**Charity registration number: 700817**
## Masjid E Tauheedul Islam
## Trustees' Report and Audited Accounts
31 December 2022
**Masjid E Tauheedul Islam Contents**
||**Pages**|
|---|---|
|Trustees' Annual Report|1-3|
|Report of the Independent Auditors|4-7|
|Statement of Financial Activities|8|
|Balance sheet|9|
|Notes to the Accounts|10-17|
**Masjid E Tauheedul Islam Trustees Annual Report for the year ended 31 December 2022**
The trustees present their report with the audited financial statements of the charity for the year ended 31 December 2022.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity registration number: 700817**
## **Principle office**
31 Biknell street Blackburn Lancashire BB1 7EY
## **Trustees**
The following trustees served during the year:
Mr Faruk Ibrahim Bharucha Mr Yunus Bohra (Decesaed Feb 2023) Mr Ali Mohmed Vika
## **Auditors**
XAVIERS ACCOUNTANTS LIMITED Suite 3J, Recycling Lives Centre 1a Essex Street Preston PR1 1QE
## **Accountants**
M.A.I (Accountants) Limited 7 St Andrews Street Blackburn Lancashire BB1 8AE
## **Bankers**
Natwest Bank 35 King William Street Blackburn Lancashire BB1 7DL
1
**Masjid E Tauheedul Islam Trustees’ annual report for the year ended 31 December 2022**
## **Charity registration number: 700817**
The Annual Report is fully SORP compliant and sets out how the trustees have met their obligations.
The Financial Statement is fully SORP compliant and includes the incoming resources and resources expended.
## **OBJECTIVES AND ACTIVITIES**
The purpose of the charity as set out in its governing document is as follows:
a)To Advance the Islamic religion amongst the residents of Blackburn and to teach the Islamic way of life by the faith and literature set out by the Scholars of the Islamic University of Deoband India in accordance with "Ahle -Sunnat- wal Jamaat
b) advance education including religious education by maintaining and managing a school for girls of the Islamic faith. The activities of the Girls School as stated in the Objectives clause are now vested in the Tauheedul Education Trust.
The main activities undertaken in relation to those purpose are as follows:
The Masjid provides prayer facilities for worshippers who visit the masjid with congregational prayers taking place five times a day.
The Masjid provides religious Islamic education to school age children in the evening under the guidance of the Imaams. Nika (marriage) ceremonies and full funeral services are also provided for the local Muslim population.
The Trustees have taken into account the Charity Commission's guidance on public benefit. The activities mentioned in this report helps achieve the charity's purpose for the public benefit. 1. The Masjid provides services for the benefit of its wider community. 2. The Masjid is open for worship for all muslims
## **ACHEIVEMENTS AND PERFORMANCE**
The Charity carries out a wide range of activities in pursuance of its charitable aims: The mosque remains well frequented and regular programmes are held at weekends for all sections of the community. Friday prayers are preceded by lectures by the Imaams. Over the month of Ramadan lectures are held after Asar prayers and religious talks given by local and other invited scholars. Throughout the year educational programmes on the seerah of the prophet SAW are kept on a fortnightly basis which is well frequented by the general public . Weekend free courses on Islamic Law and Tafseer classes are held for the women of the area.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Masjid E Tauheedul Islam (MTI) is registered as a Charity with The Charity Commission under charity no: 700817. It is governed by constitution dated 22nd May 1988 .
As stated on page 1, MTI has 3 appointed Trustees, however one the trustees (Mr Yunus Bohra) sadly passed away after the year end in February 2023. The day to day management of the Masjid’s affairs is the responsibility of the elected voluntary Executive Committee. Supporting the Executive Committee is a group of Sub Committees which manage the strategic direction of the Masjid’s activities. The trustees would like to express their sadness and condolences at the loss of one of the trustees, Yunus Bohra. The Trust and the whole community are very grateful for the services he provided and the time he contributed for the benefit of the trust, may the Almighty grant him Jannatul Firdaus.
The trustees held title deeds in some properties owned by MTI at the date the report was approved. The charity is in the process of transferring some of the properties held in the trustees names to the charity's name.
