2020-10-31-accounts

Charity number: 1180757

The Milton Keynes Islamic and Cultural Association CIO

Trustees' report and financial statements

for the period ended 31 October 2020

The Milton Keynes Islamic and Cultural Association CIO

Contents

	Page
Legal and administrative information	1
Trustees report	2 - 3
Independent examiners' report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 10

The Milton Keynes Islamic and Cultural Association CIO

Legal and administrative information

Charity number

1180757

Business address

Al-Rawdha 401 South Row, Central Milton Keynes MK9 2PG

Registered office 7 Weybourne Road Broughton Milton Keynes MK10 9ND Trustees Mr Idris Abdinasir Mr Cabdihakim Maxamud Dhaqane Mr Ibrahim Abdulahi Abdiqadir Mr Mohamed Ali Wadad Mr Ahmed Sheikh Hassan Khalif Mr Farhaan Muhamed Awas

Accountants

RUS Chartered Accountants 1190a-1192 Stratford Road Hall Green Birmingham B28 8AB

The Milton Keynes Islamic and Cultural Association CIO

Report of the trustees for the period ended 31 October 2020

The trustees present their report and the financial statements for the period ended 31 October 2020. The trustees who served during the period and up to the date of this report are set out on page 1.

Structure, governance and management

Governing Document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Organisational Structure

The Charity has a management committee who has overall control and responsibility for policy and major decision making and all members of the committee are trustees. Dad to day management and responsibility for implenting policies is carried out by the trustees on a voluntary basis.

Membership of committee is open to all individuals over 18 years of age who are approved by the trustees. The trustees must accept applications for membership unless they consider that it would be in the best interets of the charity to refuse the application.

Risk Management

The trustess 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.

Objectives and activities

Objectives and aims

The principle objectives of the charity are as follows:

The advancement of the Islamic religion in Milton Keynes and in particular the provision of facilities for a masjid, ceremonies, Muslim festivals and madrassa;

The advancement of education of persons of the Muslim faith resident in Milton Keynes;

To provide and assist in the provision of facilities for prayer, recreation and leisure time occupation of members of the muslim community in the interest of social welfare and with the objective of improving their condition of life: and;

Such other charitable purposes to benefit the Muslims in Milton Keynes area and the wider Muslim community as their trustees in their absolute discretion think fit.

Volunteers

The Charity relies on the unpaid work of the trustees to further it's objectives.

Achievements and performance

The Charity's biggest achievement was the purchase of the building, Al- Rawdha 401 South Row that is now a very popular Mosque and Education Centre.

Financial review

The incoming resources were £66,770 for the year ended 31st October 2020 and these were lower than the last year (2019 - £103,107). The outgoing resources totalled £37,492 compared to the last year's (2020 £22,235). The increase in outgoing expenses is due to increased fixed costs and charitable activities.

The Milton Keynes Islamic and Cultural Association CIO Report of the tr￿￿teS ror th¢ period ended 31 October 2020 Ststement of tr￿. rfsponsibilities The tn26tres are ￿$t￿SIble for preparÉng the Trusw%' Annual Rery)rt 8t￿ rtnattei￿ statements in accordancc with applicable Idw and Ullited Kingdo￿ Ac¢oulliing Si4Ddards luwi￿ Kingdom Gcllctally Accepd Accowxiin8 PI￿11¢¢1. &pplicabl¢ To charities in EttglaLd and Wates rquAres ￿ trustees ro prepare fiDallcial siatcments for each financial period which gtve a true and fair ￿eW of Charity aTMI of the I￿ornIng resources akd applicioTh of resources of the charity fot that period. In preparing these fmaDciBI the t￿$1#5 required to". select 5Uitabl¢ accoulltiDg policies and tlth appty COTL81￿., ob$er¥e the methoth aajd principks in the Charitie5 SORP. make judgemenis and estimas th are re8soTJable pnJd¢Thr state W￿ther 3ppIL"cable UK AccouDW Standds have bee￿ followed sobjea to atry tnateriat d¢PartU￿ discloseLI and cxplain¢d in the financial sta1¢]￿nts. and prep thE siaJlleDts going concern b&sis' ttTdess it is inwropriak to tk ctwiiy will coniinlle in operation. The trustee5 are rcsportSLble for keepin8 a￿unting records which disc1￿ wryth rcasoJJabl¢ accuracy at any time the financial positiort of the chariil athd enable them ￿ eThsure thai the fInancial sratewts comply with the Chartues Act 1993 a￿l the Chan"ry (Accoullts and Re￿￿[sI Reg￿latiO￿% 2(M)8. They ate al￿ resjxbnsible for 5afeguatding the &s%et% of the ehatity aNi ￿nce for taking reLwable .w for preventiott 8Ni &teetion of fraud other On beh￿f of the board ¢>LQ r Idris Abdlngs Trustee Date: 27- 08- 2L)21

