CHARrrY REGISTRATION NUMBER: 270323 The Waltham Forest Islamic Association Financial Statements 31 March 2022 INGER & COMPANY Accountants& statutory auditor 7 Redbridge Lane East Redbndge. Ilford Essex IG4 SET ## **The Waltham Forest Islamic Association** ## **Financial Statements** ## **Year ended 31 March 2022** ||**Page**| |---|---| |Trustees' annual report|**1**| |Independent auditor's report to the members|**5**| |Statement of financial activities|**9**| |Statement of financial position|**10**| |Statement of cash flows|**11**| |Notes to the financial statements|**12**| ## **��������������������������������������** **�����������������������** ## **������������������������** ������������������������������������������������������������������������������������������������� ��������������� ## **�������������������������� ���������** |**��!�������������"����**|����������������������������������| |---|---| |**#�����"��!������������$��**|������| |**%��������������**|�� !�"�#��$���%�&���| ||#�����| ||#�����| ||'���'�| |**�����������**|| ||���&��(��)*��������+| ||��������),������-��������+| ||������)���������+| ||�����.��)/���*��������+| ||����0����)���������-��������+| ||��&�1�����)/������������+| ||��2�����| ||���-��11��| ||��&3�1�1| ||��,���| ||��-$���| ||����������| ||���&���| ||4�2�����| ||���5����6| ||��2&�(7��| ||��-3������| |**�����������**|-������%-�������#������| ||��8��0&���| ||������| ||'���9| ||�,���:| |**&��'���**|$�������$��0���| ||��;3��-�����| ||����������7| ||#�����| ||'�� <'| |**��������**|��%��=4������| ||�&��1���%�#���'���| ||&��1���%�>������| ||'���9| ||�,�"'�| **�����** The Waltham Forest Islamic Association Trustees, Annual Report (con¢wu•dJ Year ended 31 March 2022 Siructuro. g0vema￿e and management Goveming Documgnt The ctsrity is governed by a con5trtutiM adopt￿ in May 1975 and last updated in August 2021. The trustees are el8cted lor lrfe and are ex-officio meM￿rS of the fflan*Jement committee which is res￿)nsiLle for the general conircl and n*nagement of the tharity. Th tfuslees give their time Iredy and receive no remuneration or other finanaa befth. The trustees rneel M￿thIy lo conduct Ihe Lxwness of the charity. These moelings ft4low a fom￿1 ageThla and derASWS are based on a swnple majorty. Al the rMnlhly meetings Ihe truslees agree the brgad strategy and areas of activity for the charf(y indudirG reserves and risk management. relationships wth other groups charities and individuds, pdKies and performaneÈ. Trustee induction and training New trust￿$ are briefed on th8ir legal 01￿1gat￿Ins und8r th$ charty law. the and ￿gUlationS of the charily, thè management committge and the deusion rnaknThJ pr￿SSeS and thè recent wcyeclwj rinancid performance of the charity. Risk Managemeftt The trustee5 larKJ the management C4Jnmiiteel carry Cmrt an annu￿ reviv* ol ihe rTrsks the charity rr faoe and are sat'sfied Ihal that systems are in to monitot and contrL4 these risks to rnit￿jate any impacl they may have on the charity in the fU￿re. The ttuslees Ilogether with the management commthel have fA)nsidered the major financtal and other risks faced by the chariiy a￿1 w￿re appropriate have enlisted the help of professicThl advis¢x5 to esta￿¢5￿ systems and pr(￿edL￿eS to man*Je thctse r&(s. Objectives and activities TIE Gharity exists to promote the sttkty and practice of the Islamic faitti and ta advance religious education in accordance with the drxtrines and wactices of IIE in the London Bor(xJgh of Waltham Foresl. charity ains lo provide or make available