Charity number: 1142285
## SEIFULLAH ISLAMIC CENTRE
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JANUARY 2025**
## **SEIFULLAH ISLAMIC CENTRE**
## **CONTENTS**
**Content page Content 1 Reference and administrative details 2 Trustees’ report 3 - 6 Independent examiner’s report 7 Statement of financial activities 8 Balance sheet 9 Notes to the financial statements 10 – 14**
1
**SEIFULLAH ISLAMIC CENTRE REFERENCE AND ADMINITRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2025**
## **Trustees**
Mr Larry Lateef Oloyede Mr Wasiu Adekunle Salami Mr Lukman Lawal Mr Bakare Alade Mrs Oluwatoyin Adeyemi Bello **Charity registered number** 1142285 **Governing document** Declaration of Trust dated 8[th] of April 2011 **Principal bankers** HSBC Bank **Principal office** Yard E, Foreland Street London SE18 7BY **Correspondence address** Flat 23 Muscovy House 5 Kale Road Erith DA18 4BG **Treasurer** Mr Larry Lateef Oloyede **Accountants** GKJ Associates Ltd Chartered Certified Accountants First Floor, 31 River Road Barking IG11 0DA
2
**TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
## **SEIFULLAH ISLAMIC CENTRE**
The Trustees present their annual report together with the financial statements of **SEIFULLAH ISLAMIC CENTRE** for the year ended 31[st] January 2025.
The charity is operated strictly in line with its Trust deed dated 8[th] April 2011.
## **Objectives and activities**
## **a. Policies and objectives**
The Charity main objects are to relieve the needs, suffering and distress of ethnic minority in the UK and Ireland for the benefit of the public, particularly but not exclusively through:
1. Relief from poverty and sickness for people in need.
2. Advance the Islamic faith.
3. Promote and preserve good physical and mental health.
4. Advance charitable purposes that are beneficial to the Muslim community, especially Nigerian Muslims in the UK and Ireland.
## These objectives are charitable and operate for the public’s benefit.
In setting objectives and planning for activities, The Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2).
## **b. Activities undertaken to achieve objectives**
The Charity pursues its objects by the operation of a worship centre for Muslims at Yard E, Foreland Street, London, SE18 7BY by providing Islamic education, social welfare, recreational facilities and other leisure time to improve the quality of the lives of the mosque members.
Activities undertaken by the charity in the year include:
- Weekend prayer meetings
- Islamic lessons for children
- Annual Eid festival celebration
- Regular Islamic advice to members and the general public
- Advocacy, visiting sick people at their homes and in hospital
- Conducting naming ceremonies and prayers.
The demands for Seifullah Islamic Centre services have continued to grow in response to the increased public awareness of our services and community involvements.
3
## **Volunteers**
The charity is grateful for the commitment (benevolent) efforts of its volunteers who are involved in services provision. The Mosque has about 7 volunteers. It is estimated that over 1,661 volunteer hours were provided during the year. If this is conservatively valued at £10.00 an hour the volunteer efforts amount to over £16,610.
## **c. Financial review**
Total receipts during the year ended 31[st] January 2025 was £50,083 (2024: £23,899). Total expenditure for the year was £32,523 (2024: £27,399). The detailed breakdown of the accounts can be found in the accompanying SOFA, Balance sheet and notes to the accounts.
The charity’s principal source of funding is takings received at prayer services, naming ceremonies, contribution, and donations from members during religion events
## **d. Risks management**
The Trustees have assessed and concluded a review of the major risks to which the charity is exposed to, in particular to those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate their exposure to the major risks.
## **e. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **f. Reserve policy**
The Trustees have reviewed the reserves of the charity; the Charity seeks to maintain reserves which match their obligations. The target is to build and maintain unrestricted reserves equating to three months’ operating costs of the Mosque.
## **Structure. governance and management**
## **a. Constitution**
**SEIFULLAH ISLAMIC CENTRE** is a registered charity, number 1142285, and is constituted under a Trust deed.
## **b. Methods of appointment or election of Trustees**
The overall management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed. No new trustee was appointed during the year. The board of trustees set the direction and policy frame for the Mosque.
The board also put in place the process for reviewing, evaluating and implementing appropriate risk management framework. The members of the Board of Trustees have no beneficial interest in Seifullah Islamic Centre and are not remunerated.
