BELFAST ISLAMIC CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 CHARITY NUMBER- N1102005
BELFAST ISLAMIC CENTRE FINANCIAL sfA TEMEIVTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Contents Officers Executlve Board's Report Auditor's Report Statement of Financial Activities io Balance Sheet Notes to the Accounts 12 Page 1
BELFAST ISLAMIC CENTRE FIIVANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OFFICERS BOARD CHAIRMAN Mr Muhammed Arshed EXECUTIVE SECRETAR Y Mr Ameer Ibrahim TREASURER Mr Hassan Farooq OTHER BOARD MEMBERS Dr Wasif Naeem Dr Imran Yousuf Mrs Pashmina Kashif (appointed Ottober 2023) Mr Shoaib Tareen Mr Nafiu Abubakar TRUSTEES Dr Shahid Tariq Mr Louay Majeed Mr Mahsood Alam Mr Zaheer Baloch (appolnted October 2023) Dr Saleem Khan Tareen Dr Raja Harun Mr Sami Farag (appointed October 2023) EMPLOYEES Anwar Mady Humaira Khurshid Amama Azam AUDITOR Minshull & Co Chartered Accountants 19 Crescent Business Park USBURN BT28 2GN BANKERS Bank of Ireland Belfast City Branch BELFAST BTI 2BA Danske Bank Donegall Square West BELFAST BTI 6JS HEAD OFFICE 13-19 University Road BELFAST BT7 INA Page 2
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BOARD REPORT The board present their annual report together with the financial statements for the year to 31 March 2024. AIMS AND OBJECTIVES The Belfast l51amic Centre was 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 as a community centre, social-cultural centre, resource centre, advice centre and day centre. The Belfast Islamic Centre aims to Run the Mosque, provide rellgious services, instructions and guidance to the Muslim community Provide education for all section5 of the community in order to lead life in the current multi-cultural soclety as a Musllm, as an Ideal cltlzen and to aid integration Provide social and cultural services in order to preserve the community identity Provide a guidance and resource seNice to educational institutions, hospitals and prisons and generally to all communities irrespective of their religion Provide an advisory service to solve educational, cultural and social problems Provide soclal welfare services to the vadous groups of the community The Centre also provides Children's education through its various schools Youth development through activities and seminars Social and recreational programmes for women Adult education EXECUTIVE BOARD The policy and general management of the affairs of Belfast Islamic Centre shall be diretted by the Executive Board drawn from registered members who have been resident In Northern Ireland 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 mernbers being required for a quorum. A member will be deemed to have resigned from the Board if not in attendance for three consecutive meetings without supplying notice. RESULTS The Net Incoming Resources for the year amounted to £460,513 Page 3
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BOARD REPORT (continued) TRUSTEES All the property of the Centre, whatever or however, shall be vested in at least five and preferably seven appointed trustees as joint tenants on behalf of the cent. The trustee5 are appointed 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 respetted members of the community. The Trustees shall hold office for four years each term and are eligible for re-appointment for another term. After two conecutive terms a Trustee will not be entitled to serve again a5 Trustee until a period of at least six years has elapsed. If the office of trustee should fall vacant, another Trustee shall be appointed 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) Fails in his duties as determined by the remaining Trustees and the Executive Board. (c) Dies or leaves Northem Ireland; or (d) Is dismissed from his position if he commits an immoral act or is convlcted of a crime. The Trustees may deal with the property so vested in them by way of sale, exchange or lease, such dlrettlon bein9 given by resolution of the Executive Board of the cent and when so passed shall in favour of the purchaser, exchange or lease be bindlng upon members of the Centre. The Trustees shall meet periodically at least four times a year and shall nominate among themselves a chalr person. They sha15 also nominate one or more Trustee to attend the Executive Board meeting if and when invited. The Trustees collectively shall have the authority to call a General Meeting of the Centre whenever there is: (a) Vlolation of the Constitution of the Centre. (b) A serious dispute between the Executive Board and members of the Centre which could not be resolved amicablyi (c) A major dispute among members of the Executive Board which cannot be resolved; or (d) Whenever a by-election is deemed necessary. The Trustees shall officiate as Election Committee during the election of the Executive Board. MEMBERSHIP Membership is open to individuals or organi5ations who: (a) apply to the Centre in the form required by the Executlve Board; and (b) are approved by the Executive Board. Every application for admission shall be consldered by the Executive Board at their first meeting after it was made, or as soon thereafter as is practicable. There shall be no unlawful discrimination. (a) The Executlve Board may only refuse an appllcation 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 FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BOARD REPORT (continued) MEMBERSHIP (b) The Executive Board must inform the appllcant in writing of the reasons for the refusal