Charity registration number 1187279 ICIOI LEWISHAM ISLAMIC CENTRE (LIC) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
LEWISHAM ISLAMIC CENTRE (LIC) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Taofik Akande Zillur Rahman Imam Shakeel Begg Yacine Delilache Ali Bajwa Sameel Meer Aminuddin Meer Secretary Zillur Rahman Charity number 1187279 ICIOI Audltor AGP Consulting Q West Great Wesl Road Brenrford TW8 OGP
LEWISHAM ISLAMIC CENTRE (LIC) CONTENTS Page Trustees, report Slalement of Truslèas, responsibilities Independent audilorfs report Slalement of financial activities 10 Balance sheet 11 Statefnenl of Cash flows 12 Notes lo the financial statements 13-24
LEWISHAM ISLAMIC CENTRE (LIC) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual rèport and financial statements for the year ended 31 August 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 Charity's goveming document. the Charities Act 2011. FRS 102 "The Financial Reporting Slandafd applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recomm&nded Practice applicable to charities preparing their accounts in accordance with Ihe Financial Rtrporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The charity's Objects are the furtherance of the religion ol Islam and the furtherance of Islamic Educatlon. The Charity operates a mosque as a plaGe of worship, to provide Islami¢ education to children and adults. To prov1de spiritual, social, edu¢8tional and moral support for Muslims and people of other faiths, of all ages, race and gender. The advancement and a better understanding of the religion of Islam, spe¢ifi¢ally in the London Borough of Lttwisham, its surrounding areas and nalion811y. To foster better community relations and work lor the bellermenl ol society as a whole, including the provision of social welfare where possible The relief of poverty, and work towards the eradication of all forms of discrimination. Promote SLJch other charitable purposes as may frorn lime to lime be determined. In pur5uanoe of these objècts, th8 Charity hosts a range of sètvices and activities for the benefit of the public. Public Benefit The Trustees h8ve paid due regard lo guidance issued by the Charity Cornmission in deciding what activities the Charity should undertake. The Trustèès confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard lo the Charity Commission's general guidance on public benefit Charities and Public Benefit. We ctsnlinued to offer a wide range of services for Muslims and non-muslims, often in p8rtnership with others. The Charity places strong emphasis on building relationships Wlth others so we Gan work logeth&r for the Common good.
LEWISHAM ISLAMIC CENTRE (LIC) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievern¢nts and performance The services and activities of LIC continue lo run under the following departments.. Da'wah1151ami¢ Propagation) Office This office is overall lead by the Centre Imam, who is supported by two other deputy Imams, who manage spiritual and moral davelopment ol the community through leading.. Daily Prayers, weekly classes and monthly Lectures. Friday and Eid Sermons, serving normally 5,000 congregants in a week. Arranging for visitors, organising outreach, holding meetings and weekly Da'wah sessions and annual open days. Imam's Surgery, which includes.. counselling, Marriage solernnisation. dispute resolution. Education & Youth Development LIC has a number of educational projects serving all sections of the community. Thè projects are run by professionals with the support ol dedicated volunteers helping meet the needs of the community. Lewisham Islamic Institute (Lll) is an evening and weekend supplementary school serving 2pproxim2tely 400 children aged 5- 16 years old providing tuition in Quran and Islamic studies,. Adult Education & Halao& The Adult education focuses on Arabic classes for in the evenings and weekends provision In place for approximately 100 students.
