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2023-03-31-accounts

Community Welfare Academy

Charity No. 1195564

Company No. 14121075

Trustees' Report and Unaudited Accounts

31 March 2023

Community Welfare Academy Contents

Pages
Trustees' Annual Report 2
Independent Examiner's Report 4
Statement of Financial Activities 5
Summary Income and Expenditure Account 6
Balance Sheet 7
Statement of Cash flows 8
Notes to the Accounts 9
Detailed Statement of Financial Activities 10 to 15

Page 1

Community Welfare Academy Trustees Annual Report

Community Welfare Academy

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 14121075

Charity No. 1195564

Principal Office

28 Wellbeck Drive Bradford BD7 4BT

Registered Office

28 WELBECK DRIVE BRADFORD BD7 4BT

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

M. Imran H. Miskeen M. Waseem

Accountants

RK Accountants & Tax Advisors Acre House 47 Sticker Lane Bradford West Yorkshire BD4 8QB

OBJECTIVES AND ACTIVITIES

  1. To relieve financial hardship among poor people, orphans, widows and other people

  2. To advance education for the benefit of the general public by means of provision and assitance

  3. To advance in life and relieve needs of young people through provision of recreational activities

  4. To advance the religion of Islam by the provision of facilities for Islamic education

ACHIEVEMENTS AND PERFORMANCE

This is now the second year of the charity since registration. The trustees have successfully raised more charitable donations than the previous year.

This has created the opportunity to increase the volume of support and enabled;

Page 2

Community Welfare Academy

Trustees Annual Report

  1. Poor Family Support to over 100 families in Pakistan

  2. Food Distribution to over 100 families

  3. UK Grants to 4 Islamic charities to sustain their activities and provide educational facilities

FINANCIAL REVIEW

During the period the trustees raised £73,128.29 in income for projects and expenditure was £63,476.39 This generated a surplus of £9,736.18 and added to the previous years surplus of £6,180.57 has provided a surplus balance of £15,916.75 which has been retained for future charitable expenditure. The charity has a policy not to hold any reserves but to retain surplus funds to further the charity aims.

PLANS FOR FUTURE PERIODS

Provide or assist in use of a centre for all the charitable activities listed in the aims and objectives

Increase fund raising to increase the projects and assist in the facilitation of an activity centre

STRUCTURE, GOVERNANCE AND MANAGEMENT

The association is governed by a written constitution

The Management Committee appoints Trustees from amongst themselves

The Trustees manage the duties and tasks appointed during regular meetings

Trustees are already familiar with the work of the Association

Currently all the personnel involved are volunteers

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 Companies Act 2006. 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.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

M. Imran Trustee 31 March 2023

Page 3

Community Welfare Academy Independent Examiners Report

Independent Examiner's Report to the trustees of Community Welfare Academy

I report to the charity trustees on my examination of the financial statements of Community Welfare Academy for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 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:

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.

Saqib Khan MAAT RK Accountants & Tax Advisors Acre House 47 Sticker Lane Bradford West Yorkshire BD4 8QB 31 March 2023

Page 4

Community Welfare Academy Statement of Financial Activities

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
4
Other
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
73,128
-		 Total funds
2023
£
73,128
-		 Total funds
2022
£
17,115
5,000
73,128
63,476
-		 73,128
63,476
-		 22,115
10,850
5,000
63,476
-		 63,476
-		 15,850
-
9,652
-		 9,652
-		 6,265
-
9,652 9,652 6,265
9,652
6,265		 9,652
6,265		 6,265
-
15,917 15,917 6,265

Page 5

Community Welfare Academy Summary Income and Expenditure Account

for the year ended 31 March 2023

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2023
£
73,128
73,128
63,476
63,476
9,652
9,652		 2022
£
22,115
22,115
15,850
15,850
6,265
6,265

Page 6

Community Welfare Academy Balance Sheet

at 31 March 2023

at 31 March 2023
Company No.
14121075
Notes
2023
£
Current assets
Cash at bank and in hand
15,917
15,917
Net current assets
15,917
Total assets less current liabilities
15,917
Net assets excluding pension asset or liability
15,917
Total net assets
15,917
The funds of the charity
Restricted funds
9
Unrestricted funds
9
General funds
15,917
15,917
Reserves
9
Total funds
15,917		 2022
£
6,265
6,265
6,265
6,265
6,265
6,265
6,265
6,265
6,265

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 March 2023

And signed on its behalf by:

M. Imran Trustee 31 March 2023

Page 7

Community Welfare Academy Statement of Cash flows for the year ended 31 March 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Net cash provided by operating activities
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2023
£
9,652
9,652
-
-
9,652
6,265
15,917
15,917
15,917		 2022
£
6,265
1,265
5,000
-
6,265
-
6,265
6,265
6,265

Page 8

Community Welfare Academy Notes to the Accounts

for the year ended 31 March 2023

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

Income

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 9

Community Welfare Academy Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation 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 10

Community Welfare Academy 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 company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company 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.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 11

Community Welfare Academy Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Other
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds carried forward
4
Income from donations and legacies
5
Other income		 Unrestricted
£
73,128
-
73,128		 Unrestricted
funds
2022
£
17,115
5,000
22,115
10,850
5,000
15,850
6,265
6,265
6,265
6,265
Total
2023
£
73,128
-
73,128
Total
2023
£
-
-		 Total funds
2022
£
17,115
5,000
22,115
10,850
5,000
15,850
6,265
6,265
6,265
6,265
Total
2022
£
14,115
3,000
17,115
Total
2022
£
5,000
5,000

Page 12

Community Welfare Academy Notes to the Accounts

6 Expenditure on charitable activities

Expenditure on charitable
activities
Poor families support to
Pakistan
Support education for the
general public
Governance costs
7
Other expenditure
8
Staff costs
No employee received emoluments in excess
9
Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
10 Analysis of net assets between funds
Net current assets		 of £60,000.
At 1 April
2022
6,265
6,265		 Unrestricted
£
63,476
-
-
-
63,476
Incoming
resources
(including
other
gains/losses
)
£
73,128
73,128		 Total
2023
£
63,476
-
-
-
63,476
Total
2023
£
-
-
Resources
expended
£
(63,476)
(63,476)
Unrestricted
funds
£
15,917
15,917		 Total
2022
£
10,534
161
100
55
10,850
Total
2022
£
5,000
5,000
At 31
March
2023
£
15,917
15,917
Total
£
15,917
15,917

Page 13

Community Welfare Academy Notes to the Accounts

11 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 April
2022
£		 Cash flows
£		 At 31
March
2023
£
6,265 9,652 15,917
6,265
6,265		 9,652
9,652		 15,917
15,917

12 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

Community Welfare Academy Detailed Statement of Financial Activities

for the year ended 31 March 2023

Income and endowments from:
Donations and legacies
Other
Total income and endowments
Expenditure on:
Charitable activities
Poor families support to Pakistan
Support education for the general
public
Total of expenditure on charitable
activities
Other expenditure
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
73,128
-
73,128
-
-
73,128
63,476
-
-
-
63,476
63,476
-
-
-
63,476
-
9,652
9,652
-
9,652
6,265
15,917		 Total funds
2023
£
73,128
-
73,128
-
-
73,128
63,476
-
-
-
63,476
63,476
-
-
-
63,476
-
9,652
9,652
-
9,652
6,265
15,917		 Total funds
2022
£
14,115
3,000
17,115
5,000
5,000
22,115
10,534
161
100
55
10,850
10,850
5,000
5,000
5,000
15,850
-
6,265
6,265
-
6,265
-
6,265

Page 15