Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
**Charity Registration No. 273130**
# **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CONSOLIDATED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Nazir Virji||
|---|---|---|
||Abbas Walji||
||Mohamed Abbas Karim||
||Sajjad Ali Jaffer||
|**Charity number**|273130||
|**Principal address**|2-8 Burton Street||
||Peterborough||
||Cambridgeshire||
||PE1 5HD||
|**Auditor**|Deitch Cooper LLP||
||1stFloor, 3 Hobbs House||
||Harrovian Business Village||
||Bessborough Road||
||Harrow||
||Middlesex||
||HA1 3EX||
|**Bankers**|Barclays Bank PLC||
||1 Church Street||
||Peterborough||
||PE2 8DP||
|**Solicitors**|Hunt & Coombs LLP||
||35 Thorpe Road||
||Peterborough||
||Cambridgeshire||
||PE3 6AG||
|**Office bearers**|Abbas Manji|President|
||Rizwan Rahemtulla|Vice president|
||Shelina Ratansi|Secretary General|
||Naushad Lakhani|Honorary Treasurer|
||Murtaza Laduck|Assistant treasurer|
|**Management committee**|Saeeda Jiwa|Welfare & Wellbeing|
||Murtaza Walji|Burial and Maintenance|
||Husein Jiwa|Medical|
||Abbasali Damani|Sports|
||Minhaal Ratansi|Media|
||Shokat Bhalwani|Kitchen|
||Mohamed Siddiq Jaffer|Youth Engagement|
||Maisam Damani|Education & Madrasah Liaison|
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Independent auditor's report|6 - 8|
|Consolidated statement of financial activities|9|
|Consolidated statement of financial position|
10|
|Charity statement of financial position|11|
|Consolidated statement of cash flows|12|
|Notes to the financial statements|13 - 30|
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The Trustees present their report and the consolidated financial statements for the year ended 31 March 2024. The legal and administrative information page forms a part of this report.
## **Objectives and activities for the public benefit**
The principal objective of the charity is to advance the Islamic Religion in accordance with the Shia Ithna-Asheri Jafferi faith, by all or any of the following means:
- a) Propagate and promote the religious, social, educational and humanitarian teachings of the Shia IthnaAsheri Jafferi faith as per the rulings of the Marja, recognised by our community at large.
- b) To buy, rent, build and maintain centres, mosques and such other infrastructure as may be necessary from time to time for the furtherance of the Objects of The Community.
- c) To facilitate, maintain and develop the worship and practice of the Shia Ithna-Asheri Jafferi faith.
- d) To raise funds and invite and receive contributions from any person(s), organisation(s), or institution(s) whatsoever by way of subscription, donations or otherwise, provided that The Community shall not undertake any permanent trading activities in raising funds for its charitable objects.
- e) To relieve poverty within and outside The Community.
- f) To educate members of The Community in both secular and religious fields.
- g) To promote health and wellbeing of The Community.
- h) To work in co-operation with other Shia Ithna-Asheri Muslim Communities and other charitable organisations.
- i) To educate and further understand Khoja heritage, history, culture and its principles in order to pass such understanding down to successive generations.
- j) Promoting knowledge and mutual understanding between the Khoja Shia Ithna-Asheri Community and different racial and cultural groups.
- k) To handle and manage at its own discretion, but in accordance with English Law, such charitable trusts of Members, that has been handed over to The Community for their management.
- l) To perform marriage ceremonies and burial rites in accordance with the Shia Ithna-Ashei Jafferi faith.
- m) To do all such other things as shall further the above-mentioned objects.
The Charity focuses primarily on religious activities for the public benefit, including for members of the community and delivering positive effects on the wider public, and is supported in its objectives by its fellow group companies.
- The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation – This is an investment holding company and owns most of the investment properties held by the group.
- 313 Project Ltd - The company's objective was to complete the Al-Qaeem project and any profits earned by the company to be donated to the charity. The Al-Qaeem project has now been completed.
- 313 Trust Corporation Ltd – This is an investment holding company and owns an investment property.
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission’s public benefit guidance when carrying out activities for the public benefit. The Trustees have considered the general guidance on public benefit and the supplementary public benefit guidance “The advancement of religion for the public benefit”.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Achievements and performance**
The charity provides facilities for observing significant events in the Shia Ithna Asheri calendar.
- a) There are approximately 125 days of significant importance in the calendar which are marked by observations with special functions in the Mosque. These include the fasting month of Ramadhan and the mourning month of Muharram.
- b) Daily prayer facilities (congregation and individual) are held three times a day, throughout the year.
- c) Providing community breakfasts every weekend following the morning prayer ritual, enhancing community cohesion and fostering unity.
- d) Facilities are provided for Juma prayers every Friday where participants include the wider Muslim community.
- e) Welfare support for families in financial difficult (with the assistance of the Council of European Jamaats and The World Federation of Khoja Shia Ithna-Asheri Muslim Communities).
- f) We oversee, coordinate, and host both weddings and funerals with utmost care and respect, offering complete logistical support and a compassionate presence at every step. By upholding high standards of quality and sensitivity, we honor diverse traditions and create a comforting environment for all involved.
- g) Over the past year, we continued to host a range of youth programmes, including sports, debates, quizzes, and flagship events such as “Ladz & Dadz” and “Mums & Tots.” These activities foster personal growth, encourage collaboration, and nurture leadership skills in a supportive environment for young participants.
- h) Continued to provide comprehensive educational facilities, most notably through the Husaini Madrasah, which serves approximately 430 children. This institution offers a structured curriculum that encompasses religious, cultural, and moral education, fostering an environment where students can develop both academic and personal growth. By incorporating age-appropriate teaching methods, engaging lesson plans, and opportunities for spiritual enrichment, we strive to equip each child with the knowledge and values necessary to thrive both within the community and beyond.
- i) Organized inclusive inter-faith activities that bring together individuals of all beliefs and backgrounds, fostering greater respect and understanding.