LEWISHAM ISLAMIC CENTRE (LIC) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Cornmunity $ngagtrmèrtt We are working two fronts.. providing events and activities th81 will engage and enthuse our community members and also working with partner5 and other bodies for the betterment of our centre. LIC runs a youth club and stjpports a scout's group and seniors football Club for the over 40s. There is a Mother & Toddler Group session with a weekly contribution of only £1 a week. The group runs every Thursday from 11am to 1 pm in the community club. Mothers read Quran and stories to Ghildren and spend time talking and getting to know one another while partaking in activities. An average number of 8 - 10 sisters regularly attend. Deen and Dinner is a monthly sisters-only social event lor ladies to have fun and share food with créche facilities for their children. This event has gained popularity 8nd 8ttracls between 30- 50 every month. In addition to the above aclivilies. the ntre also runs a free group for eldedy women every Wednesday. and a winter soup kitchen to provide hol rneals for the horneless within the borough. All ol these programs h8ve helped lo build and promote strong Cohesion in the community. As an organisalion of high repute, LIC commands the respect arid admir8lion of other Mosques (local and farther afieldl, faith and civic groups because of its commitment and dedication lo its community and its social outreach programs, and its use of Infrastructu and experience to deliver tailored programs that foster unity. Economic Growih & Development LIC has provided space for local business lo enable them to provide vital services for the colnmunity. specifically An - Nur Gym - providing martial arts and self-defence classes for the public benefit (Muslims and non-MLJslims alikè). the seNices caters for rnale and female as well as holding special sessions for children WOW bookshop- infomTralion hub and one slop shop for Islamic clothing, books and miscellaneous items. Estate management rental income from flats has been a vital source of income, at the same time we provided crucia5 service to the community by housing local authority refugee families. The Charity has flats adjacent to the main mosque, these have been acquired lor investment and will ultimately be part of the mosque's expansion programme. Currently it yields and income of ¢irca £85k12023-£83kl which 9ives yield of 3°/0 on an investment value of £1.6m. Which is acceptable for the charity. Financial review Al the b818n¢e sheet date. the charity had nel assets of £4,059.68912023-£3.856.9791. The trustees consider th& financial performance of the charity during the year to be satisfactory. Resefrves Policy It is the policy of the Charity that unrestricted funds which have not been designated for any specific use should be m8inlained 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 ftjnds may be raised. This level of reserves has been maintained throughout the year. RSk5 The Trustees have assessed the major risks lo which the Charity is exposed, and 8re satisfied th81 systems are in place to miligale expc>sure lo the major risks.
LEWISHAM ISLAMIC CENTRE (LIC) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees acknowledge their responsibility to manage the risks faced by th8 Gharily. Thoy have identified and given dLJe consideration to the risks lo which the charity may be exposed and are satisfied that systems are in place lo miligaltr exposure to those risks. The Charity Identifies and monitors risks In the areas ol compliance. reputation, financial management. governan¢e and opttralions, and puts in place rneasures to mitigate these risks, especially those deemed as major. These measures, backed by regular review, ensure strong prole¢tion of the charity. Amongst the key measures the Charity has in place are.. DBS ¢he¢ks whenever appropriate for staff, volunteers and trLJStees scrutiny ol policies and procedure5 by the Governance, Compliance and Audit Committee regular monitoring by Iruslees of the reserves policy and the risk register all suitable insurance policies Security is kept continuously under review. The Charity rnaintains close contacts with the local police force and other agencies, such as the Tension Monitoring Group. Plans for futurè p8rSods We aim to consDlidale and improve our @nd user services by utilizing our resources MO efficiently. The trustees are currently exploring the possibility of building a purpose-buill Centre setvicing all the Muslim community's needs. Designs for the new building have been prepared for consultation with th& community. A new purpose built £10 million project was approved by the Trustees 11 th June 2019 which will encompass a multi- PLJrpose Community and Religious Facility as well as a Residential Complex comprising a number ol apartments. The project 15 currently progressing through a formal planning proposal with the lo1 council planning department who have expressed their support for the scheme. The design incorporates Islamic Architecture while opting for more modem building features in place ol overt religious symbols such as domtrs or minarets. The development seeks lo replace an existing ouldated facility which has served the ¢ommunily since Ihe earty 1980s. The new centre will include prayer halls. a library, training centre, classr¢)oms, lecture and multifunclion halls, a cafe. crè¢helnursery, and sports facilities. An(>ther key part of the development is an apartment block comprising of 1,2 and 3 bed apartments whi¢h will serve as a key driver lo both fund the project and going forward as source of Income ftsr the LIC. The developmgnt is now estimated to cost £10.5M and SLJbject to the availability ol fundipg and will take 2-3 years lo complete. Structure, goverftancè 4nd management The Charity was formaly registered as a Charitable Incorporated Organisation I"CIO"l on 9 Janu8ry 2020. The reporting period Is for 12 months since the Initial nil report. Howèvèr this is the third period of activity of the Lewisham Islamic Centre Chanty CIO and results presented are from the 1 September 2022 to 31 st August 2023. The former unincorporatad Charity was formaly closed on the 28th February 2021 and an application to remove from the registrar of the Chari118s Commission has been made. All assets and liabilities from the Old Charity have been transferred to the new CIO regislgrfyd Charity.
