Unit 1 -24 Acorn House 351-397 Midsummer Boulevard MK9 3HP United Kingdom
ANCHOR
BUSINESS SOLUTIONS
E: info@anchorbusinessltd.co.uk T: +44 (0)1908 766553 ~~M: +44 (0)7488 70~~ 6754
Mr Hassan Abdullah 184 Oxford Road Reading Berkshire RG1 7PL Reading and East African Community
31 December 2024
Dear Hassan,
Accounts for Period ended 31/03/2024
Please find attached final accounts for Reading and East African Community for the period ended 31/03/2024.
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet and Directors Report and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
Tolulope Fasanya, AFA MIPA Anchor Business Solutions Limited Accountants
Reading and East African Community
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Trustees' Report and Unaudited Accounts
31 March 2024
Reading and East African Community CONTENTS
| Pages | |
|---|---|
| Trustees'AnnualReport | 2 |
| IndependentExaminer'sReport | 3 |
| Statement of FinancialActivities | 4 |
| SummaryIncomeandExpenditure Account | 5 |
| BalanceSheet | 6 |
| Statement ofCashflows | 7 |
| Notesto the Accounts | 8 to 14 |
| DetailedStatement of FinancialActivities | 15 |
Page 1
Reading and East African Community TRUSTEES ANNUAL REPORT
Reading and East African Community
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. CE008775
Charity No. 1169146
Registered Office
184 Oxford Road
Reading Berkshire RG1 7PL
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
Abbas Fakih
Hassan Abdullah
Ramadhan Juma
Accountants
Anchor Business Solutions Ltd
- 1 24 Acorn House,
351-397 Midsummer Boulevard Milton Keynes
Bucks
MK9 3HP
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Hassan Abdullah
Trustee
27 December 2024
Page 2
Reading and East African Community INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of Reading and East African Community
I report on the accounts of Reading and East African Community for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Respective responsibilities of trustees and examiner
The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for
-
independent examination, it is my responsibility to:
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examine the accounts under s.145 of the 2011 Act;
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to follow procedures laid down in the general Directions given by the Charity Commission under
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s.145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
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 do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
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In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with the Companies Act 2006, s.386 and
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to prepare accounts which accord with the accounting records, comply with the accounting
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requirements of section 396 of the Companies Act 2006 and with the methods and principles of the
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Charities Statement of Recommended Practice: Accounting and Reporting by Charities,
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have not been met: or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Tolulope Fasanya AFA MIPA
Institute of Financial Accountants
Anchor Business Solutions Ltd
- 1 24 Acorn House,
351-397 Midsummer
Boulevard
Milton Keynes
Bucks
MK9 3HP
27 December 2024
Page 3
Reading and East African Community STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| for the year ended 31 March 2024 | |||
|---|---|---|---|
| Notes Income and endowments from: Donationsandlegacies 4 Charitableactivities 5 Total Expenditure on: Charitableactivities 6 Other 7 Total Netgainsoninvestments Netincome Netincome before other gains/(losses) Othergainsandlosses: Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
