IRAQI EDUCATIONAL TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
A Company limited by guarantee- Registration No. 5446956 (England) REGISTERED CHARITY NO. 1115053
IRAQI EDUCATIONAL TRUST
INDEX
Page
1-2 3
4
5
6
7-9
Directors Report
Independent Examiner's Report
Statutory Income and Expenditure Account
Balance Sheet
Statement of Financial Activities
Notes to the Accounts
IRAQ] EDUCATIONAL TRUST
1
DIRECTORS' REPORT
The directors (management committee members) present their Report and the Financial Statements for the Year Ended 31August 2023.
Status
The charity is a company limited by guavantee and is registered with the Charity Commission.
Company Registration No. 5446956 Charity Registration No. 1115053
Directors
The directors who held office during the year were as follows:
Dr Faiza Hadi
Thair Hussain Al Jumaily Saad Saleh
Bankers
Natwest Bank,34 High Street, Cheadle,Cheshire,Sk8 1AF
Accountants
Zaheer & Co , Registered Auditors , 63 Kingsway , Burnage, Manchester,M19 2LL
Principal Activities
The principal activity of the Company is to advance the education of children of iraqi origin by providing equipment facilities and services supplementary to those provided by the local education authority.To provide or assist in the provision of facilities in the interest of social welfare for recreation and other leisure time occupation with the object of improving the conditions of life of the said beneficiaries.
Organisational Structure
The company is an independent charity. The directors (management committee members) are responsible for the overall management and control of the charity.
Risks
The directors have taken steps to establish the risks to which the charity is exposed and have put systems in place to mitigate those risks.
IRAQI EDUCATIONAL TRUST
2
DIRECTORS' REPORT (cont...)
Review of the Results
The directors consider that the results set out on pages 4 to 9 are satisfactory. They are of the opinion that the balance on the funds is sufficient to meet any future commitments under the terms of the funding .
Fixed Assets
The movement in fixed assets is set out in Note 9 to the Accounts.
Directors Responsibilities
Company law requires the Directors to prepare accounts for each financial year (or other accounting period) which give a true and fair view of the state of affairs of the Company and of its surplus or deficit for that year. In preparing those financial statements, the Directors are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonably prudent:
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prepare accounts on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing the above report, the Directors have taken advantage of special exemptions applicable to small companies.
Signed on Behalf of the Board:
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dae a
Company Secretary
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Thair Hussain Al Jumaily
3
IRAQI EDUCATIONAL TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
We report on the accounts of the Iraqi Educational Trust , registered charity number 1115053 and company Registration 5446956 for the accounts year ended 31 August 2023 set out on pages4 to 9.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees are responsible for the preparation for the accounts in accordance with the rquirements of the charity Act 2011 ("the Act" ). The charity's trustees consider that un audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed
It is our responsibility to:
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examine the accounts (under section 145 of the 2011 Act)
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act); and in accordance FRS 102 SORP.
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- to state whether particular matters have come to our attention,
BASIS OF INDEPENDENT EXAMINER'S REPORT:
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes 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 we do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT:
In connection with our examination, no matter has come to our attention;
- (1) which gives us reasonable cause to believe that in any material respect the requirements
. to keep 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
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Mr. Farroukh Zaheer (FCCA)
Zaheer & Company Chartered Certified Accountants
63 Kingsway Burnage Manchester M19 2LL
Date: 13/6/24
IRAQI EDUCATIONAL TRUST
4
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Income and Endowments Expenditure Net income (expenditure) forthe period |
(2) (3) |
66,841 (39,398) 27,443 |
48,882 (46,301) 2,581 |
| Net income (expenditure) forthe period | 27,443 | 2,581 | |
| Tax payable | (4) | - | - |
| Net income (expenditure) aftertaxation | 27,443 | 2,581 | |
| Total funds Brought Forward | 16,383 | 13,802 | |
| TotalfundsCarriedForward | (13) | 43,826 | 16,383 |
RECONCILIATION OF STATUTORY INCOME AND EXPENDITURE ACCOUNT TO SOFA
| Net income (Expenditure) forthe yearAfterTaxation | ||
|---|---|---|
| Total Net income forthe year perSOFA - Page 6 | 27,443 | 2,581 |
| Total net income as above | 27,443 | 2,581 |
| Retained income Carried Forward | ||
| Total funds C/fwd perSOFA - Page 6 | 43,826 | 16,383 |
| RetainedfundsCarriedForwardasabove | 43,826 | 16,383 |
The notes on pages 7 to 9 form part of these accounts.
