Charity registration number 1177507
Company registration number 09790713 (England and Wales)
LATIFIAH FULTALI COMPLEX LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LATIFIAH FULTALI COMPLEX LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Muhammad Al Hasan Mohammed Muhith Muhammed Haque Charity number 1177507 Company number 09790713 Registered office Lodge Road West Bromwich West Midlands B70 8NX Independent examiner Mohammed Yaseen ACCA Soho House 362 - 364 Soho Road Birmingham B21 9QL
LATIFIAH FULTALI COMPLEX LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees Report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
LATIFIAH FULTALI COMPLEX LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
Objectives and aims
The charity's objects are specifically restricted to the following:
-
1) To establish a place for all Muslims, from the cradle to the grave, with state-of-the-art facilities.
-
2) To advocate for the Muslims in Europe to confront the challenges in the future and live harmoniously side by side.
-
3) To establish a centre that promotes peace and harmony between all faiths and communities.
-
4) Promote such other charitable purposes as may from time to time be determined.
Significant activities
Alhamdulillah this year has been very busy for LFC. We have now completed the renovation work of Sandwell Grand Masjid, ceiling, lighting, wall, carpeting and painting. However, there are still development works outstanding including the sophisticated sound system, chandelier, bookshelves for Masjid, shoe rack, wudu and toilet area yet to be refurbished and put in place.
Sandwell Grand Masjid and The British Muslim School both have a new security system in place which includes CCTV and intruder alarms. New accessible gates have been installed at the back of the building in the car park, in the courtyard towards Dartmouth Street, and on Lodge Road between Ryland building and the Institute building.
The guard wall of the entrance between the Institute building and Ryland building is nearly complete and further renovation to the entrance is required. A new door to enter the Masjid from Lodge road has been installed. The renovation work of the building is continuously taking place.
The fire damaged building is also moving on to bigger plans. An architect has been appointed and looking to work on this to replace the conference hall. Surveys have been carried out and the architect is now ready to submit his planning application, awaiting for approval from the HCA.
This year once again we have returned a significant amount of Qardh Hasanah.This is something we are regularly doing and are looking to continue doing this until it brings down the current balance. Our community has made this possible because of their generous donations and their determination.
Latifiah Fultali Complex organised a successful TV event for Ramadhan which took place at Islam Bangla. Commitments were made by viewers, some of which we have received and some of which we are yet to receive.
Public benefit
The charity is a public benefit entity and the trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charities aims and objectives.
Achievements and performance
Achievements include the completed renovation of Sandwell Grand Masjid.
- 1 -
LATIFIAH FULTALI COMPLEX LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
Financial position
Overall, Latifiah Fultali Complex Limited has raised funds totalling £111,713 with the expenditure for the period totalling £64,320 leaving the organisation with a surplus of £47,393. This leaves a surplus of £254,641 in our funds to be carried forward at 31 March 2024.
Future plans
The first floor of the Institute building will be refurbished as our aim is to accommodate post 16 education and other services for the community within this building.
The refurbishment work of the building (adjacent to the Masjid) will be undertaken and a few flats will be constructed. Also the prayer hall for the ladies will be renovated and made available as soon as possible.
The construction of the auditorium hall which shall be rebuilt at the fire damaged area is under planning now.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
Governing document
Latifiah Fultali Complex Limited became a registered charity on 12 March 2018 (Charity Registered Number (1177507).
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.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Muhammad Al Hasan
Mohammed Muhith
Muhammed Haque
The trustees report was approved by the Board of Trustees.
Muhammad Kadir Al Hasan (Nov 26, 2024 21:19 GMT)
Muhammad Al Hasan
Trustee
20 November 2024
- 2 -
LATIFIAH FULTALI COMPLEX LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LATIFIAH FULTALI COMPLEX LIMITED
I report to the trustees on my examination of the financial statements of Latifiah Fultali Complex Limited (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mohammed Yaseen ACCA
Soho House 362 - 364 Soho Road Birmingham B21 9QL
Dated: 20 November 2024
- 3 -
LATIFIAH FULTALI COMPLEX LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 92,628 | 54,619 |
| Investments | 3 | 19,085 | 9,525 |
| Total income | 111,713 | 64,144 | |
| Expenditure on: | |||
| Charitable activities | 4 | 64,320 | 34,740 |
| Total expenditure | 64,320 | 34,740 | |
| Net income and movement in funds | 47,393 | 29,404 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 207,248 | 177,844 | |
| Fund balances at 31 March 2024 | 254,641 | 207,248 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
LATIFIAH FULTALI COMPLEX LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets excluding pension liability Net assets The funds of the charity Unrestricted funds |
2024 £ £ 1,195,914 10,302 9,447 19,749 (17,048) 2,701 1,198,615 (943,974) 254,641 254,641 254,641 254,641 |
2023 £ £ 1,227,906 - 3,992 3,992 (18,626) (14,634) 1,213,272 (1,006,024) 207,248 207,248 207,248 207,248 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 20 November 2024
Muhammad Kadir Al Hasan (Nov 26, 2024 21:19 GMT)
Muhammad Al Hasan
Trustee
Company registration number 09790713 (England and Wales)
- 5 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Latifiah Fultali Complex Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lodge Road, West Bromwich, West Midlands, B70 8NX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 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.
