**Charity registration number 281670** **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Chairman**|Mr Sinan Zorlu| |---|---| |**Vice Chairman**|Mr Bekir Tezgel| |**Tresurers**|Mr Ahmet Tekneci| ||Mr Mustafa Nalbant| |**Trustees**|Mr M Nalbant| ||Mr E B Tezgel| ||Mr S Zorlu| ||Mr H Camuz| ||Mr S Baltan| ||Mr A Tekneci| ||Mr A Guc| |**Charity number**|281670| |**Secretary**|Mr Hakan Camuz| |**Independent Examiner**|AFASSO| ||Accountants| ||14a Andre Street| ||London| ||E8 2AA| |**Bankers**|Barclays Bank Plc| ||Kingsland Branch| ||3-5 Kingsland High Street| ||London| ||E8 2JT| |**Principal address**|117-119 Stoke Newington Road| ||London| ||N16 8BU| ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 11| ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The principal object of the Trust as described in the Trust Deed is to provide a place to worship and facilities for education and religious studies for Muslims. It also endeavours to help those in need. ## **Financial review** The Statement of Financial Activities is set out on page 4 of the financial statements in detail. A substantial proportion of the income of the charity was by way of donations which amounted to £130,757. This year the charity also received income from providing funeral services which amounted to £76,954 Rents received of £45,400 during the year comprises rent received from the shop at the front of the main building and from halal butchers, grocers and a restaurant serving halal food in the basement. The tutor’s fees of £27,799 (net of Employer’s NI) were paid to religious teachers for teaching the Quran and for performing other religious activities. The Printing, Postage and Stationery payment of £10,246 is in respect of printing, postages and stationery which include the printing of time tables for prayers. The Repairs & Maintenance payment of £11,427 is in respect of the repairs of the building. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** The United Kingdom Turkish Islamic Association Trust is constituted under a Trust Deed in 1979 and the registered number of the charity is 281670. ## _**Movement**_ ## _**of**_ _**Fixed**_ _**Assets**_ _The movements in fixed assets during the year are set out in note 10 to the financial statements._ ## **Trustees training and recruitment** When appointing new Trustees to the charity, the Board of Trustees consider the skills, knowledge and experience of the individual in making the appointment. All Trustees have been allocated an area of responsibility, which, where possible, is in accordance with their skills and experience. - 1 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## _**Risk Management**_ The trustees have assessed the major risks to which the charity might be exposed, in particular those related to the operation and finances of the trust, and are satisfied that the systems are in place to mitigate our exposure to those risks. In addition, the trustees will consider the guidance for directors of public listed companies contained within the Turnbull Report of 1999. Although this is not mandatory for the charity, it should, as a public interest body, adopt the guidelines as best practice. ## _**Reserves policy**_ The trustees aim is to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The balance held as unrestricted funds at 31 December 2023 was £1,351,205 (2022: £1,364,214)., The trustees' report was approved by the Board of Trustees. **Mr S Zorlu** Trustee Dated:7[th] February 2025 - 2 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** I report to the trustees on my examination of the financial statements of United Kingdom Turkish Islamic Association (the charity) for the year ended 31 December 2023. ## **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 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Basis of Independent examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 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. ## ABDALLA ABDEL HAMID FAIA-FCPA AF Associates Accountants 14a Andre Street London E8 2AA Dated: 7[th] February 2025 - 3 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2023**|**2022**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|144,604|100,522| |Commercial activities|**4**|122,354|136,706| |**Total income**||266,958|237,228| |**Expenditure on:**|||| |Charitable activities|**5**|293,576|260,706| |**Net (expenditure)/income for the year/**|||| |**Net movement in funds**||(26,618)|(23,478)| |Fund balances at 1 January 2023||1,351,205|1,376,705| |**Fund balances at 31 December 2023**||1,324,587|1,353,227| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **BALANCE SHEET** _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds
**15**|**2023**
**£**
8,467
232,291
240,758
(7,802)|
**£**
1,091,631
232,956
1,324,587
1,324,587
1,324,587|**2022**
**£**
**£**
1,091,631
3,248
266,250
269,498
(7,902)
261,596
1,353,227
1,353,227
