2024-05-31-accounts - Nur Cultural Education Association

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REGISTERED COMPANY NUMBER: 06943840 (England and Wales) REGISTERED CHARITY NUMBER: 1170943

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Nur Cultural Education Association

KALA ATKINSON Chartered Certified Accountants

& Statutory Auditors

43 Upton Lane London E7 9PA

Nur Cultural Education Association

Contents of the Financial Statements for the Year Ended 31 May 2023

		Page
Report of the Trustees		1
Statement of Financial Activities		2
Balance Sheet	3	to	4
Notes to the Financial Statements	5	to	10
Detailed Statement of Financial Activities	11	to	12

Nur Cultural Education Association

Report of the Trustees for the Year Ended 31 May 2023

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 May 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06943840 (England and Wales)

Registered Charity number

1170943

Registered office

70a Willoughby Lane London N17 0SP

Trustees

S Basatogrul T Demir F Gultekin S Kilic

Company Secretary

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... S Kilic - Trustee

Page 1

Nur Cultural Education Association

Statement of Financial Activities for the Year Ended 31 May 2023

31.5.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 408,366 Investment income 2 12,400 Total 420,766 EXPENDITURE ON Raising funds 3 75,218 NET INCOME/(EXPENDITURE) 345,548 RECONCILIATION OF FUNDS Total funds brought forward 2,434 TOTAL FUNDS CARRIED FORWARD 347,982	31.5.22 Total funds £ 48,078 - 48,078 49,334 (1,256) 3,690 2,434

The notes form part of these financial statements

Page 2

Nur Cultural Education Association

Balance Sheet 31 May 2023

Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS	31.5.23 Unrestricted fund £ 1,354,636 836 (4,740) (3,904) 1,350,732 (1,002,750) 347,982 347,982 347,982	31.5.22 Total funds £ 481 6,653 (4,700) 1,953 2,434 - 2,434 2,434 2,434

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

The notes form part of these financial statements

continued...

Page 3

Nur Cultural Education Association

Balance Sheet - continued

31 May 2023

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:

............................................. S Kilic - Trustee

The notes form part of these financial statements

Page 4

Nur Cultural Education Association

Notes to the Financial Statements for the Year Ended 31 May 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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. INVESTMENT INCOME

INVESTMENT INCOME
	31.5.23	31.5.22
	£	£
Rents received	12,400		-

continued...

Page 5

Nur Cultural Education Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

3. RAISING FUNDS

Raising donations and legacies

==> picture [456 x 233] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |31.5.23|31.5.22| |£|£| |Rent|32,700|21,500| |Donation paid|268|81| |Computer cost|645|490| |Events|2,117|-| |Subscriptions|216|-| |Depreciation|379|120| |-| |Support costs|1,082| |37,407|22,191| |NET INCOME/(EXPENDITURE)| |Net income/(expenditure) is stated after charging/(crediting):| |31.5.23|31.5.22| |£|£| |Depreciation - owned assets|379|120|

----- End of picture text -----

4. NET INCOME/(EXPENDITURE)

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

==> picture [452 x 22] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |31.5.23|31.5.22| |average number of employees|-|1|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

continued...

Page 6

Nur Cultural Education Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1 June 2022 Additions At 31 May 2023 DEPRECIATION At 1 June 2022 Charge for year At 31 May 2023 NET BOOK VALUE At 31 May 2023 At 31 May 2022	Freehold property £ - 1,353,121 1,353,121 - - - 1,353,121 -	Plant and machinery £ 3,242 1,413 4,655 2,761 379 3,140 1,515 481	Unrestricted fund £ 48,078 49,334 (1,256) 3,690 2,434 Totals £ 3,242 1,354,534 1,357,776 2,761 379 3,140 1,354,636 481

continued...

Page 7

Nur Cultural Education Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23
£
Trade creditors
4,339
Social security and other taxes
11
Accrued expenses
390
4,740
10.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23
£
Other loans (see note 11)
1,002,750
11.
LOANS
An analysis of the maturity of loans is given below:
31.5.23
£
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
693,750
Repayable otherwise than by instalments:
Qarz-E-Hasna
309,000
12.
MOVEMENT IN FUNDS
Net
movement
At 1.6.22
in funds
£
£
Unrestricted funds
General fund
2,434
345,548
TOTAL FUNDS
2,434
345,548
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
420,766
(75,218)
TOTAL FUNDS
420,766
(75,218)

31.5.22
£
4,340
-
360
4,700
31.5.22
£
-
31.5.22
£
-
-
At
31.5.23
£
347,982
347,982
Movement
in funds
£
345,548
345,548

continued...

Page 8

Nur Cultural Education Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

	Net
	movement		At
At 1.6.21	in funds	31.5.22
£	£		£
Unrestricted funds
General fund 3,690	(1,256)		2,434
TOTAL FUNDS 3,690	(1,256)		2,434
Comparative net movement in funds, included in the above are as follows:
Incoming resources £ Unrestricted funds	Resources expended £	Movement in funds £
General fund 48,078	(49,334)		(1,256)
TOTAL FUNDS 48,078	(49,334)		(1,256)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1.6.21 £ 3,690 3,690	Net movement in funds £ 344,292 344,292	At 31.5.23 £ 347,982 347,982

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 468,844 468,844	Resources Movement expended in funds £ £ (124,552) 344,292 (124,552) 344,292

continued...

Page 9

Nur Cultural Education Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2023.

Page 10

Nur Cultural Education Association

Detailed Statement of Financial Activities for the Year Ended 31 May 2023

Detailed Statement of Financial Activities for the Year Ended 31 May 2023
	31.5.23	31.5.22
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	408,077	37,178
Gift aid	289	-
Grants	-	10,900
Investment income	408,366	48,078
Rents received	12,400	-
Total incoming resources	420,766	48,078
EXPENDITURE
Raising donations and legacies
Rent	32,700	21,500
Donation paid	268	81
Computer cost	645	490
Events	2,117	-
Subscriptions	216	-
Plant and machinery	379	120
Other trading activities	36,325	22,191
Wages	22,171	20,889
Rates	2,057	3,947
Light and heat	3,000	-
Telephone	1,109	773
Sundry	1,796	96
Accountancy	360	360
Insurance	125	871
Repairs and renewals	2,964	13
Postage and stationery	-	67
Bank charges	2,445	97
Travelling	1,784	30
	37,811	27,143
Support costs
Governance costs
Legal fees	1,082	-

This page does not form part of the statutory financial statements

Page 11

Nur Cultural Education Association

Detailed Statement of Financial Activities for the Year Ended 31 May 2023

Detailed Statement of Financial Activities for the Year Ended 31 May 2023
	31.5.23	31.5.22
	£	£
Total resources expended	75,218	49,334
Net income/(expenditure)	345,548	(1,256)

This page does not form part of the statutory financial statements

Page 12