CHARITY REGISTRATION NUMBER: 275697 ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA Financial Statements 31 March 2024 DrnftAccounts SALEEMI ASSOCIATES Chartered accountants & Ststutory Auditor 792 Wickham Road Croydon CRO 8EA
ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA Financial Statements Year ended 31 March 2024 Page Trustees, Annual Report Independent auditor's report to the members Statement of Financial Activities 12 Statement of Financial Position 13 Statement of cash flows 14 Notes to the Financial Statements 15 The following pages do not fonn part of the financial statements Detailed statement of financial activities 26 Notes to the detailed statement of financial activities 27
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Trustees, Annual Report Year Ended 31 March 2024 The trustees have the pleasure of presenting their report and the charity's financial statement for the year ended 31 March 2024. Reference and administrative details Registered charity name Islamic Culture and Education Centre Battersea Charity number 275697 Principal office 73-75 Falcon Road Battersea London SW112PF The Trustees Mr M A Choudry- Chairman Mr M Arshad - General Secretary Dr M Akhteruzzaman- Treasurer Mr A K Barkatullah Mr N A Hashimi Mr D Hossain Audltor Saleemi Associales Chartered accountants & statutory auditor 792 Wickham Road Croydon CRO 8EA Bankers National Westminster Bank PLC St Johns Road Baltersea London SW111PB
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Trustees, Annual Report (continued) Year Ended 31 March 2024 THE Trustees The trustees who served the charity during the period were as follows.. Mr M A. Choudry Dr M Akhteruzzaman Mr M Arshad Mr A K Barkatullah Mr N A Hashimi Mr D Hossain BUILDING OUR FUTURE PROJECT This year, £ 42,000 of Qard-e-Hassanah has been returned to a donor who had requested its return. Accordingly. the Qard-e-Hassanah balance for which 'The Cenlre, is still indebted has been reduced lo £2,000, shown in the accounts under the heading creditors-bank loans and overdrafts. STATUS The organisation is a registered charity established by the Declaration of Trust, made on March 15, 1978. The charity is govemed by the Declaration of Trust and controlled by the trustees. PRINCIPAL ACTIVITIES AND REVIEW The principal activity of the charity during the year was the development of the Islamic faith and charity work in the London Borough of Wandsworth, wilh particular emphasis on promoting facilities forthe young people and the elderly members of the community. The results for the year are shown in the accounts and report. The progress during the year and the position at the year-end are considered to be satisfactory. Details of the activities are as follows.. Mental Health First Aid Course (Adults & The Mental Health First Aid course for which Wandsworth Council provided a Grant of £4,588 to the 'Centre' was organized in this financial year and therefore no longer remains outstanding.
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Trustees, Annual Report (continued) Year Ended 31 March 2024 FOOD BANK INITIATIVE The Food Bank Initiative has continued to be provided this year. Currently, an average of 20+ individuals use the service every week. SOCIAL, PERSONAL AND EDUCATIONAL DEVELOPMENT The open-door "Drop-ln" sessions have had to be curtailed due to certain indoor projects taking place during that time. The Friday Youth Circle for over 16 boys has stopped due to low attendance. However. Youth Circle for sisters has started attracting on average 10-12 sisters. The regular football project continues to attract many young people to attend. Before and after the sessions. brief discussions are held to look at and tackle individual issues and problems encountered by members. This is followed by one-to-one sessions and helping them to deal with the issue at hand. The football sessions are structured training sessions which work towards developing young people's skills in playing football and nurturing them as good young people. During this project, monthly workshops are held, with young people exploring issues that are affecting them in their daily lives. We are providing very varied club programs that meet the needs of Young People. The youth workers have developed very good relationships with those young people who have found it difficult to adjust in education or relate to their parentslcareers. Our youth work team has used its skills to gain the trust of the young people in concern and worked hard with families, school and the young people to bring about a beneficial change for all. This was accomplished through intensive one-to-one sessions with individuals. IYG managed to provide advice, guidance and support to young people who were not in employment, or education and those who were in the fold of anti-social behaviour, drugs and gang culture by way of engaging them lo lake part in the football project and to attend monthly crime workshops. SPORTS & RECREATIONAL ACTIVITIES Islamic Youth Group provided various activities for young people. The on-site activities were as follows.. Box- fit l Kickboxing, Judo, Table Tennis, Pool. Silat (a form of martial arts}, Multi gym, Weight Training, IT and issue-based workshops. Off- site activities include football training for all age groups. The programs are advertised and delivered through its Monthly Program of activities. The operational days and the end-of-the-year attendanceluptake figures for these activities were as follows.. Football boys. Sunday 7-14 years old. 30 attending Judo boys. Saturday 4-9 years old. 10 attending Judo girls. Saturday 4-9 years old. 7 attending Boxfit I kickboxing boys. Friday 5-15 years old. 10 attending Boxfit I kickboxing gids. Friday 5-15 years old. 13 attending Open Door Indoor Activities boys. Saturday - Low turnout
