CHARiff REGISTRATION NUMBER: 700085 Grangetown Muslim Cultural Centre Unaudited Financial Statements 31 March 2024 SAK2020 LTD. Chartered Certified Accountants Broadway House Broadway Cardiff CF24 1 PU Grangetown Muslim Cultural Centre Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financial ststements Detailed statement of financial activities 12 Notes to the detailed statement of financial activities 13 Grangetown Muslim Cultural Centre Trustees. Annual Report Year ended 31 March 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name Grangetown Muslim Cultural Centre Charity registration number 700085 Company registration number Principal office and registerod 2A Clydach Street office Grangetown Cardiff CF117AE UK The trustees Mr Q Z Zaman Mr G M Mustafa Mr M A Aslarn MrMAAzam Company 8ecretary Tariq Awan Independent examiner SAK2020 Ltd. Chartered Certified Accountants Broadway House Broadway Cardiff CF24 1 PU Prlncipal activities The objective of the Cultural Centre is to serve the local Muslim Community primarily as a place of worship and religious leachings. On a daily basis the building provides and facilitates worshipping facilities for local people lo practice their religion in harmony in Congregation or as individual. Grangetown Muslim Cultural Centre Trustees, Annual Report {contintsed) Year ended 31 March 2024 Review of business About five to six evening per week young children under 18 years age are laught the recitation of Holy Quraan in Arabic and, also about Iheir religious belief and practices in English. Approximately there are about 240 children currently enrolled with Cultural Gentre. The Centre is also used by the local teenagers to meet & greet each other under a supervised environment and discuss their social and educational matters. Teenagers are provided the volunteering opportunities to help organise special events and support the management committee during large Eid gatherings. The charity facilitales separate events for ladies and have purchased a disused ft)rmer Conservative Club building in May 2019 (on Corporation Rd) to provide more comprehensive educational & welfare services for young girls and their female family members, as part of its future development remit. As and when required the GMCC organises and facilitales Failh Visits from local Primary Schools, Police Force, Fire Brigades and Council staff members. In addition, the organisation provides private space for local Cou ncillors lo hold their month ly surgeries In order to help resolve any Cardiff Cou ncil relaled matters. Future developments The Association continues to promote it main objeclives in the coming years. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on trustees by.. and signed on behalf of the board of Mr Q Z Zaman Trustee Mr G M Muslafa Tru51ee Tariq Awan Charity Secretary Grangetown Muslim Cultural Centre Independent Examiner's Report to the Trustees of Grangetown Muslim Cultural Centre Year ended 31 March 2024 We report to the trustees on our examination of the financial statements of Grangetown Muslim Cultural Centre ('the charity,) for the year ended 31 March 2024. Respectlve responsibilities of the management committee and examiner As the charity's trustees you are responsible ft)r the preparation of the accounts. The charity's trustees consider an audit is not required for this year (under s4313) of the Charities Acl 19g3 (the Act). It is our responsibility to.. 1. Examine the accounts (under s43 (3) (al of the 1993 Act) 2. Follow the procedures laid down in the General Directions given by the Charity Commissioners under section 43 (71 (bl of the Act. and 3. to stale whether particular matters have come to our attention. Independent examinerfs statement In connection with my examination, no matter has come to our attention.. 11) which given8 us reasonable cause to believe that in any material respect the requirements.lo keep accounting records in accordance with section 41 if the Acl., and to prepare accounts which accord with the accounting records and to comply with the accountlng requirements of the Act. Have not been met., or 12) to which, in our opinion, attention should be drawn In order to enable a proper understanding of the accounts to be reached. Independent Examiner SAK2020 LTD TIA SNK Associates Chartered Certified Accountanls Broadway House Broadway Cardiff CF24 1PU Grangetown Muslim Cultural Centre Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowments Charitable activities 130,995 130,995 132.905 Total income 130,995 130,9g5 132,905 Expenditure Expenditure on charitable activilies Total expenditure 133,924 133,923 123,322 133.924 133,923 123,322 Net (expenditure)lincome and net movement in funds {2,929) (2,9281 9,583 Reconciliatlon of funds Totsi funds brought fO￿ard Totsi funds carrled forward 1,049,900 1,049,900 1,040,317 1,046.971 1,046,971 1,049,901 The statement of financial activities includes all gains and losses recognised in Ihe year. All income and expenditure derive from continuing activities. The notes on pages 6 to 10 form part of these financial statements. Grangetown Muslim Cultural Centre Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 1,057,188 1,058,999 Current assets Cash at bank and in hand 40,579 40,579 51,901 Net current assets 51,901 Total assets less current liabilities 1,097,767 1,110,900 Creditors: amounts falling due after more than one year Net assets 10 50.795 61,000 1,046,972 1,049,900 Funds of the charity Unrestricted funds 1,046,971 1,049,901 Total charity funds 12 1,046,971 1,049,901 For the year ending 31 March 2024 the charity was entitled to exemption from audit under seclion 477 of the Companies Act 2006 relating to small companies. Trustees, responsibilities.. The members have not required the company to obtain an audit of its fi'nancial statements for the year in queslion in accordance with section 476., The trustees acknowledge their responsibilities for Gomplying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordan￿ with the provisions applicable to companies subjecl to the small companies, regime. These financial slatelnents were approved by the board of tru5tee5 and authorised for issue on and are signed on behalf of the board by.. Mr Q Z Zaman Trustee The notes on pages 6 to 10 form part of these financial statements. Grangetown Muslim Cultural Centre Notes to the Financial Statements Year ended 31 March 2024 Statement of compliance These financial ststements have been prepared in compliance 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 IFRS 1021 (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by Ihe 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 enlity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unreslricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for 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 sub-classes. restricted