BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR ThE YEAR ENDED 31 MARCH 2023 CONTENTS Page Contents Offlcers Executive Board's Fieport Audltovs Report ststement of Financlal Artlvltles io Balance Sheet li Notes to the Accounts 12 Page I
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2023 OFFICERS BOARD CHAIRMAN Mr Muhammed Arshed EXECUTIVE sEcRAR Y Mr Ameer Ibrahlm TREASURER Mr Hassan Farooq OTHER BOARD MEMBER5 Dr Wasif Naeem Dr Imran Yousuf Dr Sadaf Gul (resigned June 2022) Mr Nablr Othman (resiged June 2022) Mr Shoalb Tareen Mr Nafiu Abubakar (appointed Marth 2023) TRUSTEES Dr Shahld Tariq Mr Louay Majeed Dr Yousef Hannore (decd May 2022) Or Saleem Khan Tareen Dr Raja Harun Mr Mahsood Alarn (appolnted May 2022) EMPLOYEES Mr Anwar Mady Mrs Pashmlna Kashlf Ilona Choudhary Samlna Tambuwala Amama Azam AUDrn)R Mlnshull & Co Chartered Accountants 19 Crescent Business Park USBURN BT28 2GN a4NKERS Bank of Ireland Belfast City Branch BELFAST BTI 2BA Danske Bank Donegall Square West BELFAST BTI 6JS HEAD OFFICE 13-19 Unlverslty Road BELFAST BT7 INA Page 2
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2023 BOARD REPORT The board present their annual report together with the financlal statements for the year to 31 March 2023. AIMS AND OBJEcfIvES The Belfast Islamic Centre wa5 estsblished In 1978 by a group of Musllms from the local communlty. Today the centre acts not only as a pla of worshlp but also as a communlty centre, soclal-cultural centre, resour centre, adv1 centre and day trntre. The Belfast Islarnic Centre aims to Run the Mosque, provlde religious services, instructlons and guidance to the Muslim communlty Provide education for all sectlons of the cornmunlty In order to lead life In the current multi-cultural society as a Muslim, as an Ideal eltlzen and to aid integration Provlde soclal and cultural services In order to preserve the communlty Identity Provlde a guldance and resource Service to educatlonal Instltutions, hospitsls and prisons and generally to all communities irrespective of thelr rellglon Provlde an advlsory Serv1 to solve educational, cultural and soclal problems Provide soclal welfare services to the vartous groups of the community The Centre also provldes Children's educatlon through its various schools Youth de4elopment through athvities and seminars Soclal and recreational programme5 for women Adult education EXECirnE BOARD The policy and general management of the affairs of Belfast Islamlc Centre shall be dlrected by the Executlve Board drawn from registered members who have been resident in Northern Ireland for at least one year and have the Intentlon to reslde for at least another two years, and are reputably practlsing Musllms. The Board shall meet at least once per month - flve members belng required for a quorum. A member will be deemed to have resigned from the Board if not in attendance for three consecutlve meetings wlthout supplying notlce. RESULTS The Net Incornlng Resource5 for the year amounted to £146,955
BELFAST ISLAMIC CENTRE FINAhlCIAL STA TEMEIVTS FOR THE YEAR EP4DED 31 MARCH 2023 BOARD REPORT (contlnued) TRUSTEES All the property of the Centre, whatever or however, shall be vested In at least five and preferably seven appointed trustees as Jolnt tenants on behalf of the centre. The trustees are appolnted by the Office Bearers, the Executive Board and the rest of the Trustees from among the Full Members of the Centre who have been permanent residents of Northern Ireland for at least five years and are well respected members of the community. The Trustees shall hold offlce for four years each term and are eligible for re-appolntment for another terni. After two conecutive tems a Trustee will not be entitled to serve again as Trustee until a period of at least slx years has elapsed. If the offlce of trustee should fall vacant, another Trustee shall be appolnted by the mutual agreement of the remaining Trustees and the Executive Board. The post of Trustee shall be vacated If the Trustee: (a) Resigns from the trusteeship• (b) Fai15 In hls duties as determined by the remainlng Trustees and the Executive Board. (c) Dles or leaves Northem Ireland; or (d} Is dlsmissed from his posltlon If he commits an immoral art or Is convicted of a crime. The Trustees may deal wlth the