REGISTERED COMPANY NUMBER: CE008445 (England and Wales) REGISTERED CHARITY NUMBER: 1169996
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2023
for
Manchester Islamic Institute
Sterling Partners Limited Chartered Accountants Chartered Tax Advisors 2nd Floor, Grove House 774-780 Wilmslow Road
Didsbury Manchester Greater Manchester M20 2DR
Manchester Islamic Institute
Contents of the Financial Statements for the Year Ended 31 October 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
Manchester Islamic Institute
for the Year Ended 31 October 2023
Report of the Trustees
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of 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
Objectives and aims
The advancement of the religion of Islam in accordance with the principles and tenets of the Shia Ithna Ashari branch of the Muslim faith including the message of monotheism, equality and harmony within England and Wales.
The provision of support in the advancement of education in all matters relating to the Muslim faith through use of its library, book collection and digital resource. The provision of facilities in the interest of social welfare for recreation and leisure-time occupation of persons who are in need by reason of their youth, age, infirmity, disablement, poverty, social or economic circumstances in order to improve their conditions of life.
The provision of a peaceful place to practise the Shia Ithna Ashari faith, offering a suitable meeting point for religious events, celebrations and social gathering.
Public benefit
As a Shia Muslim Centre, We have had a number of religious activities.
We have been performing congregational prayers every day. We have had spiritual gathering every Thursday evening and occasional programs based on the Islamic calendar. We have specifically served believers on the holy month of Ramadan and the first 10 days of Muharram.
FINANCIAL REVIEW
Financial position
We have raised £17,000 worth of donations compared to last years £9,000 and we will continue to grow and help the community around us.
We have also been putting a lot of our donations into program management and have increased our investments into it compared to last year by around £2000.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is governed by its constitution, which sets out its purpose for the advancement of the religion of Islam in accordance to the principles of the Shia Ithna Ashari branch of the Muslim faith.
Recruitment and appointment of new trustees
Trustees are appointed internally and within the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE008445 (England and Wales)
Registered Charity number
1169996
Registered office
5 Sidney Street Manchester M1 7HB
Page 1
Manchester Islamic Institute
Report of the Trustees
for the Year Ended 31 October 2023
Trustees
Dr A Cheraghi Dr M Salehi S Avaei S Sekaleshfar Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Trustee
Page 2
Manchester Islamic Institute
Statement of Financial Activities for the Year Ended 31 October 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,121 EXPENDITURE ON Raising funds 2 15,289 Other 720 Total 16,009 NET INCOME 1,112 RECONCILIATION OF FUNDS Total funds brought forward 639 TOTAL FUNDS CARRIED FORWARD 1,751 |
2022 Total funds £ 9,675 9,320 - 9,320 355 284 639 |
|---|---|
The notes form part of these financial statements
Page 3
Manchester Islamic Institute
Balance Sheet
31 October 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 2,471 | 639 | |
| CREDITORS | |||
| Amounts falling due within one year | 5 | (720) | - |
| NET CURRENT ASSETS | 1,751 | 639 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,751 | 639 | |
| NET ASSETS | 1,751 | 639 | |
| FUNDS | 6 | ||
| Unrestricted funds | 1,751 | 639 | |
| TOTAL FUNDS | 1,751 | 639 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 4
Manchester Islamic Institute
Notes to the Financial Statements for the Year Ended 31 October 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. RAISING FUNDS
| Raising donations and legacies | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Support costs | 15,289 | 9,320 |
continued...
Page 5
Manchester Islamic Institute
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 9,675 | ||
| EXPENDITURE ON | |||
| Raising funds | 9,320 | ||
| NET INCOME | 355 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 284 | ||
| TOTAL FUNDS CARRIED FORWARD | 639 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Accrued expenses | 2023 £ 720 |
2022 £ - |
|
| MOVEMENT IN FUNDS | |||
| Unrestricted funds | At 1.11.22 £ |
Net movement in funds £ |
At 31.10.23 £ |
| General fund | 639 | 1,112 | 1,751 |
| TOTAL FUNDS | 639 | 1,112 | 1,751 |
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6.
continued...
Page 6
Manchester Islamic Institute
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
6. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 17,121 | (16,009) | 1,112 | |
| TOTAL FUNDS | 17,121 | (16,009) | 1,112 | |
| Comparatives for movement in funds | ||||
| Unrestricted funds | At 1.11.21 £ |
Net movement in funds £ |
At 31.10.22 £ |
|
| General fund | 284 | 355 | 639 | |
| TOTAL FUNDS | 284 | 355 | 639 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 9,675 | (9,320) | 355 | |
| TOTAL FUNDS | 9,675 | (9,320) | 355 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.11.21 £ |
Net movement At in funds 31.10.23 £ £ |
|---|---|---|
| General fund | 284 | 1,467 1,751 |
| TOTAL FUNDS | 284 | 1,467 1,751 |
continued...
Page 7
Manchester Islamic Institute
Notes to the Financial Statements - continued for the Year Ended 31 October 2023
6. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 26,796 | (25,329) | 1,467 | |
| TOTAL FUNDS | 26,796 | (25,329) | 1,467 | |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2023.
Page 8
Manchester Islamic Institute
Detailed Statement of Financial Activities for the Year Ended 31 October 2023
| Detailed Statement of Financial Activities for the Year Ended 31 October 2023 |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 17,121 | 9,675 |
| Total incoming resources | 17,121 | 9,675 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Utilities & Safety | 2,788 | 837 |
| Administration | 133 | 137 |
| Program Management | 10,684 | 8,008 |
| Finance | 13,605 | 8,982 |
| Accountancy | 720 | - |
| Information technology | ||
| Building / Maintenance | 1,684 | 338 |
| Total resources expended | 16,009 | 9,320 |
| Net income | 1,112 | 355 |
This page does not form part of the statutory financial statements
Page 9