REGISTERED COMPANY NUMBER: 07229018 (England and Wales) REGISTERED CHARITY NUMBER: 1136945
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2022
for Finsbury Park Mosque (A Company Limited by Guarantee)
Merit Accountants and Tax Advisors Ltd Statutory Auditors 5 Brayford Square London E1 0SG
Finsbury Park Mosque
Contents of the Financial Statements for the Year Ended 31 July 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 7 |
| Report of the Independent Auditors | 8 to 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 to 14 |
| Notes to the Financial Statements | 15 to 25 |
| Detailed Statement of Financial Activities | 26 to 27 |
Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of the charity as set out in the charity’s Memorandum of Association:
"to advance and promote the knowledge of the religion of Islam for the public benefit."
Our objectives are set to reflect our faith and community aims. Our dual aims remain to provide a facility where Muslims can worship and to provide a community facility for all the inhabitants of Finsbury Park and the surrounding areas. Our long-term ambition is to build the self-confidence of the local Muslim community in their faith, and through community facilities and activities help make a peaceful, vibrant and harmonious community.
Our values
Equality: We believe that all humans are equal, regardless of race or religion.
Respect: We affirm the dignity, potential and contribution of participants, donors, partners, staff and volunteers.
Integrity: We act consistently with our mission, being honest and transparent in what we do and say.
Partnerships: We always aim to work to serve the wider community.
Quality: We constantly challenge ourselves to the highest levels of learning and performance to achieve greater impact.
Strategies
We want to make our Mosque an accessible and welcoming venue where all Muslims, the wider community members or those who wish to know more about our faith, can gather to learn about the religion, worship and the services we offer to the community. An important part of our strategy is community welfare and education. All our community facilities and activities welcome the participation of all in our local community, Muslims and non-Muslims alike. Most of our activities are free and supported by donations or grant funding. Where a charge is made, concessions are made for students, people on means-tested benefits and pensioners.
We also endorse interfaith dialogue with other religious groups to clarify misconceptions, finding common ground, and enhancing civil society through promoting harmony and common values. We are members of the Islington Faiths Forum (IFF) which is a community partnership of faith-based organisations working together to assist local community development and delivery of individual and community support services.
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Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
OBJECTIVES AND ACTIVITIES
Significant activities
The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities provide benefit both to those in our congregation, stake holders and the wider community of Islington and surrounding areas.
Religious activities
Our Mosque provides a centre for prayers and worship and for the activities associated with our faith. During the year under review, we offered a range of religious services and activities including:
Prayers: The Mosque is open all day for daily and Friday prayers. During the week we have thousands of people who regularly attend daily prayers and Friday and Ramadan prayers.
Festivals: The Mosque prepares food during the month of Ramadan in a daily basis for those attending our Mosque who wishes to break their fast together. Eid was also celebrated at the Mosque with a family day.
Civil marriages and Nikkah: The Mosque provide Muslim couples with an appropriate location for both their civil marriage and Nikkah (Islamic marriage). Subject to civil registration.
The learning and reading of the Quran and Arabic classes: Reading and memorisation of the Quran are considered an important element of religious education and training. We continue to provide this facility for the young people in the Mosque through the weekdays and weekend school.
Lectures and Study circles: The Mosque organises weekly lectures and study circles for its community in a daily basis on issues related to the religion of Islam, also, from time to time we invite guests and Scholars to give lectures on different topics of Islam and other topics related to the community benefit and interest.
Community activities
Our centre is not just a Mosque, it is a community centre which serve Muslims and none Muslims alike. A wide variety of community activities are organised and take place at the Mosque.
Feeding the Homeless: This project started in partnership with organisations like Caris, The Passage, St. Johns Church, Caritas and others where we open the Mosque doors every week to the homeless people in the area regardless of their faith, background or gender providing them with hot meal, also we offer them advice and the chance to socialise with others.
