MIAN CHARITABLE TRUST UNAUDITED ACCOUNTS 31 JANUARY 2021
Charity Number 1084848
MIAN CHARITABLE TRUST
ACCOUNTS
YEAR ENDED 31 JANUARY 2021
| CONTENTS | PAGE |
|---|---|
| Trustees' Annual Report | 1 |
| Statement of Financial Activities | 3 |
| Balance sheet | 4 |
| Notes to the accounts | 5 |
MIAN CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 JANUARY 2021
The trustees present their report and the unaudited accounts of the charity for the year ended 31 January 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Mian Charitable Trust Charity registration number 1084848 Principal office Mountview House 202-212 High Road Ilford Essex IG11QB
The trustees
The trustees who served the charity during the period were as follows:
Farrakh Mian – Now Dawood Saleem Nadeem Mir Samera Saleem - Resigned Fizul Rahman Khan Derek John Leonard - Resigned
STRUCTURE, GOVERNANCE AND MANAGEMENT
There are no changes to the structure of the organisation and there are three trustees who manage the organisation.
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MIAN CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 JANUARY 2021
OBJECTIVES AND ACTIVITIES
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The trustees shall pay or apply the income of the trust fund in such manner as they shall in their absolute discretion think fit to or for the benefit of any charitable object or purpose.
ACHIEVEMENTS AND PERFORMANCE
The Charity envisaged that the property would be let out, but due to the downturn in market conditions they have been able to let out only parts of the property to generate income. This income was never enough to pay outgoings, including mortgage payments and repairs of the property. The Charity is subject to the present Covid 19 economic climate. The Charities tenants are struggling to pay rent and have requested a rent holiday. This has been refused. The Charity is currently in negotiations regarding rental payments. Consent for the sale of assets was granted by the Charities Commission and has been actioned.
FINANCIAL REVIEW
Changes in tax legislation in respect of rental income needs to be reviewed and any necessary provisions put in place to enable the organisation to carry on honouring its financial commitments.
PLANS FOR FUTURE PERIODS
The Charity is unable to plan significantly for the future due to the current Covid 19 emergency. The Charity will review the situation at regularly intervals and will adjust its planning accordingly.
Signed by order of the trustees.
Charity Secretary
........................
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MIAN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 JANUARY 2021
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from generating funds: | |||
| Investment income | 2 | 395,047 | 103,500 |
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| TOTAL INCOMING RESOURCES | 395,047 | 103,500 | |
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| RESOURCES EXPENDED | |||
| Governance costs | 3 | (14,353) | (68,939) |
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| TOTAL RESOURCES EXPENDED | (14,353) | (68,939) | |
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| NET INCOMING/(OUTGOING) RESOURCES FOR | THE YEAR | 380,694 | 34,561 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 191,694 | 157,133 | |
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| TOTAL FUNDS CARRIED FORWARD | 572,388 | 191,694 | |
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 5 to 6 form part of these accounts.
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MIAN CHARITABLE TRUST
BALANCE SHEET
31 JANUARY 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible assets | 5 | - | 1,300,000 | |
| CURRENT ASSETS | ||||
| Debtors | 6 | 597,531 | 19,602 | |
| Cash at bank | 30,600 | 27,112 | ||
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| 628,131 | 46,714 | |||
| CREDITORS: Amounts falling due within one | ||||
| year | 7 | (55,743) | (501,838) | |
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| NET CURRENT ASSETS/LIABILITIES | 572,388 | (455,124) | ||
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| TOTAL ASSETS LESS CURRENT LIABILITIES | 572,388 | 844,876 | ||
| CREDITORS: Amounts falling due after more | ||||
| than one year | 8 | - | (653,182) | |
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| NET ASSETS | 572,388 | 191,694 | ||
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| FUNDS | ||||
| Unrestricted income funds | 9 | 572,388 | 191,694 | |
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| TOTAL FUNDS | 572,388 | 191,694 | ||
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These accounts were approved by the members of the committee and authorised for issue on the ........................ and are signed on their behalf by:
Farrakh Mian Trustee
The notes on pages 5 to 6 form part of these accounts.
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MIAN CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
1. ACCOUNTING POLICIES
Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards and the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005).
Fixed assets
All fixed assets are initially recorded at cost.
2. INVESTMENT INCOME
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2021 | 2020 | |
| £ | £ | £ | |
| Income from UK investment properties | 35,047 | 35,047 | 103,500 |
| Sale of Investment Property | 360,000 | 360,000 | - |
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3. GOVERNANCE COSTS
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2021 | 2020 | |
| £ | £ | £ | |
| Premises costs | 2,386 | 395 | 2,224 |
| Legal fees | 2,000 | 2,000 | 31,750 |
| Interest payable | 8,847 | 8,847 | 32,623 |
| Other financial costs | 1,120 | 1,120 | 2,342 |
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|
| 14,353 | 12,362 | 68,939 | |
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4. STAFF COSTS AND EMOLUMENTS
No salaries or wages have been paid to employees, including the members of the committee, during the year.
5. TANGIBLE FIXED ASSETS
| Land and | |||
|---|---|---|---|
| buildings | Total | ||
| £ | £ | £ | |
| COST | |||
| At 1 February 2020 | 1,300,000 | – | 1,300,000 |
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|
| DISPOSAL | |||
| (1,300,000) | – | (1,300,000) | |
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|
| NET BOOK VALUE | |||
| At 31 January 2021 | - | – | - |
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|
| At 31 January 2020 | 1,300,000 | – | 1,300,000 |
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MIAN CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 JANUARY 2021
6. DEBTORS
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors | 15,883 | 14,156 |
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| Other debtors | 581,648 | 5,446 |
||
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| 597,531 | 19,602 |
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| 7. | CREDITORS: Amounts falling due within one year | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Bank loans and overdrafts | - | 54,580 |
||
| Trade creditors | - | 13,849 |
||
| Other creditors | 55,743 | 433,409 |
||
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| 55,743 | 501,838 |
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| 8. | CREDITORS: Amounts falling due after | more than one year | ||
| 2021 | 2020 | |||
| £ | £ | |||
| Bank loans and overdrafts | - | 399,249 |
||
| Trade creditors | - | 253,933 |
||
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| - | 653,182 |
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| 9. | UNRESTRICTED INCOME FUNDS | |||
| Balance at | Incoming | Balance at | ||
| 1 | February 2021 | resources 31 |
January 2020 | |
| £ | £ | £ | ||
| General Funds | 572,388 | 380,694 | 191,694 | |
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