REGISTERED COMPANY NUMBER: 07654963 (England and Wales) REGISTERED CHARITY NUMBER: 1175430
Report of the Trustees and
Financial Statements for the Year Ended 30 June 2021
for
Akab Welfare Trust Limited
Abraham Accountants Sher House 46 Houghton Place Bradford West Yorkshire BD1 3RG
Akab Welfare Trust Limited
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 to 4 |
| Notes to the Financial Statements | 5 to 9 |
| Detailed Statement of Financial Activities | 10 |
Akab Welfare Trust Limited
Report of the Trustees for the Year Ended 30 June 2021
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 30 June 2021. 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
07654963 (England and Wales)
Registered Charity number
1175430
Registered office
46 Houghton Place Bradford West Yorkshire BD1 3RG
Trustees
Mr M Tayyab
Approved by order of the board of trustees on 31 March 2022 and signed on its behalf by:
Mr M Tayyab - Trustee
Page 1
Akab Welfare Trust Limited
Statement of Financial Activities for the Year Ended 30 June 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 209,496 EXPENDITURE ON Raising funds 2 8,108 Other 193,918 Total 202,026 NET INCOME 7,470 RECONCILIATION OF FUNDS Total funds brought forward 49,873 TOTAL FUNDS CARRIED FORWARD 57,343 |
2020 Total funds £ 187,173 - 138,060 |
|---|---|
| 138,060 | |
| 49,113 760 |
|
| 49,873 |
The notes form part of these financial statements
Page 2
Akab Welfare Trust Limited
Balance Sheet 30 June 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 57,853 CREDITORS Amounts falling due within one year 5 (510) NET CURRENT ASSETS 57,343 TOTAL ASSETS LESS CURRENT LIABILITIES 57,343 NET ASSETS 57,343 FUNDS 6 Unrestricted funds 57,343 TOTAL FUNDS 57,343 |
2020 Total funds £ 50,383 (510) 49,873 49,873 49,873 49,873 49,873 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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
Akab Welfare Trust Limited
Balance Sheet - continued 30 June 2021
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 31 March 2022 and were signed on its behalf by:
Mr M Tayyab - Trustee
The notes form part of these financial statements
Page 4
Akab Welfare Trust Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
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.
Page 5
continued...
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
2. RAISING FUNDS
| Raising donations and legacies | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Support costs | 8,108 | - | ||
| 3. | TRUSTEES' REMUNERATION AND BENEFITS | |||
| There were no trustees' remuneration or other benefits for the year ended 30 June | 2021 nor | for | ||
| the year ended 30 June 2020. | ||||
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 187,173 | |||
| EXPENDITURE ON | ||||
| Other | 138,060 | |||
| NET INCOME | 49,113 | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 760 | |||
| TOTAL FUNDS CARRIED | ||||
| FORWARD | 49,873 |
Page 6
continued...
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 6. MOVEMENT IN FUNDS At 1/7/20 £ Unrestricted funds General fund 49,873 TOTAL FUNDS 49,873 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 209,496 TOTAL FUNDS 209,496 Comparatives for movement in funds At 1/7/19 £ Unrestricted funds General fund 760 TOTAL FUNDS 760 |
2021 2020 £ £ 510 510 Net movement At in funds 30/6/21 £ £ 7,470 57,343 7,470 57,343 Resources Movement expended in funds £ £ (202,026) 7,470 (202,026) 7,470 Net movement At in funds 30/6/20 £ £ 49,113 49,873 49,113 49,873 |
|---|---|
continued...
Page 7
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 187,173 187,173 |
Resources Movement expended in funds £ £ (138,060) 49,113 (138,060) 49,113 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement At 1/7/19 in funds £ £ Unrestricted funds General fund 760 56,583 TOTAL FUNDS 760 56,583 |
At 30/6/21 £ 57,343 |
|---|---|
| 57,343 |
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 £ 396,669 396,669 |
Resources Movement expended in funds £ £ (340,086) 56,583 (340,086) 56,583 |
|---|---|---|
continued...
Page 8
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
Page 9
Akab Welfare Trust Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Other Charitable Activities Support costs Other 2 Advertising Postage and stationery Bank Charges Governance costs Accountancy and legal fees Total resources expended Net income |
2021 £ 209,496 209,496 193,918 6,938 600 60 7,598 510 202,026 7,470 |
2020 £ 187,173 |
|---|---|---|
| 187,173 137,028 165 177 180 |
||
| 522 510 |
||
| 138,060 | ||
| 49,113 |
This page does not form part of the statutory financial statements
Page 10