The Mllton Keynes Lslamic aDd Cultural A&wciation CIO Independent exaDIiDer's report to the trustee5 on the unaudiled fm4naal stalements of The MiltOD Keynes Islamic and Cultural Aw)ciation CIO. 2020 8et out onpa8es 2 to 10. As tre cbaritys t[￿Ste￿I you arc responsible for & preparation of the acuunts, you c¢J￿$1der that the awjit requiretnellt of section 4312) of the Chariti£s Act I￿3 (the Act). &8 by section 28 of ts Charities Act 2(K15 does not apply atsd that w) i￿l￿nde0t examiDaÉion is needed. li is my resrKJnsibi]iry to examine the accoullts under sedion 43131(a) of the W as at￿end￿. to fo]low the prr￿edU￿$ laid dovrn in tFe Genera] DArttuons given by the Charity COM[￿s1on ll￿¢[ s¢¢tion 43(7)(b) of the A¢ as an￿nded. aJ)d to statr Whett￿partiCular ojaners have come to my attentiO]L Basts of Independent examI￿r'S statement exWlli[￿t1oTI includ¢s a review tsf the a¢¢ountitig ￿OrdS k¢pi by tFthrity attd a comp￿ of the accounts preseDted with those records. It incltths cousideTioD of ally i¢¢ms or disclosures io tk xcounts. and Seeking evi(knce that would be rcquited in an audit and coDswDtly no opiDion 15 given as tts whetkn the accounts present a to keep PTO￿ a¢¢ounti•gTe¢ords in a¢¢ordatt¢¢ with se¢ti0tt41 ofthe ACL ar¥1 ofthe haye not beeD or MT RaTa Samar FCA ICAEW I1￿)￿.1192 Stratford Rod Green CkrteredAccountsnts 1190A-I 194 Strattord Road Bifmingham B28 8AB [phone] InfoOrus.co.uk www.ru5.co.uk B28 8AB

The Milton Keynes Islamic and Cultural Association CIO

Statement of financial activities

For the period ended 31 October 2020

Unrestricted Restricted Endowment funds funds funds Notes £ £ £ Incoming resources Incoming resources from generating funds: Voluntary income 2 55,610 - - Funeral Funds 2 - 3,400 - Grants Received 7,760 - - Total incoming resources 63,370 3,400 - Resources expended Funeral costs - 3,395 - Covid-19 Supports 1,450 Staff costs 3 18,796 - - Establishment costs 9,757 - - Accountancy fees 750 - - Legal and professional fees 45 - - Other office expenses 1,124 - - Depreciation and impairment 1,208 - - Bank charges 695 - - Travel 270 - - Donations - Other - - - Total resources expended 34,095 3,395 - Total funds brought forward 80,872 - 722,108 Total funds carried forward 110,147 5 722,108	Year ended 31/10/20 Total £ 55,610 3,400 7,760 66,770 3,395 1,450 18,796 9,757 750 45 1,124 1,208 695 270 - 37,490 802,980 832,260	Period ended 31/10/19 Total £ 103,107 - -
		103,107
		- - 11,881 4,512 750 90 827 166 829 3,115 63
		22,233
		-
		802,982

The notes on pages 7 to 10 form an integral part of these financial statements.

The ￿on Keynes Islamie and Cultural AssotiatiOD CIO Balance Sheet at 31 Oclober 2020 3111•120 Flxed assets Tattgibl¢ Current & Cash ai bank and in hand 726.939 722,774 355.668 80.956 355.668 80.956 Credltvr5: amowits flllng due wlthln one year Net eurrtht assets 1250.3501 CT50) 105.318 80.2( Ne¢ a￿ts 832,257 802.980 Endowment funds Resiri¢ied income funds Unr¢5tr1ci￿ 1￿Come fuyJ¥ 722.108 722.108 110.144 80.872 Total funds 832.257 802,980 Th¢ fwancial Siatements Nrre approvcd by the tntste¢s sigJd on i￿h￿bY.. Mr IdrLs Abdln Trnstee D4te: aJ-08-Lcill

The Milton Keynes Islamic and Cultural Association CIO

Notes to financial statements

for the period ended 31 October 2020

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period and the preceding period.

1.1. Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP FRS 102 ) and the charities act 2011.

