Registered charity number 274732
Turkish Students Welfare Charity
Trustees' report and financial statements for the year ended 31 December 2023
## Turkish Students Welfare Charity
## Charity information
Trustees who served during the year Prof. Dr. Abdulbari Bener ( Chairman ) Dr. Eyup Kahveci Appointed 05/04/2023 Mr Burhan Yildirim Appointed 03/05/2024 Prof. Nihat Alayoglu Dr. Mehmet Adak Resigned 11/08/2023 Prof. Dr. Gurkan Ozturk 11/08/2023 Dr. Naim Baydar 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 Virgin Money Bank
## 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 2023
The Trustees present their annual report and the financial statements for the year ended 31 December 2023 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.
Page 1
## Turkish Students Welfare Charity
## Report of the Trustees' for the year ended 31 December 2023
.................... 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 2023 were £44,634 (£17,756 - 31 December 2022 ).
## 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.
Page 2
Turkish Students Welf9re Charit},
Report of the Trustees,
for tILe year euded 31 December 2ts23
continued
Stwtement of T.TUStee$' responsibilities
The ¢haTity tmst¢&q dre Tespon8ible for preparing an annual report and linancial 5tatcincnt8 in HCCQTdan¢e Mith
applicable law ond United Kingdom Aecoiinting Siandards (Uttited KirLgdon] Genernlly Ac¢ept¢d AClltItig
Practice).
Th¢ law"appli¢able to ¢harilies iti Ellgland and Wales requireg the cbarity trustees to prepare financial statements
for each iyhich give a true and fair i'icw of the sttttc of affaiTS of thc charity and of the incoming r¥sources
and application of resourtyes of the Gharily for lIr period. In prcpaLing fillanCi statements. the trustee.s
rquir¢d to..
select suiiable accounling policies alld then apply them ¢oL$istrntly'
observe the inethods and principles in the Charities SORP-
ihake judgetllents alld estiintstes that are rea.ll*ble aod pnukiit.
state whcther applTcablc accounting slandards have bcen followed, subject lo ally mxt¢rial departure.
disclosed and explained in the financial sta[¢nts.
. pr¢parc the financlal 8tatemcnts K)n thc ooin(r conccrll basis unles% It is inapproprtsite to presumr tiiat thc
I].]ty will continue in business.
The trnstees aTe responsible for keeping PTop¢r accounting records disclose ii'ith reasonable accuracy al ally.
tiine thr finaTJ¢ial position ot Éhe chority and to enabje tliem to ensure t]Mt the fm8LILi&I $ratem¢nts c(Imply N4'it
the Charities Act 2011 and the provisions of'the trust deed.
They are also Tcspotlsiblt for. safeguardill¥ the a55ets of th¢ Chatity and h¢nc¢ taking rcasonabl¥ stcps for th
piyvenlion and dLtection of fraud and other irregularilie8.
The trUse tor the purposes ofcharity lai¥ ivho served during the ycar. and.up to the date of this.Teport are SL.1
out on ¢lEarity inforniation page.
Approved by the Trusle&q aDd signed on its behalf by.
Prof. Dr. Abdulbarl Benov
Liiairma
DAte .
14 /06 /£0£4
Page 3
## 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 2023, 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:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- the financial statements do not accord with those records; or
- 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 : 14-06-2024
No. 1 Cochrane House Admirals Way Canary Wharf London E14 9UD
Page 4
## Turkish Students Welfare Charity
## Statement of financial activities
for the year ended 31 December 2023
|Unrestricted Restricted
funds
funds
Notes
£
£
Incoming resources
Incoming resources from generated funds:
Rental income
2
97,587
-
Donations
-
Total incoming resources
97,587
-
Resources expended
Cost of generating funds
Charitable activities
)
(19,141
-
Administrative costs
3
)
(52,136
-
Total resources expended
)
(71,277
-
Net incoming resources before
other recognised gains/ losses
26,310
-
Retained funds brought forward
674,548
-
Retained funds carried forward
700,858
-
Statement of total recognised gains and losses
Net incoming resources
before other recognized gains/losses
26,310
-
Total recognised gains since last annual report
26,310
-|Total
Funds
2023
£
97,587
-
97,587
)
(19,141
)
(52,136
)
(71,277
26,310
674,548
700,858
Year
ended
2023
£
26,310
26,310|Total
Funds
2022
£
88,055
166,251
254,306
)
(24,742
)
(37,310
)
(62,052
192,254
482,294
674,548
Year
ended
2022
£
192,254
192,254|
|---|---|---|
The notes on pages 7 to 9 form an integral part of these financial statements.
