BELFAST ISLAMIC CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022 CHARITY NUMBER - N1102005
BELFAST ISLAMIC CENTRE FIAIANCIAL STA TEMENfs FOR THE YEAR ENDED 31 MARCH 2022 CONTeNT5 Page Contents Officers Executive Board'5 Report Auditor's fieport statement of Flnancial Activitles io Balance Sheet li Notes to the Accounts 12 Page 1
BEIFAST ISLAMIC CFNTRE FINANCIAL STA TEMEIITS FOR THE YEAR ENDEO 31 MARCH 2022 OFFICERS BOARD CHAIRMAN Mr Muhammed Arshed EXECUTIVE SECRETAR Y Mr Ameer Ibrahim TREASURER Mr Hassan Farooq OTHER BOARD MEM8ERS Dr Wasif Naeem Dr Imran Yousuf Dr Sadaf Gul (commenced January 20221 Mr Nabir Othman Mr Shoaib Tareen TRUSTEES Dr Shahid Tariq Mr Louay Maieed Dr Yousef Hannore Dr Saleem Khan Tèreen Dr Raja Harun EMPLOYEES Mr Anwar Madv Mrs Pashmina Kashlf Ilona Choudhary (commenced Fèbruary 20221 Sh Waleed Abdelfatlah Ms Natsmi Catnpbell (left November 20211 AUDITOR Min5hull & Co Chartered Accountants 19 Crescent Business Park LISBURN BT28 2GN 8ANKERS 8ank of Ireland 6elfast City Branch BELFAST BTI 2BA Danske Bank Donegall squa West BELFAST BTI 6JS HEAD OFFICE 38 Wellinglon Park BELFAST BT9 6DN Page 2
BELFAsf ISLAMIC CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 BOARD REPORT The board psent their annual report together with the financial Statements for the year to 31 March 2022. AIMS AND OBJECTIVES The Belfast Islamic Centre wa5 established in 1978 by a group of Muslims from the local community. Today the centre acts not only as a place of worship but also a5 a communlty centre, social-cultural centre, resource centre, advice centre and day centre. The Belfast 151amic Centre alms t Run the Mosque, provide religious services, instrtjctions ènd guidance to the Muslim communiry Provtde education for all sections of the community in order to lead Ilfe in the current rnulti-CLtltural society as a Muslim, as an ideal citizen and to aid integration Provlde soclal and cultural services in order to preserve the community identity Provide a guidance and resource service to educational institutions, hospitals and prlsons and generally to all communities irrespective of their religion Provide an advisory service to solve educational, cultural and social problems Provide social welfare services to the various groups of the community The Centre a150 provides Children's educatlon through its various schools Youth development through activities and semlnars Social and recreational programmes for women Adult education EXECUTIVE BOARD The policy and general tnanagement OF the affairs of Belfast Islamic Centre shall be directed by the Executive Board drawn from registered members who have been resident in Northern Irelènd for at least one year and have the intention to reside for at least another two years, and are reputably practising Muslims. The Board shall meet at least once per month - five members being required for a quorum. A member will be deemed to have resigned from the Board if not in attendance for three consecutive meeting5 Without supplying notice. RESULTS The Net Incomlng Resources for the year amounted to £61,713 Page 3
BELFAST ISLAMIC CENfRE FINAAICIAL STA TEMENfs FOR THE YEAR ENDED 31 MARCH 2022 BOARD REPORT (continued) TRUSTEES All the property of the Centre, whatever or however, shall be vested in at least five and preferablv seven appointed trustees as joint tenants on behalf of the centre. The trustees are appointed by the Office Bearer5. the Executive Board and the rest of the Trustees from among the Full Members of the Centre who have been permanent resldents of Northern Ireland for at least five years and a well respected members of the community. The Trustees shall hold office lor four year5 each ierrn and are eligible for re-appointment for another term. Alter two conecutive terms a Trustee will not be entitled t0 Serve again as Trustee until a period of at least six years ha5 elapsed. If the office of trustee should fall vacant, another Trustee shall be appointed by the mLJtual agreement of the remaining Trustees and the Executive Board. The post of frustee shall be vacated if the Tru5tee'. (al Resign5 from the trusteeshipi Ibl Fails in his duties as determined by the remaining Trustees and the Executive Board; (cl Dies or 5eaves Northern Ireland,. or {d) Is dismissed from his posltlon if he commit5 an immoral act or is convicted of a crfme. The Trustees may deal with the property 50 vested in them by way of sale, exchange or lease, such d1ctIOn being given by resolution of the Executive Board of the Centre and when so passed shall in favour OF the pvrchaser, exchange or lease be binding upon member5 ()f the Centre. The Trustees shall meet perlodically at