2
## **Masjid E Tauheedul Islam Trustees’ annual report for the year ended 31 December 2022**
## **FINANCIAL REVIEW**
Funds available are sufficient to permit the charity to continue in operation in the medium to long term, together with the continued support from the donors. The day to day running of the Masjid is financially supported by voluntary contributions from members of the Masjid. The Masjid has other investment properties that are rented out to generate additional income
The reserves of the Masjid have been classified as invested in Endowment Funds and unrestricted reserves to serve Masjid e Tauheedul Islam and its immediate and wider community. The mosque building being Waqaf property is classified as permanent endowment and therefore under the restricted funds category. Other reserves are maintained at a level where cash flow is available for upkeep and maintenance of all assets of the charity and any future expansion requirements.
There are no uncertainties about the charity continuing as a going concern. The Trustees actively review all major risks which the Charity faces and drawn up a risk assessment which is reviewed at every meeting. The Trustees are satisfied that all systems are in place and arrangements have been made to manage any risks identified.
## **Statement of trustees' responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities requires the charity trustees to prepare financial statements 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 judgements and 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 the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of disclosure of information to auditor**
So far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the charity's auditors are aware of that information.
Approved by the Trustees and signed on its behalf by:
Ali Mohmed Vika Date: 15/11/2023 Trustee
3
## **Masjid E Tauheedul Islam Independent Auditor's Report to the Trustees of Masjid E Tauheedul Islam Year ended 31 December 2022**
## **Opinion**
We have audited the financial statements of Masjid E Tauheedul Islam (the 'charity') for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2022 ,and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's 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 to 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 statements, we have concluded that the trustees' use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **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 information and we do not express any form of assurance conclusion thereon.
4
## **Masjid E Tauheedul Islam Independent Auditor's Report to the Trustees of Masjid E Tauheedul Islam**
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 to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
5
## **Masjid E Tauheedul Islam**
## **Independent Auditor's Report to the Trustees of Masjid E Tauheedul Islam**
## Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of noncompliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in
making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
6
## **Masjid E Tauheedul Islam Independent Auditor's Report to the Trustees of Masjid E Tauheedul Islam**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Xaviers Accountants Limited (Statutory Auditor) Chartered Certified Accountants & statutory auditor Suite 3J Recycling Lives Centre 1A Essex Street Preston PR1 1QE
> Date: 15/11/2023
Xaviers Accountants Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
7
## **Masjid E Tauheedul Islam Statement of financial activities for the year ended 31 December 2022**
|**Notes**
**Restricted**
**Unrestricted**
**income**
**Total**
**funds**
**funds**
**2022**
**£**
**£**
**£**
**Income**
**3**
**Income and endowments from:**
Donations and legacies
235,867
-
235,867
Investments
59,139
-
59,139
Other
8,334
-
8,334
**Total**
303,340
-
303,340
**Expenditure**
**4**
**Expenditure on:**
Charitable activities
227,703
-
227,703
**Net income/(expenditure) for the year**
75,637
-
75,637
**Reconciliation of funds**
Total funds brought forward
1,875,618
3,338,863
5,214,481
Net incoming resources for the year
75,637
-
75,637
Revaluation reseve
457,570
-
457,570
**Total funds carried forward**
2,408,825
3,338,863
5,747,688|**Total**
**2021**
**£**
204,089
55,232
1,342|
|---|---|
||260,663|
||165,717|
||94,946|
||5,119,535
94,946
457,570|
||5,672,051|
8
**Masjid E Tauheedul Islam Balance Sheet At 31 December 2022**
|**Notes**
**Total**
**2022**
**£**
**Fixed assets**
Tangible assets
**5**
4,111,964
Investments
**6**
1,400,000
5,511,964
**Current assets**
Cash at bank and in hand
258,003
258,003
**Creditors:amounts falling due within one year**
Trade creditors and accruals
**7**
22,279
**Net current assets**
235,724
**Net assets**
5,747,688
**Funds of the Charity**
**8**
Unrestricted funds
1,951,255
Revaluation reseve
457,570
Endowment Waqaf funds
3,338,863
**Total funds**
5,747,688|**Total**
**2021**
**£**
3,990,122
1,400,000|
|---|---|
||5,390,122
298,680|
||298,680
16,751|
||281,929|
||5,672,051|
||1,875,618
457,570
3,338,863|
||5,672,051|
-
Approved by the Board of Trustees and signed on its behalf by
Faruk Bharucha Date: 15/11/2023 Trustee
9
## **Masjid E Tauheedul Islam Notes to the Accounts for the year ended 31 December 2022**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with Statement of Recommended Practice:
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## _**Change in basis of accounting or to previous accounts**_
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **2 Fund accounting**
Unrestricted funds are donations and other incoming resources receivable or generated for the charity without further specified purpose and are available as general funds.