property so vested In them by way of sale, exchange or lease, such dlrection being glven by resol ution of the Executive Board of the Centre and when so passed sha15 In favour of the purchaser, exchange or lease be binding upon members of the Centre. The Trustees Shall meet periodically at least four tiffle5 a year and shall nomlnate among themselves a chalr person. They shall also nomlnate one or more Trustee to attend the Executlve Board meetlng If and when invlted. The Trustees collectlvely shall have the authorlty to call a General Meeting of the Centre whenever there Is: (a) Violatlon of the Constitution of the Centre. (b) A seriou5 dispute between the Executlve 8oard and members of the Centre which could not be resolved amlcablyi (c) A major di5PUte among members of the Executlve Board whlch cannot be resolved. or (d) Whenever a by-election is deemed necessary. The Trustees shall officiate as Election Commlttee durlng the dection of the Executive Board. MEMBERSHIP Membership Is open to individuals or organlsatlons who: (a) apply to the Centre in the fonn required by the Executlve Board; and (b) are approved by the Executlve Board. Every appllcatlon for admlsslon shall be consIded by the Executlve Board at their flrst meetlng after it was made, or as soon thereafter as Is practicable. There shall be no unlawful dlscrlmination. (a) The Executive Board may only refuse an appllcatlon for membershlp if, acting reasonably and properlyi they conslder it to be in the best interest5 of the Centre to refuse the appllcation. Page 4
ELFAST ISLAMIC CENTRE FINAP4CIAL STAfEMEhlTS FOR THE YEAR ENDED 31 MARCH 2023 BOARD REPORT (continued) MEMBERSHIP (b) The Executlve Board must Inform the appllcant In wrltlng of the reasons for the refusal withln twenty-one days of the declslon. (c) The Executlve Board must conslder any written representations the applicant may make about the decision. The Executive Board's deci51on following any written representatlons must be notlfied to the appllcant In wrltlng but shall be flnal. Membership Is not transferable. The Centre must keep a register of names and addresses of the members and should periodically update It. CLASSES OF MEMBERSHIP The rights and obligations of the dlfferent classes of membershlp shall be recorded in the register of members. There shall be five classes of membership.. (a) Centre Members: All Musllms are welcome to use the Centre fadlitles, tske part In the activltles at the cent and apply to become Centre Members. Persons wlshing to become Centre Members shall rnake an applicatlon for membership to the Executive Board In the agreed format. Centre Members wlll not be entitled to attend, speak at or vote at General Meetings or elections or stand for election to the Executive Board or trustees. (b) Full Members.. All Muslims are entitled to become Full Members of the cent provided they: l) Have been cent Members or a youth member for a perfod of at least twelve month5; ii) Are aged 17 years or over. iii) Are currently unconditionally resldent in Northem Ireland and have been resident in Northem Ireland for a perfod of at least two years. and have made an application to the Executlve Board In the agreed format and have paid to the Centre any annual membershlp fees which may be due. Full Members of the Centre wlll be entitled to attend, speak and vote at elections and al General Meetlngs of the Centre. Only Full Members of the Centre and practlslng Musllms of good character shall be entitled to stand for election to the Executlve Board or as Trustees of the Cent. (c) Affiliate Members: Any organisatlon attlve within the area of beneflt, whether voluntary or statutoryi which subscribes to the obJects of the Centre may apply to the Executlve Board to become an Affillate Member. If such application Is accepted by the Executlve Board the Afflllate Member wlll be entltled, by prlor wrltten notificatlon to the Secretary, to nomlnate an authorised representative who may attend and speak at General Meetlngs as observer but wlth no voting power. (d) Honordry Members: Any well-wisher or person who. in the oplnlon of the Executlve Board, has speclal knowledge or experien to offer to the Centre may become an Honorary Member. Honorary Membership of the Centre may also be granted to former Centre Members or fonner Full Members who nD longer reside in Northern Ireland. Honorary Members w511 be entitled to attend and speak at General Meetings of the Centre, but wlll not 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 Members must have made an appllcatlon to the Executlve Board In the agreed format and have paid to the Centre any annual membership fee that may be due. Youth Members will not be entitled to attend, speak at or vote at General Meetings or stand for election for Executlve Board. Pag8 5