1.4 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.
1.5 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.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Over 50 years Fixtures and fittings 20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
- 6 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 92,628 | 54,619 |
| Donations and gifts | ||
| Donations | 72,679 | 49,740 |
| Gift Aid | 19,949 | 4,879 |
| 92,628 | 54,619 |
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rents received | 19,085 | 9,525 |
- 7 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
4 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2024 | 2023 | |
| £ | £ | |
| Depreciation and impairment | 31,992 | 10,325 |
| Advertising | 7,100 | 6,901 |
| Bank loan interest | 698 | 951 |
| Insurance | 6,616 | 4,741 |
| Sundry | - | 140 |
| Wages | 4,798 | 4,537 |
| Events | 282 | 580 |
| 51,486 | 28,175 | |
| Share of support costs (see note 5) | 9,861 | 5,175 |
| Share of governance costs (see note 5) | 2,973 | 1,390 |
| 64,320 | 34,740 |
5 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Bank charges 61 - Repairs and maintenance 8,825 - Postage and stationery 13 - Software 216 - Telephone 746 - Travel costs - - Accountancy fees - 1,080 Legal and professional - 1,893 9,861 2,973 Analysed between Charitable activities 9,861 2,973 |
2024 Support costs Governance costs £ £ £ 61 257 - 8,825 3,505 - 13 219 - 216 234 - 746 720 - - 240 - 1,080 - 1,080 1,893 - 310 12,834 5,175 1,390 12,834 5,175 1,390 |
2023 £ 257 3,505 219 234 720 240 1,080 310 |
| 6,565 | ||
| 6,565 |
- 8 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
| 6 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 1,080 | 1,080 | |
| Depreciation of owned tangible fixed assets | 31,992 | 10,325 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 1 | 1 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 April 2023 1,186,605 141,177 At 31 March 2024 1,186,605 141,177 Depreciation and impairment At 1 April 2023 - 99,876 Depreciation charged in the year 23,732 8,260 At 31 March 2024 23,732 108,136 Carrying amount At 31 March 2024 1,162,873 33,041 At 31 March 2023 1,186,605 41,301 |
Total £ 1,327,782 |
|---|---|
| 1,327,782 | |
| 99,876 31,992 |
|
| 131,868 | |
| 1,195,914 | |
| 1,227,906 |
- 9 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 11 Debtors Amounts falling due within one year: Other debtors 12 Loans and overdrafts Bank loans Payable within one year Payable after one year 13 Creditors: amounts falling due within one year Notes Bank loans 12 Other taxation and social security Trade creditors Other creditors 14 Creditors: amounts falling due after more than one year Notes Bank loans 12 Other creditors |
2024 £ 10,302 2024 £ 22,080 10,213 11,867 2024 £ 10,213 - 4,163 2,672 17,048 2024 £ 11,867 932,107 943,974 |
2023 £ - |
|---|---|---|
| 2023 £ 32,356 |
||
| 9,697 22,659 |
||
| 2023 £ 9,697 1,941 5,283 1,705 |
||
| 18,626 | ||
| 2023 £ 22,659 983,365 |
||
| 1,006,024 |
- 10 -
LATIFIAH FULTALI COMPLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds Analysis of net assets between funds At 31 March 2024: Tangible assets Current assets/(liabilities) Long term liabilities At 31 March 2023: Tangible assets Current assets/(liabilities) Long term liabilities |
At 1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 207,248 111,713 (64,320) 254,641 At 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 177,844 64,144 (34,740) 207,248 Unrestricted funds 2024 £ 1,195,914 2,701 (943,974) 254,641 Unrestricted funds 2023 £ 1,227,906 (14,634) (1,006,024) 207,248 |
|---|---|
16 Analysis of net assets between funds
17 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
- 11 -
7 - Final Accounts - Latifiah Fultali Complex Ltd ye March 2024
Final Audit Report
2024-11-26
Created: 2024-11-25 By: BAY Accountants Ltd (info@bay-accounting.co.uk) Status: Signed Transaction ID: CBJCHBCAABAARXfWRXTHc05gfDYD33wxQYzPxF1l-L7N
"7 - Final Accounts - Latifiah Fultali Complex Ltd ye March 2024" History
Document created by BAY Accountants Ltd (info@bay-accounting.co.uk)
2024-11-25 - 9:57:03 AM GMT
Document emailed to kadiralhasan@yahoo.com for signature
2024-11-25 - 9:57:55 AM GMT
Email viewed by kadiralhasan@yahoo.com
2024-11-26 - 9:17:42 PM GMT
Signer kadiralhasan@yahoo.com entered name at signing as Muhammad Kadir Al Hasan 2024-11-26 - 9:19:28 PM GMT
Document e-signed by Muhammad Kadir Al Hasan (kadiralhasan@yahoo.com)
Signature Date: 2024-11-26 - 9:19:30 PM GMT - Time Source: server
Agreement completed.
2024-11-26 - 9:19:30 PM GMT