- j) Provided dedicated support for senior citizen groups (ladies and gents), enhancing their physical, emotional, and spiritual well-being through engaging activities and fellowship.
- k) Held dynamic programmes exclusively for women, promoting empowerment, leadership, and camaraderie within the community.
- l) Enabled our youth to design and lead their own initiatives, building confidence, teamwork, and a sense of responsibility.
- m) Delivered essential training to ensure compliance with safeguarding standards, including child protection in Madrasah and First Aid at Work.
- n) Offered holistic safeguarding and emotional support services, extending timely care and compassion to community members in need.
- o) Maintained active attendance and affiliation with city-wide organizations—such as the Muslim Council of Peterborough, Joint Muslims Council, and Peterborough Inter-faith Council—to broaden our collective reach and foster collaborative opportunities.
- p) Organized seminars to raise awareness of pressing medical issues within the community, while offering practical guidance on prevention and effective strategies for managing these conditions.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
q) Collaborated with partner agencies to assist the homeless and vulnerable populations, exemplified by initiatives like the Husaini Soup Kitchen, ensuring crucial support for those most in need.
r) Regarding the previous construction project, this was fully completed during the last period. The objective is to finalise the company and make it dormant. Any profits earned annually by the company will be donated back to the charity. The financial position at 31 March 2024 and results for the year then ended of 313 Project Ltd are consolidated in these financial statements.
s) The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation and 313 Trust Corporation Ltd are investment property holding companies controlled by the charity for the benefit of the charity and for no other purpose. The investment properties held by these companies were valued by independent external parties during the period and these values have been used in the financial statements. The financial position on 31 March 2024 and results for the year then ended of both subsidiaries are consolidated in these financial statements.
## **Financial review**
The results for the year are shown on pages 9 to 12 and in the notes to the financial statements, including income and expenditure analysed between different activities of the group. The trustees present the following summary of financial information to provide an understanding of the period under review.
The Statement of Financial Activities shows how the group's funds have been applied during the year. The total gross income of the group was £487,741 (2023: £602,103). Donations directly relating to the principal activities amounted to £243,207 (2023: £318,583). A breakdown of donations is contained within the notes to the financial statements. During the year, the value of the investment properties fell by £545,000 (2023: £233,544 increase). The group has achieved an overall net expenditure for the year of £620,837 (2023: £350,376 net income). The charity has sufficient funds brought forward from previous years to cover the net expenditure of the reporting period. During the period, the Mosque building and other properties used by the charity have been revalued by £2,858,622 (2023: £nil). Total funds of £10,591,831 (2023: £8,354,046) have been carried forward to forthcoming years, including £223,170 (2023: £261,908) of restricted funds. The purposes of these restricted funds are set out in the notes to the final statements.
## **Reserves policy**
The perpetual nature of the charity's existence means that it will never cease to exist and therefore reserves are carried forward at the end of each financial year. The Trustees and the management committee aim to maintain unrestricted reserves at a level which equates approximately to three months of its unrestricted charitable expenditure, which amounts to approximately £50,000. It is in the Trustees and the management committee view that this level would be sufficient to respond to an unforeseen level of expenditure as well as finance other recurring expenditure. The Trustees and management committee are not remunerated. The restricted funds all relate to items there the donors have specified its intended use or recipient. Where deficit occur on the restricted funds, the Trustees would normally use the unrestricted funds to disburse them.
## **Investment policy**
The assets of the parent charity are held in the nominee name of the Trustees as required by law. The constitution authorises the Trustees to make further capital investments in furtherance of the charity's objectives. All but one of the investment properties owned by the group are held in the names of the group companies limited by guarantee and are consolidated in these financial statements.
## **Risk management**
The Trustees recognise that effective risk management is essential in achieving the Charity's and group’s objectives. Risk management is considered as an integral element of all decision making and identifying appropriate procedures to ensure that risk levels are acceptable in each case. The Trustees believe that it is important to develop and enhance the approach towards risk management, to ensure it remains fit for purpose. The group will formalise its risk management and create a risk register which will be reviewed on regular basis.
No immediate, identified or known concerns in relation to the Charity’s long-term future have been identified but this area continues to be monitored. The Trustees are satisfied that the steps they have taken in the short term are appropriate and effective.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Future plans**
In addition to the objectives outlined above, the group has additional objectives over the forthcoming 12 months:
- **Upkeep and Refurbishment:** The trustees remain focused on the maintenance and improvement of the Mosque buildings to ensure they provide a safe, functional, and welcoming environment for all users.
- **Investment Opportunities:** Trustees will actively explore and assess appropriate investment opportunities to strengthen the charity’s financial sustainability, ensuring all investments align with the charity’s objectives and risk management policies.
- **Programme Expansion:** The charity is committed to enhancing the range and quality of on-site programmes and activities, implementing necessary health and safety measures to create a secure and inclusive space for the community.
- **Inclusive Event Development** : Trustees will review the demographic impact of current events and work to introduce new initiatives to better serve underrepresented groups, ensuring the charity’s activities meet the diverse needs of its community.
## **Structure, governance and management**
The charity is an unincorporated charity formed under a constitution under a deed dated 2 June 1977 as amended on 11 November 2012 and 6 September 2013. It is registered with the Charity Commission under reference 273130.
The management of the community is undertaken by the Management Committee which comprises elected members who administer the charity. The management committee are elected at the Biennial General Meeting.
The charity also controls three companies. These companies are as follows:
- The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation – Investment holding company.
- 313 Project Ltd – Project Management for the Al-Qaeem project.
- 313 Trust Corporation Ltd – Investment holding company.
