Noor trust Report and Financial StateTncnts Year ended: 31 July 20?4 Charity no.. 1089506 Noor Trust Contents Page Legal and administrative inforn)ation Trustee5' annual report 3to5 Statement of financial activities Balance sheets Notes forn)ing part of the financial statements Ioto 14 Noor Trust Legal and administrative information Trustees: Dr Isam Ajina Dr Fazel Milani Mr Emad Dean Hilli Registered Office: 4 Dalston Gardens Stanmore Middlesex HA7 IBU Accountants: Nebula Accountants limited 31 Crown Way Chellaston Derby DE73 5NU Bankers: National Westminster Bank PIC Kingsbury Branch 567 Kingsbury Road London NW9 9EP Noor Trust Trustees, Annual Report for the year ended 31 July 2024 The trustees submit their annual report and the audited financial statements for the year ended 31 July 2024. The trustees have adopted the provisions of the Statrment of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Referenee and administrative details of the charity, its trustees and advisers Registered Charity, lluTnber 1089506 Trustees: Dr Isam Ajina Dr Fazel Milani Mr Emad Dean Hilli Registered Office: 4 Dalston Gardens Stanmore Middlesex HA7 IBU Independent Auditors: Nebula Accountants limited 31 Crown Way Chellaston Derby DE73 5NU Bankers.. National Westminster Bank PIC Kingsbury Branch 567 Kingsbury Road London NW9 9EP Aceountants Nebula Accountants Limited 17 Lytham Tamworth B77 4QA Struetur4 governance alld managernent OrgaDisational 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 l 00 % shareholdings in an incorporated charity. Noor (NWL) Limited (Co Registration number 7543550 and registered charity number 1089506). Noor Trust operates from 4 Dalston Gardens. Stsnmore Middlesex HA7 1 BU, a property acquired by Noor (NWL) Limited in June 201 l. The purchase of the property was financed by interest free loan from Noor Trust to Noor (NWL) Limited. Noor Trust Risk Management The trustees actively review the tnajor risks. which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review ofthe 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 systerns to mitigate the significant risks. Trustee Induction and Training As part of the induction programrne all the Trustees and the committee rnembers are made aware of their responsibilities. This induction includes an introduction to the objectives, scope and policies of the charitable funds, Charity Comrnission inforn)ation on trustee responsibilities. Objeetives and aetivities Objectives of the Charity and principal activities The Charity is governed by its constitution dated 27 (ktober 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.. To provide the benefit of the inhabitants and in particular the Muslim children and young people who reside in comrnunities within the UK and overseas and the neighborhoods, thereof without distinction of sex, sexual orientalion, race or of political, religious or other opinion. by associating together the inhabitanls and local authorities, voluntary and other organi5ation5 in a common effort to advance the Muslim faiih, 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 inhabitanls; 2. To establish schools to teach children of ethnic minorities their mother tongue and culture. and help them with curriculuTn education. 3. To cooperate with and support organisations and indivtduals 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 Centre for Educational Excellence (NCEE) in Iraq which is solely for orphans and children from very poor background , as well as Noor Youth Library and Reading Club. Financial review Transactions and financial position The Statement of Financial Activities shows net loss of £175,363 for the year, and reserves stand at £2,255,756 in total. Charity received £386.592 from donations and investment income (Bank interest) of £23,172. 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 The free reserves of the charity comprise of the unrestricted ￿ndS which at the year end amounted to £2,255.756 (31 July 23 £2,431,119). The trustees are targeting a minimum reserve level which would cover about 18 months of regular operating expenses. A substantial amount of the donations received has been put aside to be spent on the NCEE project. Commeneement of Construction Work on the Noor Centre for Educational Excellence (NCEE) Noor Trust is pleased to report the comrnencement of Construction work on the Noor Centre for Educational Excellence (NCEE). This project aims to provide high quality education and comprehensive support services to orphaned Children from extremely disadvantaged backgrounds, many of whom face significant barriers to accessing and remaining in fornial education due to financial hardship. The centre will encompass nursery, primary and secondary school facilities, along with a vocational training programme for secondary-level students. Additionally, psychological, social and medical support services will be provided on site to promote the holistic development of each child. Noor Trust The total lar]d allocated for the project is 5,000 square metres (approximately 54,000 square feet). Phase One involves the construction