Charity registration number: 1080792
Madani Girls' School
Annual report and financial statements
For the year ended 31st August 2020
Madani Girls' School Table of contents Year ended 31st August 2020
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Report of the trustees | 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
Madani Girls' School Reference and administrative information Year ended 31st August 2020
| Board of trustees | Qazi Habibur Rahman |
|---|---|
| Muhammad Abdur Rahman | |
| Shafiqur Rahman Chowdhury | |
| Mohammad Ahmad Ullah | |
| Altaf Hussain | |
| Azad Ahmad Mullah | |
| Address of principal office | Myrdle Street |
| London | |
| E1 1HL | |
| Independent examiner | Young & Co Accountants Limited |
| 702 Romford Road | |
| London | |
| E12 5AJ | |
| Bankers | Natwest Bank |
| 45 Whitchapel Road | |
| London | |
| E1 1DU |
Page 1
Madani Girls' School Report of the trustees Year ended 31st August 2020
Our board of trustees (the board) has collective responsibility for everything that we do, including the legal responsibility to ensure the charity is controlled and properly managed.
In discharging their collective responsibilities the trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland).
The law applicable to charities in England, Wales and Scotland requires the trustees to prepare financial statements for each financial year. These must give a true and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP
make judgments and estimates that are reasonable and prudent
state whether applicable accounting standards have been followed
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The purpose of the charity, as set out in its governing document, is to advance education by providing and maintaining an Islamic school / college or educational institute for girls.
Our vision is large scale, and the aspiration is to be the first Islamic girls' school in Britain to showcase the academic and behavioural standards of an all-girls' grammar school in as Islamic setting.
In August 2020, we began our next phase with the construction of the Madani Hub, a modern purpose built building to cater for the ever-growing needs of our pupils and the wider community.
We aim to retain sufficient general funds in a range equivalent to approximately three to five months’ forward expenditure. We try to hold these general reserves in case of any sudden decline in income, so that we can honour our commitments to repay the loan, fulfil contractual obligations to staff and pay running cost of the premises with some confidence.
Page 2
Madani Girls' School Report of the trustees Year ended 31st August 2020
We have assessed projected future income, expenditure and cash flows over the period to 31 August 2021, and analysed the strength of the charity’s reserves, liquid assets and its ability to withstand a material fall in income. We have concluded that there is a reasonable expectation that the charity has adequate resources to continue their activities for the foreseeable future. Therefore we have continued to adopt the going concern basis in preparing the financial statements.
Signed on behalf of the Board of Trustees on 28 Oct 2021 by:
Muhammad Gias Uddin Chair of Madani Girls' School
Page 3
Madani Girls' School
Independent examiner's report to the Trustees of Madani Girls' School Year ended 31st August 2020
I report to the trustees on my examination of the accounts of Madani Girls' School for the year ended 31st August 2020, which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity trustees of Madani Girls' School 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:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Signed:
Name: M A Vankad Fellow of Chartered Certified Accountants
Address: 702 Romford Road London E12 5AJ
Date: 28th Oct 2021
Page 4
Madani Girls' School Statement of financial activities Year ended 31st August 2020
| Income from donations / charitable activities: Parents' contribution Donations and other income Rental Income Interest Furlough Grants - COVID Total income Expenditure on: Wages and salaries Casual Wages Pension Staff training and welfare Rates Light and heat Water Repairs and maintenance Telephone and fax Postage, printing and stationery Education / examination supplies and books Subscriptions Insurance IT Support Travel and subsistence Advertising, promotion and entertainment Accountants fees Other legal and professional Bank charges Depreciation and loss /(profit) on sale Rental Property expense Refuse License fees Other expenses Total expenditure Net income Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Year Year Restricted & ended ended Unrestricted endowment 31st August 31st August funds funds 2020 2019 £ £ £ £ 644,150 - 644,150 632,319 22,248 - 22,248 26,383 15,045 - 15,045 20,800 212 - 212 6 46,218 46,218 - |
|---|---|
| 727,873 - 727,873 679,508 |
|
| 519,102 - 519,102 528,578 - - - 1,630 - - - 100 1,351 - 1,351 - - - - 11,779 13,682 - 13,682 19,978 1,177 - 1,177 - 26,151 - 26,151 5,668 3,030 - 3,030 972 15,361 - 15,361 10,513 45,250 - 45,250 35,742 14,038 - 14,038 2,302 16,511 - 16,511 12,050 4,914 - 4,914 4,518 40 - 40 1,631 660 - 660 1,000 1,200 - 1,200 2,500 1,300 - 1,300 3,908 2,519 - 2,522 2,403 60,555 - 60,555 - 25,434 - 25,434 - 982 - 982 - 3,590 - 3,590 - 1,487 - 1,487 2,619 |
|
| 758,334 - 758,337 647,891 |
|
| 30,461 - - 30,464 - 31,617 997,408 - 997,408 965,791 30,461 - - 30,464 - 31,617 |
|
| 966,947 - 966,944 997,408 |
Page 5
Madani Girls' School Balance sheet As at 31st August 2020
| Note Fixed assets Land and building Fixtures, f�ngs & equipment Total fixed assets Current assets Cash in hand and balance at bank Trade Debtors Total current assets Current liabilities Trade creditors/accruals Creditors: amounts falling due within one year Total assets less current liabilities Interest free loan Total net assets The funds of the charity Balance at start of period Net (deficit)/profit Total unrestricted funds |
2020 £ 1,490,000 121,110 1,611,110 137,212 31,720 168,932 96,818 96,818 1,683,224 716,280 966,944 997,408 30,464 - 966,944 |
2019 £ 1,490,000 - |
|---|---|---|
| 1,490,000 | ||
| 53,029 - |
||
| 53,029 | ||
| 54,452 | ||
| 54,452 | ||
| 1,488,578 491,170 |
||
| 997,408 | ||
| 997,408 - |
||
| 997,408 |
The accompanying notes form part of these accounts.