The Trustees who served during the year and up to the date of the approval of the financial statements were:
Mr N Virji Mr A Walji Mr M A Karim (appointed 7 October 2023) Mr S A Jaffer (appointed 7 October 2023) Mr A Salehi (resigned 7 October 2023) Mr S Ebrahim (resigned 7 October 2023)
## Appointment and recruitment of new trustees:
In accordance with the constitution, the Trustees are elected at the Biennial General Meeting of the Community and shall hold office for four (4) years. Trustees may not hold office for more than two (2) consecutive terms (eight (8) years). Any potential new Trustee is already familiar with charities and when appointed as a new Trustee has a full induction to the business of MKSIC Peterborough and its assets.
## **Connected charities**
The charity has a close relationship with The Council of European Jamaats (COEJ) which is member of The World Federation of Khoja Shia lthna-Asheri Muslim Communities, a UK registered charity, number 282303. MKSIC Peterborough collects funds on behalf of COEJ which is the European body that channels donations and contributions to worthwhile causes and calamities throughout Europe and on to the World Federation for international causes.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Appreciation**
The charity relies heavily on services of volunteers. The Trustees wish to thank the Jamaat staff and all the volunteers for their unstinting hard work during the financial year and their on-going efforts in the daily administration of numerous areas of work we do.
The Trustees also wish to acknowledge the immense quantity of high-quality work undertaken by staff, officers and volunteers in helping to achieve and deliver the charitable objectives of the charity.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of disclosure to auditor**
- a) So far as each Trustee is aware, there is no relevant audit information (information needed by the auditors in connection with preparing their report) of which the company’s auditors are unaware; and
- b) Each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of all relevant audit information and to establish that the auditors are aware of that information.
The Trustees' report was approved by the Board of Trustees.
Mr A Walji **Trustee**
17 January 2025
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE TRUSTEES OF THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **Opinion**
We have audited the financial statements of The Muslim Khoja Shia lthna-Asheri Community of Peterborough (the 'charity') and its group for the year ended 31 March 2024, which comprises the consolidated statement of financial activities, the consolidated statement of financial position, the statement of financial position, the consolidated statement of cash flows, and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of lreland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group's and charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; and
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- - have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (lSAs (UK)) and applicable law. Our responsibilities under those standards are further described in _the Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
ln auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **INDEPENDENT AUDITOR’S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ln preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- we identified the laws and regulations applicable to the charity and the group through discussions with management and from our knowledge and experience of the sector and activities of the charity; and
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011; and
- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting documentation; and
- we identified laws and regulations which were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the financial statements to material misstatements including obtaining an understanding of how fraud might occur by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **INDEPENDENT AUDITOR’S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **Auditor's responsibilities for the audit of the financial statements (continued)**
To address the risk of fraud through management bias and override of controls we performed the following procedures:
- we performed analytical procedures to identify any unusual or unexpected relationships; and
- we assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- we investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to, agreeing financial statement disclosures to underlying supporting documentation and remaining alert for actual and potential litigation and claims during our other audit procedures. We did not identify any key audit matters relating to irregularities, including fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition – October 2019)” in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done for the financial statements to provide a true and fair view in accordance with current United Kingdom Generally Accepted Accounting Practice.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this, or for the opinions we have formed.
**Deitch Cooper LLP** 17 January 2025 **Statutory Auditor** 1[st] Floor, 3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
Deitch Cooper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted**
**funds**
**2024**
**Notes**
**£**
**Income from:**
Donations and legacies
**4**
173,472
Charitable activities
**5**
36,564
Investments
**6**
138,925
**Total income**
348,961
**Expenditure on:**
Raising funds
**7**
72,988
Charitable activities
**8**
303,607
`
**Total expenditure**
376,595
**Revaluation of investment**
**properties**
(545,000)
**Net income/(expenditure)**
(572,634)
Transfers between funds
**18**
(9,465)
**Other recognised**
**gains and losses:**
Revaluation of tangible fixed
assets
2,858,622
**Net movement in funds**
2,276,523
Fund balances at 1 April 2023
8,092,138
**Fund balances at 31 March**
**2024**
10,368,661|**Restricted**
**Total**
**Unrestricted**
**funds**
**funds**
**2024**
**2024**
**2023**
**£**
**£**
**£**
69,735
243,207
148,969
69,045
105,609
25,644
-
138,925
120,550
138,780
487,741
295,163
-
72,988
34,082
186,983
490,590
193,336
186,983
563,578
227,418
-
(545,000)
233,554
(48,203)
(620,837)
301,299
9,465
-
3,083,022
- 2,858,622
-
(38,738) 2,237,785
3,384,301
261,908 8,354,046
4,707,837
223,170 10,591,831
8,092,138|**Restricted**
**funds**
**2023**
**£**
169,614
137,326
-
306,940
-
257,863
257,863
-
49,077
(3,083,002)
-
(3,033,925)
3,295,833
261,908|**Total**
**2023**
**£**
318,583
162,970
120,550|
|---|---|---|---|
||||602,103|
||||34,082|
||||451,199|
||||485,281|
||||233,554|
||||350,376
-
-|
||||350,376
8,003,670|
||||8,354,046|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 9 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
Investment properties
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**17**
**Net assets**
**Funds**
Restricted funds
**18.c**
Unrestricted funds
General unrestricted funds
**18.a**
Revaluation reserve
**18.a**|**2024**
**£**
**£**
7,777,157
2,706,000
10,483,157
49,838
504,018
553,856
(303,413)
250,443
10,733,600
(141,769)
10,591,831
223,170
6,150,621
4,218,040
10,368,661
10,591,831|**2023**
**£**
**£**
5,008,180
3,251,000
8,259,180
45,939
662,036
707,975
(454,818)
253,157
8,512,337
(158,291)
8,354,046
261,908
6,732,720
1,359,418
8,092,138
8,354,046|
|---|---|---|
The accounts were approved by the Board of Trustees on 17 January 2025 and were signed on its behalf by: Mr A Walji Mr N Lakhani **Trustee Treasurer**
- 10 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CHARITY STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**12.a**
Investment properties
**13.a**
**Current assets**
Debtors
**14.a**
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
**16.a**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**17.a**
**Net assets**
**Funds**
Restricted funds