least four times a year and shall nominate among theffl5elves a chair person. They shall also nominate one or more Trustee to attend rhe Executive Board meeting if and when invited. The Trustees collectively shall have the authority to call a General Neeting of the Centre whenever there is.. {a) Violation of the Constitution of the Centre,. (bl A serious dispute between the Executive Board ènd members of the Centre which could not be resolved amicably; Icl A major dispute among members or the Executive Board which cannot be resolved. or Idl Whenever a by-election is deemed nece55ary. The Trustees shall officiate as Election Committee during the election of the Executive Board. MEMBeRSHIP Membership is open to Individuals or organisatlons who.. la) apply to the Centre ill the form required by the Executive Board,. and {b) a approved by the Executlve Board. Every application For admission shall be considered by the Executive Board at their first meeting after it was made, or as soon thereafter as 15 pra¢ticable. There shall be no unlawful discrimination. {al The Executive Board may only refuse an application for membership if. acting reasonably and properly, they consider it to be in the best interests of the Centre to refuse the application. Page 4
BELFAST ISLAMIC CENTRE FINAJVCIAL sfA TEMENTS FOR THE YEAR EJVDED 31 MARCH 2022 BOARD REPORT (continued) MEMBERSHIP Ibl The Executive Board must inform the applicant in writing of the reasons for the fUSal within twenty-one days of the decision. Icl The Executive Board must consider any written representations the applicant may make about the decision. The Executive Board's decision Following any written representations must be notified to the applicant in writing but shall be final. Membership is not transferable. The Centre must keep a reglster of names and addresses of the member5 and should periodically update It. CLASSES OF MEMBERSHIP The rights and obligatlons of the different classes of membership shall be recorded in the register OF members. There shall be five classes of mernbership- lal Centre Metnbers.. All Muslims are welcome to Use the Centre facilities, take part in the artivities at the Centre and apply to become Centre Members. Persons wishing to become Centre Members shall make an application for membership to the Executive Board in the agreed format. Centre Members will not be entitled to attend, speak at or v(>te at General Meetln95 or elections or stand for election to the Executive Board or trustees. Ibl Full Members.. All Muslim5 are entitled to become Full Members of the Centre provided they.. i) Have been Centre Metnbers or a youth member for a period of at least twelve months; ill Are aged 17 years or over- iiil Are currently unconditionally resident in Northern Ireland and have been resident In Northern Ereland ft)r a period of at least two years- and have made an application to the Executive Board In the agreed format and have paid to the Centre any annual membership fees which may be due. Full Members of the Centre will be entitled to atrend, speak and vote at elections and at General Meetings ol the Centre. Only Full Members of the Centre and practising Muslims of good character shall be entitled to stand for election to the Executive 8oard or as Trustees of the Centre. Ic) Affiliète Members.. Any organisatÉon active within the area of beneflt, whether Vf>luntary or sratutory, which subscribes to the objects of the Centre may apply to the Executive BDard to become an Affiliate Member. If such application is accepted by the Executive Board the Affiliate Member will be entitled, by prior written notification to the Secretary, io notninate an authorised representative who may attend and speak al General Meetin9s as observer but with no voting power. Idl Honorary Mernber5.' Any well-wisher or person who, in the opinion of the Executive Board, has special knowledge or experience to offer to the Centre may become an Honorary Member. Honorary Membership of the Centre may also be granted to former Centre Members or former Full Members who no longer reside in Northern Ireland. Honorary Metnbers will be entitled to attend and speak at General Meetings of the Centre, but will nol be entitled to vote. {e} Youth Members: All Muslims over the age of 12 and under the age of 17 are entitled to become Youth Members of the Belfast Islamic Centre. Youth Nembers must have made an application to the Executive Board in the agreed format and have paid to the Centre any annual membership fee that may be dlte. Youth Members will not be entitled to attend, speak at or vote at General Meetlngs or stand for election for Executive Board. Page 5
