The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 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 aims
The charity's objects are specifically restricted to the following:
1) To establish a place for all Muslims, from the cradle to the grave, with state-of-the-art facilities.
2) To advocate for the Muslims in Europe to confront the challenges in the future and live harmoniously side by side.
3) To establish a centre that promotes peace and harmony between all faiths and communities.
4) Promote such other charitable purposes as may from time to time be determined.
Significant activities
Alhamdulillah this year has been very busy for LFC. We have now completed the renovation work of Sandwell Grand Masjid, ceiling, lighting, wall, carpeting and painting. However, there are still development works outstanding including the sophisticated sound system, chandelier, bookshelves for Masjid, shoe rack, wudu and toilet area yet to be refurbished and put in place.
Sandwell Grand Masjid and The British Muslim School both have a new security system in place which includes CCTV and intruder alarms. New accessible gates have been installed at the back of the building in the car park, in the courtyard towards Dartmouth Street, and on Lodge Road between Ryland building and the Institute building.
The guard wall of the entrance between the Institute building and Ryland building is nearly complete and further renovation to the entrance is required. A new door to enter the Masjid from Lodge road has been installed. The renovation work of the building is continuously taking place.
The fire damaged building is also moving on to bigger plans. An architect has been appointed and looking to work on this to replace the conference hall. Surveys have been carried out and the architect is now ready to submit his planning application, awaiting for approval from the HCA.
This year once again we have returned a significant amount of Qardh Hasanah.This is something we are regularly doing and are looking to continue doing this until it brings down the current balance. Our community has made this possible because of their generous donations and their determination.
Latifiah Fultali Complex organised a successful TV event for Ramadhan which took place at Islam Bangla. Commitments were made by viewers, some of which we have received and some of which we are yet to receive.
Public benefit
The charity is a public benefit entity and the trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charities aims and objectives.
Achievements include the completed renovation of Sandwell Grand Masjid.
Financial position
Overall, Latifiah Fultali Complex Limited has raised funds totalling £111,713 with the expenditure for the period totalling £64,596 leaving the organisation with a surplus of £47,117. This leaves a surplus of £254,365 in our funds to be carried forward at 31 March 2024.
Future plans
The first floor of the Institute building will be refurbished as our aim is to accommodate post 16 education and other services for the community within this building.
The refurbishment work of the building (adjacent to the Masjid) will be undertaken and a few flats will be constructed. Also the prayer hall for the ladies will be renovated and made available as soon as possible.
The construction of the auditorium hall which shall be rebuilt at the fire damaged area is under planning now.
Reserves policy
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.
Governing document
Latifiah Fultali Complex Limited became a registered charity on 12 March 2018 (Charity Registered Number (1177507).
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the companies Act 2006.
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:
The trustees report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Latifiah Fultali Complex Limited (the charity) for the year ended 31 March 2024.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Latifiah Fultali Complex Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lodge Road, West Bromwich, West Midlands, B70 8NX.
The financial statements have been prepared in accordance with 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 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. The principal accounting policies adopted are set out below.
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.
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
Investments
Charitable Expenditure
Charitable Expenditure
Advertising
Bank loan interest
Insurance
Sundry
Wages
Events
Bank charges
Repairs and maintenance
Postage and stationery
Software
Telephone
Travel costs
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains 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.
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.
There were no disclosable related party transactions during the year (2023 - none).