Charity Registeration Number 292922 BAITUL AZIZ ISLAMIC CULTURAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BAITUL AZIZ ISLAMIC CULTURAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trust Taz Ahmed Mamunur Rashid Faisal Morhad Alam Mohammed Amed Uddin iz Miah Saiyeed Tayeedul Haque Charlty Number 292922 Prlnclpal Addrnss 1 DkenS Square Harper Road London SE14JL Independ•nt Exarnlner Yousul Ali ACCA Elrte A¢counlancy 102 Mik End Road London E14UN
BAITUL AZIZ ISLAMIC CULTURAL TRUST Report and accounts Contents Pago Trustee$, Report Independent Examniers, Report Statement of Financial AdIlIeS Balance sheet Notes to the Financial Statements &15
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalements and comply with the trust's Igoveming documenll. the Charities Act 2011 and "Accounling and Reporting by Charrties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102> (effective 1 January 2019)" ObJe¢tSves and actlvltles The main policy adopted in furtherance of these objects is the running of a mosque in London and there has been no change in this during Ihe year. The trustees have paid due regard to guidance issued by the Charty Commission in deciding what activities the trust should undertake. Achlevements and perfomian¢e Details of the development, aclivits'es and achievements of the trust during the year are set out in the separate annual report. Flnanclal revlew There was a surplus of donations received over costs incurred during the year as shown in the attached accounts. The surplus wll be pul towards the remaining costs of completing ihe mosque building and repaying related loans. It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that TeseTVeS at this level wll ensure thal. in the event of a significant drop in funding, they wll be able to ¢onlinue the trust's current activities while consideration is given lo ways in which additional funds may be raised. Thi$ level of reserves has been maintained throughout the year. The trustees have assessed the major Tisks to which the trust is exposed, and are satisfied that systems are in place lo Male exposure to Ihe major risks. Structure, governance and management The trust was established by a chartiable trust deed on 2 Octobei 1985. The Iruslees who served during the year and up to the dale of signature of the financial statements were.. Taz Ahmed Mamunur Rash Faisal Morhad Alam Mohammed Amed Uddin A2iz Miah Saryeed Tayeedul Haque Page I
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 New trustees are appointed by exisling trustees as need arises. The trust is overseen by the ITuslees who meet regularly during the year. Imams are employed to lead the worship services, teach the Islamic faith, look after the mosque and assisl in the religious performances preparalory lo the congregational prayefs. They also provide advice on moral upbringing lo help reduce drug-laking and other ills affecting society. The trustees expect lo soon introduce a core curriculum syllabus for boys and girfs. The trustees, report was approved by the Board of Trustees. Taz Ahmed Chairman Dated.. Oct 312025 Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BAITUL AZIZ ISLAMIC CULTURAL TRUST I report to the trustees on my examination of the financial statements of Baitul Aziz Islamic Cultural Trust (the trust) for the year ended 31 December 2024. Responsibllltles and basls of report As the trustees of the trust you are responsible for the preparation of the financial statements in accordance wth the requirements of the Charilies Act 2011 (the 2011 Act). I report in respect of my examination of the trusys financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the apICable Directions given by the Charity Commission under section 145(S)Ib) of the 2011 Ad. Independent Examlnees Statement Your attention is drawn lo the facl that the charty has prepared financial slalements in a¢cordance vthh Accounting and Reporting by Charrties preparing their ao¢ounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charrties.. Statement of Recommended Practice issuèd on 1 April 2005 vthich is referred to in the extant regulations but has now been withdravm. l understand that this has been done in order for financial statements to provide a true and fair view in accordance Nmth Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to beIve Ihat in any material respect.. accounting records were not kept in respect ol the trust as required by section 130 of the 2011 Act., or the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements concerning Ihe form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts gNe a true and fair view which is not a matter considered as part of an independent examination. I don't have any concerns and have come across no other matters in Connection with the examinalion to which attention should be drawn in this report in order to enable a proper un standing of the financial statements to be reached. You f Ali ACC Date Elite 102 Mile End Road London E14UN ccount nc Page 3