IRAQI] EDUCATIONAL TRUST
5
BALANCE SHEET AS AT 31AUGUST 2023
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2023 2022
FIXED ASSETS Notes vs zs
Tangible Fixed Assets (8) 1,969 2,316
CURRENT ASSETS
(9) 42,773 14,730
42,773 14,730
LIABILITIES:
Amounts falling due
within one year (10) 916 663
NET CURRENT ASSETS 41,857 14,067
NET ASSETS 43,826 16,383
ACCUMULATED FUNDS
Unrestricted (12) 43,826 16,383
Restricted z LSS:
43,826 eee16,383 eee
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The directors are satisfied that the company is entitled to exemption under section 477 of the companies Act 2006 and that no member have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the of the companies Act 2006 with respect to accounting records and the preparation of the accounts.
The accounts have been prepared in accordance with the provisions applicable to small companies subject to small companies regime and in accordance with FRS 102 SORP.
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Approved on behalf of the Board
“a ) Director Dr Faiza Hadi
) Director Thair Hussain Al Jumaily
~
Date: c / C / 2024
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The notes on pages7 to 9 form part of these accounts.
IRAQI EDUCATIONAL TRUST
| 6 | ||||||||
|---|---|---|---|---|---|---|---|---|
| STATEMENT OF FINANCIAL ACTIVITIES | ||||||||
| FOR THE PERIOD ENDED 31 AUGUST 2023 | ||||||||
| Year | Year | |||||||
| Ended | Ended | |||||||
| 31.8.23 | 31.8.22 | |||||||
| Notes | Unrestricted | Restricted | Capital | Total | Total | |||
| Funds | Funds | Funds | Funds | Funds | ||||
| INCOME AND EXPENDITURE | £ | £ | £ | £ | £ | |||
| Donations and legacies | ||||||||
| Donations , fees and gifts |
61,560 | - | - | 61,560 | 47021 | |||
| Gift aid | 5,281 | - | - | 5,281 | 1861 | |||
| TOTAL INCOME AND ENDOWMENTS | 66,841 | - | - | 66,841 | 48,882 | |||
| EXPENDITURE ON : |
||||||||
| Expenditure on charitable activities | (6) | 39,398 | - | - | 39,398 | 46,301 | ||
| TOTAL EXPENDITURE | (7) | 39,398 | - | - | 39,398 | 46,301 | ||
| NET INCOMING (OUTGOING) | ||||||||
| RESOURCES BEFORE TRANSFERS | 27,443 | - | - | 27,443 | 2,581 | |||
| Transfer Between Funds | - | - | - | - | ||||
| NET INCOME (EXPENDITURE) | ||||||||
| NET INCOME FOR THE YEAR | 27,443 | - | - | 27,443 | 2,581 | |||
| Total Funds Brought Forward | 16,383 | - | - | 16,383 | 13,802 | |||
| TOTALFUNDSCARRIEDF/WD | (13) | 43,826 | - | - | 43,826 | 16,383 |
The notes on pages 7 to 9 form part of these accounts.
IRAQI EDUCATIONAL TRUST
7
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023
1 ACCOUNTING POLICIES
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) the Accounting aiid Reporting by charities. Statement of Recommended practice applicable to charities prepariong their accounts in accordance with the Financial Reporting standard for smaller Entities published on 16th July 2014(SORP 2015) and the cahrities Act 2011 companies Act 2006.
Income
All income is reflected in the accounts when the charity is entitled to the income.
Expenditure
All expenditure has been reflected in the Statement of Financial Activities on Accrual basis. Expenditure includes any VAT which can not be fully recovered and is fully reported as part of the expenditure to which it relates.