**18.c**
Unrestricted funds
General unrestricted funds
**18.b**
Revaluation reserve
**18.b**
The accounts were approved by the Board of Trustees
Mr A Walji
**Trustee**|**2024**
**2023**
**£**
**£**
**£**
**£**
7,777,153
5,122,866
230,000
229,000
8,007,153
5,351,866
1,629,865
1,708,673
489,090
561,979
2,118,955
2,270,652
(302,032)
(451,076)
1,816,923
1,819,576
9,824,076
7,171,442
(141,769)
(158,291)
9,682,307
7,013,151
223,170
261,908
5,355,805
5,391,825
4,103,332
1,359,418
9,459,137
6,751,243
9,682,307
7,013,151
on 17 January 2025 and were signed on its behalf by:
Mr N Lakhani
**Treasurer**|
|---|---|
- 11 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**22**
**Investing activities**
Purchase of tangible fixed assets
Purchase of investment property
Investment income received
**Net cash generated from/(used in)**
**investing activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
(277,642)
(2,103)
-
138,925
136,822
(17,198)
(17,198)
(158,018)
662,036
-
504,018|**2023**
**£**
**£**
118,896
(89,553)
(146,446)
120,550
(115,449)
(18,639)
(18,639)
(15,192)
667,699
9,529
662,036|
|---|---|---|
- 12 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
The Muslim Khoja Shia Ithna-Asheri Community of Peterborough (“the charity”) is an unincorporated charity formed under a constitution under a deed. The principal place of business is 2-8 Burton Street, Peterborough, Cambridgeshire, PE1 5HD.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's constitution, the Charities Act 2011 and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition – October 2019)”. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 (effective 1 January 2019) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **1.2 Basis of consolidation**
The consolidated financial statements include the results for the year, of the charity and all associated companies that the group controls and their net assets at the year-end date. Transactions between associated undertakings are eliminated on consolidation. Control is the power to govern the financial and operating policies of the associated company so as to obtain benefits from its activities.
The group financial statements include the financial statements of The Muslim Khoja Shia Ithna-Asheri Community of Peterborough, The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation, 313 Project Ltd and 313 Trust Corporation Ltd. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented.
## **1.3 Going concern**
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered the levels of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
## **1.5 Incoming resources**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants, including capital grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. If the terms of the grant impose conditions the grant is only recognised as income when the conditions are met. Grants received before the revenue recognition criteria are met are recognised as a liability.
- 13 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies (continued)**
## **1.6 Resources expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Raising funds comprise the costs associated with attracting voluntary income and for costs incurred for the investment properties.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **1.7 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Straight line over 50 years Fixtures, fittings & equipment 25% straight line Plant and equipment 25% straight line
## **1.8 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as at the reporting end date. The net gain or loss on revaluation is recognised in net income/(expenditure) for the year.
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## Retirement benefit schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **1.11 Cash and cash equivalents**
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.12 Financial instruments**
Financial assets and financial liabilities are recognised in the statement of financial position when the charity becomes party to the contractual provisions of the instrument. Financial instruments are measured at amortised cost or fair value, which is normally transaction price.
- 14 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Key accounting estimates include the valuations of tangible fixed assets and investment properties. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3.a Income Earned from other Activities**
The following entities, all incorporated in England and Wales, form part of the group:
||**Control**|
|---|---|
|The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust|100 % control of assets|
|Corporation (company number 08382399)||
|313 Project Ltd (company number 10122041)|100 % control of assets|
|313 Trust Corporation Ltd (company number 12319023)|100 % control of assets|
|**313 Trust Corporation**
**Ltd**
**2024**
**2023**
**£**
**£**
Total income
-
-
Total expenditure
-
-
Net gain/(loss) on investments
(235,000)
15,000
**Net gain/(loss) for year**
(235,000)
15,000
**The assets and liabilities of**
**the subsidiary were:**
Assets
215,000 450,000
Liabilities
(333,165)
(333,165)
**Capital and Reserves**
(118,165) 116,835
`|**313 Project Ltd**
**The Muslim Khoja Shia**
**Ithna-Asheri Community**
**of Peterborough Trust**
**Corporation**
**2024**
**2023**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
-
-
-
(79)
(3,309)
-
-
-
-
(311,000)
183,554
(79)
(3,309)
(311,000)
183,554
15,606
100,648
2,423,868
2,752,065
(19,735)
(104,698)
(1,392,050) (1,409,247)
(4,129)
(4,050)
1,031,818 1,342,818|**313 Project Ltd**
**The Muslim Khoja Shia**
**Ithna-Asheri Community**
**of Peterborough Trust**
**Corporation**
**2024**
**2023**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
-
-
-
(79)
(3,309)
-
-
-
-
(311,000)
183,554
(79)
(3,309)
(311,000)
183,554
15,606
100,648
2,423,868
2,752,065
(19,735)
(104,698)
(1,392,050) (1,409,247)
(4,129)
(4,050)
1,031,818 1,342,818|
|---|---|---|
|||1,342,818|
||||
- 15 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **3.b Financial performance of the Charity**
The Financial activities shown in the consolidated financial statements include those of the charity’s associates. A summary of the financial activities undertaken by the charity is set out below:
|Income
Expenditure on raising funds
Expenditure on charitable activities
Revaluation of investment properties
Net income for the year / Net movement in funds
Total funds brought forward
Total funds carried forward|**2024**
**£**
487,742
(72,988)
(490,512)
1,000
(74,758)
7,013,151
9,682,307|**2023**
**£**
602,103
(34,082)
(447,890)
35,000|
|---|---|---|
|||155,131
6,858,020|
|||7,013,151|
## **4 Donations and legacies**
|173,472
69,735
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
134,972
69,735
Membership fees
38,500
-
**Donations and gifts**
Al-Qaeem donations
-
-
Panjatanpak nyaz
-
310
Senior citizens
-
1,780
Third party collections
-
64,482
Foodbank
-
3,163
Gift aid
26,907
-
Jamaat funds (general)
88,956
-
Majlis and nyaz
12,565
-
Imam Zamin
1,860
-
Chawda masumeen
4,684
-
134,972
69,735|243,207
148,969
169,614
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
204,707
119,936
169,614
38,500
29,033
-
-
-
63,314
310
-
119
1,780
-
8,307
64,482
-
88,014
3,163
-
9,860
26,907
38,776
-
88,956
46,499
-
12,565
31,929
-
1,860
1,834
-
4,684
898
-
204,707
119,936
169,614|**Total**
**2023**
**£**
289,550
29,033|
|---|---|---|
|||318,583|
|||63,314
119
8,307
88,014
9,860
38,776
46,499
31,929
1,834
898|
|||289,550|
- 16 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **4 Donations and legacies (continued)**
## Contribution of volunteers
The Charity benefits greatly from the involvement and support of many volunteers who assist with a wide range of charitable and support activities. In accordance with FRS102 and the Charities SORP (FRS102) the economic contribution of general volunteers is not recognised in the financial statements.
