## MEMON ASSOCIATION UK Charity Registered Number: 269563
NATIONAL COUNCIL MEMBERS' AND TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
KWSR&CO CHARTERED ACCOUNTANTS & REGISTERED AUDITORS 136 MERTON HIGH STREET LONDON SW19 1BA
Memon Association UK
## Contents
LEGAL AND ADMINISTRATIVE INFORMATION ..............................................................................................2 REPORT OF THE NATIONAL COUNCIL MEMBERS AND TRUSTEES ................................................................4 REPORT OF THE AUDITORS ...........................................................................................................................5 BALANCE SHEET AT 31 DECEMBER 2021 ......................................................................................................7 STATEMENT OF FINANCIAL ACTIVITIES ................................................................................................... .…..8 DETAILED ANALYSIS OF MOVEMENTS IN FUNDS ...................................................................................... ..9 NOTES TO THE FINANCIAL STATEMENTS ................................................................................................... 10
1
## Memon Association UK
## LEGAL AND ADMINISTRATIVE INFORMATION
|Registered Charity Number|269563|
|---|---|
|Trustees|Sir Iqbal Sacranie ( Chairman)|
||Haroon Karim|
||Nowsad Gani|
||Haroon Daud|
||Bashir Sattar|
||Dr Esmail Harunani|
||Asif Rangoonwala|
||Hanif Osman|
||Aniz Jussab|
||Yousuf Gadit|
||Shamim Osman|
||Waseem Adil|
||Late Abba Ali Yousuf (Deceased)|
||Late Haroon Dada (Deceased)|
|Office Bearers|Shabir Valimohamed - Honorary President|
||Zaheed Harunani - Honorary Vice President|
||Foorqan I.M. Malida - Honorary Secretary|
||AK Sacranie - Honorary Assistant Secretary|
||Wasim G.M. Kassam - Honorary Treasurer|
|National Council Member|Nadeem Harunani|
||Shabir Tayub|
||Arshad Gani|
||Hamza Valimahomed|
||Zeenat Valimohamed|
||Noor Valimohamed|
||Zain Gani|
||Farah Lohiya|
||Sajida Tayub|
||Mohsin Tayub|
||Faisal Yousuf|
|Registered Office|3 Weir Road|
||London|
||SW12 OLT|
|Auditors|KWSR & CO|
||Chartered Accountants & Registered Auditors|
||136 Merton High Street|
||London SW19 IBA|
|Bankers|Lloyds Bank Plc|
||Al Rayan Bank Plc|
2
## Memon Association UK
## REPORT OF THE NATIONAL COUNCIL MEMBERS AND TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
The National Council members and trustees present their report in accordance with the Charities Act 2011, together with the financial statements for the period, and confirm that the latter comply with the requirements of the Act, the Constitution and the Charities SORP 2005.
## **Structure, Governance and Management**
## Governing document
The Charity is governed by its Constitution and it's objects are to promote and advance the religion and education in accordance with the tenets and doctrines of Islam. A number of religious, social, cultural and educational activities including community welfare are also the objectives of the Association.
The Association owns a freehold property named "Memon Centre", a multi-purpose community hall which caters for the members who take part in the various activities.
## Appointment of trustees
Appointment of Trustees is governed by the Constitution of the Charity. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee. The trustees who served during the year are set out on the Charity information page at the front of these accounts. No Trustee has any beneficial interest in the Association and all of them are members of the association.
## Organisation
In accordance with the constitution the affairs of the Association are managed by the office bearers and members of the National Council who are elected for a term of two years. The day to day activities are delegated to the centre Manager.
## Related parties
There are no related parties that require disclosure. Risk policy
The trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Achievements and performance**
The trustees are pleased to state that the Charity has continued with its principal activity of hall hire as in previous years and they are satisfied with the results for the year. The overheads were again kept to the minimum, excluding costs relating to the projected refurbishment of the Centre.
## **Financial review**
## Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds were maintained at this level throughout the year.
3
## Memon Association UK
## **Accounting and reporting responsibilities**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources application of resources of the Charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is appropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provision of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditors**
Trustees and National Council propose to nominate KWSR & Co to continue as auditors until the next AGM.
