Charity number: 1113547
Raedan Institute
Trustees' report and financial statements
for the year ended 31 March 2021
Raedan Institute
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees report | 2 - 3 |
| Independent examiners' report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 9 |
Raedan Institute
Legal and administrative information
Charity number 1113547 Business address 2 Overton Road Leicester Leicestershire LE5 0JA Registered office 2 Overton Road Leicester Leicestershire LE5 0JA Trustees Mohamed Sidat (chairman Muhammad Ibraaheem Moinuddin Kolia Amrin Razak Accountants Sf Chartered Certified Accountants Fairgate House 205 Kings Road Tyseley Birmingham B11 2AA
Page 1
Raedan Institute
Report of the trustees for the year ended 31 March 2021
The trustees present their report and the financial statements for the year ended 31 March 2021. The trustees who served during the year and up to the date of this report are set out on page 1.
Structure, governance and management
The Charity is constituted by a 2006 Trust Deed and registered with the Charity Commissioners under charity number 1113547. The Trust Deed has not been amended since its initiation.
The Charity provides education primarily in Leicester and around the UK. The charity is continuing to expand the teaching of education through its proposed education centre in the UK. It is our policy that Raedan Institute achieves and maintains the highest academic level as well as provides an extra-curricular programme which aims to develop life-long leisure interests and help build self confidence and a desire to contribute to the community.
Objectives and activities
Objectives
The trustees must apply the income of the charity in furthering the following objects.
Objective one: To advance education, particularly in Islamic Studies, Arabic and English by any Charitable means as the trustees think fit.
Objective two: To provide facilities for recreation or other leisure time occupation for the members of the public in the interests of social welfare, with the objective of improving their conditions at life. At their discretion, the trustees may spend all or part of the capital of the charity in furthering the objects.
Investment powers, policy and performance
The trustees' investment powers are governed by the Trust Deed, which permits the Charity's funds to be invested in any security as it deems fit for the achievement of the objectives. The Board's policy is to maintain income whilst preserving the real value of Raedan Institute investments, to maximise income on temporarily invested funds and to gain as much investment as possible through our various ventures. The Charity's investments have continued to be managed in conformity with our policy and the Trust Deed, and their performance for the year has exceeded expectations, thanks to the expert advice of our affiliated associations and managers.
Achievements and performance
To provide education via our Centre of Excellence in Leicester To provide mental health and well-being services to the local community To provide online education and services
To provide activities, events and workshops for the local community To provide food and educational packs to the local community
Financial review
We have leased a Centre of Excellence in Leicester and working through a project of renovation We provide education at our Centre and have employed staff as well as volunteers We fund food and educational packs via our donations and grants We provide courses and workshops on education and mental health & well-being We provide extra-curricular activities, events and workshops to support the local community
Risk management
The trustee's examine the major risks that the charity faces each financial year when preparing and updating the strategic plan. The charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the charity in the future.
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Raedan Institute
Report of the trustees for the year ended 31 March 2021
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 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 the Charities Act 1993 and the Charity (Accounts and Reports) Regulations 2008. 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
On behalf of the board
Secretary
Page 3
Raedan Institute
Independent examiner's report to the trustees on the unaudited financial statements of Raedan Institute.
I report on the accounts of Raedan Institute for the year ended 31 March 2021 set out on pages 2 to 9.
Respective responsibilities of trustees and independent examiner
As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act), as amended by section 28 of the Charities Act 2006 does not apply and that an independent examination is needed. It is my responsibility to examine the accounts under section 43(3)(a) of the Act, as amended; to follow the procedures laid down in the General Directions given by the Charity Commission under section 43(7)(b) of the Act, as amended; and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(i) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep proper accounting records in accordance with section 41 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...........................................................
