The Gloucester Muslim Welfare Assodatlon Limited Charity fio. 256774 C0¥ No. Th)892661 Trust. Rep4)rt * Unaudited Acuwnts 31 Oct¢>ber 2024 AEIK792 J CCthIPANIES HOUSE
The Gloucester Muslim Welfare Associati¢>n iimiied Contents Pages Trustees. Annual Report Independent Examiner'5 Report ststement of Financial Activities 2to3 Summary Income and Expenditure Account Balance Sheet Notes to the Accounts 8t015 Detailed Statement of Financial Activrties 16to17 Page I
The Gloucester Muslim Welfare Association Limited Trustees Annual Report The trustees, who are a150 dirertors of the charrty for the purposes of the Companies'Act 2006, present their report wth the unaudited fin•ncial statements of the charity for the year ended 31 October 2024. REFERENCE AND ADMINISTRATIVE OAll$ Company No. (K1892661 Chaiity No. 256774 Re8fstered Office 44146 Ryecroft Road Gloucester GLI 4LY Directors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Oire¢tors and Trustees seived during the year- A. Ginwalla Y. Patel Y. Topia Company Secretary A. Ginwalla Actountants Robert Powell Chartered Accountant The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of rhe charity and to enable them to ensure that the financial statements comply with the Cornpanies Art 2C(J6. 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 port has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part IS of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. ned on behalf of the board .Y. Patel Trustee 25 April 2025 Page 2
The Gloucester Musllm Welfare A5$0Ciation Limited Independent Examlners Report Independent Examine¢s Rep¢)rt to the trustees of The 61Cester Muslim Welfare Association Umited I report to the charity trustee5 on my examination of the financial StatentS of The Gloucester Muslim Weltare Associatson Limited for the year ended 31 October 2024. Responsibililies and basi5 01 report As the charity's trustees of the company land also its dire¢tors for the purposes of company lawl y¢)u are responsible for the preparation of the financial Stater nts in ac¢ordan¢e with the requirements of the Companies Act 2CKJ61'the 2CQ6 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 Èn respert of my examination of your charity's financial statements as carried out under section 145 of the Charities A¢r 20111'the 2011 Art'I- In carrying out my examination I have followed the Dirertions gtven by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's #atemenl I have cornpleted rny examination. I can confirm that no material matters have ¢ome to my attention In connection with the examination giving me cause to believe.. accounting records We not kept in accordance with section 386 of the 2006 A¢t - or the fiftan¢ial statements do not accord with those records- or • the financial statements do not ¢ornply with the accounting requirements under section 396 of the 2t)J6 Act other than any reqU1ment that the financial statements give a 'true and fair. view which is not a matter considered as part of an Independent exarrtination- or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and kX)rting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wrth the examinatlOA to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Robert Pobvell ICAEW Robert Powell Chartered Accountant 25 April 2025 Page 3
The Gloucester Muslim Welfare Associatkn ilmlted Statement of Flnanclal Actl¥llle5 fo¢ the year ended 31 October 2024 Unrestricted Restlicted nds fvnds Total fund5 Total funds 2024 2024 2024 2023 Income and endowments Donations and legacies Charitable activities 106,077 3.¢)J6 23,936 50.502 2.497 106,077 3.006 23.936 50,502 2,497 211.539 5.043 24,765 60,771 2,826 Other trading activities Investments Other Total 186.018 186,018 304,944 Expendityie on: Raising funds Other 3.233 153.109 3,233 153.109 878 io 84,950 Total 156.342 156,342 85,828 Net gains on investments Net inwme 29,676 29,676 219,116 Transfers between fund5 Net income before other gainslllossesl 29.676 29.676 219,116 Other gain5 and1055es Net Movement In funds 29.676 29,676 219.116 Ren[lI1atIOn of funds: Total funds brought forward 1.470.592 1304.4221 1,166,170 965,157 Total fvnds carried forward I.5c.268 1304.4221 1,195,846 1,184,273 Page 4
