CHARITY REGISTRATION NUMBER: 1196680 AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE TRUSTEE'S ANNUAL REPORT & IJNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 MAHBUB & CO ACCOUNTANTS LIMITED Accountants 388-390 Romford Road London, UK E7 8BS AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Accounts Year ended 31 December 2023 Page Trustees, annual report Statement of financial activities Statement of financial position Statement of cash flows Notes to the accounts AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Trustees. Annual Report Year ended 31 December 2023 The trijslees present their report and the unaudited accounts of the charity for the year ended 31 December 2023. Reference and 8dministrative detslls Registergd charfty name AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Charlty r&gistration numbor 1196680 Prlncipal offic& 49 Aldersey Gardens Barking Essex IG11 9UG UK Th& tru$te8$ Mr Jahur Akanjee Mrs Jannalul Meah Ms Nelufa Ahmed Mrs Co15um Akanjee Accountants Rehana Akhler Mahbub & co Accountants Accountants 388-390 Romford Road London, UK E7 8BS AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Trustees. Annual Report l¢ontinuodl Year ended 31 December 2023 Structure. governance and man8gem&nt Akanjee Foundation Mosque & Islamic Centre is constituted as a charitable trust registered with the Charity Commission in 19th November 2022 under the charity number 1196680. The organisalion is chaired by Mr. Jahur Akanjee. Organisational Structure The charity tiustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or Other financial benefits. The trustees meet as a body on a quarterly basis to review over811 direction of the foundations, facilities and activities provided by the charity. Recruitment and appointment of trustees The existing trustees and responsible for the recruilmenl of new Iruslees. Inductlon of trainlng of trusteos Upon appointment, new trustees are introduced lo their new roles and responsibilities and given a ¢c>py ol the trust deed. They are introduced to their Sources available on the Gharily Commission website and enCO￿r39ed lo be¢ome familiar wth the requirement and good practice processes applicable to our charity. namely the Charrties Act 1993. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Trust8es' Annual Report Icontinuedl Year ended 31 December 2023 Obj8ctlve$ and activlti88 Our alms The objects of the charity are set out in the charity's trust deed and are summarised here.. 81 The advancement of the Islamic religion for the public benefit, but not exclusively by the provision of pr8yer facilities and sessions and the leaching of the Quran. bl The rellel of poverty and the promotion and protection of good health through the provlsion of information and advice sessions. c) To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure lime occupation of individuals who have need ol such facilities by reason of their youth, age infirmity or disability, financi81 hardship or social circumstsnces with the object of Improving their conditions Df life. "The Charity's objects are for the benefit of the inhabitsnts of the United Kingdom" Our ObSects Our objects are set out to reflect our faith and community aims. The trustees reflect on these annually to ensure they are relevant to the aims of the trust and needs of the community. The trustees always consider the Charity Commissions general guidance on public.benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit. Our aims remain lo provide a facility where Muslims can worship and provide a community facility lor all the inhabitsncy of Barking and the wider area as well as ensuring good community citizenship. Activities The charity has sold the lease lo a third party on 291h November 2022 in return for a monthly rent of £4,333.33. From December 2023, the charity does not provide any activities to the Mosque and Madrasa. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Trustees, Annual Report lconliyru8dJ Year ended 31 December 2023 Achievements and performance The mosque is accessible and w&l¢oming, where both Muslims and those who wish lo know more about our faith, can gather to learn about the MusliTn religion and worship. The m05que is open for the 5 daily prayers with Friday prayer being a focus of our activities. Arabic classes are run 7 days 8 week Monday lo Friday for children from 5pm to 7pm and 10am lo 12 pm Saturday and Sunday. The classes are laught by 6 qu81ified Arabic teachers who have valid and Current CRB certificates. The additional days and additional teachers were added from September 2017 to maintsin balanced class sizes and service continuity after the number of Children attending increased further. Flnanclal review Afier the COVID-19 the charity has started ils normal activities until November 2023. In