REGISTERED COMPANY NUMBER- 07577060 (England and Wales) REGISTERED CHARITY NUMBER: 1143245 Report ofthe Trustee5 and Financial Statements for the Year Ended 31 March 2025 for Karimia Association Limited M Ahmed & Co Accountants Ltd 83 Park Road Chilwell Nottingham NG9 4DE
Karimia Association Limited Contènts of th8 Flnanclal Statèmènts for the Year Ende(131 March 2025 Pagè Reference and Administrative Details Report of the Trustees Report of the Independènt Auditors Statement of Flnanclal Act5vltles Balanc• Sh•&t 10 Cash Flow Statement Notes to the Cash Flow Statement 12 Notès to th• Financial Statèmènts 13 to 20 Detailed Statement of Financial Activities 21 to 22
Karimia Association Limited Rèfèranca and Admlnlstratlv• Datalls for the Year Ende(131 March 2025 TRUSTEES T M Nasir Trust88 & Director IChairp8rsonl Mr F Khan Trustee & Director C A Wahid Trustee & Director Iiesignèd 5.3.251 M Ashraf Trustee (resigned 5.3.251 M Iqbal Trustee M Suleman Trustee Z Khan Trustee (resigned 5.3.251 M Younas Trustee R Khan Trustee J Rabbi Trustee M Naheem Trustee N Mamood Trustee Ms S Tariq Mrs S A Khan Isecretaryl CHIEF EXECUTIVE OFFICER Dr Musharraf Hussain COMPANY SECRETARY Mrs S A Khan REGISTERED OFFICE 512-514 Berridge Road West Nottingham NG7 5JU REGISTERED COMPANY NUMBER 07577060 IEngland and Wales) REGISTERED CHARITY NUMBER 1143245 AUDITORS Shareef Chartered Accountants 4 Highlands Court Cranmore Avenue West Midlands B90 4LE BANKERS Lloyds Bank 12-16 Lower Parliament Street Nottingham NG13DA Page 1
Karimia Association Limited Rèport of th• Trust8•s for the Year Ende(131 March 2025 The trust8es who are also dir8Ctors of th8 charity for th8 purposes of the Compani8s Act 2006, pr8S8nt th8ir report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provision5 of Accounting and Reporting by Charitiès.. Statemènt of Recotntnended Practi applicable to charitiès prèparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The obj&cts of the charity ar9 set out in the charity's trust deed and arg summarised b81ow'. 1. Advance the teaching of Islam and the observances that serve to promote and manifest it., 2. Advan the education of young people under the age 0118 in particular Muslims by the establishment and maintenance ol a school.. and 3. Pr(>vide facilities for the recreation and other leisure time pursuits of persons who have need ol such facilities by reason of their youth, age, infirrmity, disablernent, poverty or social or economic circurnstances in the interest of social welfare with the object of improving their condition of life. The objectives are set to reflect our faith and community aims. Each year our trustees review our objectives and aclivits'es to ensure they continue to reflect our aims. In carrying c)ut this review the trustees have considered the Charity Cornrnission's general guidance on public benefit and in particular its supplernentary public guidan on th@ advance of religion for the public benefrt. There have been no changes in the objects and policies during the year. Publie n&fit The Trustees have had "due regard. to th8 Charity Cornrnission's public benefit guidance when m8king relev8nt decisions. Volunteers Volunteers provide essential capacity, skills, and wider community reach and engagement that enable the charity to d8liv8r s8rvic8s and 8chi8V8 It's rnissions. Without th8tn, rnany charitable activities would not b8 possible due to funding lirnitations. The relationship is tnutually beneficial a5 volunteer5 receive significant benefits such as improved well being, skill developrnent and social connections. On average. the charity has around ten volunteers at any point in time engaged in various activities. from helping with teaching lo delivery ol projects and programmes. Page 2
Karimia Association Limited Rèport of th• Trust8•s for the Year Ende(131 March 2025 ACHIEVEMENT AND PERFORMANCE Charitable activities and developments The chzrity continues to operate mosques, Qur'an schools, and a community centre at its principal premises in Hyson Green, Nottingham. During the yeai, these Core activities were further strengthened through the introduction of nationally signrficant initiatives, including the K8rimi8 Institute's Aalim Course, Qurfan School Nasheed Classes, the N8tion81 Qira'at Cornpetition for children, and the Muslim Cultural Festival. The Cultural Festival has become an important annual event, attracting increasing numbers of participants from both the Muslim community and the wider public. Held at the Nottingham Forest Ground, the festival showcases Islamic heritage, arts, and traditions, while also providing a platform for interfaith dialogue and