LEWISHAM ISLAMIC CENTRE (LIC) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees who serv9d during the year and up lo the dale of signature of the financial statements wera.. Taofik Akande Zillur Rahman Imam Shakeel Begg Yacine Oelilache i Bajwa Sameel Meer Aminuddin Meer The appointment ol Trustees is set out in the constitution of the Charity. Trustees musl be a praclicing Muslims following the Sunni school of thought, mLJSt be a resident within the London Borough of Lewisharn, or if the charity trLJslees wish to appoint someone who lives outside this Borough as a charity trustee, then this person must be able to establish an association with the LIC and musl be unanimously appointed by all of the Charity's trustees. Trustee's sel policy. processes and make financial decisions. The day-to-day management of th8 charity was delegated to the Chief Imam, who is also a Trustee, he is assisted in admin duties by an a¢¢oiJnlanl, who is also a Trustee and admin manager who overseas staff and their duties and other administrative matters. There is an induction program for new trustees, which includes reviewing key documents that are considered essential, and expectations for appropriate training are sel out. The Board of Trustees typically meets every month lo discuss the progress of the Charity and lo consider any changes that maybe necessary, arising out of review of results and other factors. The Trustees. report was approved by the Board of Trustees. Taofik Akande Trustèe - Chairma Zillur Rahman Trustee - Secretary 23 June 2025
LEWISHAM ISLAMIC CENTRE (LIC) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees are responsible for preparing the Trustees, Report and the finanGial slalem8nts in accordance with applicable law and United Kingdom Accounting Slandarés (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities In England and Wales requires the Trustees to prepare financial statements for each fsnancial year which give a true and lair view ol the stale of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statèmènts, the TrLJStees are rèquired to.. select suilable accounlillg polici8s and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgements and eslirllales that are reasonable and prudent". slate whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial ststements, and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient a¢counting records that disclose with reasonable accuracy at any lime the financial position ol the Charity and enable them to ensure that the Iin8ncial statements comply with the Charities Act 2011, the Charity IA¢wunts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity 2nd hence for taking reasonable steps lor the prevention and detection of fr8ud and other irregularities.
LEWISHAM ISLAMIC CENTRE (LIC) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEWISHAM ISLAMIC CENTRE (LIC) Opinion We have aLJdiled the financial statements of Lewisham Islamic Centr& ILICI Ilhe 'Charily'l for the year ended 31 August 2024 which comprise the statement ol financial activities. thè balance sheèt. the statement ol c85h flows and notes to the f1nan¢ial statements, including signifi¢anl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Fin8nGial Reporting Standard 102 The Financial R&porting St&ndard applicable the UK and RepubliG of Irel&nd (United Kingdom Generally A¢¢epled Accounting Praclicel. In our opinion. the finan¢ial statements.. give a true and fair view of the stale of the ch8rily's affairs as al 31 August 2024 and of its incoming resources and applic81ion of resources, lor the year Ihttn ended.. have b¢en properly prepared in accordance with United Kingdom Generally A¢¢epled AcGounling Pra¢lice", and have been prepared in accordance with the Charities Act 2011. 8asls for oplnlon We conducted our audil in a¢¢ord2nce with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our SponSibl11t1eS under those standards are further dosGribed in Ihs A¢Jdito)rts r&sponsibilitig5 for the audit of Ihe linancial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, inclLJding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis lor our opinion. Conclusion5 relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going ¢on¢em basis of accounting in the preparation of the financial statements is apprupriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least Nvelve months from when the financial statements are authonsed lor issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual r$port other than the financial statements and our audilorfs report Ihereon. The TrLJStees are responsible for the other information contained within the annLJal report Our opinion on the financial statements does not cover the other infomialion and we do not express any form of assur8n¢e conclusion Ihereon. Our rèsponsibility is Ic> read thè other information and. in doing so. considèr wheth8r the other information Is materially inconsisltsnl with the financial stalsmenls or cwr knowledge obtained in the course of the audit, or otherwise appèars lo be matèrially rnisstaléd 11 wè idèntify such matèrial in¢onsistèn¢iès or apparent m8terial misslalemenls. we are required lo determine whether this gives rise lo a material misslalement in the finencial statements themselvès. If, bssed on th& work we hav8 performèd. wé Concludè that thère is 8 material misstalernenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing to report in rèspect of the following matters in olation to which the Charities (Accounts and Reports) Regulations 2008 requires LJS to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or suffi¢ient a¢counting records have not been kept". or the financial statements are not in agreement with the accounting records.. or we have not received all thè information and explanations we require for our audit.
