REGISTERED CHARITY NUMBER: 1091881
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2021
for
The Dakri Charitable Trust
The Dakri Charitable Trust
Contents of the Financial Statements for the Year Ended 31 May 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
The Dakri Charitable Trust
Report of the Trustees for the Year Ended 31 May 2021
The trustees present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the relief of poverty and sickness, the advancement of education, and the advancement of the Islamic religion in the United Kingdom and in any other geographical area of the world.
The trustees have had due regard to guidance published by the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity's activity is the provision of grant funding to causes that further it's charitable objects.
During the year, the charity was able to provide £70,600 of grant funding.
FINANCIAL REVIEW
Financial position
During the year under review, the Trust received donation income of £4,800 and generated investment income of £95,599. The Trust expended £70,600 on the furtherance of its charitable objectives.
The Trust's net assets as 31 May 2021 were £598,999 compared to £587,735 at the start of the year.
Reserves policy
The reserves policy of the charity is to maintain unrestricted funds at a level sufficient to cover upcoming management, administration and support costs and to respond to emergency applications for donations which arise from time to time.
The trustees believe the reserves held at the year end, excluding the value held in fixed assets, is within the range described above.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Dakri Charitable Trust is constituted under a trust deed dated 1 June 2001 as amended by supplemental deed dated 10 March 2002. It's registered charity number is 1091881.
The Trust seeks to ensure that its trustees have the appropriate mix of skills to guide the work of the Trust and is continuously seeking ways to put in place succession arrangements for new trustees.
All new trustees are inducted to ensure that they understand their role and responsibilities as trustees.
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1091881
Principal address
Unit 7c Earls Way Churchill Road Industrial Estate Thurmaston Leicester LE4 8DL
Page 1
The Dakri Charitable Trust
Report of the Trustees for the Year Ended 31 May 2021
Trustees
I Y Dakri M I Dakri I Adam M Dakri
Independent Examiner
N Bathia, FCA torr waterfield Park House 37 Clarence Street Leicester Leicestershire LE1 3RW
Solicitors
Shakespeares Martineau LLP 2 Colton Square Leicester LE1 1QH
Bankers
Lloyds Bank 7 High Street Leicester Leicestershire LE1 9FS
INVESTMENT PROPERTY
I Y Dakri, M I Dakri and I Adam hold title to the Investment Property on behalf of the charity.
Approved by order of the board of trustees on 17 March 2022 and signed on its behalf by:
I Y Dakri - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Dakri Charitable Trust
Independent examiner's report to the trustees of The Dakri Charitable Trust
I report to the charity trustees on my examination of the accounts of The Dakri Charitable Trust (the Trust) for the year ended 31 May 2021.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
N Bathia, FCA torr waterfield Park House 37 Clarence Street Leicester Leicestershire LE1 3RW
17 March 2022
Page 3
The Dakri Charitable Trust
Statement of Financial Activities
for the Year Ended 31 May 2021
| 31.5.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 4,800 Investment income 2 95,599 Total 100,399 EXPENDITURE ON Raising funds 3 17,551 Charitable activities Grant activities 71,584 Total 89,135 NET INCOME 11,264 RECONCILIATION OF FUNDS Total funds brought forward 587,735 TOTAL FUNDS CARRIED FORWARD 598,999 |
31.5.20 Total funds £ 6,800 85,602 |
|---|---|
| 92,402 14,969 75,184 |
|
| 90,153 | |
| 2,249 585,486 |
|
| 587,735 |
The notes form part of these financial statements
Page 4
The Dakri Charitable Trust
Balance Sheet
31 May 2021
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Debtors 9 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.5.21 Unrestricted fund £ 540,000 25,502 7,239 42,488 75,229 (16,230) 58,999 598,999 598,999 598,999 598,999 |
31.5.20 Total funds £ 540,000 36,667 6,744 25,264 68,675 (20,940) 47,735 587,735 587,735 587,735 587,735 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 March 2022 and were signed on its behalf by:
I Y Dakri - Trustee
The notes form part of these financial statements
Page 5
The Dakri Charitable Trust
Notes to the Financial Statements for the Year Ended 31 May 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant note(s) to the accounts.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective rate of interest method, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Going concern
After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.