Approved by the Trustees and National Council on 30.08.2022 signed on its behalf by:
Sir I bal Sacranie q Shabir Valimahomed ………………………………………………………………. Sir Iqbal Sacranie (Sep 10, 2022, ~~……………………………………………………~~ ………… 12:42pm) Shabir Valimahomed (Sep 10, 2022,
Shabir Valimahomed ~~……………………………………………………~~ Shabir Valimahomed (Sep 10, 2022, 10:43pm) President
Chairman, Board of Trustees
4
## Memon Association UK
## REPORT OF THE AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2021
We have audited the financial statements of Memon Association UK for the period ended 31 December 2021 which comprise a Statement of Financial Activities, Balance Sheet, and related notes in accordance with the terms of our engagement letter dated 7 November 2019. The financial reporting framework that has been applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice).
## **Respective Responsibilities of Trustees and Auditors**
The trustees are responsible for preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements are in accordance with applicable law and International Standards on Auditing (UK & Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standard for Auditors.
## **Scope of the Audit**
An audit involves obtaining evidence about the amount of disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Charity's circumstances and have consistently applied adequately disclosed, the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements.
## **Opinion on the Financial Statements**
In our opinion the financial statements give a true and fair view of the state of the Charity's affairs for the period ended 31 December 2021; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011.
## **Opinion on other matters prescribed by the Charities Act 2011**
In our opinion the information given in the Report for the financial year for which the financial statements are prepared is consistent with the financial statements. The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Matters on which we are required to Report by Exception**
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us following report to you if, in our opinion:
- Adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- Certain disclosures of trustees remuneration specified by law are not made; or
- We have not received all the information and explanations we require for audit; or
5
## Memon Association UK
- The Trustees were not entitled to prepare the financial statements in accordance with the Small Companies regime and take advantage of the Small Companies Exemption in preparing the Report of the Trustees.
## **On behalf of KWSR & Co.:**
Susan Rahman (Sep 12, 2022, 12:39pm)
Susan Rahman, BSc FCA (Senior Statutory Auditor)
KWSR & Co. Chartered Accountants
136 Merton High Street, London SW19 IBA
6
Memon Association UK
## BALANCE SHEET AT 31 DECEMBER 2021
|Approved by Trustees and National Council on 30.08.2022 and signed
Tangible fixed assets
Note
£
Tangible assets
4
Current assets
Debtors
Advance paid
5
60,000
-
Bank Accounts
499,155
559,155
Creditors
Amounts falling due within one year
6
6,738
Net current assets
Total assetslesscurrentliabilities
Creditors
Amounts falling due after
more than one year
6
Net assets
Capital funds
Restricted funds
Unrestricted funds
Total funds|£
60,000
-
499,155|on its behalf.
2021
£
£
2020
£
1,293,235
1,279,088
84,505
1200
504,522
590,227
1,613
552,417
588,614
1,845,652
1,867,702
(347,514)
(347,514)
1,498,138
1,520,188
1,225
1,225
1,496,913
1,518,963
1,498,138
1,520,188|on its behalf.
2021
£
£
2020
£
1,293,235
1,279,088
84,505
1200
504,522
590,227
1,613
552,417
588,614
1,845,652
1,867,702
(347,514)
(347,514)
1,498,138
1,520,188
1,225
1,225
1,496,913
1,518,963
1,498,138
1,520,188|
|---|---|---|---|
||559,155
6,738|||
||||1,867,702
(347,514)|
||||1,520,188|
|||||
||||1,225
1,518,963
1,520,188|
Sir I bal Sacranie q ~~……………………………………………………~~ Sir Iqbal Sacranie (Sep 10, 2022, …… 12:42pm) Chairman, Board of Trustees
Shabir Valimahomed
…………………………………………………….
