year ended 31 March 2022

USWAT WELFARE TRUST

PROJECTED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022

Contents Page
Legal and Administrative Information 2
Report of the Trustees 3-7
Independent Examiner's report 8
Statement of Financial Activities 9
Balance sheet 10
Notes forming part of the Financial statements 11-13

1

USWAT WELFARE TRUST PROJECTED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022

LEGAL AND ADMINISTRATIVE INFORMATION

Officers and Professional advisers

TRUSTEES

Adelani AROGUNDADE Tajudeen Ajani BELLO Sakira SALAWU

REGISTERED OFFICE

7 Egham Road London E13 8PD

BANKERS

The Cooperative Bank P.O. Box 250 E13 8PD

EXAMINER

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS

CHARITY COMMISSION REGISTERED NUMBER 1135995

2

USWAT WELFARE TRUST PROJECTED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2022

The Trustees, for the purposes of the Charities Act 1993 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 31 March 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. The Charity is governed by a Memorandum and Articles of Association.

PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY

The principal activities of the charity continue to be:

1) the advancement of Islamic faith in United Kingdom in accordance with the doctrines set out in the statement of faith contained in the schedule.

2) For the public benefit, the advancement of the Islamic faith in particular but not exclusively through providing services for prayer and worship, spiritual counselling, Islamic educational classes and outreach work including work for the relief.

THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:

3

USWAT WELFARE TRUST PROJECTED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2022

PLANS FOR THE FUTURE

We plan to continue carrying out Islamic propagation programmes in the community. Already we have received reports from many quarters that our programmes are impacting the communities.

INCOME GENERATION

The Charity has generated £36,261 in donations during the year. This includes both direct transfers into charity’s account and cash donations.

RISKS

The factors that may affect the Charity’s delivery of its objectives include:

USWAT WELFARE TRUST produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. USWAT WELFARE TRUST has developed a strategy, which specifies how it will deliver the key programmes of work. The strategy also identifies targets and performance indicators.

RESERVES POLICY

The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds is held to meet the above policy of the Charity going forward.

4

USWAT WELFARE TRUST PROJECTED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2022

GOVERNANCE AND INTERNAL CONTROL

A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 31 March 2022, the Board had a membership of Three people.

The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day-to-day activities of the charity. None of the committee members is being remunerated.

All Trustees receive the handbook for Trustees provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub.

Company law requires the Trustees to prepare financial statements for each financial year, which comply with the Charities Act 1993 as amended

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

They include:

5

STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 1993 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

6

USWAT WELFARE TRUST PROJECTED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2022

Disclosure of information to EXAMINER

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information.

EXAMINER

In line with the provision exemption in the Charities Act 1993 as amended, the trust decided to appoint an examiner, which will review the accounts for the year ended 31 March 2022. In accordance with this appointment, AACSL Accountants Limited was appointed as examiner.

Approved by the Board of Trustees and signed on behalf of the Board by:

ADELANI AROGUNDADE on behalf of the trust. Trustee 09 January, 2023

7

Independent Examiner’s Report to the Trustees of USWAT WELFARE TRUST

We report on the projected accounts of the Trust for the year ended 31 March 2022, which are set out on pages 9 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. 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 our responsibility to:

Basis of independent examiner’s report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those 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 we 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:

(1) Which gives us reasonable cause to believe that in any material respect the requirements,

Have not been met; or

(2) To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

AACSL Accountants Limited 1st Floor North Westgate House Harlow Essex CM20 1YS

09 January, 2023

8

USWAT WELFARE TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)
YEAR ENDED 31 March 2022
Un-restricted
funds
Restricted
Funds
Total Funds
2022
2022
2022
Notes
£
£
£
INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
General Donations
2
36,261
-
36,261
TOTAL INCOMING RESOURCES
36,261
-
36,261
RESOURCES EXPENDED
Cost of Generating Funds
27,247
-
27,247
Charitable activities
3
-
-
-
Governance
4
399
-
399
TOTAL RESOURCES EXPENDED
27,646
-
27,646
Net income/(outgoing) resources
8,615
-
8,615
Total funds brought forward
130,906
-
130,906
Total funds carried forward
139,521
-
139,521
All incoming resources are derived from continuing operations. The charity has no other gains or losses other
than those recognised in the Statement of Financial Activities.		 Total Funds
2021
£
33,869
33,869
29,852
-
1,078
30,930
2,939
127,967
130,906