LEWISHAM ISLAMIC CENTRE (LIC} INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LEWISHAM ISLAMIC CENTRE {LIC) Responsibilities of Trustees As explained more lully in the statement of Trustees, responsibilities, the Tru51ees ale responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation ol financial statements that are free from material misstatement. whether duè to fraLJd or Èrror. In preparing the financial slatemenls, the Trustees are responsible for assessing the Charity's ability to continije as a going concern, disclosing, as applicable. matters related to going concern and using Ihe going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic allernalive bul to do so. Auditor's responsibilitie$ for the audit of the financial statements We have beèn appointed as auditor under section 144 of the Chanlies Act 2011 and report in a¢¢ordan¢e with the AGI and relevant regulations made 01 having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalemenls 85 a whole 8re free from rnaterial misslalement, whether dLJe to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they Gould reasonably be expected lo Influence the economic decisions of users taken on the basis of these financ181 stslements. The extent to which our procedures are capable of detecting irr&gularitiÈs, including fraLJd, is detailed below. We gained an understanding of the legal 2nd regulatory framework applicable lo the Charity and the industry in which il operates. drawin¥ on our sector experience and considered the risk of acts by the Charity that could be contrary lo these laws and regulations, including fraud. We focused on laws and regulations that could give rise lo a material misslalement in the financial statements, including but not limited to, Ihtt Charity Commissic>n, and other relevant laws and r&gulations. We made &nquiries of trustees, with regards to compliance with the above law5 and regulations and wrroborated any necessary eviden¢e to relevant information, for example, minutes of the trustee meetings. legal reports provided to the Charity and correspondence between the Charity and its solicitors. Audit procedure performed by the engagement tearn included.. Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud, Review ol financial statement disclosures to underlying supporting docum8ntation', Challenging assumptions and judgements made by Iruslees in their Significant 3CCOLJnting estimates.. Our audit procedures were designed to respond to risks of material misStal8menl in the financial statements, recognising that the risk of not detecting a material misstalemenl due to fraud is highfyr than the risk of not detecting one resulting from ttrror. as fraud may involve deliberate Concealment by. for example. forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures perforrned and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we are lo become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https".11 www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
LEWISHAM ISLAMIC CENTRE (LIC) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LEWISHAM ISLAMIC CENTRE (LIC) Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities, Statement of Rècommended Practi¢e applicable to charities preparing their accounts In accordance with the Finan¢ial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. las amended) in preferen¢e to the Accounting and Reporting by Charities.. Statement of ReComended Practice issued on 1 April 2005 which is referred to in the exlanl regulations but has now been withdrawn. This has been done in order for the financial statements to provide a tnje and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are required lo state lo them In an 8uditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or 8ssurne responsibility to anyone other Ih8n the charity and the charity s trustees as a body, lor our audit work. for this report. or for the opinions we hav8 formed. (Senior Statutory Auditor For and on behalf ol AGP Consulting, Statutory Auditor Chartered Accounlanls Q Wèst Great Wesl Road Brentford TW8 OGP 23 June 2025 AGP Consulting is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor ol a Company under se¢lion 1212 of the Companies Act 2006.