Page 6
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
2. INVESTMENT INCOME
| Rents receivable 3. RAISING FUNDS Investment management costs Portfolio management Support costs 4. GRANTS PAYABLE Grant activities The total grants paid to institutions during the year was as follows: Malawi Relief Fund UK Tanzimul Masjid Al Kawther Trust Valli Trust Madhepur Education Centre Welfare Trust Education in Action Bukhari Sidat Bangla Charity Masjid Usman HYD Mohammed Rafi Foundation Iqra Aid Trust Food Foundation Madani Education Centre Yacoub Char Great Ormand St Hospital Bachchoka Ghar Naswadi Guide Dogs Other Muslim Hands Macmillan Stroke Association Water Aid Marie Curie Children's society DUKT Tafseer Raheemi Orbis Anjumin Rahma Mercy Imdaad Muslimeen Mencap |
31.5.21 £ 95,599 31.5.21 £ 16,568 983 17,551 31.5.21 £ 70,600 31.5.21 £ 18,000 11,000 6,400 6,250 4,000 3,900 2,500 1,500 1,000 2,000 600 500 450 300 300 250 150 150 1,950 - - - - - - - - - - - - - 61,200 |
31.5.20 £ 85,602 |
|---|---|---|
| 31.5.20 £ 13,169 - |
||
| 13,169 | ||
| 31.5.20 £ 75,057 |
||
| 31.5.20 £ 16,800 5,000 - 4,000 15,200 1,500 - 4,000 - 2,000 - - - 500 - 750 250 250 2,100 220 250 250 250 300 350 2,500 500 600 750 2,400 3,000 250 |
||
| 63,970 |
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continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
4. GRANTS PAYABLE - continued
Grants payable to individuals amount to £9,400 (2020: £11,087).
5. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance Finance costs £ £ Investment management costs 83 900 Grant activities 84 900 167 1,800 |
Totals £ 983 984 |
| 1,967 |
| Activity | Basis of allocation |
|---|---|
| Finance | equally between grant activities and investment management |
| Governance costs | equally between grant activities and investment management |
6. INDEPENDENT EXAMINERS' REMUNERATION
| INDEPENDENT EXAMINERS' REMUNERATION | ||
|---|---|---|
| 31.5.21 | 31.5.20 | |
| £ | £ | |
| Independent examiners remuneration | 1,800 | 1,800 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 June 2020 and 31 May 2021 NET BOOK VALUE At 31 May 2021 At 31 May 2020 |
£ 540,000 |
|---|---|
| 540,000 | |
| 540,000 |
The investment properties have been valued by the trustees on a rental yield basis.
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continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income |
31.5.21 £ 18,263 7,239 25,502 31.5.21 £ 4,642 11,588 16,230 |
31.5.20 £ 29,923 6,744 |
|---|---|---|
| 36,667 | ||
| 31.5.20 £ 4,642 16,298 |
||
| 20,940 |
Accruals and deferred income includes £7,988 (2020: £10,898) of deferred income for rent invoiced for a period following the year end.
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.6.20 £ 587,735 587,735 Incoming resources £ 100,399 100,399 At 1.6.19 £ 585,486 585,486 |
Net movement At in funds 31.5.21 £ £ 11,264 598,999 11,264 598,999 Resources Movement expended in funds £ £ (89,135) 11,264 (89,135) 11,264 Net movement At in funds 31.5.20 £ £ 2,249 587,735 2,249 587,735 |
|---|---|---|
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continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 92,402 | (90,153) | 2,249 |
| TOTAL FUNDS | 92,402 | (90,153) | 2,249 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 10
The Dakri Charitable Trust
| Detailed Statement of Financial Activities for the Year Ended 31 May 2021 31.5.21 £ INCOME AND ENDOWMENTS Donations and legacies Donations 4,800 Investment income Rents receivable 95,599 Total incoming resources 100,399 EXPENDITURE Investment management costs Portfolio management 16,568 Charitable activities Grants to institutions 61,200 Grants to individuals 9,400 70,600 Support costs Finance Bank charges 167 Governance costs Independent examiners remuneration 1,800 Total resources expended 89,135 Net income 11,264 |
31.5.20 £ 6,800 85,602 |
|---|---|
| 92,402 13,169 63,970 11,087 |
|
| 75,057 127 1,800 |
|
| 90,153 | |
| 2,249 |
This page does not form part of the statutory financial statements
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