2024-03-31-accounts - Ahlul Istiqamah Trust UK

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

AHLUL ISTIQAMAH TRUST-UK

UNAUDITED FINANCIAL STATEMENTS

AND TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024

REGISTERED CHARITY NUMBER 1163919

AAA Accounting Limited Chartered Certified Accountants 36-38 Station Parade Barking, England IG11 8DR

AHLUL ISTIQAMAH TRUST-UK

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

	*Page*
Members of boards and professional advisors	1
Trustees annual report	2-5
Independent examiners report to the trustees	6-7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10

AHLUL ISTIQAMAH TRUST-UK

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

Registered charity name	Ahlul Istiqamah Trust-Uk
Charity number	1163919
Registered office	11-13 Broadway
	Barking
	IG11 7LS
Trustees	Ms Muzne Suleiman
	Mr Sabri Salim Ali
	Saleh al-Bahry (Chair)
	Mrs Salha Mansour
Independent examiners	AAA Accounting Limited
	Chartered Certified Accountants
	36-38 Station Parade
	Barking, England
	IG11 8DR
Bankers	BARCLAYS Bank Plc, Lloyds Bank plc.

AHLUL ISTIQAMAH TRUST-UK

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The trustees who served during the period were as follows:

Ms Muzne Suleiman Mr Sabri Salim Ali Saleh al-Bahry Mrs Salha Mansour

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Ahlul Istiqamah Trust-Uk is a Charitable Incorporated Organisation (CIO), constituted under a trust deed dated 02 November 2015 and is a registered charity since 09 Oct 2015, number 1163919.

Method of appointment of Trustees and policies adopted for their induction

• Appointment of charity trustees

Apart from the first charity trustees, every trustee must be appointed for a term determined by the Trustees by a resolution passed at a properly convened meeting of the charity trustees.

• Information for new charity trustees

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

(a) a copy of the current version of this constitution; and

(b) a copy of the CIO’s latest Trustees’ Annual Report and statement of accounts.

Decision making

The trustees are legally responsible for the overall management and control of the Centre and do meetings regularly. The Finance and General Purposes (building) members generally meet regularly to consider the tasks delegated to them in respect of financial, building work or any specialist adviser report, which are then communicated to the other trustees at the main board meeting for their deliberations.

AHLUL ISTIQAMAH TRUST-UK TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Risk review

The management committee has conducted a review of the major risks, which the charity is exposed to and systems have been established to mitigate those risks. Significant external risks to funding have been reduced by the development of a strategic plan, which will allow for development only when the funds are in hand or have been guaranteed. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

OBJECTIVES AND ACTIVITIES

The aims and objects of the charity are:

To advance the religion of Islam, by means of, but not exclusively, promoting the teachings and tenets of Islam, provision of facilities for worship and provision of facilities for Islamic education, in accordance with the teachings of the Quran and sunnah of the Prophet Muhammad (PBUH) as expounded by the Ibadhi school of thought;
To relieve financial hardship, distress and suffering among poor people, widows, orphans, refugees, victims of natural disasters and other people in need, by means of, but not exclusively, making grants or loans for providing or paying for items, equipment, services and facilities, including the establishment of water wells and the provision of food, clothing, and accommodation for the said persons;
To advance education for the benefit of the poor, the underprivileged and the general public by means of, but not exclusively, the provision or the assistance in the provision of scholarships, educational activities and facilities, such as schools, libraries and training centers.

These objectives will be achieved by raising funds through donations.

ACTIVITIES

The charity carries out a wide variety of activities in pursuance of its charitable aims, summarised below: Weekend Madrasah, Tuition classes for Math’s, English and Science & Trainings and Lectures
5 daily prayers, Friday prayers, Eid Prayers and Taraweh prayer
Iftar for community every night of Ramdhan
Organizing Hajj & Umrah Trips

PUBLIC BENEFIT STATEMENT

In setting out the objectives and planning the activities, the trustees have given careful consideration to complying with the duty in Section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

Ahlul Istiqamah Trust-Uk is a registered charity based in London that has been operating since 2015. It has so far managed to provide the community with many services such as lectures and seminars in addition to holding spiritual, educational and cultural events marking important Islamic occasions. Charity has progressed from its humble beginnings of only 3 people as supporters to having hundreds of supporters who attend the numerous regular events it holds weekly, monthly and annually. The primary aim of the Charity is to promote the religious and moral values of Islam based on glorious foundation laid down by the Holy Prophet Muhammad (blessings and peace be upon him).