fwilities MLdim wayer galheriThJ5 arKI I￿aM education for children amcry othei things. Tl* tnjstees have referred to the charity ccffimissh￿'S gu￿dIneS on pU￿1C benefit when reviemng the charity's aims and obJ'eGtives and F4anniThJ fulure athtbes. Tho ¢harty not use professional fundraisers for any of tts fiJndraisirvJ actmh"￿. has it or ts vdunlary fundrwsers been subject to ary undertaking lo be iN)UlKI by any scheme. All vrjunlary ftJndraKsers have fdk)4%ed guiddir£ on behavx)urs in the course of fund-raising activities. Achièvements and perfomiance The Iruslee5 are plèased to slate that Il* charity has contirned to prov￿9 a full range of r8lhJiDus. educationa and recxealional ac11￿tIeS in 1￿ment of its c4"ectives Flnanclal revlew The trustees are pleased to reFQrt that the net irvxease in funds for the year was £184,470 (2021- £162,499) tskn.ng the accumulated funds to £9.268.91812021 - £9.084,4481. The Waltham Forest Islarnic Association Trustses. Annual Report (coftthw•dJ Year ended 31 March 2022 Financial review (¢ontind• R•setves policy The chaiity rdies on don8tions and offering5 from its memhers. It is recognised that donations and offerings can fluctuata from yèar lo year. The truslees aim to er￿U[e that the charrty has sufficient resou¥ces to conts'nu8 its acitvities and io meel its c￿1193￿.0ns and to FfO)ridÈ for future capilal expeThJiture. To this end. it Is ¢x)nsidered prudent th* liquwj funds are mainlained. Plans for fuknre periods The charity does not anticipate any change in rts Cwati￿s arKI expects to G(x)tinue lo pruvide a full range of relig￿u$, rtucalwal and recreatK•a ￿b￿tieS for the membe The trustees expeciing the chwity irxome to grow in the c￿nIr￿j years. The charity has suffioenl reseNes al the dat8 of apwoval of the financial st8tÈments to meet its liabl11￿$ as Lhey fau due, for al least twdve nY)nths from ltr* dale of approval of the financial ststem&nts. Tru$tees' responsibilities statement The trustees are responsble preparNvJ the trustees. rEpryI and the finarrial *atemenls in 8ccor(lance applicable law aNJ Uniied Kingdom AcCO￿l￿g Stsrxjafds (United Kingdom Generdly Accepted Accounting Practice). The law ap{AiCab￿ to thartiies in En￿antt Wales requires the tharity truslees to prepa￿ fina￿la1 statements for each year which give a true and tair vw of Ihe state of affairs of the charity and ol 11 incoming resources and awlvtvjn of resouw. of the tharity for Ihat per￿. In prepari￿ these financial statsments, the tnJstees are reqLl￿d to.. seknt surtaEAe accountsng p￿￿leS and Ihen akwy them consLStèntFy.' c*)setwe Ihe ￿￿th{KIS and p￿r￿l[leS in the aprAi￿Lle CharIt￿S SORP.. make judgnents accwnling eslirnatgs that are reasonat40 and pnjdent.. state whether applicable UK Accountiw sI￿dards have been ￿¢￿￿ed. s(Jtry"ed to any material dèpartures di%i058d and explawl in the financial statements.. prepare financial statements the wirvJ COn￿M basis wless inaw)ropriate to presurne that Ihe charty wl1 corrtinue in busuRs5. The trustees are responsible fot keeFrfng adequate accounting rE￿}rdS that a￿ suffrAent to show and explain the charity's transa¢tions and disdo% with reason8Ne accuracy at any tirne the financial posit￿n of the charity and 8nable them to ensure Ihal the fi'nanci￿ stst&ments comply with the Chanlies Act 2011, thè applicat4e charli￿ lAC(￿nIS and Reports) Regulatsons. and the provisons ol the Trust Dee¢J. They are a150 responsitle foY safeguarding assets of the tharity and hence for tsking reasonable S￿pS for Ihe preventK)n