The Gloucesler Musllm Welfare As%Kiation limited SummaTV Income and Expendlture Account for the year ended 31 Ortober 2024 2024 2023 In¢¢)me 135,516 244,173 Interest and investrr*ni income 50.502 60,771 Gross income for the year ExpellditLtre 186,018 304,944 156,342 85,828 Total expendlture for the yeaf Net income before tax for the year 156,342 85,828 29,676 219.116 Net income lor ihe year 29,676 219,116 Page 5
The Gloucester Musllm Welfare Association limited Balance Sheet at 31 Ortober 2024 Company No. 00892661 Notes 2024 2023 Flxed assets Tangible assets 12 840.167 840.167 840,167 840,167 Current assets Debtors Cash at bank and in hand 13 46.9CN) 328.128 375.028 119.3491 4,702 340,233 344,935 118,9321 326,003 Credltors: Amount falling due within one year 14 Net current assets 355,679 Total assets less current Ilabllitles 1.195,846 1,166,170 Net assets excluding penslon asset or Ilablllty 1.195.846 1.166,170 Total net assets 1,195.846 1,166,170 The funds ofihe charlty Restrlrted fund5 Restricted income fvnds 15 1304.4221 1304,4221 1304.4221 1304,4221 Unrestricted fvnds General funds 15 1,278.206 1.248,530 1,278.206 1,248,530 Reserves Revaluation reserve 15 222,062 222,062 222,062 222,062 Total lunds 1.195.846 1,166.170 These accounts have been ppared in a¢¢ordance with the special provisions of Part 15 of the Companies Act 2CM)6 relating to small companies. For the year ended 31 October 2024 the Company was entitkd to exemption under section 477 of the Companies Act 20)6 relating to small ¢ompanies. The members have not qUired the company to obtain an audit in accordance with section 476 of the Companie5 Act 2006. The directors acknowledge their responsibilities fof eomplying with the requirements of the Compan$ Act 2006 with respect to accountin8 records and the preparation of accounts. Approved by the board on 25 April 2025 And signed on its behalf by: atel Trustee Page 6
The Gloucester Muslim Welfare Assodation Umtted Notes to the A¢countS for the year ended 31 October 2024 l Accounting poliues 8a515 of preparallon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Aecornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland IFRS 1021 leffectrve I january 20151- (Charitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2Crf)6. Change in basls of accountlng or to prevlous accotsnts There ha5 been no change to the accounting policies (valuation rules and methc4J of accountingl since last year and no changes have been made to a¢¢ounts for previous years. Fund a¢countlng Unrestricted funds These are available for use at the discretK)n of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds wh¥¢h include a revaluation SerVe representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to. and virtually certain to receive. the income and the arnount of the income can be measured with sufficient liabIlIty. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary in¢ome ceiVed by way of grants. donations and gifts is included in the 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 tirne as the donations and gifts gift/donation to which it relates. Donated services These are only included in ineome (with an equNalent arnount in expenditurel 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 incorne This is included in the accounts when receivable. Gainslllossesl on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets and facilities Gainslllossesl on investment assets This includes any gain or loss on the sale of investments. Page 8
The Gloucester Musllm Welfare Associati¢)n Limited Notes to the Accounts Expenditure Recognition of expenéiture Expenditure is re¢ognised on an attnJals basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relate5. Expenditure on These comprise the costs associated with attracting voluntary incorne, fundraising raisTrng funds trading costs and investment management costs. Expefiditure 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. All grant expendrtLFre is a¢counted for on an artual paid basis plu5 an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those ¢05ts associated with rneeting the con5titutNJnal and statutory reqU1MentS of the Charity. including any auditlindependent examination fees, ¢osts linked to the 5trate8i¢ man?gerr*nt of the Charity, tQ8ether