BELFAST ISLAMIC CENTRE FIhlANCIAL STA TE14EIVTS FOR THE YEAR ENDED 31 MARCH 2023 BOARD REPORT (continued) CLASSES OF MEMBERSHIP The Executive Board may not directly or indirettly alter the rights or obligations attached to a dass of membershlp. The rfghts attached to a class of membership may only be varied by a special resolutlon of the AGM. FINANCIAL REVIEW AND RESERVES POUCY The reserves at 31 Marth 2023 werf £1,834,507 whlch Includes readlly avallable funds whlch cover several years running costs excluding wages. As usual, further work is required to secure continued funding but the core cost support secured agaln thls year has been key to progress. Expendlture Is planned to provlde services to support the company's objectives therefore most expense is directly for religious, cultural and education purposes durlng the year. General funds are unre5trfcted funds which are available for use at the dIsCtIOn of the trustees In furtheran of the general objectives of the charity and which have not been designated for other purposes. Deslgnated ftjnds comprise unrestricted fvnds that have been set aside by the tnjstees for particular purposes. The aim and use of each designated fund is set out In the notes to the financial statements If identlfied as such. Restrlrted funds are funds which are to be used in accordance wlth speciflc restrictions irnposed by donor5 or which have been rdi5ed by the charity for partlcular purposes. The cost of raislng and admlnlstertng such funds are tharged against the 5peclfic fund. FUTURE PLANS The assoclatlon's Current funding has 5tabilised and it intends to secure similar funding in the near future so that the current services will contlnue to be offered to those who most need them as described in the Aims and Objectives above. The work on the new Mosque is now almost complete wlth the new premlses now occupied. IMPAcf OF COVIDw19 The Impatt of coranavlrus restrtrtlons meant that there was naturally a blgger concentration on remote activities, whlch ran sucSsfUlly. There has been no materlal Impact on the charfty's sustalnability due to sufficiency of reserves. The trustees and board are satisfied that they have made nesSary adjustments to ensure that Belfast Islamic Centre will continue to achieve its objectives. GOZNG CONCERTI The board, havlng con51dered the charfty's income streams, flnanclal means and strategy for deallng wlth issues such as the impart of Covld-19, over the next 12-18 months, are satisified that the golng concem basis is appropriate. TAX STATUS The Inland Revenue has accepted that Belfast Islamlc Centre Is a charlty and reglstered It as such under the reference XN 79682 AUDITOR The audltor, Donald R Minshull FCA of Messr5 Minshull & Companyi Charted Accountants and Registered Auditor, offer5 himself for re-appointment as auditor. BY ORDER OF THE BOARD Chairman Date 18 Aprll 2024 Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE Oplnion We have audited the financial statements of Belfast Islamlc Centre for the year ended 31 March 2023 whlch comprise the Statement of Financial Activity, Balance Sheet and lated notes to the financial statements, Includlng signlficant accountlng pollcles. The financial reporting framework that has been applled In thelr preparation Is appllcable law and United Kingdom Accounting Standards,including The Charities SORP(FRS102). In our opinlon the financial statements: glve a true and fair view of the stste of the charitfs affairs as at 31 March 2023, and of Its surplus for the year then ended; have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practlce; have been prepared in accordance with the requirements of the relevant leglslatlon. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilltles under those standards are further descrlbed In the Auditorfs responsibilltles for the audit of the financial statements section of our report. We are independent of the charfty In accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsiblllties In accordance wlth these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our oplnlon. Concluslons relatlng to golng concern In audlting the finandal statements, we have conclLAded that the board's use of the golng concern basls of accountlng in the preparation of the financial statements Is appropriate. Our evaluation of the board'5 assessment of the entlty's ablllty to continue to adopt the going concem basls of accountlng Induded an examinatlon of the cash inflows and outlfows projected over the next 12 months running all the ajrrent projects These projects all provide suffident fundlng to cover overheads and sUPPOrt - backed up by budgets for the future and hlstorlc ablllty to cover these costs. Based on the work we have perfornied, we have not Identlfled any materfal unrtaIntleS relating to events or conditlons that, individually or collettlvelyi rnay cast slgnificant doubt on the charity's ability to continue as going concern for a perl<)d of at least 12 months from when the flnandal statements are authorlsed for Issue. Our SpOnsIbIlItIeS and the responslbllltles of the board wlth respett to golng concern are descrfbed In the relevant sectlons of thls report. Other Inforniatlon The other infomiation comprises the infomation induded In the annual report, other than the ftnancial statements and our audltorfs report thereon. The board Is responslble for the other Information Contalned withln the annual report. Our opinion on the finandal statements does not cover the other information and, except to the extent othenNlse expllcltly stated In our report, we do not express any form of assurance conduslon thereon. Our responsibility is to read the other information and, in doing so, consider whether the other Infornatlon Is materially Inconslstent wlth the flnanclal statements or our knowledge obtalned In the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal mlsstatements we are quired to determine whether thls gives rise to a materlal mlsstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other inforTnatlon, we are requlred to report that fact. We have nothing to report in this regard. Page 7
INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE (continued} Opinlons on other matters prescrlbed by the Companles Art 2006 In our opinion, based on the work undertaken 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 financlal ststements; and the board's report has been prepared in accordance with applicable legal requlrements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charity and its envlronment obtslned in the course of the audit, we have not Identlfied material misstatements In the board's report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you if, in our opinlon: adequate accountSng records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement wlth the accounting records and returns. or certaln disclosures of trustee's remuneration specified by law are not made; or we have not recelved all the information and explanations we require for our audit; or the board was not entitled to prepare the financial statements in accordance wlth the small companles reglme and tske advantage of the small companies, exemptions in preparing the board's report and from the requlrement to prepare a strateglc report. Responslbllitles of board The board is responslble for the preparation of the flnancial statements and for belng satisfied that they give true and falr vlew and for such Intemal control as the board determines is necessary to enable the preparation of financlal statements that are free from material mlsstatement, Y¥hether due to fraud or error. In prepadng the flnanclal statements, the board Is responsible for assesslng the tharity's ablllty to contlnue as golng concern, dlsclosingi as applicable, matters related to golng concern and uslng the golng concern bas15 of accountlng unless the board elther Intends to liquidate the charity or to ase operatlons, or have no reallstic alternative but to do so. Audltor's responsibillties for the audit of the flnanclal statements Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free