LEWISHAM ISLAMIC CENTRE (LIC) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restri¢t&d funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Other trading activities 309,207 86,111 38,935 248,694 210,298 557,901 296,409 38,935 439,603 269,803 45,655 Total income 434,253 458,992 893,245 755,061 Ex &nditure on.. Raising funds 30,953 30,953 25,433 Charitable activities 494,487 165,096 659,583 559,626 Total expenditure 494,487 198,049 690,536 585,059 Net lexpenditurèllincoma for thè yearl Net movement in funds 160.2341 262,943 202,709 170,002 Funlts transferred in from previous year 3,133.833 723.146 3,856,979 3,686,977 Fund balances at 31 August 2024 3.073,599 986,089 4,059,688 3,856,979 The statement of financial activities includes all gains and losses recognised in th8 year. The slalemenl of financial activities includes all gains and losses recognised in the yeer. All Income and expenditure derive from continuing activities.
LEWISHAM ISLAMIC CENTRE {LIC) BALANCE SHEET ASAf31AUGUST2024 2024 2023 Notes Fixed assets Tangible assets Investment propety 14 1,192.229 1,615,000 1,192,413 1.61 S,000 2.807.229 2,807,413 Current assets Debtors Cash at bank and in hand 16 30.072 1.248,200 36.805 1,048.955 1,278,272 1,085,760 Creditors.. amounts falling due withln one year 17 125,8131 136,1941 Ng1 Current assets 1.252,459 1,049.566 Total assets less current liabilities 4.059.688 3,856.979 Income funds Restricted funds Unrestricted funds 19 986,089 3,073,599 723,146 3.133.833 4,059,688 3,856,979 The financial statements were approved by the Trustees on 23 June 2025 Taofik Ak8nde Tr ee - Chairman Zillur Rahman Trustee - Secretary
LEWISHAM ISLAMIC CENTRE (LIC) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 25 196,931 150,460 Investing aetivlties Purchase of tangible fixed assets Payment for investment loans and receivables 12,6861 19841 5.000 16,0001 Net ¢ash genèraled fromllused inl investlng actlvities 2,314 16,9841 Nat cash used in financing activities Net increase in cash and ¢ash equivalents 199,245 143,475 Opening Cashlcash transferred in 1.048,955 905,479 Cash and cash equivalents at end of yèar 1.248,200 1,048.955. The notes on pages 13 to 24 form part of these financial ststements.
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Charity inforrnation Lewisham Islamic Centre ILICI is a registered as as Chariiable Incorporated Organisalion I'CIO'I Foundation on the 9 January 2020 under registration number CE020242 and is registered with the Charities Commission under registration number 112729. It's registered address is 363-365 Lewisham High Streel. London. SE13 6NZ. 1.1 Accounting ¢onvèntion The financial statements have been prepared sn 8ccordance wilh the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Pr8Ctice applicable to charities prepering Iheir accounts in acGordance with the Financial Reporting Standard app15cable in the UK and Republic of Ireland IFRS 1021" The Charity IS 8 Public Benefil Entity es defined by FRS 102. The financial staternenls have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extènt required lo provide a true and fair view. This departure has involved following the Slalement of Recommended Pr8¢tice for charities applying FRS 102 rather than the version of the Statement of Recommended Pr8Ctice which is referred to in the Regulations but which has since been withdrawn. The fin8nci81 statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical Cost convention. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair valuel. The principal accounting poli¢ies adopted are sel out below. 1.2 Going concern At the time ol approving the financial 51alemenls, the Trustees have a reasonable expectation Ihat 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 a¢counting in preparing the financial slalements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as lo how they may be used. The PLJrposes and uses of Ihe reslricled funds are set out in the notes to the financial slat*ments. Endowment funds are subject lo specifi¢ conclitions by donors that the capi181 must be maintained by Ihe Charity. 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be mèasLJred reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Oiher donations are recognised once the Charity has been notified of the donation, unless performance conditions require dttlerral of the amount Income tax recoverable in relation lo donations received under Gift Aid or deed5 of covenant is recognised at the lime of the donation. Legacies are recognised on rèceipt or otherwise Il the Charity has been notified of an impttnding distribution. the amount is known, and receipt is exp$cted. If the amount is not known. the lega¢y is treated as a contingent asset.
