**ISLAMIC CENTRE EDGWARE Registered Charity Number 270823**
## **ISLAMIC CENTRE EDGWARE**
**FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **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 2023**
The trustees present their annual report and financial statements for the year ended 31 March 2023 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 Mohammed Hanif Qureshi Mr Hassan Nasir Mr Iftikhar Hussain Mr Shahid Iqbal Mr Amjad Iqbal Mr Zaheer Ali Mr Azhar Salam Sheikh (appointed 26/09/2021) Mr Shamim Ahmed (appointed 26/09/2021) Mr Mirza Nadeem Shahzad (appointed 26/09/2021) Mr Abdul RAzzaq Butt (appointed 26/09/2021)
## **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
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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 £281,027 for the year ended 31 March 2023 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:
2
## **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 2023, 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
1. 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
2. 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:
3
## **ISLAMIC CENTRE EDGWARE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Incoming Resources**
Donations and Subscriptions
Donations - Zakat & Fitra
Investment Income
HMRC Gift Aid
**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
Bank Charges
Credit Card Charges
General Administration
Depreciation On Equipment
**Total Resources Expended**
**Net Movement in Funds**
**Total Funds Brought Forward**
**Total Funds Carried Forward**|**Unrestricted**
**Funds**
**£**
265,226
20,369
22,642
308,237
11,718
1,995
2,202
2,151
5,835
277
801
292
60
575
434
870
27,210
281,027
2,024,071
2,305,098|**Restricted**
**Funds**
**£**
30,830
30,830
30,830
30,830
-
-
-|**Total Funds**
**2023**
**£**
265,226
30,830
20,369
22,642
339,067
11,718
1,995
2,202
2,151
5,835
277
801
30,830
292
60
575
434
870
58,040
281,027
2,024,071
2,305,098|**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|
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.
4
## **ISLAMIC CENTRE EDGWARE**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed Assets**
Tangible Assets
2
**Current Assets**
Other Debtors
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|**2023**
**£**
2,116,375
50,000
171,936
2,338,311
(31,613)
(1,600)
2,305,098
2,305,098|**2022**
**£**
2,117,245
-
54,039|
|---|---|---|
|||2,171,284
(145,613)
(1,600)|
|||2,024,071|
|||2,024,071|
Approved by the trustees and signed on their behalf by:
## **Mohammed Gulfam Chair of Trustees**
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## **ISLAMIC CENTRE EDGWARE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **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
6
## **ISLAMIC CENTRE EDGWARE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Fixed Assets: Tangible Assets**
|**Cost**
Balance Brought Forward
As at 31 March 2023
**Depreciation**
Balance Brought Forward
Charge for Year
**Net Book Value**
As at 31 March 2023
As at 31 March 2022
**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
25,837
870
26,707
1
871|Total
**£**
2,143,082
-|
|---|---|---|---|
||||2,143,082|
||||25,837
870|
||||26,707|
||||2,116,375|
||||2,117,245|
||||**£**
2,024,071
339,067
(58,040)|
||||2,305,098|
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