detectiw of fraud and other irregularilw. The Waltham Forest Islamic Association Trustees. Annual Reportlctinthrth Year ended 31 March 2022 The I￿￿ta&s. annual retxirt Was 8pproved ...................... twste25 by." .. and signed on behalf of the b(Ard of Mr M Ilyas IGene¥al S8¢retsryl Mr A ￿reasLJTW) Trustee Mi A Majid Ivice P￿Sident) TnJsi&8 Mr R Abra)im IV￿e Treasurer) Tw51ee The Waltham Forest Islamic Association Independenl Auditorfs Report to the Members of The Waltham Forest Islamlc Association Year ended 31 March 2022 Opinion We have audited the financk41 slalements ol Waltham F￿$St Islam￿ AsscKiaiion {thg charity'l for the year ended 31 March 2022 which comprise the stat8menl of finarKial aCtiwt￿s, statement of financia p0S￿On, statement d G4sh flow5 arKI the related notes. indudiro a summ8ry of signrficant accDunling pokcies. The financial reFM)rtiro framework that has Lwn in their preparation is applicalle law and United ￿'ngdoM Acc(yJnting Stsndards. Induding FRS 102 The Financial Re￿rtIr9 Standard aprplicabk in the UK and Republ￿ of Ireland Iuntted Kingdom Generaly Accepted Accounb'ThJ Praclicel. In our opiThon the financi?1 statements: give a Irue and fair wew ol the state of the thariiy¥ affairs as at 31 Marth 2022 and of its incowning res￿IrceS and ol rV￿rGe$, indbjding rts incomè and expen¢Jrture, for the year then erKled.' have been propaly prepare(1 rÈ accordance Mth United King(knm Generdly Accopled Accounting Practtce", have prepared in accordance wllh th8 r￿uIr￿nents of Charitm Act 2011. Basis fc*r oplnlon We ￿nduCted our audit in accordanc£ with Intemational Standards on A￿￿lIng IUKI {ISAs {UKII and appliCA￿e law. Oui responsibi1ft￿S under Ihose starK13rds are further described in thè audilorfs rèsponsibilities f(* the audit of financi81 slatements secb.on of our rerut. We arè iThlèpendent of the charity in accordance wilh the elhthl requIrem￿tS that are rdevant lo our audit of the firhantyal stslements in the UK, induding the FRC'S Ethical StsThJard. a￿1 we have fulfilled our olher ethtcal responsibilities in &¢¢ydance with these requirements. We bdieve that Ihe audit evidence we have obtair￿￿ IS SLrffiU￿t and arpropriate to provKle a b8sls fc￿ cMJr opinK&n. Conclusions relating to going concem In audsting the financAal statements. we have wnduded that tt)e twslees, use of the going Co￿ern basis of accwnlirKJ in the preparaljon of the finar￿￿ ststements 15 appropriale. Based on th8 work we have performed. we have not identifEd any materi81 uncertaintE5 relating to events or conditK)ns that indivKludly w cdleth'vdy. may <25t signffiGant doubt on the charty's ability to continue as a concern for a of at Igast Iwdvè month5 from when ts fin9ncial statements are aLrtIKbriseiJ for is￿. Our responsibilities and the responsiblitTes of the truslees with respect lo going cor￿r￿ are descriigd in Ihe relevant sections (A this report. The Waltham Forest Islamic Association Independent Auditorf5 Report to the Members of The Wallham Forest Islamic Association IrwtinLt Year ended 31 March 2022 Other infomwtion clher infomiatKffl cc*nwisos infomiation Mi the annual rewt. other than the financial slalerrents and our audit(Y's report thereon. The trustees are res￿nSIble the other inforn￿t￿. r op￿lOn on the finanoal statements does not covet the other infomiab.on and. excèpt to ihe extent Dlh6nMse explicitly stsled in our report, we do not expr￿ form of assurance Co￿l￿s1on thereon. In Connect￿ wth our au(thl of the finanaal statements, our resp)nsiblity is to read the other informab.on and, in d¢yng so, consider W￿[her the other inforrnatK>n is materially incon5iStent with the financial st8temenis cw wr knowledge obtsIn￿ in ￿ audit or othewse appears to be materially misstated. 