The Gloucester Musllm Wellare A%sodatlon Umlted Charity No. 256774 Company Nfy 00892661 Tru5tees' Report and Unaudlted AC1Thts 31 Ortober 2023
The Gloucester Musllm Welfare Associatlon Llmlted Contents Pages 2to3 Trustees, Annual Report Independent Examiner's Report statement of Financial Activities Summary Income and Expenditure Account Balance Sheet Notes to the Actounts 8t015 Detailed Statement of Financial ArtP4ities 16to17 Page I
The Glt)uce51er Musllm Welfare AsSWi3tion Limited Truste Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 2C¥J6. present their report with the unaudbted financial statements of the charty for the year ended 31 Ortober 2023. REFERENCE AND ADMINisfRATIVE DETAILS Company No. (K1892661 Charlty No. 256774 Prlnclpal Ollke 44146 Ryecroft Road Gloucester GLI 4LY Registered Office 44146 Ryecroft Road Gloucester GLI 4LY Directors and Trustees The Directors of the charFtable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year.. Y. Patel Y. Topia Company Secretary A. Ginwalla Key Management Personnel Chairman Accountants Mr Y Patel Robert Powell Chartered Accountant Suite 12, West8ate House WestBate Retail Park Gloucester GLI 2RU Bankers Barclays Bank Gloucester GL18 IDH Sollcltors None Inveslment Advlwrs Page 2
The Gloucester My4lm Welfare Associatlon Umlted Trustees Annual Report None ACHIEVEMErir5 AND PERFORMANCE The association has continued to look after the interests of the Muslim community in Gloucester. The charity's fvndraising comes from the member& There are no material investments PLANS FOR FirruRE PERIODS The charity's future plans are to carry on the work that has been done in the past. 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 wf(h the Companies Art 21Y)6. The Trustees are also responsible ft)r safeguarding the assets of the charity and hence takin8 reasonable steps for the prevention ènd detection of fraud and other irregularities. The above report has been ppared in accordance wrth the provisions applicable to tompanies subject to the small companies regime as set out in Part 15 of the Companies Act 2(X)6 and in accordance with the Charlties SORP IFRS 1021. Signed on behalf of the board Y. Patel Trustee 19 May 2024 Page 3
The Gloucester Muslim Welfare Association Limited Independent Exarnlners Report Independent Examiner's Report to the trustees of The 6kcester Mu511m Wellare Assodation Limlted I report to the charity trustees on my examination of the financial statements of The Gloucester Muslim Welfare Aswciation Limited for the year ended 31 Ortober 2023. Responslbllltles and basls ol report As the charity's trustees of the company land also it5 dirertors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirement5 of the Companies Act 2CK)61'the 2(K)6 Art. Havin8 satisfied myself that the financial statements of the Charrty are not required to be audited under Part 16 of the 2CK16 Att and are eligible for independent examTrnation, I report in respect of my examination of vour charity's financial statements as carried out under section 145 of the Chartties Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Dirertions grlen by the Charity Commi55i0n under *ction 145151 Ibl of the 2011 Act. Independent exarninerfs ststement I have completed my examinatFon. I can confirm that no material matters have come to my attention in connection with the examination gwing me cause to believe.. • accounting records were not kept in accordance with section 386 of the 21K)6 Act - or • the financial statements do not accord with those records- or • the financial statements do not comply with the accountin8 requirements under section 396 of the 2CK16 Act other than any requirement that the financ1 statements give a'true and fair, view which is not 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 Aecomrnended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reportin8 Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no Concerns and have come across no other matters in connection with the examination to which attention should be drawn in this pOrt in order to enable a proper understanding of the financial statements to be reached. Robert Powell ICAEW Robert Powell Chartered Accountant Suite 12, West8ate House Westgate Retsrl Park Gloucester GLI 2RU 19 May 2024 Page 4