Farah Saddique Association of Chartered Ceritifed Accountants
Independent examiner
Fairgate house 205 Kings Road
Tyseley Birmingham B11 2AA
Page 4
Raedan Institute
Statement of financial activities
For the year ended 31 March 2021
| Unrestricted funds Notes £ Incoming resources Incoming resources from generating funds: Voluntary income 2 61,160 Investment income 3 6,436 Incoming resources from charitable activities 4 71,516 Total incoming resources 139,112 Resources expended Staff costs 5 20,878 Establishment costs 55,540 Motor and travelling expenses 427 Accountancy fees 600 Legal and professional fees 6,960 Communications and IT 3,171 Other office expenses 4,605 Educational costs 42,863 Total resources expended 135,044 Total funds brought forward 196 Total funds carried forward 4,264 |
2021 Total £ 61,160 6,436 71,516 139,112 20,878 55,540 427 600 6,960 3,171 4,605 42,863 135,044 196 4,264 |
2020 Total £ 36,731 5,940 - |
|---|---|---|
| 42,671 | ||
| 4,506 18,532 - - 3,254 - 1,083 15,873 |
||
| 43,248 | ||
| 773 | ||
| 196 |
The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 7 to 9 form an integral part of these financial statements.
Page 5
Raedan Institute
Balance sheet as at 31 March 2021
| Notes Fixed assets Tangible assets 6 Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 10 Net assets Funds 11 Unrestricted income funds Total funds |
2021 £ £ 11,692 55,654 67,346 2,000 5,091 7,091 ) (21,425 ) (14,334 53,012 ) (48,750 4,262 4,262 4,262 |
2020 £ £ - 1,600 1,600 - 4,821 4,821 ) (6,225 ) (1,404 196 - 196 196 196 |
|---|---|---|
The financial statements were approved by the trustees on 10 August 2021 and signed on its behalf by
Mohamed Sidat (chairman Trustee
The notes on pages 7 to 9 form an integral part of these financial statements.
Page 6
Raedan Institute
Notes to financial statements for the year ended 31 March 2021
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
1.1. Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005) and the Charities Act 1993.
1.2. Cashflow
The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.
1.3. Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
Income from investments is included in the year in which it is receivable.
1.4. Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
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Raedan Institute
Notes to financial statements for the year ended 31 March 2021
1.5. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold properties
- Straight line over the life of the lease
1.6. Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.
2. Voluntary income
| Unrestricted funds £ Donations 44,052 Student fees 17,108 61,160 3. Investment income Unrestricted funds £ Other investment income 6,436 6,436 |
2021 Total £ 44,052 17,108 61,160 2021 Total £ 6,436 6,436 |
2020 Total £ 36,731 - |
|---|---|---|
| 36,731 | ||
| 2020 Total £ 5,940 |
||
| 5,940 |
4. Incoming resources from charitable activities
| Unrestricted funds £ Grants 71,516 71,516 |
2021 Total £ 71,516 71,516 |
2020 Total £ - |
|---|---|---|
| - |
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Raedan Institute
Notes to financial statements for the year ended 31 March 2021
| 5. Employees Employment costs Wages and salaries Other costs No employee received emoluments of more than £60,000 (2020 : None). |
2021 £ 20,887 ) (9 20,878 |
2020 £ 2,400 2,106 |
|---|---|---|
| 4,506 | ||
Number of employees
The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows:
| 2021 Number Long 6. Tangible fixed assets leasehold property £ Cost Additions 11,692 At 1 April 2020 and At 31 March 2021 11,692 Net book values At 31 March 2021 11,692 Other 7. Fixed asset investments unlisted investments £ Valuation At 1 April 2020 1,600 Additions 54,054 At 31 March 2021 55,654 Historical cost as at 31 March 2021 - |
2020 Number |
|---|---|
| Total £ 11,692 11,692 11,692 Total £ 1,600 54,054 55,654 - |
All fixed asset investments are held within the United Kingdom.