BELFAST ISLAMIC CENTRE FINAAICIAL STA TEMENfs FOR THE YEAR ENDED 31 MARCH 2022 BOARD REPORT (continued) CLASSES OF MEMBERSHIP The Executive Board may not directly or indirectly alter the rights or obligation5 attached to a class of membership. The right5 attached to a class of membership may only be var1ed by a special resolution of the AGM. FINANCIAL REVIEW AND RESERVES POLICY The reserves at 31 March 2022 wer( É1,687,552 which inclLtdes adIlY available funds which cover several years running costs excluding wages. As usual. further work is requlred io secure continued funding but the core c05t support secured again this year has been key to progress. Expenditure is planned to provide services to support the company's objectives therefore most expense is directly for religious. cultural and edijcation purposes during the year. General funds are unrestricted funds which are available for use at the discretion of the trustee5 in furtherance of the general objectives ol the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set side by the trvstees for particular purposes. The aiffl and use of each designated fund is set out In the notes to the financial statements if identified as such. Restricted Funds are funds which are to be used in accordance with specific restrictions Imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged agalnst the specific fund. FUTURE PLANS The association's current funding has stabilised and it intends to secure slmilar funding in the near future so thèt the current servlces will continue to be offered to those who m05t need them as described in the Aims and Objectives above. The plans for a new Mosque have tsken a stride forward with refurbishment beginning cturing 2023. IMPACT OF COVID-19 The impact of coranavirus restrictions meant that the was naturally a bigger concentration on remote activities, which ran suc¢e55fully. The has been no material impact tsn the charity's sustainabiliLy due to sufficiency of reserves. The trustees and board are satisfied that they have made neSsary adjustments to ensure that Belfast Islarnic Centre will continue to achieve its objectives. GOING CONCERN The board, having corssidered the charity'5 income streams, financTal meèfts and strategy for dealing with issues such as the impact of Covid-19, over the next 12-18 months, are satisified that the going concern basis is approprlate. TAX STATUS The Inland Revenue has accepted that Belfast Islamic Centre is a charity and registered it as such under the reference XN 79682 AUDITOR The auditor, Donald R Minshull FCA of Messr5 Min5hull & Company, Chartered Accountants and Registered Auditor, offer5 himself For re-appointment as auditor. BY ORDER OF THE BOARD Chalrman Date 14 August 2023 Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE Opinion We have audited the financial Statements of Belfast Islamic Centre For the year ended 31 March 2022 which comprise the Statement of F1nancial Activity, 88laoce Sheet and related notes to the financial statements, including significant accounting policies. The flnancial porting framework that has been applied in their preparation is applicable law and United Kingdom Accotjnting Standards,including The Charities SORPIFR5102}. In our oplnlon rhe financial statements= give a true and fair view of the state of the charity's affairs as at 31 March 2022, and of its surplus for the year then ended,. have been properly prepad in accordance with United Kingdom Generally Accepted Accountlng Practice,. have been prepared in accordance with the requirements of the relevant legislation. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IESAS {UKII and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical SponSibl11t1eS 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. Concluslons relatlng to going concern In atjditing the financial statements, we have concluded that the board's use of the going coiicern basis of accounting in the preparation of the financial Statements is appropriate. Our evaluation of the board's assessment of the entity's ability to continue to adopt the going concern basis of accounting Included an examination of the cash inflows and outlfows projected over the next 12 months running all the current projects. These projects all provide sufficient funding to cover overheads and support - backed up by budgets for the fulure and historic ability to cover these costs. Based on the work we have performed, vve have not identilied any material uncertainties relating to events or conditions that, individually Dr collectively, may cast significant doubl on the charity's ability to continue as a going Concern for a period tsf at least 12 months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibillties of the boèrd with respect to going concern are descrlbed in the relevant sections of this report. other Information The other information compri5@s the information included in the annual report, other than the financlal statements and our auditor's report thereon. The board is responsible for the other information contained within the annual report. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge Dbtained in the course of the audit, or orherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal misstatements we are required to determine whether this gives rise to a material misstatement in the financial statetnents themselves. If, based on the work we have perfortned, 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. Pa9e 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE (continued) Opinions on other matters prescribed by the Companle5 Act 2006 In our opinion, based on the work Ltndertaken in the course of the audit: the information given in the board's report for the financial year for which the financial statements are prepared Is consistent with the linancial statements,. ènd the board'5 report has been prepared in accordance with applicable legal requirernents. Matters on which we are required to report by exception In the light of the knowledge and understanding tsf the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the board's report. We have nothing to report in respect of the following matters in relation to which the CoTnpanies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustee's remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit: or the board was not entitled to prepare the financial statements accordance with the small companies reglme and tèke advantage of the small companie5, exernptions in preparing the board's report and from the requirement to prepare a strategic report. Re5pon5ibilities of board The board is 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 board determines is ne$sary to enable the preparation of financial statements that are free from material misstaternent, whether due lo fraud or error. Ln preparing the financial statements. the board 15 responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to goino concern and using the going concern basis of accounting unle55 the board either intends to liouidate the charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllitles for the audit of the financial statements Our objective5 are to obtain reasonable assurance about whether the Financial statements as a whole are free from material misstatement, whether due to fraud or errtsr, and to Issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered mater¢al 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 statement5. Irregularitie5, including fraud, are instances of non-compliance with laws and gUlatiOns. We desig procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includlng fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. we performed analytical procedure5, and reviews, to ider>tify large, recurring or unusual items and fully examined and verified each,. we examined all transactions ol the charily to ensure all items are properly recorded and properly approved by managetNent,' we examined the operation of funded activilies to ensure all monies are properly claimed and spent and that no expense Is dupllcated In grant clèitns,. we ensured there were no expenses included, or income excluded, that we found evidence of and that was not accounted for appropriately. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE Icontinuedl Because of the inherent Ilmltarions of an audlt, there is a risk that we will not detect all irregLtlarities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This rlsk increases the more that compliance witli a law or regulatlon 15 retnoved from the events and transactions reflected in the financial statements, as we will be less likely to become aware Df instances of non-compliance. The risk is also greater regarding Irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collvsion, omission or rni5representation. As part of an audit In accordance with ISA5 IUKI, we exercise professional judgment and maintain professional scepticisin throughout the audit. We also.. Identify and assess the risks of material mlsstaternent of the financlal statements, whether due to fraud or error. design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a ba515 for our opinion. The risk of nol detecting a material mi55tatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override OF internal control. Obtain an understanding of internal