from materlal misstatement, whether due to fraud or error, and to Issue an auditorfs report that Includes our opi nlon. Reasonable assurance is a hlgh level of assurance, but Is not a guarantee that an audit conducted In accordan with ISAS (UK) will always detert a material mlsstatement when it exlsts. Mlsstatements can arise from fraud or error and are considered materfal if, individually or In the aggregate, they could reasonably be expetted to influence the economic decisions of users taken on the basis of these flnanaal statements. Irregularities. Including frdud, are Instances of non-complianee wlth laws and regulatlons. We design procedure5 in line with our responsibillties, outlined above, to detect material mi5Statements In respert of Irregularlties, including fraud. The speclfic procedures for thls engagement and the extent to whlch these are capable of detecting irregularities, including fraud is detailed below.. we perfomied analytical procedures, and reviews, to identlfy large, recurring or unusual Items and fully examlned and verffied each; we examined all transactions of the charlty to ensure all Items are properly recorded and properly approved by management; we examlned the operotlon of funded attlvltles to ensure all monies are properly dalmed and spent and that no expense is duplicated In grant claims; we ensured there were no expenses included, or Income excluded, that we found evidence of and that was not accounted for appropriately. Paga 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CEiifRE (contlnued) Because of the Inherent Simitations of an audlt, there is a risk that we will not detect all irregularitie5, induding those leading to a materlal mlsstatement in the finandal statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the flnanclal statements, as we wlll be less Ilkely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves Intentional concealment, forgeryi colluslon, omisslon or misrepresentatlon. As part of an audit In accordance with ISAS (UK), we exerclse professional judgment and maintain professional soptlclsm throughout the audit. We also: Identlfy and assess the risks of material misstatement of the finanaal ststements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audlt eVIden that Is sufflclent and approprlate to provlde a basis for our oplnion. The dsk of not detecting a material misstatement resulting from fraud 15 higher than for one resulting from error, as fraud may Involve colluslon, forgery, Intentlonal omlssions, misrepresentations, or the override of Internal control. Obtaln an understand5ng of Internal control relevant to the audlt In order to design audlt procedures that are appropriate in the arcumstances, but not for the purpose of expresslng on opinlon on the effettlveness of the company's Internal control. Evaluate the approprlateness of accountlng pollcles used and the reasonableness of accountlng estlmates and related disclosures made by the dlrectors. Conclude on the approprlateness of the board's use of the golng concern basls of accountlng and, based on the audlt evldence obtained, whether a material uneertalnty exists related to events or conditions that may cast significant doubt on the charity's abllity to continue as a golng concern. If we conclude that a materfal uncertainty exlsts, we are required to draw attention In our auditorfs report to the related dlsclosures In the flnancial statements or, if such disclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evldence obtalned up to the date of our audltor's report. However, future events or condltlons may cause the tharlty to cease to continue as a going concern. Evaluate the overall presentatlon, strutture and content of the financlal statements, includlng the disclosu5, and whether the financlal statements represent the underlying trdnsactlons and events In a manner that achieves falr presentation (ie. gives a true and falr vlew). We communicate with those charged with governan regarding, among other matters, the planned scope and timlng of the audlt and slgnlficant audlt findlngs, IncSudlng any slgnlficant deflciencles in internal control that we identify during our audit. Use of our report Thls report is made solely to the charity's member5, as a bodyi In accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we might state to the charlty's members those matter5 we are reqUId to state to them In an audltorfs 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 charfty's members as a body, for our audit work, for thls report, or for the oplnlons we have formed. On behalf of DONALD MINSHULL FCA - Senlor Statutory Audltor statutory Auditor Minshull & Co statutoryAudAtor 19 Grescent Buslness Pa Llsbum 8728 2GN Date 18 Aprll 2024 Page 9