The GI¢teSter Muslim Welfare Association Llmlted Statement of FInala1 Artlvltles for the year ended 31 October 2023 funds fund5 Total funds Total lunds Z023 2023 2022 Note5 In¢ome and endowments from: Donations and legacies Charitable actlvities Other trading artivities Investments Other 211,539 5,043 24,765 60,771 2,826 211.539 5,043 24,765 60,771 2,826 86,300 6,117 25,805 31,075 2.948 T+)tsl 304.944 304,944 152,245 EKpendlttsre on: Raising funds Charitable activit$ Other 878 878 14,931 9,363 62.118 io li 103.OS3 103,053 Totsl 103,931 103,931 86,412 Net gains on investments Net Income 201.013 201,013 65.833 Transfers between funds 18,103 118,103) gainsl{10ssesl 219,116 118,103) 201,013 65,833 Other gains and losse4 Net movemefit In fufids 219,116 118,103} 201,013 65.833 Reconclllatlon of funds: Total funds brought fop*ard 1.251.476 1286.3191 965.157 899,324 Total lund5 caffled forward 1,470.592 1304.4221 1,166.170 965,157 Page 5
The Gloucester Muslim Welfare Assodatlon Limtted 5mmary Income and Expenditure Atcount lor the year ended 31 October 2023 2023 2022 Income 244.173 121,170 Interest and Investment income f,771 31,075 Gross Income for the ar Expenditure 304.944 152,245 103,931 86,412 Totsl expenditure for the year Net income before tax for the year 103.931 86,412 201,013 65,833 Net Income ft>r the year 201,013 65,833 Page 6
The 61CeSter Mu511m Wellare Aw•clatlon Umited Balance Sheet at 31 October 2023 C4xnpany No. LJ)892661 Notes 2023 2022 Flxed assets Tangible assets 840,167 840,167 7LX),167 7QK),167 Current assets Debtors Cash at bank and in hand 14 4.702 340,233 344.935 118.9321 326,CK13 4.649 279,353 284,002 119,0121 264,990 Crndltors.. Amount falling due within one year Net current assets Totsl assets less current Ilabllltles 1.166.170 965,157 Net assets exdtsdlnl penslon asset or Ilabillty Total net assets 1.166.170 965,157 1.166.170 965,157 The fvnds of the charlty Restrfcted lufids Restricted Income funds 17 {304,4221 {304,4221 1286,3191 1286,3191 unreStrirt fvnds General funds 17 1,248,530 1.029,414 1.248,530 1.029,414 17 Revaluation reserle 222,062 222,062 222,062 222,062 Total funds 1,166,170 965.157 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 October 2023 the company was entitled to exemption under section 477 of the Companies Art 2C*)6 relating to small Compan$. The members have not qUired the company to obtain an audit in ac£ordance with section 476 of the Companies Act 2CM)6. The directors acknowledge their responsibilities for comptying with the requirements of the Companies Act 26 wfch respect to accountin8 records and the preparation of accounts. Approved by the board on 19 May 2024 And signed on tts behalf by: Y. Patel Trustee 19 May 2024 Pa8e 7
The Gloucester Musllm Welfare Assodatlon Umited Notes to the Acc(wnts for the year ended 31 Ortober 2023 l Accountlng pollcles Basls of preparatlon The financial statements have been prepared in accordance with Accountin8 and Reportin8 by Charities: ststement of Recommended Prartice applicable to charities preparing their accounts in accordance wfth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive I January 20151 (Charities SORP {FRS 102)), the Financial Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Compan$ Art 2Q)6. Change in basls of accounting or to pre¥lous aCc(fits There has been no chan8e to the accounting policies (valuation rules and method of accountin81 since last year and no changes have been made to accounts for previou5 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. These are unrestricted fvnds earmarked by the trustee5 for particular purposes. These are unrestricted fvnd5 which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrirtnS imposed by the donor or through terms of an appeal. Designated funds Revaluation fund5 Restricted funds Income Recognition