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Trustees, Annual Report (continued) Year Ended 31 March 2024 martial arts boys. Saturday under 14s on average 7 attending. - table tennis team over 16 every Monday. 3 players in the team TRIPS TO PLACES OF INTEREST, RESIDENTIALS AND WORKSHOPS During the Winter Holidays.. A Football tournament was organised and a trip to flip out. During the Summer Holidays, Trips were organised for Young people to undertake Abseiling, Ice Skating and Laser Tagging. They also visited Kew Gardens. ISLAMIC FESTIVALS AND OPEN DAYS Special programs were held to celebrate important Islamic Festivals including Ramadan, Eid-ul-Fitr and Eid-ul-Adha. Open events and discussions were held for the entire local community for both Muslims and non-muslims throughout the year on various topics. RELIGIOUS TEACHING The Madrasah's curriculum delivers basic teaching about Islam including Qurfan, Hifz, Tajweed, Hadith, Fiqh, Akhlaaq-wal-Adaab, Aqaaid and Islamic History. Sessions were held for the youth, where they were encouraged to discuss, share. question ideas and gather thoughts on any topical issues that may have affected their day-to-day life. Weekly attendance figures for the weekend madressa were 60 young people. Weekly attendance figures for the weekday madressa were 140 young people. RISK REVIEW The trustees have conducted their review of the major risks to which the charity is exposed and systems are in place to mitigate those risks. The systems, controls and procedures are periodically reviewed to ensure that they meet the needs of the charity. RESERVE POLICY The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure, equivalent to £50,000. The trustees consider that this level will provide sufficient funds to ensure that support costs and emergency building works are covered.
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Trustees, Annual Report (continued) Year Ended 31 March 2024 The balance held as unrestricted funds at 31 March 2022 is £2,187,490, of which £217,868 are regarded as free reserves, after allowing for funds tied up in tangible fixed assets. The trustees are in the process of drafting a reserve policy for next year. RESPONSIBILITIES OF THE TRUSTEES The trustees are responsible for preparing the trustees, reports and financial statements in accordance with the applicable law and the 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 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. Make judgments and accounting estimates that are reasonable and prudent. State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Trustees, Annual Report (continued) Year Ended 31 March 2024 AUDITOR A resolution to re-appoint Saleemi Associates as auditor for the ensuing year will be proposed at the Annual General Meeting The trustees, annual report was approved on board of trustees by and signed on behalf of the M A Choudry Chairman- (Trustee) Dr. M Akhteruzzaman Treasurer (Trustee) Date
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Independent Auditor's Report to the Members of ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA Year ended 31 March 2024 Opinion We have audited the financial statements of Islamic Culture and Education Centre Ballersea (the 'charily'l for the year ended 31 March 2023 which comprise the slalement of financial activities. statement of financial position, slalemenl of cash flows and notes to the financial stslemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., 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 {UKI IISAS IUK}I and applicable law. Our responsibilities under those standards are further described in the auditovs 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 lo 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 In auditing the financial stalemenls, we have concluded that the trustees, use of the going concem 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 UnrtaInlieS relating to events or conditions that, individually or colledively, may cast significant doubt on the charity's ability lo continue as a going wncem for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Independent Auditor's Report to the Members of ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA (continued) Year ended 31 March 2024 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. Our opinion on the financial statements does not cover the other infomialion and, expt to the exlenl otherwise explicidy slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo detemiine whether there is a material misstalemenl in the financial statements or 8 material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception In light of the knowledge and understanding of the Charity and its environment obtained in the course of the audil, we have not identified material misstatements in the Iruslees, report. We have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 requires us lo report to you if, in our opinion.. the information given in the Iruslees, report is inconsislenl in any material respect with the financial statements., or adeqLJate accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we require for our audit. Responsibilities of twstees As explained more fully in the trustees, responsibilities statement, 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 detemine is necessary lo enable the preparation of financi81 statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Iruslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo cease operations. or have no realistic altemative but lo do so.