## **5 Charitable activities**
|**Education**
**Religious**
**£**
**£**
Muharram and Hazrat
Abbas
-
36,564
Income from Madressa
-
-
Ziyarat
-
17,400
Income from Education
-
-
Youth
-
1,853
Tabligh
-
3,332
Income from burial
scheme
-
-
-
59,149
**Analysis by fund**
Unrestricted funds
-
36,564
Restricted funds
-
22,585
-
59,149
**For the year ended 31 March 2023**
Unrestricted funds
-
25,644
Restricted funds
1,000
104,576
1,000
130,220|**Burial**
**Madressa**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
-
-
36,564
25,644
-
22,323
22,323
15,314
-
-
17,400
100,159
-
-
-
1,000
-
-
1,853
1,129
-
-
3,332
3,288
24,137
-
24,137
16,436
24,137
22,323
105,609
162,970
-
-
36,564
24,137
22,323
69,045
24,137
22,323
105,609
-
-
25,644
16,436
15,314
137,326
16,436
15,314
162,970|
|---|---|
## **6 Income from investments**
Rental income
|**Unrestricted**|**Unrestricted**|
|---|---|
|**funds**|**funds**|
|**2024**|**2023**|
|**£**|**£**|
|138,925|120,550|
- 17 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **7 Raising funds**
|**8**
|**Charitable activities**
**Education**
**Religious**
**£**
**£**
**Direct costs**
Staff costs
-
6,800
Third party collections
-
112,897
ELC
-
-
Panjatanpak nyaz
-
5,464
Senior citizens
-
20,668
Tabligh
-
11,108
Bank loan interest
-
13,190
Youth
-
1,426
Alim and mulyani
-
17,847
Foodbank
-
12,447
Education expenses
-
-
Burial
-
-
Madressa expenses
-
-
Majlis and nyaz
-
9,819
Muharram fund
-
18,413
Events and welfare
-
65,345
-
295,424
**Share of support costs**
Support (see note 9)
-
172,193
-
467,617
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Fundraising and publicity
Property agents
8,400
-
Premises costs
59,780
-
Other fundraising costs
4,808
-
72,988
-||**Burial**
**Madressa**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,625
-
-
13,348
-
-
-
-
-
-
9,625
13,348
-
-
9,625
13,348
**Total**
**Unrestricted**
**funds**
**2024**
**2023**
**£**
**£**
8,400
16,115
59,780
13,063
4,808
4,904
72,988
34,082|**Total**
**2024**
**£**
6,800
112,897
-
5,464
20,668
11,108
13,190
1,426
17,847
12,447
-
9,625
13,348
9,819
18,413
65,345
318,397
172,193
490,590
**Restricted**
**funds**
**2023**
**£**
-
-
-
-|**Total**
**2023**
**£**
16,115
13,063
4,904|
|---|---|---|---|---|---|
||||||34,082|
||||||**Total**
**2023**
**£**
-
51,458
557
1,194
102,311
10,134
8,885
2,691
17,178
2,085
296
9,891
10,413
23,665
16,899
26,885|
||||||284,542
166,657|
||||||451,199|
- 18 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **8 Charitable activities (continued)**
|**Education**
**Religious**
**£**
**£**
**Analysis by fund**
Unrestricted funds
-
303,607
Restricted funds
-
164,010
-
467,617|**Burial**
**Madressa**
**£**
**£**
-
-
9,625
13,348
9,625
13,348|**Total**
**2024**
**£**
303,607
186,983|
|---|---|---|
|||490,590|
Senior citizen activities include Ziyarat expenses amounting to £18,375 (2023: £100,159).
