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2023-12-31-accounts

Charity Registration No. 1193341 (England and Wales)

SLOUGH MUSLIM TRUST ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

SLOUGH MUSLIM TRUST ANNUAL REPORT AND UNAUDITED ACCOUNTS CONTENTS

Page
Charity information 3
Trustees' report 4
Accountants' report 5
Income statement 6
Statement of financial position 7
Notes to the accounts 8
Detailed income and expenditure account 12

SLOUGH MUSLIM TRUST CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Faisal Totakhel Mohamed Abdullah Ameen Mohamed Sohail Sheergar Mohammed Shiraz Raheem Shah Mohammed Khadir Fayaz

Charity Number

1193341 (England and Wales)

Registered Office Masjid Ilyas Whitby Road Slough SL1 3DW United Kingdom

Accountants

Tax Simplified Ltd Kemp House 160 City Road London EC1V 2NX

SLOUGH MUSLIM TRUST (CHARITY NO: 1193341 ENGLAND AND WALES) TRUSTEES' REPORT

The trustees present their report and accounts for the year ended 31 December 2023.

Trustees

The following trustees held office during the whole of the period:

Faisal Totakhel Mohamed Abdullah Ameen Mohamed Sohail Sheergar Mohammed Shiraz Raheem Shah Mohammed Khadir Fayaz

Structure, governance and management

Document

The charity is constituted as a charitable incorporated organization with charity commission under charity number 1193341 and is governed by its constitution.

Organisational Structure

The trustees are fully responsible for the management of the assets of the trust and give their time free of charge and receive no remuneration or other financial benefits. The trustees have regular meetings, and all the trustees are responsible for all decisions taken in relation to the running of the charity.

Recruitment and Appointment of Trustees

These procedures are followed according to the trust deed. Also, by agreed procedures with views and reflection of the community to have a better relationship with the Members and the local community.

Risk Management

The trustees have assessed the risks the charity faces and have identified the major risk areas and have drawn contingency plans to deal with those risks. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified. In particular, policies are in place, insurance cover is up to date and finances are being arranged to purchase a suitable place of worship.

Objectives and activities

We have referred to the guidance contained in the Charity Commission's general guidance when reviewing our aims and objectives and in planning our future activities. The objectives of the charity are set out in the charity's trust deed and are summarised as follows:

  1. To advance the religion of Islam by means of, but not exclusively, the provision of facilities of worship and Islamic education.

  2. To relieve financial hardship, distress and suffering among poor people

  3. To advance education for the benefit of the general public by means of, but not exclusively, the provision or the assistance in the provision of a supplementary school.

  4. To advance in life and relieve needs of young people through: a) the provision of recreational and leisure time activities provided in the interest of social welfare; b) providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

Achievements and performance

During the period the charity managed to purchase a place of worship and carried out some renovation works in order for it to be utilised for furthering the objectives of the charity.

SLOUGH MUSLIM TRUST (CHARITY NO: 1193341 ENGLAND AND WALES) TRUSTEES' REPORT

Financial review

Reserves Policy

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

Principal Funding Sources

The charity's main source of income is donations gathered at Friday prayers or paid via standing orders directly into charity’s bank account. The charity also receives interest free loans from individuals, called Qarz-e-Hasana, which are repayable on demand, to fund their capital projects.

Plans for future periods

The trustees are looking to complete renovation works so that the place can be made available to local residents and some teaching classes can be started. At the date of signing these accounts refurbishment works were underway to make it appropriate for community usage.

Statement of Trustees' responsibilities

The trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Charity law requires the trustees to prepare accounts for each financial year. Under that law, the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board of trustees

............................................................................

Faisal Totakhel Trustee

Approved by the board on: 11 October 2024

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SLOUGH MUSLIM TRUST FOR THE YEAR ENDED 31 DECEMBER 2023

I report to the trustees on my examination of the financial statements of Slough Muslim Trust for the period ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity 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 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in

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 accounts to be reached.

Junaid A Khan FCCA

Tax Simplified Ltd Chartered Certified Accountants

Kemp House 160 City Road London EC1V 2NX

11 October 2024

SLOUGH MUSLIM TRUST INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Income
Administrative expenses
Operating surplus
Surplus on ordinary activities
Surplus on ordinary activities
Surplus for the year		 2023
£
69,628
(44,674)
24,954
24,954
-
24,954		 2022
£
287,616
(30,157)
257,459
257,459
-
257,459

SLOUGH MUSLIM TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
4
Current assets
Cash at bank and in hand
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
5
Net assets
Funds of the charity
Unrestricted funds
Total charity funds		 2023
£
1,992,559
94,342
94,342
2,086,901
(1,703,749)
383,152
383,152
383,152		 2022
£
1,850,776
71,991
71,991
1,922,767
(1,564,569)
358,198
358,198
358,198

The financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024 and were signed on its behalf by

Faisal Totakhel Trustee

Charity Registration No. 1193341

SLOUGH MUSLIM TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory information

Slough Muslim Trust is a Charitable Incorporated Organisation, registered in England and Wales, registration number 1193341. The registered office is Masjid Ilyas, Whitby Road, Slough, SL1 3DW, United Kingdom.

2 Compliance with accounting standards

The financial statements have been prepared in accordance with the charity's [governing document], 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

3 Accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Basis of preparation

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Presentation currency

The accounts are presented in £ sterling.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

SLOUGH MUSLIM TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Income

Income is recognised when the charity 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the direct pay and non-pay costs and support costs relating to those activities.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, and include its audit fees and costs linked to the strategic management of the charity including trustee expenses.

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.

SLOUGH MUSLIM TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments

The charity 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 charity's balance sheet when the charity 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.

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 charity’s contractual obligations expire or are discharged or cancelled.

Tangible fixed assets and depreciation

Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Regarding land & buildings, only the freehold improvement costs have been depreciated as the residual value of the land & buildings is greater than the purchase price hence no depreciation is needed.

Land & buildings 2% on straight-line basis Fixtures & fittings 20% on reducing balance basis

SLOUGH MUSLIM TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Tangible fixed assets
Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
5 Creditors: amounts falling due after more than one year
Other creditors		 Land &
buildings
£
At cost
1,798,607
156,856
1,955,463
1,613
4,751
6,364
1,949,099
1,796,994		 Fixtures &
fittings
£
At cost
67,228
3,654
70,882
13,446
13,976
27,422
43,460
53,782
2023
£
1,703,749		 Total
£
1,865,835
160,510
2,026,345
15,059
18,727
33,786
1,992,559
1,850,776
2022
£
1,564,569

Creditors include interest free loans made by individuals and businesses to charity for the purchase of a place of worship.

6 Transactions with related parties

None of the Trustees (or any persons connected with them) received any remuneration or payment of expenses during the year.

7 Average number of employees

During the year the average number of employees was 0 (2022: 0).

SLOUGH MUSLIM TRUST DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2023

This schedule does not form part of the statutory accounts.

This schedule does not form part of the statutory accounts.
Income
Donations
Administrative expenses
Motor expenses
Rates
Light and heat
Stationery and printing
Bank charges
Insurance
Repairs and maintenance
Depreciation
Advertising and PR
Other legal and professional
Operating surplus
Surplus for the year		 2023
£
69,628
45
1,937
7,295
88
-
2,519
6,926
18,727
6,107
1,030
44,674
24,954
24,954		 2022
£
287,616
127
1,172
1,253
53
75
-
11,858
15,059
410
150
30,157
257,459
257,459