PRESTON AFGHAN COMMUNITY ASSOCIATION
PRESTON AFGHAN COMMUNITY ASSOCIATION
FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 December 2024
Registered Charity No. 1176536
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PRESTON AFGHAN COMMUNITY ASSOCIATION
PRESTON AFGHAN COMMUNITY ASSOCIATION
INDEX
PAGE NUMBER. CONTENTS
1-3 Charity Detail
4 EXAMINERS REPORT STATEMENT 5 FINANCIAL ACTIVITIES 6 BALANCE SHEET 7 STATEMENT OF CASH FLOWS 8-13 NOTES TO THE ACCOUNTS
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PRESTON AFGHAN COMMUNITY ASSOCIATION
Report of the trustees for the year ended 31 December 2024
The trustees present their annual report (Separate file) and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and 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 published (FRS 102) (effective 1 January 2019).
Reference and administrative information Charity Name: PRESTON AFGHAN COMMUNITY ASSOCIATION. Charity Number: 1176536
Trustees (up to the date of signing) Talib Hussein (Chair) Mohamed akbari (Trustee) Jumal jaffari (Trustee)
Principle Office
179 Eldon Street Ashton-On-Ribble PRESTON PR2 2BA
Accountant
Accountant4every1 22 Yarburgh street M16 7FJ
Bankers Lloyds Bank Pic 25 Gresham Street London, EC2V 7HN
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PRESTON AFGHAN COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024
The statement of financial activities includes all gains and losses in the year. All incoming resources and expenditures derive from continuing activities.
The notes on pages 8 to13 form part of the accounts.
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PRESTON AFGHAN COMMUNITY ASSOCIATION
BALANCE SHEET AS ON 31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Fixed assets: | ||||
| Tangible assets | 10 | 340000 | ||
| Total fixed assets | 340000 | |||
| Current assets: | ||||
| Cash at Bank & in Hand | 13341.28 | |||
| Prepaid expenses | 0 | |||
| Total current assets | 13341.28 | |||
| Liabilities: | 0 | |||
| Creditors: Amounts falling due within one year |
11 | -400 | ||
| Net current assets or liabilities |
12941.28 | |||
| Total assets less current liabilities |
352941.28 | |||
| Total net assets or liabilities | 352941.28 |
Approved on behalf of the Trustees Management Committee. Talib Hussein (Chair)
Date: 03 October 2025
The notes on pages 8 to13 form part of these accounts
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PRESTON AFGHAN COMMUNITY ASSOCIATION
Notes to the accounts
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1st January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.The charity constitutes a public benefit entity as defined by FRS 102,
(b) Funds structure
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is no restricted fund.
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
( c)Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date, In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfiled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank, Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
(d) Expenditure Recognition
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 settlement will be required and the amount of the obligation can be measured reliably, All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination ad legal fees together with an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned based on type of expense.
(g) Costs of raising funds
The costs of raising funds consists of events.
(h) Charitable Activities:
Costs of charitable activities include governance costs and an apportionment of support costs.
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PRESTON AFGHAN COMMUNITY ASSOCIATION
(i)Tangible fixed assets and depreciation
All assets costing more than £500 are capitalized and valued at historical cost. Depreciation is charged on the following basis:
Building 2% Straight Line Basis Fixtures &Fittings 20%Straight Line Basis Building Improvements 5% Straight Line Basis
(j) Realized gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realized Gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealized gains and losses are calculated as the difference between the fair value at the year end and their varying value. Realized And unrealized investment gains and losses are combined in the Statement of Financial Activities.
(k) Debtors
Trade and other debtors are recognized at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
(l) Creditors and Provisions
Creditors and provisions are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of the funds to a third party and the amount due to settle the obligation can be measured of estimated reliably. Creditors and provisions are normally recognized at their settlement amount after allowing for any trade discounts due.
2. Related party transactions and trustees' expenses and remuneration The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. Expenses paid to the trustees in the period totalled £ nil.
3. Donations and Legacies
| 3. Donations and Le |
gacies | |
|---|---|---|
| Unrestricted Year Ended 31 **December ** |
Restricted Year Ended 31 **December ** |
|
| 2024 | 2024 | |
| £ | £ | |
| Donations | 10520 | 0 |
| Total | 10520 | 0 |
4. Income from Charitable Activities
| Unrestricted Year Ended 31 **December ** |
Restricted Year Ended 31 **December ** |
|
|---|---|---|
| 2024 | 2024 | |
| £ | £ | |
| Events | 836 | 0 |
| Total | 836 | 0 |
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5. Expenditure:
PRESTON AFGHAN COMMUNITY ASSOCIATION
| Raising Funds | Expenditure | Year Ended 31 December 2024 |
|---|---|---|
| Expenditure | ||
| Utilities | 8162.76 | 8162.76 |
| insurance | 823.97 | 823.97 |
| city council | 1375.23 | 1375.23 |
| Total | 10361.96 | 10361.96 |
6. Tangible Fixed Assets
| Building | Machinery | Total | |
|---|---|---|---|
| COST: | 0 | ||
| At 01 January 2024 | 299200 | 0 | 299200 |
| --- | |||
| Additions | 47600 | - - |
47600 |
| At 31 December 2024 | 346800 | - - |
346800 |
| Depreciation: | 6800 | 0 | 6800 |
| ChargedinYear 2024 | -- | 0 0 |
|
| At 31 December 2024 | 340000 | 0 | 340000 |
| NET BOOKVALUE | |||
| At 31December,2023 | 292400 | -- | 292400 |
| At 31December,2024 | 340000 | 0 | 340000 |
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PRESTON AFGHAN COMMUNITY ASSOCIATION
7. Investment property comprises consists of two halls, held for rental and capital appreciation purposes. The fair value of the investment property has been arrived at from reviewing market evidence from sources not connected with the charity. The valuation is by the Trustees on an open market value basis.
Fair Value
At 31 December 2024 £340000
8. Creditors: amount falling due within one year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other Creditors and accruals |
400 | 0 | |
| Total | 400 | 0 |
9. Analysis of charitable funds:
| Balance at 31 December |
Incoming Resources |
Resources Expended |
Reveluation | Depreciation | Balance at 31 December |
|
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| £ | £ | £ | £ | £ | ||
| General Fund | 299,200 | 11,356.00 | -10361.96 | 47600 | -6800 | 340,994 |
| Total | 299,200 | 11,356.00 | -10361.96 | 47600 | -6800 | 340,994 |
19. Financial Instruments:
The charity only has financial assets and liabilities of a kind that qualify as basic Financial instruments. Basic financial instruments are initially recognized on a transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at an amortized cost using the effective interest method.
END
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