## **For the year ended 31 March 2023**
|**Education**
**Religious**
**£**
**£**
**Direct costs**
Third party collections
-
51,458
ELC
-
557
Panjatanpak nyaz
-
1,194
Senior citizens
-
102,311
Tabligh
-
10,134
Bank loan interest
-
8,885
Youth
-
2,691
Alim and mulyani
-
17,178
Foodbank
-
2,085
Education expenses
296
-
Burial
-
-
Madressa expenses
-
-
Majlis and nyaz
-
23,665
Muharram fund
-
16,899
Events and functions
-
26,885
296
263,942
**Share of support costs**
Support (see note 9)
8,566
158,091
8,862
422,033
**Analysis by fund**
Unrestricted funds
8,566
184,770
Restricted funds
296
237,263
8,862
422,033|**Burial**
**Madressa**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,891
-
-
10,413
-
-
-
-
-
-
9,891
10,413
-
-
9,891
10,413
-
-
9,891
10,413
9,891
10,413|**Total**
**2023**
**£**
51,458
557
1,194
102,311
10,134
8,885
2,691
17,178
2,085
296
9,891
10,413
23,665
16,899
26,885|
|---|---|---|
|||284,542
166,657|
|||451,199|
|||193,336
257,863|
|||451,199|
- 19 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **9 Support costs**
|Staff costs
Depreciation
Secretariat
Cleaning and waste
General expenses
Telephone and internet
Bank charges
Insurance
Foreign exchange
Repairs
Light and heat
Rates and water
Audit fees
Subscriptions
Analysed between
Charitable activities|**Support**
**costs**
**2024**
**£**
11,825
91,747
-
3,234
969
1,173
2,436
4,048
432
14,131
26,290
3,538
11,280
1,090
172,193
172,193|**Total**
**2024**
**£**
11,825
91,747
-
3,234
969
1,173
2,436
4,048
432
14,131
26,290
3,538
11,280
1,090
172,193
172,193|**Support**
**costs**
**2023**
**£**
13,000
91,827
133
2,187
170
1,043
3,023
4,795
7,570
4,344
25,735
2,830
9,200
800
166,657
166,657|**Total Basis of allocation**
**2023**
**£**
13,000 Usage
91,827 Property usage
133 Usage
2,187 Usage
170 Usage
1,043 Usage
3,023 Bank transactions
4,795 Area
7,570 Directly attributable
4,344 Usage
25,735 Area
2,830 Area
9,200 Directly attributable
800 Directly attributable
166,657
166,657|
|---|---|---|---|---|
## **10 Trustees**
None of the Trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year (2023: £nil).
- 20 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **11 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|Caretaker
Others
**Employment costs**
Wages and salaries
Oher pension costs|**2024**
**Number**
1
1
2
**2024**
**£**
18,450
175
18,625|**2023**
**Number**
1
2|
|---|---|---|
|||3|
|||**2023**
**£**
12,621
379|
|||13,000|
There were no employees whose annual remuneration was £60,000 or more.
## **12 Tangible fixed assets - The group**
|**Tangible fixed assets - The group**|||
|---|---|---|
|**Cost or valuation**
At 1 April 2023
Additions
Revaluation
At 31 March 2024
**Depreciation and impairment**
At 1 April 2023
Depreciation charged in the year
Revaluation
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023|**Land and**
**buildings**
**Plant and**
**equipment**
**Fixtures,**
**fittings &**
**equipment**
**£**
**£**
**£**
5,665,819
1,260
80,380
-
-
2,103
2,099,181
-
-
7,765,000
1,260
82,483
672,017
1,239
66,023
87,423
17
4,307
(759,440)
-
-
-
1,256
70,330
7,765,000
4
12,153
4,993,802
21
14,357|**Total**
**£**
5,747,459
2,103
2,099,181|
|||7,848,743|
|||739,279
91,747
(759,440)|
|||71,586|
|||7,777,157|
|||5,008,180|
- 21 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **12 Tangible fixed assets (continued)**
Land and buildings include revalued assets with a carrying amount of £7,765,000 (2023: £2,021,498). The most recent valuation by an independent valuer had an effective date of 31 March 2024 and was made by a qualified Chartered Surveyor not connected to the charity. No tax charge is expected to crystallise due to the available tax exemptions therefore no deferred taxation has been provided.
At 31 March 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £3,637,400 (2023: £523,412).
## **12.a Tangible fixed assets - The charity**
|**Cost or valuation**
At 1 April 2023
Additions
Revaluation
At 31 March 2024
**Depreciation and impairment**
At 1 April 2023
Depreciation charged in the year
Revaluation
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023|**Land and**
**buildings**
**£**
5,780,526
-
1,984,474
7,765,000
672,017
87,423
(759,440)
-
7,765,000
5,108,509|**Fixtures,**
**fittings &**
**equipment**
**£**
80,380
2,103
-
82,483
66,023
4,307
-
70,330
12,153
14,357|**Total**
**£**
5,860,907
2,103
1,984,474|
|---|---|---|---|
||||7,847,483|
||||738,040
91,730
(759,440)|
||||70,330|
||||7,777,153|
||||5,122,866|
Land and buildings include revalued assets with a carrying amount of £7,765,000 (2023: £2,021,498). The most recent valuation by an independent valuer had an effective date of 31 March 2024 and was made by a qualified Chartered Surveyor not connected to the charity. No tax charge is expected to crystallise due to the available tax exemptions therefore no deferred taxation has been provided.
At 31 March 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £3,752,107 (2023: £523,412).
- 22 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **13 Investment property - The group**
|**Fair value**
At 1 April 2023
Net gains and losses through fair value adjustments
At 31 March 2024|**2023**
**£**
3,251,000
(545,000)|
|---|---|
||2,706,000|
Investment property comprises freehold property held for rental and capital appreciation purposes. The methodology used to determine fair value is to obtain market evidence from an independent valuer with recent experience in valuing investment property. The fair value on 31 March 2024 is based on external valuations including a valuation of certain properties made by an independent Chartered Surveyor, on an open market value basis.
At 31 March 2024, had the investment property been carried at historic cost rather than on a fair value basis the carrying amount would have been £1,602,988 (2023: £1,602,988).
## **13.a Investment property - The charity**
|**Fair value**
At 1 April 2023
Net gains and losses through fair value adjustments
At 31 March 2024|**2023**
**£**
229,000
1,000|
|---|---|
||230,000|
Investment property comprises freehold property held for rental and capital appreciation purposes. The methodology used to determine fair value is to obtain market evidence from an independent valuer with recent experience in valuing investment property. The fair value on 31 March 2024 is based on external valuations including a valuation of certain properties made by an independent Chartered Surveyor, on an open market value basis.
At 31 March 2024, had the investment property been carried at historic cost rather than on a fair value basis the carrying amount would have been £50,095 (2023: £50,095).
## **14 Debtors - The group**
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2024**
**£**
29,204
20,634
49,838|**2023**
**£**
40,035
5,904|
|---|---|---|
|||45,939|
Other debtors due within one year includes £27,390 (2023: £38,776) of gift aid claims.
