Noor trust
Report and Financial Statements
Year ended: 31 July 2023
Charity no: 1089506
Noor Trust
Contents
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|Page|
|Legal|and|administrative|information|2|
|Trustees’|annual!|report|3|to|5|
|Statement|of financial|activities|6|
|Balance|sheets|7|
|Notes|forming|part of the|financial|statements|10|to|14|
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Noor Trust
Legal and administrative information
Trustees: Dr Isam Ajina Dr Fazel Milani Mr Emad Dean Hili
Registered Office: 4 Dalston Gardens Stanmore Middlesex HA7 1BU
Accountants: Nebula Accountants limited 31 Crown Way Chellaston Derby DE73 S5NU Bankers: National Westminster Bank Plc Kingsbury Branch 567 Kingsbury Road London NW9 9EP
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Noor Trust
Trustees’ Annual Report for the year ended 31 July 2023
The trustees submit their annual report and the audited financial statements for the year ended 31 July 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in 2005 in preparing the annual report and financial statements of the charity.
Reference and administrative details of the charity, its trustees and advisers
Registered Charity, number 1089506
Trustees: Dr Isam Ajina Dr Fazel Milani Mr Emad Dean Hili
Registered Office: 4 Dalston Gardens Stanmore Middlesex HA7 1BU
Independent Auditors: Nebula Accountants limited 31 Crown Way Chellaston Derby DE73 SNU
Bankers: National Westminster Bank Plc Kingsbury Branch 567 Kingsbury Road London NW9 9EP
Accountants Nebula Accountants Limited 17 Lytham Tamworth B77 4QA
Structure, governance and management
Organisational structure
The Trustees of the charity are listed on above and served throughout the year. The Board has the power to appoint additional trustees, as it considers fit to do so. There shall be at least three trustees. Every future trustee shall be appointed by resolution of the trustees passed at a special meeting.
Related parties
Noor Trust owns 100% shareholdings in an incorporated charity, Noor (NWL) Limited (Co Registration number 7543550 and registered charity number 1089506).
Noor Trust operates from 4 Dalston Gardens, Stanmore Middlesex HA7 1BU, a property acquired by Noor (NWL) Limited in June 2011. The purchase of the property was financed by interest free toan from Noor Trust to Noor (NWL) Limited.
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Noor Trust
Risk Management
The trustees actively review the major risks, which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Trustee Induction and Training
As part of the induction programme all the Trustees and the committee members are made aware of their responsibilities. This induction includes an introduction to the objectives, scope and policies of the charitable funds, Charity Commission information on trustee responsibilities.
Objectives and activities
Objectives of the charity and principal activities The Charity is governed by its constitution dated 27" October 2001 registered with the Charity Commission as a charity (1089506).
The trustees shall hold the trust fund and its income upon trust to apply them to:
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To provide the benefit of the inhabitants and in particular the Muslim children and young people who reside in communities within the UK and overseas and the neighborhoods, thereof without distinction of sex, sexual orientation, race or of political, religious or other opinion, by associating together the inhabitants and local authorities, voluntary and other organisations in a common effort to advance the Muslim faith, advance education and to provide facilities in the interests of social welfare for recreation and other leisure-time occupation with the object of improving the conditions for the said inhabitants;
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To establish schools to teach children of ethnic minorities their mother tongue and culture, and help them with curriculum education;
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To cooperate with and support organisations and individuals working with children and youth in the UK and abroad to promote education of children and youth, and to prevent poverty.
Achievement and performance
Development activities and achievements this year
During the year the charity continued to follow its objectives and contributed towards An-Noor School for girls, Al-Huda Arabic School for boys, Noor Al-Huda School for infants, Noor Orphans fund, and Noor Youth Library and Reading Club. The charity was able to and made substantial donations towards orphans in Iraq.
Financial review
Transactions and financial position
The Statement of Financial Activities shows net loss of £62,544 for the year, and reserves stand at £2,431,119 in total. Charity received £389,060 from donations and investment income (Bank interest) of £5,239. The Charity’s total incoming resources for the year are therefore £394,299. The Charity is indebted to the generosity of those who donated so generously to the work of the Charity.
