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2023-03-31-accounts

Charity registration number 1162339

Company registration number 08947236 (England and Wales)

MUSLIM ROSE WELFARE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

MUSLIM ROSE WELFARE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr Siraj Brohi Dr Sadaf Akbar Miss Riffat Qayyum Charity number 1162339 Company number 08947236 Registered office 41-43 Standard Road London United Kingdom NW10 6HF Independent examiner Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW

MUSLIM ROSE WELFARE LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 13

MUSLIM ROSE WELFARE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Charity's objects are:

  1. To provide poor people in need with food, cloths, milk packs and immediate Medical facilities to those living in the remote areas and are in desperate need.

  2. For the public benefit, the relief and assistance to the people who are praying in Extreme weather conditions by supplying them with fans and heaters.

  3. For the Public benefit, the relief and assistance to poor unmarried girls who are in financial hardship and are not able to get dowry products by supplying them with Items like furniture, bedding etc. To start their new life.

  4. To relieve sickness and to preserve good health among poor people, orphans, widows and under Privileged / needy people, by means of, but not exclusively, the provision of facilities or services for treatment, support and counselling.

  5. For the public benefit, to provide clean water to the people of remote areas by supplying them water tankers.

  6. The advancement of Islamic education for the public benefit, by supplying poor people with free copies of holy Quran, arranging and engaging English teachers and computers in religious school for them to engage with Modern technology.

  7. To promote any other charitable purpose for the benefit of those in need that the directors from time to time determine.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

MUSLIM ROSE WELFARE LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

During the year, Muslim Rose Welfare Limited has continued to provide support to the local communities and has contributed towards various projects in Pakistan's deprived regions:

Education

Faith and Community

Healthcare and Sanitation

Empowerment and Support:

Entrepreneurship and Opportunity:

Financial review

The Statement of Financial Activities is set out on page 4 of these accounts.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

MUSLIM ROSE WELFARE LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Charity is a company limited by guarantee. It is operated under the rules of its memorandum and articles of association dated 18/03/2014 and most recently amended 29/5/2015. It has no share capital and the liability of each member in the event of winding-up is limited to £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr Siraj Brohi Dr Sadaf Akbar

Miss Riffat Qayyum

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Dr Siraj Brohi Trustee Dated: 25 January 2024

Miss Riffat Qayyum Trustee Dated:25 January 2024

MUSLIM ROSE WELFARE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MUSLIM ROSE WELFARE LIMITED

I report to the trustees on my examination of the financial statements of MUSLIM ROSE WELFARE LIMITED (the Charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Reddy Siddiqui LLP

183-189 The Vale Acton London W3 7RW United Kingdom

Dated: 25 January 2024

MUSLIM ROSE WELFARE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 191,079 157,004
Expenditure on:
Raising funds 4 65,534 26,030
Charitable activities 5 86,868 85,178
Other expenditure 9 566 820
Total expenditure 152,968 112,028
Net income and movement in funds 38,111 44,976
Reconciliation of funds:
Fund balances at 1 April 2022 119,384 74,408
Fund balances at 31 March 2023 157,495 119,384

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MUSLIM ROSE WELFARE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the Charity
Unrestricted funds		 2023
£
1,432
142,771
144,203
4,080		 £
17,372
140,123
157,495
157,495
157,495		 2022
£
-
123,715
123,715
6,884		 £
2,553
116,831
119,384
119,384
119,384

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 25 January 2024

Dr Siraj Brohi Miss Riffat Qayyum Trustee Trustee

Company registration number 08947236 (England and Wales)

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

MUSLIM ROSE WELFARE LIMITED is a private company limited by guarantee incorporated in England and Wales. The registered office is 41-43 Standard Road, London, NW10 6HF, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Liabilities are recognised when resources are expended. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 25% reducing balance Computers 25% reducing balance Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 191,079 138,561
Gift Aid - 18,443
191,079 157,004

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 21,093 25,924
Other fundraising costs 44,441 106
65,534 26,030

5 Charitable activities

Staff costs
Depreciation and impairment
Rose Primary School
Share of support costs (see note 6)
Share of governance costs (see note 6)		 2023
£
4,550
3,729
69,518
77,797
7,871
1,200
86,868		 2022
£
3,950
139
70,058
74,147
9,885
1,146
85,178

6 Support costs

Support
costs
Governance
costs
£
£
Support costs heading 1
7,871
-
Accountancy
-
1,200
7,871
1,200
Analysed between
Charitable activities
7,871
1,200		 2023
£
7,871
1,200
9,071
9,071		 2022 Basis of allocation
£
9,885
1,146 Governance
11,031
11,031

Governance costs includes payments to the accountant of £1000+vat for accountancy fees.

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits during the year.

However, utility and travel expenses paid by the charity were restricted for private use. At the year-end, Miss R Qayyum, a trustee, owed the charity £1,432. This amount is reflected as debtors and was subsequently reimbursed.

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
1 1
Employment costs 2023 2022
£ £
Wages and salaries 4,550 3,950

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

9 Other expenditure

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Financing costs 566 820
566 820

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

11
Tangible fixed assets
Fixtures,
fittings &
equipment
Computers
£
£
Cost
At 1 April 2022
996
2,514
Additions
-
-
At 31 March 2023
996
2,514
Depreciation and impairment
At 1 April 2022
862
94
Depreciation charged in the year
605
33
At 31 March 2023
1,467
127
Carrying amount
At 31 March 2023
(471)
2,387
At 31 March 2022
133
2,420
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Motor
vehicles
£
-
18,547
18,547
-
3,091
3,091
15,456
-
2023
£
1,432
2023
£
1,918
2,162
4,080		 Total
£
3,510
18,547
22,057
956
3,729
4,685
17,372
2,553
2022
£
-
2022
£
4,418
2,466
6,884

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 119,384 191,079 (152,968) 157,495

MUSLIM ROSE WELFARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Unrestricted funds (Continued)
Previous year: At 1 April Incoming Resources At 31 March
2021 resources expended 2022
£ £ £ £
General funds 74,408 157,004 (112,028) 119,384