Charity Registration
Number: 1101644
AL FALAH EDUCATIONAL TRUS Unaudited Financial Statements Year ending 31 August 2023
~ ACCOUNTANTS 390-392 High Rd, Balfour Business Centre Ilford, IG1 1BF Email : info@thetaxhelp.co.uk Tel : 0203 633 7008
Financial Statements Year ending 31 August 2023
Contents
| Page | |
|---|---|
| Trustee's annual report | 2-3 |
| Independent examiner's report to the trustee | 4 |
| Statement offinancial activities ( including income | 5 |
| and expenditure account) | |
| Statement offinancial position | 6 |
| Notestothefinancialstatements | 7-11 |
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Page 1
Trustees' Annual Report Year ending 31 August 2023
The trustees, who are the management of the organisation present their report and the unaudited financial statements of the charity for the year ended 31 August 2023.
Reference and administrative details
Registered charity name Al Falah Educational Trust Charity registration number 1101644 Registered charity address 48 Kenninghall Road London E5 8BY The trustees Shah Muhammed Anas — Chairman Syed Hasnul Islam Mian Mohammed Aslam Moudud Ahmed Ali Choudhury Muhammed Sharif Uddin Independent examiner Muhammad Usman Ansari Certified Accountant 390-392 High Road Balfour Business Centre Ilford IG1 1BF Bankers Natwest Bank Plc 20 Amhurst Road London Eg 1JW
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Trustees' Annual Report Year ending 31 August 2023
The trustees present their report and the financial statements for the year ended 31 August 2023. The financial statements have been prepared on the accounting policies set out on page 7; comply with the constitution, applicable law and applicable accounting standards.
Objects, principal activities and organisation of the Charity
Al Falah Educational Trust was established by a trust in July 2000. The objects of the charity are to advance the academic and Islamic Education
Operational and financial review
The charity made a net loss of £-9682 compared with a net surplus of £4186 in the previous year. Fees receivable during the year amounted to £247715 (£229903 in 2022). Donation received during the year was £36450 (£54350 in 2022). Govt. grants received during the year was £2334 (£12027 in 2022).
Trustees Trustees, who served during the year are set out on page 2,
Statement of Trustees’ Responsibilities
The Charities Act requires the trustees to prepare financial statements for each financial year, which give a true and and fair view of the state of affairs of the charity at the end of the year and of the incoming a d outgoing resources for the year ended.
In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently, making judgements and estimates that are reasonable and prudent} The Trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable law, regulations and 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.
This report has been prepared in accordance with the Statement of Recommended Practice;Accounting and Reporting by Charities.
Approved by the trustees and signed on their behalf by
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Shah Muhammed Anas — Chairman
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Mian Mohammed Aslam
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Date:
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Independent Examiner's Report Year ending 31 August 2023
| report to the trustees set out on page 2 on the examination of the financial statements of Al Falah Educational Trust for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity's management committee you are responsible for the preparation of the financial statements; you consider that an audit is not required for the year under section 144(2) of the Charities Act 201 1(the 2011 Act) and that an independent examination is required. It is my responsibility to state, on the basis of procedures specified in the general directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to my attention.
Independent examiner's statement | have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
| 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.
Seed: Muhammad Usman Ansari MAAT Independent Examiner Taxhelp390-392 HighAccountants Road Ltd Balfour Business Centre Ilford IG1 1BF
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Date 29 June 2024
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Page 4
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Taxhelp Accountants Limited
Statement of Financial Activities (including income and expenditure account) Year ending 31 August 2023
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|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|
|Faris|Total funds|Total|funds|
|Income|£|£|£|
|Tuition|fees|247,715.00|247,715.00|229,903.00|
|Donations|36,450.00|36,450.00|54,350.00|
|Grants|2,334.00|2,334.00|12,027.00|
|Total|income|286,499.00|286,499.00|296,280.00|
|Expenditures|
|Wages and|salaries|243,231.00|243,231.00|216,624.00|
|Temporary|staff and|recruitment|-|4,450.00|
|Staff training|600.00|600.00|2,980.00|
|Travel|and|subsistence|475.00|475.00|818.00|
|Rent &|Rates|24,265.00|24,265.00|24,914.00|
|Light and|heat|3,531.00|3,531.00|3,921.00|
|Cleaning|1,168.00|1,168.00|1,330.00|
|Telephone,|Fax and|Internet|945.00|945.00|937.00|
|Books,Educational|and|Stationery expenses|5,834.00|5,834.00|8,182.00|
|Subscription|680.00|680.00|700.00|
|Bank charges|592.00|592.00|781.00|
|Insurance|2,207.00|2,207.00|1,088.00|
|Equipment|hire|1,654.00|1,654.00|3,491.00|
|Repairs and.maintenance|2,844.00|2,844.00|2,938.00|
|Independent Examiner's|Fees|-|2,200.00|
|Accountancy fees|2,000.00|2,000.00|3,000.00|
|Advert & Marketing|31.00|31.00|1,650.00|
|Other legal|and|professional|600.00|600.00|5,215.00|
|Sundry expense|224.00|224.00|250.00|
|Depreciation:|-|
|Equipments,|Fixtures|and|Fittings|5,300.00|5,300.00|6,625.00|
|Total|Expenditure|(296,181.00)|(296,181.00)|(292,094.00)|