Reserves Policy
Having examined the circumstances facing the Charity and in response to the Charity Commissions Regulatory Study entitled Charity Reserves, consider that the reserves held are too high and considers to adopt a strategy of applying charitable funds within reasonable period of receipt. Some of the donations received have been put aside to be spent on the NCEE project.
Other Developments
Over the course of the year the trust continued in collaboration with Noor Relief Fund, Reg. Charity No. 1190503, sent aid to orphans for various projects such as feed the poor, medical aid and education support. The trust also helped the destitute Yemenis whose lives were torn apart as a result of war by sending aid through Lady Fatemah Charitable Foundation, Reg. Charity No. 1072270. Aid also sent to needy Iraqi families via Khatam Al-Nabaeen Ltd., Reg. Charity No. 1168024. The trust also kicked off its main education project, i.e. a comprehensive school for orphans in Karbala — Iraq by preparing the site for construction.
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Noor Trust
Volunteers
The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision and fundraising activities. It is estimated that over 15,000 volunteer hours were provided during the year. If this is conservatively valued at £10 an hour the volunteer effort amounts to over £150,000.
TRUSTEES' RESPONSIBILITIES STATEMENTS
Trustees’ responsibilities statement
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which 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:
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® select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP; ® make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets ofthe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Board on 15th May 2024 and signed on its behalf by:
Dr. Isam Ajina- Trustee
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Noor Trust
Statement of Financial Activities for the year ended 31 July 2023
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|---|---|---|---|---|---|---|---|---|
|31/07/23|31/07/22|
|Unrestricted|Total|
|Notes|funds|funds|
|£|£|
|Incoming|Resources|
|Incoming|resources|from|generated|funds:|
|Donations|2|181,874|511,570|
|Activities|for|generating|funds|3|207,186|$51,509|
|Other|incoming|resources|5,239|396|
|Total|incoming|resources|394,299|1,063,475|
|Resources|expended|
|Direct|Charitable|activities|4|407,104|1,332,830|
|Governance|costs|6|49,738|46,332|
|Total|resources|expended|456,842|1,379,162|
|Net|Incoming|/ (Outgoing)|resources|(62,544)|(315,687)|
|Fund|balances|brought|forward|at|1|August|2.493.663|2.809350|
|Fund|balances|carried forward|at 31|July|2,431,119|2.493.663|
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All of the above results are derived from continuing activities.
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Noor Trust
Balance Sheets as at 31 July 2023
| 31/07/23 | 31/07/22 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| Fixed assets | |||
| Land& buildings | 9 | 356,032 | 360,432 |
| Fixtures& Fittings | 9 | 6,795 | 5,339 |
| Investments | 10 | 1 | ] |
| 362.878 | 365,772 | ||
| Current assets | |||
| Debtors | 1] | 1,241,051 | 1,080,686 |
| Cash atbank and in hand | $29,805 | 1,056,732 | |
| 2,070,856 | 2,137,418 | ||
| Creditors: amounts falling due within one year | 12 | (2,565) | (9,527) |
| Net current assets | 2,068,291 | _2,127,891 | |
| Total assets less current liabilities | 2,431,119 | 2,493,663 | |
| Net assets | 2.43 L119 | 2.493.663 | |
| Funds: | |||
| Unrestricted funds | 13 | 2,431,119 | 2,493,663 |
| Totalfunds | 2,431,119 | 2,493,663 |
These accounts have been prepared in accordance with the Financial Reporting Standard FRS 102 (effective 1 January 2015)
The financial statements on pages 10 to 17 were approved and authorised for issue by the trustees on 15th May 2024 and signed on their behalf by:
Dr Isam Ajina - Trustee
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Noor Trust
Notes forming part of the financial statements for the year ended 3t July 2023
1 Accounting policies
- (a) Basis of preparation
The financial statements 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments, which is included at market value.
(b) Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
(c) Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
- (d) Tangible fixed assets and depreciation
Tangible fixed assets costing more than £250 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:
Project and office equipment over 5 years Computer equipment over 3 years Equipment held under finance teases over the life of the lease Buildings over 50 years
(ce) Finance and operating leases Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance lease are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are written-off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge.
(f) Taxation The charity is exempt from tax on its charitable activities.
