Charity registration number 1170190
Company registration number 09928333 (England and Wales)
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr N M Choudhury
Mr T A Choudhury
Mr S G Murshed
Mr M R Choudhury
Charity number
1170190
Company number
09928333
Registered office
329-331 Alexandra Park Road
Muswell Hill
Haringey
London
United Kingdom
N22 7BP
Accountants
Reddy Siddiqui LLP
183-189 The Vale
Acton
London
United Kingdom
W3 7RW
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are:

1. The advancement of education by financial provision or supply of goods for Schools in the Nabiganj

2. the relief of poverty by financial provision or supply of Goods to poor people in Nabiganj and including repatriation of deceased people of Nabiganj origin to Nabiganj.

The policies adopted in furtherance of these objects.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The charity provided education and health facilities to the poor and needy during the year

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee and a charity. lt is operated under the rules of its memorandum and articles of association. lt has no share capital and the liability of each member in the event of winding-up is limited to £5

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr N M Choudhury
Mr T A Choudhury
Mr T A Choudhury
(Appointed 30 June 2023 and resigned 18 September 2023)
Mr S G Murshed
Mr M R Choudhury
Mr M A Khan
(Appointed 30 June 2023 and resigned 18 September 2023)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £5 in the event of a winding up.

Overall management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the memorandum and articles of association.

GREATER LONDON NABIGANJ WELFARE ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The trustees' report was approved by the Board of Trustees.

Mr N M Choudhury
Trustee
Dated: 13 September 2024
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GREATER LONDON NABIGANJ WELFARE ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greater London Nabiganj Welfare Association for the year ended 31 December 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 3 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Greater London Nabiganj Welfare Association and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greater London Nabiganj Welfare Association and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Greater London Nabiganj Welfare Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Greater London Nabiganj Welfare Association. You consider that Greater London Nabiganj Welfare Association is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Greater London Nabiganj Welfare Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Reddy Siddiqui LLP
13 September 2024
Chartered Accountants
183-189 The Vale
Acton
London
W3 7RW
United Kingdom
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
250
6,493
Total income
250
6,493
Expenditure on:
Charitable activities
4
1,220
5,445
Total expenditure
1,220
5,445
Net income/(expenditure) and movement in funds
(970)
1,048
Reconciliation of funds:
Fund balances at 1 January 2023
23,506
22,458
Fund balances at 31 December 2023
22,536
23,506

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GREATER LONDON NABIGANJ WELFARE ASSOCIATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
22,836
24,166
Creditors: amounts falling due within one year
9
(300)
(660)
Net current assets
22,536
23,506
The funds of the charity
Unrestricted funds
10
22,536
23,506
22,536
23,506

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 13 September 2024
Mr N M Choudhury
Trustee
Company registration number 09928333 (England and Wales)
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Charity information

Greater London Nabiganj Welfare Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 329-331 Alexandra Park Road, Muswell Hill, Haringey, London, N22 7BP, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Liabilities are recognised as resources expended as soon as there is an obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Liabilities are recognised as resources expended as soon as there is an obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GREATER LONDON NABIGANJ WELFARE ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
250
6,493
4
Expenditure on charitable activities
Charitable activities
Charitable activities
2023
2022
£
£
Direct costs
Charitable activities
920
5,085
Share of support and governance costs (see note 5)
Governance
300
360
1,220
5,445
Analysis by fund
Unrestricted funds
1,220
5,445
5
Support costs allocated to activities
2023
2022
£
£
Governance costs
300
360
Analysed between:
Charitable activities
300
360
GREATER LONDON NABIGANJ WELFARE ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

 

8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
300
660
10
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
23,506
250
(1,220)
22,536
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
22,458
6,493
(5,445)
23,506
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