BELFAST 15LAMIC CENTRE FINANCIAL STA TEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF FINANCIAL ACllVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 INCOME Income ftDm Charltable Actlvltles Unrestricted Grants and Donations Contribution to Property Expenses Restricted Fund Grants and Fees Courses, School and Servlce Income IftarlRamadan Donations Zakat al Fitr and Fitrana Donations Zakat Donations Mosque Renovation Donatlons Profit on Sale of Property Note 44,055 764 48,724 10,632 12,518 6.158 13,033 125,828 9,443 26,289 17,216 41,623 13,540 3,640 2,740 11,759 56,150 io 271,155 172,957 EXPENDITURE ON CHARrrABLE ArnVITIES Programme Costs Ramadan and Other Receptlons School/Volu nteers Fundraising Expenses Salary Costs Pension Contrlbutlons Restrl¢ted Fund Activiti•s Contribution to Overheads Youth & Trdlnlng Programme Costs Equipment DepciatIon Salary Costs frorn Restricted Funds Penslon Costs from Restrfcted Funds ZakaVFItr/Appeals Total 5,124 7,213 11,420 7,253 6,192 157 409 2,131 15,410 7,933 9,704 2,574 3,776 204 34,383 511 11,810 350 30,454 448 23,550 (101,865) (79,141) Totsl Income less Dirqrt Charitable Expendlture GOVERNANCE AND SUPPORT cosrs Contrlbutlon to Overheads from Restricted Grants Insuran Rates, Heat and Llght Building Maintenance Property refurbishment Equipment Repairs and Leaslng Telephone Postage, Statlonery and Office Supplles Advertising and Website Expenses Other Travelllng, Subslstence & Entertalnment Depreciation (Profit)Loss on Sale of Fixed Assets Sundry Expenses (includlng Bank Charges) GOVERNANCE EXPENSES Legal and Professlonal fees Accountancy & Audit Fees Total 169,290 93,816 {9,704) 3,548 8,004 9,096 (2,574) 2,381 8,054 5,360 1,986 1,142 873 560 2,364 80 558 92 104 168 612 578 2,292 289 3,888 837 3,300 7,176 3,290 (22,335) (32,103) BANK INTEREST RECEIVABLE Net Income(Expendltur•) for the P¢rlod Total Funds Brought Forward at l April 2022 146,955 1,687,552 61,713 1,625,839 Total Funds Carrled Forward at 31 March 2023 1,834,507 1,687,552 The notes on pages 12 to 16 form part of these accounts Page 10
BELFAST ISLAMIC CEhlTRE FIhlANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2023 BALANCE SHEET AS AT 31 MARCH 2023 Note 2023 2022 restated Fixed Assets 984,420 1,181,465 Current Assets 4 1,183,352 7Q5,796 Current Llabllltles (•i¥Jouiits r•dlng due wlthth one year) {132.073) (57,483) Not Current Assets 1,051,279 648,313 Loan Repayments Due After One Year (201,192) (142,226) Net As$¢ts 1,834,507 1,687,552 FUNDS Unrestrlcted Funds 477,256 459,538 Restricted Funds 20,966 17,557 Mosque Account 1,336,285 1,210,457 Balance at 31 March 2023 1,834,507 1,687,552 Approved, and authorlsed for issue. by the Board on the date below and signed on its behalf by Chalrman Date Tr¢asureT Secretary 18 April 2024 The notes on pages 12 to 16 form part of these accounts Page 11
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The followlng accounting policies have been used conslstently In dealing with Items which are considered material in relatlon to the charity's financlal statements. (a) Basls of Preparatlon The financlal statements have been prepared In accordance with Accountlng and RepDrtlng by Charltles: Ststement of Recommended Practlce applicable to charltles preparing thelr accounts In accordan with the Flnanclal Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021(effettive l January 2015) - (Charftles SORP (FRS102)). the Flnanclal Reporting Standard applicable In the UK and Republic of Ireland and the Companies Act 2006. The company meets the deflnltlon of a publlc beneflt entlty under FRS 102. Assets and Ilabllltles ore Inltlally recognised at historical cost or transacton value unless otheiSe ststed in the relevant accounting policy note. (b) Reconclllatlon Wlth Prevlous Genernlty Accepted Accountlng