AHLUL ISTIQAMAH TRUST-UK

TRUSTEES ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

The income is generated from donations collected from Muslim people and Muslim organisations, and other legal charitable activities, the incoming resources and resources expended are detailed in the Statement of Financial Activities.

The financial year commenced with total cash and bank balances of £ 72,959. During the year donations of £ 65,726, other income of £ 3,160 and Qardh e Hasan of £ 14,000 were received. Resources expended in the year totalled £ 142,720. The cash & bank balance at year end is £ 13,125.

PLANS FOR FUTURE PERIODS

A key priority for the coming year would be to renovate the newly purchased building (masjid and community centre) and preparing to move in. Various fundraising efforts have been made to facilitate this move. There will also be a lot of community engagement efforts to be planned to further facilitate community cohesion in the area.

RESPONSIBILITIES OF THE TRUSTEES

The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993 and the Charity (Accounts and Reports) Regulations 2008. The trustees 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.

AHLUL ISTIQAMAH TRUST-UK

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF AHLUL ISTIQAMAH TRUST-UK

FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 8 to 10.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006) and that an independent examination is needed.

It is my responsibility to:

examine the accounts (under section 43(3) (a) of the 1993 Act, as amended);
to follow the procedures laid down in the General Directions given by the Charity Commission

(under section 43(7)(b) of the 1993 Act, as amended); and

to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that:

proper accounting records are kept (in accordance with section 41 of the Act); and
accounts are prepared which agree with the accounting records and comply with the accounting
requirements of the Act; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

AHLUL AfviAH TRUST.UK INDEPENDENT EXAMINER'S REPORT TO THE TR ISTI AMAH TRUST. ¢ontinued ESOFA FOR THE YEAR ENDED 31 MARCH 2024 RECOMMENDATIONS & ADVISFS FOR FiThiE As per my examition of the accouDtin8 I would like to draw your alletiiion to the following iuuej: It is rewnded the charity should i Twted sotlware tomainkn rccord relthd to ¢ash expenses for ition classes sep8rn¢ely similarty recorth weTe kept up to da* for inwne. It is recommended to avoid deding in ¢osh for expejws related to charity in cftse of ¢a¥h trans&tion5 there 8hould be records of pats & Teceipts for Tewlciliations of¢gsh book. Funds raised by Tuition classes io Sdcllts. should be deposited into the bfink ormust re¢¢ive byBank from . Trnstee'$ MU have records for pety cash expenses atsd re¢¢ipt8 duriD8 the year and evy casb expense B Ahmad FCCA AAA Accountin8 Limit Clwtered Certified A¢¢ountAnts 38 Statlon Parxd¢ BArldll& England ICII 8DR The nota on io forni part ofthue th11nd ststemthts

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 10 form part of these financial statements.

						2024		2023
Fixed Assets
FA-Prope1ty, Plant& Equipment		- Cost	-	B/Fwd		4,246		4 ,246
FA-Prope1ty, Plant& Equipment		- Depn		- B/Fwd		2,321		1,680
FA-Prope1ty, Plant&Equipment		- Depn- Charge			-			641
						1	,444	1,925
FA-Land& Buildings -Cost	- b/fwd					1,135,846		17,052
FA-Land&Buildings -Cost	- addition
						1,135,846		1,135,846
Current assets
Cash in Bank						13,125		72,960
						13,125		72,960
Creditors due within one year
Other creditors						85,400		77,000
Other Taxes and Social Secufity						485		43
						85,885		77,043
Total assets less current liabilities
Net assets								1,133,688
Funds
Restricted
Unrestricted								486,587
Net (loss)profit						69,158		647,101
Total funds						1,064,530

AHLUL ISTIQAMAH TRUST-UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting Policies

1.1. Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Charities Act 1993, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)

1.2 Incoming resources

Voluntary income and donations are included in incoming resources when they are received except when donor’s conditions have not been fulfilled, and then the income is deferred.

1.3 Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

1.4 Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the charitable company qualifies as a small charitable company.

1.5 Taxation

The charity is exempt from corporation tax on its charitable activities .

1.6 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.