Visible Quality Reward: Finsbury Park Mosque has been awarded in October 2014 the "Visible Quality Mark" by Community Matters. The Visible Standards are endorsed by the Charity Commission. Finsbury Park Mosque was the first mosque and the third faith organisation in the country to receive the award.
Visit My Mosque days: This is an annual event which takes place either during June or February of each year, where members of the local community and schools and colleges were invited to visit the Mosque and look to its exhibitions and watch the mosque presentation about its activities and have a tour around. We had it last year during August instead of February.
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Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
OBJECTIVES AND ACTIVITIES
Interfaith dialogue: Our Mosque is an active member of the Islington Faith Forum (IFF). The Mosque hosted many committee meetings for the last few years and hosted the course of Mental Health & Poverty which been organised by IFF. We use the platform to promote interfaith dialogue and social cohesion.
Hate crime events: The Mosque is one of the leading organisations in the borough to tackle hate crimes, this year we organised few events to address this issue especially during the Islamophobia awareness month in November where a diverse audience from all faiths and communities came together to show unity against hate crime and Islamophobia.
Youth and Women Activities: A youth club for youths has been established for more than 9 years now at our centre in a weekly basis where young people can have a cohesive and healthy atmosphere away from gangs, drugs, crimes and extremism. Also, we have an active women section, they meet regularly to arrange for various activities, educational and social programs including joint activities with local Churches.
Environment: As environment become one of the main issues which we all need to address, we arranged in partnership with Islington Council several trips to the Ecology Centre for our students and adults to educate them about the importance of the environment and how we can be part looking after our planet.
Hall and rooms: Our hall and meeting rooms are available for use by local groups and organisations. This year alone the facilities have been used by groups at the local karate club, the local community group and youth club. Local charities are encouraged to make use of the conference hall, and we normally host surgeries with both local Councillors and the MP for Islington but been hold because of covid 19. When the hall is not required for community use, it is then available for hire for family events (courses, training, conferences, weddings, condolences).
Health seminars and consultations: A Muslim GP provides a free health consultation at the Mosque occasionally and another advice session from a solicitor. In addition, we organise "Heart Diseases" seminar to raise awareness of how to avoid heart disease and the importance of maintaining a healthy lifestyle. We also organised a seminar with a focus on providing information to people who are at risk or suffer from diabetes and bowel cancer awareness workshop. We also arrange events to donate blood and to raise donation to people who suffer cancer. We were the first Mosque to organise an Autism hour for Autistic children in partnership with National Autistic Society (NAS) in 2019.
Community English Language Teaching Project: British Muslim communities are growing, with the latest 2021 Census estimating approximately 3.87 million Muslims in Britain, compared to the 2.7m from the 2011 census. It shows also that the Muslim population in Islington is increased to more than 10%, Islington area has accommodated a large number of Muslims who have moved into the area in recent years, and many of whom worship at our Mosque. We run a project in partnership with other organisations to provide social events and English language classes ESOL for these new residents to enable them to settle and integrate more easily into the society.
Partnership working and performance review: In developing our community programmes we work in partnership with Islington Council and Islington Police and faiths organisations. We look to all our partners to give feedback on the success of our initiatives, and the trustees review progress and outcomes of our work at each meeting.
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Finsbury Park Mosque
Report of the Trustees for the Year Ended 31 July 2022
OBJECTIVES AND ACTIVITIES
Public benefit
The charitable objective of Finsbury Park Mosque set out in its Memorandum and Articles of Association is to advance and promote the knowledge of the religion of Islam for the public benefit. The Trustees have considered how our work may most effectively further our charitable objectives for the benefit of the public and have had regard to the Charity Commission’s guidance on public benefit when reviewing the aims and objectives of the charity and planning future activities.
Grantmaking
Finsbury Park Mosque is not mainly involved in collection and distribution of grants. However, a large number of our congregation donates regularly to some causes - like zakat, zakatul fitr, or certain causes like emergency relief - or we have charities making collections at the mosque. In all cases, to ensure transparency and accountability, we have a due diligence check before we allow any charity to collect any donation. Certain donations collected are distributed by way of providing grants to institutions pursuant to the Charity's objectives.
