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2023-12-31-accounts

MEMON ASSOCIATION UK Charity Registered Number: 269563

NATIONAL COUNCIL MEMBERS' AND TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

KWSR&CO CHARTERED ACCOUNTANTS & REGISTERED AUDITORS 136 MERTON HIGH STREET LONDON SW19 1BA

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
Yousuf Gadit
Shamim Osman
Waseem Adil
Office Bearers Shabir Valimohamed - Honorary President
Zaheed Harunani - Honorary Vice President
Wasim G.M. Kassam - Honorary Treasurer
Foorqan Ismail - Honorary Secretary
AK Sacranie - Honorary Assistant Secretary
National Council Member Nadeem Harunani
Shabir Tayub
Arshad Gani
Hamza Valimahomed
Zeenat Valimohamed
Noor Valimohamed
Zain Gani
Farah Lohiya
Sajida Tayub
Mohsin Tayub
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

1

Memon Association UK

FOR THE YEAR ENDED 31 DECEMBER 2023

Contents

LEGAL AND ADMINISTRATIVE INFORMATION ..............................................................................................1 REPORT OF THE NATIONAL COUNCIL MEMBERS AND TRUSTEES ................................................................3 REPORT OF THE AUDITORS ...........................................................................................................................5 BALANCE SHEET AT 31 DECEMBER 2022 ......................................................................................................7 STATEMENT OF FINANCIAL ACTIVITIES .........................................................................................................8 DETAILED ANALYSIS OF MOVEMENTS IN FUNDS .........................................................................................9 NOTES TO THE FINANCIAL STATEMENTS ................................................................................................... 10

2

Memon Association UK

REPORT OF THE NATIONAL COUNCIL MEMBERS AND TRUSTEES

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:

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 signed on its behalf by:

Shabir Valimahomed

Sir Iqbal Sacranie (Nov 18, 2024,11:49am)

Shabir Valimahomed (Nov 18, 2024,11:35am) President

Chairman, Board of Trustees

4

Memon Association UK

REPORT OF THE AUDITORS

FOR THE YEAR ENDED 31 DECEMBER 2023

We have audited the financial statements of Memon Association UK for the period ended 31 December 2023 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 2023; 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:

5

Memon Association UK

On behalf of KWSR & Co. LTD:

--------------------------------------------------- Susan Rahman (Nov 11, 2024, 2:46pm)

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 2023

Tangiblefixedassets
Note
Tangible assets
4
Current assets
Debtors
5
Bank Accounts
Creditors
Amounts falling due within one year
6
Net current assets
Total assetslesscurrentliabilities
Creditors
Amounts falling due after
more than one year
6
Net assets
Capital funds
Restricted funds
Unrestricted funds
Current Year Earnings
Total funds		 £
202
3
£
£
2022
£
1,341,372
1,335,371
48,700

35,000
497,517
480,044
546,217
515,044
28,016
1,545
518,201
513,499
1,859,573
1,848,870
(347,514)
(347,514)
1,512,059
1,501,356
-
-
1,501,356
10,703
1,501,356
-
1,512,059
1,501,356		 £
202
3
£
£
2022
£
1,341,372
1,335,371
48,700

35,000
497,517
480,044
546,217
515,044
28,016
1,545
518,201
513,499
1,859,573
1,848,870
(347,514)
(347,514)
1,512,059
1,501,356
-
-
1,501,356
10,703
1,501,356
-
1,512,059
1,501,356
546,217
28,016
1,848,870
(347,514)
1,501,356
-
1,501,356
-
1,501,356

Approved by Trustees and National Council signed on its behalf.

………………………………………………………… Sir Iqbal Sacranie (Nov 18, 2024,11:49am)

Shabir Valimahomed

Shabir Valimahomed (Nov 18, 2024,11:35am)

…………………………………………………….