Shabir Valimahomed (Sep 10, 2022, President 10:43pm)
7
## Memon Association UK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
|Note
Incoming resources
Incoming Resources from
generated funds:
Voluntary income 8
Activities to generate funds 8
Investment income 8
Other incoming resources
Totalincomingresources
Resourcesexpended
Costs of generating funds 9
Charitable activities 10
Governance costs 11
Totalresourcesexpended
Netmovement infunds
Totalfunds brought forward
Totalfunds carried forward|Unrest'd
Rest'd
Income
Total
Funds
Total
Funds
Funds
Funds
2021
2020
£
£
£
£
3,32639,565
42,891
813
54,409
54,409
25,550
663
663
2,182|
|---|---|
||58,398
39,565
97,963
28,545
9,306
9,306
7,898|
||67,704
39,565
107,269
36,443|
||34,939
34,939
39,400
1,161
39,565
40,726
1,000
53,654
53,654
30,895|
||89,754
39,565
129,319
71,295|
||(22,050)
(22,050)
(34,852)
1,518,963
1,225
1,520,188
1,555,040|
||1,496,913
1,225
1,498,138
1,520,188|
Details of Incoming resources and resources used are given in the notes to the financial statements.
8
## Memon Association UK
|DETAILED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
££ £
Unrestricted Fund
Balance B/fwd. 1,518,963 1,555,040
Deficit for the period (22,050) (34,852)
1,496,913
Restricted IncomeFund
Opening Balance 1,2251,225
1,225
Total funds as at 31 December 20211,498,138|DETAILED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
££ £
Unrestricted Fund
Balance B/fwd. 1,518,963 1,555,040
Deficit for the period (22,050) (34,852)
1,496,913
Restricted IncomeFund
Opening Balance 1,2251,225
1,225
Total funds as at 31 December 20211,498,138|DETAILED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
££ £
Unrestricted Fund
Balance B/fwd. 1,518,963 1,555,040
Deficit for the period (22,050) (34,852)
1,496,913
Restricted IncomeFund
Opening Balance 1,2251,225
1,225
Total funds as at 31 December 20211,498,138|2020
£
1,518,963
1, 225
1,520,188|
|---|---|---|---|
||
1,225|||
|||||
|||||
9
Memon Association UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **1. Accounting policies**
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) issued in March 2005, applicable UK Accounting Standards, and the Charities Act 1993. The principal accounting policies adopted in the preparation of the financial statements are set out below.
## **Incoming resources**
All incoming resources are included in the SOFA when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category Where costs cannot be directly attributed to headings they have been allocated to activities on a basis consistent with use of the resources.
## **Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures and Fittings - 25 % per annum on reducing balance basis.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees for purposes. the aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund as set out in the notes to the financial statements.
## **Investment Income**
Income from investments is accounted for on an accrual’s basis.
## **2. Staff costs**
The average number of persons employed by the organisation, including director, during the period was as follows:
**2021 2020** Administration 1 1
10
## Memon Association UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
|3.
Investment Income
Investment income-Al
Rayan Bank
4.
Tangible fixedassets
Cost:
At 1 January 2021
Addition during the year
At 31 December 2021
Depreciation:
At1January 2021
Charge for the period
At 31 December 2021
Net book value:
At 31 December 2021
At 31December 202_0_|Land
and
Buildings
£
1,275,317
15,090|2021
2020
£
£
663
2,182|
|---|---|---|
|||663
2,182|
|||Plant
and
Machinery
Total
£
£
80,663
1,355,980
15,090|
||1,290,407|80,663
1,371,070|
|||76,892
76,892
943
943|
|||77,835
77,835|
||1,290,407|2,828
1,293,235|
||1,275,317|3,771
1,279,088|
The land and buildings at 3 Weir Road, London SW12 OLT have not been valued However, the Trustees believe that the current market value would be in the region of between £2.5m to £3m.
11
## Memon Association UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
|5.
Debtors and prepayments
Amounts falling due within one year:
Rent receivable
Receivable from WMO
Memon Association Leicester Loan
6.
Creditors
Amounts falling due within one year:|2021
2020
£
£
-
6,990
-
2,515
60,000
75,000|
|---|---|
||60,000
84,505|
|||
|Donations Islamic Relief (Deferred Outflow Resource)
PAYE
Accruals and Deferred Income
Wages
Amounts falling due after more than one year:
MA Rangoonwala Foundation
Members'loans|2021
2020
£
£
4,068
12
-
284
2,400
1,200
258
129|
|---|---|
||6,738
1,613|
||249,355
249,355
98,159
98,159|
||347,514
347,514|
The Members' loans reflect the amount outstanding at the year-end and is interest free. The loan advanced by M A Rangoonwala Foundation, a charitable entity, is not repayable within a specified period but is secured under a mortgage deed on the freehold property.