9

USWAT WELFARE TRUST LIMITED BALANCE SHEET AS AT 31 March 2022

2022
Total
Notes
£
£
FIXED ASSETS		 2022
Total
Notes
£
£
FIXED ASSETS		 2021
Total
£
Tangible Assets
5
CURRENT ASSETS
Debtors
6
Cash at bank and in hand
7
Current Liabilities
Creditors: amounts falling due within one year
8
Total Asset Less Current Liabilities
Current Liabilities
Creditors: amounts falling due more one year
9		 247,000
1,000
7,713
8,713
(1,078)
254,635
(115,114)		 247,000
.
-
7,009
7,009
(1,078)
252,931
(122,025)
NET ASSETS
FINANCED BY:
Unrestricted funds
10
TOTAL FUNDS
10		 139,521
139,521
139,521		 130,906
130,906
130,906

For the year ending 31 March 2022, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Accounts was approved by the Board of Trustees and signed on behalf of the Board by:

ADELANI Arogundade behalf of the trust. Trustee 09 January, 2023

10

USWAT WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” (2005), the Charity Act 1993 and applicable UK accounting standards.

Cash flow statement

Under FRS 1 the Charity is exempt from the requirement to prepare a cash flow statement on the grounds that the charity is below the threshold specified in Appendix 2 of the FRS1.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Note 2.

Investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The grant income where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Premises overheads have been allocated on a floor basis and other overheads have been allocated on the basis of the head count.

Community project costs are those costs incurred directly in support of the objects of the Charity. The community project cost includes other support costs incurred in support of the objects of the Charity. Governance costs are those incurred in connection with governance arrangement of the Charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements. The basis of allocation for support costs and governance costs has been explained in Note 3.

11

USWAT WELFARE TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2022

Note 2. Incoming Resources - General Donations

----- Start of picture text -----
2022 2021
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
General Donations 36,261 - 36,261 33,869
36,261 - 36,261 33,869
Note 3. Resources Expended - Activities 2022 2021
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
Events & Other 9,437 - 9,437
Repairs and Maintenance 20 - 20 9,662
- -
General Expenses 3,599
Interest 5,410 - 5,410 5,602
Mobile 618 - 618 796
Website 462 - 462
Software 173 - 173
Charity 570 - 570 10,193
Subscription 96 - 96 -
- -
Salary 9,000 9,000
Internet 68 - 68 -
Utility 864 - 864
Insurance 529 - 529
27,247 - 27,247 29,852
Note 4. Resources Expended – Governance 2022 2021
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
Accountancy 399 - 399 500
Legal and professional fees - - - 578
399 - 399 1,078
2022 2021
Freehold Church
Note 5. TANGIBLE ASSETS Property Equipment Total Total
£ £ £ £
Cost 247,000 - 247,000 247,000
Additions - -
Revaluation - - - -
- - - -
Disposal
Total Costs 247,000 - 247,000 247,000
Depreciation
-
Balance brought forward
- - -
Charge for the year
- - - -
Disposal
Transfers - -
Balance carried forward - - - -
Net book value - -
At 30 September 2022 247,000 - 247,000 247,000
12
- -
At 30 September 2021 247,000 247,000
----- End of picture text -----

USWAT WELFARE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 March 2022
Note 6.
Debtors
2022
This is made up as follows:
£
Prepayment (Salary)
1,000
Member Loans
-
1,000
Note 7.
Cash at bank and in hand
2022
£
Cash at bank
9,486
Cash at hand
1,773
-
7,713
Note 8.
Creditors: amounts falling due within one year
2022
This is made up as follows:
£
Accountancy Fees
500
Legal & Professional Fees
578
1,078
Note 9.
Creditors: amounts falling due more than one year
2022
This is made up as follows:
£
Mortgage Loan
115,114
115,114
Note 10. Movement in funds
Opening
balance
£
Unrestricted funds
Charity's fund
-
-
Restricted funds
Gift Aid
-
-		 2021
£		 Resources
expended
£
0
0
-
0
-
2021
£
7,009
7,009
2021
£
500
578
1,078
2021
£
122,025
122,025
Incoming
resources
£
36,261
36,261
-
36,261

13

USWAT WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2022

Note 10.1 Analysis of net assets by fund

Analysis of net assets by fund
Cash at bank and in hand
Other net assets (liabilities)		 Unrestricted
Funds
£
7,713
131,808
139,521		 Restricted
Funds
£
-
-
-		 2022
2021
Total
Total
Funds
Funds
£
£
7,713
7,009
131,808
123,897
139,521
130,906

Note 11. TRUSTEES REMUNERATION

The Trustees did not receive any emoluments and no out of pocket expenses were paid during the year (2020: £nil)

Note 13. Control

The ultimate controlling parties are the directors’ as stated on page 2.

Note 14. TAXATION

USWAT WELFARE TRUST is a registered charity and is thus exempt from taxation of its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

14