income funds or endowment funds. Incoming resource8 All i ncoming resources are included in the statement of financial activities when entitlement has passed to the charity, il 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-. income from donations or grants 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 Gontribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service This is classified as unreslricled funds unless there is a contraclual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Grangetown Muslim Cultural Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnued) 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 Ihe costs of all fundraising activities, events, ncn-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 neither related to raising funds for the charity nor part of its expenditure on charitable activilies. All costs are allocated to expenditure c8iegories reflecling the use of Ihe resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned tse￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Operating leases Lease payments are recognised as an expense cver the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over Ihe lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequenl accumulated impairment losses. An increase in the Garrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recogn ised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slalement of financial activities. 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.. 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 amounl receivable or payable including any related transaction costs. Grangetown Muslim Cultural Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 Accou nting policies {continuedJ Flnancial instruments (eontlnued) Current assets and current liabilities are subsequenlly measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. V1he￿ 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 8t cost less impairment. Other financial instrumenls, 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 inlerest 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 subsequenlly 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 impairmenl 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 significant, these are assessed individ ually for impairment, Olher financial assets are either assessed ind ividually or grouped on the basis of similar credit risk characleristics. Any reversals of Impairment are recognised Immedialely, to the extent that the reversal does not result in a carrying amount of the financial assel that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vvhen contributions are not expected to be settled wholly within 12 months of the end of the reporiing date in which the employees render the related service, Ihe liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Grangetown Muslim Cultural Centre Notes to the Financial Statements (continued) Year ended 31 March 2024 Charitable activities Unrestricted Total Funds Unrestricled Total Funds Funds 2024 Funds 2023 Class Tuition Fee Annual Maintenance Fee Document Certifying Fee Donation Received Eid Collections Friday Collections 72,442 6,151 500 15,545 3.891 32,466 72,442 6,151 500 15,545 3,891 32.466 60.659 12,881 370 17,369 4,823 36,803 60,659 12,881 370 17,369 4,823 36,803 130,995 130,995 132,905 132,905 Expendlture on charitable activities by fund type Unreslricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Activity type 1 133,924 133,923 123,321 123,322 Expenditure on charitable actlvltles by actlvlty type Actlvlties undertaken Total funds directly 2024 Total fund 2023 Activily type 1 133,923 133,923 123,322 Net (expenditure)lincome Net (expenditu rellincome is stsled after chargingl(crediling)'. 2024 2023 Depreciation of tangible fixed assets Operating le8se rentsls 3.772 153 3,013 137 Staff costs The total staff costs and employee benefits for the reporting period are analy5ed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 93,647 5,160 1,711 82,578 3,001 1,557 100,518 87,136 The average head count of employees during Ihe year was Nil (2023: Nill. No employee received employee benefits of more than £60,000 during the year (2023: Nil). Grangetown Muslim Cultural Centre Notes to the Financial Ststements (contlnued) Year ended 31 March 2024 Tangible fixed assets FreehDld Fixtures and propety fittings Total Cost At 1 April 2023 Additions 1,042,102 51,876 1,961 1,093,978 1,961 At 31 March 2024 1,042,102 53,837 1,095,939 Depreciatlon At 1 April 2023 Charge for the year At 31 March 2024 34,979 3,772 34,979 3,772 38,751 38,751 Carrying amount At 31 March 2024 1,042,102 15,086 1,057,188 At 31 March 2023 1,042,102 16,897 1,058,999 10. Credltors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 50,795 61,000 11. Pensions and other post retlrement beneflts Defined contrlbutlon plans The amount reccgnlsed in income or expenditure as an expense in relation to defined contribution plans was £1,711 (2023. £1,557). 12. Analysls of charltable funds Unrestricted funds At 31 March 20 At 1 April 2023 Income Expenditure General funds 1,049,900 130,995 1133,924) 1,046,971 At 31 March 20 23 At 1 April 2022 Income Expenditure General funds 1,040,317 132,905 (123,321) 1,049,901 10 Grangetown Muslim Cultural Centre Management Inforrnation Year ended 31 March 2024 The followlng pages do not form part of the financial statements. Grangetown Muslim Cultural Centre Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Incorne and endowments Charitable activities Class Tuition Fee Annual Maintenance Fee Document Certifying Fee Donation Received Eid Collections Friday Collections 72,442 S,151 500 15,545 3,891 32,466 60,659 12,881 370 17,369 4,823 36,803 132,905 130,995 Total income 130,995 132,905 Expendlture Expenditure on charitable activlties Wageslsalaries Employer's NIC Pension costs Bank Charge Cleaning & Refuse Rates & water Light & heat Repairs & maintenance Insurance Postage, printing & stationery Sundry expense Telephone Service Charge Depreciation 93,647 5,160 1,711 153 449 4,082 18,898 1,220 2,533 114 1,639 545 82,578 3,001 1,557 137 4,935 5,281 9,421 7,740 3,237 78 1,803 376 165 3,013 123,322 3,772 133,923 Total expendlture 133,923 123,322 Net (expendlture)lincome {2,9281 9,583 12 Grangetown Muslim Cultural Centre Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Expenditure on charitable activities Activity type 1 Activities undertaken directly Wageslsalaries Employer's NIC Pension cosls Bank Charge Cleaning & Refuse Rales & water Light & heat Repairs & maintenance Insurance Postage, printing & stationery Sundry expense Telephone Service Charge Depreciation 93,647 5,160 1,711 153 44g 4.082 18,898 1,220 2,533 114 1,639 545 82,578 3,001 1,557 137 4,935 5,281 9,421 7,740 3,237 78 1,803 376 165 3,013 3,772 133,923 123,322 Expenditure on charitable activities 133,923 123,322 13