2022-03-31-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 2022

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 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022 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 £185,994 for the year ended 31 March 2022 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 2022, 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 2022

Incoming Resources Donations and Subscriptions Donations - Zakat & Fitra Investment Income HMRC Gift Aid Covid-19 Grant Total Incoming Resources Resources Expended Wages and Salaries General Rates Insurance Light and Heat Repairs and Maintenance Printing and Stationery Telephone Donations - Zakat & Sadaqa School Books and Bags Legal and Professional Fee Bank Charges General Administration Depreciation On Equipment Total Resources Expended Net Movement in Funds Total Funds Brought Forward Total Funds Carried Forward	Unrestricted Funds £ 171,591 19,424 39,102 - 230,117 16,985 10,752 1,162 3,906 5,471 578 335 728 - 15 185 4,006 44,123 185,994 1,838,077 2,024,071	Restricted Funds £ 14,827 14,827 14,827 14,827 - - -	Total Funds 2022 £ 171,591 14,827 19,424 39,102 - 244,944 16,985 10,752 1,162 3,906 5,471 578 335 14,827 728 - 15 185 4,006 58,950 185,994 1,838,077 2,024,071	Total Funds 2021 £ 90,370 20,860 4,811 - 26,451
				142,492
				27,590 1,398 2,581 1,095 19,666 203 576 20,860 607 1,109 - - 4,006
				79,691
				62,801 1,775,276
				1,838,077

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 2022

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	2022 £ 2,117,245 54,039 2,171,284 (145,613) (1,600) 2,024,071 2,024,071	2021 £ 2,121,251 52,040
		2,173,291 (333,614) (1,600)
		1,838,077
		1,838,077

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 2022

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 2022

2. Fixed Assets: Tangible Assets

Cost Balance Brought Forward As at 31 March 2022 Depreciation Balance Brought Forward Charge for Year Net Book Value As at 31 March 2022 As at 31 March 2021 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 21,831 4,006 25,837 871 4,877	Total £ 2,143,082 -
			2,143,082
			21,831 4,006
			25,837
			2,117,245
			2,121,251
			£ 1,838,077 244,944 (58,950)
			2,024,071