of income Income is included in the Statement of Financial ArtN1tS ISOFAI when the charity becomes entitled to. and virtually certain to receive. the income 8nd the amount of the income tan be measured with suffitient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported 8ross in the SOFA. Donations and legaties Voluntary income (eived by way of 8rants. donations and gifts is included in the the SOFA when receNable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax retlaims is included in the SOFA at the same time as the donations and gifts giftldonation to which rt relates. Donated services These are only included in income Iwith an equNalent amount In expenditure) and facilities where the benefft to the Charity is reasonabty quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income Thi5 is included tn the accounts when receivable. Gainslllossesl on This includes any 8ain or loss reSu1n8 from revaluing investments to mafket value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or loss on the sale of investments. Page 8
The Gloucester Musllrn Welfare A55(Ki*ion Llmited Notes to the Accounts Expèndlture Retognition of expenditure Expendrture is recognlsed on an accruals basls. Expenditure includes any VAT which cannot be fvlly reCoved. and is reported as part of the expenditure to which rt relates. Expenditure on These cornprise the costs associated with attractlng voluntary income. fundraising raising funds trading costs and investment management Costs. Expenditure on These comprise the c05ts incurred by the Charity in the delivery of its actNities and charitsble activities 5eMce5 in the furtherènce of its objects. includin8 the making of grants afid 80vernance c05t5. All grant expenditu is accounted for on an artual paid basis plu5 an atcrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs a55OCiated with meetin8 the constitutional and ststLFtory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic mana8ement of the Charity. together with a share of other admin1stratft costs. Other expendtture These are sllPPOrt Costs not allocated to a particular actNty. Grants payable Governance costs Taxatlon The charity És exempt from corp)ration tax on its charitèble actP4itie Freehold Investrnent property Investment properties are measured initially at cost and subsequently at fair value at eath balance sheet date and are not depreciated. All gains or losses a tsken to the Ststement of Financial ActNit5 as thev arise. Stocks Stock is included at the lower of c05t or net realisable value. Donated items of stttk are recognised at fair value which is the amount the Charity would have been willin8 to pay for the items on the open market. Trade and i)ther debtors Trade and other debtors are reco8ntse(l 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 equlwdlents Cash and cash equivalents comprise cash at bank and on hand, demand deposits wtth banks and other short-term hi8hly liquid investments with or%inal 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 equNalents are shown net of bank overdrafts that are repayable on demand and fom an integral part ofthe company's cash management. Trade and other creditor5 Short temi creditors are measured at the transaction prite. Other creditors ènd provisions are Cognised where the charity has a present obligation resultin8 from a past event that will probably SuIt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliab. Creditors and provision5 are normally recognised at their settlement amount after alk¢wing for any trade discounts due. Page 9