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polieie$ (Continued) 1.5 Expendilura Expendilure is recognised once there is a legal or constructive obligation ID transfer economic benefit to a third paty, it is probable that a Iransler of e¢onomi¢ benefits will be rèquired in settlement, and the amount of the obligation can be measured reliably. Expendilure is classified by aclivily. The costs of èach activity are made LJP c>1 the total of dirècl costs and shared costs, including support costs involved In undertaking èach a¢livity. Direct costs attribLJtable to a single ac11Vlty are allocated directly to that activity. Shared costs which contribute lo more than one a¢livily and support costs which are not attributable to a single activity are apportioned between those aGtivilie5 on a basis consistent with the use of resources. Central staff costs ale allocated on the basis of time spent, and depreciation charges are allocated on the portion of the 8SSèt's usè. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valualion, net of deprecialion 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 Plant ancl eouiprnenl Fixtures and fittings 25-33 /0 on a reducing balance basis 25 10 on a reducing balance basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the ¢arying value ol the asset, and Is recognised in the slalement ol financial aclivilies. 1.7 Investmènt property Investment property, which is property held lo eatn rentsls andlor lor capital appreciation, is initially re¢ognised at cost, which includes the purchase cost and 8ny dirèctly 8ttribulable expenditure. SubseoLJently it is measLJred at fair value at the reporting end dale. The surplus or deficit on rèvaluation is recognised in profit or loss. No depreciation is provided on the charity's freehold properties since in the opinion of the Iruslees the expected useful lives are suffi¢iently long and the estimated residual value values are sufficiently high that any such depreciation would be immaterial. The Iruslees undertake an annual Impairment review ol these properties. 1.8 Impalrment of flxed assets Al each pOrting end date. the Charity reviews the carrying amounts ol its tsngiblè assets to dètermine whether ther& is any indication that those assets have suffered an impairment loss. If any such indication exists. thè r8coverable amount of the asset is estimated in order to determine the exlenl of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks: other short-term liquid investments with origin21 malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 14
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Aeeounting polieiès (Continuedl 1.10 Financial instruments The Charity hss elected 10 apply the provisions of Section 11 'Basic Financial Instruments, and Se¢lion 12 'Other Financial Instruménts Issues, of FRS 102 to all of its financial instrurnents. Financial instruments are recognised in the Charity's balance sheet when the Charity beGomes paty lo the contractual provisions of the instrLJment. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amoLJnts and there is an intention to settle on 8 net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitLJtes a financing transaction, where thè Iransaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslitules a financing Irans8¢1ion. where the debt instrument Is measured at the present value of the future payrnenls discounted al a market rate of interest. Financial liabilities classified a5 payable within one year are not amortised. Debt Instruments are subsequently carried 81 amortised eosl, using the effective interest rale method. Trade ¢reditors are obligations to pay for goods or services th8t have been a¢quired in the ordinary wurse of operations from SLJppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are regnIsed initially al transaction price and subsequently measured at amortised cost using the effective interest method. Dere¢ognl¢lon of flnan¢lal Ilabllltl8S Financial liabilit188 ar8 derecognised when the Charity's conlractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlillement is r8¢oonised in the year in which the employee's services are received. Termination benefits are recognis&d Immediately as an expense when the Charity is d8monslrably cornmitted to terrninate the employment of an employee or lo provide termination benefits. 1.12 Rètlrèmènt b•nèflts Payments lo defined contribution retirement benefit schemes are charged as an expense as Ihey fall due.