|Net Income and|net movement|in funds|-|9,682.00|-|9,682.00|4,186.00|
|Reconcilliation|of funds|
|Total|funds|brought forward|60,540.00|60,540.00|56,354.00|
|Total funds|carried forward|50,858.00|50,858.00|60,540.00|
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The statement of financial activites includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Statement of Financial Position Year ending 31 August 2023
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|---|---|---|---|---|---|---|---|
|Notes|2023|2022|
|£|£|
|Fixed|Assets|
|Tangible|Fixed|Assets|4|21,199.00|26,499.00|
|Current Assets|
|Debtors|5|68,263.00|71,856.00|
|Cash|at|Bank|and|in|Hand|3,121.00|2,083.00|
|92,583.00|100,438.00|
|Creditors|
|Amount|falling|within|one|year|6|(41,725.00)|(39,898.00)|
|Amount|falling|more|than|one|year|-|-|
|Net Assets|50,858.00|60,540.00|
|Funds|of the|charity|
|Unrestricted funds|7|50,858.00|60,540.00|
|Total|charity funds|50,858.00|60,540.00|
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These financial statements (Page 5-6) were approved by the board of trustees and authorised for the issue on 29 June 2024 and are signed on behalf of the board by:
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ays
Shah Muhammed Anas — Chairman
Date:
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MW
Mian Mohammed Aslam
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Date:
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Notes to the Financial Statements Year ending 31 August 2023
1. General information
The charity is a public benefit entity registered in England and Wales. The address of the registered office is 48 Kenninghall Road, London, E5 8BY
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the|revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed|and are based on experience and other factors, including expectations of future events that are believed to be/reasonable under the circumstances.
There have been no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect}on the amounts recognised in the financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the; charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or hrough the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Notes to the Financial Statements (continued) Year ending 31 August 2023
- Accounting policies (continued)
Incoming resources
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All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the} charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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Income from tution fees, donations and grants are recognised when there is evidence of en itlement to the gift, receipt is probable and its amount can be measured reliably.
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- Income from tution fees, donations or grants are unrestricted funds unless specified from source and hence treated accordingly.
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- legacy income is recognised when receipt is probable and entitlement is established. * Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent gn a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes|any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking a tivities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs felating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £2,000 are not capitalised.
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Notes to the Financial Statements (continued)
Year ending 31 August 2023
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and Fittings - 20% Reducing balance method Computer Equipments - 20% Reducing balance method
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies |of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to| the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless| payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment lass is recognised under the appropriate heading in the statement of financial activities in which the initial gain was re ognised.
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Notes to the Financial Statements (continued) Year ending 31 August 2023
3. Accounting policies (continued)
Financial instruments (continued)
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
| 4. Tangible fixed assets | Land, Lease | Computer | Fixtures & | Total |
|---|---|---|---|---|
| & Buildings | Equipments | Fittings | ||
| £ | £ | £ | £ | |
| Cost orvaluation | At cost | At cost | At cost | |
| At 1 September 2022 |
25,327.00 | 32,539.00 | 57,866.00 | |
| Additions/(Disposal) | - | |||
| At31 August2023 | - | 25,327.00 | 32,539.00 | 57,866.00 |
| Depreciation At1September 2022 |
- | 10,554.00 | 20,813.00 | 31,367.00 |
| Chargefortheyear | - | 2,954.40 | 2,345.60 | 5,300.00 |
| At31 August2023 | - | 13,508.40 | 23,158.60 | 36,667.00 |
| Net book value | ||||
| At 31 August2022 | - | 14,773.00 | 11,726.00 | 26,499.00 |
| At31 August2023 | - | 11,818.60 | 9,380.40 | 21,199.00 |
| 5. Debtors :amountfalling duewihtinoneyear | 2023 | 2022 | ||
| £ | £ | |||
| Trade debtors | 68,263.00 | 71,856.00 | ||
| 68,263.00 | 71,856.00 | |||
| 6. Creditors :amountfallingduewihtinoneyear | 2023 | 2022 | ||
| £ | £ | |||
| PAYE liability | 3,824.00 | 1,726.00 | ||
| Othercreditors | 37,901.00 41,725.00 |
38,172.00 39,898.00 |
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Notes to the Financial Statements (continued) Year ending 31 August 2023
- Statement of funds 2023 2022 Unrestricted funds £ £ At the start of the period 60,540/00 56,354.00 Income during the period 286,499100 296,280.00 expenditure during the period (296,181.00) (292,094.00) Total Unrestricted funds at the end of the period 50,858.00 60,540.00 Restricted funds At the start of the period Nil Nil Income during the period Nil Nil expenditure during the period Nil Nil Total Restricted funds at the end of the period Nil —__ Ni
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