DARUL AMAAN TRUST Charity No. 275S79 Trustaq'5 Report and Unaudlted Accounts 31 December 2023
OARUL AMAAN TRUST Contents Page5 Trustee's Annual Report Independent Exarnlner's Report statement of Financial Activities 02to03 04to04 OSto05 B3lance sheet 06to06 Note5 to the Accounts 07to13 Page I
DARUL AMMN TRUST Trustees Annual Report Yhe trtsstee presents thelT report wlth the un4udlted financial statements of the chaTlty forthe year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 275579 Principal Office 54 Hlgh 51reet Merton London SW19 IDH Key Mana8ement Personn•l Chalrpersun Vlce-chairman and Trustee Vlce.chairman and Trustee Vlce-chairman and Trustee Secretary Treasurer A5515tant treasurer and Trustee Member Member and Trustee Member Member Member Member Member Member Member Member Member Member Mernber Member Na51T All Shah Na2rul Islam lalaluddin Ahmed Tazullslam Jlllur Rahman Raflqul Halder Kamran Huda Abdul Ahad Mohammad Abdus Subhan Abdul Barl Kalam Aminur Ra5hld Salim Abdul Barl Shalik Meah Syed Sajlduddln Kamran Muzammil All Enayet Kablr Zakarla Rahman Mohammed Sahld Rahman Numan Ahmed Rlazul Islam Amzad Hussaln Accountants MSCO Chartered Accountants Suda House 100 Mile End Road London E14UN Bankers Lloyds Bank plc 186 Streatham High Road London SW16 IBE Page 2
DARULAMAAN TRUST Tru5tee5 Annual Report OBIECTIVES AND ACTIVITIES The trust's object5 are tD promDte the laith of Islam and 151atnic charitable institution5 and to rÈltÈve poverty. The policies adopted in furtherance of these objects are the runnlng of a mosque in south London 3nd there has been no change In these during the yea¥. The trustees have pald due regard to guldance Issued by the CharSty Commission in decidinB what a¢tivltles the trust should undertake. ACHIEVEMENTS AND PERFORMANCE Oetails of the deve5opmenL a¢llvitles and a¢hlevements of the trust durln8 the year are Set out In the separate annual report. The trustÈes continuèd an appeal during the year for funds to flnan¢e the con5tructlon of a new mosque buSldlng adjacent to the exlstlng mosque. FINANCIAL REVIEW There was a surplus for the ye3T on unrestricted funds as shown In the attached accounts. Significant funds surplus to normal rÈquirÈmÈnts will be put towards the ¢0sts of the new mosque buildin8. The trustees ¢onslder the flnanclal positlon to be satlsfactory. It15 the policy of the trust that unre5trlcted funds whl¢h have not been deslgnated for a speclflc use should be malntalned at a level equSvalent to between three and six month's expendlture. The trustee5 con51der5 that reserves at ¢hls level wlll ensure that, In the event of a slgnlflcant drop In fundln8, they wlll be able to ontinue the trust's Current a¢llvllles whlle Consideration Ss given to way5 in whi¢h addltional funds may be ralsed. Thls level of reserves has been exceeded throughout the year a5 fund5 for the new mosque constructlon are bullt up. STRUCTURE, GOVERNANCE ANO MANAGEMENT The trust was established by a charltable trust deed on 3 March 1978. The trustees who served durln8 the year and up to the date of slgnature of the flnanclal statements were lalaluddln Ahmed Nazrul Islam Kamran Huda Tazul Islam M¢hammadAbdusSubhan The trustee is iesponslble for keeplng proper accountlng records that disclose with reasonable accuracy at any tlme the flnanclal posltlon of the charlty and to enable them tc¢ ensure that the financi81 statements comply wlth the Charltle5 Act 2011, the applicable Charitles IA¢¢ounts and Reports) Regulations, and the provisions of theTrust deed. 7he Trustee is also responsible for 5ofegu3rdin8 the assets of the charity and hence taklng reasonable steps for the preventlon and detection of fraud 3nd other irregularlties. Signed M.A. 5ubhan Trustee 18 July 2024 Page 3
