SALAM TRUST
REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
Company Registered No: 10009228 Charity Commission No: 1166526
SALAM TRUST
818 Alum Rock Road Birmingham B8 2TX
CONTENTS
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' Report | 2-3 |
| Accountants' Report | 4 |
| Statement of Financial Activities | 5 |
| Income and Expenditure Account | 6 |
| Balance Sheet | 7 |
| Notes to the accounts | 8-10 |
SALAM TRUST
SIGNIFICANT INFORMATION
Salam Trust is established as a company limited by guarantee (Company Registered No: 1000928).Charity Commission no 1166526. The affairs of the association are governed by its memorandum and articles of association. The liability of the members in the event of the Association being wound up is limited to a sum not exceeding £1.
DIRECTORS/TRUSTEES
Allah Ditta Akthar-Uz-Zaman Khalid Hussain
REGISTERED OFFICE
818 Alum Rock Road Birmingham B8 2TX
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SALAM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their report for the period ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies on page 8 and comply with the charity's applicable law.
The charity was incorporated as a private company limited by guarantee on 17 February 2016
OBJECTS
The objects of the charity are to advance religion in accordance with the teachings of Islam. To advance education for the benefit for the poor, under privileged and general public. To advance education and promote the community participation in healthy recreation by providing facilities for playing particular sports. The building and maintenance of a mosque in particular but not exclusively for the benefit of the local and surrounding Muslim community in Birmingham.
ACTIVITIES AND PROGRESS
Salam Trust provides public benefit through its programmes of prayers and celebration of the key events in the Islamic Calendar. Activities are open to everyone in the community. The mosque also provides Congregational Prayers, Friday Sermons and Eid Prayers. During the year Salam Trust arranged Eid Prayers at local Ward End park for Muslims to attend the congregation. For younger children there are summer and winter schools during holiday period and evening classes. Trustees are also planing for the future to have facilities for homeless people in the community.
FINANCE
During the period the charity raised funds by collecting donations and interest free friendly loans from the community members.
TRUSTEES' RESPONSIBILITY FOR THE ACCOUNTS
Charity law requires the trustees of the Association to prepare statements of accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to :
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent.
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to prepare the financial statements in accordance with the methods and principles set out in the Statement of Recommended Practice Accounting and Reporting by Charities and to state whether or not the accounts have been prepared in accordance with that statement and applicable accounting standards;
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prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in operation.
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SALAM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023 (continued)
The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity's transactions and to disclose with reasonable accuracy at any time the financial position of the Association, and to enable them to ensure that any statements of account comply with the requirements of the Charity (Accounts and Reports) Regulations 2000. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities
RISK MANAGEMENT
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the project , and are satisfied that systems are in place to mitigate our exposure to major risks.
RESERVES POLICY
The Reserve Fund represents unrestricted funds. The Trustees aim to maintain sufficient reserves so as to give flexibility to cover temporary timing differences for donations received, adequate working capital for core costs and which allow them to respond quickly to the needs of the Trust.
On behalf of the Managing Committee
..................................... Trustee K Hussain
9 December 2023
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SALAM TRUST
Charity No:1166526 . Company No:10009228
Independent Examiner's Report to the Trustees of Salam Trust On accounts fro the year ended 31 March 2023
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023 which are set out on pages 5 to 10
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company 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 your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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4 The accounts have not been prepared in accordance with Charities SORP (FRS 102)
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 accounts to be reached.
MAHMOOD AHED CHARTERED CERTIFIED ACCOUNTANT
784 Alum Rock Road Ward End Birmingham B8 2TE
9 December 2023
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SALAM TRUST
Company Registered No: 10009228 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 2023 |
2022 | ||
|---|---|---|---|
| Income | £ | £ | |
| Unrestricted | Unrestriced | ||
| Funds | Funds | ||
| Donations and legacies | |||
| Donations received | 112,014 | 149,558 | |
| CJRS Grant | - | 4,433 | |
| Other income | - | - | |
| ------------ | ----------- | ||
| Total incoming resources | 112,014 | 153,991 | |
| ======= | ====== | ||
| Charitable expenditure | |||
| Governance and support cost | |||
| Teachers fees | 59,688 | 46,752 | |
| Pension cost | 828 | 334 | - |
| Rates and water | 441 | 344 | |
| Insurance | 1,263 | 745 | |
| Heat and light | 7,836 | 5,222 | |
| Promotion and awareness | 250 | - | |
| Building repairs | 605 | 865 | |
| Accountancy fee | 300 | - | |
| Sundry expenses | 364 | 227 | |
| Bank charges | 313 | 471 | |
| ----------- | ------------ | ||
| Total | 71,888 | 54,960 | |
| ====== | ======= | ||
| Net Incoming Resources for the year | 40,126 | 99,031 | |
| Funds Balance brought forward | 777,236 | 678,205 | |
| ---------- | ------------ | ||
| Fund balance carried forward | 817,362 | 777,236 | |
| ======= | ======= |
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities
The notes on pages 8 to 10 form part of these accounts
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SALAM TRUST
Company Registered No: 10009228 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | ||
| INCOME | |||
| Donations | 2 | 112,014 | 149,558 |
| CJRS Grant | - | 4,433 | |
| ----------- | ------------ | ||
| Gross Income | 112,014 | 153,991 | |
| ======= | ======= | ||
| EXPENDITURE | |||
| Governance and support cost | 71,888 | 54,960 | |
| --------- | ----------- | ||
| Total expenditure | 71,888 | 54,960 | |
| ===== | ======= | ||
| Net Income for the year | 40,126 | 99,031 | |
| Funds balance brought forward | 777,236 | 678,205 | |
| ---------- | ------------ | ||
| Funds balance carried forward | 817,362 | 777,236 | |
| ====== | ======= |
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities, and the reported surplus was found under the historical cost convention.