community engagetnent. Its growing Success reflects the charity's commitment to promoting ultural undgrst8nding, celebr8ling diversity, and strengthening social cohesion 8¢ross the City. The Association has also maintained its commitment to supporting other mosques through the provision of Imam and teacher training. The Human Kind programme remains a central element of our outreach work, aimed at fostering greater understanding and trust between the British Muslim community and the wider public. Under the guidance of a dedicated project coordinator, a network of ambassadors has been developed to deliver presentations in schools and universities, raising awareness and addressing misconTrplions about Islam. The charity continues to C818brate acad8tnic success through its annual graduation dinn8r for univ8r51ty gradLJates. In addition, the centre has hosted a number of events supporting refugees and migrants, making its facilities available to promote inclusion and integrats'on. The community ntre continues to function as a vital hub lor the local population, providing space for gatherings at times of both tslebration and bereavement. It is also utilised by the Police f(>r training new recruits and delivering community presentations. The centre offers Ofsted-approved nursery provision for children frorn 811 backgrounds and provides a sports hall that is widely used during school holidays lor structured, sale activities. Further investment in the upkeep and improvement of the centre was undertaken this year. Looking forward, th8 charity r8mains committed to fLJrth8r developing th8 C8ntr8 a5 a plac8 of188rning, r8cr88tion, and community engagernent, with a particular focus on services for children and young people. FINANCIAL REVIEW Financial position The Stalement of Financial Activities for the year is set out on page 6 of the financial statements. A summary of the financial results and the work of the charity is set oul below. The charity's rnain Sour of inwme is donations and grants. £963,931 was received during the year12024 - £769,0171- £581.40512024 - £482.7191 was donated by the local community and visitors and £337,35512024 - £276,484) of grants were received from Nottingham City Council and other organisations. Gift Aid of £45,171 12024 -1£9,8141 was received on the donations. These amount were augmented by £202,41712024 - £200,263) from voluntary tuition fees and £3,012 12024- £1,1231 other income. Overall income was £217,222122¢/ol higher than 2024 due to higher donations and higher grants. Expenditure of £1,102,234 12024 - £1,026,349) was £75,885 higher than 2024. Full details ol the movements on the different cost headings are sel out on pages 19 and 20. During the y8ar, the Charity's property porttolio was r8valued by the Trustees. This generated a r8valuation gain of £2,337,541. The increase in the value of the properties has in¢reased the depreciation charge in 2025 by £46,715. The Association continues to be well supported by the local authority and organisations. The charity thanks all its members and supporters lor their work and generosity. Prin¢ipal funding sour¢e$ The Charity is totally dependent on funding from members and government authorities and securing this funding, to meet the operating and development costs remains the key challenge for the management committee over Ihe short terrll. Donations are classffied as restricted or unrestricted. Restricted funds are donations or grants designated by the donor for sp8cific purposes, projects, or timesca185, n188ning th8 charity must spend them as instructed. Thes8 funds must b8 tracked separately, and rllisuse is a serious breach of trusl, though the Charities Act 2022 offers some flexibility lor related uses. Unrestricted funds can be used for the general purposes of the charity. Page 3
Karimia Association Limited Rèport of th• Trust8•s for the Year Ende(131 March 2025 FINANCIAL REVIEW Investment policy and objectives The Association has no long term irivesttnents. Cash reserves are Small and are held in iegular bank deposit accounts. Thè interest earned is considered by the trustees as a grft of the UK banking system. Reseryes policy The Management Committee is aware, and has a policy, that unrestricted funds held by the charity and not committed or invested in tangible fixed assets should be between 3 and 6 months of expenditure. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The Karimia Association Limited is a charitable company, registered as a charity under number 1143245 and as a company limited by guarantee under registration number 07577060. The Association is governed in accordance with its Memorandum and Artides tsf Assouation. Management ol the organisation is vested in a Management Committee, comprising a Chairman, Secretary, and Treasurer. Recruitment and appointment of new trustees Applications lor trusteeship and membership of the Management Committee are primarily sought through personal soliatation. A selection panel, consisting ol existing trustees and Management Committee members, oversees the recruitment proce85. The Management Committee convenes at 18ast four times annually to address all operational and developrnental rnatters. Membership of the Committee is restricted to individuals who are Muslirn. Decision making Day to day managemenl of the charity is delegated by ihe Trustees to the CEO. Induction and training of new trustees Upon appointrnent. new trustees receive a cornprehensive induction, including copies of the trust deed and a guide to the policies and procedures adopted by the charity. They are also provided with relevant publications from the Charity Commission, including guidance on charities and public benefit, and on the advanment of religion for public benefit. This ensLJres trustees understand the scope of their responsibilities under the Charities Act. Initially, new trustees work alongside an 8XlSting trust88, assisting with activit185 and projects conducted by th8 charity. Upon completion of a satisfactory induction peiiod, they assume responsibility for leading projects and other key initiatives. Risk management The trustees have undertaken a thorough assessment of the risks facing the charity and have developed a risk matrix identifying key risks, their nature, likelihood, and mitigation measures. This matrix is reviewed regularly at trustee meetings. The trustees are satisfied that appropriate systems and arrangements are in place to manage identified risks, includillg adequate insurance coverage and regular financial oversight. Cotnprehensive safeguarding procedures, supported by regularly reviewed policies, are implemented for all indimduals working with Children or other vulnerable groups in the mosques or community centres. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are alsts the directors ol Karimia Association Limited for the purposes of company lawl 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 slalernents lor each financial year which give a true and fair view of the state of affairs of the charitable company and ol the incoming reSoUrS and application ol resources, including the income and 8xpenditur8, of th8 charitab18 company for that P8riod. In preparing thos8 financial stat8tn8nts, the truste8S are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgetnents and estimates that are reasonable and prudent", prep8re the financial statements on the going wncern basis unless it is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disdose 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 th8 Compani8s Act 2006. They are also responsible for saf8gLJarding the ass8ts of th8 charit8bl8 cornpany and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
Karimia Association Limited Rèport of th• Trust8as for the Year Ende(131 March 202S STATEMENT OF TRUSTEES, RESPONSIBILITIES- contlnuèd In so far as the trust88s are aware.. there is no relevant audit infomiation of which the charitable compantys auditors are unaware,. and the trustees have tsken 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, Shareef Charteied Accountants, will be proposed for ie-appointtnent at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions ol Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board oftrustees on 30 January 2026 and signed on its behalf by.. T M Nasir- Trustee Page 5
Report of the Independent Auditors to the Members of Karimia Association Limited Opinion We have audited the financial statements of Karimia Association Limited Ithe'charity'l for the year ended 31 March 2025, which comprise the Statement ol Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including 8 sutnmary of significant accounting polic18s. Th8 financial reporting framewotk that ha5 be8n applied in their preparation is United Kingdom Accounting Standards, cotnprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and applicable law Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its Incoming resour$ and 8ppli¢ation of rgsourcos, including its inwme and expenditure, for the year then ended., have been properfy prepared in accordan with Uniled Kingdom Generally Accepted Accounting Practice,. and 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial staternents in the UK, including the FRC'5 Ethical Standard, and we have fuffilled 