within twenty-one days of the decision. (c) The Executive Board must consider any written representations the applicant may make about the decision. The Executive Board s decision following any written representatlons must be notified to the applicant in writln9 but shall be final. Membership 15 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 different classes of membership shall be recorded in the register of members. There shall be five classes of membership: (a) Centre Members: All Muslims are welcome to use the Centre faclllties, take part in the activities 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 fomiat. Centre Members will not be entitled to attend, speak at or vote at General Meetings or elections or stand for election to the Executive 8oard or trustees. (b) Full Members: All Muslims are entitled to become Full Members of the Centre provided they: i) Have been Centre Members or a youth member for a period of at least twelve months. ii) Are aged 17 years or over; iii) Are currently unconditionally resident in Northern Ireland and have been resident in Northern Ireland for 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 attend, speak and vote at electlons and at General Meetings of the Centre. Only Full Members of the Centre and practising Muslims of good character shall be entitled to stand for election to the Executive Board or as Trustees of the Centre. (c) Affiliate Members: Any organisation artive within the area of benefit, whether voluntary or statutory, which subscribes to the objects of the Centre may apply to the Executive Board to become an Affiliate Member. If such appllcation is accepted by the Executive Board the Affiliate Member will be entitled, by prior written notification to the Secretary, to iiominate an authorised representative who may attend and speak at General Meetings a5 observer but with no voting power. (d) Honorary Members: 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 SIde in Northern Ireland. Honorary Members will be entitled to attend and speak at General Meetings of the Centre, but will not be entitled to vote. (e) Youth Members: All Muslims over the age of 12 and under the age of 17 a entltled to become Youth Member5 of the Belfast Islamic Centre. Youth Members 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 due. Youth Members will not be entitled to attend, speak at or vote at General Meetings or stand for election for Executive Board. Page 5
BELFAST ISLAMIC CENTRE FINAIVCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BOARD REPORT (continued) CLASSES OF MEMBERSHIP The Executive Board may not directly or indirectly alter the rights or obligations attached to a class of membership. The rights attached to a class of membership may only be varied by a special resolution of the AGM. FINANCIAL REVIEW AND RESERVES POLICY The reserves at 31 March 2024 werf £2,295,020 which includes readily available funds which cover several years running costs excluding wages. As usual, further work is required to secure contlnued 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 education purposes during the year. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim 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 restrirtions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. FUTURE PLANS The assoclation's current funding has stabilised and it intend5 to secure similar funding in the near future so that the current services will continue to be offered to those who most need them as described In the Aims and Objectives above. The work on the new Mosque continues but the premises are occupied. IMPACT OF COVID-19 The impact of coranavirus striCtl0nS meant that there was naturally a bigger concentration on remote activitie5, which ran successfully. There has been no material impact on the charity's sustainability due to sufficiency of reserves. The trustees and board are satisfied that they have made necessary adjustments to ensure that Belfast Islamic Centre will continue to achieve its objectives. GOING CONCERN The board, having considered the charity's income streams, financial means 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 appropriate. TAX STATUS The Inland Revenue has accepted that Belfast Islamic Centre is a charity and registered it as such under the ference XN 79682 AUDITOR The auditor. Donald R Mlnshull FCA of Messrs Minshull & Company, Chartered Accountants and Registered Auditor, offers himself for re-appointment as auditor. BY ORDER OF THE BOARD n/kJ, Chalrman Date 6 Ortober 2025 Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE Oplnlon We have audlted the financial statements of Belfast Islamic Centre for the year ended 31 March 2024 which comprise the Statement of Financial Actlvity, Balance Sheet and related notes to the financlal statements, including significant accounting policies, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,including The Charities SORP(FRS102). In our opinion the flnancial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2023, and of its surplus for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance wlth the requlrements of the relevant legislation. 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 audlt of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our opinion. Concluslons relatlng to going concern In auditing the financlal statements, we have concluded that the board's use of the going concern 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 future and historic ability to cover these costs. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditiorss 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 12 months from when the financial statements are authorised for issue. Our responsibillties and the responslbilitles of the board with respect to oolng concern are described in the relevant sections of this report. other Information The other Information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. The board is responsible for the other information contalned within the annual report. Our oplnlon on the financial Statements 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 is to read the other information and, in doing so, consider whether the other information Is materially incon5iStent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements we are required to detemiine whether this gives rise to a material mlsstatement In the financial statements themselves. If, based on the work we have perfomied, we conclude that the is a material misstatement of this other Information, we are reqUId to report that fact. We have nothing to report in this regard. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELFAST ISLAMIC CENTRE {continued) Oplnions on other matters prescrlbed by the Companles Act 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 financlal statements are prepared is conslstent with the financial statements; and the board's report has been prepared In accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audlt, 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 Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or retums adequate for our audit 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 in accordance with the small companies regime and take advantage of the small companies, exemption5 in preparing the board's report and from the requirement to prepare a strategic report. Responslbilities of board The board is responsible for the preparation of the financlal statements and for being satisfied that they glve a true and falr view and for such internal control as the board determines 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 board is 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 basls of accounting unless the board either intends to liquidate the charity or to cease operations, or have no realistic alternatSve but to do so. Audltor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a free from material misstalement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a55urance 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 specific procedures for this engagement and the extent to which these are capable of detetting irregularities, includlng fraud is detailed below: we performed analytical procedures. and revlews, to identify large, recurring or unusual items and fully examined and verified each; we examined all transactions of the charity to ensure all items are properly recorded and properly approved by management; we examined the operation of funded activitles to ensure all monies are properly claimed and spent and that no expense is duplicated in grant claims; we ensured there vlere 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 (continued) Because of the inherent limitations of an audit, there is a rrsk that we will not detert all irregularitie5, including those leading to a material misstatement in the financlal statements or non-compliance with regulatlon. Thls 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 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi colluslon, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exerclse professlonal Judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive to those risks, and obtain audlt evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgeryi intentional omissions, misrepresentations, or the override of Internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expresslng an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the board's use of the going concern basi5 of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's abllity 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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, futu events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, induding the disclosures, and whether the financial statements represent the underlying transactlons and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those charged with governance regarding, among other matters, the planned scope and tlming of the audit and significant audit findings. including any significant deficiencies In intemal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordan with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are qUired to state to them in an auditorfs 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 members as a body, for our audit work, for this report, or for the opinions we have formed. On behalf of DONALD MINSHULL FCA - Senlor Statutory Auditor statutory Auditor Minshull & Co Statutory Audltor 19 Crescent BUneSS Park Lisburn 8T28 2GN Date 6 October 2025 Page 9