DARUL AMAAN TRUST Independent Examiners Report Independent Examiner's Report to the trustee of DARUL AMAAN TRUST I report to the trustees on my examlnation of the financial statements of DARUL AMAAN TRUST for the year ended 31 December 2023. Responsibililies and basis of report As the charity's trustee you are responsible for the preparatlon of the financial 5tatement5 in accordance wlth the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements carrled out under section 145 of the 2011 Act and in carrying oyt my examination I have followed all the applicable Directions given by the Charity Commi551on under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I can 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.. the 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 flnanclal statements do not comply with the applicable requirements eoncernlng the form and content of financial statements set out in the Charltles (Accounts and Reports) Re8ulation$ 2008 other than any requirement that the financlal statements 8ive a 'true and fair, view which is not a matter considered as part of an independent examinatlon. I have no concerns and have come across no other matters in ¢¢nhection with tPte examination to which attention should be drawn In this report in order to enable a proper understandlng of the financial statements to be reached. MSCO Chartered Accountant5 Suda House 100 Mile End Roa London E14UN 18 july 2024 Page 4
DARUL AMAAN TRUST Statement of Flnancial Activities for the year ended 31 December 2023 Unrestrirted funds 2023 Restrirted fund$ Total funds Total funds 2023 2023 2022 Note$ Incom• and •ndowments from: Donations and legacie5 Charltable actlvltles Investments other 153,970 5.725 24,600 7,024 48,333 202.303 5.725 24,600 7,024 146,835 3,940 23.750 Total 191,319 48,333 239,652 174,525 Expenditur& on: Charltable actlvities Other 6,805 60,847 67,652 6,805 64,321 5.020 111,688 3.474 Total 3,474 71,126 116,708 Net 8alns on Investments Nat Incom# 123,667 44.859 168.526 57.817 Transfers between funds Net Income before other 88lns/l10$s•51 123.667 44,859 168,526 57,817 Other 8alns and 1055•S N•t movqment In funds 123,667 44,859 168,526 57,817 Re¢on¢lll8tlon of funds: Total funds brought forward 1,612,682 779.916 2,392,598 2,334,781 Total funds carrled forward 1,736,349 824,775 2,561,124 2,392,598 Page 5
DARUL AMAAN TRUST Balance Sheet at 31 Dècèmber 2023 Charity No. 27S579 2023 2022 Flxed assets Tangible assets Investments 11 1.980,714 12 550,000 2,530,714 1,836,393 550,000 2,386,393 Current asset5 Cash at bank and in hand 37,242 37,242 16,8321 30,410 88.707 88,707 182.5021 6,205 2,392,598 Credltors: Amount falling due within one year Net current assets 13 Total J5sets le$5 Current Ilabllltbes 2,561,124 Net assets excludin8 pension asset oi liability Total net a55ets 2,561,124 2,392,598 2,561,124 2,392,598 The funds of thè charlty Restrl¢t¢d funds Restrlcted In¢ome funds 14 824.775 824,775 779,916 779,916 Unréstrlctod fvnds General funds 14 1,235,411 1,111,744 1,235.411 1,111,744 Re5erve5 Revaluation reserve 14 500,938 500,938 0,938 SOO,938 Total funds 2.561,124 2,392,598 Approvèd by the trustees on 18 July 2024 And slgned on thelr behalf bv.. M.A. Subhan Trustee 18 july 2024 Page 6
DARUL AMAAN TRUST Notes to the Accovnts for thè yèar Ènded 31 Dètèmber 2023 l Accountlng policles Basi5 of preparatlon The financlal statements have been prepared in accordance with Ststement of Recommènded Praetice.. Accounting arsd Reporting by Charities preparin8 their accounts in accordance wlih the Flnanclal Reporting Standard applicable in the UK and Repybli¢ if Ireland IFRS 1021 Issued on 16 july 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accountlnB or to pr•vlous accounts There ha5 been no change to the accounting policies (valuation rules and method of accountlngl slnce last year and no changes have been made to accounls for prevlous years. Fund