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. Concluslons relatlng to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI requi us to report t(> you where.. the trustees use of the going concem basis of accounting in the preparation of the financial statements is not appropriate,. or the trust88s have not disclosed in th8 financial statements any id8ntifi8d tMat8rial unc8rt8inti85 that may cast signrficant doubt about the chaiiws ability to continue to adopt the going concern basis ol accounting for a period of at least twelve rnonths from the date when the financial statements are authorised for issue. Other information The trustees are responsible for the other information. The other infomation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial staternent5 does not covei the other information and, except to the extent othenNi5e explicitly stated In our report, we do not express any forrn 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 rmaterial misstateTnents, we are required to determine whether there is 8 material rMisst8ternent in the financial slaternents or a material misstatement of the other information. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other information, we are required to report that lacl. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environmenl obtained in ihe course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in iespect of the ft)Ilowing matters where the Companies Act 2006 qUireS us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have nol been received from branches not visited by us., or the Iinancial ststements ar8 not in agr88Tn8nt with th8 accounting r8cords and r8turns', or certain disclosures of trustees remuneration specified by law are not made.. or we have not received all the information and explanations we require lor our audit. Page 6
Report of the Independent Auditors to the Members of Karimia Association Limited Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 31, the trLJStees are resptsnsible for the preparation of th8 financial statements and for being satisfi8d that th8y giv8 a true and fair vi8w, and for such internal control as the trustees determine is essary to enable the preparation of financial statements that are free from material rnisstatement, whether due to fiaud or error. In preparing the financial staternents, the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic alternative but to do so. Auditorfs SponSibl1111es for the audit of the financial statements Our objectives are to obtain reasonable assurance abciut 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 ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatetnent when it exists. Misstatements can arise from fraud or error and are considered material if. indiwdually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance wtth ISAS IUKI, w8 exercise professional judg8ment and rnaintain prof85sional $pticIsM throughout the audit. We 8180.. Identify and assess the risks of material misstatement of the financial statemenis, whether due to fraud or error, design and perform audit prOdureS responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of n(>t detecting a material misstatement resulting Irtsm fraud is higher th8n for one resulting from error, as fraud may involve (x)Ilusion, forgery, intention81 omissions, rnisrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit prOdureS that are appropriate in the circumstantss, but not for the purpose of expressing an opinion on the effectiveness ol the charitabl8 companvs Int8mal control. Evaluate the appropriateness of accounting policies used and the reasonableness of a¢(x)unting estimates and related disclosures made by the Iruslees. Condude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable cornpany's ability to continue as a going concern. 11 we conclude that a rnaterial uncertainty exists, we are required to dr3W attention in our Report of the Independent Auditors to the related disclosures in the financial statements or, il such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit eviden obtained up to the dale ol our Report of the Independent Auditors. However, future events or conditions may cause the Charitab company's to ase to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of th8 audit and significant audit findings, including any Significant d8fici8ncies in internal control that we id8ntify during our audit. Other matter We were appointed auditors of the Company for the year ended 31 March 2025. The comparative figu$ for 2024 were not audited by ourselves or any other auditor5. as this was not required in accordance with Company Law. Our audit opinion is not modified in respect of this matter. Page 7