Practlce In preparing the accounts, the dlrectors have declded that In applylng the accounting poli¢les requlred by FRS 102 and the Charltles SORP FRS 102 no restatement ol comparatlve items was requlred. (c) Preparntlon of the Ac¢ounts on a Golng Concern Ba"S The charfty reported £146,955 cash inflow for the year and the directors have formulated a strategy that ill secure the Immedlate future of the company for the next 12 to 18 months and on that basls the charity Is a golng concern. (d) Income Income Is recognlsed when the company has entltlement to the funds, any performance conditlons have been met, it Is probable that the Income wlll be recelved and the amount can be measured reliably. Income from govemment and other grants, of a revenue nature, 15 reGognlsed when the company has entltlement to the funds, any performance conditions attached to the grdnts have been met, It 15 probable that the Income wlll be ceived and the amount can be measured reliably and Is not repayable to the funder. Capltal grants are amortised in line with the depreclatlon of the assoclated assets, the purchase of which has been, funded by sald grants. {e) Donated Servlces and Facllltles Donated profe55lonal sen4l¢es and donated facllltles a recognlsed a5 Income when the company has control over the item, any conditions associated with the donated item have beers met, the recelpt of economlc benefit from the use of the Item by the charlty is probable and the economic benefit can be measured reliably. In accordance wlth the Chartles SORP (FRS 102) general volunteer tlme Is not recognlsed. On receipt, donated professlonal services and donated faclllties are recognised on the basis of the value of the olft to the charlty whlch Is the amount the charity would have been wllllng to pay to obtaln servlces or facillties of equlvalent economlc benefit on the open market. a corresponding amount is then reco9nlsed In expenditure in the perlod of recelpt. (n Interest Recelvablo Interest on funds held on deposlt Is Included when receivable and the amount can bemeasured rellably by the company• normally upon notlflcatlon of the Interest paid or payable by the financlal instltutlon. Pago 12
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR EAIDED 31 &YARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (contlnued) (g) Fund Ac¢ountlng Unrestrtrted funds a available to spend on attlvltles that further any ofthe purpoes of the company. Deslgnated funds are unrestrfcted funds of the charfty that the directors have declded at thelr dlscretion to Set aslde to use for a specific purpose. Restrirted funds are donations whlch the dollor has specified are to be solely used for partlcular areas of the company's work. (h) Expendlture and Irrecovernble Valu• Added Tax ExpendItU is recognlsed once there is a legal or corkstructlve obllgatton to make a payment to a thlrd paity, It 15 probable that settlement will be requireed and the amount of the obligation can be measured reliably. Expenditu is classSfied under the following actlvtty headings: costs of raislng funds comprlse the costs of commerclal trdding expendItU on charltable activities Includes the costs of attlvitles undertaken to further the purposes of the company governance and support costs Include all other costs Irrecoverable Value Added Tax Is charged as a c05t against the actlvlty for whlch the expendlture was Incurred. (i) Support Costs Support costs are dlsdosed separately In the Ststement of Financlal Actlvltles. u) Tangible Flxed Assets and depreclatlon Tanglble flxed assets costlng £200 or more are stated In the account5 at orfglnal cost less depreclatlon In order to write off the cost of fixed assets. over thelr estimated useful Ilves, uslng the following annual rate Flxtures, flttlngs and equlpment 25% stralght Ilne (k) 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 Includes cash and short tenn hlghty Ilquid investments wlth a short maturity of three months or less from the date of acquisltlon or openlng of the deposit or slmlalr account. (m) Credltors 4Tnd Provlslons Creditots and provlslons are recognised where the company has a present obligation resulting from a past event that will pFr)bably result in the trdnsfer of fijnds to a thlrd party and the amount due to settle the obllgation can be measured or estimated rellably. Credltors and provlslons are nomially recogn15ed at thelr settlement amount after any dlscounts. (n) Hnanclal Instruments The company only has flnanclal assets and financlal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Baslc financlal instruments are initlally recognlsed at transaction value and subsequently measured at thelr settlement value with the exceptlon of bank loans whlch are subsequently measured at amorused cost uslng the effectlve Interest method. Page 13
ELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 PIARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (contlnued) (o) Charlty Status and members Ilablllty The charfty Is Ilmlted by guarantee. The members are the trustees, that Is the board as Ilsted on page 2. The Ilabllity In respect of the guarantee Is £1 per member of the charfty. 2. YEAR'S SURPLUS IS STATED AFfER CHARGING{CREDrnNG): 2023 2022 Accountanry Fees Audit Fees Bank Interest Recelvable 1,650 1,650 1,645 1,645 3. TANGIBLE PIXED ASSErs Expenditure Fixtures & on Property Equlpment TOTAL cosr at l April 2022 Additions Disposals 1,180,101 4.474 (201,000) 26.684 1,206,785 4,474 (201,000) 31 March 2023 983.575 26,684 1,010,259 DEPRECIATXON at l Aprfl 2022 25,321 25,321 Charge for the Year 518 518 31 March 2023 25,839 25,839 BALANCE SHEEf VALUE 31 March 2023 983,575 845 984,420 The property at Welllngton Park Avenue havlng been revalued at £201,000 vias dlsposed of durlng the year for £212,500. 4. CURRENT ASSETS 2023 2022 Grants and Service Income Receivable Prepayments and Accrued Income Cash at Bank and In Hand 43,633 1,313 1,138,406 15,812 6.448 683,536 1,183,352 705,796 Page 14
BELFAST ISLAMIC CEKfRE FINANCIAL STA TEMENTS FOR THE YEAR EPIDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (continued) 5. UABILrrIES (Amounts falllng due withln one year) 2023 2022 Hlre Purchase & Loan Repayments < One Year other Taxes & Social Securtty Grants Deferred Accruals and Deferred Income 115,537 274 7,280 8,982 38,965 363 8,374 9, 781 132,073 57,483 LIABILrrIES (Amounts frdlling due after one year) 2023 2022 Hlre Purchase & Loan Repayments between One and Five Years Hire Purchase & Loan Repayments < One Year 316,729 (115,537) 181,191 (38,965) 201,192 142,226 7. FUNDS Unrestrlcted 2023 R•strlctod (Not• 11) 2023 2022 2022 Balan at l Aprll 2022 (Deficit)Surplus for the Perfod 459,538 17,718 456,839 2,699 17,557 3,409 14,693 2,864 Funds at 31 March 2023 477,256 459,538 20,966 17.557 8. TRUSTEES The trustees 1Ved no emoluments or expenses payments during the year. 9. EMPLOYEES Number of employees The average monthly number of persons employed by the assoclatlon during the year was: 2023 number 2022 number Development offirS and Admlnistrative staff Management Total The remuneratlon pald to the employees was 2023 2022 Wages and salaries Pension contrlbutlons 36,645 606 42.316 511 37,251 42,827 Page 15
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (contlnued) 9. EMPLOYEES (continued) No employees had employee benefits in excess of £60,000 (2022: £nil}. Pension costs are allocated to artivlties in proportlon to the related stafflng costs incurred and are charged to the relevant fund when payable. 10. RESTRIcfED FUND GRAKfs AND FEES 2023 2022 Funder- OFMDFM Appeals NICRE Belfast Clty Councll 11,142 7,768 46,175 175 4,000 5,737 Total amounts received in year 18,910 56,087 Amount accrued at l Aprll 2022 Amount deferred at l April 2022 {11,142) 8,374 (21,608) 4,376 Amount accrued at 31 March 2023 Amount deferred at 31 March 2023 39,862 (7,280) 11,142 (8,374) Credit to Statement of Flnandal Actlvltles 48,724 41,623 11. RESTRirfED FUNDS ANALYSIS At l April 2022 Incoming Resources Resources At 31 March Expended/ 2023 Transfers Funder - OFMDFM Appeals Belfast City Council 39,856 7,768 I,ioo (39,856) (8,850) (I,ioo) 1,175 93 1,175 48.724 6,158 13,033 (49,806) {6,158) (8,542) 93 Funds - Al Fitr Zakat 16,382 20,873 17,557 67.915 (64,506) 20,966 12. RELATED PARTIES The are no related party transattions to report for the year. 13. TAXATION The charity Is exempt from tax on Income and gains falllng within section 505 of the Taxes Att 1988 or section 252 of the Taxation of Chargeable Galns Art 1992 to the extent that these are applled to its charitable objects. Page 16