There were no amounts falling due after one year (2023: £nil).
- 23 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **14.a Debtors - The charity**
|**Amounts falling due within one year:**
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income
**Amounts falling due after one year:**
Amounts owed by fellow group undertakings
**Total debtors**|**2024**
**£**
18,355
28,528
20,634
67,517
1,562,348
1,629,865|**2023**
**£**
100,955
39,466
5,904|
|---|---|---|
|||146,325|
|||1,562,348|
|||1,708,673|
Other debtors due within one year includes £27,390 (2023: £38,776) of gift aid claims. Amounts due from fellow group undertakings are interest free.
## **15 Loans and overdrafts**
|Bank loans (secured)
Payable within one year
Payable after one year|**2024**
**2023**
**£**
**£**
162,868
180,066
21,099
21,775
141,769
158,291|
|---|---|
The long-term bank loan is secured by fixed charges over certain investment properties held by The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation. A market rate of interest is charged. The long-term bank loan is due to mature on 24 July 2030.
## **16 Creditors: amounts falling due within one year - The group**
|**Notes**
Bank loans (secured)
**15**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2024**
**£**
21,099
21,156
-
242,859
18,299
303,413|**2023**
**£**
21,775
1,742
289
422,892
8,120|
|---|---|---|
|||454,818|
Included within other creditors are private loans received from community members of £240,736 (2023: £422,303). These loans have no fixed term, are interest free and are repayable on demand.
- 24 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **16.a Creditors: amounts falling due within one year - The charity**
|**Creditors: amounts falling due within one year - The charity**|||
|---|---|---|
|Borrowings
Other taxation and social security
Trade Creditors
Other creditors
Accruals and deferred income|**2024**
**£**
21,099
-
21,156
242,859
16,918
302,032|**2023**
**£**
21,775
289
-
422,892
6,120|
|||451,076|
Borrowings represents an obligation to a fellow group undertaking.
Included within other creditors are private loans received from community members of £240,736 (2023: £422,303). These loans have no fixed term, are interest free and are repayable on demand.
## **17 Creditors: amounts falling due after more than one year - The group**
|**Notes**
Bank loans (secured)
**15**
**17.a** **Creditors: amounts falling due after more than one year - The charity**
Borrowings
Borrowings represents an obligation to a fellow group undertaking.|**2024**
**2023**
**£**
**£**
141,769
158,291|
|---|---|
||**2024**
**2023**
**£**
**£**
141,769
158,291|
## **18.a Unrestricted funds – The group**
||**Movement in funds**|**Movement in funds**|**Movement in funds**||||
|---|---|---|---|---|---|---|
||**Balance at 1**|**Income**|**Expenditure **|**Transfers**|**Revaluation**|**Balance at 31**|
||**April 2023**||||**gains**|**March 2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Revaluation reserve|1,359,418|-|-|-|2,858,622|4,218,040|
|General fund|6,732,720|348,961|(376,595)|(9,465)|(545,000)|6,150,621|
||8,092,138|348,961|(376,595)|(9,465)|2,313,622|10,368,661|
- 25 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **18.a Unrestricted funds – The group (continued)**
## **Previous year:**
|**Previous year:**|||||||
|---|---|---|---|---|---|---|
||**Movement in funds**||||||
||**Balance at 1**|**Income**|**Expenditure **|**Transfers**|**Revaluation**|**Balance at 31**|
||**April 2022**||||**gains**|**March 2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Revaluation reserve|1,359,418|-|-|-|-|1,359,418|
|General fund|3,348,419|295,163|(227,418)|3,083,002|233,554|6,732,720|
||4,707,837|295,163|(227,418)|3,083,002|233,554|8,092,138|
Revaluation reserve - gains and losses arising on revaluation of freehold land and buildings other than investment property. This comprises the Mosque building and other properties held for use by the charity. The general fund comprises the “free reserves” after allowing for any other unrestricted funds. Revaluation gains represents revaluations of properties.
## **18.b Unrestricted funds – The charity**
||**Movement in funds**|**Movement in funds**|**Movement in funds**||||
|---|---|---|---|---|---|---|
||**Balance at 1**|**Income**|**Expenditure **|**Transfers**|**Revaluation**|**Balance at 31**|
||**April 2023**||||**gains**|**March 2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Revaluation reserve|1,359,418|-|-|-|2,743,914|4,103,332|
|General fund|5,391,825|348,961|(376,516)|(9,465)|1,000|5,355,805|
||6,751,243|348,961|(376,516)|(9,465)|2,744,914|9,459,002|
## **Previous year:**
|**Previous year:**|||||||
|---|---|---|---|---|---|---|
||**Movement in funds**||||||
||**Balance at 1**|**Income**|**Expenditure **|**Transfers**|**Revaluation**|**Balance at 31**|
||**April 2022**||||**gains**|**March 2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Revaluation reserve|1,359,418|-|-|-|-|1,359,418|
|General fund|2,183,689|295,163|(227,418)|3,105,391|35,000|5,391,825|
||3,543,107|295,163|(227,418)|3,105,391|35,000|6,751,243|
Revaluation reserve - gains and losses arising on revaluation of freehold land and buildings other than investment property. This comprises the Mosque building and other properties held for use by the charity. The general fund comprises the “free reserves” after allowing for any other unrestricted funds. Revaluation gains represents revaluations of properties.