Chairman, Board of Trustees

President

7

Memon Association UK

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
2022
£
£
£
£
534 123,703
124,237
46,102
85,886
85,886
77,672
3,173
3,173
2,042
89,593
123,703
213,296
125,816
-
-
-
89,593
123,703
213,296
125,816
50,261
50,261
47,616
9.579
123,703
133,282
52,168
19,050
19,050
21,589
78,890
202,593
121,373
10,703
10,703
4,443
1,501,356
-
1,501,356
1,496,913
1,512,059
-
1,512,059
1,501,356

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 2023
20232022
££ £ £
Unrestricted Fund
Balance B/fwd. 1,501,356 1,496,913
Profit/ Deficit for the period 10,703 4,443
1,512,059 1,501,356
Restricted IncomeFund
Opening Balance --
--

Total funds as at 31 December 2023 1,512,059 1,501,356

9

Memon Association UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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:

2023 2022 Administration 1 1

10

Memon Association UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3.
InvestmentIncome
Investment income-Al
Rayan Bank
4.
Tangible fixedassets
Cost:
At 1 January 2023
Addition during the year
At 31 December 2023
Depreciation:
At1January 2023
Charge for the period
At 31 December 2023
Net book value:
At 31 December 2023
At 31December 2022		 Land
and
Buildings
£
1,333,250
6,531		 2023
2022
£
£
3,173
2,042
3,173
2,042
Plant
and
Machinery
Total
£
£
80,663
1,413,913
6,531
1,339,781 80,663
1,420,444
78,542
78,542
530
530
79,072
79,072
1,339,781 1,591
1,341,372
1,333,250 2,121
1,335,371

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 2023

5. Debtors and prepayments

Amounts falling due within one year:

Amounts falling due within one year:
Accounts Receivable
Memon Association Leicester Loan
6.
Creditors
Amounts falling due within one year:
Donations Islamic Relief (Deferred Outflow Resource)
Suspense
PAYE
Accounts Payable
Accruals
Wages
Amounts falling due after more than one year:
MA Rangoonwala Foundation
Members'loans		 2023
2022
£
£

26,200
-
22,500
35,000
48,700
35,000
2023
2022
£
£
-
-

-
201
26,795
1,440
(420)
(4)
51
1,309
1,320
(1,131)
28,016
1,545
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.

12

Memon Association UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7. Trustees' remuneration and Benefits

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

8 Incoming resources

.

VoluntaryIncome
Donations and Subscriptions
Member subscription
Activities for generatingfunds
Hire of Hall (Main)
Hire of Hall (Small)
Event Income
Rental Income – Flat & Parking
Investment income
Investment income		 Unrest'd
Funds
Restricted
Funds
Total
Funds
Total
Funds
2023
£
2023
£
2023
£
2022
£
534
-
123,703
-
124,237
-
45,762
340
534
123,703
124,237
46,102
66,827
-
-
66,827
-
66,880
-
4,159
14,900
-
4,159
14,900
3,592
7,200
85,886
-
85,886
77,672
3,173
-
-
2,042
3,173
-
-
2,042

13

Memon Association UK

9. Costs of generating funds
10.
Charitable activities
Sportsevents
Family events
Build a house expense(Repairs)
Food Pack expense
E'quake Appeal (Turkey/Syria)
Medical Aid (Palestine)
11.
Governance costs
Salaries
Book-keeping fees
Auditor's fee
Legal cost
Depreciation
Print,Post&Stationery
Telephone
Rates
Water rates
Light&Heat
Repairs & Maintenance
Insurance
Cleaning
Fire&safety
Subscription
Advertisement & Website
Sundry expenses		 2023
£
-
2022
£
259
1,016
897
7,357
7,672
7,303
9,393
18,226
18,142
2,640
-
7,768
6,418
4,730
3,549
-
1,071
-
-
744
-
150
542
50,261
47,616
2023
£
2022
£
420
9,159
-
27,690
15,150
80,863
2,100
4,994
24,175
20,899
-
-
133,282
52,168
2023
£
2022
£
15,600
14,122
1,480
2,040
1,440
-
530

