DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
Registered number: 08576827 Charity number: 1152922
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustee Directors and advisers | 1 |
| Trustee Directors' report | 2 - 5 |
| Independent auditor's report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 32 |
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE DIRECTORS AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEE DIRECTORS
Farouk Gulammohamed Ismail, Trustee Director Maqbul Hussain Mubeen, Trustee Director Gulam Ismail Nadat, Trustee Director Mehboob Ibrahim Patel, Trustee Director
COMPANY REGISTERED NUMBER
08576827
CHARITY REGISTERED NUMBER
1152922
REGISTERED OFFICE
77 Vaughan Gardens, Ilford, Essex, IG1 3PB
PRINCIPAL OPERATING OFFICE
Elmbridge Road, Ilford, IG6 3SW
INDEPENDENT AUDITOR
Clay Ratnage Strevens & Hills, Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN
BANKERS
HSBC Bank Plc, 126 High Road, Ilford, Essex, IG1 1DA
Al Rayan Bank Plc, 44 Hans Cres, Knightsbridge, London, SW1X 0LZ
Lloyds Bank Plc, 39 Threadneedle Street, London, EC2R 8AU
TREASURER
Yunus Mohamed Jasat
Page 1
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
TRUSTEE DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustee Directors, who are also the directors of the charity for the purpose of the Companies Act, present their annual report together with the audited financial statements of the charity for the 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustee Directors' report and a directors' report under company law. The Trustee Directors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 383, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
OBJECTIVES AND ACTIVITIES
A. POLICIES AND OBJECTIVES
The objectives of the charity are to maintain land for the purpose of the burial of Muslims and to act on behalf of the Muslim community to meet their needs as regards the procedures and practices relating to the interment of the deceased.
In setting objectives and planning for activities, the Trustee Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit.
B. STRATEGIES FOR ACHIEVING OBJECTIVES
The charity owns for the above purpose: + the freehold interest of approximately 21.5 acres of land situated at Elmbridge Road, Hainault,
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the freehold interest in 12.5 acres of land at 1-2 Five Oaks Lane, five minutes drive from Elmbridge Road, which became operational in 2017, plus some further land purchased adjacent to the site during 2019,
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the freehold interest in almost 30 acres of land at Maylands Field which is situated approximately twenty minutes drive from Elmbridge Road.
C. ACTIVITIES UNDERTAKEN TO ACHIEVE OBJECTIVES
The cemetery continued with its work of providing burial and funeral services to the Muslim community during the year at its Elmbridge Road and Five Oaks Lane sites.
Major works at the Maylands site relating to the construction of buildings, landscaping, burial areas and roads for vehicular access are in progress.
D. SOCIAL INVESTMENT POLICIES
The charity has made a number of investments, the purpose of which is to help fund its activities in particular the future long term maintenance requirements of cemeteries.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
TRUSTEE DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENTS AND PERFORMANCE
A. FUNDRAISING ACTIVITIES AND INCOME GENERATION
In addition to its income from burial fees, the charity continued during the year to receive donations, which it used to help fund its activities. The details of income and expenditure are shown in the attached Statement of Financial Activities.
FINANCIAL REVIEW
A. GOING CONCERN
After making appropriate enquiries, the Trustee Directors 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.
B. RESERVES POLICY
The Trustee Directors consider the maintenance of reserves to fund the future maintenance of the cemetery, including in particular the graves, to be of paramount importance and therefore a key priority. The accounts include provisions for future grave maintenance which totals £17,141,784 (2020 - £15,135,576) at the year end.
In addition, as circumstances permit, the Trustee Directors intend to build a portfolio of investments to provide income for the upkeep and maintenance of the cemetery including the graves.
Burial fees are reviewed regularly to ensure that adequate funds can be retained by the charity for future upkeep and maintenance.
Unrestricted reserves at the year end total £12,883,168 (2020 - £10,178,986) , and there were no restricted reserves at the year end (2020 - £Nil) .
C. PRINCIPAL RISKS AND UNCERTAINTIES
The Trustee Directors have assessed the major risks to which the charity is exposed and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trustee Directors have assessed the risks and uncertainties relating to the Coronavirus and the challenges that the fast-moving guidance represents and have put in plans to mitigate these risks with safety as a priority.
