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2020-11-30-accounts

Charity Registration Number (England and Wales): 1065784

MUSLIM ACADEMIC TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

MUSLIM ACADEMIC TRUST

CONTENTS

Page
Reference and Administrative Details of the
Charity, its Trustees and Advisers 1
Trustees’ Report 2-4
Independent examiners report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8-13

MUSLIM ACADEMIC TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Charity number_(England and Wales)_1065784 Charity number_(England and Wales)_1065784
Board of trustees S Bhatti
N Winter
T Winter
Bankers Barclays Bank Plc
Whetstone and Finchley Branch
1250 Whetstone
London
N20 0PB
Independent examiner G Williams, Premier FD Limited
87 The Parklands
LU5 4GW
Registered address 4 Hill Farm View
Station Road
Dullingham
Newmarket
CB8 3FF

1

MUSLIM ACADEMIC TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020

The Trustees present their Annual Report and Financial Statements for the year ended 30 November 2020. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charities Act 2011, applicable laws, 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 United Kingdom and Republic of Ireland (FRS 102).

Aims and objectives of the charity

The charity is governed by a Declaration of Trust dated 1 November 1996, and a Supplemental Deed to the Declaration of Trust, dated 1 July 1997.

The aims and objectives of the charity are to advance, support and promote the study and understanding of the Islamic Faith through the creation and maintenance of religious and educational institutions for this purposes; through support of the religious and general education of Muslim students; and through the protection, preservation, study, translation and dissemination of the intellectual heritage and literary works of Imam Abu Hamid al-Ghazali; and through the sponsorship and free or subsidised distribution of the said literary work and other literary work bearing on Islam.

The Trustees seek to further these objects by subsidising and otherwise supporting students, publishing and disseminating religious literature, engaging in the production of films for television broadcast, and by other educational and religious activities, providing that these be commensurable with the Objects.

The charity carries out a small amount of primary purpose trading in the form of books and other publications.

Constitution and governance

The charity is governed by a board of Trustees which meet at least once a year, and is responsible for the preparation of annual accounts. New Trustees may be appointed by unanimous vote of trustees at the Annual General Meeting. All significant decisions are the sole responsibility of the trustees, although day-to-day running of the charity is delegated.

All trustees have the relevant skills and experience to drive the charity forward but if any trustees require further training then this is provided to ensure they maintain their effectiveness.

The Trustees, at their Annual General Meeting, review existing grant policies and consider and approve new policies. Various media are employed to draw the attention of potential applicants, who are invited to submit a detailed formal proposal. All proposals are considered by the Trustees jointly.

Trustees

The Trustees who served during the year, and also being the key management personnel, were as follows:-

Review of the activities during the year

The major activity during the year was fundraising for the proposed new mosque at 309-313 Mill Road, Cambridge. The construction of the mosque was completed in March 2020. The official opening ceremony was held in December 2020 www.cambridegcentralmosque.org. Work continued on the art and calligraphy auction, and our third collection was launched on 15th November 2020 offering an even more ambitious and diverse collection of Islamic art from worldwide contributors to continue to support Europe’s first eco-mosque and to ensure its longevity for future generations.

Work also continued on the Travelling Light DVD productions.

COVID 19 Pandemic had no effect on the activities of the Trust.

2

MUSLIM ACADEMIC TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020

Financial review and reserves

Total incoming resources were £76,281 (2019: £41,073) and expenditure amounted to £15,324 (2019: £324,659) resulting in a net surplus of £60,395 (2019: deficit of £283,586). The deficit in 2019 was largely due to a one-off donation to the new Cambridge Muslim Mosque.

Unrestricted reserves were £16,140 up from £8,188, and an additional £392,840 was held in restricted reserves (see note 11 for details).

The Trustees are confident that the Charity can continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Use of volunteers

Fund raising activities and website updates are all carried out by volunteers. It is estimated that approximately two regular volunteers donated one day per month of their time freely to achieving the charities objectives.

Plans for Future Periods

The Trust will continue to work towards the publication of the book titles it is committed to release, using nonreserved funds. The Travelling Light DVDs would continue to be released with further support from donors.

