**Charity number: 1113547**
## **Raedan Institute**
**Trustees' report and financial statements**
**for the year ended 31 March 2024**
## **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 - 11**|
## **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 Kolia|
||Mizbah Shaikh|
||Adam Dhorat|
|**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 2024**
The trustees present their report and the financial statements for the year ended 31 March 2024. 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.
i To promote the education of people by providing educational classes in different subjects. ii. 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 of life. at their discretion, the trustees may spend all or part of the capital of the charity in furthering the objects.
iii. The prevention or relief of poverty for the public benefit by providing food packs, debt relief and financial support with the aim of advancing the health and well-being of the general public and improving their conditions of life.
## **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.
**Page 2**
## **Raedan Institute**
## **Report of the trustees for the year ended 31 March 2024**
## **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
Mohamed Sidat (chairman) **Trustee**
**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 2024 set out on pages 2 to 11.
## **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 2024**
|**Unrestricted**
**funds**
**Notes**
**£**
**Incoming resources**
Incoming resources from generating funds:
Voluntary income
2
115,946
Investment income
3
-
Incoming resources from charitable activities
4
107,063
**Total incoming resources**
223,009
**Resources expended**
Staff costs
5
37,760
Establishment costs
77,113
Motor and travelling expenses
1,425
Accountancy fees
600
Legal and professional fees
16,534
Communications and IT
4,801
Other office expenses
6,327
Depreciation and impairment
820
Educational costs
44,649
**Total resources expended**
190,029
Total funds brought forward
87,394
**Total funds carried forward**
120,374|**2024**
**Total**
**£**
115,946
-
107,063
223,009
37,760
77,113
1,425
600
16,534
4,801
6,327
820
44,649
190,029
87,394
120,374|**2023**
**Total**
**£**
106,902
2,800
39,119|
|---|---|---|
|||148,821|
|||34,374
16,729
90
1,770
2,854
2,330
1,039
-
36,790|
|||95,976|
|||34,549|
|||87,394|
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 11 form an integral part of these financial statements.**
**Page 5**
## **Raedan Institute**
## **Balance sheet as at 31 March 2024**
|**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 assets/(liabilities)**
**Net assets**
**Funds**
10
Unrestricted income funds
**Total funds**|**2024**
**£**
**£**
49,563
52,054
101,617
2,000
18,898
20,898
)
(2,140
18,758
120,375
120,375
120,375|**2023**
**£**
**£**
46,283
52,054
98,337
2,000
29,227
31,227
)
(42,170
)
(10,943
87,394
87,394
87,394|
|---|---|---|
The financial statements were approved by the trustees on and signed on its behalf by
## **Mohamed Sidat (chairman) Trustee**
**The notes on pages 7 to 11 form an integral part of these financial statements.**
**Page 6**
## **Raedan Institute**
## **Notes to financial statements for the year ended 31 March 2024**
## **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.
**Page 7**
## **Raedan Institute**
## **Notes to financial statements for the year ended 31 March 2024**
## **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 Motor vehicles - 25% straight line
## **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**
|**2.**
**Voluntary income**|||
|---|---|---|
|**Unrestricted**
**funds**
**£**
Donations
55,185
Student fees
60,761
115,946
**3.**
**Investment income**
Other interest receivable
**4.**
**Incoming resources from charitable activities**|**2024**
**Total**
**£**
55,185
60,761
115,946
**2024**
**Total**
**£**
-
-|**2023**
**Total**
**£**
58,904
47,998|
|||106,902|
|||**2023**
**Total**
**£**
2,800|
|||2,800|
||||
|**Unrestricted**
**funds**
**£**
Grants
107,063
107,063|**2024**
**Total**
**£**
107,063
107,063|**2023**
**Total**
**£**
39,119|
|---|---|---|
|||39,119|
**Page 8**
## **Raedan Institute**
## **Notes to financial statements for the year ended 31 March 2024**
|**5.**
**Employees**
**Employment costs**
Wages and salaries
No employee received emoluments of more than £60,000 (2023 : None).|**2024**
**£**
37,760|**2023**
**£**
34,374|
|---|---|---|
||||
## **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:
|
**Long**
**6.**
**Tangible fixed assets**
**leasehold**
**property**
**£**
**Cost**
At 1 April 2023
46,283
Additions
-
At 31 March 2024
46,283
**Depreciation**
At 1 April 2023
-
Charge for the year
-
At 31 March 2024
-
**Net book values**
At 31 March 2024
46,283
At 31 March 2023
46,283|**2024**
**Number**
**Motor**
**vehicles**
**£**
-
4,100
4,100
-
820
820
3,280
-|**2023**
**Number**|
|---|---|---|
|||**Total**
**£**
46,283
4,100|
|||50,383|
|||-
820|
|||820|
|||49,563|
|||46,283|
**Page 9**
## **Raedan Institute**
## **Notes to financial statements for the year ended 31 March 2024**
|**Other**
**7.**
**Fixed asset investments**
**unlisted**
**investments**
**£**
**Valuation**
At 1 April 2023 and
At 31 March 2024
52,054
Historical cost as at 31 March 2024
-
All fixed asset investments are held within the United Kingdom.