Volunteers
We encourage all members of our charity to be involved in voluntary activities and to share their skills with others. Volunteers play and extremely important role in the operations of the charity for which the charity is extremely grateful for. The volunteers provide us with their time, know-how and assist the Charity in its fundraising activities. Volunteers are not paid, however, reasonable out of pocket expenses such as travel costs are reimbursed. The charity has policies and procedures in place for volunteers which are regularly reviewed and includes recruitment, vetting and management of volunteers.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
A wide range of activities are carried out in pursuance of the charitable aims and objectives. The trustees consider that these activities, detailed under under Significant Activities section of this report, provide benefit both to those in our congregation, stake holders and the wider community of Islington and surrounding areas.
FINANCIAL REVIEW
Financial review
The charity's main sources of income are from collection of donations, grants and school (madressa) fees from the general public. During the year, total funds generated by the Charity amounted to £307,677 (2021: £267,474).
Total resources expended during the year amounted to £275,580 (2021: £224,996) which includes expenditure on donation payments and other charitable activities.
The funds carried forward at the end of the year was £4,215,762 (2021: £4,183,665). £530,916 of the current year fund balance represents unrestricted fund, and £3,684,846 represents the restricted fund balance.
Principal funding sources
The charity’s main sources of income are donations by the Muslim local community, whilst some income comes from sponsorships, hire of the halls and grants received from the local council.
Investment policy and objectives
The charity's cash reserves are held in current and saving bank accounts. Any profit earned is added to the general fund reserve and used for the general charitable purposes.
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Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
FINANCIAL REVIEW
Reserves policy
The Trustees recognise the need to have reserves in place to ensure the continuation of our work in the event of an unforeseen downturn. Our policy is to hold enough funds to meet six months operating costs of the Mosque, excluding the collection and distribution of Zakat, and of our community activities and programs. Our cash reserves are held in deposit accounts.
In setting up the charity's reserve policy, the trustees have identified various restricted funds as detailed in the Statement of Financial Activities (SOFA). The restricted funds are distributed strictly in accordance with the relevant restriction imposed on the fund.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is registered with the Charity Commission for England and Wales under charity registration number 1136945. The Trust is also a limited company, limited by guarantee, as defined by the Companies Act 2006 and therefore is controlled by its Articles and Memorandum of Association.
Charity constitution
The charity was initially established as an unincorporated charitable trust and registered with the Charity Commission on 16 August 1988 under number 299884. Following a review of the charity's structure, a charitable company was incorporated on 20th April 2010. The new incorporated charity was registered with the Charity Commission in 2010.
Recruitment and appointment of new trustees
Trustees are recruited on the basis of their suitability to run the Charity in an effective manner. In light of such, the experience, qualifications and skills of any incoming Trustees are considered as well as any previous community or charity experience. Trustees are appointed by majority resolution of the existing trustees. When a new trustee is so appointed, a memorandum of his or her appointment is prepared and filed in accordance with the requisite procedures.
Organisational structure
The Trustees (who are also Directors of Finsbury Park Mosque for the purpose of company law) are responsible for the overall operations of the charity. The trustees represent the key management personnel and receive no remuneration or other financial benefits. The Board of Trustees meets quarterly. Other ad hoc meetings and telephone conferences involving either the whole Board or selected members of the Board are also held as required.
Office bearers, Chairman, Secretary and Treasurer, are responsible for the day to day running of the charity and manage the staff and volunteers of the charity on behalf of the trustees.
Conflict of interest
The Charity has internal policies and procedures in place to ensure that conflicts are noted and if needed mitigated or other action taken where appropriate. These policies extend to all partners in the Charity's area of operation.
Induction and training of new trustees
Following appointment, new trustees are introduced to their new role and given copies of the Memorandum of Association and the policies and regulations adopted by the Charity. New trustees are provided the opportunity of working with existing trustees to benefit from their experience. Charity Commission guidance is also provided to trustees as well as internal and external training to assist them in their role.