with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance ¢osts Other expenditure Taxatfon The charity is exempt from corporation tsx on its charitable artivitles. Freehold Investment property Investment propertie5 are measured initially at cost and subsequently at fair value at each balance sheet date and are not depre¢iated. All gains or losses are taken to the Statement of Financial A¢tivsties as they arise. St¢xks St¢xk is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which 15 the arnount the charity would have been willing to pay for the iterns on the open rnarket. Trade and other debtors Trade and other debtors are recognised at the settlement aTh)unt due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. C05h and $h equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments wth 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 dernand and form an integral part of the cornpanvs cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probabty result in the transfer of funds to a third party and the altUnt due to settle the obligation can be measured or estimated reliably. clitorS and provisn5 are normally reCnISed at their settlement amount after allowing for any trade discounts due. Page 9
The Gloucester Musllffl Welfare Association Llmlted Notes to the Accounts Reseafch and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn rren(leS 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 ¢rred. All exchange differences are are taken into a¢eount in arriving at net incomelexpenditure. 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 lo charity are classified as operating leases. Assets held under finance leases are initially Tecognised a5 a55ets of the charity at their fair value at the inception of the lease or, rf 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 a apportioned bets¥een finance expenses and ductIon of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are re¢ognised immedi?tely. unless they a directty attributable to qualifying assets, in which case they are capitalised in a¢cordance 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 temi. In the event that lease incentives are received to enter into operatin8 leases. such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a Urtion of tal expense on a straight-line basis. Pen51on costs The charity operates a defined contribution plan for its employee5. A defined contribution plan is pension plan under which the ¢ompany pays fixed contributions into a separate entity. Once the contributions have been pard the company has no further payments obligations. The contributions are re¢ognised 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 adrninistered funds. Receipt of donated goods. facllltle5 and servi$ All donated goods, facilities and services re¢eived are recognised w¢thin incoming resour¢es and expenditu 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 10
The Gloucester Musllm Welfare As50CiOtlon iimlted Notes to the Accounts 3 Statement of Flnancial Activltles- Prf year Unflrirterf funds Restrirted lunds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 211.539 5,043 24.765 60.771 2.826 211,539 5,043 24.765 60.771 2.826 Other Total 304,944 304.944 Expenditure on: Raising funds Other 878 878 84.950 84,950 T¢Aal 85.828 85,828 Net Income 219,116 219.116 Transfers between funds 118.1031 118,1031 Net income bthre other galnslllosses) Other galns and105ses: Net movemenl In fvnds 219,116 118.1031 201,013 219,116 118,1031 201,013 Reconclllation of fund5: Total funds brought forward Total funds catrled forward 1.251,476 1286.3191 (304.4221 .1.166,170 965,157 1.470.592 4 Income from donations and lepcies Unrestricted Total Total 2024 2023 Donations Income tax refunds on covenants 63,951 63,951 66,38S 42,126 42,126 5.154 Property donated 140.000 211,539 106,077 106,077 PaBe 11
The Gloucester Muslim Wellare AsSQtiatlon iimiied Notes to the Accounts 5 Income from charitable artivities Unrestrfrted Total Total 2024 2023 Marriage fees Funeral incorne 340 420 2,666 3.006 2.666 4,623 3,Crf)6 5,043 6 Income from other trading activitles Vnrestricted Total Total 2023 2024 Membership fees 23,936 23.936 23,936 23,936 24.765 24,765 7 Income from Investments Unrestricted Total Total 2024 2023 Rents received 50.502 50.502 60,771 60,ni 50.502 50,502 8 Othei income Unrestricted Totsl 2024 Tal 2023 Sundry income 2.497 2,497 2.497 2,497 2.826 2.826 9 EXpendIre on ralsifig funds Total Totsl 2023 2024 Investment management costs Rents received 3.233 3.233 878 3.233 3.233 878 Page 12