STRUCTURE, GOVERNANCE AND MANAGEMENT
A. CONSTITUTION
Gardens of Peace Muslim Cemetery is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
B. METHODS OF APPOINTMENT OR ELECTION OF TRUSTEE DIRECTORS
The management of the charity is the responsibility of the Trustee Directors who are elected and co-opted under the terms of the Memorandum of Association.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
TRUSTEE DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
C. ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES
The charity was incorporated as a company limited by guarantee in 2013 and, with effect from 1 January 2014, had transferred to it the assets of Gardens of Peace Muslim Cemetery Trust, a charity formed as a trust. The company is governed by a memorandum and articles of association. In addition a novation agreement was entered into between the Trust and the company under which the company assumed the liabilities of the Trust with effect from the same date.
The purpose behind the above change was only to change the legal basis of the charity from a Trust to a company limited by guarantee as the Trustee Directors believe the latter to be a more appropriate form of constitution.
Trustees' Meetings are held regularly. There is regular email and phone contact with the cemetery manager and the staff depending on needs.
D. FINANCIAL RISK MANAGEMENT
The Trustee Directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
MEMBERS' LIABILITY
The Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.
STATEMENT OF TRUSTEE DIRECTORS' RESPONSIBILITIES
The Trustee Directors (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustee Directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustee Directors to prepare financial statements for each financial . Under company law, the Trustee Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustee Directors 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee Directors 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 Companies Act 2006. 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.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
TRUSTEE DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are Trustee Directors at the time when this Trustee Directors' report is approved has confirmed that:
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so far as that Trustee Director is aware, there is no relevant audit information of which the charitable company's auditor is unaware, and
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that Trustee Director has taken all the steps that ought to have been taken as a Trustee Director in order to be aware of any relevant audit information and to establish that the Charitable company's auditor is aware of that information.
AUDITOR
The auditors, Clay Ratnage Strevens & Hills, has indicated its willingness to continue in office. The Designated Trustee Directors will propose a motion re-appointing the auditor at a meeting of the Trustee Directors.
Approved by order of the members of the board of Trustee Directors on 10 October 2022 and signed on their behalf by:
Farouk Gulammohamed Ismail Trustee Director
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GARDENS OF PEACE MUSLIM CEMETERY
OPINION
We have audited the financial statements of Gardens of Peace Muslim Cemetery (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 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 Charities Act 2011.
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 Trustee Directors' 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 Trustee Directors with respect to going concern are described in the relevant sections of this report.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GARDENS OF PEACE MUSLIM CEMETERY (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustee Directors are responsible for the other information contained within the Annual report. 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. 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 course of 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 Trustee Directors' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; 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 Trustee Directors' responsibilities statement, the Trustee Directors (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 Trustee Directors 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 Trustee Directors 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 Trustee Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GARDENS OF PEACE MUSLIM CEMETERY (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor 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 an Auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
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Obtaining an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which they operate.
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Obtained an understanding of how the charitable company are complying with those legal and regulatory frameworks by making enquiries to management of the company’s accounting department, and management itself.
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The susceptibility of the charitable company’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures:
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Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud
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Understanding how those charged with governance considered and addressed the potential for override of controls and management biases
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
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Assessing the extent of compliance with the relevant laws and regulations
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Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue recognition
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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 Auditor's report.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GARDENS OF PEACE MUSLIM CEMETERY (CONTINUED)