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Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees 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.
The Trustees have assessed the risks the charity faces and have drawn up a risk assessment which identifies the major risks by area of activity, the nature of those risks, the likelihood of those risks happening, and the measures taken to manage them. The trustees review this risk assessment from time to time.
The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Mosque are kept under review. Appropriate Disclosures DBS checks, supported by regularly reviewed policies, are made for all those who work with children or other vulnerable groups within the Mosque or community centre.
The charity often works with potential third party organisations or partnerships, and the charity ensures that the identity of the proposed partner is verified and assessed prior to establishing any formal partnership relationship. The due diligence process includes a completion of due diligence forms and identity documents as well as a detailed appraisal using the relative sources and searches online. In the cases where issues are found, the charity undertakes comprehensive assessments to evaluate the level and scale of risk involved, prior to making any decisions. The charity endeavours to carry out regular checks on all active partners who receive funding from the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07229018 (England and Wales)
Registered Charity number 1136945
Registered office
7-11 St. Thomas'S Road London N4 2QH
Trustees
Dr H A Ahmad Director M Hassan Management Consultant M A K Kozbar Project Manager K S Oumar Manager A Raje Company Director A I Barud
Company Secretary
K S Oumar
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Finsbury Park Mosque
Report of the Trustees
for the Year Ended 31 July 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Merit Accountants and Tax Advisors Ltd Statutory Auditors 5 Brayford Square London E1 0SG
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Finsbury Park Mosque for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Merit Accountants and Tax Advisors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 26 May 2023 and signed on its behalf by:
M A K Kozbar - Trustee
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Report of the Independent Auditors to the Trustees of Finsbury Park Mosque
Opinion
We have audited the financial statements of Finsbury Park Mosque (the 'charitable company') for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other matter
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
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Report of the Independent Auditors to the Trustees of Finsbury Park Mosque
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of Finsbury Park Mosque
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Charities Act 2011 and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management regarding correspondence with regulators and tax authorities.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements(including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals. We evaluated whether there was evidence of bias by the directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in any significant accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of Finsbury Park Mosque
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Merit Accountants and Tax Advisors Ltd Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 5 Brayford Square London E1 0SG
Date: 26[th] May 2023
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Finsbury Park Mosque
Statement of Financial Activities
for the Year Ended 31 July 2022
| 31.7.22 Unrestricted Restricted Total fund funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 239,193 28,805 267,998 Charitable activities 4 School (Madressa) 33,450 - 33,450 Hall hire 3,737 - 3,737 Investment income 3 2,492 - 2,492 Total 278,872 28,805 307,677 EXPENDITURE ON Raising funds 5 51,690 94,470 146,160 Charitable activities 6 Grant payments 39,903 9,750 49,653 Religious Events 13,518 9,640 23,158 School (Madressa) 24,614 - 24,614 Other 8,466 23,529 31,995 Total 138,191 137,389 275,580 NET INCOME/(EXPENDITURE) 140,681 (108,584) 32,097 RECONCILIATION OF FUNDS Total funds brought forward As previously reported 372,173 3,793,430 4,165,603 Prior year adjustment 13 18,062 - 18,062 As restated 390,235 3,793,430 4,183,665 TOTAL FUNDS CARRIED FORWARD 530,916 3,684,846 4,215,762 |
31.7.21 Total funds as restated £ 264,907 - - 2,567 267,474 158,811 37,166 3,765 - 25,254 224,996 42,478 4,141,187 - 4,141,187 4,183,665 |
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The notes form part of these financial statements
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Finsbury Park Mosque
Balance Sheet
31 July 2022
| 31.7.22 Unrestricted Restricted Total fund funds funds Notes £ £ £ FIXED ASSETS Tangible assets 14 25,398 3,769,151 3,794,549 CURRENT ASSETS Debtors 15 5,784 - 5,784 Cash at bank and in hand 508,805 (84,305) 424,500 514,589 (84,305) 430,284 CREDITORS Amounts falling due within one year 16 (9,071) - (9,071) NET CURRENT ASSETS 505,518 (84,305) 421,213 TOTAL ASSETS LESS CURRENT LIABILITIES 530,916 3,684,846 4,215,762 NET ASSETS 530,916 3,684,846 4,215,762 FUNDS 17 Unrestricted funds 530,916 Restricted funds 3,684,846 TOTAL FUNDS 4,215,762 |
31.7.21 Total funds as restated £ 3,800,041 6,500 379,730 386,230 (2,606) 383,624 4,183,665 4,183,665 390,235 3,793,430 4,183,665 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
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continued...