The undertaking of the project for the new Cambridge mosque has require that the Trust’s operations be almost entirely reserved to that end. The Trustees have transfer part of the funds and assets restricted to the construction of the mosque to a new charity, The Cambridge Mosque Trust. Following completion of this process M.A.T. would revert to its earlier functions of student support and the publication of books and audio-visual products, but would also assist in fundraising for the new mosque.

Public Benefit Statement

The Trust exists to further religion and education with a particular emphasis on the intellectual and ethical heritage of the works of Abu Hamid al-Ghazali (d.1111).This legacy emphasises societal cohesion and the cultivation of personal excellence, with an accent on scholarship. To this end the Trust has supported students and publications; more recently it has promoted an Islamic Centre in Cambridge, comprising a mosque and a social outreach and education programme to be rooted in al-Ghazali's vision of a strong and spiritually cohesive society, promoting interfaith understanding and the cultural development of Muslim and other communities.

Risk Management

The Trustees have reviewed the major risks to which the charity is exposed, which in summary: -

3

MUSLIM ACADEMIC TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020

Statement of Trustees’ responsibilities

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved and authorised for issue by order of the Board of Trustees and signed on its behalf by

22 January 2022

4

MUSLIM ACADEMIC TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MUSLIM ACADEMIC TRUST

I report to the trustees on my examination of the accounts of Muslim Academic Trust (the Trust) for the year ended 30[th] November 2020, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and 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.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 accounts to be reached.

Gavin Williams Independent Examiner Premier FD Limited, 87 The Parklands, LU5 4GW

23 January 2022

5

MUSLIM ACADEMIC TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2020

Unrestricted
funds
Restricted
funds
Notes
£
£
Incoming resources
Voluntary income (donations)
2
-
64,339
Incoming resources from
charitable activities
3
823
-
Other income
11,013
106
_
________
Total incoming resources
11,836
64,445
_
_
Resources expended
Cost of generating funds
-
562
Charitable activities:
-
_Education
4
3,884
11,440
_
_
Total resources expended
3,884
12,002
_
_
Net movement in funds
7,952
52,443
Transfers
-
-
Funds balance brought forward
8,188
340,397
_
_
Funds balance carried
forward
16,140
392,840

 Total
2020
£
64,339
823
11,119
_
76,281
_
562
15,324
_
15,886
_
60,395
-
348,585
__
408,980
 Total
2019
£
36,486
901
3,686
_
41,073
_
562
324,097
_
324,659
_
(283,586)
-
632,171
__
348,585

The notes on pages 8 to 13 form part of these financial statements

The charity has no recognised gains and losses other than those included above.

The above results are derived from continuing activities

6

MUSLIM ACADEMIC TRUST

BALANCE SHEET AS AT 30 NOVEMBER 2020

2020
2019
Notes
£
£
£
Fixed assets
Tangible assets
8
-
Current assets
Debtors
9
3,815
3,169
Cash at bank and in hand
414,890
357,682
_
_
418,705
360,851
Creditors: amounts falling due
within one year
10
(9,725)
(12,266)
_
_
Net current assets
408,980
_
Net assets
408,980
_
FUNDS
Income funds
Unrestricted funds
16,140
8,188
Restricted funds
392,840
340,397
_
_
12
408,980
 £
-
348,585
_
348,585
_
348,585

The notes on pages 8 to 13 form part of these financial statements

These financial statements were approved by the Board of Trustees on 22 January 2022 and signed on behalf by: -

7

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

1 Accounting policies

The principal accounting policies adopted are laid out below.

1.1 Accounting convention

The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and reporting by charities (SORP 2015 – FRS 102 version), applicable accounting standards and the Charities Act 2011. The charity has taking advantage of the Small Entity provisions of FRS 102. The financial statements are presented in Sterling (£) and rounded to the nearest pound.

The Charity constitutes a public benefit entity as defined by FRS 102.