The Gloucester Muslim Welfare A550Ciatlon ilmlted Notes to the Accounts 10 Other expenditure Unrestrfrted Total 2024 Total 2023 Employee costs PmiseS costs 41,639 41.639 32,704 48,166 3,552 528 106,917 106,917 General administrative costs 4.013 4,013 Legal and profe$5ional costs 540 540 153,109 153.109 84.950 11 Staff (osts 2024 41,639 41,639 2023 32,704 32,704 Salaries and wages No employee rece5ved emolurnents in excess of EEgj.0. 12 Tangible fixed assets Cost or re¥aluatlort At l November 2023 At 31 October 2024 840,167 840,167 840.167 840,167 Net book values At 31 October 2024 840,167 840,167 840,167 840.167 At 31 October 2023 13 DebtiKs 2024 2023 Prepayments and accrued income 46,900 46.900 4.702 4,702 14 Cfedltors: amounts falling due within one year 2024 2023 Other creditors 19,349 19,349 18.932 18.932 PaBe 13
The Glouce#er Musllm Welfare Assotiatlon Llmlted Notes to the Accounts 15 Movement In funds Incomln8 resources {Includln8 Ati other November 8alnsllosses 2023 At31 October 2024 expended Restricted funds: Restritted income fvnd& 1304.4221 1304,4221 Total 1304.4221 1304.4221 Unre5trlcted fvnds: General fvnds 1,248,530 186,018 1156.3421 1.278,206 Revaluat5on Reserves: Revaluation fund 222,062 222.052 Total revaluation reserves 222.062 222,062 Total funds 1.166.170 186.018 1156,3421 1.195,846 Purposes and restri¢tions in relation to the fvnds: Revaluation reserves Represent the amount by which investments exceed their historical cost. 16 Analysls of net assets between funds Unrestrirted fvnds Total Fixed assets Net current assets 840,167 355.679 1,195.846 840,167 355.679 1.195.846 17 Reconcillatlon of net debt Atl At31 October 2024 2023 Cash flows Cash and Cash equivalents 340.233 340.233 112,1051 112,1051 328,128 328.128 Net debt 340,233 112.1051 328,128 18 Related party dlsclosures Contmlllng porty The company is limited byguarantee and has no share ¢apital,- thus no single party controls the company. Page 14
The Gloucester Musllm Welfare AocIatIon limhed Detailed Statement ol Flnancial Actl¥llle5 lor the year ended 31 Ortober 2024 UnTestrlcte d funds 2024 Total fvnd5 2024 Total funds 2023 2024 Income and endowments from: Donations and legacies Donations 63.951 42,126 63.951 42,126 66.385 5,154 140,OC4J 211,539 Income tax refunds on ¢ovenants Property donated 106.077 106.077 Charitable activities Marriage fee5 Funeral income 340 340 420 2,666 2.666 3.006 4,623 5,043 Other trading artivities Membership fees 23,936 23.936 23,936 23.936 24.765 24,765 Investment5 Rents received 50,502 50,502 50.502 50.502 60,771 60,771 Other Sundry income 2,497 2,497 2,497 2,497 2,826 2,826 Total Income and endowments 186,018 186.018 304.944 Expendltuie on: Investment management costs Rents received 3.233 3,233 3,233 3,233 878 878 Total of expenditure on ratsing funds 3,233 3.233 878 Employee costs Salarieslwages 41,639 41.639 41.639 41.639 32,704 32,704 Premises costs Rates Light, heat and power Premises Cleaning Premise5 repairs and maintenance 3,S36 43,946 19,515 3.536 43,946 19.515 4,129 16,630 15,975 39,920 39,920 11,432 106.917 106.917 48,166 General administrative ¢osts. including depreciation and arnortisation Page 16
The Gloute5ter Muslim Welfare Association Llmlted t>etsiled Statement of Flnancial Acir¥ii*s General insurances Stationery and printin8 Subscriptions Sundry expenses Telephone, fax and broadband 2,928 443 2.928 443 2,774 457 150 150 150 31 31 51 461 461 120 4,013 4,013 3,552 Legal and professional costs Auditlindependent examination fees 540 540 528 540 540 528 Total of expendlture of other costs Total expendituie 153,109 153,109 84,950 156.342 156,342 85,828 Net gains on investments Net Income 29.676 29,676 219,116 Transfers between funds 118,1031 Net income before other gainslllosses) Other Gains 29.676 29.676 201,013 Net movement In lunds 29.676 29,676 201,013 Recondllatlon of fvnds: Total funds brought forward 1,470.592 1304,4221 1,166,170 965,157 Total funds carrled lorward 1,5C(J,268 (304,4221 1.195,846 1.166,170 Page 17