Restricted funds are funds available for use subject to restrictions imposed by the donor or through terms of an appeal. Restricted funds may be restricted income funds, which are spent at the discretion of the trustees in furtherance of some particular aspect(s) of the objects of the charity, or they may be endowment funds, where the assets are required to be invested, or retained for actual use, rather than spent.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Revaluation funds - These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
## **Income**
|**Income**||
|---|---|
|Recognition of|Income is included in the Statement of Financial Activities (SoFA) when the charity becomes|
|income|entitled to, and virtually certain to receive, the income and the amount of the income can be|
||measured with sufficient reliability.|
|Donations and|Voluntary income received by way of grants, donations and gifts is included in the the SoFA|
|legacies|when receivable and only when the Charity has unconditional entitlement to the income.|
|Donated services|These are only included in income (with an equivalent amount in expenditure) where the|
|and facilities|benefit to the Charity is reasonably quantifiable, measurable and material.|
|Volunteer help|The value of any volunteer help received is not included in the accounts.|
|Investment|This is included in the financial statements when receivable.|
|income||
|Gains/(losses) on|This includes any gain or loss resulting from revaluing investments to market value at the|
|revaluation of|end of the year.|
|fixed assets||
10
## **Expenditure**
Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable services in the furtherance of its objects, including the making of grants and governance activities costs.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from taxation on its charitable activities.
## **Tangible fixed assets and depreciation**
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Freeholding buildings 0% Fittings and equipment 5% Straight line
The trustees are of the opinion that a depreciation charge for the Masjid buildings is not required as the buildings are maintained and the expenditure to maintain the buildings is reflected in the income and expenditure account. The buildings are also considered to have a useful life of more than 50 years, so any depreciation charge is considered immaterial.
## **Freehold investment property**
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Pension costs**
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
11
## **2 Statement of Financial Activities - prior year**
|**Income**
**Income and endowments from:**
Donations and legacies
Investments
Other
**Total**
**Expenditure on:**
Charitable activities
**Total**
**Net income/(expenditure) for the year**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Restricted Endowment**
**Total**
**funds**
**funds**
**funds**
**funds**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
204,089
-
-
204,089
55,232
-
-
55,232
1,342
-
-
1,342|
|---|---|
||260,663
-
-
260,663|
||165,717
-
-
165,717|
||165,717
-
-
165,717|
|||
||94,946
-
-
94,946|
|||
||94,946
-
-
94,946
2,238,242
-
3,338,863
5,577,105|
||2,333,188
-
3,338,863
5,672,051|
12
## **Masjid E Tauheedul Islam Notes to the Accounts**
## **for the year ended 31 December 2022**
|**3**
**Analysis of income**
**Donations and legacies**
Donations
Member contributions
Parent contributions madrasah
**Total**
**Income from investments**
Rental income
Solar electricity income
**Total**
**Other**
Interest income
HMRC JRS grant
**Total**
**Total income**
Other|**Restricted**
**Unrestricted**
**income**
**2022**
**funds**
**funds**
**Total funds**
**£**
**£**
**£**
35,827
-
35,827
78,900
-
78,900
121,140
-
121,140
235,867
-
235,867
53,273
-
53,273
5,866
-
5,866
59,139
-
59,139
424
-
424
-
-
-
7,910
-
7,910
8,334
-
8,334
303,340
-
303,340|**2021**
**Prior year**
**£**
34,665
99,140
70,284|
|---|---|---|
|||204,089|
|||53,130
2,102|
|||55,232|
|||143
809
390|
|||1,342|
||||
|||260,663|
13
|**4**
**Analysis of expenditure**
**Expenditure on charitable activities**
Wages and paye
Employee pension
Casual wages
Examination expenses
Heat and light
Rates
Water charges
Cleaning and consumables
Insurance
Repairs and maintenance
Rental property repairs
Equipment expensed
Depreciation
Telephone and internet