Finsbury Park Mosque
Balance Sheet - continued
31 July 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 26 May 2023 and were signed on its behalf by:
M A K Kozbar - Trustee
A Raje - Trustee
The notes form part of these financial statements
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Finsbury Park Mosque
Notes to the Financial Statements for the Year Ended 31 July 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).
Judgements and key sources of estimation uncertainty
In the application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants and gifts are recognised when receivable. In the event that a grant is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.
Investment income is accounted for in the Statement of Financial Activities in the period in which the charity is entitled to receipt.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
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.
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continued...
Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
1. ACCOUNTING POLICIES - continued
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Fixtures and fittings - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors
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. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.
Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.
Going concern
In view of the financial performance and the reserves position as at the balance sheet date, the Board of Trustees have a reasonable expectation that the Charity will have the resources to continue in operational existence for the foreseeable future. The Trustees believe there are no material uncertainties that call into doubt the ability to continue as a going concern. The annual financial statements have therefore been prepared on the basis that the charity is a going concern.
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Finsbury Park Mosque
Notes to the Financial Statements - continued
| for the Year Ended 31 July 2022 2. DONATIONS AND LEGACIES Donations Gift aid Grants Grants received, included in the above, are as follows: Council & local authorities Grants Corona Virus Job Retention Scheme 3. INVESTMENT INCOME Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity School fee income School (Madressa) Hall hire income Hall hire |
31.7.22 £ 178,173 2,720 87,105 267,998 31.7.22 £ 84,678 2,427 87,105 31.7.22 £ 2,492 31.7.22 £ 33,450 3,737 37,187 |
31.7.21 as restated £ 131,651 - 133,256 264,907 31.7.21 as restated £ 133,256 - 133,256 31.7.21 as restated £ 2,567 31.7.21 as restated £ - - - |
|---|---|---|
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continued...
Finsbury Park Mosque
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
5. RAISING FUNDS
| Raising donations and legacies Support costs 6. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 7) £ £ Grant payments - 49,653 Religious Events 23,158 - School (Madressa) - - 23,158 49,653 7. GRANTS PAYABLE Grant payments The total grants paid to institutions during the year was as follows: Grant payment to UK institutions for general charitable purposes |
31.7.22 £ 146,160 Support costs (see note 8) £ - - 24,614 24,614 31.7.22 £ 49,653 31.7.22 £ 49,653 |
31.7.21 as restated £ 158,811 Totals £ 49,653 23,158 24,614 97,425 31.7.21 as restated £ 37,166 31.7.21 as restated £ 37,166 |
|---|---|---|
The grant payments are made to various UK based charitable institutions, of which the most material one is Juba Youth, with total payments made to them of £25,453.
