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2023-12-31-accounts

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

Charity Registration No. 1191474

AL FURQAN

ANNUAL REPORT AND UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

ꞏ' ' .

AL FURQAN

CONTENTS

Page
Legal and Administrative information 1
Trustees report 2- 4
Independent Examiners report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8- 13

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr. Azath Kamil Mohamed Lafir Mr. Mohamed F Ahamed Kabeer Mr. Abdul Cader Mohamed Firoze Mr. Rasheed Mohamed Akbar Mr. Ahamed I Mohamed Imran Mr. Falik Hanifa Mr. Jawsad Mohamed Yousuf Mr. Jaleel Noordeen Mr. Mohamed R M Mohinudeen Mr. Mohamed Fayas Mr. Mohamed Jazil Haleemdeen

Charity number 1191474 Principal address 33-35 Mount Pleasant Road Luton, LU32RR

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and financial statements for the year ended 31 December 2023..

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 CIO's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

Our objectives are set to reflect our faith and community aims. Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.

Our aims remain to provide a community support to the Sri Lankan Muslim living in Luton and Surrounding areas.

The objects of the charity are set out in the charity's constitution and are summarised as:

The objects of the cio are

• The advancement of education for the public benefit, and in particular for the Sri lankan community to promote learning of life skills including Sri lankan cultural heritage, English language literacy as well as tamil, physical education and citizenship skills.

• To advance the islamic faith in luton for the benefit of the public, providing an ethical framework and contributing towards a better society by promoting social cohesion and social capital

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.

OBJECTIVES AND ACTIVITIES Significant activities

Charitable activities

The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities,

ACHIEVEMENT AND PERFORMANCE Charitable activities

FINANCIAL REVIEW

Principal funding sources

Our Association's main sources of income are regular community members' donations and through fund raising events

Reserves policy

The trustees have reviewed the reserves of the charity. Their policy is to hold sufficient funds to meet operating costs of the Association

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Financial review

It is the policy of the CIO 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 considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue ' the CIO 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.

The Trustees has assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

AL FURQAN is constituted as a Charitable Incorporated Organization registered with the Charity Commission on 25[th] September 2020 under charity number 1191474. It is governed by constitution.

The Trustees who served during the year and up to the date of signature of. The financial statements were:

Mr. Azath Kamil Mohamed Lafir

None of the Trustees has any beneficial interest in the CIO.

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for the general control and management of the charity.

Risk management

The trustees have assessed the risks the charity faces and have drawn up a risk matrix which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening, and the measures taken to manage them. The trustees review this risk matrix regularly at their meetings. The trustees are satisfied that systems are in place.

The Trustees report was approved by the Board of Trustees on 14[th] October 2024

……………………….. …………………………………. Trustee Trustee Abdul C Mohamed Firoze-President Ahamed I Mohamed Imran -Treasurer

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF AL FURQAN

I report to the Trustees on my examination of the financial statements of AL FURQAN (the CIO) for the year ended 31 December 2023

Responsibilities and basis of report

As the Trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the ClO's financial statements carried out under section 145 of 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.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

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.

Alza Accounting & Management Solutions Ltd Office 2 , Serif House 10 ,Dudley Street Luton , LU2 0NT

Dated: 14[th] October 2024

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 December 2023

Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
Notes £ £ £ £
Income and endowments from:
Regular Donation 2 6,220 6,220 6,975
Surplus income from Events 3 13,982 13,982 5,151
Jummah Collection 3 5,358 5,358 761
Building Fundraising 3 84,948
 84,948 0
Total income 110,508
0		 110,508
 12,887
Expenditure on:
Charitableactivities 4 9,867 9,867 5,630
Other Expenses 1,320 1,320
 735
Total Expenditure
11,187		 11,187
 6,365
Net income for the year/
Net movement in funds 99,321
0		 99,321 6,522
Fund balances at1 January 2023
25,551		 0 25,551 19,029
Fund balances at 31 December 2023 124,872 0 124,872
 25,551

The statement of financial activities includes all gains and losses recognized in the year.

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

BALANCE SHEET

AS AT 31 December 2023

Notes
Fixed assets
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
Total assets less current liabilities
Net Income funds
Restricted funds/
Unrestrictedfunds		 2023
£
£

132,372
132,372
7,500
124,872

124,872		 2023
£
£

132,372
132,372
7,500
124,872

124,872		 2022
£
25,551		 £
132,372
7,500		 25,551
0
124,872

124,872		 25,551
25,551

The financial statements were approved by the Trustees on 14[th] October 2024.

……………………….. …………………………………. Trustee Trustee Abdul C Mohamed Firoze-President Ahamed I Mohamed Imran -Treasurer

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

AL FURQAN is incorporated as charitable incorporated organisation (CIO).

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The CIO is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest£.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the CIO 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 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.

1.5 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.

1.6 Financial instruments

The CIO has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction 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 at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. 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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO's contractual obligations expire or are discharged or cancelled.

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations

Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
£ £ £ £
Regular Standing Order 6,220 6,220
 6,975

3 Other income

Surplus income from Events
13,982
Jummah Collection 5,358
Building Fundraising 84,948
Unrestrict
ed
funds
2023
~~£~~		 5,151
761
0
Total
2022
~~£~~

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Iftar Arrangements & Other Events
Jummah Hall booking fee
Fithra and Other
Other & legal
4,055
2,766
3,047
1,320		 5,080
550
0
735

Docusign Envelope ID: 0487D4EF-7E64-477F-B8ED-18096FC56EE1

AL FURQAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Trustees

None of the trustees received any remuneration during the year.

6 Employees

No employees during the year