REGISTERED COMPANY NUMBER: 07654963 (England and Wales) REGISTERED CHARITY NUMBER: 1175430
Report of the Trustees and
Financial Statements for the Year Ended 30 June 2022
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 2022
| 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 2022
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 2022. 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 29 March 2023 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 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 150,376 EXPENDITURE ON Raising funds 2 15,420 Other 147,212 Total 162,632 NET INCOME/(EXPENDITURE) (12,256) RECONCILIATION OF FUNDS Total funds brought forward 57,343 TOTAL FUNDS CARRIED FORWARD 45,087 |
2021 Total funds £ 209,496 |
|---|---|
| 8,108 193,918 |
|
| 202,026 | |
| 7,470 49,873 |
|
| 57,343 |
The notes form part of these financial statements
Page 2
Akab Welfare Trust Limited
Balance Sheet 30 June 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 45,597 CREDITORS Amounts falling due within one year 5 (510) NET CURRENT ASSETS 45,087 TOTAL ASSETS LESS CURRENT LIABILITIES 45,087 NET ASSETS 45,087 FUNDS 6 Unrestricted funds 45,087 TOTAL FUNDS 45,087 |
2021 Total funds £ 57,853 (510) 57,343 57,343 57,343 57,343 57,343 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 2022
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 29 March 2023 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 2022
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 2022
| 2. | RAISING FUNDS | ||
|---|---|---|---|
| Raising donations and legacies | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Support costs | 15,420 | 8,108 | |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS | ||
| There were no trustees' remuneration or other benefits for the year ended 30 June | 2022 nor for | ||
| the year ended 30 June 2021. | |||
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 209,496 | ||
| EXPENDITURE ON | |||
| Raising funds | 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 |
Page 6
continued...
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 6. MOVEMENT IN FUNDS At 1/7/21 £ Unrestricted funds General fund 57,343 TOTAL FUNDS 57,343 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 150,376 TOTAL FUNDS 150,376 Comparatives for movement in funds At 1/7/20 £ Unrestricted funds General fund 49,873 TOTAL FUNDS 49,873 |
2022 2021 £ £ 510 510 Net movement At in funds 30/6/22 £ £ (12,256) 45,087 (12,256) 45,087 Resources Movement expended in funds £ £ (162,632) (12,256) (162,632) (12,256) Net movement At in funds 30/6/21 £ £ 7,470 57,343 7,470 57,343 |
|---|---|
continued...
Page 7
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund 209,496 |
(202,026) | 7,470 | |
| TOTAL FUNDS 209,496 |
(202,026) | 7,470 | |
| A current year 12 months and prior year 12 months combined position | is as follows: | ||
| Net | |||
| movement | At | ||
| At 1/7/20 | in funds | 30/6/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund 49,873 |
(4,786) | 45,087 | |
| TOTAL FUNDS 49,873 |
(4,786) | 45,087 |
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 £ 359,872 359,872 |
Resources Movement expended in funds £ £ (364,658) (4,786) (364,658) (4,786) |
|---|---|---|
continued...
Page 8
Akab Welfare Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2022.
Page 9
Akab Welfare Trust Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| 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 Travelling Accountancy and legal fees Total resources expended Net (expenditure)/income |
2022 £ 150,376 150,376 147,212 13,040 571 159 13,770 1,140 510 1,650 162,632 (12,256) |
2021 £ 209,496 |
|---|---|---|
| 209,496 193,918 6,938 600 60 |
||
| 7,598 - 510 |
||
| 510 | ||
| 202,026 | ||
| 7,470 |
This page does not form part of the statutory financial statements
Page 10