BAITUL AJZ ISLAMIC CULTURAL TRUST STATEMENT OF FINAIICFAL ACllVITfES INCLUDING IFICOME AIID EXPENDITURE ACCOUNT FOR ThE YEAR EMDEO 31 DECEMBER 2024 lJnr••trlct•d R••trlcl•d Funds Fun 2024 Total Unr••irt¢t•d RMtd¢i•d Fund• Fund¥ 2023 2023 Tot•1 2024 2024 2023 Not•s Donations and 98¢8 298.520 2.110 300.6JO 303.165 3.919 307.064 Tot41 298.520 2.110 YOO.630 303.165 3.919 )07,084 Charitab •clwilie8 216.557 216.867 192.107 1,125 193.232 N•t l•xp•rbdhur•llln¢om• for lh• y•arl N•t mrN•nnt ltt lundB 32X 2.110 29S.N6 111.05 2.794 I t3,B52 Fund ne+ I January 2024 2.227.367 227.037 2.454,404 2.118.309 224.243 2,340,552 Fund b•l•o¢• ai Ji O•¢•inb•i 2024 2.520.803 229.147 2.749.750 2.227.367 227,097 2.454.404 P•y4
8AITUL AZIZ ISLAMIC CULTURAL TRUST Al at JI 0oc•mb•r 2024 2024 2023 Not•8 Flx•d ••Mts Tangib 8S88t8 CuTh•nt B•s•ts D¢btois Cash ai bank and Iw*J 2.617.535 2.350.680 4265 421.3$3 417.801 417.t61 dltorn.. •mo¥nt4 14llng du• wllhlD on• y••r 11 2.110 rndllorn.. •mo¥nl• l•l¥ng du• •ft•r mor• than on• y••r 12 Nel Arr•nt lJ2.21S 12J.723 2.749.7 2.454.404 Im¢om• lundi Re51iKt¢d fvnds UniesiEic<ed lunds IJ 229.117 2.$20693 2 749 75D 227.OJ7 2 227 367
BAITUL AZIZ ISLAMIC CULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng policies Chorlty information Baitul Aziz Islamic Cultural Trust is an unincorporaled charitsble trust. 1.1 Accounting convention The financial statements have been prepared in accordance wrth the Irusl's constitution, 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 IFRS 102) (effective 1 January 2019)" The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to Prepare a Statement of Cash Flows. The financial statements have departed from the Charitres (Accounls and Reports) Regulations 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charrties applying FRS 102 rather than thé version of the Statement of Recommended Practice vthich is referred to in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling. wthich is the functional currency of the trust. Monetary amounts in these financial stalements are rounded to the nearest £. The financial slalements 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 adopled are set out below. 1.2 Going concern At the lime of approving the financial statements, the truslees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable fthure. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds afe available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specrfic conditions by donors as to how they may be used. The purpose5 and uses of the reslricted funds are set out in the notes to the financial statements. Page 6
BAITUL AZIZ ISLAMIC CULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.4 In¢oming resources Income is feco9nised when the Irusl is legally entitw to il after any performance conditions have been met, the amounts can be measured rdiabty. and it is probable that income will be received. Cash donations are recognised on receipt. Olher donations are recognised once the trust has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised al the time of the donation. Legacies are reeognised on receipt or otherwise if the trust has been notrfied of an impending distribution, the amount is known, and receipl is expected. If the amount is not known, the *acy is treated as a conlingent asset. 1.5 Resources expended Expenditure is charged in the accounts at the time vthen a liability to make payment is incurred 1.6 Tanglble flxed asséts Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimienl losses. Depreciation is recognised so as to write off the cost or valuats'on of assets less their residual values over their useful lives on the following bases.. Land and buildings Leasehold improvements Fixtures, fittings & equipment Motor vehicles over life of over life of 10010 p.a. on 10% p.a. on The gain or loss arising on the disposal of an asset is determined as the difference befven the sale proceeds and the carrying value of the asset, and is recognised in nel inMe1(eXpendlture} for the year. 1.7 Impairment oi fixed assets At each reporting end date, the trust reviews the carrying amounts of tts tangible assets to determine whelher there is any indication thal those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is ests"mated in order to determine the extenl of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposits held at call vthh banks. other short-term liquid investments wth original maturrties of three months or less, and bank overdrafts. Bank overdrafts are shovm vthhin borrov•ings in current liabil[t$. Page 7