11 we idertify suth materia in¢onsJstÈncies or apparent material misstatements, we are required lo determine vthether there is a material misstalemenl in the financial statements or a materia misslatemenl of the other information. N, based on the WOTk we have perfomied. we condu¢ that there is a malerid misstatemènt of this other irrformab"on, * are required to report thal f8Ct. Vve have rK>thing lo report in thK8 regard. Matters on whi¢h w• aro rgqulrod to report by 8xcgption In the light of the kno¥￿edge and ￿￿lerstandIng of thè charily and its envirOn￿nt obtained in the COU￿ of the audit, we have nol bdentifkd material misststements in the tru5tees' ￿ porL We have Th)thI￿ to reixxt in resp*d of the fdlowng matter5 in relalK)n to w￿.Ch the Chwties Act 2011 rèquirès us lo report to you rf. #i our opinh)n'. the infomiatim given in the trustees. report is inconsistent in any m8tetial ￿sPeCt with the financ¢d statements: or atleouale accc4JnliTbg rec(*ds have been kept; the financial stalements are not in ￿reeMent vrilh the accountirwJ reeor(Is and retums.. or we have not recaved all informatwjn aThJ exFAanats"¢￿s we requre for our 3ud(t. Responsd>M116es ol tNstee8 As expjaned more fully in th8 trustees. responsibilth.ès stalem8r¢( the trust985 are resp)nsible fDr th8 preparat￿￿ of the financial staterrEnis and for being satisfied that they gwe a Irue and fair view, and lor such intemal cO￿r01 as the trustees detemiine necessary to enable the preparatiL￿ of finarcial statements that are free frrm mater￿1 rnisstalemenL %thether due to fra￿1 or err￿. In prepariry the finanaal statements. the trustees are TesponsitAe for assessing the chadty's abdity to eontinue as a going concem. disdosing. as aptAirakAe, matter5 related to going concem and using the going concem basis of accounting U￿esS the trustees Èilher inteThJ to liquKlate the charty or lo cEase Dperalions, or have rKJ realistic altemalNe but to do so. The Waltham Forest Islamic Association Independent Auditors Report to the Members of The Waltham Forest Islamlc Association (CL¥Rtin Year ended 31 March 2022 Auditor's rnspon5ibilitios for the audit of th• financial statements W& have been apwinted as aLKlrtots under sth 144 of th8 Charrties Act 2011 and re￿rt in accordance wth the ArA and rdevant regLdatK)ns m8de ￿ h?￿n9 effect heTetJrKler. Our obj'ecl'ves are io obtain WSona￿e assurance at￿rt whether the financial statements as a whole a￿ free fr(xm malerol rnisslatement. whether due to fraud LY effor. and to issue an audit(￿.$ report Ih8t includes Dur opinion. Reasonatle assufance is a hty of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS IUKI will 3bH3ys detect a material misstatement when exists. Misslalements can arise fr(xn fraud or error and are cOn￿dered matèrial if, individualy Dr in the aggregate, thèy COLJkl re8sonatly be expected to infkjence the ewnomic deLisions of uws taken on the basis Of these financial ￿8￿Ments. Irwularilies. induthng fraud. a￿ instances of non-ccfflpliance wilh laws and regulations. We design procedures in line wth our respJnsibiI￿'es. ouuined above, lo deteca m*erial misstatements in respect of irregularttie5. induding fraud. The extent to ththich ¢yff p￿RdureS are capable of detecting irragulan¢ie5, indudiro traud Is detailed below.. Wg identified and