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Critical a¢¢ountlng g$timate$ and judgomonts In the application of the Chanty's accounting policies, the Trustees are required lo make judgements. estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estirnates are recognised In the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future periods where the revision affects both cutrenl and future periods. In¢ome from donalSon$ and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 309,207 248,694 557.901 295.777 143.826 439.603 Donations and gifts General donations Mosque development fund Funeral fund Other 309,207 309,207 295,457 295,457 245,198 3,496 245.198 3,496 136,536 7,290 136.536 7.290 320 320 309,207 248,694 557,901 295,777 143.826 439.603 Income from charitablè activities Unrestri¢led R$stri¢ted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Worshlp Service fees Charitable rentsl income 1.049 85,062 1.049 85,062 1,725 83,124 1,725 83,124 Educational Service fees 210,298 210,298 184,954 184,954 86,111 210,298 296,409 84.849 184.954 269,803 16-
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from oth•r tradlng activities Unrestri¢tod Unr8$trlcled funds funds 2024 2023 Fundraising events 38.935 45.655 Raising funds Rèstricted funds Restricted funds 2024 2023 Fundraisin and ublici Staging fundraising events 30,953 25,433 30,953 25,433
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LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 Description of charitabl• activitiès EduGation81 LIC has a number of edu¢ational projec15 serving all sections of the community. The projects are run by professionals with the support ol dedicated volunteers helping meet the needs of the community Wor This is lead by the Centre Imam, who is supported by two other deputy Imams, who manage spiritual and moral development of the commLJnily through leading daily prayers, weekly classes sermons, seNing normally 5,000 congregants in a week and running an Imam's Surgery, which includes.. counselling, Marriage solemnisation. disputè resolution Events and outrea¢h Working on two fronts., providing evènts and 8clivilies that will engage and enthuse our community members and also working with partners and other bodie5 for Ihe betterment of our centre. Support costs Support Governance costs costs 2024Support costs Govèrn8n¢e costs 2023 Staff etssls Depreciation Ratés. light and heat Premises paIrS and maintenance Telephone and inlernel Insurance Professional fees and subscriptions Slalionery and miscellan8OUS Equipment hire Bank charges 278,085 2,870 39,719 278,085 2,870 39,719 240,661 2,870 23,833 240,681 2,870 23.833 75,643 9,278 3,072 75,643 9,278 3,072 27.395 10.802 2.762 27,395 10.802 2,762 32,999 32.999 53.291 53,291 5,416 1,162 5,616 5,416 1,162 5.618 9,945 1,510 6,220 9,945 1,510 6,220 Audit fees 4,000 4.000 4,000 4.000 453.860 4.000 457,860 379.289 4,000 383,289 Analysed between Charitable activities. 453,860 4,000 457,860 379,289 4.000 383,289 Governance costs includes payments to the aLJditors of £4,00012023- £4,000) for audit fees. 10 Net mov¢m*nt in funds 2024 2023 The net movement in funds 1s'6tated after ch8rgingllcreditingl.. Fees pay2ble for the audit of the charity's financial slalernenls Depreciation of owned tangible fixed assets 4,000 2.870 4,000 2,870 19
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Trustees No remuneration or expenses were paid to any Iruslees for their sep4i¢es as trustèès. Thè following trustees were employed by thè charity and were remunerated for seNice5 provided Pension Contributions Remuneration Mr S Begg Ilmaml £36,000 Mr Y Dèlilache (Bookkeeperl £ 9,022 12 Employees The averagè monthly numbar of 8mployees during th8 year was.. 2024 Numbèr 2023 Number Education Worship Administrative 30 31 Total 41 33 Employment costs 2024 2023 Wages and salari8S Social security costs Other pension costs 410,848 23,885 3.244 356,377 21,541 2.842 437,977 380,760 Ther8 Ware no employees whose annual remunèration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows". 13 Taxation The charity is @xempt from taxation on ils activities because all Ils in¢orne is applied for charitable purposes. -20-
