East Anglian Bangladeshi Islamic Trust
Charity No. 01190589
Trustees' Report and Unaudited Accounts
30 September 2023
East Anglian Bangladeshi Islamic Trust Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 2 |
| Independent Examiner's Report | 3 to 3 |
| Statement of Financial Activities | 4 to 4 |
| Balance Sheet | 5 to 5 |
| Statement of Cash flows | 6 to 6 |
| Notes to the Accounts | 7 to 7 |
| Detailed Statement of Financial Activities | 8 |
Page 1
East Anglian Bangladeshi Islamic Trust Trustees Annual Report
INCORPORATION
The charitable company was incorporated on 28 July 2020 and commenced trading 1st October 2020.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The chanty 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 present their report with the unaudited financial statements of the charity for the year ended 30 September 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 01190589
Trustees
The following trustees served during the year: M Uddin (Appointed 28th July 2020) A Hussain (Appointed 28th July 2020) S A Ali (Appointed 28th November 2022) M J Uddin (Appointed 28th November 2022) J A Ali (Appointed 28th November 2022) A Safique (Appointed 28th November 2022) N Ahmed (Appointed 28th July 2020)
Independent Examiner
Prime Accountants Chartered Secretary & Accountants 29A New Road Whitechapel London E1 1HE
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements. comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees.
Page 2
East Anglian Bangladeshi Islamic Trust Trustees Annual Report
N Ahmed - Trustee Trustee 21 August 2024
Page 3
East Anglian Bangladeshi Islamic Trust Independent Examiners Report
Independent Examiner's Report to the trustees of East Anglian Bangladeshi Islamic Trust
I report to the trustees on my examination of the financial statements of East Anglian Bangladeshi Islamic Trust for the year ended 30 September 2023.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
Moin Nayeem ACIS AFA MIPA MAAT Chartered Governance Institute Prime Accountants 29A New Road Whitechapel London E1 1HE
21 August 2024
Page 4
East Anglian Bangladeshi Islamic Trust Statement of Financial Activities
for the year ended 30 September 2023
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total funds | Total funds | ||
| 2023 | 2023 | 2022 | ||
| Notes | £ | £ | £ | |
| Income and endowments | ||||
| from: | ||||
| Donations and legacies | 3 | 31,406 | 31,406 | 26,324 |
| Other | 4 | - | - | - |
| Total | 31,406 | 31,406 | 26,324 | |
| Expenditure on: | ||||
| Raising funds | 5 | - | - | - |
| Other | 6 | 20,450 | 20,450 | 14,898 |
| Total | 20,450 | 20,450 | 14,898 | |
| Net gains on investments | - | - | - | |
| Net income | 7 | 10,956 | 10,956 | 11,426 |
| Transfers between funds | - | - | - | |
| Net income before other gains/(losses) |
10,956 | 10,956 | 11,426 | |
| Other gains and losses | ||||
| Net movement in funds | 10,956 | 10,956 | 11,426 | |
| Reconciliation of funds: | ||||
| Total funds brought forward | 165,305 | 165,305 | 153,879 | |
| Total funds carried forward | 176,261 | 176,261 | 165,305 |
Page 5
East Anglian Bangladeshi Islamic Trust Balance Sheet
at 30 September 2023
Charity No. 01190589
| East Anglian Bangladeshi Islamic Trust Balance Sheet at 30 September 2023 |
||||
|---|---|---|---|---|
| Charity No. 01190589 | 2023 | 2022 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 9 | 145,881 | 145,881 | |
| 145,881 | 145,881 | |||
| Current assets | ||||
| Debtors | 10 | 6,499 | 6,499 | |
| Cash at bank and in hand | 24,020 | 13,876 | ||