Report of the Independent Auditors to the Members of Karimia Association Limited Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of part 16 of the Cornpani8s At 2006. Our work has b88n undertaken so that W8 rnight stat8 to th8 trust8es thos8 m8tt8rs we are requir8d to State to trustees in an auditors, report and lor no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, lor thi5 report, or for the opinions we have formed. Naeem Shareel Shareef Chartered Accountants 4 Highlands Court Cr8nrnore Avenue West Midlands B90 4LE 30 January 2026 Page 8
Karimia Association Limited Stat•m•nt of Flnanelal Actlvltlas Ilncorporatlng an Income and Expendltur• Account) for th8 Year Ended 31 March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestrict8d fund R8stricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 345.990 617.941 963,931 769,017 Charltabla actlvltlès Fees 202.417 202.417 200,263 Other trading acts'vities Investment income Total 3.012 17,370 366,372 3,012 17,370 1,186,730 1,123 2,500 972,903 820,358 EXPENDITURE ON Raising funds 11.720 11.720 47,083 Charitable adivitie$ Expenditure 313.460 762,228 1.075,688 975,919 Other Total 14.826 340,006 12.337.541) 12,322,715) 1,575,313) 1,235,307) 3,347 1,026,349 NET INCOMEIIEXPENDITUREI 26.366 2.395.671 2.422,037 153,4461 RECONCILIATION OF FUNDS Total funds brought lotward 15.474 1,S09,145 1,524,619 1,578,065 TOTAL FUNDS CARRIED FORWARD 41,840 3,904,816 3,946,656 1,524.619 The notes forrn part of these financial statements Page 9
Karimia Association Limited Balanc• Shèat 31 March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 14 2,592 3.831,705 3,834,297 1,571,686 CURRENT ASSETS Debtors Cash at bank 18,490 53.841 72.331 1,015 200.167 201,182 19,505 254,008 273,513 83,105 76,061 159,166 CREDITORS Amount5 falling due within One year 16 133,0831 131.7831 164,8661 196,9571 NET CURRENT ASSETS 39.248 169,399 208,647 62,209 TOTAL ASSETS LESS CURRENT LIABILITIES 41,840 4,001,104 4.042,944 1,633,895 CREDITORS Amounts falling due after more than tsne year 17 196.2881 196,2881 1109,2761 NET ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 41,840 3,904,816 3,946,656 1,524,619 19 41,840 3.904,816 3,946,656 15,474 1,509,145 1,524,619 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subjeet to the small cc>mpanies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2026 and were signed on its behalf by.. T M Nasir- Trustee The notes forrn part of these financial statements Page 10
Karimia Association Limited Cash Flow Statamant for the Year Ende(131 March 202S 31.3.25 31.3.24 Notes Cash flow5 from operating activit185 Cash generated from operations Interest Paid Net cash provided by operating activities 257,446 19,0601 248,386 51,084 110,8801 40,204 Cash flow$ from investing activities Purchase of tangible fixed assets Net cash (used in)Iprovided by investing aotivities 114,8421 114,8421 Cash flows from financing aetivitiès Loan repayments in year Nel cash used in financing activities 155,5971 155,5971 1115,2521 1115,2521 Change in cash and cash equivalents in the reportlng perlod Cash and cash equlvalents at the beginning of the reporting period Cash and cash equivalents at the end of the reportlng perlod 177,947 175,0481 76,061 151,109 254,008 76,061 The notes forrn part of these financial statements Page 11
Karimia Association Limited Not&s to tha Cash Flow Statamènt for the Year Ende(131 March 2025 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net incomellexpenditurel for the reporting period las per the Statement of Financial Activities) Adjustments for.. Depreciation charges Interest paid Rev81uation of fixed assets Decrease in debtors Increaselldecreasel in creditors Net cash provhded by op8rations 2,422,037 153,4461 89,772 9,060 12,337,541) 63,600 10,518 257.446 39,833 10,880 129,391 75,5741 51,084 ANALYSIS OF CHANGES IN NET IDE8TIIFUNDS At 1.4.24 Cash flow At 31.3.2S Net cash Cash at bank 76,061 76,061 177,947 177.947 254,008 254.008 Debt Debts falling due wthin 1 year Debts falling due after 1 year 15S,S961 1109,2761 164,872 188,8111 42,609 12,988 55,597 233,544 112,9871 196.2881 109,275 144.733 Total The notes forrn part of these financial statements Page 12
