REGISTERED CHARITY NUMBER: 1098822
Report of the Trustees and Financial Statements for the Year Ended 31 March 2021 for Orison Charitable Trust
Gillespie Inverarity & Co Limited Chartered Accountants and Registered Auditors 33 Leslie Street Blairgowrie Perthshire PH10 6AW
Orison Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Report of the Independent Auditors | 3 to 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 |
Orison Charitable Trust
Report of the Trustees
for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1098822
Principal address
8 Colburn Avenue Pinner Middlesex HA5 4PF
Trustees
M Mohamed S Kassam M A Jaffer T Kanji - appointed 2.3.21 M Hemani - appointed 2.3.21
Auditors
Gillespie Inverarity & Co Limited Chartered Accountants and Registered Auditors 33 Leslie Street Blairgowrie Perthshire PH10 6AW
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Orison Charitable Trust is constituted as a charitable trust registered with the Charity Commission in July 2003 under charity number 1098822. It is governed by a deed of trust dated 10 July 20013.
Organizational structure
The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits.
The trustees meet together as a body monthly and are responsible for all decisions taken in relation to running the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees review this risk matrix regularly at their meetings and at meetings of the two sub committees on finance and buildings. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Orison Charitable Trust is a registered charity working primarily for the advancement of Islamic Shia religion and for the advancement of education and relief of poverty.
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Orison Charitable Trust
Report of the Trustees
for the Year Ended 31 March 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been satisfactory.
FINANCIAL REVIEW
Against the backdrop of limited sources the charity has continued to plan or develop its services. With the aid of sound financial management and the support of both the trustees and volunteers, the charity has achieved a satisfactory outcome for the year, with sufficient resources to continue its normal activities in the forthcoming years.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 8 November 2021 and signed on its behalf by:
M Mohamed - Trustee
Page 2
Report of the Independent Auditors to the Trustees of Orison Charitable Trust
Opinion
We have audited the financial statements of Orison Charitable Trust (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Trustees of Orison Charitable Trust
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements ; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Gillespie Inverarity & Co Limited Chartered Accountants and Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 33 Leslie Street Blairgowrie Perthshire PH10 6AW
8 November 2021
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Orison Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 Unrestricted fund Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income 2 2,472,986 Investment income 3 116 Total incoming resources 2,473,102 RESOURCES EXPENDED Charitable activities 4 Donations 2,123,135 NET INCOMING/(OUTGOING) RESOURCES 349,967 RECONCILIATION OF FUNDS Total funds brought forward 473,610 TOTAL FUNDS CARRIED FORWARD 823,577 |
31.3.20 Total funds £ 2,827,538 334 2,827,872 3,087,383 (259,511) 733,121 473,610 |
|---|---|
The notes form part of these financial statements
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Orison Charitable Trust
Balance Sheet At 31 March 2021
| 31.3.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 341,800 CURRENT ASSETS Debtors 8 98,816 Cash at bank 392,974 491,790 CREDITORS Amounts falling due within one year 9 (10,013) NET CURRENT ASSETS 481,777 TOTAL ASSETS LESS CURRENT LIABILITIES 823,577 NET ASSETS 823,577 FUNDS 10 Unrestricted funds 823,577 TOTAL FUNDS 823,577 |
31.3.20 Total funds £ 341,800 95,956 42,756 138,712 (6,902) 131,810 473,610 473,610 473,610 473,610 |
|---|---|
The financial statements were approved by the Board of Trustees on 8 November 2021 and were signed on its behalf by:
M Mohamed -Trustee
S Kassam -Trustee
The notes form part of these financial statements
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Orison Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. VOLUNTARY INCOME
| Donations Gift aid INVESTMENT INCOME Deposit account interest |
31.3.21 £ 2,268,313 204,673 2,472,986 31.3.21 £ 116 |
31.3.20 £ 2,754,339 73,199 |
|---|---|---|
| 2,827,538 | ||
| 31.3.20 £ 334 |
3. INVESTMENT INCOME
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Orison Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
4. CHARITABLE ACTIVITIES COSTS
| Direct costs £ Donations 2,057,528 5. SUPPORT COSTS Management £ Donations 62,007 |
Support costs (See note 5) £ 65,607 Other 4 £ 3,600 |
Totals £ 2,123,135 |
|---|---|---|
| Totals £ 65,607 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020 .
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
7. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Freehold property £ 341,800 |
|---|---|
| 341,800 | |
| 341,800 |
Included in cost of land and buildings is freehold land of £341,800 (2020 - £341,800) which is not depreciated.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Other debtors | 98,816 | 95,956 |
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Orison Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 473,610 TOTAL FUNDS 473,610 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 2,473,102 TOTAL FUNDS 2,473,102 Comparatives for movement in funds At 1.4.19 £ Unrestricted Funds General fund 733,121 TOTAL FUNDS 733,121 |
31.3.21 £ 10,013 Net movement in funds £ 349,967 349,967 Resources expended £ (2,123,135) (2,123,135) Net movement in funds £ (259,511) (259,511) |
31.3.20 £ 6,902 At 31.3.21 £ 823,577 823,577 Movement in funds £ 349,967 |
31.3.20 £ 6,902 At 31.3.21 £ 823,577 823,577 Movement in funds £ 349,967 |
31.3.20 £ 6,902 |
|---|---|---|---|---|
| 349,967 | ||||
| At 31.3.20 £ |
||||
| 473,610 | ||||
| 473,610 | ||||
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Orison Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 2,827,872 2,827,872 |
Resources expended £ (3,087,383) (3,087,383) |
Movement in funds |
|---|---|---|---|
| £ | |||
| (259,511 | |||
| (259,511 | |||
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.4.19 in funds At 31.3.21 £ £ £ 733,121 90,456 823,577 733,121 90,456 823,577 |
Net movement At 1.4.19 in funds At 31.3.21 £ £ £ 733,121 90,456 823,577 733,121 90,456 823,577 |
|---|---|---|
| 823,577 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS 11. RELATED PARTY DISCLOSURES |
Incoming resources £ 5,300,974 5,300,974 |
Resources expended £ (5,210,518) (5,210,518) |
Movement in funds £ 90,456 |
|---|---|---|---|
| 90,456 | |||
As at the Balance Sheet date the charity was owed £20,495 (2020 £50,230) by a trustee. The loan is repayable by installments according to the terms of the loan agreement.
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Orison Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOMING RESOURCES Voluntary income Donations Gift aid Investment income Deposit account interest Total incoming resources RESOURCES EXPENDED Charitable activities Projects Support costs Management Administration Other 4 Audit fees Total resources expended Net income/(expenditure) |
31.3.21 £ 2,268,313 204,673 2,472,986 116 2,473,102 2,057,528 62,007 3,600 2,123,135 349,967 |
31.3.20 £ 2,754,339 73,199 2,827,538 334 2,827,872 3,015,589 68,194 3,600 3,087,383 (259,511) |
|---|---|---|
This page does not form part of the statutory financial statements
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