control relevant to the audit in order to desl9n audit procedure5 that are approprlate in the circumstances, but not ror the purpose of expressing an opinion tsn the effectiveness of the cotnpany's internal control. Evaluate the appropriateness of accounting policies used and the reasonablene55 of accounting estitnates and related disclosures made by the director5. Conclude on the approk)riatene5s of the board's use of the going concern basis of accounting and, based on the audit evidence tsbtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the firTrancial statements or, If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the aucsit evidence obtained up to the date of our auditor's report. However, future events or condilions may cause the charity to cease to continue as a going concern. Eval¢Jate the overall presenlation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events In a manner that achieves Fair presentation lie. gives a true and fair view). We communicate with those charged with governance regarding, among other tnatters, 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. Use of our report This report is made solely to the charlty's rnernbers, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charity's members those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent perrnittecj by law, we do not accept or assume responsibility lo anyone other than the charily and the charity's members as a body, for our aLJdit work, For this report, or for the opinions we have formed. On behalf CTrf DONALD MINSHULL FCA- Senior Statutory Audltor Statutory Auditor Minshull & Co Statutory Auditor 19 Crescent Business Park Lisburn B T28 2GN Date 14 August 2023 Page 9
BELFAST ISLAMIC CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 INCOME Note Income from Charitable Activlties Unrestricted Grants and Donations Contribution to Property Expenses Restricted Fund Grants ènd Fees Courses. School and Servlce Income IftarlRamadan Donattsons Zakat al Fitr and Fitrana Donations Zakat Donations Mosque Renovation Donations 26,289 17,216 41,623 13,540 3.640 2,740 11,759 56.150 11,878 21,946 44,347 1,640 3,165 3,339 4,152 50,479 io 172,957 140.946 EXPENDITURE ON CHARITABLE ACTIVITIES Programme Costs Ramadan and Other Reception5 School/Volunteer5 Imam - Temporary Cover Salary Costs Restricted Fund Activities Contribuiion to Overheads Travel,Post,Stationery Youth & Training Programme Costs Equipment Depreciation Salary Costs from Restricted Funds Pension Costs from Restricted Funds Zakat/Fitr 409 2,131 15,410 116 3,007 6,265 1,227 3,464 7,933 2,574 5,700 1,365 3,776 204 34,383 511 11,810 35,276 506 9,267 Total 179. 1411 (66, 193) Total Income less Direct Charitable Expenditure GOVERNANCE AND SUPPORT COSTS Contribution to Overheads froffl Restricted Grants Insurance Rates, Heat and LSght Building Maintenance Property refurbishment Equipment Repairs and Leasing Telephone Postage, Stationery and Office Supplies Advertising and Website Expenses Otlier Travelling, Subsistence & Entertainment Depreciation (Profit)Loss on Sale OF Fixed Assets Sundry Expenses {including Bank Charges) Meeting Expenses GOVERNAIVCE EXPENSES 93,816 74.753 12,574) 2,381 8,054 5,360 1,986 1,142 873 560 B4 612 578 2,292 289 (5,700) 3,132 7,106 3,845 2,173 1,404 851 36 112 2,468 698 22 Legal and Professional fees Accountancy & Audit Fees 7,176 3,290 7,272 2,635 Total 132.103) (26,054) BANK INTEREST RECEIVABLE Net Income(Expenditure) for the Period Total Funds Brought Forward at l April 2021 61,713 1,625,839 48,699 1,577,140 Total Funds Carried Forward at 31 March 2022 1,687,552 1,625,839 The notes on pages 12 to 16 form part of these accounts Page 10
BELFAST ISLAMIC CENTRE FINAIVCIAL sfA TEMENTS FOR THE YEAR ENDED 31 MARCH 2022 BALANCE SHEET AS Af 31 MARCH 2022 Note 2022 2021 restated Fixed Asset5 1,181,465 1,282, 725 Current Assets 705,796 1,033,063 Currant Liabilities f¢iffloynts fajfftlrtqdue one year? {57,483} (87,232) Net Current Asset5 648,313 945,831 Loan Repayments Due After One Year 1142,2261 (602,717) Net Assets 1,687,552 1,625,839 FUNDS Unrestricted Funds 459,538 456,839 Restncted Funds 17.557 14,693 Mosqtje Account 1,210,457 1.154.307 Balance at 31 March 2022 1,687,552 1,625,839 Approved, and aLlthorised for issue, by the Board on the date below and signed on its behalf by Chairman Date Treasurer Secretary 14 August 2023 The notes on pages 12 to 16 form part of these accounts Page11