Karimia Association Limited Not&s to thè Flnanclal Statèmènts for the Year Ende(131 March 2025 COMPANY INFORMATION Karimia Assoaation Limited is a company limited by guarantee and registered in England and Wales. Its registered number is 07577060. ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefrt entity under FRS 102, have been prepared in accordance with th& Charities SORP IFRS 1021 'Aixounting and Reporting by Charitl8s'. Stat8ment of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reporting Standard 102 'The Finanaal 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, as modified by the rev8lu8tion of certain a55ets. Income All income is recognised in the Statement ol 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 reliabty. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expenditure is accounted lor 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 be&n allocated to activities on a basis consistent with the use of resources. Charitable activities These cosis are incurred by the charity in the delivery of its activities and services lor beneficiaries. It inclLJdes both costs that can b8 allocat8d dir8Ct to such activities and those costs of indir8Ct natur8 nec855ary to support them. Governance costs This includes those costs associated with meeting the constitutional and statutory requirements ol the charity, and include the audit fees and costs linked with the strategic management of the charity. Al costs are allocated between the categories of the SOFA on a basis designed to reflect the use of the resour. Costs relating to a particular activity are allocated directly, othei are apportioned on an appropriate basis. 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 Fixtures and fittings 201¢ on cost 25 /0 on reducing balance Related party exemption The charitable company has taken advantage of exemption, under the tem)s ol Financial Reporting Standard 102 'The Financial Reporting Standard applicable In th8 UK and Republic of Ir8land', not to disclos8 relat8d party transactions wth wholly c)wned subsidiaries within the group. Taxatlon As a charity, Karimia Association Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its ch8rit8ble objects. No tsx charges have arisen in the Charity. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion ol the trustees. Restricted funds can only be used for particular restrict&d PLJfp05es within the objects of the charity. R85trictions arise when specified by Ihe 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. Page 13 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ende(131 March 2025 ACCOUNTING POLICIES . contlnuad Pension costs and other post-retirement ben8frts The charitable company opÈratÈs a defined contribution pension scheme. Contributions payable to the eharitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Golng concem In preparing these financial ststemenls, the trustees who are also directors of the charity for the purposes ol the Companie5 Act 2006 have assessed whether there are any rnaterial uncertainties related to events or conditions that cast significant doubt upon the cornpany s ability to wntinue as a going concem. In making this assessment, the directors take into account all available information about the fvlure which is al least 12 months from the date that the financial statements are authorised for issue. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations Gift aid Grants for Zaytuna Nursery, Urdu School and other Trust Projects 581,405 45,171 337,355 963,931 482,719 9,814 276,484 769,017 Grants received, induded in the above, are as follows.. 31.3.25 31.3.24 Other grants 337,355 276.484 2025 Unrestricted 2025 Restricted 2025 Total 2024 Total Nottingham City Council - Nurseries and Urdu School Muslirn Hands Notts Police Others 317,165 19,190 317.165 19,190 248,564 23,803 3,430 687 276,484 1,000 337,355 1,000 337,355 OTHER TRADING ACTIVITIES 31.3.25 31.3.24 Sponsorships Sport5 hall and rotsm hire 12,0001 3,123 1,123 3.012 3,012 Page 14 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ende(131 March 2025 INVESTMENT INCOME 31.3.25 31.3.24 Rents received 17.370 2,500 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 31.3.24 Activity Fees Fees and subscriptions 202,417 200,263 RAISING FUNDS Raising donations and legacies 31.3.25 31.3.24 staff costs Fundraising events 41,309 5,774 47,083 11,720 11,720 CHARABLE ACTIVITIES COSTS Support costs (see note 91 Direct Costs Totals Expenditure 1,006,039 £9.649 1,075.688 SUPPORT COSTS Information technobgy Governance costs Finance Other Totals Other resources expended Expenditure 14,826 34,763 49,589 14.826 69.649 84,475 1,538 1,538 22,348 22,348 11,000 11,000 10. NET INCOMEIIEXPENDITUREI Net incomellexpenditurel is stated after ehargingllcreditingl.. 