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 Auditor's 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
CLAY RATNAGE STREVENS & HILLS
Statutory Auditors
Suite D
The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN
10 October 2022
Clay Ratnage Strevens & Hills are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Investment management 7 Charitable activities: 8 Burial and funeral services Governance cost Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 157,658 6,088,907 105,414 6,351,979 10,218 3,420,574 217,005 3,647,797 2,704,182 10,178,986 2,704,182 12,883,168 |
Restricted funds 2021 £ 7,600 - - 7,600 - 7,600 - 7,600 - - - - |
Total funds 2021 £ 165,258 6,088,907 105,414 6,359,579 10,218 3,428,174 217,005 3,655,397 2,704,182 10,178,986 2,704,182 12,883,168 |
Total funds 2020 £ 100,036 5,875,402 95,466 |
|---|---|---|---|---|
| 6,070,904 | ||||
| 10,044 3,258,144 182,398 |
||||
| 3,450,586 | ||||
| 2,620,318 | ||||
| 7,558,668 2,620,318 |
||||
| 10,178,986 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 32 form part of these financial statements.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY (A company limited by guarantee) REGISTERED NUMBER: 08576827
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Fixed assets Intangible assets 13 Tangible assets 14 Investments 16 Investment property 15 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Provisions for liabilities 20 Total net assets Charity funds Restricted funds 21 Unrestricted funds 21 Total funds |
697,754 12,868,943 13,566,697 (288,700) |
2021 £ 2,869 15,178,131 1 2,039,523 17,220,524 13,277,997 30,498,521 (473,569) (17,141,784) 12,883,168 - 12,883,168 12,883,168 |
390,248 10,889,551 11,279,799 (502,357) |
2020 £ - 12,828,792 1 2,039,523 14,868,316 10,777,442 25,645,758 (331,196) (15,135,576) 10,178,986 - 10,178,986 10,178,986 |
|---|---|---|---|---|
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The Trustee Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee) REGISTERED NUMBER: 08576827
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustee Directors on 10 October 2022 and signed on their behalf by:
Farouk Gulammohamed Ismail
Trustee Director
The notes on pages 14 to 32 form part of these financial statements.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Cash flows from operating activities Net cash generated in operating activities 24 Cash flows from investing activities Dividends, interests and rents from investments Purchase of fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 25 |
2021 £ 4,297,066 105,414 (2,423,088) (2,317,674) 1,979,392 10,889,551 12,868,943 |
2020 £ 4,795,795 95,466 (820,321) (724,855) 4,070,940 6,818,611 10,889,551 |
|---|---|---|
The notes on pages 14 to 32 form part of these financial statements
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. GENERAL INFORMATION
The charity is a private company limited by guarantee and was incorporated in England and Wales. The members of the company are Trustee Directors named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to a sum not exceeding £10 per member of the charity. The charity's registered office is 77 Vaughan Gardens, Ilford, Essex, IG1 3PB. The nature of the charity's operations and principal activities are to maintain land for the purpose of burial of Muslims and to act on behalf of the Muslim community to meet their needs as regards the procedures and practices relating to the interment of the deceased.
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 Companies Act 2006.
Gardens of Peace Muslim Cemetery 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 GOING CONCERN
There are no material uncertainties about the charity's abilty to continue.
2.3 INCOME
Burial fees are recorded as income for the period in which they fall due based on the date of burial. Investment income is allocated to the appropriate fund.
Donations are shown as income in the period in which they are received.
Monies received as advanced payments for burial fees are taken to creditors in the balance sheet and will be taken to revenue funds as and when the burial takes place, to offset against the costs incurred relating to the burial.
2.4 EXPENDITURE
Resources expended are recognised in the period in which they are incurred.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. ACCOUNTING POLICIES (CONTINUED)
2.4 EXPENDITURE (CONTINUED)
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 TAXATION
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 INTANGIBLE ASSETS AND AMORTISATION
Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life.
The estimated useful lives are as follows:
Trademarks - 20 years
2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .
Depreciation is provided on the following bases:
- Freehold land and buildings Not depreciated - Plant and machinery Straight line over the assets' estimated useful life
2.8 INVESTMENTS
Investments in subsidiaries are valued at cost less provision for impairment.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. ACCOUNTING POLICIES (CONTINUED)
2.9 INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the Trustee Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities.
2.10 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.
2.11 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 LIABILITIES
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.
2.13 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.
2.14 PENSIONS
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
2.15 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustee Directors 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.
Investment income, gains and losses are allocated to the appropriate fund.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Critical areas of judgment:
The valuation of investment property at £2,039,523 (2020 - £2,039,523) have been made.
The estimate of future grave maintenance costs totalling £17,141,784 (2020 - £15,135,576) have been made.