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Independent Auditor's Report to the Members of ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA (continued) Year ended 31 March 2024 Audltor's responslbllltles for the audlt of the flnanclal statements 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 lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misslalemenl 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 Instsns of non-complian with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtained an understsnding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial statements. The18ws and regulations we considered in this context were the Charities Act 2011 with the Charities SORP IFRS 1021, UK tax legislation, pensions legislation, Anti Money Laundering regulation, General Data Protection Regulation IGDPRI, Anli-fraud, bribery and corruption legislation, Taxation legislation and Employment legislation and health and safety regulation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalemenl items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental lo the charity lo operate or lo avoid a material penalty. We evaluated the trustees, and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of conlrolsl and determined that the principle risks were related lo manual journ81 entries to manipulate financial performance, management bias through judgements and assumptions is significant accounting eslimales, in particular in relation to th8 use of restricted funds, and significant one-off or unusual transactions. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial ststemenls from irregularities, including fraud, to be within the liming of recognition of grant, voluntary income and school fee, recognition of grant expenditure and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, including senior management and internal accountants about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory Corresponden with the Charity Commission, detailed reviews of a sample of funding agreements for income and grant expenditure and reading minutes of meetings of those charged with governance.
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Independent Auditor's Report to the Members of ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA (continued) Year ended 31 March 2024 Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslatemenls in the financial stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularities} is from the events and transactions reflected in the financial stalemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion, foryery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-complian and cannot be expected to delecl non- compliance with all laws and regulations. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slatemenls, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misslalement resulting from fraud is higher than for one resulting from 8rror, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understsnding of internal control relevant to the audit in order to design avdil prOdureS that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Iruslees. Conclude on the appropriateness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going COnrn. Evaluate the overall presentation, structure and content of the financial stalemenls, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. io-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Independent Auditor's Report to the Members of ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA (continued) Year ended 31 March 2024 Use of our report This report is made solely lo the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audtt work has been undertaken so that we might state lo the charity's members those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not aecepl or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Saleemi Associates Chartered accounlanls & statutory auditor 792 Wickham Road Croydon CRO 8EA Dale-............................ Saleemi Associates is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. li-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Statement of Financial Position 31 March 2024 2024 Total funds 2023 Unrcstrictcd funds Rcstrictcd funds Total funds Note Income and endowments Donations and legacies Other trading activities Total Income 180,932 33.713 214,645 3.060 183,992 33,713 217,706 202,992 39,140 242.132 3.060 Expenditure Expenditure on Charitable activities 201,850 8,838 210.688 163,713 Totsl expenditure 201,850 8,838 210,688 163,713 Net income and net movement in funds 12,796 15,778) 7,018 78,419 Reconciliation of funds Total funds brought forward 2.187,491 6.268 2,193,759 2.115,340 Total funds carried forward 2,200,287 490 2.200,777 2,193,759 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. -12-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 