Charity registration number 281670
UNITED KINGDOM TURKISH ISLAMIC ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 | AF Associ |
| 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 |
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 |
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 £149,497. This year the charity also received income from providing funeral services which amounted to £85,694
Rents received of £46,200 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 £27,157 (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 £9,379 is in respect of printing, postages and stationery which include the printing of time tables for prayers.
The Repairs & Maintenance payment of £22,936 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.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 was £1,426,289 (2023: £1,351,205).
The trustees' report was approved by the Board of Trustees.
Mr S Zorlu
Trustee Dated: 19th March 2025
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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 2024.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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: 19[th] March 2025
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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 161,680 | 144,604 |
| Commercial activities | 4 | 131,894 | 122,354 |
| Total income | 293,574 | 266,958 | |
| Expenditure on: | |||
| Charitable activities | 5 | 328,454 | 293,576 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (34,880) | (26,618) | |
| Fund balances at 1 January 2024 | 1,426,289 | 1,351,205 | |
| Fund balances at 31 December 2024 | 1,391,409 | 1,324,587 |
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.
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BALANCE SHEET
AS AT 31 DECEMBER 2024
| 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 |
2024 £ 5,787 303,838 309,625 (6,044) |
£ 1,122,708 303,581 1,426,289 1,426,289 1,426,289 |
2023 £ £ 1,091,631 8,467 232,291 240,758 (7,802) 232,956 1,324,587 1,324,587 1,324,587 |
|---|---|---|---|
The financial statements were approved by the trustees on 19[th] March 2025
Mr S Zorlu Trustee
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
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3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 149,497 | 130,297 |
| Grants | - | 2,300 |
| Membership fees | 12,183 | 12,007 |
| 161,680 | 144,604 |
4 Income from charitable activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Heading #ac989 | |||
| Sale of goods | 85,694 |
76,954 | |
| Charitable rental income | 46,200 |
45,400 | |
| 131,894 | 122,354 | ||
| 5 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| activities | activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 27,157 | 28,282 | |
| Depreciation and impairment | 38,148 | 35,400 | |
| Enter ac905 in database | 176,973 | 149,791 | |
| 242,278 | 213,473 | ||
| Share of support and governance costs (see note 6) | |||
| Support | 86,176 | 80,103 | |
| Governance | _ | _ | |
| 328,454 | 293,576 | ||
| Analysis by fund | |||
| Unrestricted funds | 328,454 | 293,576 |
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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 |
2024 £ 2,540 4,130 30,163 22,936 1,262 3,171 9,379 8,082 942 3,571 - 86,176 86,176 2024 £ 38,148 |
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 |
|---|---|---|
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:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 3 |
3 | |
| Employment costs | 2024 |
2023 |
| £ | £ | |
| Wages and salaries | 26,563 | 27,799 |
| Social security costs | 252 | 337 |
| Other pension costs | 341 | 146 |
| 27,156 | 28,282 |
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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 2024 1,600,000 71,920 At 31 December 2024 1,600,000 71,920 Depreciation and impairment At 1 January 2024 477,292 4,823 Depreciation charged in the year 32,000 1,438 At 31 December 2024 509,292 6,261 Carrying amount At 31 December 2024 1,090,708 65,659 At 31 December 2023 1,122,708 67,097 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 £ 235,500 235,500 185,138 4,710 189,848 45,652 50,362 2024 £ 5,467 320 5,787 2024 £ 541 5,203 300 6,044 |
Total £ 1,907,420 1,907,420 667,253 38,148 705,401 1,202,019 1,240,167 2023 £ 2,941 307 3,248 2023 £ 494 6,808 600 7,907 |
|---|---|---|
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14 Retirement benefit schemes
| Retirement benefit schemes | ||
|---|---|---|
| 2024 | 2023 | |
| 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 £ 1,426,289 293,574 (328,454) 1,391,409 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 1,426,289 |
|---|---|
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 (2023 - none).
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