Registered charity number 274732
Turkish Students Welfare Charity
Trustees' report and financial statements
for the year ended 31 December 2022
Turkish Students Welfare Charity
Charity information
Trustees who served during the year
Prof. Dr. Abdulbari Bener ( Chairman ) Prof. Dr. Ismail Adak Prof. Nihat Alayoglu Dr. Mehmet Adak Prof. Dr. Gurkan Ozturk Charity number 274732 Registered office 54 Teignmouth Road Willseden Green London NW2 4DX UK Independent Examiner Meer and Company Chartered Accountants No. 1 Cochrane House Admirals Way Canary Wharf London E14 9UD Bankers HSBC Bank Plc
Turkish Students Welfare Charity
Contents
| Page | |
|---|---|
| Trustees' annual report | 1 - 3 |
| Independent examiners' report | 4 |
| Statement of financial activities | 5 |
| Statement of total recognised gains and losses | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 9 |
Turkish Students Welfare Charity
Report of the Trustees' for the year ended 31 December 2022
The Trustees present their annual report and the financial statements for the year ended 31 December 2022 and confirm they comply with the Charities Act 2011, the trust deed and the Charities SORP 2019.
Structure, governance and management
Governing document
Turkish Students Welfare Charity is constituted as a charitable trust registered with the Charity Commission in August 1978 under charity number 274732. It is governed by a deed of trust dated 17 July 1978.
Organisational structure
The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits.
The trustees meet together as a body at least once in year and are responsible for all decisions taken in relation to running of the charity and the community facilities and the activities provided by the charity.
The day-to-day management of the Charity and community facilities and projects are delegated to designated warden.
Recruitment and appointment of trustees
The existing trustees are responsible for the recruitment of new trustees.
In selecting new trustees, we seek to identify people who have good reputation in community and are willing to volunteer to help in our broader community work. Potential trustees are invited to attend trustees' meeting as observers and are given more details of the charity's aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees' meeting. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills.
Induction and training of trustees
A number of publications, detailed guides and how to guides, from the Charity Commission are also provided including "What makes a charity", "Charitable purposes and public benefit" and "Public benefit: the rules for charities". This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act.
Risk management
The trustees assess the risks the charity faces using a risk matrix which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening and the measures taken to manage them. The trustees review the risk at their meetings. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks. In particular, insurance cover is in place and the finances of the Charity are kept under review.
Objectives and activities
Our aims
The objects of the charity are set out in the charity's trust deed and are summarised as follows:
(a) To relieve poverty among Turkish students in the United Kingdom.
(b) To promote advancement of education among Turkish students in the United Kingdom.
(c) To promote the religion of Islam among Turkish students in the United Kingdom.
(d) To provide hostels for the accommodation of Turkish students in necessitous circumstances in the United Kingdom.
(e) To organise celebration of religious festivals.
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Turkish Students Welfare Charity
Report of the Trustees' for the year ended 31 December 2022
.................... continued
(f) To carry out such legally charitable purposes for the relief of poverty or advancement of education and promotion of religion of Islam.
Our objectives
Our objectives are set to reflect our faith and community aims. Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's detailed guidance on public benefit requirement.
Activities and achievements
How our activities deliver public benefit
The adequacy or appropriateness of charity in society cannot be satisfactorily assessed on the basis of singular perspectives or criteria, where multiple components are taken into account, including assessment of the anticipated and wider environmental, economic, ethical, social, and cultural impacts ofscientific and technological developments. The charity carries out a range of activities in pursuance of its charitable aims. The trustees consider that these activities, summarised below, provide benefit to the Turkish community.
Religious activities
Our Turkish hostel provides as a centre for our prayers and worship and for the activities associated with our faith. During the year under review, we offered a range of activities including prayers and Eid celebrations.
Academic activities
Our Turkish Trust serves as a centre for the academic activities through our association with university lecturers and professors.