4. INCOME FROM DONATIONS AND LEGACIES
| Donations Total 2020 |
Unrestricted funds 2021 £ 157,658 95,496 |
Restricted funds 2021 £ 7,600 4,540 |
Total funds 2021 £ 165,258 100,036 |
Total funds 2020 £ 100,036 |
|---|---|---|---|---|
5. INCOME FROM CHARITABLE ACTIVITIES
| Income from charitable activities - Burial and funeral services Total 2020 |
Unrestricted funds 2021 £ 6,088,907 5,875,402 |
Total funds 2021 £ 6,088,907 5,875,402 |
Total funds 2020 £ 5,875,402 |
|---|---|---|---|
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
6. INVESTMENT INCOME
| Investment income - investment properties Investment income Total 2020 |
Unrestricted funds 2021 £ 84,050 21,364 105,414 95,466 |
Total funds 2021 £ 84,050 21,364 105,414 95,466 |
Total funds 2020 £ 85,278 10,188 |
|---|---|---|---|
| 95,466 | |||
7. INVESTMENT MANAGEMENT COSTS
| Investment management fees Total 2020 |
Unrestricted funds 2021 £ 10,218 10,044 |
Total funds 2021 £ 10,218 10,044 |
Total funds 2020 £ 10,044 |
|---|---|---|---|
8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
- SUMMARY BY FUND TYPE
| Burial and funeral services Total 2020 |
Unrestricted funds 2021 £ 3,637,579 3,436,002 |
Restricted funds 2021 £ 7,600 4,540 |
Total 2021 £ 3,645,179 3,440,542 |
Total 2020 £ 3,440,542 |
|---|---|---|---|---|
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED) SUMMARY BY EXPENDITURE TYPE
| Burial and funeral services Total 2020 |
Staff costs 2021 £ 912,043 883,528 |
Depreciation 2021 £ 70,880 59,969 |
Other costs 2021 £ 2,662,256 2,497,045 |
Total 2021 £ 3,645,179 3,440,542 |
Total 2020 £ 3,440,542 |
|---|---|---|---|---|---|
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Burial and funeral services Total 2020 |
Activities undertaken directly 2021 £ 3,428,174 3,258,144 |
Support costs 2021 £ 217,005 182,398 |
Total funds 2021 £ 3,645,179 3,440,542 |
Total funds 2020 £ 3,440,542 |
|---|---|---|---|---|
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Staff costs Depreciation Grave markers Planks Maintenance Future maintenance provision Light and heat Rates Telephone and internet Motor, travel and plant running costs Funeral service costs Consultancy TOTAL 2021 Total 2020 |
Burial and funeral services 2021 £ 795,523 70,880 93,272 119,752 217,035 2,006,208 14,815 21,504 7,967 24,492 8,846 47,880 3,428,174 3,258,144 |
Total funds 2021 £ 795,523 70,880 93,272 119,752 217,035 2,006,208 14,815 21,504 7,967 24,492 8,846 47,880 3,428,174 3,258,144 |
Total funds 2020 £ 791,350 59,969 112,198 83,783 200,060 1,867,176 19,103 13,728 9,225 25,904 27,768 47,880 |
|---|---|---|---|
| 3,258,144 | |||
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Burial and funeral services 2021 £ Staff costs 116,520 Printing, postage and stationery 5,541 Subscriptions 3,575 Insurance 14,224 Bank charges 12,893 Internal audit costs 17,064 Auditors' remuneration 11,002 Legal and professional fees 28,089 Computer costs 2,664 Training 2,700 Sundry expenses 73 Protective clothing and uniforms 2,660 TOTAL 2021 217,005 Total 2020 182,398 10. AUDITOR'S REMUNERATION Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of: All non-audit services not included above |
Total funds 2021 £ 116,520 5,541 3,575 14,224 12,893 17,064 11,002 28,089 2,664 2,700 73 2,660 217,005 182,398 2021 £ 9,282 1,680 |
Total funds 2020 £ 92,178 6,523 2,637 10,982 11,608 15,750 10,440 17,722 5,332 - 2,126 7,100 |
|---|---|---|
| 182,398 | ||
| 2020 £ 8,840 1,600 |
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 820,043 75,480 16,520 912,043 |
2020 £ 794,407 72,225 16,896 |
|---|---|---|
| 883,528 |
The average number of persons employed by the charity during the year was as follows:
| Trustee Director Employees |
2021 No. 1 27 28 |
2020 No. 1 27 |
|---|---|---|
| 28 |
No employee received remuneration amounting to more than £60,000 in either year.
During the year £47,895 (2020 - £47,895) was paid to the trustee, Mehboob Ibrahim Patel, in relation to services provided in the running of the company.
£24,020 (2020 - £23,940) was paid to Shaahid Patel in the year in relation to services provided in the running of the cemetery. Shaahid Patel is the son of the Trustee Director Mehboob Ibrahim Patel.
None of the other trustees or any persons connected with them received any remuneration during the year.