BELFAST ISLAMIC CENTRE FIAIANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICI£S The following accounting policies have been used consistently in dealing with Items which are consIde rFiaterial In relation to the charity's financial Statements. (al Basis of Preparation The financial statements have been ppared in accordance with Accounting and Reportlng by Charitles.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Flnancial Reporting srtdard appIlble in the UK ond Republic tsf Ireland IFRS L02lleffective L January 20151 (Charities SORP IFRS10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The company meet5 the deflnltlon of a public benefit entity under FRS 102. Assets and liabilities are initiallv recognised at historical cost or transacton value unless otherwise stated in the relevant accounting policy note. (bl Reconciliation With Previous Generally Accepted A¢counting Practice In preparing the accounts, the directors have decided that in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 no restatement of comparative items was required. (c} Preparation of the Accounts on a Going Concern Basis The charity reported £61,713 cash inflow for the year and the rJirectors have formulated a strategy rhèt will secure the immediate future of the company for the next 12 to 18 months and on that basis the charity is a going concern. {d} Income Income 15 recognised when the company has enutlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. Encoffle from government and other grants, of a revenue nature, is recognised when the company has entitlement to the funds, any performance conditions attached to the 9rants have been met, it is probable that the Income will be received and the amount can be measured reliably and rs not repayable to the funder. Capital grants are amortised in line with the ijepreciation of the associated assets, the purchase of whlch ha5 been, funded by sald grants. lel Donated Services and Facilities Donated professional services and donated facilities are recognised as income when the cOmpaY has control over the item, any condilions associated wirh the donated item have been rnet, the receipt of economic benefit from the use of the item by the charity 15 probable and the economic benefit can be measured reliably. In accordance wlth the Charties SOIP (FR5 1021 general volunteer time is not recognised. On receipt. donated professional sernices and donated facillties are recogni5ed on the basis of the value of the glft to the charity which is the amount the charity would have been willlng ro pay to obtain services or facilities ol equivalent economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of receipt. Interest Receivable Interest on funds held on deposit is included when receivable and the amount can bemeasured reliably by Lhe companyi E)orrnally upon notification of the interest paid or payable by the financial inststution. Page 12
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMEAITS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMENTS (continued) (gl Fund Accounting Unrestricted funds are available to spend on actlvltles that further any of the purpoe5 of the company. Designated fund5 are unrestricted funds of the charity that the directors have decided at their discretion to set aside to use for a 5peciflc purpose. Restricted funds are donations which the donor has spe¢ified a to be solely used for particular areas of the company's work. (h) Expenditure and Irrecoverable Value Added Tax Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be requireed and the amount of the obligation ran be measured reliably. Expenditure is classified under the folloY4ing activlty headings.. osts of raising funds comprise the costs of commercial trading expenditure on charitable activities inclijdes the costs of attivities undertaken to further the purposes of the company governance and support costs include all other costs Irrecoverable Value Added Tax Ss charged as a cost against the activity for which the expendirure was incurred. Support Costs Support costs a disclosed separately in the Statetnent of Financial Activities. Tangible Fixed Assets and depreciTation Tangible fixed assets costing £200 or more are stated In the accounts at original cost less depreciation in order to write off the cost of fixed assets, over their estimated useful lives, usSng the following annuèl rate Fixtures, fittings and equipment 25% straight line Ikl Debtors Debtors and accrued income are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid. Cash at Bank and In Hand Cash at bank and cash in hand include5 cash and short term highly liquid investments with a short maturity of three months or less frorn the date of acqulsitlon or opening of the dep051t or sirnlalr account. {m) Creditors and Provisions Creditors and provisions a reco9nised where the company 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 Dbligètion can be rneasured or estimated reliably. Creditors and pmvisions are normally recognised at their 5ettlemenr amount after èny dlscounts. (n} Financial Instruments The company only has fSnancral assets and financial liabilities of a kind that quallfy as basic financlal instrument5. Basic financial instrurnents are initially recognised at transaction value and subsequently measured at their settlement value with the exceptlon of bank loans which are Subsequently measured at amortised cost Using the effective interest method. Page 13