(g) Fund accounting
Unrestricted funds can only be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes with objects of the charity. Restrictions arise when specified by donor or when funds are raised for particular restricted purposes.
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Noor Trust
Notes forming part of the financial statements - Continued for the year ended 31 July 2023
| 2: | Donations and gift | ||||
|---|---|---|---|---|---|
| 31/07/23 | 31/07/22 | ||||
| £ | £ | ||||
| Donations | 152,489 | 327.258 | |||
| Giftaid | 14,533 | 108,706 | |||
| Sadaka | 14,852 | 75,606 | |||
| 181,874 | 511,570 | ||||
| 3 | Activities forgenerating funds | ||||
| 31/07/23 | 31/07/22 | ||||
| £ | £ | ||||
| Ramadan Appeal | 129 | 4,144 | |||
| School appeal | 128,223 | 117,733 | |||
| Specified Orphan’s donations | 0 | 28 | |||
| Sponsorship | 78,834 | 429,604 | |||
| 207,186 | 551,509 | ||||
| 4. | Charitable activities costs | Direct | costs | Support costs | Totals |
| (see note 5) | |||||
| £ | £ | £ | |||
| Direct Charitable Costs | 168,339 | 238,765 | 407,104 | ||
| 5 | SupportCosts | ||||
| Finance | Others | Total | |||
| £ | £ | £ | |||
| Direct Charitable Costs | 2,688 | 236,077 | 238,765 | ||
| 6. | Governance Costs | ||||
| 31/07/23 | 31/07/22 | ||||
| £ | £ | ||||
| Postage and stationary | 0 | 0 | |||
| Otherprofessional fees | 0 | 5,340 | |||
| Rates& water | 4,348 | 4,096 | |||
| Accountants remuneration | 1,500 | 2,400 | |||
| Rent | 43,890 | 34,496 | |||
| School expenses | 0 | 0 | |||
| 49,738 | 46,332 |
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Noor Trust
Notes forming part of the financial statements - Continued for the year ended 31 July 2023
7. Trustees’ remuneration
The trustees neither received nor waived any emoluments during the year (2022: £Nil). There were no trustees’ expenses paid for the year ended 31 July 2023 (2022: £Nil)
8. Staff costs
| 31/07/23 | 31/07/22 | |
|---|---|---|
| £ | £ | |
| Netwages and salaries | 130,637 | 181,391 |
| Social security costs | 25,584 | 37,057 |
| 156,257 | 218.448 |
The average number of employees, calculated on a full-time equivalent basis, analysed by function was:
| 31/07/23 | 31/07/22 | ||
|---|---|---|---|
| Number | Number | ||
| Charitable activities | 23 | 19 | |
| Managementand administration ofthe charity | 7 | 7 | |
| 9. Tangible fixed assets |
|||
| Fixtures | Land | ||
| & fittings | & buildings | ||
| £ | £ | ||
| Cost | |||
| At | August 2022 Additions |
15,196 3,155 |
|
| At31 July2023 | 19,07] | 386.833 | |
| Depreciation | |||
| At | August 2022 | 10,577 | |
| Charge foryear | 1,699 | 4,400 | |
| At31 July2023 | 12,276 | 30.800 | |
| Net book value | |||
| at31 July2023 | 6,795 | 356,033 | |
| At31July2022 | 5,339 | 360,433 |
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Noor Trust
Notes forming part of the financial statements - Continued for the year ended 31 July 2023
10. Fixed Asset Investments
Investments (neither listed nor unlisted) are represented by: Investment in subsidiary
31/07/23 31/07/22
Total
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The Charity’s investments at the balance sheet date in the share capital of company include the following:
Noor (NWL) Limited (CO Reg 7543550)
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|---|---|---|---|
|Incorporated|in|England &|Wales|
|Nature|of Business:|Charity|
|Class of shares|%|Holding|
|Ordinary|100|
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|---|---|---|---|---|---|
|31/07/23|31/07/22|
|£|£|
|Accumulated|funds|carried|forward|17,533|7,689|
|(Loss)/profit|for the year|4,570|L1533)|
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11. Debtors: Amounts falling due within one year
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||||||
|---|---|---|---|---|
|31/07/23|31/07/22|
|£|£|
|Related|party|1,018,000|1,038,000|
|Gift Aid- HMRC|692|37,804|
|Other|debtors|222,360|4,882|
|Foreign|Exchange|Debtor|0|0|
|Total|1.241.051|1.1080,686|
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The amount owed by the subsidiary undertaking is secured by a charge over the assets of the subsidiary.