12. TRUSTEE DIRECTORS' REMUNERATION AND EXPENSES
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Mehboob Ibrahim Patel | Remuneration | 47,895 | 47,895 |
| Pension contributions paid | 729 | 1,250 |
During the year ended 31 December 2021, no Trustee Director expenses have been incurred (2020 - £NIL) .
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. INTANGIBLE ASSETS
| COST Additions At 31 December 2021 AMORTISATION Charge for the year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Trademarks £ 3,019 |
|---|---|
| 3,019 | |
| 150 | |
| 150 | |
| 2,869 | |
| - |
The transactions above related to the legal costs incurred in respect of registering trademarks for Gardens of Peace Muslim Cemetery. This is being amortised over twenty years.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
14. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for the year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 15. INVESTMENT PROPERTY VALUATION At 1 January 2021 At 31 December 2021 |
Freehold land and buildings £ 12,515,949 2,420,069 14,936,018 - - - 14,936,018 12,515,949 |
Plant and machinery £ 448,816 - 448,816 135,973 70,730 206,703 242,113 312,843 |
Total £ 12,964,765 2,420,069 |
|---|---|---|---|
| 15,384,834 | |||
| 135,973 70,730 |
|||
| 206,703 | |||
| 15,178,131 | |||
| 12,828,792 | |||
| Freehold investment property £ 2,039,523 |
|||
| 2,039,523 |
The 2021 valuations were made by the Trustee Directors, on an open market value for existing use basis.
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DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
16. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 January 2021 At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Investments in subsidiary companies £ 1 |
|---|---|
| 1 | |
| 1 | |
| 1 |
PRINCIPAL SUBSIDIARIES
The following was a subsidiary undertaking of the charity:
| Name | Company | Registered office or principal place | Principal activity | |
|---|---|---|---|---|
| number | of business | |||
| GOP Funeral | Services Ltd | 11310221 | 77 Vaughan Gardens, Ilford, Essex, | Funeral services |
| IG1 3PB | ||||
| Class of | Holding | Included in | ||
| shares | consolidation | |||
| Ordinary | 100% | No |
The financial results of the subsidiary for the year were:
Name Net assets £ GOP Funeral Services Ltd 1
Page 25
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
17. DEBTORS
| DUE WITHIN ONE YEAR Burial fees Other debtors Prepayments and accrued income |
2021 £ 2,755 673,370 21,629 697,754 |
2020 £ 75,720 300,000 14,528 |
|---|---|---|
| 390,248 |
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income |
2021 £ 89,603 16,212 2,289 53,612 126,984 288,700 |
2020 £ 353,939 18,788 3,290 58,267 68,073 |
|---|---|---|
| 502,357 |
Included in other creditors is an amount of £53,200 (2020 - £54,200) which represents amounts advanced to the charity on an interest free basis to enable it to fund the development of the cemetery. These amounts are repayable on request by the lendors.
19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Advanced payments Funeral plans |
2021 £ 68,675 404,894 473,569 |
2020 £ 68,675 262,521 |
|---|---|---|
| 331,196 |
Advanced payments and Funeral plans represent monies received for future burials, as further explained in the accounting policies note 2.3
Page 26
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
20. PROVISIONS
| At 1 January 2021 Additions |
Grave maintenance provision £ 15,135,576 2,006,208 |
|---|---|
| 17,141,784 |
GRAVE MAINTENANCE
The Trustee Directors recognise an obligation to maintain graves at the cemetery for a period of 50 years from the date of burial. Accordingly a provision is included in these accounts to cover the estimated cost over a 50 year period of maintaining each grave at the cemetery from the year of burial. The estimated cost is reviewed each year to take into account wages and other cost inflation. The charge against income in the year represents the estimated cost of maintenance of burial undertaken during the year as well as adjustments relating to wages and other cost inflation in relation to burials in earlier years.