4
## **Future developments**
We are still working on getting our own permanent place of worship as the venue we are currently using for the mosque operations is privately rented and too small to accommodate our ever-increasing members.
We intend to increase our community activities and sharing a good understanding of Islam with our non-Muslim neighbours whilst gaining understanding of their culture and traditions.
To this end, the trustees were successful in March 2025 in their application for a grant of £20,000 from the National Lottery Community Grant to organise some charity events within two years. As this funding relates to next financial accounting period, further detail information would be available in next year’s trustees’ report and account.
5
**TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025**
## **SEIFULLAH ISLAMIC CENTRE**
## **Statement of Trustees’ responsibilities**
The Charity trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 10 October 2025 and signed for on their behalf by:
_______________________
## **Mr Larry Lateef Oloyede**
(Treasurer, Board of Trustees)
6
## **SEIFULLAH ISLAMIC CENTRE**
## **INDEPENDENT EXAMINAR’S REPORT**
## **FOR THE YEAR ENDED 31 JANUARY 2025**
## **Independent Examiner's Report to the Trustees of SEIFULLAH ISLAMIC CENTRE ('the Charity')**
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2025.
## **Responsibilities and basis of report**
As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the Charity’s accounts carried out under section of the 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 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
1. the accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with the accounting records; or
3. the accounts do 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 to enable a proper understanding of the accounts to be reached.
_gjinadu_
**G Jinadu (FCCA) GKJ Associates Ltd First Floor, 31 River Road, Barking, IG11 0DA 10[th ] October 2025**
7
## **SEIFULLAH ISLAMIC CENTRE**
|**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025**|**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025**|||
|---|---|---|---|
||**Restricted**
**funds**
**Unrestricted**
**funds**
**Total**
**funds**||**Total**
**funds**|
||**2025**||**2024**|
|**Income from:**
**Note**|**£**
**£**
**£**||**£**|
|Donations and legacies
3|21,424
14,588
36,011
13,267
13,267
805
805||19,803|
|Charitable activities
4|||3,520|
|Other income
5|||576|
|||||
|||||
|**Total income**|**22,229**
**27,854**
**50,083**||**23,899**|
|||||
|**Expenditure on:**||||
|Charitable activities
6|-
32,523
32,523||27,399|
|||||
|**Total expenditure**|**-**
**32,523**
**32,523**||**27,399**|
|||||
|**Net movement in funds**|**22,229**
**(4,669)**
**17,560**||**(3,500)**|
|||||
|**Reconciliation of funds**||||
|||||
|Fund balance brought forward|29,081
10,978
40,058||43,558|
|||||
|**Total funds carried forward**|**51,310**
**6,309**
**57,619**||**40,058**|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 14 form part of these financial statements.
8
## **SEIFULLAH ISLAMIC CENTRE**
|**SEIFULLAH ISLAMIC CENTRE**|||||
|---|---|---|---|---|
|**BALANCE SHEET AS AT 31 JANUARY 2025**|||**2024**
**£**
**£**
40,058
3,170
58,119|**£**
43,228|
|**Note**||**2025**|||
|||**£**|||
|**Current assets**|||||
|Debtors
9||500|||
|Cash at bank and in hand||57,619|||
|**_Total Current assets_**|||||
||||(2,750)
(420)
(500)
**57,619**|(3,170)
**40,058**|
|**Current liabilities**|||||
|Creditors amount falling due within one year
10||-|||
|Creditors||(500)|||
||||||
||||||
|**Net current assets**|||||
||||10,414
29,644||
||||||
|**Charity funds**|||||
|Unrestricted funds
12
Restricted funds
12||5,476|||
|||52,143|||
|**Total funds**|||**57,619**|**40,058**|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
_______________________
## **Mr Larry Lateef Oloyede**
## **(Treasurer, Board of Trustees)**
## **10[th] October 2025**
**The notes on pages 10 to 14 form part of these financial statements.**
9
## **SEIFULLAH ISLAMIC CENTRE**
## **NOTES TO THE FINANACIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **1 General information**
SEIFULLAH ISLAMIC CENTRE is a registered charity, number 1142285, and is constituted under a Trust deed.