Unrestricted funds 2024 £ - 13,582 |
Totalfunds 2024 £ - 13,582 |
Totalfunds 2023 £ 1 10,429 |
| 13,582 720 5,009 |
13,582 720 5,009 |
10,430 600 4,859 |
|
| 5,729 - |
5,729 - |
5,459 - |
|
| 7,853 | 7,853 | 4,971 | |
| 7,853 | 7,853 | 4,971 | |
| 7,853 314,476 |
7,853 314,476 |
4,971 309,505 |
|
| 322,329 | 322,329 | 314,476 |
Page 4
Reading and East African Community SUMMARY INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 March 2024
| Income Gross incomefor the year Expenditure Interest payable Totalexpenditurefor the year Netincome before taxfor the year Netincomefor the year |
2024 £ 13,582 13,582 5,201 528 5,729 7,853 7,853 |
2023 £ 10,430 |
|---|---|---|
| 10,430 | ||
| 4,860 599 |
||
| 5,459 | ||
| 4,971 | ||
| 4,971 |
Page 5
Reading and East African Community BALANCE SHEET
at 31 March 2024
| Company No. | CE008775 | Notes | 2024 | 2023 |
|---|---|---|---|---|
| £ | £ | |||
| Fixed assets | ||||
| Tangibleassets | 9 | 300,538 | 300,538 | |
| 300,538 | 300,538 | |||
| Current assets | ||||
| Debtors | 10 | 187 | 187 | |
| Cashat banka | andin hand | 38,826 | 37,802 | |
| 39,013 | 37,989 | |||
| Creditors: Amountfallingdue within one year | 11 | (17,222) | (24,051) | |
| Netcurrent assets | 21,791 | 13,938 | ||
| Totalassets lessc | currentliabilities | 322,329 | 314,476 | |
| Net assetsexcludingpension asset orliability | 322,329 | 314,476 | ||
| Totalnet assets | 322,329 | 314,476 | ||
| Thefundsofthec | charity | |||
| Restrictedfunds | 12 | |||
| Unrestrictedfunds | 12 | |||
| Generalfunds | 322,329 | 314,476 | ||
| 322,329 | 314,476 | |||
| Reserves | 12 | |||
| Totalfunds | 322,329 | 314,476 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 March 2024 the company was entitled to exemption under section 477 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 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 27 December 2024
And signed on its behalf by:
Hassan Abdullah
Trustee
27 December 2024
Page 6
Reading and East African Community STATEMENT OF CASH FLOWS
for the year ended 31 March 2024
| Cashflowsfrom operatingactivities Netincome perStatement ofFinancialActivities Adjustmentsfor: Increasein tradeand other payables Netcash provided by operatingactivities Netcashfrominvestingactivities Cashflowsfromfinancingactivities Repayment ofborrowings Netcash usedinfinancingactivities Netincrease/(decrease)incash andcash equivalents Cash andcash equivalentsat the beginningofthe year Cash andcash equivalentsat the end ofthe year Componentsofcash andcash equivalents Cashand bankbalances |
2024 £ 7,853 120 7,973 - (6,949) (6,949) 1,024 37,802 38,826 38,826 38,826 |
2023 £ 4,971 - |
|---|---|---|
| 4,971 | ||
| - | ||
| (6,417) | ||
| (6,417) | ||
| (1,446) | ||
| 39,248 | ||
| 37,802 | ||
| 37,802 | ||
| 37,802 |
Page 7
Reading and East African Community NOTES TO THE ACCOUNTS
-
for the year ended 31 March 2024
-
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) - Charities SORP (FRS 102) (effective 1 January 2015) - the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Reading and East African Community NOTES TO THE ACCOUNTS
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with throug the Statement of Financial Activities. No depreciation is provided in respect of investment properties.
This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these properties are not held for consumption, but for their investment potential it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 9
Reading and East African Community NOTES TO THE ACCOUNTS
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 10
Reading and East African Community NOTES TO THE ACCOUNTS
3 Statement of Financial Activities - prior year
| 3 Statement ofFinancialActivities-prior year |
||||
|---|---|---|---|---|
