COMPANY REGISTRATION NUMBER: 09734149 CHARITY REGISTRATION NUMBER: 1171363
Turken Foundation UK Company Limited by Guarantee Unaudited Financial Statements 31 July 2020
A & Z LONDON ACCOUNTANTS
Certified Accountants 235 - 239 High Road Ashley House Office 201 London N22 8HF
Turken Foundation UK
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2020
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities (including income and | |
| expenditure account) | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 7 |
Turken Foundation UK
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2020
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2020.
Reference and administrative details
Registered charity name Turken Foundation UK Charity registration number 1171363 Company registration number 09734149 Principal office and registered 40 - 41 Ruskin House office Museum Street WC1A 1LT London The trustees MRS. T AKBAS MR. M A K Y Cevahir MRS. Y Solmaz Company secretary Independent Examiner Independent examiner A & Z LONDON ACCOUNTANTS 235 - 239 High Road Ashley House Office 201 London N22 8HF
Structure, governance and management
Governing document
The charity is controlled by the governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the companies act 2006.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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Turken Foundation UK
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2020
Objectives and activities
The objects of the charity are:
- for the public benefit to promote the education (including social and physical training) of people of limited means from any part of the world who are coming to the UK in such ways as the charity trustees think fit, including by:
a) awarding to such persons scholarships, maintenance allowances or grants tenable at any university, college or institution of higher or further education.
b) providing for their education (including the study of music and other arts), by enabling them to undertake travel in furtherance of that education or to prepare for entry to any occupation, trade or profession on leaving any educational establishment
c) supporting students who follow the Islamic faith by the provision of accommodation suitable to them to pursue the practices of their Muslim faith and other support to assist them to integrate into UK society.
- the advancement of such other purposes as are exclusively charitable in England and wales as the trustees shall determine in their sole discretion provided that the charity may not further any purposes which are not charitable in accordance with the laws of Scotland or Northern Ireland.
The trustees consider that the charity`s activities in meeting its objectives have been satisfactory during the year.
Financial review
Total income in the year amounted to £67,790 with total expenditure amounting to £99,313 leaving a Loss in the year of £31,523
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 15 January 2021 and signed on behalf of the board of trustees by:
…………………………………………………………….
Turkan Akbas
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Turken Foundation UK
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Turken Foundation UK
Year ended 31 July 2020
I report to the trustees on my examination of the financial statements of Turken Foundation UK ('the charity') for the year ended 31 July 2020.
Responsibilities and basis of report
The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006, and
� to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached."
A & Z LONDON ACCOUNTANTS Independent Examiner
235 - 239 High Road Ashley House Office 201 London N22 8HF
15 January 2021
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Turken Foundation UK
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 July 2020
| 2020 | 2020 | 2019 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 67,790 | 67,790 | 61,029 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 67,790 | 67,790 | 61,029 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of other trading activities | 5 | 99,313 | 99,313 | 16,938 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 99,313 | 99,313 | 16,938 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net (expenditure)/income and net movement in funds | (31,523) | (31,523) | 44,091 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 66,457 | 66,457 | 22,366 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 34,934 | 34,934 | 66,457 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
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Turken Foundation UK
Company Limited by Guarantee
Statement of Financial Position
31 July 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 10 | 3,181 | 1,606 |
| Current assets | |||
| Debtors | 11 | 24,127 | – |
| Cash at bank and in hand | 15,699 | 66,249 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 39,826 | 66,249 | ||
| Creditors: amounts falling due within one year | 12 | 8,073 | 1,398 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net current assets | 31,753 | 64,851 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total assets less current liabilities | 34,934 | 66,457 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net assets | 34,934 | 66,457 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Funds of the charity | |||
| Unrestricted funds | 34,934 | 66,457 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total charity funds | 13 | 34,934 ৶৶৶৶৶৶৶৶ |
66,457 ৶৶৶৶৶৶৶৶ |
For the year ending 31 July 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page. The notes on pages 7 to 12 form part of these financial statements.
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Turken Foundation UK
Company Limited by Guarantee
Statement of Financial Position (continued)
31 July 2020
These financial statements were approved by the board of trustees and authorised for issue on 15 January 2021, and are signed on behalf of the board by:
…………………………………………...
Turkan Akbas
The notes on pages 7 to 12 form part of these financial statements.
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2020
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 40 - 41 Ruskin House, Museum Street, WC1A 1LT, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2020
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2020
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Plant and machinery | - | 20% straight line |
|---|---|---|
| Fixtures and fittings | - | 20% straight line |
| Equipment | - | 20% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2020
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 56,650 | 56,650 | 61,029 | 61,029 |
| Grants | ||||
| Government Grants | 11,140 | 11,140 | – | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 67,790 | 67,790 | 61,029 | 61,029 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Costs of other trading activities - Shop | ||||
| costs | 99,313 | 99,313 | 16,938 | 16,938 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
5. Costs of other trading activities
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2020
| 6. | Net (expenditure)/income | ||
|---|---|---|---|
| Net (expenditure)/income is stated after charging/(crediting): | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 2,401 | 802 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶ | ||
| 7. | Independent examination fees | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,270 | 1,270 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 8. | Staff costs | ||
| The total staff costs and employee benefits for the reporting period are analysed as follows: | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Wages and salaries | 33,500 | – | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ||
| The average head count of employees during the year was 2 (2019: Nil). | |||
| No employee received employee benefits of more than £60,000 during the | year (2019: Nil). |
9. Trustee remuneration and expenses
- no remuneration or other benefits from employment with the charity or a related entity were received by the trustees; or
10. Tangible fixed assets
| Plant and | Fixtures and | |||
|---|---|---|---|---|
| machinery | fittings | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 August 2019 and 31 July 2020 | 1,858 | 2,154 | 3,976 | 7,988 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Depreciation | ||||
| At 1 August 2019 | 1,116 | 1,290 | – | 2,406 |
| Charge for the year | 742 | 864 | 795 | 2,401 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| At 31 July 2020 | 1,858 | 2,154 | 795 | 4,807 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Carrying amount | ||||
| At 31 July 2020 | – | – | 3,181 | 3,181 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| At 31 July 2019 | 742 ৶৶৶৶৶৶৶ |
864 ৶৶৶৶৶৶৶ |
3,976 ৶৶৶৶৶৶৶ |
5,582 ৶৶৶৶৶৶৶ |
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Turken Foundation UK
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2020
| 11. | Debtors | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ | ||||
| Other debtors | 24,127 | – | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ||||
| 12. | Creditors: amounts falling due within one year | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Trade creditors | (19,874) | (19,872) | |||
| Accruals and deferred income | 4,714 | 1,270 | |||
| Social security and other taxes | 1,473 | – | |||
| Other creditors | 21,760 | 20,000 | |||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||||
| 8,073 | 1,398 | ||||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||||
| 13. | Analysis of charitable funds | ||||
| Unrestricted funds | |||||
| At | |||||
| 1 August 201 | At | ||||
| 9 | Income | Expenditure | 31 July 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 66,457 | 67,790 | (99,313) | 34,934 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| At | |||||
| 1 August 201 | At | ||||
| 8 | Income | Expenditure | 31 July 2019 | ||
| £ | £ | £ | £ | ||
| General funds | 22,366 | 61,029 | (16,938) | 66,457 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
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