COMPANY NUMBER: 09358840
ILM FOUNDATION
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ABU & ABU
CHARTERED CERTIFIED ACCOUNTANTS
ABU NOWSHED CENTRE 71 WORDSWORTH ROAD
SMALL HEATH, BIRMINGHAM B10 0ED WEST MIDLANDS
ILM FOUNDATION
COMPANY INFORMATION
| Company Number: | 09358840 |
|---|---|
| Director: | Mohammed Tosir Miah |
| Registered Office: | Ilm Foundation |
| Bisley Works | |
| Golden Hillock Road | |
| B11 2PY | |
| Accountants: | Abu & Abu |
| Chartered Certified Accountants | |
| Abu Nowshed Centre | |
| 71 Wordsworth Road | |
| Small Heath, Birmingham | |
| B10 0ED | |
| West Midlands | |
| Bankers: | Lloyds Bank PLC |
ILM FOUNDATION
REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CONTENTS
| Page | |
|---|---|
| Directors' Report | 1 |
| Accountants Report | 3 |
| Abridged Profit and Loss Account | 4 |
| Abridged Balance Sheet | 5 |
| Notes to the Abridged Financial Statements | 6 |
| Detailed Profit and Loss Account | 8 |
| Detailed Overhead Expenses Schedule for Directors | 9 |
ILM FOUNDATION
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continues to be that of providing primary Islamic education and facilitating prayer faciliti for residence.
Directors
The director who served during the year was as follows:
Mohammed Tosir Miah
Review of the Business
The directors consider the profit achieved on ordinary activities before to be particularly satisfactory given the Covid 19 pandemic. climate.
Responsibilities of the director
The trustees (who are also directors of the charity for the purposes of company @Hanging2@law)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).
Company law requires the trustees to prepare financial statements for each financial year , which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 1
ILM FOUNDATION
DIRECTOR'S REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board on 15 Septmber 2023 and has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
................................ Mohammed Tosir Miah
Page 2
ACCOUNTANT'S REPORT
TO THE DIRECTOR
ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF
ILM FOUNDATION
FOR THE YEAR ENDED 31 DECEMBER 2022
As described in the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2022 set out on on pages 4 to 7 and you consider that the company is exempt from a report under section 477(1) of the Companies Act 2006. In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
........................................ Dated:15 September 2023 Abu Nowshed, FCCA Chartered Certified Accountants Abu Nowshed Centre 71 Wordsworth Road Small Heath, Birmingham B10 0ED West Midlands
Page 3
ILM FOUNDATION
ABRIDGED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Gross profit | 187,724 | 209,879 | |
| Administrative expenses | (185,662) | (157,001) | |
| –––––––– | –––––––– | ||
| Profit on ordinary activities | 2,062 | 52,878 | |
| before taxation | |||
| Tax on profit on ordinary activities | 0 | 0 | |
| –––––––– | –––––––– | ||
| Profit for the financial year | £ 2,062 | £ 52,878 | |
| –––––––– |
–––––––– |
The company has made no acquisitions nor discontinued any operations during 2022 therefore turnover and operating profit derive entirely from continued operations.
Page 4
COMPANY NUMBER:09358840
ILM FOUNDATION
ABRIDGED BALANCE SHEET
AT 31 DECEMBER 2022
| Note 2022 £ Fixed assets Tangible assets 2 Current assets Cash at bank and in hand 86,088 Creditors Amounts falling due within one year (960) ––––––– Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Shareholders' funds |
2021 £ £ 123 83,695 (660) ––––––– 85,128 ––––––– 85,251 ––––––– £ 85,251 ––––––– 85,251 ––––––– £ 85,251 ––––––– |
£ 154 83,035 ––––––– 83,189 ––––––– £ 83,189 ––––––– 83,189 ––––––– £ 83,189 ––––––– |
|---|---|---|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 15 Septmber 2023 and signed on its behalf.
................................................... Mohammed Tosir Miah
The annexed notes form part of these financial statements.
Page 5
ILM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.
These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Cashflow statement
The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it is a small company.
Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and Machinery - 20% per annum of cost Fixtures and Fittings - 20 % per annum of cost
Page 6
ILM FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
2. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Total | |
| £ | |
| Cost: | |
| At 1 January 2022 | 1,204 |
| ––––– | |
| At 31 December 2022 | 1,204 |
| ––––– | |
| Depreciation: | |
| At 1 January 2022 | 1,050 |
| Charge for the year | 31 |
| ––––– | |
| At 31 December 2022 | 1,081 |
| ––––– | |
| Net book value: | |
| At 31 December 2022 | £ 123 |
| ––––– |
|
| At 31 December 2021 | £ 154 |
| ––––– |
Page 7
ILM FOUNDATION
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Turnover | ||||||
| Fund Raising Events | 6,977 | 0 | ||||
| Tuition fees | 172,657 | 209,879 | ||||
| Building Donation | 8,090 | 0 | ||||
| –––––––– | –––––––– | |||||
| 187,724 | 209,879 | |||||
| Overheads | ||||||
| Other Administrative Costs | 185,662 | 157,001 | ||||
| –––––––– | –––––––– | |||||
| (185,662) | (157,001) | |||||
| –––––––– | –––––––– | |||||
| Profit on ordinary activities | £ | 2,062 | £ | 52,878 | ||
| –––––––– |
–––––––– |
Page 8
ILM FOUNDATION
SCHEDULE OF OVERHEAD EXPENSES
FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Other Administrative Costs | ||||
| Wages and salaries | 122,007 | 87,599 | ||
| Rent rates and service costs | 49,132 | 51,969 | ||
| Utilities costs | 6,998 | 5,257 | ||
| Property repairs and maintenance | 1,081 | 5,100 | ||
| Travel and subsistence | 0 | 792 | ||
| Advertising and Marketing | 374 | 110 | ||
| Telecommunications | 1,732 | 387 | ||
| Printing, stationery & postage | 1,308 | 3,605 | ||
| Cleaning | 265 | 0 | ||
| Bank charges | 0 | 497 | ||
| Project activities | 1,350 | 0 | ||
| Accountancy | 1,384 | 924 | ||
| Depreciation | 31 | 761 | ||
| ––––––– | ––––––– | |||
| 185,662 | 157,001 | |||
| ––––––– | ––––––– | |||
| Total overhead expenses | £185,662 | £157,001 | ||
| ––––––– |
––––––– |