REGISTERED CHARITY NUMBER: 1091881
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2022
for
The Dakri Charitable Trust
The Dakri Charitable Trust
Contents of the Financial Statements for the Year Ended 31 May 2022
| 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 | 11 |
The Dakri Charitable Trust
Report of the Trustees for the Year Ended 31 May 2022
The trustees present their report with the financial statements of the charity for the year ended 31 May 2022. 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 £71,960 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 £74,381. The Trust expended £71,960 on the furtherance of its charitable objectives.
The Trust's net assets as 31 May 2022 were £1,186,555 compared to £1,529,753 at the start of the year. £1,144,323 (2021: £1,470,754) of these funds can only be realised if the charity sold it's investment property.
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 2022
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 24 March 2023 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 2022.
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
24 March 2023
Page 3
The Dakri Charitable Trust
Statement of Financial Activities for the Year Ended 31 May 2022
| 31.5.22 | 31.5.21 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| funds | funds | |||
| as restated | ||||
| Notes | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 4,800 | 4,800 | ||
| Investment income | 2 | 74,381 | 95,599 | |
| Total | 79,181 | 100,399 | ||
| EXPENDITURE ON | ||||
| Raising funds | 3 | 21,597 | 17,551 | |
| Charitable activities | ||||
| Grant activities | 74,351 | 71,584 | ||
| Total | 95,948 | 89,135 | ||
| Net gains/(losses) on investments | (326,431) | 153,795 | ||
| NET INCOME/(EXPENDITURE) | (343,198) | 165,059 | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | ||||
| As previously reported | 598,999 | 587,735 | ||
| Prior year adjustment | 8 | 930,754 | 776,959 | |
| As restated | 1,529,753 | 1,364,694 | ||
| TOTAL FUNDS CARRIED FORWARD | 1,186,555 | 1,529,753 |
The notes form part of these financial statements
Page 4
The Dakri Charitable Trust
Balance Sheet
31 May 2022
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds: General fund TOTAL FUNDS |
31.5.22 Unrestricted funds £ 1,144,323 25,856 37,503 63,359 (21,127) 42,232 1,186,555 1,186,555 1,186,555 1,186,555 |
31.5.21 Total funds as restated £ 1,470,754 32,741 42,488 75,229 (16,230) 58,999 1,529,753 1,529,753 1,529,753 1,529,753 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 March 2023 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 2022
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.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
Allocation and apportionment of costs
Support costs are allocated to the charity's grant making activities.
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.
Page 6
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
1. ACCOUNTING POLICIES - continued
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.
2. INVESTMENT INCOME
| Rents receivable 3. RAISING FUNDS Investment management costs Portfolio management Support costs 4. GRANTS PAYABLE Grant activities |
31.5.22 31.5.21 as restated £ £ 74,381 95,599 31.5.22 31.5.21 as restated £ £ 21,597 16,568 - 983 21,597 17,551 31.5.22 31.5.21 as restated £ £ 71,960 70,600 |
|---|---|
Page 7
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Malawi Relief Fund UK Madhepur Education Centre Welfare Trust Jamia Kashiful Tanzimul Masjid Reliable Hospital Research Water Wells Education in Action Dedza Welfare Valau Education M R Mosque Iqra Aid Trust Senegal Charity Gift Humanity Murkhi Trust Drop Compassion Valli Trust Al Kawther Trust Bukhari Sidat Bangla Charity Masjid Usman HYD Other grants |
31.5.22 31.5.21 as restated £ £ 7,500 18,000 6,000 4,000 5,500 - 5,050 11,000 3,300 - 3,000 - 2,600 3,900 2,550 - 2,000 - 2,000 - 1,750 - 1,500 - 1,260 - 1,200 - 1,000 - 1,000 6,250 - 6,400 - 2,500 - 1,500 - 1,000 - 2,000 9,250 4,650 56,460 61,200 |
31.5.22 31.5.21 as restated £ £ 7,500 18,000 6,000 4,000 5,500 - 5,050 11,000 3,300 - 3,000 - 2,600 3,900 2,550 - 2,000 - 2,000 - 1,750 - 1,500 - 1,260 - 1,200 - 1,000 - 1,000 6,250 - 6,400 - 2,500 - 1,500 - 1,000 - 2,000 9,250 4,650 56,460 61,200 |
|---|---|---|
| 61,200 |
Other grants consist of small grants of less than £750 individually.
Grants payable to individuals amount to £15,500 (2021: £9,400).
5. SUPPORT COSTS
| 5. | SUPPORT COSTS | |||
|---|---|---|---|---|
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Grant activities | 391 | 2,000 | 2,391 | |
| 6. | INDEPENDENT EXAMINERS' REMUNERATION | |||
| 31.5.22 | 31.5.21 | |||
| as | ||||
| restated | ||||
| £ | £ | |||
| Independent examiners remuneration | 2,000 | 1,800 |
Page 8
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
8. PRIOR YEAR ADJUSTMENT
Investment property had not previously been adjusted to be carried at it's fair value. Reserves as at 1 June 2020 have increased by £776,959 to recognise the increase in the property's value up until this date. A further gain of £153,795 has been recognised in the financial year ended 31 May 2021 to bring the property to it's fair value as at 31 May 2021. Reserves as at 31 May 2021 have increased by £930,754 compared to what was previously reported.
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 June 2021 Revaluation At 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 |
£ 1,470,754 (326,431) |
|---|---|
| 1,144,323 | |
| 1,144,323 | |
| 1,470,754 |
The investment properties have been valued by the trustees on a rental yield basis.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income |
31.5.22 31.5.21 as restated £ £ 17,995 25,502 7,861 7,239 25,856 32,741 |
31.5.22 31.5.21 as restated £ £ 17,995 25,502 7,861 7,239 25,856 32,741 |
|---|---|---|
| 32,741 |
Page 9
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income |
31.5.22 31.5.21 as restated £ £ 3,600 - 4,642 4,642 12,885 11,588 21,127 16,230 |
31.5.22 31.5.21 as restated £ £ 3,600 - 4,642 4,642 12,885 11,588 21,127 16,230 |
|---|---|---|
| 16,230 |
Accruals and deferred income includes £10,885 (2021: £7,988) of deferred income for rent invoiced for a period following the year end.
12. MOVEMENT IN FUNDS
| At 1.6.21 £ Unrestricted funds General fund 598,999 TOTAL FUNDS 598,999 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 79,181 TOTAL FUNDS 79,181 Comparatives for movement in funds At 1.6.20 £ Unrestricted funds General fund 587,735 TOTAL FUNDS 587,735 |
Prior year adjustment £ 930,754 930,754 Resources expended £ (95,948) (95,948) Prior year adjustment £ 776,959 776,959 |
Net movement At in funds 31.5.22 £ £ (343,198) 1,186,555 (343,198) 1,186,555 Gains and Movement losses in funds £ £ (326,431) (343,198) (326,431) (343,198) Net movement At in funds 31.5.21 £ £ 165,059 1,529,753 165,059 1,529,753 |
|---|---|---|
Page 10
continued...
The Dakri Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 100,399 100,399 |
Resources expended £ (89,135) (89,135) |
Gains and Movement losses in funds £ £ 153,795 165,059 153,795 165,059 |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2022.
Page 11