The Gloucester Muslim Welfare A$s¢X Limlred Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it 15 incurred. Forel8n currendes Monetary assets and liabilities denominated in currencbes other than the functional currency of the chartty are translated at the rates of exchange prevailing at the end of the reporting period. Transartion5 in currencies other than the funrtional turrency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into attount in arriving at net income/expenditL4re. Leased assets Where the charty enters into a lease which entails takin8 substantially all the risks and reward5 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 clasSifd as operating leases. Assets held under finance leases are initialty recognised as assets of the charity at their faif value at the nception of the lease or, rf lower, at the present value of the minimum lease payments. The correspondin8 liabtlty to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned betsveen finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liabilty. Finance expenses are recognised immediately, unless they are directfy attributable to qualifyin8 assets, in which case they a capitalised in accordance WTth the charty's policy on borrowing costs. Assets hetd 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 re¢o8ni5ed as a liability. The aggre8ate benefft of incentives is recognised as a reduction of rental expense on a straight-line basis. Pensiofi costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan LFnder 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. Recelpt of donated goods, fdulltle5 and services All donated 8oods, facilities and services recerved are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Cornpany status The company is a prNate company limrted by guarantee and consequently does not have share caprtal. Page 10
The Gloucester Musllm Welfare Assoclatlon Umlted Notes to the Accounts 3 StstemeTht of Finan¢i•l Act•- prlorye•r funds tunds Total funds 2022 2022 2022 Income and endments Irom: Donatlons and legac$ Charitable aCtNit$ Other trading activities Investments 61.738 6,117 25.805 31,075 24,562 86.300 6,117 25.8JJ5 31,075 2,948 Other Total 127,683 24,562 152,245 ExpÈfidlture ¢Jn: Raising funds Charitable artivittes 4.493 10,438 9,363 14,931 9,363 62,118 Other 62,118 T¢x•I 66.611 19,801 86.412 Net Income 61,072 4,761 65,833 Net Income before other gains/{lossesl Other 8alns and losses: Net mMent In lunds 61.072 4,761 65.833 61.072 4.761 65,833 Reconcillatlon of fvnds: Total fund5 brought forward Total fvnds carrled frnrd I,1,404 1291,0801 899.324 1.251.476 1286,3191 965,157 4 Income from donatlons and le8acies Unre5tr1cted Total 2023 Total 2022 Donations Income tsx refunds on Covenants 66,385 66,385 55,771 5.154 5,967 Sundry income and donations for special appeals Donations, income tax refunds and rents 14,299 140.C 140.OLXI 10,263 211,539 211.539 86,3(M) Page 11
The Glouoster Musllm Welfare As%Kiation Umited Notes to the Accounts 5 Income from tharitable aclivltles Unrestrirted Total Total 2023 2022 Marriage fees Funeral income 420 420 4,623 5.043 4,623 5,043 6,117 6,117 6 Ineome from other tradln8 art•¥ities Unrestrlrted Total Total 2022 2023 Membership fees 24,765 24,765 24,765 24,765 25,805 25,805 7 Income from investments UnrestriLted Total Total 2022 2023 Rents received 60.771 60,771 31,075 60.771 60,771 31,075 8 Other Income Unrestricted Total Total 2023 2022 Sundry income 2.826 2,826 2,826 2,826 2,948 2,948 9 Expendlture pn raisln8 fvnds Llnre5trkted Totsl Total 2022 2023 Costs of generoting ¥oluntory incon Donations 10,438 Investment manogement costs Rents received 878 878 4,493 14,931 878 878 Page 12
The Glou¢ester Musllm Wellare Assoclatlon Llmlted Notes to the Accounts 10 Expendlture on charltsble acltIeS Total Total 2023 2022 Govemonce costs Rent reimbursement 9,363 9,363 11 Other exPendIre Unvestrfrted Totsl 2023 Total 2022 Transfer of funds 18,103 18,103 Employee costs Premises costs 32,704 48,166 3.552 528 32,704 48,166 3,552 528 36.052 22,341 3.221 General administrative costs Legal and professional costs 103.053 103,053 62,118 12 stsff costs 2023 32,704 32,704 2022 36,052 36,052 Salaries and w4es No employee recetved emoluments in excess of £60.iNX). 13 Tan8lble Ilxed assets At l November 2022 Additions At 31 October 2023 71X).167 140,000 840.167 7,167 140,0 840,167 Net book values At 31 Ortober 2023 At 31 Ortober 2022 14 Debtors 840.167 7(M).167 840,167 7,167 2023 2022 Prepayments and accrued income 4,702 4,702 4,649 4,649 15 Credltors: amounts fallin8 due wtthin one year 2023 2022 Other treditor5 18.932 18,932 19,012 19.012 Page 13