11 1,991.363 1.969,622 Current assets Cash at bank and in hand 211,765 268,489 Creditors: amounts falling due within one year 12 44,352 Net current assets 209,413 224,137 Totsl assets less current liabilities 2,200,777 2,193,759 Net assets 2,200,777 2.193,759 Funds of the charity Restricted funds Unrestricted funds 490 2,200,287 6,268 2.187,491 Total charity funds 14 2,200.777 2.193,759 These financial statements were approved by the members of the committee and authorised for issue on the and are signed on their behalf by.. M A Choudry Chairman (Trustee) Dr M Akhteruzzaman Treasurer (Trusteel -13-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Statements of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activilies Net income 7,018 78,419 Adjustment for.. Depreciation of tangible fixed assets Government grant income Accrued(incomeyexpenses 1,235 1,453 {11,855) Changes in.. Trade and other creditors 42,000 Cash generated from operations 33.747 68,017 Net cash (used inll from operating activities 68,017 Cash flows from investing activities purchase of tangible assets {22,9771 142,3981 Net cash used in investing activities 22,977 42,398 Cash flows from financing actlvltles Government grant income 11,855 Net cash from financing activities 11,855 Net{decrease)lincrease in cash and cash equivalent Cash and cash equivalents at beginning of year {56,7241 268,489 37,474 231,015 Cash and cash equivalents at end of year 211.765 268,489 The notes on pages 15 10 24 fomi part of Ihese financial slalements. -14-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 73-75 Falcon Road, Battersea, London, SW112PF. 2. Statement of compliance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the 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} (Charities SORP (FRS 102)) and the Charities Act 2011. 3. Accounting Policies Basis of preparation The financial statements have been prepared on the historical cosl basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charily's purposes. Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two subwclasses: restricted incorne funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. -15-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS{contlnuedl Year ended 31 March 2024 3. Accounting policies Icontinuedl Incoming resources Icontinuedl income from donations or granls is recognised when there is evidence of entitlement to the gift, receipt is probable. and its amount can be measured reliably. legacy income is recognised when receipt is probable. and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity, apportioned to charitable activities. other expenditure includes all expenditure that is neilher related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost. -16-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS{contlnuedl Year ended 31 March 2024 3. Accounting policies Icontinuedl Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment Fixtures & Fittings 15.250/0 reducing balance 15-25 % reducing balance The freehold properties are maintained in a good state of repair with regular maintenance and refurbishment carried out when required. The difference between the residual value and the book value is not considered to be material, therefore no depreciation is provided. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impainment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash- generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Government grants Govemment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attached to them and the grants will be received. Where the grant does not impose specified future perfomiance-related conditions on the recipient, it is recognised in income when the grant proceeds are received -17-
ISLAMIC CULTURE AND EDUCATION CENTRE BArrERSEA Notes to the Financial StatementS{contlnuedl Year ended 31 March 2024 3. Accounting policies (continued) Government grants Icontinuod> or re1Vable. Where the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amorlised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost-less impairment. Other financial instruments, including derivatives, are initially recognised at fair value unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significanl, these are assessed individually for impaiment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. -18-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS(contlnuedl Year ended 31 March 2024 3. Accounting policies (continued) Financial instrumentslcontinued) Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 4. Donations and legacies 4. Donations and legacies Unrestricted Funds Restricted Funds Total Funds 2024 Donations Donation & collection Donation & collection-provision for lftaar Donation & collection-Building project Donation & collection-Funeral Fund Donation & collection-Food