Page 27
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
21. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General funds - all funds RESTRICTED FUNDS Restricted funds - all funds TOTAL OF FUNDS STATEMENT OF FUNDS - PRIOR YEAR UNRESTRICTED FUNDS General Funds - all funds RESTRICTED FUNDS Restricted Funds - all funds TOTAL OF FUNDS |
Balance at 1 January 2021 £ 10,178,986 - 10,178,986 Balance at 1 January 2020 £ 7,558,668 - 7,558,668 |
Income £ 6,351,979 7,600 6,359,579 Income £ 6,066,364 4,540 6,070,904 |
Expenditure £ (3,647,797) (7,600) (3,655,397) Expenditure £ (3,446,046) (4,540) (3,450,586) |
Balance at 31 December 2021 £ 12,883,168 |
|---|---|---|---|---|
| - | ||||
| 12,883,168 | ||||
| Balance at 31 December 2020 £ 10,178,986 |
||||
| - | ||||
| 10,178,986 |
Page 28
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
22. SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
| General funds Restricted funds SUMMARY OF FUNDS - PRIOR YEAR General funds Restricted funds |
Balance at 1 January 2021 £ 10,178,986 - 10,178,986 Balance at 1 January 2020 £ 7,558,668 - 7,558,668 |
Income £ 6,351,979 7,600 6,359,579 Income £ 6,066,364 4,540 6,070,904 |
Expenditure £ (3,647,797) (7,600) (3,655,397) Expenditure £ (3,446,046) (4,540) (3,450,586) |
Balance at 31 December 2021 £ 12,883,168 - |
|---|---|---|---|---|
| 12,883,168 | ||||
| Balance at 31 December 2020 £ 10,178,986 - |
||||
| 10,178,986 |
Page 29
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
23. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2021 £ Tangible fixed assets 15,178,131 Intangible fixed assets 2,869 Fixed asset investments 1 Investment property 2,039,523 Current assets 13,299,458 Creditors due within one year (288,700) Creditors due in more than one year (206,330) Provisions for liabilities and charges (17,141,784) TOTAL 12,883,168 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2020 £ Tangible fixed assets 12,828,792 Fixed asset investments 1 Investment property 2,039,523 Current assets 11,155,542 Creditors due within one year (502,357) Creditors due in more than one year (206,939) Provisions for liabilities and charges (15,135,576) TOTAL 10,178,986 |
Restricted funds 2021 £ - - - - 267,239 - (267,239) - - Restricted funds 2020 £ - - - 124,257 - (124,257) - - |
Total funds 2021 £ 15,178,131 2,869 1 2,039,523 13,566,697 (288,700) (473,569) (17,141,784) 12,883,168 Total funds 2020 £ 12,828,792 1 2,039,523 11,279,799 (502,357) (331,196) (15,135,576) 10,178,986 |
|---|---|---|
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges TOTAL |
Page 30
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING | |
|---|---|---|---|---|
| 24. | ACTIVITIES | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Net income for the year (as per Statement of Financial Activities) | 2,704,182 | 2,620,318 | ||
| ADJUSTMENTS FOR: | ||||
| Depreciation charges | 70,880 | 59,969 | ||
| Dividends, interests and rents from investments | (105,414) | (95,466) | ||
| (Increase)/decrease in debtors | (307,505) | 123,430 | ||
| (Decrease)/increase in creditors | (71,285) | 220,368 | ||
| Maintenance provision | 2,006,208 | 1,867,176 | ||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,297,066 | 4,795,795 | ||
| 25. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Cash in hand | 12,868,943 | 10,889,551 | ||
| 26. | ANALYSIS OF CHANGES IN NET DEBT | |||
| At 31 | ||||
| At 1 January | December | |||
| 2021 | Cash flows | 2021 | ||
| £ | £ | |||
| £ | ||||
| Cash at bank and in hand | 10,889,551 | 1,979,392 | 12,868,943 | |
| Debt due within 1 year | (3,290) | 1,001 | (2,289) | |
| 10,886,261 | 1,980,393 | 12,866,654 |
Page 31
DocuSign Envelope ID: A6CF21D0-EF23-4822-8071-AFF3230E6ABC
GARDENS OF PEACE MUSLIM CEMETERY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
27. PENSION COMMITMENTS
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £16,520 (2020 - £16,896) . Contributions totalling £2,288 (2020 - £3,290) were payable to the fund at the balance sheet date and are included in creditors.
28. RELATED PARTY TRANSACTIONS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Freehold land and buildings additions | 50,523 | 42,880 |
The transactions above relate to GN Surveyors Ltd (2020 - Burr & Neve LLP), Chartered Quantity Surveyors. Gulam Ismail Nadat, a Trustee Director, is a director in GN Surveyors Ltd and was excluded from the decision making process relating to the appointment of quantity surveyors to avoid any conflict of interest.
Page 32