BAITUL AZIZ ISLAMIC CULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.9 Financial instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of rts financial instruments. Financial instruments ar8 recognised in the trust's balance sheet vthen the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounls Presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured al transaction piice including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement ¢onslilutes a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assels classified as receivable wthin one year are not amortised. Baslc flnanclal Ilabllftles Basic financial liabilities. including creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transaction, where Ihe debt instrument is measured at the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effective interest rate Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they afe presented as non-currenl liabilrties. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal liabilitles Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. 1.10 Retirement ben•ffts Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Page 8
BAITUL AZIZ ISLAMIC CULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Crfts'cal *¢counting e¥tlmats• and Judgements estimales and assumptions aboul the cafrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associaled assLtmptions are based on historical experience and other factors that are considered to be relevant. Adual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are re¢ognised in Ihe period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods bthere the revision affects both current and future periods. Page 9
BAITUL 1ZISLA11c CULTURAL TRUST NOTES TO THE F4ANCL&L STATEMENTS POA THE YeAReNOeDJI DECEII8ER 2024 UnTr¥trftt•d nd8 T4x41 Vnmtrkhd R••trthd Toiil 1024 2024 2024 23 2023 2023 296.SX) 3.110 3.839 JOJ.165 3.919 307.084 298.520 •thlll•• Exp Mo•q bBtl¥lll•s 2Q2J Ktlvrtl•¥ 2024 Staff ¢0 42.264 31.785 74,049 43410 74,461 Sh•roof wppOrttt (•• Trx• $1 Shai•ofgO%mcots (••• s) 140.817 1.800 216.607 116.008 1.8 J••l• tylund Unresthd•d fuThY R••tyicthd iu 216.$57 192.107 1.12S 216 Q87
8AFTUL h2LZ ISLAMIC CULTURAL TRUST )YE$ TOTHE FIKilL STILTEIAENTS FOR TME YEAP E14DED $1 DE¢eMBER 2024 $upp•rt 20 2023 Suppclco ¢ost• 81•11 c Deprecwt Pr¢mix• Admh¥w•iity)¢o It)) $8.146 49.¢Q2 1C(> 12,IKVJ 40,818 5J.J56 10. 40,896 53.356 10,944 49,e02 32.970 140.817 142.617 119.Bg6 140.117 142.617 116.098 119.896 Truii••• •%penie&1202&no ¥*ie mmbJrn•d). Ernploy• tyl•mpoy•• 2024 Numb•r 20 NmblI Im•m8 P•yll
BAITUL AZIZ ISLAMIC CULTIJRAL TrUST hVTes TO DIE FJNA14CLAL STATEMENTS FOVI THE YEAR EIICetrJl DE¢EIIBER 2024 Empltyffl•nt ¢o•t• 2024 2023 42,364 68.310 923 57.233 43.148 Tnglb•l•flx•d FIxiur••. M•t•r V•hl¢l•¥ To141 trAlIng$ lwo¥•ffl•ntA Al l JInu 2024 Addrtwi sKthaits At 31 0•G4fflb•r2024 D•prnGl4llon •n¥ Imp•lnn•rt Al 1 J4nuaV 2024 Oeprety8bon charged In m• •r Elm01ed In re¥eci d Oiipx At 31 D•c•mb•r 2024 Z02.424 345.000 2.450.024 2,786. 345.OCWJ 7.4 1451.124 •,020 J,101.961 17.530 27.371 e8.259 5,757 4.$10 428,285 58.146 24.116 H901 360.102 74,011 SM12 484,4Jl Al 31 D•c•MrI021 501123 2.098,7 12,U2 2,$17.635 Al al D•G•mb•r2023 4,510 2.330.610 P4e12
BAITUL z ISLAkllC CULTURAL TRUST NOTES TO THE FINANCWL ST14TEINIS FOR YEAReNDEDJI DE¢EMPER 1024 2034 202J Arnvuntsfllng thJ• ¢rtyMr. io Lo•ni and ov•rth•ft 291.978 Py4bl•wfvn 291.978 29t.970 Cr•dttorn'. •moiM*•fdkng du• on• z.leo 21eo 2.1eo 2.1eo 13 Gr•tharn". •biityJrt•f4lllng ¢u• in•r yw 291.978 291.gn 291.9n 291.978
ts1L ISLAMIC CULTURAL TRusr NtsTE$ TO YHE FINANellL STATE¥ENT¥ TME YEAR $1 DECEII•ÉR 2Q24 R•kt•d lund• Alo¥•m•rt kn i¥nd8 Mov•m•nt In fund¥ comlryr R•ww¢•• BaT * i Incomlno R••our¢ i m¥our¢• Jlnuary 2023 nc• 41 Ji D•c•rnb•r 202 FunJ Equywi 222.757 361 22).116 3.•19 2Ze.876 2.110 228.786 3.919 227.031 2.110 2.1? 14 *ty•l• •1 n•1 ¥••t• b•ts••n nd• 21t24 Tetsi R•BtF¢•d fvrm 2023 To 202J 2023 F b4law 4131 D•t•mty•r2023 ar• e¥nted ty Tawibk735se Current awt INabihb•sI 2.311.JO0 X•.147 2.617,SJS 1103.613 227.037 2,330.690 132.215 2.$20.60) 132.21$ 2.749 750 123 723 229.147 123,723 2,454.403 227.037
8TUL AZIZ ISLAMIC CULTURAL TRUST ÉS TO THÉ F*IANCWL SIATEMENTS FOP THE YEAR ENDED 31 WCE#BER 2024 Rd4t•d p4tytran•acUo P•4e 15