bank 123,355 5,053 123.355 5.053 3,060 3.060 Grants Grants receivable- Wimbledon foundation Government grant income-mosque activities Government grant income-youlh group activities Subscriptions Contribution, fees & subscription - Mosque activities Contribution, fees & subscription -youth group a¢tivities 31.515 31.515 21,010 21.010 180,932 3,060 183,992 -19-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS(contlnuedl Year ended 31 March 2024 Unrestricted Funds Restricted Funds Total Funds 2023 Donations Donation & collection Donation & colleclion-provision for1ft88r Donation & ¢ollection-Building project Donation & collection-Funeral Fund Donation & collection-Food bank 110,902 2,167 110,902 2,167 815 815 Grants Grants receivable- Wimbledon foundation Government grant income-mosque activities Government grant income-youth group aclivtties 6,355 5,500 6,355 5,500 Subs¢rlptlons Conlribulion, fees & subscription - Mosque activities Contribution, fees & subscription -youth group activities 46,352 46,352 30.901 30.901 190,322 12,670 202,992 5. Other trading activities Unrestricted Total Funds 2024 Unreslricled Total Funds Funds Funds 2023 Calendar, books & food sales- Youth group activities Calendar, books & food sales- Mosque activities Letting and licensing 564 564 870 870 1,315 31,834 33,713 1,315 31,834 33.713 2,029 36,241 39,140 2,029 36,241 39,140 6. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Funds Total Funds 2024 Mosque activities Youth group activities Support costs 101,857 91.859 8,134 201,850 8,838 110,695 91.859 8.134 210,688 8,838 -20-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS(contlnuedl Year ended 31 March 2024 Unrestricted Funds Restricted Funds Total Funds 2023 Mosque activities Youth group activities Support costs 80,638 63,872 7,348 151,858 6,355 5,500 86,993 69,372 7,348 163,713 11,855 7. Expenditure on charitable adivities by activity type Activities undertaken Support costs Total Funds Total Funds direclly 2024 2023 Mosque activities Youth group activities 110,695 91,859 202,554 4,685 3,449 8,134 115,380 95,308 210,688 91,225 72,488 163,713 8. Net income Net income is stated afler chargingllcrediting) 2024 2023 Depreciation of tangible fixed assets 1.235 1,453 9. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social Security costs 115.384 3.966 119,350 107,128 2,651 109,779 The average headcounl of employees during the year was 3012023= 24) No employee received employee benefits of more than £60,000 during the year {2023- Nil) 10. Trustee remuneration and expenses None of the truslees were renumerated or received any expenses during the year -21-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS(contlnuedl Year ended 31 March 2024 11. Tanglble flxed assets Land and buildings FiKture and fittings Equipment Total Cost At 1 April 2023 Additions 1,961,386 22,976 55,137 30,126 2.046,649 22,976 At 31 March 2024 1,984,362 55,137 30,126 2,069,625 Dgprociation At 1 April 2023 Charge for the year 49,464 851 27,563 77,027 1.235 At 31 March 2024 50,315 27,948 78,263 Carrying amount At 31 March 2024 1,984,362 4,822 2,179 1,991,363 At 31 March 2023 1,961,386 5,673 2,563 1,969,622 12. Creditors: amounts falling due within one year 2024 2023 Accruals and defeTred income Q8rd-e-hassanah 352 2,000 2.352 352 44,000 44,352 13. Government grants The amounts recognised in the financial statements for government grants are as follows.. 2024 2023 Recognised in income from donations and legacies.. Government grants income 11,855 -22-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS(contlnuedl Year ended 31 March 2024 14. Analysls of charltable funds unrestricted funds Al 01 April 2023 At 31 March 2024 income expenditure General funds 2,187,491 214,645 1201,8501 2,200,287 Al 01 April 2022 At 31 March 2023 income expenditure General funds 2,109,887 229,462 1151,8581 2,187,491 Restricted funds Al 01 April 2023 At 31 March 2024 income expenditure Restricted Fund 6,268 3,060 8,838 490 Al 01 April 2022 At 31 March 2023 income expenditure Restricted Fund 5,453 12,670 11,855 6,268 -23-
ISLAMIC CULTURE AND EDUCATION CENTRE BAThERSEA Notes to the Financial StatementS{contlnuedl Year ended 31 March 2024 15. Analysis of net assets between funds Unrestricted Funds Restricted Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,991,363 211,275 12,352) 2,200,286 1,991,363 211,765 12,3521 2,200,777 490 490 Unrestricted Funds Restricted Funds Totsl Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,969,622 262,221 {44,3521 2,187,491 1,969,622 268,489 144,3521 2,193,759 6,268 6,268 16. Analysis of changes in net debt At 01 April 2023 At 31 March 2024 Cash flows Cash al bank and in hand 268,489 56,723 211,765 -24-
ISLAMIC CULTURE AND EDUCATION CENTRE BATTERSEA Management Infonnation Year ended 31 March 2024 The followlng pages do not fomi part of the flnanclal statements. -25-