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Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
8. SUPPORT COSTS
| Management £ Raising donations and legacies 127,092 School (Madressa) 24,614 151,706 |
Finance £ 1,656 - 1,656 |
Governance Other costs £ £ 2,724 14,688 - - 2,724 14,688 |
Totals £ 146,160 24,614 170,774 |
|---|---|---|---|
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 31.7.22 31.7.21 as restated £ £ 31,995 25,254 |
|---|---|
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
11. STAFF COSTS
| Wages and salaries | 31.7.22 £ 115,544 115,544 |
31.7.21 as restated £ 108,648 108,648 |
|---|---|---|
The average monthly number of employees during the year was as follows:
| Charitable activities Mosque School teachers |
31.7.22 31.7.21 as restated 1 1 7 6 9 9 17 16 |
|---|---|
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Finsbury Park Mosque
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
11. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
| 12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total |
||
| fund | funds | funds | ||
| as restated | ||||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 264,532 | 375 | 264,907 | |
| Investment income | 2,567 | - | 2,567 | |
| Total | 267,099 | 375 | 267,474 | |
| EXPENDITURE ON | ||||
| Raising funds | 158,811 | - | 158,811 | |
| Charitable activities | ||||
| Grant payments | 37,166 | - | 37,166 | |
| Religious Events | 3,765 | - | 3,765 | |
| Other | 2,454 | 22,800 | 25,254 | |
| Total | 202,196 | 22,800 | 224,996 | |
| NET INCOME/(EXPENDITURE) | 64,903 | (22,425) | 42,478 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 325,332 | 3,815,855 | 4,141,187 | |
| TOTAL FUNDS CARRIED | ||||
| FORWARD | 390,235 | 3,793,430 | 4,183,665 |
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Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
13. PRIOR YEAR ADJUSTMENT
During the year ending 31st July 2021, unrestricted donation income totalling to £18,062 was mistakenly understated. This error has been corrected by way of a prior year adjustment to increase the general unrestricted reserve of the charity by £18,062 and the cash at bank balance under the balance sheet increased as a result. Consequently the comparatives have been restated accordingly to increase donation income in the Statement of Financial Activities by £18,062 and the corresponding increase in the cash at bank balance in the balance sheet.
In addition, during the year ending 31st July 2021, grant fund and school (madressa) fund balances were classified as restricted funds. These funds are in fact unrestricted in nature as no restrictions were imposed when the income relating to these funds was received. We have therefore reclassified these funds as unrestricted with comparatives reclassified accordingly.
14. TANGIBLE FIXED ASSETS
| COST At 1 August 2021 Additions At 31 July 2022 DEPRECIATION At 1 August 2021 Charge for year At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 |
Freehold property £ 3,921,494 - 3,921,494 128,814 23,529 152,343 3,769,151 3,792,680 |
Fixtures and fittings £ 43,360 26,503 69,863 35,999 8,466 44,465 25,398 7,361 |
Totals £ 3,964,854 26,503 3,991,357 164,813 31,995 196,808 3,794,549 3,800,041 |
|---|---|---|---|
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Finsbury Park Mosque
Notes to the Financial Statements - continued
| for | the Year Ended 31 July 2022 | ||||||
|---|---|---|---|---|---|---|---|
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN |
ONE YEAR | |||||
| 31.7.22 | 31.7.21 |
||||||
| as | |||||||
| restated | |||||||
| £ | £ | ||||||
| Other debtors | 1,500 | 6,500 | |||||
| Prepayments | 4,284 | - | |||||
| 5,784 | 6,500 | ||||||
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||||||
| 31.7.22 | 31.7.21 |
||||||
| as | |||||||
| restated | |||||||
| £ | £ | ||||||
| Social security and other taxes | 313 | 566 | |||||
| Accrued expenses | 8,758 | 2,040 | |||||
| 9,071 | 2,606 | ||||||
| 17. | MOVEMENT IN FUNDS |