31.3.25 31.3.24 Auditc>rs remuneration Depreciation- owned assets 3.300 89.772 39,833 Page 15 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ende(131 March 2025 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits lor the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expenses No member of the Management Committee received any remuneration or payment for expenses in 2024 or 2025. No trustee or other person related to the charily had any personal interest in any contract or transacts'on entered into by the charity during the year12024 £nill 12. STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 511,304 15,852 7,366 534,522 557,290 25,434 2,956 585,680 The average monthly number of employees during the year was as follows.. 31.3.25 31.3.24 hi8f Executive Imams Teachers and nursery nurses Training and project delivery Management, Administration and support 15 15 25 25 No employees received emoluments in eX$S of £60,000. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 254,795 514,222 769,017 Charitable activities Fees 200,263 200,263 Other trading activities Investment income Total 3,123 2,500 260,418 12,0001 1,123 2,500 972,903 712,485 EXPENDITURE ON Raising funds 5,774 41.309 47,083 Charltable actlv5tles Expenditure 240,759 735,160 975,919 other Total 3,347 249,880 3,347 1,026,349 776,469 Page 16 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ended 31 March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnuad Unrestricted fund R8Strict8d fund Total funds NET INCOMEIIEXPENDITUREI 10,538 163,9841 153,4461 RECONCILIATION OF FUNDS Total funds brought forward 4,936 1,573,129 1,578,065 TOTAL FUNDS CARRIED FORWARD 15.474 1,509.145 1,524.619 14 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold prop8rty Computer eqLJipm8nt Tot815 COST OR VALUATION At 1 April 2024 Additions Revaluations At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE Al 31 March 2025 At 31 March 2024 1.892,459 69,186 12,096 1,961,645 14,842 2,337.541 4,314,028 2.746 2.337,541 4,230,000 81,282 2,746 326,618 84,600 411,218 63,341 4,486 67,827 389.959 89,772 479,731 686 686 3,818,782 1,565,841 13,455 5,845 2,060 3,834,297 1,571,686 Cost or valuation at 31 March 2025 is represented by.. Fixtures and fittings Freehold property Computer equipment Totals Valuation in 2025 Cost 2,337,541 1,892,459 4,230,000 2,337,541 1,976,487 4,314,028 81,282 81,282 2,746 2,746 Page 17 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ended 31 March 2025 14. TANGIBLE FIXED ASSETS- contlnuèd If freehold land and building5 had not been revalued they would have been included at the following historical cost.. 31.3.25 31.3.24 Cost Aggregate depreciation 1,892,459 1364,5031 1,892,459 1326,6181 Value of land in freehold land and buildings 1,527,956 1,565,841 Freehold land and buildings were valued on an open market basis on 31 March 2025 by the Trustees and directors 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other debtors Prepayments 18,490 1,015 19,505 83,105 83,105 16. CREDOR5.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Bank knans and ov8rdrafts Ise8 note 181 Other loans (see note 181 Trade creditors Social securily and other taxes Other creditors Accrued expenses 12.987 10,596 45,000 13,810 4,658 20,493 2,400 96,957 7,321 5,409 13,387 25,762 64,866 17. CREDORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONEYEAR 31.3.25 31.3.24 8ank bans (see note 181 96.288 109,276 18. LOANS An analysis of the maturity of bans is given below.. 31.3.25 31.3.24 Amounts falling due within one year on demand.. Bank bans Other loans 12,987 10,596 45,000 55,596 12,987 Amounts falling due in more than five years.. Repayable by instalments". Bank bans more 5 yr by instal 96.288 109,276 Page 18 ontinued...
Karimia Association Limited Not&s to tha Flnanclal Statèm8nts- contlnuèd for the Year Ende(131 March 2025 19. MOVEMENT IN FUNDS Net movement in funds At 1.4.24 At 31.3.25 Unrestricted funds General fund 15,474 26.366 41.840 Restricted funds Rgslricted ftjnd 1,509,145 2,395,671 3,904,816 TOTAL FUNDS 1,524,619 2,422,037 3,946.656 N8t rnOV8ment in funds, includ8d in th8 above are as follows.. Incoming resources Resour$ expended Movement in funds Unrèstrietèd funds Gener81 fund 366,372 1340,0061 26.366 Restricted funds Restricted fund 820,358 1,575,313 2,395.671 TOTAL FUNDS 1,186,730 1,235,307 2,422,037 Comparatlv•s for mov•m&nt In funds Net movement in funds Al 1.4.23 Al 31.3.24 Unrestrlcted funds General fund 4,936 10,538 15,474 Re$tri¢ted fund$ Restricied fund 1,573.129 163.9841 1,509.145 TOTAL FUNDS 1,578,065 153,4461 1,524,619 Comparative net movement in funds. included in the above are a5 follr)ws'. Incoming reSoUrS ReSoUS expended Movement in fund5 Unrestricted fund5 General fund 260,418 1249.8801 10,538 Rastrietèd funds Restricted fund 712,485 1776,4691 163,9841 TOTAL FUNDS 972,903 11,026,349) 153,4461 Page 19 ontinued...
