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2024-03-31-accounts

Registered Charity Number: 1072674

MADINA TRUST

TRUSTEES’ REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR END 31 March 2024

Madina Trust 13 Wayford Close Longthorpe Cambridgeshire Peterborough imranhassan@hotmail.com

MADINA TRUST

CONTENTS

FOR THE YEAR ENDED 31 March 2024

REFERENCE AND ADMINISTRATIVE INFORMATION ..................................................................................... 3 TRUSTEES' REPORT .......................................................................................................................................... 4 to 7 INDEPENDENT EXAMINER'S REPORT .......................................................................................................... 8 to 9 STATEMENT OF FINANCIAL ACTIVITIES ....................................................................................................... 100 BALANCE SHEET .................................................................................................................................................... 11 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................. 12 to 18

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Charity Registered Number 1072674

Principal address 13 Wayford Close Longthorpe Peterborough Cambridgeshire PE3 9NL

Trustees Prof K Ahmed Dr M M Ahsan MBE (Chairman) Z Hassan S Hassan Dr Z A Parvez F S Murad I Hassan N Hassan

Independent Examiner

Woodbridge Waterfields Ltd International Accountants Leicester Business Centre 111 Ross Walk Leicester Leicestershire LE4 5HH

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MADINA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 March 2024

Madina Trust

Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities:

Statement of Recommended Practice (SORP) 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and Public Benefits

The objectives of Madina Trust are the advancement of the Islamic faith and the dissemination of the teachings of Islam.

The activities of the trust are, among others, to raise funds privately, invest these funds in halal investments and use the investment income to achieve the objectives.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity continued advance Islamic education, support to further the education of poor students, alleviate poverty and support charitable institutions with similar objects.

The disbursements of funds amounted to £4,515 (£62,940 – 2023). This was considerably less due to the inability of the trustees to process the applications for health reasons. It is hoped that the trust will be back on its growth trajectory from the next financial year.

FINANCIAL REVIEW

Financial position

Total income for the year amounted to £135,867 (£132,384-2023), while total expenditure for the year amounted to £6,051 (£68,158 -2023).

Overall net surplus was £129,816 (£64,226- 2023). The significant increase from previous year was due to the administrative difficulties in processing the applications.

Total funds carried forward was £2,063,609 (£1,963,793- 2023) of which all were unrestricted.

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MADINA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 March 2024

Investment

The charity continues to look for a suitable investment to invest its cash assets built by keeping 20% of the annual income for further investment.

Reserves policy

The trustees consider that the endowment funds held are sufficient to continue the charities activity in future years. The trustees actively review the major risks which the charity faces on a regular basis and have also examined other operational and business risks faced by the charity. The trustees confirm that they have established systems to mitigate the significant risks.

Going Concern

As the charity has kept its properties occupied over the last 12 months and has continued to build on its reserves whilst still providing grants in line with the charity objectives, we see no reason that the charity will not continue to be a going concern over the next 12 months.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Organisational structure

The charity trustees are responsible for the general control and management of the charity. The trustees give their time feely and receive no remuneration or other financial benefits.

activities provided by the charity. The charity is currently in process of appointing more trustees in view to expand and be more proactive.

Induction and training of new trustees

Following appointment, new trustees will be introduced to their new role and are requested to familiarise themselves with contents of the trusts constitution and to the policies and procedures adopted by the charity. They are also requested to read a few publications from the Charity Commission to ensure that they are aware of the scope of their responsibilities under the Charities Act. The new trustees will work collectively with existing trustees assisting on activities and projects run by the charity, to attain maximum benefits for the charity.

Public benefit

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MADINA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 March 2024

The trustees have recognised the guidance in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the charity and when planning activities. The difference the charity makes for the public benefit is the furtherance of education to poor students and elevating poverty.

Risk

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 those risks. Appropriate controls are in place to mitigate financial risks overseen by trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1072674

Principal address

13 Wayford Close Longthorpe Peterborough Cambrideshire PE3 9NL UK

Trustees

Professor K Ahmad Dr M. M. Ahsan (Chairman) Z Hassan S Hassan Dr. Z| A Parvez F S Murad I Hassan N Hassan

Independent examiner

Woodbridge Waterfields Ltd International Accountants Leicester Business Centre 111 Ross Walk Leicester LE1 4HH

Approved by order of the board of trustees on 30[th] January 2025

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MADINA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 March 2024

I Hassan - Trustee

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MADINA TRUST

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 March 2024

Independent Examiner’s Report to the Trustees of Madina Trust

I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 2 to 11.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to examine the accounts as required under Section 145 of the Act and to state whether particular matters have come to my attention. In carrying out my examination I have followed all applicable Directions given by the Charities Commission under Section 145(5)(b) of the Act.

Basis of independent examiner’s statement

My examination is carried out in accordance with Section 145 of the Act. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

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 which gives 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.

Woodbridge Waterfields Ltd Leicester Business Centre 111 Ross Walk Leicester LE4 5HH

Date: 30[th] January 2025

Relevant Professional qualification/professional body:

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MADINA TRUST

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 March 2024

The Association of International Accountants Twaraq Oozeerally Membership no: 139087

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MADINA TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 March 2024

Recommended
categories by activity
Notes
Income and
endowments from:
Donations and legacies
2
Investments
3
Other
4
Total
Expenditure on:
Raising funds
5
Charitable activities
6
Other
8
Total
Net
income/(expenditure)
Other recognised
gains/(losses):
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
£
Endowment
funds
£
Total Funds
2024
£
Total Funds
2023
£
2,801
-
2,801
131,555
133,066
-
133,066
151
-
-
-
678
135,867
-
135,867
132,384
4,101
-
4,101
4,648
1,650
-
1,650
570
300
-
300
62,940
6,051
-
6,051
68,158
129,816
-
129,816
64,226
-
-
-
17,500
129,816
-
129,816
81,726
1,963,793
-
1,963,793
1,882,067
2,063,609
-
2,063,609
1,963,793