BELFAST ISLAMIC CENTRE FINAJVCIAL STA TEMEAITS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FYNANCIAL sfAfEMENTS (continued) (ol Charity status and members liability The charity is lim¢ted by guarantee. The members a the trustees, that is the board as listed on page 2. The liability in respect of the guarantee is £1 per member of the charity. 2. YEAR'S SURPLUS IS STATED AFTER CHARGING(CREDITING): 2022 2021 Accountancy Fees Audit Fees Bank Interest Receivoble 1,645 1,645 1.318 1,317 3. TANGIBLE FIXED ASSETS Expenditure Fixtures & on Property Equiptnent TOTAL COST at l April 2021 Addition5 Disposals 1,281,979 15,622 1117,5001 25,285 1,400 1,307,264 17,022 1117.5001 3 1 March 2022 1,180, 101 26,685 1,206,786 DEPRECIATION at l April 2021 24,539 24,539 Charge for the Year 782 782 31 March 2022 25,321 25,321 BALANCE SHEET VALLIE 31 March 2022 1,180, 101 1,364 1,181,465 The property owned at Wellington Park and Wellington Park Avenue have been added to the balance sheet at their cost, EIOO,500. Th@ investment property at Wellington Park Avenue has been revalued. on an open market basis, from £41,500 to £201,000. The property disposed of in Tates AvenLJe, had previously been valued at £117,500, its COSt having been É233.581. 4. CURRENT ASSETS 2022 2021 Grants and Service Income Receivable Gift Aid Recoverable Prepayments anrj Accrued Income Solicitor's Client Account Casli at Bank and In Hand 15,812 24,408 4, 722 668 525,000 478,265 6,448 683,536 705,796 1,033,063 Page 14
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMENTS (continued) S. LIABILITIES (Amounts falling due within one yearl 2022 2021 Hire Purchase & Loan Repayments < One Year other Taxes & Social Security Grants Deferred Accruals and Deferred Income 38,965 363 8,374 9,781 76,258 8Q 4,375 6,519 57,483 87,232 6. LIABILITIE5 (Amounts falling due after one yearl 2022 2021 Hire Purchase & Loan Repayments between One and Five Years HI Purchase & Loan Repayments < One Year 181,191 138,9651 678,975 176,2581 142,226 602,7L7 7. FUNDS UnrestrTrtte Restrrcted (Note 11} 2022 2022 2021 2021 Balance at l April 2021 (Deficitlsurplus for the Period 456.839 2,699 297,706 159,133 14,693 2,864 7,854 6,839 Funds at 31 March 2022 459,538 456,839 17.557 14,693 8. TRUSTEES The trustees received no ernoluments or expenses payments during the year. 9. EMPLOYEES Number of employee5 The average monthly number of persons etnployed by the association during the year was.. 2022 number 2021 number Developfflent Officers and Adminlstrative staff Management Total The remuneration paid to the employees wès 2022 2(321 Wages and salaries Pension contributions 42,316 511 38,740 506 42,827 39,246 Page 15
BELFAsf ISLAMIC CENTRE FINAIVCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMENTS (continued) 9. EMPLOYEES (continued) No employees had employee benefits in exce55 of E60,000 12021.. Enill. Pension costs ère allocated to activities in proportion to the related staffing costs incurred and are charged to the relevant fund when payable. 10. RESTRICTED FUND GRANTS AND FEES 2022 2021 Funder- OFMDFM Appeals NICRE Belfast City Council 46,175 175 4,000 5,737 39,373 1,500 2,086 Total amounts received in year 56,087 42,959 Amount accrued at l April 2021 Amount deferred at l April 2021 121,6081 4,376 (19,498) 3,654 Amount accrued at 31 March 2D22 Amount deferred at 31 March 2022 11,142 {8,3741 21,608 (4,376) Credit to Statement of Financial Activities 41,623 44.347 11. RESTRICTED FUNDS ANALYSIS At l April 2021 Incoming Resources Resources Expended/ Transfers At 31 March 2022 Funder- OFMDFM Appeals NICRE Belfast City Council 35,710 175 3,776 1,962 135,710) {300) 13,776) 11,9621 1,300 1,175 1,300 41.623 2,740 11,759 Funds Al Fitr Zakat 141,748) 12,7401 18,7711 1,175 13,393 16.382 14,693 56, 122 153,258) 17,557 12. RELATED PARTIES The are no related party transaction5 to report lor the year. 13. TAXATION The charity Is exempt from tax on income and gains falling within section 505 of the Taxes Art 1986 or section 252 of the Taxation of Chargeable Gain5 Act 1992 to tlie extent that these are applied to its charitable objects. P8ge 16