Page 5
Turkish Stdents Welfare Charity
Balance sheet
as at 31 December 2023
2023
2f122.
Notes
Fixed assets
Tangiblc ass¢ls
657.725
658292
Current assels
Cash at bank.and in hand
44,633
44,633
Creditors: amounts falling
due )i'ithAn one }'ear
(1,500)
(1,5001
Wet ourren¢ 4$8ets
Total assets Aes$ ¢urrent
]iabilitie5
700,858
674.548
Wet a5&et5
700,858
674J48
Fundy
Unresiriued income thnLIs
70Q,858
fi74,548
Ttstal iunds
700,858
674.548
The fmancial stat¢mtnts w¢r¢ approved by the Board on and signed on its behajt by
1+106 /£oL+
Prof. Dr. Abdulbari Bener ( Chairman ).
Trnstee
Registration number 274732
The nvtPs pages 7 to 9 form Integr part of thes¢ Ilnau¢ial statemeuts.
Turkish Students Welfare Charity
## Notes to the financial statements
## for the year ended 31 December 2023
## 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|
||31/12/23|31/12/22|
|Rents received|97,587|88,055|
|Donations|-|166,251|
Page 7
Turkish Students Welfare Charity
## Notes to the financial statements for the year ended 31 December 2023
.................... continued
||||Unrestricted|Funds|
|---|---|---|---|---|
||||Year|Year|
||||ended|ended|
|3.|Administration Expenses||2023|2022|
||||£|£|
||Travelling||2,039|-|
||Rates||6,426|1,390|
||Insurance||-|490|
||Light and heat||23,787|3,597|
||Cleaning||2,380|3,084|
||Repairs and maintenance||12,942|23,176|
||Printing, postage and stationery||73|530|
||Telephone and fax||1,047|684|
||Legal and professional fees||1,373|2,152|
||Accountancy||1,500|1,500|
||Bank charges||-|40|
||Depreciation on FF & Equipment||567|667|
||Sundry expenses||2|-|
||||52,136|37,310|
|||Land and|Fixtures,||
|4.|Tangible fixed assets|buildings|fittings and||
|||freehold|equipment|Total|
|||£|£|£|
||Cost||||
||At 1 January 2023|654,511|16,842|671,353|
||At 31 December 2023|654,511|16,842|671,353|
||Depreciation||||
||At 1 January 2023|-|13,061|13,061|
||Charge for the year|-|567|567|
||At 31 December 2023|-|13,628|13,628|
||Net book values||||
||At 31 December 2023|654,511|3,214|657,725|
||At 31 December 2022|654,511|3,781|658,292|
Page 8
Turkish Students Welfare Charity
Notes to the financial statements for the year ended 31 December 2023
|.................... continued
5.
Creditors: amounts falling due
2023
2022
within one year
£
£
Accruals and deferred income
1,500
1,500
6.
Funds
Unrestricted
Funds
Total
£
£
At 1 January 2023
674,548
674,548
Net income for the year
26,310
26,310
At 31 December 2023
700,858
700,858
7.
Reconciliation of movements in total trust funds
2023
2022
£
£
Incoming resources for the year
26,310
192,254
Net addition to funds
26,310
192,254
Opening trust funds
674,548
482,294
Closing trust funds
700,858
674,548|.................... continued
5.
Creditors: amounts falling due
2023
2022
within one year
£
£
Accruals and deferred income
1,500
1,500
6.
Funds
Unrestricted
Funds
Total
£
£
At 1 January 2023
674,548
674,548
Net income for the year
26,310
26,310
At 31 December 2023
700,858
700,858
7.
Reconciliation of movements in total trust funds
2023
2022
£
£
Incoming resources for the year
26,310
192,254
Net addition to funds
26,310
192,254
Opening trust funds
674,548
482,294
Closing trust funds
700,858
674,548|2022
£
1,500|
|---|---|---|
||||
|||192,254
482,294|
|||674,548|
Page 9