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8. Debtors
| Other debtors 9. Creditors: amounts falling due within one year Other loans Accruals and deferred income 10. Creditors: amounts falling due after more than one year Bank loan 11. Analysis of net assets between funds |
2021 £ 2,000 2021 £ 20,825 600 21,425 2021 £ 48,750 |
2020 £ - 2020 £ 6,225 - 6,225 2020 £ - |
|---|---|---|
| 11. | Analysis of net assets between funds | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total | ||||||||||
| funds | funds | ||||||||||
| £ | £ | ||||||||||
| Fund balances at 31 March 2021 as represented by: | |||||||||||
| Tangible fixed assets | 67,346 | 67,346 | |||||||||
| Current assets | 7,091 | 7,091 | |||||||||
| Current liabilities | (21,425 | ) | (21,425 | ) | |||||||
| Long-term liabilities | (48,750 | ) | (48,750 | ) | |||||||
| 4,262 | 4,262 | ||||||||||
| 12. | Unrestricted funds | At | At | ||||||||
| 1 April | Incoming | Outgoing | 31 March | ||||||||
| 2020 | resources | resources | 2021 | ||||||||
| £ | £ | £ | £ | ||||||||
| Leasehold property | - | 11,692 | - | 11,692 | |||||||
| Investments | 1,600 | 54,054 | - | 55,654 | |||||||
| Current assets | 4,821 | 2,270 | - | 7,091 | |||||||
| Current liabilities | (6,225 | ) | - | ) (15,200 |
) (21,425 |
||||||
| Long term loan | - | - | ) (48,750 |
) (48,750 |
|||||||
| 196 | 68,016 | ) (63,950 |
4,262 |
Raedan Institute
The following pages do not form part of the statutory accounts.
Raedan Institute
Detailed statement of financial activities
For the year ended 31 March 2021
| 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Incoming resources from generating funds: | |||||
| Voluntary income | |||||
| Donations | 44,052 | 36,731 | |||
| Student fees | 17,108 | - | |||
| 61,160 | 36,731 | ||||
| Investment income | |||||
| Other investment income | 6,436 | 5,940 | |||
| 6,436 | 5,940 | ||||
| Total incoming resources from generating funds | 67,596 | 42,671 | |||
| Incoming resources from charitable activities | |||||
| Grants | 71,516 | - | |||
| 71,516 | - | ||||
| Total incoming resources | 139,112 | 42,671 | |||
| Resources expended | |||||
| Costs of generating funds: | |||||
| Fundraising trading: | |||||
| cost of goods sold and other costs |
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Raedan Institute
Detailed statement of financial activities
For the year ended 31 March 2021
| 2021 | 2021 | 2020 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||
| Charitable activities | |||||||||
| Direct costs | |||||||||
| Educational costs | 42,863 | 15,873 | |||||||
| 42,863 | 15,873 | ||||||||
| Direct costs total expenditure | 42,863 | 15,873 | |||||||
| Total charitable activity expenditure | 42,863 | 15,873 | |||||||
| Governance costs | |||||||||
| Activities undertaken directly | |||||||||
| Staff costs - Wages & salaries | 20,887 | 2,400 | |||||||
| Staff costs - Other | (9 | ) | 2,106 | ||||||
| Establishment - Rent | 46,382 | 14,200 | |||||||
| Establishment - Rates & water | 954 | - | |||||||
| Establishment - Light & heat | 3,570 | 999 | |||||||
| Establishment - Repairs & maintenance | 2,027 | 1,058 | |||||||
| Establishment - Insurance | 2,050 | 1,691 | |||||||
| Establishment - Cleaning | 557 | 584 | |||||||
| Motor vehicle expenses | 427 | - | |||||||
| Professional - Accountancy fees | 600 | - | |||||||
| Professional - Legal fees | 2,194 | 3,254 | |||||||
| Professional - Other | 4,766 | - | |||||||
| Office expenses - Communication & IT | 3,171 | - | |||||||
| Office expenses - Printing, postage & stationery | 1,238 | 1,083 | |||||||
| Bank charges | 21 | - | |||||||
| Office expenses - Advertising | 3,348 | - | |||||||
| 92,183 | 27,375 | ||||||||
| Total governance costs | 92,183 | 27,375 | |||||||
| Net incoming/(outgoing) resources for the year | 4,066 | (577 | ) |
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