assessed the risks of material misstatement of the fiYN8ncial statemerrt5 from irrÈgularf(ies. whether due to fraud wror. and discussed these arnOr￿ our aud¥t team members. VV8 thèn designed and performed audrt prO￿￿re5 resprmyve lo tIK)$8 risks, indudin9 oblaining 8udtt avidence sufficient and appropriate lo provKJe 8 basi% for our opinw) W? gained an understand￿9 of the legal and reguk8tory fr￿ework to Ihe tharity operates and corns￿ered the risk of acts by the charity Ihat We￿ conliary to apWic8ble laws and ￿gUlations, including fraL*J. We designed audit prO￿d￿reS lo respond lo the risk. recoyJnising that the risk of not deleding a material missialem8nt duè lo fraLkl is h¥J￿r than the rEk ol not detecting one re5ulbng from error, as Iraud may involve dejiberate (XNKtalment by. for examrAe, lorgery (* intentional misrepresentations. or through cc41usion. We focussed on laws and regulattons whth C￿1￿ give r¢5e lo a material effect in the financi statements or the OF*rations of charity. induding, but rnt limited to, the Charities Act 2011, Charities (Accounts and Reports Regulab'onsl and the Charities SORP IFRS 1021. data proteth.on and anti-monèy laundering. Our tosts inclLKlèd agreeing thè financial slalpm8nt disck)5ures to undedying supporting dwumentation and enquiries wth management. There are inherent limitations in the audit procedurès described above aThJ, Ihe further rerrv)¥&J nonthcornpliarKe wth laws and regulations is from the events and Iran5adions reffecte(l in the finanrAal slalements. the less likely we would become aware of it. W8 did not ￿entify any key audit matter5 rdating to I￿egularl11e$. includiThJ fraud. As in all our audits, we also add￿SSed the risk of managemenl override of inleinJ ¢ontrols, induding testing umals and evaluatirig whether there was evKJence of tsas by th8 truslees that ￿resented a fisk of of material misstatement due to fraud. The Waltham Forest Islamic Association Independent Auditor's Report to the Members of The Waltham Forest151amic Association Icontlnved) Year ended 31 March 2022 A further dgscriplion of our responsii¥liti8s lor a￿rt of the financial statements is bcaled on the FinanGial Reporting Coullcil"s w8bsite at www.frocry.ukl4uditorsresponsibllit￿. Thi$ descriptKJn forms part of our auditor's reiKhl- Use of our report This report is m3de solety lo the charivs mefftbers. as a body. in ac(x>rdance wth section 144 of the Charilies Act 2011 and rcgulalions made under sectKJn 154 of that Act. OUF audit work h8s been undertaken so that we might slate lo the ¢h81itls members those mAtters we are reqwred to slate to them in an auditorfs report and for no other purpose. To the fulles( exlenl permrtted by law, we do not accept or assume regponsibiliiy to anyone other than the charity a￿1 the diarily's members as a body. for our audit work, ICA Ihis report. or Ihe opnirms we have 1￿med. I￿er & Cotnpany Accountants & slatLrtwy auditor 7 Redbridge Lane East Redbridge, Ilford Essex IG4 SET i2 The Waltham Forest Islamic Association Statement of Flnancial Activities Year ended 31 March 2022 2022 2021 UnrBstricted funds Total funds Totsl funds Income arKI endowmgnts Donations and legaaes Charitabje 3clTrvilies Investment InC(￿e 414.326 414,326 289,922 5,000 86,440 93.651 93,651 Totsl income 507.977 507.977 381,362 Expenditure Expènditur8 on raisiro funds= Costs of raising donati(x)s aThJ legacies &xpenditurE on CharIta￿e actmtrs Total expenditure 317.413 317.413 6.094 213.483 5,380 323,507 323.507 218,863 Net incom• 184,470 