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Tangible fixed assèts Froahold land and bulldlngs Planl and Fixtures and equlpm?nt ffttlngs Total Cost Al 1 September 2023 Additions 1,187,282 63,187 62,413 1.312,882 2,686 2.686 At 31 ALJgusl 2024 1,187,282 63,187 65,099 1,315,568 Depreciation and impairment Al 1 September 2023 Depreciation charged in the year 62,045 1.142 58,424 1.728 120,469 2,870 At 31 August 2024 63,187 60.152 123,339 Carrylng amount At 31 August 2024 1,187,282 4,947 1,192,229 Al 31 August 2023 1.187.282 1,142 3,989 1,192,413 15 Investment property 2024 Fair value At 1 September 2023 and 31 August 2024 1.615,000 Investment propety cotTrprises freehold property split into 5 flats. which are adjacent lo the masjid, these are rented Dut.. The lair value ol the investment property has been arrived at on the basis of a valuab.on carried out at in Jun 2021 by the letting department of a local estate agents and valuers, who are not connected with the Charity. The valuation was made on an open market value basi5 by reference lo market evidence of transaction prices for similar properties. 2024 2023 Freehold 1,615,000 1,615,000 16 Debtors 2024 2023 Amounts falling du¢ within one year.. Trade debtors Other debtors Prepaymen15 and accrued income 4,982 23,463 1,627 8,Q59 27,301 1,445 30,072 36,805 21
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 Creditors- amounts falling due within one year 2024 2023 Trade Creditors Other creditors Accru31s and deferred Income 1,846 980 628 34,586 23,967 25,813 38,194 18 R•tirem8nt nefIt schemes 2024 2023 Defined contribution schemes Charge lo profil or loss in resp8Ct of dèfined CDntribution schemes 3.244 2,842 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity In an independently administered fund. 19 Restricted funds The restricted funds of the charity comprise the unexpended balances ol donations and grants held on trust subject to specific conditions by donors as to how they may be used. At1 September 2023 Incoming resources Resources At 31 August expended 2024 723,146 458,992 1196,0491 986.089 Previous year- At1 September 2022 Incoming resources Resourc&s At 31 August ¢xp¢nd&d 2023 567,464 328,780 1173,0981 723.146 22-
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Unrastricted funds The unreslricled funds ol the charity comprise the Ljnexpended balances ol donab'ons and grants whi¢h are not subject to speGifiG conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unreslncled funds by thg Irustges for specific purposes. Al1 September 2023 Incoming resources Resources At 31 August expended 2024 General funds 3,133,833 434,253 1494,4871 3,073,599 Previous year: At1 September 2022 Incoming resources Resources At 31 August expended 2023 General funds 3,119,513 428.281 1411,9611 3.133,833 21 Analysis of net a55ets between fvnds Unr•strlct8d R•strlct•d funds fund$ 2024 2024 Total 2024 Fund balances at 31 August 2024 a presented by". Tangible asse Investment properties Current assetsllliabililies) 1,192,229 1,615,000 266.370 1,192.229 1,615.000 986,089 1.252,459 3,073,599 986,089 4,059.688 22 Capital ¢ommltm•nts 2024 2023 Amounts contracted for bul not provided in the financial slalements.. 2024 2023 Acquisition of property, plant and equipment 10,500,000 10,500.000 At Ihe balance sheet dale the above projected capital commitments were approved by the Iruslees in relation to the development of a new building at the current site of the mosque and funds are being raised lor this purpose. However at the year end planning permission had not yel been obtained nor had any contract been entered with any developer.Tthe amount is considered to be for future planning and is disclosed for this purpose. -23-
LEWISHAM ISLAMIC CENTRE (LIC) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 R•latod party transactions There was one Iruslee who has children who attend the school operated by the Charity, the fees paid are the normal rale charged by the school. 24 Analysis of change5 in net fund$ The Charity had no material debt during the year. 25 Ca$h gen¢raled from opèrations 2024 2023 sUlUs for the year 202.709 170,002 Adjustments for.. Depreciation and impairment of tangible fixed assets 2,870 2,870 Movements in working capital.. Decreasellincreasel in debtors IDecTeasel in Greditors 1.733 110,3811 15,7171 116,6951 Cash generated from opfyrations 196.931 150.460 -24-