Subscriptions and license
Stationery, postage and printing
Sundry expenses
Accountancy fees
Payroll fees
Legal and professional fees
Auditors remuneration
**Total**
**Total expenditure**|**Restricted**
**Unrestricted**
**income**
**2022**
**funds**
**funds**
**Total funds**
**£**
**£**
**£**
103,481
-
103,481
2,045
-
2,045
4,214
-
4,214
10,382
-
10,382
29,074
-
29,074
3,477
-
3,477
9,331
-
9,331
960
-
960
511
-
511
26,488
-
26,488
14,015
-
14,015
1,085
-
1,085
8,983
-
8,983
1,839
-
1,839
398
-
398
4,952
-
4,952
750
-
750
800
-
800
573
-
573
1,105
-
1,105
3,240
-
3,240
227,703
-
227,703
227,703
-
227,703|**2021**
**Prior year**
**£**
97,008
1,297
1,368
1,027
25,352
2,853
6,171
191
536
7,223
-
2,028
8,983
1,787
191
4,621
144
950
748
-
3,240|
|---|---|---|
|||165,717|
||||
|||165,717|
14
**Masjid E Tauheedul Islam Notes to the Accounts for the year ended 31 December 2022**
## **5 Land, buildings, equipment and fittings**
|**Cost**
At 1 January 2022
Additions / Improvements
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
At 1 January 2021|**Fittings and**
**Total**
**Buildings**
**equipment**
**£**
**£**
**£**
3,915,369
179,653
4,095,022
130,825
-
130,825|
|---|---|
||4,046,194
179,653
4,225,847|
||-
104,900
104,900
-
8,983
8,983|
||-
113,883
113,883|
|||
||4,046,194
65,770
4,111,964|
||3,915,369
74,753
3,990,122|
## **6 Investments**
|**Investments**||
|---|---|
|**Cost or revaluation**
At 1 January 2022
At 31 December 2022|**Investment**
**Total**
**Property**
**£**
**£**
1,400,000
1,400,000|
||1,400,000
1,400,000|
The investment properties have been revalued by the trustees in the past. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its locations. The historic cost of the investment properties was £942,430.
|**7**
**Creditors**
Analysis of creditors:
Trade creditors
Accruals|**2022**
**£**
1,897
20,382
22,279|**2021**
**£**
-
16,751|
|---|---|---|
|||16,751|
15
**Masjid E Tauheedul Islam Notes to the Accounts for the year ended 31 December 2022**
## **8 Movement in funds**
|**Movement in funds**||||||
|---|---|---|---|---|---|
||**Balance bfwd at**||**Incoming**|**Resources**|**At 31**|
||**at**|**1 January 2022**|**resources**|**expended**|**December 2022**|
|||**£**|**£**|**£**|**£**|
|**Restricted funds :**||||||
|Endowment funds||3,338,863|-|-|3,338,863|
|_Total_||3,338,863|-|-|3,338,863|
|**Unrestricted funds:**||||||
|General funds||1,875,618|303,340|227,703|1,951,255|
|**Revaluation reserve:**||||||
|Revaluation fund||457,570|-|-|457,570|
|**Total funds**||5,672,051|303,340|227,703|5,747,688|
Purposes and restrictions in relation to the funds:
**Revaluation reserves** - Represent the amount by which the investment properties exceed their historical cost
**Endowment funds** - Endowment Waqaf funds as applied to mosque property is a religious endowment. The properties under Waqaf endowment are dedicated to Allah SWT for public benefit on a perpetual basis. Restricted Fixed Waqaf funds cannot be gifted, granted or disposed
## **8 Analysis of fund assets and liabilities**
|Tangible fixed assets
Investments
Current assets
Current liabilities|**Restricted**
**Unrestricted**
**income**
**Endowment**
**funds**
**funds**
**funds**
**£**
**£**
**£**
773,101
-
3,338,863
1,400,000
-
-
258,003
-
-
(22,279)
-
-
2,408,825
-
3,338,863|**Total**
**2022**
**£**
4,111,964
1,400,000
258,003
(22,279)|
|---|---|---|
|||5,747,688|
16
**Masjid E Tauheedul Islam Notes to the Accounts for the year ended 31 December 2022**
## **9 Net income for the year**
|**Net income for the year**|||
|---|---|---|
||**2022**|**2021**|
|This is stated after charging:|**£**|**£**|
|Depreciation|8,983|8,983|
|Auditors remuneration|3,240|3,240|
## **10 Transactions with trustees and related parties.**
The trustees were not given any form of remuneration during the year in respect of their services (2021 - Nil). No expenses were reimbursed to the trustees as well (2021 - Nil).
## **11 Staff costs**
|**Staff costs**|||
|---|---|---|
|Salaries and wages
Pension costs|**2022**
**£**
103,481
2,045
105,526|**2021**
**£**
97,007
1,297|
|||98,304|
No employee received emoluments of more than £60,000 in the year (2021-Nil)
The average monthly number of full time equivalent employees during the year was as follows:
|Average number of employees|**2022**
**Number**
20|**2021**
**Number**
24|
|---|---|---|
17