184,470 162.499 othor rgcognlsed gain5 and lows Gains from revaluation of fixed assets 1.296,137 Not movement in funds 184.470 184,470 1.458.636 Re¢onclliation of fur￿5 Tota fu￿$ broLvJhl fotward Total funds caThhd forw•(I 9.084.448 9,084,448 9,268,918 7,625.812 9,268.918 9,084,448 Tro statemgnt of financial activibes iThSudes al gains and losses reccgnised in the year. All income and expenditLJre derNe fTom ccfitinL*ng actmt￿s. The notes on pays 12 tg 19 forni part of th•st fin￿e1a1 staterngnl& The Waltharn Forest Islamic Association Statement of Financlal Posltlon 31 Mar¢h 2022 2022 2021 No Fixed assets Tangib￿ fixed assets 13 8.872.227 8.È67,271 Cunenl assets Stocks Debtors Cash at bank and in h8rbJ 14 15 1,320 2.500 543,537 547.357 1,560 2.ioo 397,348 401.408 Creditors: amounts f*llTrJ due withln one y￿r 16 40,931 360,477 9,227.748 Net current assets ?13,991 Toial assets less current Ilablities 9.386,238 Creditor6'. wnounts falllng duo after moro thao one year Net assels 17 117,300 143,300 9.268.918 9.084,448 Funds of the charity Unrestrcted funds". Rev81uation ￿SelVe Other unrestricted ir£ome ftmds 4,512,202 4,756,716 9,266.918 20 9.268.918 4.512,2 4,572.246 9,084,448 Total unrestricted lunLSs Tofal ¢harity fund$ 9.084,448 These financial ements were appn)vgS by the bxrd of trLtstees an(J 8Uth¢ytsed for ISS￿ on r¥J are siwed on beh8ff ol the bcord by. Mr M ltyas IGerter81 Secretary) Trustee F A iTiÈasuTtr) Trustee Mr A Majid (V￿• President) Trustee Mr R AtTrhirn Treasurgr) Tru5fÈe tes on pages 12 to 19 form ofthese flnandal statemènts. The Waltham Forest Islamlc Association Statement of Cash Flows Year ended 31 March 2022 2022 2021 Cash Ilows from opwating activities Net income 184,470 162.499 Adjustmenls for Deprecialion of tangible fixed assets Government grant income Dividend5, Interest and rents from investments Othef Inte￿St receivat4e army sim6ar Ir￿ome Accrued eKpens8S 10,538 17.8731 (93,6491 {21 1.992 10,808 {58.8271 186,4401 8,879 Changes An.. Stocks Trade and other debtcfs Trada and other creditors 240 1,090 18001 95.789 {35.5571 60.159 Cash generated from operati(￿5 132.998 Interest re￿1ve(l Net cash from operaling actiwties 60.161 132.998 Cash flow¥ from investlng actlvitigs Dwidends. interest and rents from inve5tmerts Purchase of tangib￿ assets Net cash from investing admbes 93.649 {15,4941 78.155 86.440 (15.7161 70,724 Cash flows from financing adivities Proceeds from tr*)rrowngs Government granl incA)me Net Gash fro￿￿(￿sed inl finanang ￿l￿￿rties (223.300) 58.827 7,873 7,873 (164,4731 Net increase in cash and Cash oquivalents Cash and cash oquivalents at beglnnlng of ye Cash and cash equivalents at end ol year 146,189 397.348 39.249 358,099 543,537 397.348 The noles w pw 12 to 19fonn Ixrt of these financial stat•m•nt& 11 The Waltham Forest Islamic Association Notes to the Financial Statements Year ended 31 March 2022 G•n•ra information The Gharity is a wblic benefft enltty and a fWStered charty in EryL4nd and IAI*s and ' unincorpor81ed. The address of the principal Offi￿ i% 439451 Lea 8rKJge Road, Leyton, Lon(l)n, E10 TEA Statoment of ￿)mplIanCe These finanual slatements have teen prepared in com￿1￿nce wlh FRS 102, 'The Financial Reporting Standard applicable in the UK and the RepU￿1C of IrelatKI', the Ststerllenl of Recommended Practice aprAicatle to Chari1￿ preparing their accounts in accordancè with the Financial Rep￿ing Standard applratle in th8 UK and RewtAic of Ireland IFRS 1021 {Charities SORP IFRS 10211 and the Charth"es Act 2011. Ac¢ounting