## **2 Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities; Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
SEIFULLAH ISLAMIC CENTRE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All incoming is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is differed and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on charitable activities is incurred directly by activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
10
## **SEIFULLAH ISLAMIC CENTRE**
## **NOTES TO THE FINANACIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **2 Accounting policies (continued)**
## **2.4 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.5 Cash at bank and in hand**
Cash at bank and in hand includes liquid cash as at the balance sheet date.
## **2.6 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.7 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.8 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general 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 the notes to the financial statements.
11
## **SEIFULLAH ISLAMIC CENTRE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
||||**Restricted**
**funds**||**Unrestricted**
**funds**||**Total funds**|||**Total**
**funds**|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||**2025**|||**2024**|
||**Income from:**||**£**||**£**||**£**|||**£**|
||**Note 3. Donations and legacies**||||||||||
||Donation and contribution||21,424
805||14,588
13,267||36,011|||19,803|
||**Note 4. Charitable activities**||||||||||
||Members’ dues and subscriptions||||||13,267|||3,520|
||**Note 5. Other income**||||||||||
||Bank interest income||||-||805|||576|
||**Total income**||**22,229**||**27,854**||**50,083**|||**23,899**|
||||||||||||
||**Expenditure on:**||||||||||
||**Note 6. Charitable activities**||||||||||
||**Analysis of direct costs**||||||||||
||Welfare||||7,540
975
1,550
1,000
180
20,683
95
500||7.540
975
1,550
1,000
180|||1,420|
||Visiting speaker's and Volunteers|||||||||840|
||Mission expenses|||||||||6,499|
||Festival and events|||||||||1,400|
||Publicity, printing and design|||||||||280|
||Rent of hall and office||||||20,683|||16,500|
||Bank charges||||||95|||110|
||Accountancy||||||500|||350|
||**Total expenditure**||**-**||**32,523**||**32,523**|||**27,399**|
12
## **SEIFULLAH ISLAMIC CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
||**7. Independent examiner’s remuneration**||**2025**
**£**
200
300
**500**||**2024**|
|---|---|---|---|---|---|
||||||**£**|
||Fees payable to the Charity's independent examiner for the independent||||0|
||examination of the Charity's annual accounts|||||
|||||||
||Fees payable to the Charity's independent examiner for the independent||||350|
||In respect of: All other services not included above||||**350**|
||||**500**
**500**
**2025**
E
**57,619**|||
||**8. Trustees' remuneration and expenses**|||||
||During the year ended 31 January 2025, no Trustee expenses have been incurred_(2024 - £NIL)_.
**Note 9. Debtors**
Due within one year
Debtors
**Note 10. Creditors: Amounts falling due within one year**|||||
|||||||
|||||||
|||||||
||||||**3,170**|
|||||||
|||||||
||Creditors||||**3,170**|
||**Note 11, Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure|||||
||||||**2024**
£|
||||||**40,058**|
Financial assets measured at fair value through income and expenditure comprise cash at bank
13
## **SEIFULLAH ISLAMIC CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
|**Note 12. Statement of funds**
**Unrestricted funds**
General funds
**Restricted funds**
Restricted funds
**Total of funds**
**13. Analysis of net assets between funds**
**- current period**
Current assets
Creditors due within a year
Total
**Analysis of net assets between funds -**
**- prior period**
Current assets
Creditors due within a year
Total|**Balance as at**
**01 February**
**2024**
**£**
**10,414**|**Income**
**Expenditure**
**Balance as**
**at**|
|---|---|---|
|||**31 January**
**2025**|
|||**£**
**£**
**£**|
||||
|||**27,854**
**(32,523)**
**5,746**|
||**29,644**||
||||
||||
|||**22,229**
**-**
**51,873**|
||**40,058**||
|||**50,083**
**(32,522)**
**57,619**|
||||
||**Restricted**
**Funds**|**Unrestricted**
**Funds**
**Total**
**Funds**|
||||
||2025|2025
2025|
||**£**|**£**
**£**|
||52,143|5,976
58,119|
|||(500)
(500)|
||52,143|5,312
57,619|
||||
||**Restricted**
**Funds**|**Unrestricted**
**Funds**
**Total**
**Funds**|
||2024|2024
2024|
||**£**|**£**
**£**|
||29,644|13584
43,228|
|||(3,170)
(3,170)|
||29.644|10,414
40,058|
14