- 26 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **18.c Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at 1 April 2023**
**£**
Burial
137,375
Panjatanpak nyaz
20,624
Education
704
Senior citizens
7,554
Third party collections
73,418
Youth
-
Madressa
14,458
Tabligh
-
Foodbank
7,775
261,908
**Balance at 1 April 2022**
**£**
Al-Qaeem
3,094,904
Burial
130,830
Panjatanpak nyaz
21,699
Education
-
Senior citizens
1,400
Third party collections
36,861
ELC
557
Youth
25
Madressa
9,557
Tabligh
-
Foodbank
-
3,295,833|**Movement in funds**
**Income Expenditure**
**Transfers Balance at 31**
**March 2024**
**£**
**£**
**£**
**£**
24,137
(9,625)
-
151,887
310
(5,464)
-
15,470
-
-
-
704
19,180
(20,668)
-
6,066
64,482
(112,897)
180
25,183
1,853
(1,426)
-
427
22,323
(13,348)
-
23,433
3,332
(11,108)
7,776
-
3,163
(12,447)
1,509
-
138,780
(186,983)
9,465
223,170
**Movement in funds**
**Income Expenditure**
**Transfers Balance at 31**
**March 2023**
**£**
**£**
**£**
**£**
63,314
(66,833)
(3,091,385)
-
16,436
(9,891)
-
137,375
119
(1,194)
-
20,624
1,000
(296)
-
704
108,466
(102,312)
-
7,554
88,014
(51,457)
-
73,418
-
(557)
-
-
1,129
(2,691)
1,537
-
15,314
(10,413)
-
14,458
3,288
(10,134)
6,846
-
9,860
(2,085)
-
7,775
306,940
(257,863)
(3,083,002)
261,908|
|---|---|
- 27 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **18.c Restricted funds (continued)**
## Description of funds
Al-Qaeem donations - donations specific for the building of the new community centre.
ELC - donations specific for the use of the English Lecture Committee.
Youth - donations given for the youths of the community to enable them to run their programs.
Madressa - funds given specifically for the use of the religious school.
Burial - relates to subscriptions given specifically for the use of future burial needs.
Panjatanpak nyaz - donations collected specifically for the provisions of feasts for the holy panjatans.
Education - funds collected specifically for the use of educational activities.
Senior citizens – specific donations and funds for senior citizen activities.
Tabligh - specific donations for the propagation of the message of Islam.
Third party collections - religious collections specifically collected on behalf of The World Federation and The Council of European Jamaats.
## Description of the transfers
Transfers are made from unrestricted funds to restricted funds to cover deficits of restricted funds, within the objectives of the charity.
In the prior year a transfer was made of the balance of the Al-Qaeem project restricted fund, now the project is complete. The project has been completed using restricted donations but the Al-Qaeem centre itself does not have restrictions on its use.
- 28 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **19 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**2023**
**2023**
**£**
**£**
**£**
**£**
**£**
**The group:**
Tangible assets
7,777,157
-
7,777,157
5,008,180
-
Investment properties
2,706,000
-
2,706,000
3,251,000
-
Current assets/(liabilities)
27,273
223,170
250,443
(8,751)
261,908
Long term liabilities
(141,769)
-
(141,769)
(158,291)
-
10,368,661
223,170
10,591,831
8,092,138
261,908
**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**2023**
**2023**
**£**
**£**
**£**
**£**
**£**
**The charity:**
Tangible assets
7,777,153
-
7,777,153
5,122,866
-
Investment properties
230,000
-
230,000
229,000
-
Current assets/(liabilities)
1,593,753
223,170
1,816,923
1,557,668
261,908
Long term liabilities
(141,769)
-
(141,769)
(158,291)
-
9,459,137
223,170
9,682,307
6,751,243
261,908|**Total**
**2023**
**£**
5,008,180
3,251,000
253,157
(158,291)|
|---|---|
||8,354,046
**Total**
**2023**
**£**
5,122,866
229,000
1,819,576
(158,291)|
||7,013,151|
## **20 Related party transactions**
During the reporting period, trustees and their close family members made donations amounting to £21,021. There are no other disclosable related party transactions during the current or preceding year.
## **21 Connected parties**
The charity, although independent, is involved with a wider network of charities. It is a member of The Council of European Jamaats (COEJ) which represents the charity at the global organisation, The World Federation of Khoja Shia Ithna-Asheri Muslim Communities (WF). Both charities are registered with the Charities Commission in the UK. WF represents Peterborough Jamaat when dealing with international work which includes disaster and general relief outside the UK. During the year, the amounts collected on their behalf were £64,482 (2023: £88,014) and payments of £112,897 (2023: £51,457) were made during the period.
- 29 -
Docusign Envelope ID: BD8F24AA-40C9-4735-B990-A548C20D09B4
## **THE MUSLIM KHOJA SHIA ITHNA-ASHERI COMMUNITY OF PETERBOROUGH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **22 Cash generated from operations**
|**Cash generated from operations**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Surplus for the year|(620,837)|350,376|
|Adjustments for:|||
|Investment income recognised in Statement of Financial Activities|(138,925)|(120,550)|
|Foreign exchange differences|433|7,570|
|Fair value gains and losses on investment properties|545,000|(233,554)|
|Depreciation and impairment of tangible fixed assets|91,747|91,827|
|Movements in working capital:|||
|(Increase) in debtors|(3,898)
|(11,331)|
|(Decrease)/increase in creditors|(151,162)
|34,558|
|**Cash (absorbed by)/generated from operations**|(277,642)|118,896|
## **23 Analysis of changes in net funds**
|Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year|**At 1 April**
**2023**
**Cash flows**
**At 31 March**
**2024**
**£**
**£**
**£**
662,036
(158,018)
504,018
(21,775)
676
(21,099)
(158,291)
16,522
(141,769)
481,970
(140,820)
341,150|**At 1 April**
**2023**
**Cash flows**
**At 31 March**
**2024**
**£**
**£**
**£**
662,036
(158,018)
504,018
(21,775)
676
(21,099)
(158,291)
16,522
(141,769)
481,970
(140,820)
341,150|
|---|---|---|
|||341,150|
## **24 Guarantee**
Certain investment properties have been pledged to secure a bank loan (see note 15). Under the terms of the bank loan between Barclays Bank and The Muslim Khoja Shia Ithna-Asheri Community of Peterborough Trust Corporation, the group is required to provide a security of investment properties with a market value of at least £950,000.
- 30 -