policios Basis of preparation The financial statements have been prepared on the historica cost basis. a5 modffied by the revaluat￿n of certain financk4 assets arHJ liabiltbes aThJ investment propert￿$ measured at fair valug through income or expeThdrtLJ￿. The financial statements a￿ prepaied irF stthJ, whith 6 the functbnal currency of the entity. Going u>n¢èm There are no material uncertainties about the thariVs abl￿ to contsr)ue. Judgw)Rnts and kny sources of estimalion uncertainty The prew8tion of the ffinan¢d ststemènts requi￿ manage￿Ent to make judgements, estimates and awmptions that affect the 3mwnts reFKYted. Ttr￿e estim3les and judgements are continu81ty reviewed and are based on experbence and other fxtors. incbjdiro ex￿ctatIonS of future events that are t￿l￿Ved to be reasonabk under Cifcumstsnces. 12- The Waltham Forest Islamic Association Notos to the Financial Statements {G￿t Year ended 31 March 2022 Accounllno policles {Gontttsu•dJ Incoming resources All incomir¥J resourc*s a￿ irKluded in the ststement ￿ financial aCtiV￿e$ when entiUemer)t has passed to the charity,. rt is proballe that econrxnic benerrts as50cialed with the transaction 11 llow to the charty and the amount can be reliatty measurÈd. The tdlowng speafic wAici&s are apF4ied to part￿ular Catego￿ of ir￿me. in(x)me from donations or grants is recognised when there is evidence of entrtlsrr￿t to Ihe gift, receiprt is probatAe and (fs amouni can be measurgl rdrabjy. legacy Ir￿Me is reca)gntsed v4hen receipt is prot4gUe and entitiemenl is es¢a￿lshed, income tw)m donated w(15 is moasured al the laff value of th& g)ods unle55 this is iMprart￿al to measure reliatrAy, in whth c8se the value is derive(l the cost to the donor or the estimated resale value. Donated faolities and seMce5 are recwnised in the accounts when receivèd if value (zn be rdiabty measured. No amounts are induded fof the c<)ntributi¢)n cl ggnora vdunteer& income from cortra¢As for the suppty of Servi￿ 15 WEth3nk8ed tho delivery of the contracted Ser￿￿. Thks is dassthed as uniestsicted funds urless there is a contractua reouiremenl fLY rt to b8 spent on a partuAar pUr￿se aTrJ retumed if Lnspenl. in vthich Case it may te regarded as reslricied. Resoufce5 expefid¢d ExpenditLtre 15 recogniseil on an accruas basi% as a liabilrty is incurred. Expenditure indudes any VAT which c2nnot be ftdly recover￿. is daSSif￿ umsèr h6adKos of the slat8Th*ni of financial ac11vit￿ to which it rdates.. expenditur8 ￿ raisiffj I￿￿1$ ityludes the costs of ai futNlraisI￿ 8thities, events, n0￿chal[lat￿e tra(Iing activitBs, the sale dcfflated 9X￿S. expenditure charitabte a¢lwitw indudes all c05t5 I￿￿rred by a tharity in undertakir a¢tivrfi"es Ihat furthèr Its tharitat4e aims for the benefit of its b8[￿ficianes, induding tIM)se SUPF(rt costs and CAJSts relating lo govemance of the th3rily apporti￿)ed to charitable aclivitigs. other expertditu￿ indth all expenditure that is neilhor related to raising funds for the arity F¥X part of its 8xFendrtU￿ on charitable a￿r￿￿.es. JI costs are allmver5￿￿ other costs incuired in bringirKJ th8 Stock to its present kxalion arxl corKlibon. Government grants Govomment grants are r6wi50d al the fa* vakne of the asset received or r¢ceivable. Gr8nts are not re￿nised unb"I there 15 reasonable assurdnce that the charity wll with the condilM)ns att8ehirwJ to thèm arKI the grants will received. Where the grant does not imtM)se speufth fiJt¢Ne p8rf(*nwnce-related condi11c￿S on thè recipient. it is reccNJnised in income when the grant