| 30,519 | 20,375 | |||
| Creditors: Amount falling due within one year | 11 | (5,387) | (5,196) | |
| Net current assets | 25,132 | 15,179 | ||
| Total assets less current liabilities | 171,013 | 161,060 | ||
| Net assets excluding pension asset or liability | 171,013 | 161,060 | ||
| Total net assets | 171,013 | 161,060 | ||
| The funds of the charity | ||||
| Restricted funds | 12 | |||
| Unrestricted funds | 12 | |||
| General funds | 176,261 | 165,305 | ||
| 176,261 | 165,305 | |||
| Reserves | 12 | |||
| Total funds | 176,261 | 165,305 |
Approved by the trustees on 30 September 2023
And signed on their behalf by:
N Ahmed - Trustee Trustee 21 August 2024
Page 6
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
East Anglian Bangladeshi Islamic Trust
Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 | Statement of Financial Activities - prior year | |||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | |||
| 2022 | 2022 | |||
| £ | £ | |||
| Income and endowments from: | ||||
| Donations and legacies | 26,324 | 26,324 | ||
| Other | - | - | ||
| Total | 26,324 | 26,324 | ||
| Expenditure on: | ||||
| Raising funds | - | - | ||
| Other | 14,898 | 14,898 | ||
| Total | 14,898 | 14,898 | ||
| **Net ** | income | 11,426 | 11,426 | |
| **Net ** | income before other | |||
| gains/(losses) | 11,426 | 11,426 | ||
| Other gains and losses: | ||||
| **Net ** | movement in funds | 11,426 | 11,426 | |
| Reconciliation of funds: | ||||
| Total funds carried forward | 165,305 | 165,305. | ||
| 3 | Income from donations and legacies | |||
| Unrestricted | Total | Total | ||
| 2023 | 2022 | |||
| £ | £ | £ | ||
| 31,406 | 31,406 | 26,324 | ||
| 31,406 | 31,406 | 26,324 | ||
| 4 | Other income | |||
| Total | Total | |||
| 2023 | 2022 | |||
| £ | £ | |||
| - | - | |||
| - | - |
Page 10
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
- 5 Expenditure on raising funds.
| 5 | Expenditure on raising funds. | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Investment management | |||||
| costs | |||||
| - | - | ||||
| - | - | ||||
| 6 | Other expenditure | ||||
| Unrestricted | Total | Total | |||
| 2023 | 2022 | ||||
| £ | £ | £ | |||
| Employee costs | 7,785 | 7,785 | 7,090 | ||
| Premises costs | 9,803 | 9,803 | 4,862 | ||
| Amortisation, depreciation, | |||||
| impairment, profit/loss on | - | - | - | ||
| disposal of fixed assets | |||||
| General administrative costs | 2,255 | 2,255 | 1,028 | ||
| Legal and professional costs | 607 | 607 | 1,918 | ||
| 20,450 | 20,450 | 14,898 | |||
| 7 | Net income before transfers | ||||
| 2023 | 2022 | ||||
| This is stated after charging: | £ | £ | |||
| Depreciation of owned fixed assets | - | - | |||
| 8 | Staff costs | ||||
| 2023 | 2022 | ||||
| Salaries and wages | 7,526 | 6,084 | |||
| Pension costs | 259 | 1,006 | |||
| 7,785 | 7,090 | ||||
| No employee received emoluments in excess of £60,000. | |||||
| 9 | Tangible fixed assets | ||||
| £ | £ | £ | £ | ||
| Cost or revaluation | |||||
| At 1 October 2022 | 145,881 | - | - | 145,881 | |
| At 30 September 2023 | 145,881 | - | - | 145,881 | |
| Net book values | |||||
| At 30 September 2023 | 145,881 | - | - | 145,881 | |
| At 30 September 2022 | 145,881 | - | - | 145,881 | |
| 10 | Debtors | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Other debtors | 6,499 | 6,499 | |||
| 6,499 | 6,499 |
Page 11
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
11 Creditors:
amounts falling due within one year
| 11 Creditors: amounts falling due within one year |
