2021-03-31-accounts - Islamic Centre Edgware

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ISLAMIC CENTRE EDGWARE Registered Charity Number 270823

ISLAMIC CENTRE EDGWARE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

ASAD RAHIM & CO.

CHARTERED CERTIFIED ACCOUNTANTS 8 PARK WAY EDGWARE MIDDLESEX HA8 5EZ

ISLAMIC CENTRE EDGWARE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their annual report and financial statements for the year ended 31 March 2021 and confirm that they comply with the Charities Act 1993, as amended by the Charities Act 2006 and the Charities SORP 2005.

Board of Trustees

Mr Gulzar Ahmed Mr Ishtiaq Mahmood Mr Javed Iqbal Hussain Mr Mohammad Nisar Bashir Mr Mohammed Gulfam Mr Nasir Mahmood Mr Saiyed Kadiri Mr Mohammed Hanif Qureshi Mr Hassan Nasir Mr Iftikhar Hussain Mr Ashiq Hussain Mr Shahid Iqbal Mr Amjad Iqbal Mr Zaheer Ali

Charity Registration No. 270823

Address:

9D Deansbrook Road Edgware Middlesex HA8 9BE Contact: Mr Mohammed Gulfam

Governing Document

Islamic Centre Edgware is constituted as a charity and registered with the Charity Commission on 25 February 1976. The constitution was adopted on 31 August 1975 and last amended on 29 June 1997.

Aims and Objectives

The aims and objectives of the charity are:

The advancement of the religion of Islam in accordance with the tenets and doctrines of Sunni sect of Islam.
The advancement of the education of Muslim children in accordance with the tenets and doctrines of Sunni sect of Islam.
The relief of such members of the sect who are poor and needy.
Arrange prayer facilities for the local Muslim community.

Structure of the Organisation

The charity’s trustees are responsible for management of the charity. The trustees give their time freely and receive no remuneration or any other financial benefits. The trustees meet together as a body on a regular basis and are responsible for making decision in relation to running the organisation effectively. The trustees have set up a managing committee for the smooth running of the charity and to maintain its day to day finances.

The existing trustees are responsible for appointment of new trustees but they consider nominations only recommended by the local community leaders as well as by the managing committee. The trustees believe this method is very effective way to build strong relationship between the charity and the local community where the charity operates.

Risk Management

The trustees have assessed the risks the charity faces and review these risks regularly at their meeting and confirm that systems are in place in order to manage these risks and necessary steps can be taken to manage the risks that have been identified.

Financial Review and Investment Policy

The charity has no long-term investment. The charity’s cash are held in UK bank deposit accounts. The centre’s results are stated on page 4. The centre achieved net incoming resources of £62,801 for the year ended 31 March 2021 and the trustees are pleased with the results.

Trustees Responsibilities to the Financial Statements

The charity’s trustees are responsible for preparation of financial statements in accordance with applicable law to charities in England and Wales which gives true and fair view of the state of affairs of the charity during the financial year. In preparing the financial statements, the trustees are required to:

Select suitable accounting policy and the apply them consistently;
follow the methods and principles in the Charities SORP;
make judgments 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 financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They 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.

Approved by the trustees and signed on their behalf by:

Mohammed Gulfam Chair of Trustees Date:

ISLAMIC CENTRE EDGWARE

INDEPENDENT EXMINER’S REPORT

TO THE TRUSTEES AND MEMBERS

We report on the financial statements of Islamic Centre Edgware for the year ended 31 March 2021, which set out on pages 5 to 7.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention.

Basis on Independent Examiner’s Statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner’s Statement

In connection with my examination, no matters has come to my attention

Which gives me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Asad Rahim & Co.

Chartered Certified Accountants

8 Park Way Edgware Middlesex HA8 5EZ

Date:

ISLAMIC CENTRE EDGWARE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Incoming Resources Donations and Subscriptions Donations - Zakat & Fitra Investment Income Covid-19 Grant Total Incoming Resources Resources Expended Wages and Salaries Hall Hire Charges General Rates Telephone Light and Heat Insurance Printing and Stationery Promotional Materials School Books and Bags Donations - Zakat & Fitra Bank Charges Legal and Professional Fee Repairs and Maintenance Depreciation On Equipment Total Resources Expended Net Movement in Funds Total Funds Brought Forward Total Funds Carried Forward	Unrestricted Funds £ 90,370 4,811 26,451 121,632 27,590 - 1,398 576 1,095 2,581 203 - 607 - 1,109 19,666 4,006 58,831 62,801 1,775,275 1,838,076	Restricted Funds £ 20,860 20,860 20,860 20,860 - - -	Total Funds 2021 £ 90,370 20,860 4,811 26,451 142,492 27,590 - 1,398 576 1,095 2,581 203 - 607 20,860 - 1,109 19,666 4,006 79,691 62,801 1,775,275 1,838,076	Total Funds 2020 £ 484,948 60,369 834
				546,151
				47,401 2,144 12,712 874 1,898 3,292 265 1,200 1,755 60,369 1,125 - 3,158 4,006
				140,199
				405,952 1,369,323
				1,775,275

There were no recognised gains and losses for the year other than stated in the statement of financial activities above. All incoming resources and resources expended derived from continuing activities.

ISLAMIC CENTRE EDGWARE

BALANCE SHEET

AS AT 31 MARCH 2021

Note Fixed Assets Tangible Assets 2 Current Assets Cash at Bank and in Hand Less: Current Liabilities Loans from Community- Qarde Hasna Other Creditors Net Assets The Charity's Fund: Unrestricted General Funds 3	2021 £ 2,121,251 52,039 2,173,290 (333,614) (1,600) 1,838,076 1,838,076	2020 £ 2,125,257 95,132
		2,220,389 (445,114) -
		1,775,275
		1,775,275

Approved by the trustees and signed on their behalf by:

Mohammed Gulfam Chair of Trustees

Date:-

ISLAMIC CENTRE EDGWARE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies

1.1 Basis of Accounting

The financial statements have been prepared under the historic cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) Issued in March 2005, and applicable to UK Accounting Standards and the Charities Act 1993.

1.2 Incoming Resources

Unrestricted funds are those are received by way of donations at their own discretion and the trustees are free to use these funds for any purpose in advancement of the charity and charitable objects.

Restricted funds are those to be used in accordance with specific restrictions imposed by the donor and for the purpose which donation was collected.

1.3 Resources Expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. All expenditures are taken into consideration on an accruals basis and have been classified under appropriate heading in the statement of financial activities.

1.4 Value Added Tax

Value added tax is not recoverable by the charity and charged against the category of the resources expended for which it was incurred.

1.5 Tangible Fixed Assets and Depreciation

The freehold property is mainly land and valued at historic cost and it is not depreciated as the trustees consider depreciation charge is immaterial.

Fixtures and Equipment charged at 15% - straight line

ISLAMIC CENTRE EDGWARE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Fixed Assets: Tangible Assets

Cost Balance Brought Forward As at 31 March 2021 Depreciation Balance Brought Forward Charge for Year Net Book Value As at 31 March 2021 As at 31 March 2020 3. General Reserve Funds Balance Brought Forward Add: Income Less: Expenses Total Unrestricted Funds	Land & Building £ 2,116,374 - 2,116,374 - - - 2,116,374 2,116,374	Fixtures & Equipment £ 26,708 - 26,708 17,825 4,006 21,831 4,877 8,883	Total £ 2,143,082 -
			2,143,082
			17,825 4,006
			21,831
			2,121,251
			2,125,257
			£ 1,775,275 142,492 (79,691)
			1,838,076