accountln8 Unrestricted funds These are avai53ble for Use at the dlscretlon of the trustees In furtherance of the general object5 of the charity. These are unrestrlcted fund5 earrnarked by the trustees foi partlcular purposes. These are unrestricted funds whlch Include a revaluatlon resetve representinE the re5t3tement of investment assels at thelr market values. These ère availablè for use subject to restrictSons imposed by the donor or thr¢u8h terms of an appeal. De518nated fund5 Revaluatlon funds Restrltted funds Income Re¢ognltlon of Income In¢¢me is Included In the Statement of Flnanclal Actlvlties ISOFAI when the ¢harlty becomes entltled to, and virtually certaln to receive, the income and the amount of the Income can be measured with suificient reliabllity. Income with related Where Income has related empendlture the Income and related expendlture Is expenditure reported gross in ihe 5oFA. Donatlons and le8acle5 Voluntary Income recelved by way of grants, donatlons and 8ift5 15 Included In the the SOFA when receivable and only when the Charity has unconditional entltlement to the incorne. Tax reclalms on Incorne from tax reclaims 15 included in the SOFA at the same time as the donations and 8Sfts 8lftldonatlon to which it relates. Donated services These are only includèd in Intome Iwlth an equlvalent amount In expendlturel and facilities where the benefit to the Charity 15 reasonably quantiflable, measurable and maferlal. Volunteer help The value of 3ny voluntèer help received Is not included In the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This In¢ludes any gain or loss resultlng from revaluln8 Investments to market value rèvaluation of fixed 3t the ènd of thè year. assets Gainsllltsssesl ¢n investment assets This includes any galn or loss on the sale of investments. Page 7
DARUL AMAAN TRUST Notes to the Accounts Expenditurè Recognition of expendlture Expenditure is recognised on an accruals basis. Expendlture Includes any VAT whlch cannot be fully recovered, and is reported as part of the expenditvre to which it relates. Expenditure on These comprise the costs a550Ciated with attra¢tlng voluntary Income. fundralsin8 ralsSng funds tradlng costs and investment management Costs. Expenditure on These comprise the costs incurred by th? Charlty1n the delivery of its activitie5 and charitable activities Services in the furtherance of its objects. in¢ludln8 the making of grants and governance costs. All grant expenditure is accounted for on an actual pald basls plus an accrual for 8rants that have been approved by the trustees at the end of the year but not yet p81d. These Include those ¢oSts assoclated wlth meetlng the constitutional and statutory requlrements of the Charity, includin8 any audlvindependent examlnatlon fees, cost5 Ilnked to the strateglc management of the Charity. together wlth a share of other admlnlstratlon costs. other expenditure These are support costs not all¢cated ¢0 a partlcular actlvlty. Grant5 payable Governance costs Taxatlon The charlty Is exempt from tax on Its rharltèble a¢ilvitles. Freehold Investment property Investment propertles are measured Inltlally at cost and subsequently at falr value at each balance sheet date and are not depreclated. All 8ain5 OT losses are taken io the Statement of Flnanclal Actlvltles as they arlse. Stocks Stock is Included at the lower of cost or net reallsable value. Donated items of stock are reco8nlsed at falr value whlchls the amount the charlly would have been willln8 to pay for the itern5 on the open market. Tradg and other debtor5 Trade and other debtor5 are reco8n15ed at the settlement amount due after any trade discount olfered. Prep3yrnents are valued at the amount prepaid net of any trade dtscounts due. Cash and cash equlvalents Cash and cash equlvalents comprlse cash at bank and on hand. d?Fn3nd