||||||
| Prior | Net | ||||||
| year | movement | At |
|||||
| At 1.8.21 | adjustment | in funds | 31.7.22 |
||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General fund | 372,173 | 18,062 | 140,681 | 530,916 | |||
| Restricted funds | |||||||
| Mosque Fund | 3,792,680 | - | (107,529) | 3,685,151 | |||
| Zakaat Fund | 750 | - | 3,593 | 4,343 | |||
| Ramadhan Fund | - | - | (4,648) | (4,648) | |||
| 3,793,430 | - | (108,584) | 3,684,846 | ||||
| TOTAL FUNDS | 4,165,603 | 18,062 | 32,097 | 4,215,762 |
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Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mosque Fund Zakaat Fund Ramadhan Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Mosque Fund Zakaat Fund TOTAL FUNDS |
Incoming resources £ 278,872 10,470 13,343 4,992 28,805 307,677 At 1.8.20 £ 325,332 3,815,480 375 3,815,855 4,141,187 |
Incoming resources £ 278,872 10,470 13,343 4,992 28,805 307,677 At 1.8.20 £ 325,332 3,815,480 375 3,815,855 4,141,187 |
Resources Movement expended in funds £ £ (138,191) 140,681 (117,999) (107,529) (9,750) 3,593 (9,640) (4,648) (137,389) (108,584) (275,580) 32,097 Net movement At in funds 31.7.21 £ £ 64,903 390,235 (22,800) 3,792,680 375 750 (22,425) 3,793,430 42,478 4,183,665 |
|---|---|---|---|
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Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mosque Fund Zakaat Fund TOTAL FUNDS |
Incoming resources £ 267,099 - 375 375 267,474 |
Resources expended £ (202,196) (22,800) - (22,800) (224,996) |
Movement in funds £ 64,903 (22,800) 375 (22,425) 42,478 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Mosque Fund Zakaat Fund Ramadhan Fund TOTAL FUNDS |
At 1.8.20 £ 325,332 3,815,480 375 - 3,815,855 4,141,187 |
Prior Net year movement At adjustment in funds 31.7.22 £ £ £ 18,062 205,584 548,978 - (130,329) 3,685,151 - 3,968 4,343 - (4,648) (4,648) - (131,009) 3,684,846 18,062 74,575 4,233,824 |
|---|---|---|
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Finsbury Park Mosque
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mosque Fund Zakaat Fund Ramadhan Fund TOTAL FUNDS |
Incoming resources £ 545,971 10,470 13,718 4,992 29,180 575,151 |
Resources expended £ (340,387) (140,799) (9,750) (9,640) (160,189) (500,576) |
Movement in funds £ 205,584 (130,329) 3,968 (4,648) (131,009) 74,575 |
|---|---|---|---|
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2022.
Page 25
Finsbury Park Mosque
| Detailed Statement of Financial Activities for the Year Ended 31 July 2022 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Investment income Deposit account interest Charitable activities School fee income Hall hire income Total incoming resources EXPENDITURE Charitable activities Ramadhan iftar Event costs Grants to institutions Other Freehold property Fixtures and fittings Support costs Management Wages Rates and water Insurance Light and heat Telephone Carried forward |
31.7.22 31.7.21 as restated £ £ 178,173 131,651 2,720 - 87,105 133,256 267,998 264,907 2,492 2,567 33,450 - 3,737 - 37,187 - 307,677 267,474 9,640 - 13,518 3,765 49,653 37,166 72,811 40,931 23,529 22,800 8,466 2,454 31,995 25,254 115,544 108,648 1,345 1,919 3,567 3,379 11,619 8,628 725 1,282 132,800 123,856 |
|---|---|
This page does not form part of the statutory financial statements
Page 26
Finsbury Park Mosque
Detailed Statement of Financial Activities
for the Year Ended 31 July 2022
| Management Brought forward Postage and stationery Subscriptions Repairs & renewals Computer & website costs Finance Bank charges Other Travel & subsistence Cleaning Sundries Governance costs Professional fees Audit fees Accountancy fees Total resources expended Net income |
31.7.22 31.7.21 as restated £ £ 132,800 123,856 1,153 169 521 397 14,657 25,791 2,575 597 151,706 150,810 1,656 3,802 190 445 101 259 2,433 - 2,724 704 2,406 1,455 4,000 - 8,282 2,040 14,688 3,495 275,580 224,996 32,097 42,478 |
|---|---|
This page does not form part of the statutory financial statements
Page 27