2021-03-31-accounts - The Waltham Forest Islamic Association

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CONTENTS		PAGE
Members ofthe Board and professional	advisers
Trustees Annual Report		2 to 4
Independent auditor's report to the members		5to6
Statement offinancial activities
Balance sheet
Notes to the financial statements		9to15

Reference		and administrative	and administrative	details
Registered	charity		name:	Waltham Forest Islamic Association
Charity registration			number.	270323
Principal office:				430-451 Lea Bridge Road Leyton London E10TEA
The trustees		who	served the charity during the period were as follows
				Mr Mohammed Ramzan	(President)
				Mr Mohammed llyas	(General Secretary)
				Mr Akbar Ali	(Treasurer)
				Mr Abdul Majid	(Vice President)
				Mr irfan Akhtar	(Assistant Secretary)
				Mr Rarnzan Abrahim	(ViceTreasurer)
				Mr Nisar Ahmed
				Mr M Shabbir
				Mr Raja Aamir Habib
				Mr Sajid Butt
				Mr Tariq Mahrnood
				Mr Abdul Rauf
				Ch Nisar Ahmed
				Mr Irfan Khaliq
				Mr Nadeern Razwan
				Mr Saqib Hussein
				Mr Ghulam EHaider Ali

		D Unrestricted FUU48 8	Total FUflds 8	3103/2020O Total Funds 4
	Nom
Incoming Resources
Incoming resources from
generating funds:
Volurasry Income		294,921	294,921	325,474
Inveslmenl Income		86,440	86,440	98,795
Total Ineontlng Resources		381Sgf	361,381	424,268
RssoUrces Expsrfded
Costs of generating funds:
Direct Costs		62,249	62,249	71,470
Donabons Given		2,410	2,410	1,376
Administrative Expenses
Staff Costs &Emoluments		73,785	73,785	69,650
Molar Running &Travelling		2,880	2,880	S,504
Rates, Insurance &Other property related expenses		57,358	57,3$!	96,201
Telephone, Postage amd Other oglce expenses		3,301	3,301	4,932
Bank Charges		692	692	972
Aude, Accountenoy &Legal and Professional Fees		5,379	5,379	4,325
Depreciation		10,808	10,808	10,263
		218JI62	218,882	282,893
Gain IILosses) on fair value of Uxad assets Net ntovement offund	7	1,298,137 1,468,836	1,298,1S7 1,636
Reconcglatlon offunds:
Totfll fttnds brought forward		'7,625,812	7,625,812	7,464,436
Total funds ss al 31 March 2021			9'0841448	7,825,812

FOR THEYEAR EN	DED	31 MAlkCH	2D21
				31M32024			31/03/2020
			Mole
Fixed Assets -Tangible Assets
Fmehold Land 8 Buldlngs				4,000,0M			7,473,663
Investment Propeaks PI8nt3Mschlflery				4,770,0M 54,701			45,063
Fixtures 6 Fmings				16,913			18,702
Motor Vehicles				26.658
					8,067mo72		7,506227
Cunent Assets
Stock			0	1,560			2.650
Debtors			9	2,600			1,700
Cash fn Hand 5Bank	Balance		16	897.348
Cradltorst Amounts	Fsglng
Dae Within One Year				40A3
Het Current Assets
					9,227,74S		ydtdg, t12
Crediton IAmounts	Faglng	Dere
ADer More Than One	Year
Other Long Term Loans			12		143	300	~233~300
Csplbd Account
Unmslrimsd Income Funds			13		9.0	448	7,626212

Tangible fixed assets, other than freeh stated below. oepreclatlon is provided asset over ita expected useful life,	old land, are stated at cost orvalu at rates calculated to write offth aa fogowa:
Freehold land and bugdlng	No depreciation
Investment properties	at Fair value
Fixtures and fittings	10%reducing balance
Plant and machinery	10%reducing balance
Motor vehicles	10%reducing balance