deposits with banks and other short.term hi8hly liquid Investments wlth ori8inal maturitles olthree months or less and bank overdraft5. In the statement of financial posltion, bank overdrafts 3re shc+wn wlthln borrowings or current Ilabilitles. In the Statement of Cash Flows, cash and cash equivalents ale shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditDf5 short term creditors are measured at the transaction pri. Other creditors and provislons are recogni5ed where the charity has a present obligation resultin8 from a pasl eventthat will probably result in the transfer of funds to a third party and the amount due to settle the obllgaiion can be measured or estimated rellably. Creditors and provisions are normally recognisèd at their settlement amount after allowlng for any trade discounts due. Page 8
DARUL AMAAN TRUST Note5 to the Accounts Research and development Expenditure on research and development is written off in the year in whlch St Is Incurred. For•lgn currencies Mcnetary a5set5 and liabllliles denomlnated In currendes other than the functional currency of the charity are translated at the rates of exchange prevailin8 at the end of the reporting period. Trarh5action5 in currenciès other than the functional currency Df the charlty are recorded at the rate of exchange on the date that the transactlon occurred. All exchènge differences are are taken into account in arrivlng at nei Income/expenditure. Lèased assets Where the charlty enter5 Into a lèasè whSEh entails taking substantially all the rlsks and rewards of ownershlp of an asset, the lease Is treated as a flnance lease. Leases which do not transfer substantlally all the rlsks and rewards ¢f ¢wneishlp to charlty are cla55ilied a5 operatlng leases. Assets held under flnance leases are InltSally recognised as assets of the charity at their fair value at the Inceptlon of the lease or, If lower, at the present value of the mlnlmum lease paymen15. The corresponding Ilabillty to the le550r 15 Included in the balance sheet date a5 a finance lease obligation. Lease payments are apportioned between finance expense5 and reduction ol the lease obll8ation $0 as to achSeve a constant rate of Interest on ihe remalnlng balance of the liability. Finance expenses are recognised Immedbately, unless they are dire¢tly attrlbutable to qualifyin8 a5$9ts, In whlch case they are capitallsed In accordance wlth the charltY'5 pollcy on bo¥rowin8 COSt5. Assets held under Ilnance leases are depreclated In the same way as owned assets. Operatln8 lease payments are recognlsed as on expense Qn a straSght-line ba51s over the lease term. In the event that lease incentives are recelved to enter into operatlng lea5e5, such Incentives are reco8nlsed as a118bility. The aggreBate benefit of Incentlves Is recognised as a reduction of rental expense on a stral8ht-Ilne basls. Penslon costs The charlty opeTates a deflned contribulion plan for Its employees. A defSned contrlbutlon plan Is a pension plan under whl¢h the charity pays fixed contr1butSons Into a separate entlty, Once the contributions have been paid the ¢harlty has no further payments obll8ations. The contributions are recognised 45 expense5 when they fall due. Amounts not paid are shown in ac¢ruals In the balance sheet. The assets of the plan are held separately from the charity in independently admlnlstered fund5. Recelpt of donat¢d Boods, facllitie5 and 5eryice$ All donated goods. facilltles and 5ervSces recelved are reco8nised within incomlng resource5 and expendlture at an estlmate of the value to the charity. Page 9