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Note Income fmm Charitable Activities Unrestricted Grants and Donations Contribution lo Property Expenses Restricted Fund Grants and Fees Courses, School and Service Income lftar/Ramadan Donations Zakat al Fitr and Fitrana Donations Zakat Donatlons Mosque Renovation Donations Profit on Sale of Property 37,752 776 58,835 18,379 15,425 8,230 30.401 193,318 239,046 44,055 764 48, 724 10,632 12,518 6,158 13,033 125,828 9,443 io 602,162 271,155 EXPENDITURE ON CHARITABLE ACTIVITIES Programme Costs Ramadan and Other Receptlons School/Volunteer5 Fundraising Expenses Salary Costs Pension Contributions Restricted Fund Activities Contribution to Overheads Equipment Depreaation Salary Costs from Restrlcted Funds Pension Costs from Restricted Funds ZakaVFitr/Appeals and Sundry Total 12,217 19,851 12,672 I,ioi 6,019 112 5,124 7,213 11,420 7,253 6,192 157 10,198 350 32,282 503 17,817 9, 704 350 30.454 448 23,550 (113,122) (101,865) Total Income less Direct Charitable Expenditure GOVERNANCE AND SUPPORT COSTS Contribution to Overheads from Restricted Grants Insurance Rates, Heat and Ltght Building Maintenance Property refurbishment Equipment Repairs and Leaslng Telephone Postage, Ststlonery and Office Supplles Advertising and Website Expenses Other Travelling. Subsistence & Entertalnment Depreciation Sundry Expenses (including Bank Charges) GOVEkNANCE EXPENSES Legal and Professlonal fees Accountancy & Audit Fees 489,040 169,290 (10,198) 6,276 12,217 9,706 (9, 704) 3.548 8,004 9,096 852 661 935 162 21 1,218 2,811 2,364 80 558 92 104 168 3,888 250 3,616 837 3,300 Total (28,527) (22,335) BANK INTEREST RECEIVABLE Net Income(Expenditure) for the Period Total Funds Brought Forward at l April 2023 460,513 1.834,507 146,955 1,687.552 Total Funds Carried Forward at 31 March 2024 2,295,020 1,834.507 The notes on pages 12 to 16 form part of these accounts Page 10
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 restated Flxed Assets 2.229,939 984,420 Current Assets 693,123 1,183,352 Current Llabllltles (amwnts falllng due bvkhin one year) (391,067) (132,073) Net Current Assets 302,056 1,051,279 Loan Repayments Due After One Year (236,975) (201,192) Net Assets 2,295,020 1,834,507 FUNDS Unrestricted Funds 708,135 477.256 Restricted Funds 57,282 20.966 Mosque Account 1,529,603 1,336.285 Balance at 31 March 2024 2,295,020 1.834,507 Approved, and authorised for issue, by the Board on the date below and signed on its behalf by hjai Chalrman Date Treasurer Secretary 6 October 2025 The notes on pages 12 to 16 form part of these account5 Page 11
BELFAST ISLAMIC CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTes TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The following accounting policles have been used consistently in dealing with items which are considered material In relation to the charity's financial statements. (a) Basls of Preparation The financial statements have been ppared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)(effective l January 2015) (Charities SQRP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of [land and the Companles Act 2006. The company meets the definition of a publlc beneflt entlty under FRS 102. Asset5 and liabilities are initially recognised at historical c05t or transacton value unless otherwise stated in the relevant accounting policy note. (b) Reconciliation With Previous Generally Accepted Accounting Practice In preparing the accounts, the directors have decided that in applying the accountlng pollcies required by FRS 102 and the Charities SORP FRS 102 no restatement of comparatlve Items was requlred. (c) Preparation of the Accounts on a Going Concern Basls The charity reported £460.513 cash inflow for the year and the directors have forniulated a strategy that will secure the Immedlate fvture of the company for the next 12 to 18 months and on that basis the charity is a going concern. (d) Income Income Is recognised when the company has entitlement to the funds, any performance condltions have been met, It is probable that the income will be recelved and the amount can be measured reliably. Income from government and other grants, of a revenue nature, is recognlsed when the company has entitlement to the fund5. any performance conditions attached to the grants have been met. it Is probable that the income wlll be recelved and the arnount can be measured reliably and is not repayable to the funder. Capital grants are amortlsed In line wlth the depreciation of the associated assets, the purchase of which has been, funded by said grants. (e) Donated Services and Facilities Donated professional services and donated facllltles a recognised as income when the company has control over the Item. any conditions associated with the donated item have been met, the receipt of economic beneflt from the use of the item by the charity is probable and the economic benefit can be measured reliably. In accordance with the Charties SORP (FRS 102) general volunteer time is not recognised. On receipt, donated profe55lonal services and donated facllities are recognlsed on the basts of the value of the gift to the charity which Is the amount the charity would have been willing to pay to obtain servlces or faclllties of equivalent economic benefit on the open market- a corresponding amount 15 then recognised in expenditu In the period of Ceipt. (f) Interest Receivable Interest on funds held on deposit is included when recelvable and the amount can bemeasured reliably by the company, normally upon rtotification of the interest paid or payable by Ihe f6nanclal Institutlon. Page 12