**8.**
**Debtors**
**2024**
**£**
Other debtors
2,000
**9.**
**Creditors: amounts falling due**
**within one year**
**2024**
**£**
Other loans
1,540
Other taxes and social security
-
Other creditors
-
Accruals and deferred income
600
2,140
**10.**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**£**
Fund balances at 31 March 2024 as represented by:
Tangible fixed assets
101,617
Current assets
20,989
Current liabilities
)
(2,140
120,466|**Total**
**£**
52,054
-
**2023**
**£**
2,000
**2023**
**£**
37,040
133
4,397
600
42,170
**Total**
**funds**
**£**
101,617
20,989
)
(2,140
120,466|
|---|---|
**Page 10**
## **Raedan Institute**
## **Notes to financial statements for the year ended 31 March 2024**
|**11.**
**Unrestricted funds**
Leasehold property
Investments & Assets
Current assets
Current liabilities|**At**
**At**
**1 April**
**Incoming**
**Outgoing**
**31 March**
**2023**
**resources**
**resources**
**2024**
**£**
**£**
**£**
**£**
46,283
-
-
46,283
52,054
4,100
)
(820
55,334
31,227
-
)
(10,329
20,898
)
(42,170
40,030
-
)
(2,140
87,394
44,130
)
(11,149
120,375|
|---|---|
**Page 11**
## **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 2024**
|||**2024**||**2023**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Incoming resources**|||||
|**Incoming resources from generating funds:**|||||
|_Voluntary income_|||||
|Donations||55,185||58,904|
|Student fees||60,761||47,998|
|||115,946||106,902|
|_Investment income_|||||
|Other interest receivable||-||2,800|
|||-||2,800|
|**Total incoming resources from generating funds**||115,946||109,702|
|**Incoming resources from charitable activities**|||||
|Grants||107,063||39,119|
|||107,063||39,119|
|**Total incoming resources**||223,009||148,821|
|**Resources expended**|||||
|**Costs of generating funds:**|||||
|**Fundraising trading:**|||||
|**cost of goods sold and other costs**|||||
**Page 13**
## **Raedan Institute**
## **Detailed statement of financial activities**
## **For the year ended 31 March 2024**
|||**2024**||**2023**|
|---|---|---|---|---|
|||**£**||**£**|
|**Charitable activities**|||||
|**Direct costs**|||||
|Educational costs|44,649||36,790||
|||44,649||36,790|
|**Direct costs total expenditure**||44,649||36,790|
|**Total charitable activity expenditure**||44,649||36,790|
|**Governance costs**|||||
|_Activities undertaken directly_|||||
|Staff costs - Wages & salaries|37,760||34,374||
|Establishment - Rent|46,500||7,000||
|Establishment - Rates & water|606||645||
|Establishment - Light & heat|8,955||4,291||
|Establishment - Repairs & maintenance|18,502||3,752||
|Establishment - Insurance|2,420||1,041||
|Establishment - Cleaning|130||-||
|Motor vehicle expenses|1,425||90||
|Professional - Accountancy fees|600||1,770||
|Professional - Legal fees|1,034||-||
|Professional - Other|15,500||2,854||
|Office expenses - Communication & IT|4,801||2,330||
|Office expenses - Printing, postage & stationery|2,146||-||
|Bank charges|249||79||
|Office expenses - Advertising|3,931||960||
|Depreciation & impairment|820||-||
|||145,379||59,186|
|**Total governance costs**||145,379||59,186|
|**Net incoming/(outgoing) resources for the year**||32,981||52,845|
**Page 14**