Approved by the Board of Trustees on 28 Oct 2021 and signed on its behalf by:
Muhammad Gias Uddin Chair of Madani Girls' School
Page 6
Madani Girls' School Notes to the financial statements
For the year ended 31st August 2020
Note 1 - Basis of preparation
1.1 Basis of accounting
Madani Girls' School is a public benefit entity.
The presentation currency of the financial statements is the Pound Sterling (£).
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
1.2 Going concern
The accounts (financial statements) have been prepared to give a ‘true and fair’ view. After making enquiries, the trustees have a reasonable expectation that Madani Girls' School has adequate resources to continue it's activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Note 2 - Accounting policies
2.1 Income
Recognition of income
All income is accounted for in the SOFA when the Charity is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
2.2 Expenditure and liabilities
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
Page 7
Madani Girls' School
Notes to the financial statements
For the year ended 31st August 2020
2.3 Assets
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year. The depreciation rates and methods used are disclosed in note 2.6.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2.4 Tax
Madani Girls' School, as a registered charity is exempt from tax under Chapter 3 of Part 11 to the Corporation Tax Act 2010 or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
2.5 Cash flow
The charity meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemption in relation to presentation of a cash flow statement in respect of its financial statements.
2.6 Tangible fixed assets
Tangible fixed assets (land and building) are stated at cost. No depreciation is calculated on any other fixed assets as these are not capitalised. Instead these are written off in the year of purchase.
Note 3 - Employees
The average number of employees, calculated on a full-time equivalent basis, during the year under review were 41 (2019 - 43).
The above numbers include staff responsible for the management and support of the volunteers.
The trustees have not received any remuneration or expenses in relation to their duties as trustees.
Note 4 - Contribution from the volunteers
We are very grateful to our large and hugely supportive volunteer base.
Some work tirelessly to raise funds for our work and help run the charity, whilst others work directly with children and young people through our services such as being a trained volunteer or delivering our Maddrasah service.
Given the absence of a reliable measurement basis, donated services from our volunteers are not included within the financial statements. This is in line with the requirements of Charities SORP (FRS 102).
Note 5 - Capital commitments
Page 8
Madani Girls' School Notes to the financial statements
For the year ended 31st August 2020
The charity had £1m capital commitments as at 31 August 2020, related to The Madani Hub.
Note 6 - Contingent liabilities
There were no contingent liabilities at either the beginning or at the end of the financial year.
Note 7 - Trustee remuneration and benefits
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
Note 8 - Tangible fixed assets
| Cost or valuation At the beginning of the year Additions Adjustment Disposals At end of the year Depreciation and impairments At beginning of the year Disposals Depreciation Impairment At end of the year Net book value At the beginning of the year At the end of the year |
School freehold property School leasehold property Fixtures, fittings & equipment Total £ £ £ £ 1,330,000 160,000 - 1,490,000 - - 181,665 181,665 - - - - - - - - |
|---|---|
| 1,330,000 160,000 181,665 1,671,665 |
|
| - - - - - - - - - - 60,555 60,555 - - - |
|
| - - 60,555 60,555 |
|
| 1,330,000 160,000 - 1,490,000 |
|
| 1,330,000 160,000 121,110 1,611,110 |
Page 9