of four-storey building that will house the nursery, reception, and primary school. This building will cover 1.000 square metres (approximately I 1.000 square feet)-_ constituting one-fifth of the total site area. The remaining land will be developed to include. Recreational and green areas Playgrounds Parking spaces Essential service infrastructure Construction began in March 2024 and is expected to lake 21 months to complete. Initial site preparation included.. Soil sampling and laboratory analysis to deterniine soil composition and guide foundation design Installation of portacabins to house the site engineer and porter, fumished with essential items (tables, chairs, generator, etc.) A detailed site survey, with coordinates marked in accordance with approved construction plans Following these preparatory activities, the following foundational work was carried out: Excavation over the designated building footprint Application of a hardcore layer as an oversite base Installation of a darnp-proof membrane to prevent moisture ingress. Pouring of a concrete raft foundation Backfilling with sand to level the surface according to structurdl requirernents The constNction has progressed to the superstructure stage, including: Casting of ground floor concrete columns Pouring of the first-floor concrete slab Work is ongoing and will continue through successive stages to complefr the four-storey structure. Noor Trust remains cornmitted to delivering this project in full alignment with its objectives to support vulnerable children through educational opporNnity and care. All work is being carried out in compliance with local regulations, safety Standards, and the approved development plan. Regular updates will continue to be submitted to ensure full transparency and oversight. Volunteers The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision and fund- rdising activities. It is estimated that over 17.000 volunteer hours were provided during the year. If this is conservatively valued at £9 an hollr the volunteer effort amounts to over £153,000. TRUSTEES, RESPONSIBILITIES STATEMENTS Trustees, responsibilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statement5 in accordance with applicable law and United Kingdom Accountino 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: Noor Trust select suitable a¢countincv policies and then apply them consistenlly: observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements. 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 record5 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial stateTt]ents comply with the Charitie5 Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of frdud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial infonnation included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of fiT]ancial statements may differ from legislation tn other jurisdictions. This report was approved by the Board on 30th April 2025 and signed on its behalf by: Dr. Isam Ajina- Trustee Noor Trust Statement of Financial Activities for the year ellded 31 July 2024 31107124 Unrestrieted funds 31107123 Total funds Notes Incoming Resources Incoming resources from generated funds: Donations Activities for generating funds Other incoming resources 273,978 112,614 181,874 207,186 Total incoming resources 409,764 394,299 Resources expended Direct Charitable activities 523,711 407,104 Governance costs Total resourees expended 585 127 456 84? Net Incoming l(Outgoing) resources 175 363 Fund balances brought forward at l August 2431 119 ? 49) 66) Fund balances carried forward at 31 July All of the above results are derived from continuing activities. Noor Trust Balance Sheets as At 31 July 2024 31107124 31107123 Unrestricted fund Total funds Notes Fixed assets Land & buildings Fixtures & Fittings Investments 351,633 5,436 356,032 6,795 io 357 069 Current assets Debtors 1,241,051 1,241,051 Cash at bank and in hand 871.804 2,070,856 8?9.80 2,070,856 Creditors: amounts falling due within one year 12 Net current assets ?￿_6£ ?_91 2.Q68 291 Total assets less eurrent liabilities 2,431,119 2.431,119 Net assets 24Jl.119 Funds: Unrestricted funds 13 2,255,756 2.431,119 Total funds 2 255 756 The flnancial statements on pages 8 to 14 were approved and authorised for issue by the trustees on 30th April 2025 and signed on their behalf by.. Dr Isam Ajina- Trustee Noor Trust Notes forming part of the financi81 statements for the year ended 31 July 2024 Accounting polieies (a) Basis of preparation The financial staternents have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recornmended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I O?) (effective January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act ?0 I l. The financial statements have been prepared under the historical cost convention. with the exception of investments, which is included at market value. Going Concern No material uncertainties related to events or condTtions that may cast significant doubt upon the entity's ability to continue as a going concern exist. (b) Incoming resource5 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 paty is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. (c) Resources expended All expendiNre is accounted for on an accruals basis and has been classified under headings that aggiegate 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 straiJo t line basis over their expected useful economic lives as follows: Project and office equiprnent Computer equipment Equipment held under finance leases Buildings over 5 years over 3 years over the life of the lease over 50 years (e) Finance and operating leases Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incu￿. 