Karimia Association Limited Not&s to thè Flnanclal Statèm8nts- contlnuèd for the Year Ende(131 March 2025 19. MOVEMENT IN FUNDS - contlnuad A Cutnt year 12 tnonths and prior year 12 months cornbined position is as follows.. Net movement in funds At 1.4.23 At 31.3.25 Unrestricted funds Gener81 fund 4,936 36,904 41,840 Restrlcted funds Restricted fund 1,573,129 2,331,687 3,904,816 TOTAL FUNDS 1,578.065 2,368.591 3.946.656 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming reSoUrS Resources expended Movement in funds Unrestrlcted funds General fund 626,790 1589,8861 36,904 Restricted funds Restricted fund 1,532,843 798,844 2,331,687 TOTAL FUNDS 2,159,633 208,958 2,368,591 20. RELATED PARTY OISCLOSURES At 31 March 2025, 2 01 the Charity's properties were in the legal ownership of 3 current trustees.. T M Nasir. F Khan and M Younas. and 5 ex-trustees.. Syed Hassasian, Mazhar Butt, Javaid Khan, Anwar Mahmood and Mohammed Quershi. They have all given undertakings that they hold the propgrties on behalf of the Charity. Page 20
Karimia Association Limited Dètail(I Statm•nt of Flnanclal Actlvltl8s for the Year Ende(131 March 2025 31.3.25 31 3.24 INCOME AND ENDOWMENTS Donations and lega¢ies Donations Gift aid Grants lor Zayluna Nursery, Urdu Schwl and other Trust Projects 581,405 45,171 337,355 482,719 9,814 276,484 963,931 769,017 Othèr trading aetivitiès Sponsorships Sports h8118nd room hirg 12,0001 3,123 1,123 3,012 3,012 Investment in¢ome Rents received 17,370 2,500 Charltable actlvltles Fees and subscriptions Total incoming resources 202,417 1,186,730 200,263 972,903 EXPENDITURE Raising donations and legacies Wages Fundraising events 41.309 5,774 47,083 11,720 11,720 Charitable adivities Wages Social security Pensions Rates and water Light and heat Sundri8s Professional and consultancy Stsff training & development Repairs and maintenance Dawah work and donations Sports & othei srnall equip. Events catering Travel and volunteer expenses Books and publications Subscriptions Waste & cleaning Bad debts Depreciation Bank interest 511,304 15,852 7,366 4,895 52,9B6 13,652 65,870 4,286 46,967 16,853 1.976 37,603 6,280 69,269 1,877 6.271 43,900 89,772 9,060 1.006.039 515.981 25,434 2,956 4,967 86,227 11.600 63,312 1,842 32,101 32,861 39,330 11,125 14,213 2,098 17,319 39,833 10,880 912,079 This page does not form part of the statutory financial statements Page 21
Karimia Association Limited Dètail(I Statm•nt of Flnanclal Actlvltl8s for the Year Ended 31 March 2025 31.3.25 31 3.24 Charitable activities Other Revaluation gains 12.337.541) Support costs Flnanca Bank chaiges 1.538 2,125 Infom)ation technology IT and website 22,348 28,636 Other Insurance Telephone Postage and stationery Security Marketing and promotion Accounting and payroll Legal fees 2.134 3,002 6,694 3,685 14,826 15.773 3,475 49,589 6,811 3.366 8,817 2,346 3,347 12,713 13,3741 34,026 Governanc8 costs Auditors, remuneration Accountancy fees 3,300 7,700 11,000 11,235,307) 2,422,037 2,400 2,400 1,026.349 153,4461 Tot81 resources expended N•t incom•ll*xpanditur•l This page does not form part of the statutory financial statements Page 22