Statement on going concern

After reviewing the charity’s forecasts and projections, the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

1.2 Tangible fixed assets

Tangible fixed assets used by the charity are stated at cost less depreciation. Assets under construction are not in use by the charity and so are not subject to depreciation. The charity has no other classes of fixed assets (the mosque project is the only class and remains under construction).

1.3 Income

Voluntary income and donations are accounted for as received by the charity. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs. No permanent endowments have been received in the period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest received by the bank.

1.4 Expenditure

Resources expended are included in the Statement of Financial Activities on an accrual’s basis, included of any VAT which cannot be recovered.

Expenditure which is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been appointed across the cost categories on a basis consistent with the use of these resources.

Governance costs includes those costs incurred in carrying out the statutory and constitutional requirements of the charity.

1.5 Stocks

Stocks are stated at the lower of cost and net realisable value where net realisable value is based on estimated selling price less cost of disposal. Slow moving stock is written off on an annual basis. All stock has been written down.

8

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

2 Voluntary income (donations)

Individual donations
Islamic Art Sale		 Unrestricted
funds
Restricted
funds
Total funds
2020
£
£
£
-
16,094
16,094
48,245
48,245
48,245
_
_
__
-
64,339
64,339


 Total funds
2019
£
36,486
-
__
36,486

3 Incoming resources from charitable activities and other income

Unrestricted
funds

£
Sales of books/ publications/ DVDs
823
Miscellaneous income (investment income)
11,013
__
11,836
 Restricted
funds
Total funds
2020
£
£
-
823
106
11,119
_
_
106
11,942

 Total
funds 2019
£
901
3,686
__
4,587
4 Charitable activities
Unrestricted Restricted Total funds Total
funds funds 2020 funds 2019
£ £ £ £
Cost of publications 3,557 10,075 13,632 14,758
Distribution and storage 177 - 177 6,985
Maintenance - - - 300,000
Support costs - 15 15 354
Governance costs (note 5) 150 1,350 1,500 2,000
__ __ __ __
3,884 11,440 15,324 324,097
__ __ __ __

9

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020

5 Governance costs

Governance costs include Independent Examination and accountancy fees of £1,500 (2019: £2,000).

6 Support costs

Bank charges
Other		 Unrestricted
funds
£
-
-
__
-
 Restricted
funds
Total funds
2020
£
£
15
15
-
-
_
_
15
15

 Total
funds 2019
£
55
299
__
354

7 Staff & trustees

There were no employees during the year or previous year.

No trustees or members of the management committee (Senior Management Personnel) received remuneration or expenses during the year or previous year.

10

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020

8 Tangible fixed assets

There were no fixed assets at the year-end or previous year end.

9
Debtors
Prepayments
Other		 2020
£
-
3,815
__
3,815
 2019
£
-
3,169
__
3,169

11

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020

10 Creditors: amounts falling due within one year

Accruals and deferred income
Other		 2020
£
8,225
1,500
__
9,725
 2019
£
10,266
2,000
__
12,266

11 Funds

At 1
November
2019
£
Unrestricted funds
- Unrestricted
8,188
Restricted funds
- Educational activities
339,997
- Zakaht fund
420
__
Total
348,585
 Incoming
resources
Expenditure
£
£
11,836
3,884
64,445
12,002
-
-
_
_
76,281
15,886

 Transfers
£
-
-
-
__
-
 At 30
November
2020
£
16,140
392,840
420
__
408,980

Transfers

A transfer was made from unrestricted funds to restricted funds to make good a deficit on Travelling Light DVD publications.

Educational activities

The main activity during the year comprised administration of Islamic art, used to support the development on the new Cambridge Central Mosque, as described in the Trustees Report.

Zakat fund

The Zakat fund represents money received for expenditure on Zakat causes, as restricted by Islamic law.

12

MUSLIM ACADEMIC TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020

12 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
£
£
Fixed assets
-
-
Current assets
20,006
398,699
Current liabilities
(3,866)
(5,859)
_
_
16,140
392,840

 Total
2020
£
-
418,705
(9,725)
__
408,980

13 Related party transactions

There were no transactions between related parties.

14 Controlling party

No individual member or trustee has overall control of the trust.

13