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. (O 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 ￿ndS are raised for particular restricted purposes. Noor Trust Notes forming part ofthe financial statements- Continued for the year ended 31 July 2024 Donations and gift 31107124 31107123 Donations Gift aid Sadaka 249,167 5,923 18.888 152,489 14,533 Activitles for generating funds 31107124 31107123 Ramadan Appeal School appeal Specified Orphan's donations Sponsorship 15 98,869 129 128,223 Charitable activities costs Direct costs Support costs (see note S) Totals Direct Charitable Costs Support Costs Finance Others Total Direct Charitable Costs Governance Costs 31107124 31107123 Rates & water Accountants remuneration Rent School expenses 4,723 1,800 54,893 4,348 1,500 43,890 10 Noor Trusl Notes form ing part of the financial statements - Continued for ihe year ended 31 July 2024 Trusltts, remuneration The trustees neither received nor waived any emoluments during the year (2023: £Nil). There were no trustees, expenses paid for the year ended 31 July 2024 (2023: £Nil) Staff costs 31107124 31107123 Net wages and salaries Social security costs 109.886 130,637 12 The average number of employees, calculated on a full-titne equivalent basis, analysed by ￿nctIOn was: 31107124 Number 31107123 Number Charitable activities Managetnent and administration of the charity 23 Tangible fixed assets Fixtures & rittings Land & buildings Cost At l August 2023 Additions 19,071 386,833 At 31 July 2024 J86.8i3 Depreciation At l August 2023 Charge for year 12.276 1.359 30.800 4.400 At 31 July 2024 Net book value at 31 July 2024 51 At 31 July 2023 56 Noor Trust Notes forming part of the financial statements- Continu¢d for Ihe year ended 31 July 2024 10. Fixed Asset Investments Investments (neither listed nor unlisted) are represented by: Investment in subsidiary 31107124 31107123 Total The Charity's investments at the balance sheet date in the share capital of company include the following- Noor (NWL) Limited (CO Reg 7543550) Incorporated in England & Wales Nature of Business.. Charity Class of shares Ordinary /0 Holding 100 31107124 31107123 Accumulated funds carried fonvard (Loss)Iprofit for the year 33,575 17.533 Debtors: Amounts falling due within one year 31107124 31107123 Related party Gift Aid- HMRC Other debtors Foreign Exchange Debtor 1,025,000 5,189 1,018,000 692 222,360 Tot81 L?41 051 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 31107124 31107123 Trade creditors other creditors & accruals 12 Noor Trust Notes forming part of the finaneial statements- Continued for the year ended 31 July 2024 13. Movement in Funds At 01.8.23 Net movement in funds At 31.7.24 Unrestricted funds General funds ?,4Jl,119 (175..?6J I ? ?5$ 756 Totsl Funds ? 43_LIL9_ ? ?55_.756 Incoming Resources Resources Expended Movement in funds Unrestricted funds General funds 394,299 (456,842) (62,544) Total Funds J94 ?99 456 84? 14. Related Party Disclosures Noor Trust undertook the following transactions with parties relating to it: Noor (NWL) Limlted (Co Reg 7543S50) 3110712023 3110712022 Loan interest charged from Rent and Rates from Year end debtors l (creditors) Nil Nil Nil Nil 1038I1.0_0 Noor (NWL) Limifrd is l OOO/o owned subsidiary of Noor Trust 13 Noor Trust Detailed Statement of Financial Activities Incoming Resources 31107124 31107123 Donations Donations Gift aid Sadaka 249,167 152,489 14,533 273,978 181,874 Aetivities for generating funds Ramadan appeal School appeal Specified Orphan's donations Sponsorship 15 98,869 129 128,223 112,614 207,186 Other ineoming resources Bank Total Incoming Resourees ?_94 ?99 Recourses Expended Charitable activities Activities and event Volunteers expenses Direct wages Donations and sponsorships 311 121 311.121 168 168.339 Governance costs Wages Rent Professional fees Rates & waler Promotion and Advertising Accountancy Auditors remuneration School expenses 54,893 43,890 4,723 4,348 1,800 1,500 61,415 49,738 14 Noor Trust Detailed Statement of Financial Activities 31107124 31107123 Finance Sundries Bank charges ,058 2,688 Other Staff costs & NI Depreciation Insurance 158,324 5,759 2,123 ,168 7,672 5,151 8,475 3,207 915 10,090 443 188,675 6,399 2,241 10,643 Books & subscriptions Exchange fees General Expenses Travel & subsistence Teaching services IT software & tel Postage and stationery Sundries Bad debts Advertising & marketing 3.041 7,291 3,171 3,354 7,846 449 54 211,532 236,07 1 Total resources expended 12 45 Net (Expenditure)/income 15