prrKeeds are r￿1Ved or receivable. Where the grant does impose specified fLrture FerforManCE-re￿I9Y conditions on the recApient, it i% recognised in I￿ome vthen the perforManC￿related ciwKJrtions have been met. Wl*re grants received are wior to satisty"ryJ the revenue r￿ni￿rI criteria. they ar8 re¢x)gnised as a 14- The Waltham Forest Islamlc Association Notes to the Financial SLitements (conunu Year ended 31 March 2022 Accounting polidès ¢¢Ontin{￿￿) Defined contribuli¢n plans ConlributK)ns to defined contribution F4arE are ￿CogniSed as 8n ext*n$e in Ihe Peri￿ in which related se￿iCe is wowd8d. Ptep3id contriLKrtions are recognised as an asset to the extent that the prepayment will le&1 to a redudion ￿ luturè payments rK a Lxh refLmd. When conlribulK)ns are not expethd to be seUlÈd %thclly wrthin 12 months of the end of the reporting date in which the emKAoyees rerKler the reL4ted se￿1￿. Ihe liabilty is m¢8sured on discounted pr8w)I Wdlue basis. The urwinding of Ihe dIs￿U￿t is recognised as an expense In the peri(xl in which IE arises. Donations and legacies Unrestrided Total Funds UnTe5trid8d Total Funds Fur 2Q22 FurKIs 2021 t>onation GenOr￿ donations Grove Road cdlectic Funeral receipts Nikkah donatK)ns Kitchen donations Education inc(xne Rad￿ inc(Kne Other donations rec￿¥ 160.122 76.637 45.275 3.715 12.357 37,166 2.305 68,876 160.122 76,637 45.275 3.715 12.357 37,166 2.305 68.876 107,631 107.631 9.444 65.920 2.170 65,920 2.170 2,080 2,080 43,850 Grants Goverrbment grant in(x)me 7.873 414,326 7.873 414.326 58.827 58,827 289.922 289,922 Charitable *lvilie8 Unfestricied Total Funds Unrestricted Tolal Funds Funds 2022 Funds 2021 Ot￿[ 1K{￿ne 5.OiN) Investment in¢ome Unrestricted Total Fund5 Unrestricted Total Funds Flfftds 2022 Funds 2021 Income fr(Nn investment pYo￿rtieS Bank Inlwt recewable 93.649 93,649 86,440 86,440 93.651 93.651 86.440 86.440 15- The Waltham Forest Islamic Association Notes to the Flnancial Statements (G￿rffy￿ Year ended 31 March 2022 Costs ot raising donatic￿S and l•gacies unrestn.ded Tot4 Funds Unrestn"¢#ed Total FU￿lS Funds 2022 Funds 2021 Costs of raising donations legaues Operational costs Costs of raising donations legacies Adverb'sin9 Costs of raising donaticffjs aThY lega(#&s Donalic*)s paid Costs of raising donakn.ons legacies Bank charges 253.670 253.670 210.232 210.232 326 326 149 149 61.938 61.938 2,410 2,410 1.479 1.479 692 692 317.413 317.413 213.483 213,483 Expondlture on charltable activitbgs by fvnd ty iknrwtricted Total Funds Unrestricted Tirtal FuTrJs Funds 2022 Funds 2021 Support costs Expendi￿re on ¢haritable a¢tivlties by activity typg Total funds 2022 Total fund 2021 su￿￿1 ￿)51$ G0vema￿e c*ists 5.380 10. Net income Nel income is slated after chargi@Icredthry): 2022 2021 Depreoatiw of tangible fix￿1 a55ets 10.538 10.808 11. Slaff costs The avefw head wjnt of wh￿0yeeS durir@ the year was 612021: 5). No emtloyèe received em ￿0Yee rem￿￿raI]0n of more than £60.CW durirvJ the yw12021." Nil). 12. Trustee remuneration and expenses No remuneration or other tse￿fits from emtloyment ¥￿tt the charity or a related entity were r&eived by the trustèes. -16. The Waltham Forest Islamlc Association Notes to th• FinanGial Statements (¥Qmlnu*dJ Year ended 31 March 2022 13. Tangible fixed assets Freehdd Hant and Fthires and perty mathinery fittings frAotor vehides EquIr￿ent Total Cost Al 1 Apr 2021 Additions 8.TlO.¢ 7,381 195,087 30,734 708 48.450 9,044.271 15.494 2,600 2.600 9,059,765 At 31 Mar 2022 8,777.381 199.892 31,442 48.4￿} Depreciatl