FOR THE YEAR ENDED 31IBARCH 2021	FOR THE YEAR ENDED 31IBARCH 2021
6.Administrative Expenses (Detaged)		Unrestricted		Restricted		Total		Total
		Funds		Funds		Funds 2021		Funds 2020
		E			E	6
I)StaffCosts & Emoluments
Wages &Salaries (Gross)								69,850
Particumrs of empfoyeesi
The average number ofemployees	during the year, calculated on the		basis offull-time		equivalents,	was as follows:
						2021		2020
Number ofstaff
No employee received remuneration	ofmore sian E60,000 during the		year	(2021 - Nil).
There were no tmstees' remuneration	or other bsneBs forthe year ended 31 March 2021.
0) Motor Running &Travelling
iii) Rates, Insurance &Other property
related expenses
Rates								15,917
tight & Heat		17,216				17,216		18,729
Property lrisurence		3,245				3,245		3,121
Security &Fire Safety		1,051				1,051		2,979
Cleaning		22,114				22,114		25,758
Water Rates		4,019				4,019		4,769
Advertisement			149				149	1,479
Repairs & Maintenance						9	564	23	449
Iv) Telephone, Postage amd Other oNce expenses						3	301	4	932
v) Bank Charges			692				692		972

7.Tangible Fixed Assets
					Freehold Land 8 Buildings		Inveshnent Properges	Fixtures 6 FIMngs	Plant 6 Machinery	Motor Vehicle
Cost ofFixed Assets
As at 01 April 2020					7,473,883			30,734	179,371	48,450	7,732,418
Additions									15,716		15.716
Transferred to Investment	Properhes				(3,473,883)		3,473,863
Gain I Losses on fair value	of	fixed assets					1,296,137				1296137
As st31 March 2021						000000	4770000	30.734	195,087	48,450	9,044,271
Dspreciadon
As at 01 April 2020								11,042	134,308	19,041	168,191
Charge forthe year								I 879	6078	2 851	fOAI08
As at31Blsrch 2021								13,821	140,386	22 792	176999
Net BookValue
As at31March 2021					4	000 000	4,770,000	16,913	547D1	25,668	8,867,272
As at 31 Mamh 2020					7,473,863			10,792	45,063	28,500	7,566227
											fair value
Investment Properties
22Verulam Avenue Walthamstow			landon								870,000
21AVerulam Avenue Walthamstow			London								420,000
210Verulam Avenue Walthamstow			London								385,0DD
119-121Grove Road Walthamstow			London								2,000,000
2 Rochdale Road, Walthamstow		London									475,0DD
1nort hum harland Road, Walt	hamstow			London							620,0DD
											4770 ODD

10.Cash in Hand and at	10.Cash in Hand and at	Bank						2021	2020
								E	2
Sarclays Sank								386,469	354,733
Cash in Hand
									358099
11.Creditors								2021	2020
								8	6
Accruals								8,879		3,500
Other creditors								2,135		1,493
Sadqa Zakat Payable								21,278	65,704
Wages and Salary Control Account								4,938		5,719
Social Security	8Taxation
12.CredÃorsr	Amounts	Falling Due						2021	2020
After More	Than One	Year						6	6
Qarz e Hassana								3$0r		rSDD
Qarz E I-lasna	is an interest free long term loan with nc fixed terms of repayment.
13.Unrestricted Income		Funds
		Balance	at	Incoming	Revaluation		of	Prior year	Balance	at
		01-Apr.20		resources	Land 0	Buildings		adjustmenls	31-Mar-21
General Funds		6	H						9084448
14.Analysis ofNet Assets Between Funds
					Unrestricted			TotalFunds	TotalFunds
					Funds			2021	2020
									5
Tangible fixed	assets					8,867,272		8,867,272	7,566,227
Current assets						401,408		401,408	362,449
Creditom less than I year						(40,932)		(40,932)	(79,564)
Creditors greater than 1 year