1,353,227| |---|---|---|---| The financial statements were approved by the trustees on 7[th] February 2025 Mr S Zorlu **Trustee** - 5 - **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** United Kingdom Turkish Islamic Association is a charity registered in England and Wales. The charity number is 281670 and its' address is 117-119 Stoke Newington Road, London, N16 8BU . ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. ## **1.5 Resources expended** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings 2% straight line basis Freehold improvements 2% straight line basis Fixtures and fittings 10% reducing balance basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. - 6 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** All assets costing more than £250 are capitalised at their historical cost. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.10 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.11 Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **1.12 Taxation** The charity is exempt from tax on its charitable activities. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Key sources of estimation uncertainty** The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. ## **Useful economic lives of tangible assets** Management reviews the useful lives and residual values of the tangible assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. - 7 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Income from donations and legacies** |||**Unrestricted**||**Unrestricted**| |---|---|---|---|---| |||**funds**||**funds**| |||**2023**||**2022**| |||**£**||**£**| ||Donations and gifts|130,297||88,015| ||Grants|2300||500| ||Membership fees|12,007||12,007| |||144,604||100,522| |**4**|**Income from charitable activities**|||| |||**Unrestricted**||**Unrestricted**| |||**funds**||**funds**| |||**2023**||**2022**| |||**£**||**£**| ||**Heading #ac989**|||| ||Sale of goods|76,954||103,859| ||Charitable rental income|45,400||32,847| |||122,354||136,706| |**5**|**Expenditure on charitable activities**|||| |||**Charitable**||**Charitable**| |||**activities**||**activities**| |||**2023**||**2022**| ||||**£**|**£**| ||**Direct costs**|||| ||Staff costs|28,282||28,282| ||Depreciation and impairment|35,400||35,400| ||Enter ac905 in database|149,791||124,160| |||213,473||187,842| ||**Share of support and governance costs (see note 6)**|||| ||Support|80,103||72,864| ||Governance|||_| |||293,576||260,706| ||**Analysis by fund**|||| ||Unrestricted funds|293,576||260,706| - 8 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **6 Support costs allocated to activities** |Council tax and rates
Insurance
Light and heat
Repairs and maintenance
Telephone and internet
Food cost
Printing, postage and stationery
Cleaning
Accountancy
Sundry expenses
Governance costs
**Analysed between:**
Charitable activities
**7**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets|**2023**
**£**
2,531
4,130
34,927
11,427
519
4,198
10,246
8,005
900
3,220
-
80,103
80,103
**2023**
**£**
35,400|**2022**
**£**
2,531
-
23,817
34,323
626
2,774
5,348
278
900
2,267
-
72,864
72,864
**2022**
**£**
35,400| |---|---|---| ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **9 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| ||5|5| |**Employment costs**|**2023**
|**2022**| ||**£**|**£**| |Wages and salaries|27,799|27,799| |Social security costs|337|337| |Other pension costs|146|146| ||28,282|28,282| - 9 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **9 Employees** ## **(Continued)** There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The remuneration of key management personnel was as follows: ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **11 Tangible fixed assets** |**Freehold land**
**Freehold**
**and buildings improvements**
**£**
**£**
**Cost**
At 1 January 2023
1,508,013
60,915
At 31 December 2023
1,508,013
60,915
**Depreciation and impairment**
At 1 January 2023
477,292
4,823
Depreciation charged in the year
30,160
1,218
At 31 December 2023
507,452
6,041
**Carrying amount**
At 31 December 2023
1,000,561
54,874
At 31 December 2022
1,030,721
56,092
**12**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income

**13**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Accruals and deferred income|**Fixtures and**
**fittings**
**£**
225,356
225,356
185,138
4,022
189,160
36,196
40,217
**2023**
**£**
7,647
820
8,467
**2023**
**£**
494
6,808
500
7,802|**Total**
**£**
1,794,284
1,794,284
667,253
35,400
702,653
1,091,631
1,127,030
**2022**
**£**
2,941
307
3,248
**2022**
**£**
494
6,808
600
7,907| |---|---|---| |||| |||| |||| - 10 - ## **UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **14 Retirement benefit schemes** |**Retirement benefit schemes**||| |---|---|---| ||**2023**|**2022**| |**Defined contribution schemes**|**£**|**£**| |Charge to profit or loss in respect of defined contribution schemes|146|146| The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. ## **15 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At**

General funds

**Previous year:**
**At**

General funds

**_Warning: Balance c/f from prior period does not e_**|**1 January**
**2023**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**At 31**
**December**
**2023**
**£**
1,351,205 266,958
(293,576) 1,324,587
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
1,376,705 237,228 (260,706)
1,353,227
**_qual balance b/f in current period_**
1,351,205| |---|---| ## _**Warning: Balance c/f from prior period does not equal balance b/f in current period**_ ## **16 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 11 -