| Income and endowmentsfrom: Charitableactivities Total Expenditure on: Charitableactivities Other Total Netincome Netincome before other gains/(losses) Othergainsandlosses: Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward 4 Incomefrom donationsandlegacies Fundraising |
Unrestricted funds 2023 £ 10,430 10,430 600 4,859 5,459 4,971 4,971 4,971 309,505 314,476 |
2023 £ - - - - - - - - - - |
2023 £ - - - - - - - - - - Total 2024 £ - - |
Totalfunds 2023 £ 10,430 |
| 10,430 600 4,859 |
||||
| 5,459 | ||||
| 4,971 | ||||
| 4,971 | ||||
| 4,971 309,505 |
||||
| 314,476 | ||||
| Total 2023 £ 1 |
||||
| 1 |
| 5 Incomefromcharitable activities Buildingfund Madrasahfee |
Unrestricted £ 4,057 9,525 13,582 |
Total 2024 £ 4,057 9,525 13,582 |
Total 2023 £ 1,914 8,515 |
|---|---|---|---|
| 10,429 |
Page 11
Reading and East African Community NOTES TO THE ACCOUNTS
- 6 Expenditure on charitable activities
| 6 Expenditure oncharitable activities |
|||
|---|---|---|---|
| Governancecosts Accountancyandauditfees 7 Other expenditure Bankloanand overdraft interest payable Premises costs Generaladministrativecosts 8 Staffcosts No employee received emolumentsin excessof£60,000. 9 Tangiblefixed assets Cost or revaluation At 1 April2023 At 31 March 2024 Net bookvalues At 31 March 2024 At 31 March 2023 10 Debtors Other debtors 11 Creditors: amountsfallingdue within one year Bankloansand overdrafts Otherloans Accrualsand deferredincome |
Unrestricted £ 720 720 Unrestricted £ 528 4,340 141 5,009 £ 300,000 300,000 300,000 300,000 2024 £ 187 187 2024 £ 15,801 700 721 17,222 |
Total 2024 £ 720 720 Total 2024 £ 528 4,340 141 5,009 £ 538 538 538 538 |
Total 2023 £ 600 |
| 600 | |||
| Total 2023 £ 599 2,624 1,636 |
|||
| 4,859 | |||
| £ 300,538 |
|||
| 300,538 | |||
| 300,538 | |||
| 300,538 | |||
| 2023 £ 187 |
|||
| 187 | |||
| 2023 £ 22,750 700 601 |
|||
| 24,051 |
Page 12
Reading and East African Community NOTES TO THE ACCOUNTS
12 Movement in funds
| 12 Movementinfunds | ||||
|---|---|---|---|---|
| Restrictedfunds: Unrestrictedfunds: Generalfunds RevaluationReserves: Totalfunds 13 Analysisofnet assetsbetweenfunds Fixedassets Netcurrentassets 14 Related party disclosures Controlling party |
At 1 April 2023 314,476 314,476 |
Incoming resources (including other gains/losses ) £ 13,582 13,582 |
Resources expended £ (5,729) (5,729) Unrestricted funds £ 300,538 21,791 322,329 |
At 31 March 2024 £ 322,329 |
| 322,329 | ||||
| Total £ 300,538 21,791 |
||||
| 322,329 | ||||
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13
Reading and East African Community DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| for the year ended 31 March 2024 | |||
|---|---|---|---|
| Income and endowmentsfrom: Donationsandlegacies Fundraising Charitableactivities Buildingfund Madrasahfee Total income and endowments Expenditure on: Governancecosts Accountancyandauditfees Totalofexpenditure oncharitable activities Other expenditure Bankloanand overdraftinterest payable Premises costs Rates Light,heatand power Premisesrepairsand maintenance Generaladministrativecosts, includingdepreciationand amortisation General insurances Sundry expenses Totalofexpenditure ofothercosts Totalexpenditure Netgainsoninvestments Netincome Netincome before other gains/(losses) Other Gains Net movementinfunds |
Unrestricted funds 2024 £ - - 4,057 9,525 13,582 13,582 720 720 720 528 528 820 3,400 120 4,340 - 141 141 5,009 5,729 - 7,853 7,853 - 7,853 |
Totalfunds 2024 £ - - 4,057 9,525 13,582 13,582 720 720 720 528 528 820 3,400 120 4,340 - 141 141 5,009 5,729 - 7,853 7,853 - 7,853 |
Totalfunds 2023 £ 1 |
| 1 | |||
| 1,914 8,515 |
|||
| 10,429 | |||
| 10,430 600 |
|||
| 600 | |||
| 600 599 |
|||
| 599 | |||
| 137 1,347 1,140 |
|||
| 2,624 | |||
| 1,289 347 |
|||
| 1,636 | |||
| 4,859 | |||
| 5,459 - |
|||
| 4,971 | |||
| 4,971 - |
|||
| 4,971 |
Page 14