1.2. Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

1.3. Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.4. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

• Land and buildings Not depreciated as maintained to a good standard - Fixtures, fittings and equipment 20% reducing balance

The Milton Keynes Islamic and Cultural Association CIO

Notes to financial statements

for the period ended 31 October 2020

2. Voluntary income

Donations Job Retentiom Scheme Grants Funeral Funds	Year ended 31/10/20 £ 55,610 7,760 3,400 66,770	Period ended £ 103,107 - - 103,107

3. Employees Employment costs Wages and salaries No employee received emoluments of more than £60,000 (2019 : None).	Year ended 31/10/20 £ 18,796	Year ended 31/10/20 £ 11,881

Number of employees

The average monthly numbers of employees (including the trustees) during the period, calculated on the basis of full time equivalents, was as follows:

full time equivalents, was as follows:
	Year	Period
	ended	ended
	31/10/20
	Number	Number
Employees	3	3

The Milton Keynes Islamic and Cultural Association CIO

Notes to financial statements

for the period ended 31 October 2020

						Land and	Land and	Land and		Fixtures,	Fixtures,	Fixtures,
4.	Tangible fixed assets					buildings			fittings and
							freehold			equipment					Total
								£			£				£
	Cost
	At 1 November 2019						722,108			832					722,940
	Additions							-		5,373					5,373
	At 31 October 2020						722,108			6,205					728,313
	Depreciation
	At 1 November 2019							-		166					166
	Charge for the period							-		1,208					1,208
	At 31 October 2020							-		1,374					1,374
	Net book values
	At 31 October 2020						722,108			4,831					726,939
	At 31 October 2019						722,108			666					722,774
5.	Creditors: amounts falling due
	within one year									31/10/20
										£					£
	Amounts owed to group undertakings									249,600					-
	Accruals and deferred income									750					750
										250,350					750
6.	Analysis of net assets between funds
		Unrestricted			**Restricted **			Endowment							Total
			funds				funds			funds					funds
			£				£			£					£
	Fund balances at 31 October 2020 as represented by:
	Tangible fixed assets		726,939				-			-					726,939
	Current assets		355,668				5			-					355,673
	Current liabilities		(250,350	)			-			-					(250,350		)
			832,257				5			-					832,262
	Unrealised gains included in tangible fixed assets		-				-			722,108					722,108

The Milton Keynes Islamic and Cultural Association CIO

Notes to financial statements

for the period ended 31 October 2020

7.	Unrestricted funds	At								At
		01 Nov	Incoming		Outgoing				31	Oct
		2019	resources		resources				2020
		£		£	£					£
		80,870		63,370	(34,095	)			110,145
8.	Restricted funds	At								At
		01 Nov	Incoming		Outgoing				31	Oct
		2019	resources		resources				2020
		£		£	£					£
	Funeral Funds	-		3,400	(3,395	)				5
9.	Endowment funds				At				At
					2019			2020
					£					£
	Unrealised gain on Fixed Assets				722,108				722,108

10. Related party transactions

The Charity received £249,600 from related charity "The Milton Keynes and Cultural Association" during the year.

The Milton Keynes Islamic and Cultural Association CIO

The following pages do not form part of the statutory accounts.

The Milton Keynes Islamic and Cultural Association CIO

Detailed statement of financial activities

For the period ended 31 October 2020

Incoming resources Incoming resources from generating funds: Voluntary income Donations Job Retentiom Scheme Grants Total incoming resources from generating funds Total incoming resources Resources expended Costs of generating funds: Cost of generating voluntary income Donations Donations - Staff - Wages and salaries Donations - Establishment - Light & heat Donations - Establishment - Repairs & maintenance Donations - Establishment - Insurance Donations - Professional - Accountancy fees Donations - Professional - Book-keeping services Donations - Office - Telephone expenses Donations - Office - Advertising Bank charges Travel Donations - Other Legacies Covid-19 supports Funeral costs Total cost of generating voluntary income Fundraising trading: cost of goods sold and other costs Total costs of generating funds	Year ended 31/10/20 £ £ 55,610 7,760 66,770 66,770 66,770 18,796 2,217 5,802 1,738 750 45 1,077 51 695 270 - 31,441 1,450 3,395 4,845 36,286 36,286	Period ended £ £ 103,107 - 103,107 103,107 103,107 11,881 1,299 2,958 255 750 90 - 831 829 3,115 63 22,071 - - - 22,071 22,071	Period ended £ £ 103,107 - 103,107 103,107 103,107 11,881 1,299 2,958 255 750 90 - 831 829 3,115 63 22,071 - - - 22,071 22,071
			103,107
			103,107
			103,107
			22,071 -
			22,071
			22,071

The Milton Keynes Islamic and Cultural Association CIO

Detailed statement of financial activities

For the period ended 31 October 2020

Charitable activities Governance costs Activities undertaken directly Office expenses - Other Depreciation & impairment Total governance costs Net incoming/(outgoing) resources for the period	Year ended 31/10/20 £ ) (2 1,208 1,206 1,206 29,278	Period ended £ ) (2 166 164 164 80,872	Period ended £ ) (2 166 164 164 80,872
			164
			80,872