## 7. Trustees' remuneration and Benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
12
## Memon Association UK
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 DECEMBER 2021
8 . Incoming resources
|VoluntaryIncome
Donations and Subscriptions
Member subscription
Activities for generatingfunds
Hire of Hall (Main)
Hire of Hall (Small)
Event Income
Investment income
Investment income
Otherincomingresources
HMRC JRS Grant|Unrest'd
Funds
Restricted
Funds
Total
Funds
Total
Funds
2021
£
2021
£
2021
£
2020
£
2,926
400
39,565
-
42,491
400
813
-|
|---|---|
||3,326
39,565
42,891
813|
||48,915
5,000
-
53,915
5,000
19,150
6,400
494
-
494
-|
||54,409
-
54,409
25,550|
||663
-
663
2,182|
||663
-
663
2,182|
||9,306
-
9,306
7,898|
||9,306
-
9,306
7,898|
13
## Memon Association UK
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 DECEMBER 2021
## 9. Costs of generating funds
|Print,Post& Stationery
Telephone
Rates
Water rates
Light&Heat
Repairs&renewals
Insurance
Cleaning
Fire& safety
Subscription
Advertisement & Website
Sundry expenses
10.
Charitable activities
Sportsevents
Family events
Build a house expense
Food Pack expense
11.
Governance costs
Salaries
Book-keeping fees
Auditor's fee
Legal cost
Depreciation
Bad debts written off|2021
£
425
2020
£
584
838
1,004
1,731
802
7,796
10,678
10,916
12,426
-
1,185
7,694
7,699
3,106
3,927
1,188
1,245
-
-
-
595
-
500|
|---|---|
||34,939
39,400|
||2021
£
2020
£
925
236
29,250
10,315
1,000
-
-
-|
||40,726
1,000|
||2021
£
2020
£
14,890
14,890
960
480
1,200
28,671
943
6,990
1,200
13,069
1,256
-|
||53,654
30,895|
14
## **Issuer**
## KWSR and Co LTD
**Document generated** Fri, 9th Sep 2022 18:02:14 BST
**Document fingerprint** eaa86e89b796e4bb7dc0aad7847181c9
## **Parties involved with this document**
## **Document processed**
## **Party + Fingerprint**
Sat, 10th Sep 2022 12:42:22 BST Sat, 10th Sep 2022 22:43:42 BST Mon, 12th Sep 2022 12:39:17 BST
Sir Iqbal Sacranie - Signer (9ff09309bbdd809f3934e3558ca3d6e3) Shabir Valimahomed - Signer (ad37822281dfc0e44a1c312b87ff9b9d) Susan Rahman - Signer (e3bba0d007d6adf71a7221cd5b818fda)
## **Audit history log**
## **Date**
## **Action**
Mon, 12th Sep 2022 12:39:20 BST Mon, 12th Sep 2022 12:39:17 BST Mon, 12th Sep 2022 12:39:17 BST Mon, 12th Sep 2022 12:35:45 BST Mon, 12th Sep 2022 12:35:38 BST Mon, 12th Sep 2022 1:08:03 BST Sun, 11th Sep 2022 8:19:44 BST Sun, 11th Sep 2022 8:19:34 BST Sun, 11th Sep 2022 1:10:41 BST Sat, 10th Sep 2022 22:43:44 BST Sat, 10th Sep 2022 22:43:43 BST Sat, 10th Sep 2022 22:43:42 BST
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Sir Iqbal Sacranie signed the envelope. (35.179.60.205) Sir Iqbal Sacranie viewed the envelope. (35.179.60.205) Sir Iqbal Sacranie opened the document email. (51.183.82.232) Sir Iqbal Sacranie opened the document email. (172.224.227.1) Document emailed to raheena@glotex.co.uk (18.170.70.242) Sent the envelope to Sir Iqbal Sacranie (raheena@glotex.co.uk) for signing. (77.97.36.117) Susan Rahman has been assigned to this envelope (77.97.36.117) Shabir Valimahomed has been assigned to this envelope (77.97.36.117) Sir Iqbal Sacranie has been assigned to this envelope (77.97.36.117) Document generated with fingerprint eaa86e89b796e4bb7dc0aad7847181c9 (77.97.36.117) Envelope generated by Susan (77.97.36.117)