Student rooms
Our student rooms are available for use by Turkish students studying in London. The facilities have benefited students, visiting scientists and scholars from Turkey.
Financial review
Reserves policy
The trustees have reviewed the reserves of the charity. Their policy is to hold enough funds to meet four months' operating costs of the premises. The free reserves as at 31 December 2022 were £17,756 (£28,409 - 31 December 2021 ).
Principal funding sources
The charity's main source of income is rent received from student guest house (or student dormitory) and visiting scientists and scholars.
Investment policy and objectives
The charity has no long-term investments. Our cash reserves are held in bank accounts.
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Turkish Students Welfare Charity
Report of the Trustees' for the year ended 31 December 2022
.................... continued
Statement of Trustees' responsibilities
The charity trustees are responsible for preparing an annual report and financial statements 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 charity trustees to prepare financial statements for each 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 period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures
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disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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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 2011 and the provisions of the trust deed.
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.
The trustees for the purposes of charity law who served during the year and up to the date of this report are set out on charity information page.
Approved by the Trustees and signed on its behalf by:
Prof. Dr. Abdulbari Bener Chairman
Date : 28 September 2023
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Turkish Students Welfare Charity
Independent examiners' report to the trustees of Turkish Students Welfare Charity
I report to the trustees on my examination of the financial statements of Turkish Students Welfare Charity (‘the charity’) for the year ended 31 December 2022, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached
..................................... Haroon Rafique - Chartered Accountant For and on behalf of Meer and Company Chartered Accountants Date : 28 September 2023
No. 1 Cochrane House Admirals Way Canary Wharf London E14 9UD
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Turkish Students Welfare Charity
Statement of financial activities for the year ended 31 December 2022
| Unrestricted Restricted | Unrestricted Restricted | Unrestricted Restricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | Funds | Funds | ||||||
| 2022 | 2021 | ||||||||
| Notes | £ | £ | £ | £ | |||||
| Incoming resources | |||||||||
| Incoming resources from generated funds: | |||||||||
| Rental income | 2 | 88,055 | - | 88,055 | 36,515 | ||||
| Donations | 166,251 | 166,251 | - | ||||||
| Total incoming resources | 254,306 | - | 254,306 | 36,515 | |||||
| Resources expended | |||||||||
| Cost of generating funds | |||||||||
| Charitable activities | (26,242 | ) | - | (24,742 | ) | ) (8,699 |
|||
| Administrative costs | 3 | (35,810 | ) | - | (37,310 | ) | (32,562 | ) | |
| Total resources expended | (62,052 | ) | - | (62,052 | ) | (41,261 | ) | ||
| Net incoming resources before | |||||||||
| other recognised gains/ losses | 192,254 | - | 192,254 | 4,746 | |||||
| Retained funds brought forward | 482,294 | - | 482,294 | 487,040 | |||||
| Retained funds carried forward | 674,548 | - | 674,548 | 482,294 | |||||
| Year | Year | ||||||||
| Statement of total recognised gains and losses | ended | ended | |||||||
| 2022 | 2021 | ||||||||
| £ | £ | ||||||||
| Net incoming resources | |||||||||
| before other recognized gains/losses | 192,254 | - | 192,254 | (4,746 | ) | ||||
| Total recognised gains/losses since last annual | report | 192,254 | - | 192,254 | (4,746 | ) |
The notes on pages 7 to 9 form an integral part of these financial statements.
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Turkish Students Welfare Charity
| Balance sheet as at 31 December 2022 2022 Notes £ £ Fixed assets Tangible assets 4 658,292 Current assets Cash at bank and in hand 17,756 17,756 Creditors: amounts falling due within one year 5 ) (1,500 Net current assets 16,256 Total assets less current liabilities 674,548 Net assets 674,548 Funds Unrestricted income funds 6 674,548 Total funds 7 674,548 |
2021 £ 28,409 28,409 ) (3,000 |
£ 456,885 25,409 |
|---|---|---|
| 482,294 | ||
| 482,294 | ||
| 482,294 | ||
| 482,294 |
The financial statements were approved by the Board on 28 September 2023 and signed on its behalf by
Prof. Dr. Abdulbari Bener ( Chairman ) Trustee Registration number 274732
The notes on pages 7 to 9 form an integral part of these financial statements.