1,320
3,400
707
19,050
21,589

14

Memon Association UK 15

Issuer

KWSR and Co LTD

Document generated Mon, 11th Nov 2024 14:45:07 GMT

Document fingerprint ab4e7f6112d1088bd563d14ca4e2cd0c

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 11th Nov 2024 14:46:39 GMT Susan Rahman - Signer (6ee5410dd465defdfec9005d6a5caa73)

Audit history log

Date

Action

Mon, 11th Nov 2024 14:45:07 GMT Mon, 11th Nov 2024 14:45:08 GMT Mon, 11th Nov 2024 14:46:17 GMT Mon, 11th Nov 2024 14:46:17 GMT Mon, 11th Nov 2024 14:46:21 GMT Mon, 11th Nov 2024 14:46:39 GMT Mon, 11th Nov 2024 14:46:39 GMT Mon, 11th Nov 2024 14:46:39 GMT

Envelope generated by Susan95.214.228.15 Document generated with fingerprint ab4e7f6112d1088bd563d14ca4e2cd0c95.214.228.15 Sent the envelope to Susan Rahman (hello@kwsr.co.uk) for signing95.214.228.15 Document emailed to hello@kwsr.co.uk35.179.174.199 Susan Rahman viewed the envelope95.214.228.15 Susan Rahman signed the envelope95.214.228.15 This envelope has been signed by all parties95.214.228.15 Susan Rahman viewed the envelope95.214.228.15

Issuer

KWSR and Co LTD

Document generated Mon, 18th Nov 2024 11:29:32 GMT Document fingerprint f35f849c51f4021402960f7d888f5842

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 18th Nov 2024 11:35:44 GMT Mon, 18th Nov 2024 11:49:03 GMT

Shabir Valimahomed - Signer (6f517792fc9da21b2c447fba24f05c04) Sir Iqbal Sacranie - Signer (9ab742ed6d08dee7a9d2f98df65ccdff)

Audit history log

Date

Action

Mon, 18th Nov 2024 11:29:32 GMT Mon, 18th Nov 2024 11:29:33 GMT Mon, 18th Nov 2024 11:31:58 GMT

Mon, 18th Nov 2024 11:31:58 GMT Mon, 18th Nov 2024 11:32:11 GMT Mon, 18th Nov 2024 11:32:28 GMT Mon, 18th Nov 2024 11:35:44 GMT Mon, 18th Nov 2024 11:35:45 GMT

Mon, 18th Nov 2024 11:35:45 GMT Mon, 18th Nov 2024 11:35:45 GMT Mon, 18th Nov 2024 11:46:34 GMT Mon, 18th Nov 2024 11:46:50 GMT Mon, 18th Nov 2024 11:49:03 GMT Mon, 18th Nov 2024 11:49:03 GMT Mon, 18th Nov 2024 11:49:04 GMT

Envelope generated by Susan95.214.228.13 Document generated with fingerprint f35f849c51f4021402960f7d888f584295.214.228.13 Sent the envelope to Shabir Valimahomed (shabirvali1631@hotmail.com) for signing95.214.228.13 Document emailed to shabirvali1631@hotmail.com18.171.176.225 Shabir Valimahomed opened the document email.51.52.34.146 Shabir Valimahomed viewed the envelope51.52.34.146 Shabir Valimahomed signed the envelope51.52.34.146 Sent the envelope to Sir Iqbal Sacranie (raheena@glotex.co.uk) for signing51.52.34.146

Document emailed to raheena@glotex.co.uk35.179.169.53 Shabir Valimahomed viewed the envelope51.52.34.146 Sir Iqbal Sacranie opened the document email.146.75.174.12 Sir Iqbal Sacranie viewed the envelope2.220.206.155 Sir Iqbal Sacranie signed the envelope2.220.206.155 This envelope has been signed by all parties2.220.206.155 Sir Iqbal Sacranie viewed the envelope2.220.206.155