The Glou¢ester Musllm Weltsre A$slation Umited Notes to the Accounts 16 Deferred Income Movement of the defrrred income shown in Creditors.. umountsfolling due more thon one year 2023 2022 At l November 160,OLKt 1160,OLK)I Released in current year 17 Movement In fvnds Incoming At31 October Gross transfers Atl {Indudln8 Resourc expended 2023 2022 rdlns/losses) Reslrirted funds: Restrlcted income fvnds: Special purwses Mosque extension fvnd Islamic School property investment fvnd 16.154 1320,5681 116,1541 11,9491 1322.5171 18,095 18,095 Total 1286,3191 118,1031 1304,4221 Unrestricted funds: General funds 1,029,414 304,944 1103.9311 18,103 1.248,530 Revaluatlon Reserves: Revaluation fiAt)d 222,062 222,062 Totol ValUtIL reserves 222.062 222,062 Totsl fvnd5 965,157 304,944 1103.9311 1.166,170 Purposes and restrictions in relation to the funds- Revaluation reserves Represent the amount by whKh investments exceed their historical cost. Restricted fvnds- Special purposes Mosque extension fund Islamic School property investment fund 18 Analysls of net assets between lunds Unreslrirted funds Total Fixed assets 840,167 326,(13 1,166.170 840,167 326.003 1,166,170 N@t current assets Page 14
The GteSter Musllffl Wellare Assoclatlon Umited Note5 to the Accounts 19 Recondllatlon of net debt Ati At31 October 2023 2022 C•sh Ilows Cash and cash equivalents 279,353 279,353 340,233 340.233 Net debt 279,353 60,880 340.233 20 Related party disclosures Controlling Forty The company is limited by guarantee and has no share capitsl,- thus Tro single party controls the company. Pa8e 15
The Gloucester Muslim Welfare Awdatlon Limited DetaId StaterneTht of Flnandal Acllvltles for the year ended 31 Oci¢)ber 2023 Unrestrirte Restricted d funds fvnds Total fvnds Total funds 2023 2023 2023 2022 Income and endowments from.. Donations and legacies Donations 66,385 5,154 66,385 5.154 55.771 5,967 Income tax refunds on covenants Sundry income and donations for special appeals Donation5, income tax refiJnd5 and rents 14,299 140,0 140,OCO 10,263 211,539 211,539 86,300 Charitable artivrties Marriage fees Funeral income 420 420 4,623 5,043 4,623 5,043 6.117 6,117 Other trading actTrvities Membership fees 24.765 24.765 24,765 24,765 25,805 25,805 Investments Rents received 60.771 60,771 60,771 60,771 31,075 31,075 Other Sundry income 2,826 2,826 2.826 2,826 2,948 2,948 Total Inc¢)me and end¢)wments 304.944 304,944 152,245 Expendlture on: Costs of generatin8 donations and legacies Donations 10,438 10,438 Investment management costs Rents received 878 878 4,493 4,493 878 878 Totsl ol expenditure on rnlsin8 fund5 878 878 14,931 Governance costs Rent reimbursement 9,363 9,363 Total of expendlture on thaiitable actlvftles 9,363 Pa8e 16
The Gloucester m1m Welfare As%>ciation Umlted Detalled Ststemefit of Hnandal Actlvltles Other expenditure Transfer of funds 18.103 18,103 18.103 18.103 Employee costs Salarieslwa8es 32,704 32,704 32,704 32,704 36,052 36.052 Premises costs Rates Light, heat and power Premises cleanin8 Premises repairs and maintenance 4,129 16.630 15.975 4,129 16,630 15.975 2,153 11,679 4,504 11.432 11.432 4.005 48.166 48,166 22,341 General administrative costs, Includln8 depreciat and amortisation General insurances 2.774 457 2,774 457 2.450 408 150 48 Stationery and printin8 Subscriptions Sundry expenses Tephone. fax and broadband 150 51 51 120 120 3.552 165 3.221 3.552 Legal and professtonal cost5 Audivlndependent eXaMinatn fees 528 528 528 528 504 Total of expendlture of other tosis Totsl exPendIre Net gains on investff*nts 103.053 103,053 62,118 103.931 103.931 86.412 Net Income 201.013 201,013 65,833 Transfers between fvnds 18,103 118,1031 Net Income before other 8alnslllosses) Other Gains 219.116 118.1031 201,013 6S,833 Net m¢>vement in fvnd5 219,116 118,1031 201,013 65,833 Reconuliatlon ol fvnds: Tot81 funds brought forward 1,251,476 1286,3191 965.157 899,324 Total funds carrfed fonmard 1,470,592 1304.4221 1.166.170 965,157 Page 17