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Turkish Students Welfare Charity
Notes to the financial statements for the year ended 31 December 2022
1. Accounting policies
1.1. Accounting convention
The financial statements are prepared under the historical cost convention and comply with financial reporting standards of the Accounting Standards Board, The Charities (Accounts and Reports) Regulations and Statement of Recommended Practice: Accounting and Reporting by Charities.
1.2. Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
1.3. Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life.
Fixtures, fittings and equipment
- 15% Reducing balance method
2. Income
The total income of the charity for the year has been derived from its principal activity wholly undertaken in the UK.
| undertaken in the UK. | ||
|---|---|---|
| Unrestricted | Funds | |
| Year | Year | |
| ended | ended | |
| 31/12/22 | 31/12/21 | |
| Rents received | 88,055 | 36,515 |
| Donations | 166,251 | - |
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Turkish Students Welfare Charity
Notes to the financial statements for the year ended 31 December 2022
.................... continued
| Unrestricted | Unrestricted | Funds | |||
|---|---|---|---|---|---|
| Year | Year | ||||
| ended | ended | ||||
| 3. | Administration Expenses | 2022 | 2021 | ||
| £ | £ | ||||
| Rates | 1,390 | 4,668 | |||
| Insurance | 490 | - | |||
| Light and heat | 3,597 | 2,925 | |||
| Cleaning | 3,084 | 2,920 | |||
| Repairs and maintenance | 23,176 | 16,312 | |||
| Printing, postage and stationery | 530 | - | |||
| Telephone and fax | 684 | 740 | |||
| Legal and professional fees | 2,152 | - | |||
| Accountancy | 1,500 | 1,500 | |||
| Bank charges | 40 | 36 | |||
| Depreciation on FF & Equipment | 667 | 785 | |||
| Sundry expenses | - | ) (1 |
|||
| Subscriptions | - | 2,677 | |||
| 37,310 | 32,562 | ||||
| Land and | Fixtures, | ||||
| 4. | Tangible fixed assets | **buildings ** | fittings and | ||
| freehold | equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 1 January 2022 | 452,436 | 16,842 | 469,278 | ||
| Additions | 202,075 | - | 202,075 | ||
| At 31 December 2022 | 654,511 | 16,842 | 671,353 | ||
| Depreciation | |||||
| At 1 January 2022 | - | 12,394 | 12,394 | ||
| Charge for the year | - | 667 | 667 | ||
| At 31 December 2022 | - | 13,061 | 13,061 | ||
| Net book values | |||||
| At 31 December 2022 | 654,511 | 3,781 | 658,292 | ||
| At 31 December 2021 | 452,436 | 4,448 | 456,884 |
'
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Turkish Students Welfare Charity
Notes to the financial statements for the year ended 31 December 2022
| .................... continued | .................... continued | |||
|---|---|---|---|---|
| 5. | Creditors: amounts falling due | 2022 | 2021 | |
| within one year | £ | £ | ||
| Accruals and deferred income | 1,500 | 3,000 | ||
| 6. | Funds | |||
| Unrestricted | Total | |||
| Funds | ||||
| £ | £ | |||
| At 1 January 2022 | 482,294 | 482,294 | ||
| Net income for the year | 192,254 | 192,254 | ||
| At 31 December 2022 | 674,548 | 674,548 | ||
| 7. | Reconciliation of movements in total trust funds | 2022 | 2021 | |
| £ | £ | |||
| Incoming resources for the year | 192,254 | ) (4,746 |
||
| Net addition to funds | 192,254 | ) (4,746 |
||
| Opening trust funds | 482,294 | 487,040 | ||
| Closing trust funds | 674,548 | 482,294 |
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