DARUL AMAAN TRUST Notes to the Account5 2 Statemertt of Financial Artivities- prior year Unrestrirted fvnds Re5trirted funds Total funds 2022 2022 2022 Incom* and end¢¥wments from: Donatlons and legacies Charitable activities 108.615 3,940 23,750 38,220 146,835 3.940 23,750 Investments Total 136,305 38,220 174.525 Exp•ndituro on.. Charitable activitles 5,020 5,020 111,688 Other 108,214 3,474 Total 113,234 3,474 116,708 Net Income 23,071 34.746 57,817 Net Incomo before other galnslllossesl Other 8alns and10sses', Nat mov•mont In funds 23,071 34,746 57,817 23,071 34,746 57,817 Re¢onclllatSon of lunds., Total fund5 brought forward Totsl funds carrled foNaid I,S89,611 74S,170 2,334,781 1,612,682 779,916 2,392,598 3 Income from donatloThs and le8acles Unrostrlct•d R4strlcted Total Tolpl 2023 2022 Bulldlng Fund Donatlons and glfts 48,333 48,333 1,510 152,460 202,303 38,220 108,615 1.510 152.460 153,970 48,333 146,835 4 Income from charltable acti1]2$ Unrestrfcted Total 2023 Total 2022 Tvrkey-syria Earthquake Appeal 5,725 5,725 1,830 2.IID 3,940 5,72S 5,725 Page lo
DARUL AMAAN TRUST Notes to the Accounts 5 Income from Investments Unrestrictèd Total Total 2023 202Z Rentsl Income 24.600 24,600 24,600 23.750 23,750 24,600 6 Oth•r Income Unr•strlrt•d Total Total 2023 2022 RFC Grant 7,024 7,024 7,024 7,024 7 Exp¢nd5ture on charltsble 3¢tlvltles Unr•strlttèd Total Total 2023 2022 Expendlture on charitoble activities Turkèy-syriz Earthquake Appeal 5,725 5,725 1,830 2,110 Governunce costs Accountancy Fees 1,080 6,805 1,080 6,805 1,080 5.020 8 Other expendlture Unr•strlct•d Restrlcted Total 2023 Totsl 2022 Ernployee costs MotDr and travel costs 37.865 342 37,865 342 34,108 1,685 17,341 Premises costs Amortisatlon, depreciatlon, Impairment, pyoflvloss on disposal of fixed assets General 3dministr3tive costs 14,081 14,081 2,689 3,474 6.163 6,229 2,870 3,000 60,847 2,870 3.000 64,321 900 Legal and professional costs 51.425 111,688 3,474 9 Net income bèfore transfers 2023 2022 Thls is stated after charging.. Oepreciation of owned fixed assets 6,163 6.229 Page 11
DARUL AMAAN TRUST Notes to tho Accounts 10 Staff Costs 2023 2022 salaries and wages 37,865 37,865 34,108 34.108 No employee cecelved emoluments In excess of £60.000. 11 Tan8ible lixed a55ets Cost or revaluatlon At l January 2023 Addltlons At 31 December 2023 Oepreciation and Impairment At l January 2023 Depreclatlon charge for the year At 31 December 2023 1,947,232 150,487 2,097.719 20,600 1,967,832 150.487 2,118,319 20,600 112,151 19,290 131,441 5,902 262 6,164 118,053 19,552 137,605 Net book value$ At 31 December 2023 At 31 December 2022 1,979,666 1.835.081 1,048 1,310 1,980,714 1,836,391 12 Investments Freehold Inv¥stment Property Total Cost or revaluatlon At I january 2023 At 310ecember 2023 Ngt book valu95 At 310ecember 2023 At 31 December 2022 5SO.000 550.000 SSO.000 550.000 550,000 550,000 550,000 550,000 13 Credltors: amounts falllng due wlthln one year 2023 2022 Other taxe5 and social security Loans from trustees oiher creditor5 Accruals 687 687 72,100 760 8,955 82,502 760 5.385 6,832 Page 12
DARUL AMAAN TRUST Notes to the Accounts 14 Movemènt in funds Incomln8 re50urces At31 lincluding other At I january Balnsllosses 2023 Resources empendèd Dècember 2023 Restrlcted fund5: R•strlct&d Income funds: 779,916 48,333 13,4741 824,775 rctttsl 779,916 48,333 13,4741 824,775 Unrestrltted funds: General funds 1,111,744 191,319 167.6521 1,235,411 Revaluatlon Reservq5'. Revaluatlon fund 500,938 500.938 rottsl revoluotlon reserves SOQ,938 500,938 Total tunds 2,392,598 239,652 171,1261 2.561,124 Purposes and restrlctlons In relatlon to the fund5- Revaluatlon reserve5 Represent the amount by whlch investments ex¢eed thelr hlstorical c05t. 15 Analysls of net assets botweon lunds Unrostrlcted funds Total Flxed asset$ Investments 1,980.714 sso.000 30,410 2.561,124 1,980,714 550,000 30,410 2,561.124 Net Current assets 16 Reconclllatlon of net debt At31 Oe¢emb 2023 At l January 2023 Cash flow5 Cash and cash equivalents 88,707 88,707 ISl,4651 151,4651 37,242 37,242 Net debt 88,707 151,4651 37,242 Page 13