The notes on page 8 to 10 form an integral part of these accounts.
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SALAM TRUST
| Company Registered No: 10009228 | |||||
|---|---|---|---|---|---|
| BALANCE SHEET | |||||
| AS AT 31 MARCH 2023 | |||||
| 2023 | 2022 | ||||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 4 | 781,976 | 629,176 | ||
| ------------ | ------------- | ||||
| 781,976 | 629,176 | ||||
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 71,495 | 192,871 | |||
| ------------ | ------------- | ||||
| CREDITORS:Amounts falling due | |||||
| within one year | 5 | 36,109 | 44,811 | ||
| ------------- | ------------- | ||||
| TOTAL ASSETS LESS | |||||
| CURRENT LIABILITIES | 35,386 | 148,060 | |||
| ------------- | ------------ | ||||
| TOTAL ASSETSLESS | |||||
| CURRENT LIABILITIES | 817,362 | 777,236 | |||
| ======== | ======= | ||||
| FUNDS | |||||
| General funds | 6 | 817,362 | 777,236 | ||
| ------------- | ------------- | ||||
| 817,362 | 777,236 | ||||
| ======== | ======= |
For the period ended 31 March 2023 the charitable company was entitled to exemption from audit under subsection 1 of section 447 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP
Approved by the board of directors on 9 December 2023 and signed on their behalf by:
.........................................K Hussain
DIRECTOR/TRUSTEE
The notes on pages 8 to 10 form an integral part of these accounts.
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SALAM TRUST
Company Registered No: 10009228 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
Summary of significant accounting policies
1. Basis of preparation
1.1
Basis of accounting
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accountancy policy notes. Where necessary the headings laid down in the Companies Act have been adapted to meet the special activities of the Association.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS102 Section 1A
The financial statements are prepared on a going concern basis under the historical cost convention The financial statements are presented in sterling which is the functional currency of the charity.
The charity constitutes a public benefit entity as defined by FRS 102.
1.2 Income
Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Grants and donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met. Revenue grants are credited to the income and expenditure account as received, unless related to a specific period, when it is placed in a restricted funds until it is used.
1.3 Gifts in kind
The charity receives the benefit of work carried out by volunteers, and receives the use of facility and equipment without charge. No value is placed on these items, where the benefit extends over several periods, in which case they are valued and included in the balance sheet at a reasonable valuation.
1.4 Taxation
As a registered charity, the company benefits from Rates relief and is generally exempt from Income tax and Capital Gains Tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
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SALAM TRUST
Company Registered No: 10009228 NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023
1.5 Depreciation
No depreciation is provided in the accounting period as construction of buildings is in progress
1.6 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 2. | DONATIONS AND GIFTS | ||
| Donations received | 112,014 | 149,558 | |
| CJRS grant | - | 4,433 | |
| ----------- | ------------ | ||
| 112,014 | 153,991 | ||
| ====== | ====== |
3. MANAGEMENT AND ADMINISTRATION
During the year one of the Trustees Mr K Hussain received £10,956 (2022- 10956) for teaching.classes
4 TANGIBLE FIXED ASSETS
| Freehold | ||
|---|---|---|
| property | Total | |
| £ | £ | |
| Cost | ||
| As at 31/03/2022 | 629,176 | 629,176 |
| Additions | 152,800 | 152,800 |
| ---------- | ---------- | |
| As at 31/03/2023 | 781,976 | 781,976 |
| ====== | ====== | |
| Depreciation | ||
| Charge for year |
- | - |
| ---------- | ---------- | |
| As at 31/03/2023 |
- | - |
| ====== | ====== | |
| Net book value | 781,976 | 781,976 |
| At 31/03/2023 | ====== | ====== |
| Net book value | ||
| At 31/03/2022 |
629,176 | 629,176 |
| ====== | ====== |
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SALAM TRUST
Company Registered No: 10009228 NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | |||
| 5. | CREDITORS: Amounts falling due | ||
| within one year | |||
| Interest free loans | 32,000 | 40,500 | |
| Other creditors | 4,109 | 4,311 | |
| ---------- | ---------- | ||
| 36,109 | 44,811 | ||
| ====== | ====== |
6. FUNDS
| FUNDS | |
|---|---|
| Unrestricted | |
| funds | |
| Opening | 777,236 |
| Incoming resources | 112,014 |
| Outgoing resources | ( 71,888) |
| ------------ | |
| As at 31 March 2023 | 817,362 |
| ======= | |
| Represented by | |
| Tangible fixed assets | 781,976 |
| Net current assets | 35,386 |
| ------------ | |
| 817,362 | |
| ======= |
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. There is no formal policy of transfer between funds or on the allocation of funds to designated funds.
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