||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Other taxes and social security | 191 | |||
| Other creditors | 5,196 | 4,244 | ||
| Accruals | - | 952 | ||
| 5,387 | 5,196 | |||
| Movement in funds | ||||
| Incoming | ||||
| resources | ||||
| (including other |
Resources expended |
At 30 September 2023 |
||
| At 1 October | gains/losses | |||
| 2022 | ) | |||
| £ | £ | £ | ||
| Restricted funds: | ||||
| Unrestricted funds: | ||||
| General funds | 165,305 | 31,406 | (20,450) | 176,261 |
| Total funds | 165,305 | 31,406 | (20,450) | 176,261 |
| 13 Analysis of net assets between funds | ||||
| Unrestricted | ||||
| Total | ||||
| funds | ||||
| £ | £ | |||
| Fixed assets | 145,881 | 145,881 | ||
| Net current assets | 25,132 | 25,132 | ||
| 171,013 | 171,013 | |||
| 14 Reconciliation of net debt | ||||
| At 30 | ||||
| At 1 October | September | |||
| 2022 | Cash flows | 2023 | ||
| £ | £ | £ | ||
| Cash and cash equivalents | 13,876 | 10,193 | 24,070 | |
| 13,876 | 10,193 | 24,070 | ||
| Net debt | 13,876 | 10,193 | 24,070 |
Page 12
East Anglian Bangladeshi Islamic Trust Notes to the Accounts
15 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
| 2023 | 2023 | 2022 | 2022 | |
|---|---|---|---|---|
| Land and | Land and | |||
| buildings | Other | buildings | Other | |
| £ | £ | £ | £ | |
| Operating leases with expiry date: | ||||
| Pension commitments | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| The pension cost charge to the charity | ||||
| amounted to: | 259 | - |
Page 13
East Anglian Bangladeshi Islamic Trust Statement of Cash flows
for the year ended 30 September 2023
| East Anglian Bangladeshi Islamic Trust Statement of Cash flows for the year ended 30 September 2023 |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Cash flows from operating activities. | ||
| Net income per Statement of Financial Activities | 11,426 | 11,426 |
| Adjustments for: | ||
| Decrease/(Increase) in trade and other receivables | 0 | 3,001 |
| Decrease/Increase in trade and other payables | (760) | 951 |
| Net cash provided by/(used in) operating activities | 10,666 | 15,378 |
| Net cash from investing activities | - | - |
| Net cash from financing activities | - | - |
| Net increase in cash and cash equivalents | 10,666 | 15,378 |
| Cash and cash equivalents at the beginning of the year | 13,876 | 1,499 |
| Cash and cash equivalents at the end of the year | 24,542 | 16,877 |
| Components of cash and cash equivalents | ||
| Cash and bank balances | 24,070 | 13,876 |
| 24,070 | 13,876 |
Page 14
East Anglian Bangladeshi Islamic Trust Detailed Statement of Financial Activities
for the year ended 30 September 2023
| East Anglian Bangladeshi Islamic Trust Detailed Statement of Financial Activities for the year ended 30 September 2023 |
|||
|---|---|---|---|
| Unrestricted | |||
| funds | Total funds | Total funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | |||
| 31,406 | 31,406 | 26,324 | |
| 31,406 | 31,406 | 26,324 | |
| Other | |||
| - | - | - | |
| - | - | - | |
| Total income and endowments | 31,406 | 31,406 | 26,324 |
| Expenditure on: | |||
| Investment management costs | |||
| - | - | - | |
| - | - | - | |
| Total of expenditure on raising | |||
| - | - | ||
| funds | |||
| Employee costs | |||
| Salaries/wages | 7,526 | 7,526 | 6,084 |
| Pension costs | 259 | 259 | 1,006 |
| 7,785 | 7,785 | 7,090 | |
| Premises costs | |||
| Rent | 1,338 | 1,338 | 816 |
| Rates | - | - | - |
| Light, heat and power | 3,128 | 3,128 | 2,931 |
| Premises insurances | - | - | - |
| Premises repairs and maintenance |
5,337 | 5,337 | 1,115 |