12. Creditors: Amounts falling due within one year
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|---|---|---|---|---|
|31/07/23|31/07/22|
|£|£|
|Trade|creditors|0|0|
|Other|creditors &|accruals|2,565|9,527|
|2,565|9,527.|
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Noor Trust
Notes forming part of the financial statements - Continued for the year ended 31 July 2023
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|---|---|---|---|---|---|---|---|---|
|13.|Movement|in|Funds|
|At|01.8.22|Net|movement|At|31.7.23|
|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|funds|2.493.663|(62,544)|2,431,119|
|Total|Funds|2,493,663|(62,544)|2.431.119|
|Incoming|Resources|Movement|
|Resources|Expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|funds|394,299|(456,842)|(62,544)|
|Total|Funds|394,299|(456,842)|(62,544)|
|14.|Related|Party|Disclosures|
|Noor Trust|undertook|the|following transactions|with|parties|relating|to|it:|
|Noor (NWL)|Limited|(Co|Reg|7543550)|31/07/2023|31/07/2022|
|£|£|
|Loan|interest|charged|from|Nil|Nil|
|Rent and|Rates|from|Nil|Nil|
|Year end debtors|/ (creditors)|1.018.000|1,038,000|
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Noor (NWL) Limited is 100% owned subsidiary of Noor Trust
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Noor Trust
Detailed Statement of Financial Activities
| Incoming Resources | 31/07/23 | 31/07/22 |
|---|---|---|
| £ | £ | |
| Donations | ||
| Donations | 152,489 | 327,258 |
| Gift aid | 14,533 | 108,706 |
| Sadaka | 14,852 | 75,606 |
| 181,874 | $11,570 | |
| Activities forgenerating funds | ||
| Ramadan appeal | 129 | 4,144 |
| School appeal | 128,223 | 117,733 |
| Specified Orphan's donations | 0 | 28 |
| Sponsorship | 78,834 | 429.604 |
| 207,186 | 551,509 | |
| Other incoming resources | ||
| Bank | 5,239 | 396 |
| Total IncomingResources | _394,299 | 1,063,475 |
| Recourses Expended | ||
| Charitable activities | ||
| Activities and event | 0 | 0 |
| Volunteers expenses | 0 | 0 |
| Directwages | 0 | 26,081 |
| Donations and sponsorships | 168,339 | 906.380 |
| 168,339 | 932,461 | |
| Governance costs | ||
| Wages | 0 | 0 |
| Rent | 43,890 | 34,496 |
| Professional fees | 0 | 5,340 |
| Rates& water | 4,348 | 4,096 |
| Promotion andAdvertising | 0 | 0 |
| Accountancy | 1,500 | 0 |
| Auditors remuneration | 0 | 2,400 |
| School expenses | 0 | 0 |
| 49,738 | 46,332 |
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Noor Trust , Detailed Statement of Financial Activities
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|---|---|---|---|---|
|31/07/23|31/07/22|
|£|£|
|Finance|
|Sundries|0|0|
|Bank charges|2,688|15,157|
|2,688|15,157|
|Other|
|Staff costs & NI|188,675|257,406|
|Depreciation|6,399|5,735|
|Insurance|2,241|2,178|
|Books &|subscriptions|10,643|4,483|
|Exchange|fees|0|4,452|
|General|Expenses|3,041|22,659|
|Travel &|subsistence|7,291|9,480|
|Teaching|services|3,171|3,123|
|IT software &|tel|3,354|4,227|
|Postage|and stationery|7,846|12,245|
|Sundries|449|932|
|Bad debts|0|0|
|Advertising & marketing|2.967|57,065|
|236,077|385,212|
|Total|resources|expended|456,843|1,379,162|
|Net (Expenditure)/income|(62,544)|(315,687)|
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