2024-03-31-accounts - Community Welfare Academy

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Community Welfare Academy

Charity No. 1195564

Company No. 14121075

Trustees' Report and Unaudited Accounts

31 March 2024

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 2024.

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

To relieve financial hardship among poor people, orphans, widows and other people
To advance education for the benefit of the general public by means of provision and assitance
To advance in life and relieve needs of young people through provision of recreational activities
To advance the religion of Islam by the provision of facilities for Islamic education

ACHIEVEMENTS AND PERFORMANCE

This is now the third 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

Poor Family Support to over 100 families in Pakistan
Food Distribution to over 100 families
Improvement of the premises and facilities available in the UK

FINANCIAL REVIEW

During the period the trustees raised £91,096 in income for projects and expenditure was £96,024 This generated a loss of £4,928 and added to the previous years surplus of £15,917 has provided a surplus balance of £10,990 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

Improvements to the centre for all the charitable activities listed in the aims and objectives

Increase fund raising to increase the projects and assistance to the community

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 2024

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 2024.

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:

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act 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; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 AATQB AAT RK Accountants & Tax Advisors Acre House 47 Sticker Lane Bradford West Yorkshire BD4 8QB 31 March 2024

Page 4

Community Welfare Academy Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds 2024 £ 91,096	Total funds 2024 £ 91,096	Total funds 2023 £ 73,128
91,096 26,283 69,740	91,096 26,283 69,740	73,128 63,476 -
96,023 -	96,023 -	63,476 -
(4,927) -	(4,927) -	9,652 -
(4,927)	(4,927)	9,652
(4,927) 15,917	(4,927) 15,917	9,652 6,265
10,990	10,990	15,917

Page 5

Community Welfare Academy Summary Income and Expenditure Account

for the year ended 31 March 2024

Income Gross income for the year Expenditure Total expenditure for the year Net (expenditure)/income before tax for the year Net (expenditure )/income for the year	2024 £ 91,096 91,096 96,023 96,023 (4,927) (4,927)	2023 £ 73,128
		73,128
		63,476
		63,476
		9,652
		9,652

Page 6

Community Welfare Academy Balance Sheet

at 31 March 2024

at 31 March 2024
Company No. 14121075 Notes 2024 £ Current assets Cash at bank and in hand 10,990 10,990 Net current assets 10,990 Total assets less current liabilities 10,990 Net assets excluding pension asset or liability 10,990 Total net assets 10,990 The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds 10,990 10,990 Reserves 8 Total funds 10,990	2023 £ 15,917
	15,917
	15,917 15,917
	15,917
	15,917
	15,917
	15,917
	15,917

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 2024 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 2024

And signed on its behalf by:

M. Imran Trustee 31 March 2024

Page 7

Community Welfare Academy Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Net cash (used in)/provided by operating activities Net cash from investing activities Net cash from financing activities Net (decrease)/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	2024 £ (4,927) (4,927) - - (4,927) 15,917 10,990 10,990 10,990	2023 £ 9,652
		9,652
		-

		-

		9,652
		6,265
		15,917

		15,917

		15,917

Page 8

Community Welfare Academy Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

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

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 9

Community Welfare Academy 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 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

Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Total Net income 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 4 Income from donations and legacies 5 Expenditure on charitable activities Expenditure on charitable activities Poor families support to Pakistan Support education for the general public Governance costs	Unrestricted £ 91,096 91,096 Unrestricted £ 24,468 1,815 26,283	Unrestricted funds 2023 £ 73,128 73,128 63,476 63,476 9,652 9,652 9,652 6,265 15,917 Total 2024 £ 91,096 91,096 Total 2024 £ 24,468 1,815 26,283	Total funds 2023 £ 73,128
			73,128 63,476
			63,476
			9,652
			9,652
			9,652 6,265
			15,917
			Total 2023 £ 73,128
			73,128
			Total 2023 £ 63,476 -
			63,476

Page 12

Community Welfare Academy Notes to the Accounts

6 Other expenditure

Unrestricted £ 6,706 1,477 54,591 4,836 2,130 69,740 2024 6,706 6,706 Incoming resources (including other gains/losses ) £ 91,096 91,096 At 1 April 2023 £	Total 2024 £ 6,706 1,477 54,591 4,836 2,130 69,740 Resources expended £ (96,023) (96,023) Unrestricted funds £ 10,990 10,990 Cash flows £	Total 2023 £ - - - - -
		-
		2023 -
		-
		At 31 March 2024 £ 10,990
		10,990
		Total £ 10,990
		10,990
		At 31 March 2024 £
15,917	(4,927)	10,990
15,917 15,917	(4,927) (4,927)	10,990
		10,990

Page 13

Community Welfare Academy Notes to the Accounts

11 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 2024

Income and endowments from: Donations and legacies 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 Employee costs Salaries/wages Motor and travel costs Travel and subsistence Premises costs Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance Other premises costs General administrative costs, including depreciation and amortisation Equipment expensed Software, IT support and related costs Stationery and printing Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs	Unrestricted funds 2024 £ 91,096 91,096 91,096 24,468 1,815 26,283 26,283 6,706 6,706 1,477 1,477 198 1,243 2,044 50,171 935 54,591 3,959 213 256 408 4,836 2,130 2,130 69,740	Total funds 2024 £ 91,096 91,096 91,096 24,468 1,815 26,283 26,283 6,706 6,706 1,477 1,477 198 1,243 2,044 50,171 935 54,591 3,959 213 256 408 4,836 2,130 2,130 69,740	Total funds 2023 £ 73,128
			73,128
			73,128 63,476 -
			63,476
			63,476 -
			-
			-
			-
			- - - - -
			-
			- - - -
			-
			-
			-

			-

Page 15

Community Welfare Academy Detailed Statement of Financial Activities

Community Welfare Academy Detailed Statement of Financial Activities
Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	96,023 - (4,927) (4,927) - (4,927) 15,917 10,990	96,023 - (4,927) (4,927) - (4,927) 15,917 10,990	63,476 -
			9,652
			9,652 -
			9,652
			6,265
			15,917

Page 16