| 9,803 | 9,803 | 4,862 | |
| General administrative costs, | |||
| including depreciation and | |||
| amortisation | |||
| Depreciation of | - | - | - |
| Depreciation of | - | - | - |
| General insurances | 821 | 821 | 791 |
| Stationery and printing | 515 | 515 | - |
| Sundry expenses | 784 | 784 | - |
| Telephone, fax and broadband | 135 | 135 | 237 |
| 2,255 | 2,255 | 1,028 | |
| Legal and professional costs | |||
| Accountancy and bookkeeping | 607 | 607 | 1,918 |
| 607 | 607 | 1,918 |
Page 15
| East Anglian Bangladeshi Islamic Trust | |||
|---|---|---|---|
| Detailed Statement of Financial Activities | |||
| Total of expenditure of other costs | 20,450 | 20,450 | 14,898 |
| Total expenditure | 20,450 | 20,450 | 14,898 |
| Net gains on investments | - | - | - |
| 10,956 | 10,956 | 11,426 | |
| Net income | |||
| Net income before other | |||
| gains/(losses) | 10,956 | 10,956 | 11,426 |
| Other Gains | - | - | - |
| Net movement in funds | 10,956 | 10,956 | 11,426 |
| Reconciliation of funds: | |||
| Total funds brought forward | 165,305 | 165,305 | 153,879 |
| Total funds carried forward | 176,261 | 176,261 | 165,305 |
Page 16
Audit Trail
Document Details
| Title East |
Anglian Bangladeshi Islamic Trust - Accounts 23.pdf | |
|---|---|---|
| File Name East |
Anglian Bangladeshi Islamic Trust - Accounts 23.pdf | |
| Document ID ef4c06f66342447ea44f78548a361cfd |
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| Fingerprint aeac36a38aad7058e96c82dc10eed792 |
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| Status Completed |
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| Document History | ||
| Document Created | Document Created by Prime Accountants (info@primeaccountant.co.uk) Fingerprint: 61e123957534e8473ae8b37300e7985d |
Aug 21 2024 02:13PM UTC |
| Document Sent | Document Sent to N Ahmed (Norwichcitymasjid@gmail.com) | Aug 21 2024 02:13PM UTC |
| Document Viewed | Document Viewed by N Ahmed (Norwichcitymasjid@gmail.com) IP: 92.40.217.205 |
Aug 21 2024 10:46PM UTC |
| Document Viewed | Document Viewed by N Ahmed (Norwichcitymasjid@gmail.com) IP: 76.112.44.23 |
Aug 22 2024 11:12AM UTC |
| Document Viewed | Document Viewed by N Ahmed (Norwichcitymasjid@gmail.com) IP: 87.74.22.199 |
Aug 26 2024 10:57PM UTC |
| Document Signed by N Ahmed (Norwichcitymasjid@gmail.com) | ||
| IP: 87.74.22.199 | ||
| Document Signed | Aug 26 2024 10:59PM UTC |
|
| Document | This document has been completed. | Aug 26 2024 |
| Completed | Fingerprint: aeac36a38aad7058e96c82dc10eed792 | 10:59PM UTC |
Audit Trail
| Document Details | Document Details |
|---|---|
| Title [completed] East Anglian Bangladeshi Islamic Trust - Accounts 23.pdf |
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| File Name [completed] East Anglian Bangladeshi Islamic Trust - Accounts 23.pdf |
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| Document ID f4cdbe298e7e45438eb3e9f67be086a5 |
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| Fingerprint a0904496b6c67fcbd48c8b1a2a409932 |
|
| Status | Completed |
| Document History | Document History | ||
|---|---|---|---|
| Document Created | Document Created by Prime Accountants (info@primeaccountant.co.uk) Fingerprint: 8f5735db736b23d48010bf97d97126 |
Aug 27 2024 11:44AM UTC |
|
| Document Signed by Prime Accountants (info@primeaccountant.co.uk) | |||
| IP: 89.40.212.183 | Aug 27 2024 | ||
| Document Signed | 11:44AM | ||
| UTC | |||
| Document Completed |
This document has been completed. Fingerprint: a0904496b6c67fcbd48c8b1a2a409932 |
Aug 27 2024 11:44AM UTC |