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MADINA TRUST

BALANCE SHEET

FOR THE YEAR ENDED 31 March 2024

Recommended
categories by activity
Notes
Fixed assets
Investments
10
Total fixed assets
Current assets
Debtors
11
Cash at bank and in
hand
12
Total current assets
Creditors: amounts
falling due within one
year
13
Net current
assets/(liabilities)
Total net assets or
liabilities
Funds of the Charity
Unrestricted funds
14
Restricted income funds
14
Endowment funds
14
Total funds		 Unrestricted
funds
£
Endowment
funds
£
Total Funds
2024
£
Total Funds
2023
£
1,652,500
-
1,652,500
1,652,500
1,652,500
-
1,652,500
1,652,500
966
-
966
964
452,350
-
452,350
316,017
453,316
-
453,316
316,981
12,207
-
12,207
5,688
441,109
-
441,109
311,293
2,093,609
-
2,093,609
1,963,793
2,093,609
-
-
1,963,793
-
-
-
-
-
-
-
1,963,793
2,093,609
-
2,093,609
1,963,793

The financial statements were approved by the Board on 27January 2025 and signed on its behalf by:

Z Hassan Trustee

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

1 Accounting Policies

1.1 Accounting Policies

The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows.

1.2 Basis of preparation

These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.

These accounts have been prepared in accordance with “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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

These accounts are presented in pounds sterling and rounded to the nearest pound.

1.3 Going concern

The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.

2 Income from Donations and Legacies

Analysis
Donated Goods,
facilities and
services
Donation and gifts
Other		 Unrestricted funds
£
-
(2,865)
5,666
2,801		 Total funds 2024
£
-
(2,865)
5,666
2,801		 Total funds 2023
£
151
-
-
151

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

3 Income from Investments

Analysis
Rental and
leasing income		 Unrestricted funds
£
133,066
133,066		 Total funds 2024
£
133,066
133,066		 Total funds 2023
£
131,555
131,555

4 Other Income

Analysis
Other		 Total funds 2024
£
-
-		 Total funds 2023
£
678
678

5 Expenditure on Raising Funds

Analysis
Other trading activities
Investment management
costs		 Total funds 2024
£
-
4,101
4,101		 Total funds 2023
£
409
4,239
4,648

6 Expenditure on Charitable Activities

Analysis
Cost of services
Printing and stationery
Support Costs		 Total funds 2024
£
1,050
-
600
1,650		 Total funds 2023
£
-
150
420
570

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

7 Support Costs

7 Support Costs
Total funds 2024 Total funds 2023
Analysis £ £
Governance Costs
Independent examiners fees 600 420
600 420
8 Other Expenditure
Unrestricted funds Total funds 2024 Total funds 2023
Analysis £ £ £
Other Expenditure 300 300 62,940
300 300 62,940
9 Details of certain Items of Expenditure
2024 2023
£ £
Independent examiner’s fees 600 420

10 Investments

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NOTES TO THE FINANCIAL STATEMENTS

MADINA TRUST

FOR THE YEAR ENDED 31 March 2024

Carrying(fair) value at beginning of period
Add: additions to investments during period*
Less: disposals at carrying value
Less: impairments
Add: Reversal of impairments
Add / (deduct): transfer in/ (out) in the period
Add / (deduct): netgain / (loss)on revaluation
Carrying(fair) value at end of year		 Investment Properties
£
1,652,500
-
-
-
-
-
-
1,652,500

11 Debtors: Amounts falling due within one year

Trade debtors Total funds 2024
£
966
966		 Total funds 2023
£
964
964

12 Cash at bank and in hand

Total funds 2024
£
Cash at bank and on hand
294,555
Lloyds Bank
97,795
Other savings
60,000
452,350		 Total funds 2023
£
294,555
21,462
-
316,017

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

13 Creditors: Amounts falling due within one year

VAT control
Accruals and deferred
income
Other creditors		 Total funds 2024
£
11,099
1,000
108
12,207		 Total funds 2023
£
5,688
-
-
5,688

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

14 Charity funds

14.1 Details of material funds held and movements during the CURRENT reporting period

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Fund|Fund| |Gains| |balances|balances| |Income|Expenditure|Transfers|and| |Fund names|brought|losses|carried| |forward|forward| |£|£|£|£|£|£| |Unrestricted funds|1,963,793|135,867|(6,051)|-|-|2,093,609| |General Fund|-|-|-|-|-|-| |-|-|-|-|-|-| |Endowment funds| |-|-|-|-|-|-| |Total|1,963,793|135,867|(6,051)|-|-|2,093,609| |14.2 Details of material funds held and movements during the PREVIOUS reporting period| |Fund|Fund| |Gains| |balances|balances| |Income|Expenditure Transfers|and| |Fund names|brought|losses|carried| |forward|forward| |£|£|£|£|£|£| |Unrestricted funds|1,882,067|132,384|(68,158)|17,500|1,963,793| |-| |1,882,067|132,384|(68,158)|17,500|1,963,793| |Endowment funds| |-|-|-|-|-|-| |-|-|-|-|-|-| |Total|1,882,067|132,384|(38,158)|-|17,500|1,963,793|

----- End of picture text -----

14.2 Details of material funds held and movements during the PREVIOUS reporting period

Transfers between funds

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MADINA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2024

This Year

Amount
£
Between unrestricted and restricted funds -
Between endowment and restricted funds -
Between endowment and unrestricted funds -
Last Year
Amount
£
Between unrestricted and restricted funds -
Between endowment and restricted funds -
Between endowment and unrestricted funds -

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