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (g) Fund Accountlng Unrestricted funds are available to spend on activities that further any of the purpoes of the company. Designated funds are unrestricted funds of the charlty that the dlrectors have decided at thelr dlscretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the company's work. (h) Expenditure and Irrecoverable Value Added Tax Expendlture is recognised once there is a legal or constructive obligation to rnake a payment to a thlrd party, it Is probable that settlement will be requireed and the amount of the obligation can be measured reliably. Expenditu Is cla55ified under the following activity headings.. costs of raising funds comprise the costs of commerclal trading expenditure on charitable activities includes the costs of artivities undertaken to further the purposes of the company governance and support costs include all other costs Irrecoverable Value Added Tax is charged as a cost against the activity for whlch the expendlture was incued. Support Costs Support costs are disclosed separately in the Statement of Financlal Activities. ij) Tanglble Flxed Assets and depreclatlon Tangible flxed assets costing £200 or more are stated in the accounts at original cost less depreclation in order to write off the cost of fixed assets, over their estimated usefvl Ilves, uslng the follovling annual rate Fixtures, fittings and equipment 250h stralght line (k) Debtors Debtor5 and accrued Income are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepald. Cash at Bank and in Hand Cash at bank and cash In hand includes cash and short term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposlt or slmlalr account. (m) Creditors and Provisions Creditors and provlslons are recognised where the company has a present obligation resulting from a past event that wlll probably result In the transfer of fvnds to a third party and the amount due to settle the obllgatlon can be measured or estimated rellably. Creditors and provlsions a normally recognised at their settlement amount after any dlscounts. (n) Flnanclal Instruments The company only has financial assets and financial liabilities of a kind that quallfy as baslc flnanclal Instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement value with the exception of bank loans which are subsequently measured at amortlsed cost using the effective interest Tnethod. Page 13
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (o) Charity statu5 and members liability The charlty Is limited by guarantee. The members are ihe trustees, that is the board as listed on page 2, The liability In respect of the guarantee is £1 per mernber of the charlty. 2. YEAR'S SURPLUS IS STATED AFTER CHARGING(CREDITING): 2024 2023 Accountancy Fees Audit Fees Bank Interest Receivable 1,808 1,808 1,650 1,650 3. TANGIBLE FIXED ASSETS Expenditure xtures & on Property Equipment TOTAL COST at l April 2023 Additions Disposals 983,574 1,284,872 (59,000) 26,684 21,216 1,010,258 1,306,088 (59,000) 31 March 2024 2,209,446 47,900 2,257,346 DEPRECIATION at l April 2023 25,839 25,839 Charge for the Year 1,568 1,568 31 March 2024 27,407 27,407 BALANCE SHEET VALUE 31 March 2024 2,209,446 20,493 2,229,939 4. CURRENT ASSETS 2024 2023 Grant5 and Service Income Receivable Prepayments and Accrued Income Cash at Bank and In Hand 42,600 2,111 648,412 43,633 1.313 1,138,406 693,123 1,183,352 Page 14
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 5. LIABILITIES (Amounts falling due within one year) 2024 2023 Hire Purchase & Loan Repayments < One Year Other Taxes & Social Security Grants Deferred Accruals and Deferred Income 17,504 2,605 8,570 362,388 115,537 274 7,280 8, 982 391,067 132,073 6. UABILITIES (Amounts falling due after one year) 2024 2023 Hlre Purchase & Loan Repayments between One and Five Years Hire Purchase & Loan Repayments < One Year 254,479 (17,504) 316,729 (115,537) 236,975 201,192 7. FUNDS Unrestrlcted 2024 Restricted (Note 11) 2024 2023 2023 Balance at l April 2023 (Deficit)Surplus for the Period 477,256 230,879 459,538 17,718 20,966 36,316 17,557 3,409 Funds at 31 March 2024 708,135 477,256 57,282 20,966 8. TRUSTEES The trustees received no emoluments or expenses payment5 durfng the year. 9. EMPLOYEES Number of employees The average monthly number of persons employed by the association during the year was: 2024 number 2023 number Development Officers and Administrative staff Management Total The remuneration paid to the employees was 2024 2023 Wages and salaries Pension contributions 38,301 615 36,645 606 38,916 37.2SI Page 15
BELFAST ISLAMIC CENTRE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 9. EMPLOYEES (continued) No employees had employee beneflt5 in excess of £60,000 (2022: Énil). Pension costs are 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 2024 2023 Funder - OFMDFM Appeals Belfast Clty Council 40,194 15,225 1,968 11,142 7,768 Total amounts recelved in year 57,387 18,910 Amount accrued at l Aprfl 2023 Amount deferred at l April 2023 (39,862) 7,280 (11,142) 8,374 Amount accrued at 31 March 2024 Amount deferred at 31 March 2024 42,600 (8,570) 39,862 (7,280) Credit to Statement of Financial Activities 58,835 48, 724 11. RESTRICTED FUNDS ANALYSIS At l April 2023 Incoming Resources Resources Expendedl Trdnsfers At 31 March 2024 Funder - OFMDFM Appeals Belfast City Councll 42,983 15,225 627 (42,983) {13,410) (627) 93 1,908 93 58,835 8,230 30,401 (57,020) (1,000) (3,130) 1,908 7,230 48,144 Fund5- Al Fitr Zakat 20,873 20,966 97,466 (61,150) 57,282 A2. RELATED PARTIES The are no related party transactions to report for the year. 13. TAXATION The charity is exernpt from tax on income and gain5 falling within section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Page 16