November 2022 the charity has slopped ils normal activities and sold the lease lo a third party. Investment policy and obJoctive$ The charity has no long term investments other than the masjid property. Cash reserves are held in a charity bank account and any interest earned is considered by the trustees as a gift of the UK banking system and supp*ments the work of the charity. Plans for the future pgrlod Due to the original mosque being loo small lo comfortably accDmmodale all those who regularly allend Friday prayer. Our plan has always been lo increase capacity by removing the temporary marquee slruclure and building something more permanent. This has now been accomplished by building a large single slorey rear extension. We are now able to accommodate Friday prayeTS in a safe and comfortable setting. We intend to maintain our exisllng r8nge of community activities working in partnership with the community and continue sharing a good Ljnderstanding of Islam with our non-muslim neighbours whilst gaining an understanding of their cullLJre and traditions. The financial position of the Trust is portrayed in the accompanying Annual Account. The Iruslees. annual report was approved on 16 April 2024 and signed on behalf of the board of trustees by.. Mr Jahur Akanjee Chairman AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE INDF.PEIYDENI' EXAMIPIEK'S STATEMENT Year ended 31 December 2023 I report on th8 accounts of the charity for the year ended 31 December 2023. RESPECTIVE RESPONSIBILITIES OFTRUSTEES AND EXAMINER The charity's Iruslees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 11 is my responsibility to.. examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act,. and to slate whether particular matters have come to my attention. BASIS OF INDV.PENDKNT EXAMINER'S REPORT My examination was carried out in accordance with the general Directiong given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations matters. from you as trustees concerning any such AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE INDEPENDF,NT EXAMINER'S s"fATEI MENT Year ended 31 December 2023 INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter has come lo my attention.. 11) which gives me reasonable cause to believe that in any material resped the requirements.. lo keep accounting records in accordance with section 130 of the 2011 Act,. and lo prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met., or 12) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. Rehana Akhter Independent examiner 388-390 Romford Road London, UK E7 8BS AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Statement of Financial Activities 31 December 2023 2023 Unrestricted funds Total funds 2022 Total funds Nots Income and endowments Donations and legacies Investment income Sadaka 2,395 84,490 4,679 2.395 84,490 4,679 7,316 78,400 Total Incomg 91,564 91.564 85,716 Expenditure Expenditure on charitable activities Totsl expenditurg 32,429 59,135 32.429 12,319 59,135 73.397 Net income and net movement In fund$ 59,135 59.135 73,397 Roconclllation of funds Total funds brought forward Prior year adjustment for Loan 747,962 747,962 674,565 Total funds carrled fotward 807,097 807,097 747,962 The statement of financial activities includes all gains and losses recognlsed in the year. All income and expenditure derive from continuing activities. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE statement of Financial Position 31 December 2023 2023 2022 Flxed a8s8ts Tangible fixed assets 11 819,000 820.163 Current assets Cash al bank and in hand Prepaymenl Other Debtor 128,912 7,525 1,200 81,089 3,150 Creditors.. amounts falling due withln one year Net current assets 12 840 840 136,797 83,399 903,562 Totsl assets lèss curront liabilltlas 955,797 Creditors: amounts falllng due after more than on& yoar 13 148,700 807.097 155,600 747,962 Not as5&ts Funds of thg charity Unreslricled funds Reslri¢ted funds 807.097 747,962 Total charlty funds 14 807,097 747,962 These accounts were approved by the board of trustees and aulhorised for issue on 16 April 2024, and are signed on behalf of the board by.. Mr Jahur Akanjee Chairrnan AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts Year endod 31 December 2023 Gèneral information The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 49 Alder5ey Gardens, Barking, Essex, IG11 9UG, UK. statsmant of compllance These accounts have been prepared in complian￿ with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance wllh the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102} (Charities SORP IFRS 102}l and the Charities Act 2011. Ac¢ounting pollcles Basis of preparation The accounts have been prepared on the historical cost basls, as modified by the revaluation of ¢erlain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The accounts are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Transltion to FRS 102 The entity transitioned from previous UK GAAP lo FRS 102 as at 1 January 2016. Details of how FRS 102 has affected the reported f1nancial position and financial performance is given in note 16. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated fund8 are unrestricted funds eamarked by the trustee8 for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes.. restricted income fund8 or endowment funds. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts (￿ntInued) Year ended 31 December 2023 Accounting pollcles Icontlnuod) Incomlng resource$ All incoming resources are included in the statement of financial 8Ctivrties when entitlement has passed to the charily., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income". income from donations OT grants is recognised when there is evidence of entillemenl lo the gift, receipt is probable, and its amount Can be measured reliably. legacy income is recognised when receipt is probable, and enlillement Is established. income from donated goL)Lls is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the ¢onlribulion of general volunteers. income from contracts for the supply of services is re¢ognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual reqwement for il to be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resourc05 exp&ndgd Expenditure is recognised on an accruals basis as 8 liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings of the slalement of fin8n¢ial activities lo which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitsble trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and ctssls relating lo the govemance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raislng funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated lo expenditure categories relle¢ting the use of the resource. Dlrect costs atlribulable to a single activity are allocated directly to that a¢livity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and con515tenl basis. Tangible as$&ts Tangible assets are initially recorded al cost, and subsequently stated 81 cost less any accumulated depreciation and impairment losses. Any tangible assets Carried at revalued amounts are recorded al the fair value at the d81e of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts Icontinu Year ended 31 Decembar 2023 Accountlng poll¢les ieontlnuo(11 Tanglble assèts (continued) An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised a5 expenditure within the statement of financial aclivilies. A decrease in the carrying atnounl of an asset as a result of revalLJation, is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown wthin other recognised gains and losses on the statement of financial activities. D&proclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Impairmentoffixed assets A review for indicators of impairment is carried out al each reporting dale. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for P055ible rqversal al each reporting date. For the purposes of impairment lesling, when il is not possible lo estimate the recoverable amoLJnt of an individual asset. an estimate is made of the recoverable amount of the cash- generatin9 unit lo which the asset belongs. The cash-generaling unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the Ga5h inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated lo each of the cash-generaling units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or Ilabilities of the charity are assigned lo those units. Financial instrumgnts A financial asset or a financial liability is recognised only when the charity becomes a party lo the conlraclual provisions of the inslrumenl. Basic finan¢ial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other ¢onsideralion expected lo be paid or received and not discounted. Debt instruments are subsequently measured al amort18ed cost. Where investments in shares are publicly traded or their falr value can otherwise be measured reliably, the investment is subsequenlly measured at fair value with changes in fair value re¢o9nised in income and expenditure. All other such investments are subsequently measured at Cost less impairment. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts (contlnu¢dl Year ended 31 December 2023 Accounting pollclos (contlnuédl Financial Instrumènts16oniinu¢dl Other financial instruments, including derivatives, are initially re¢ognised at fair value, unless payment for an asset 15 deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted at a market rate ol interest for a similar debt instrument. Other linan¢i81 instruments are subsequently measured at fair value, with any changes recognised in the statement Df financial aclivilies, with the exception of hedging instruments in designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognise(J. For all equity instruments regardles5 of significance,- and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually Dr grouped on the basls of similar credit iisk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the c8rryin9 amount would have be&n had the impairment not previously been recognised. Donation$ and legaci9S Unreslriclod Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations Received Sadka, Filra & Zakat 2,395 4,679 2.395 4.679 2,505 4,811 7.316 2,505 4,811 7.074 7,074 7,316 Investment incomg Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Income from Investment properties Bank interest receivable type 1 84,490 84,490 78,400 78,400 84,490 84,490 78,400 78,400 AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts (contlnued) Year ended 31 December 2023 Expenditur• on charitable actlvltl8s by fund type Unreslricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Mosque Mainlen8nce & Upkeep Support costs 32,429 32,429 12,319 12,319 12,319 12,319 32,429 32,429 Nèt Income Nel income is slated afier chargingllcrediling}'. 2023 2022 Depreciation of tangible fixed assets 1.162 1,369 Staff costs and gmoluments The lotsl staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages ana salaries The average head count of employees during the yesr was Nil12016.' Nill. The average number of full-lime equivalent employees during the year is analysed as follows.. 2023 2022 No. No. Number of staffs No employee received employee benefits of more than £60,000 during the year12016.' Nill. 10. Trustee remuneratlon and exponses Trusleeg are working on voluntary basis. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts (¢onllnued) Year ended 31 December 2023 11. Tanglble fix¥d as$ets The title deeds of the land and buildings Ilhe masjid) are In the name of Colsum akanjee and Helal Khan .Colsum Akanjee Is the daughter of the chair of Iru5tees. This arrangement came about as the charity itself was not able lo raise the loan finan¢e lo purchase the masjid. The property is considered an asset ol the charity as under a conlraclual agreement between the charity and Colsum Akanjee and Helal khan , once a loan is fully repaid (expected lo be in 20231 then lille wll be transferred lo the charity. The loan is now fully repaid and the title was tranSfer￿d to the charity. Land and Fixtures and buildings fittings Total Cost Al 1 January 2023 Additions Revaluations 812,410 24.320 836.730 At 31 Docomber 2023 Depreciatlon At 1 January 2023 Charge for the year At 31 December 2023 Carrying amount At 31 December 2022 Al 31 Decomber 2023 812,410 24,320 836,730 16,567 1,162 16,S67 17,729 16.567 812.410 812,410 6.591 6,591 819.000 819,000 12. Credltors: amounts falllng due within one year 2023 2022 Other creditors 840 13. Credltors.. amounts falling duo aftgr morg than one ygar 2023 2022 Loans from trustees & related parties Loan from members of the public Bank loan & overdraft Rent Deposit 121,500 199,699 19,253 26,000 27,200 148,700 244,952 Trustee loans are interest free 108ns lQardaha58nal. They are oonsidered long teim creditors as the trustee8 do not expect repayment wthin one year. Out8tanding loans: Loans from members of the public represent funds received to enable the construction of the rear extension lo the mosque. Thes& loans are repayable over the longer term as and when repayment is requested. The bank loan is a mortgage secured on the property al 86 Longbridge Road, Barking, Essex. IG11 8SF used as a masjid by a charity. 14. AnaSysis of charitable funds Unrestrictod funds At 31 December 2023 Al 1 January 2023 Income Expenditure General funds 747,962 91,564 132,4291 807,097 Piior Year Adjustment Restricted Fund$ General Funds 1S. Prlor ygar adjustments Prior year adjuslmenl represents previous adjuslmenl for the Bank Loan & overdraft of which the interest element was added with the principal amount which now rectified and represented properly. AKANJEE FOUNDATION MASJID & ISLAMIC CENTRE Notes to the Accounts {COlJllnued) Year onded 31 December 2023 16. Transitlon to FRS 102 These are the first 8¢counls that cornply with FRS 102. The Charity Irangilioned to FRS 102 on 1 January 2016. No transitional adjustments were required in the retained funds or income or expenditure for the year. 17. Related Party Transaction.. As noted above in notes 11 and 13, the masjid and the long term loan are both held in the nam ol Colsum Akanjee and Helal Khan. Colsum Akanjee is the daLJghler of the chair of trustees. Funds to cover the monthly mortgage repayments are transferred by the charity to Colsum Akanjee and Helal Khan. In the ye8r Ihe total outstanding amount were lully paid and the lille was transferred to the charity. No personal benefit has derived from these transactions.