Valuation, Capitalisation and Depreciation of Fixed Assets Fixed assets are included in the accounts at net book value.
Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets over their estimated useful lives as follows:-
Office equipment Sports equipment
15 % on cost 15 % on cost
Taxation
The organisation is exempt from income tax by reason of its charitable status. Income tax suffered on investment income is reclaimed in full.
Reserves
The organisation aim to maintain sufficient reserves to cover three months running costs.
- 2 INCOME AND ENDOWMENTS
This represents donation and fees receiveable for the provision of services to members. The company is a non-profit making.
- 3 NET INCOME (EXPENDITURE)
Net income (expenditure) is stated after charging:
Depreciation- owned assets
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2023 2022
2 £
347 408
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- 4 TAX ON SURPLUS ON ORDINARY ACTIVITIES
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- -
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IRAQI EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (cont...) 8
| Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|
| Funds | 2023 | 2022 | ||||
| £ | £ | £ | ||||
| 5 | Expenditure on charitable activities | |||||
| Stafftraining | . | - | - | 85 | ||
| Books | 2,353 | - | 2;353 | 1,993 | ||
| Exam fees | - | - | - | 550 | ||
| Gifts | 131 | - | 131 | 1,520 | ||
| Kids activities | 84 | - | 84 | 299 | ||
| Food and subsistance | 838 | - | 838 | 1,536 | ||
| Donations | 792 | - | 792 | 1,470 | ||
| Support costs | 6 | 35,200 | - | 35,200 | 38,848 | |
| 39,398 | - | 39,398 | 46,301 | |||
| 6 | Analysis of Support Costs | |||||
| Rent | 24,927 | - | 24,927 | 27,009 | ||
| Printing, postage & stationery | 57 | - | o/ | 328 | ||
| Wages & paye | 7,349 | - | 7,349 | 7,708 | ||
| Tutor cost | 250 | 250 | 580 | |||
| Accountancy | 652 | - | 652 | 1,118 | ||
| Insurance | 513 | - | 513 | 513 | ||
| DBS checks | - | - | - | 100 | ||
| Telephone | 888 | - | 888 | 766 | ||
| Cleaning | 2 | - | Z | - | ||
| Repairs and maintenance | 177 | - | 177 | 309 | ||
| Subscriptions | - | - | - | 9 | ||
| sundry expenses | 38 | - | 38 | - | ||
| Depreciation | 347 | - | 347 | 408 | ||
| 35,200 | - | 35,200 | 38,848 |
if DIRECTORS' (MANAGEMENT COMMITTEE) REMUNERATION AND EXPENSES No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the period.
IRAQI EDUCATIONAL TRUST
9
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (cont...)
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8 TANGIBLE FIXED ASSETS
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| 8 | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Office | Sports | Total | |||
| equipment | Equipment | ||||
| COST | £ | £ | £ | ||
| At 1 Sep 2022 | 16,144 | 354 | 16,498 | ||
| At 31 August 2023 | 16,144 | 354 | 16,498 | ||
| DEPRECIATION | |||||
| At 1 Sep 2022 | 13,848 | 334 | 14,182 | ||
| Charge forYear | 344 | 3 | 347 | ||
| At 31 August 2023 | 14,192 | 337 | 14,529 | ||
| NET BOOK VALUE | |||||
| At 31 August 2023 | 1,952 | 17 | 1,969 | ||
| At 31 August 2022 | 2,296 | 20 | 2,316 | ||
| 9 | CURRENT ASSETS: | ||||
| 2023 | 2022 | ||||
| £ | ps | ||||
| Cash at bank and in hand-unrestricted | 42,773 | 14,730 | |||
| 42,773 | 14,730 | ||||
| 10 | LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Accruals and creditors | 510 | 450 | |||
| Paye | aw | 406 213 ots |
bee |
11 COMPANY STATUS
The company is limited by guarantee and has no share capital. All members have agreed to contribute a sum not exceeding £ 10 ( £1 for unwaged individuals) in event of winding up.
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12 RESERVES
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| 2023 | 2022 | |
|---|---|---|
| - | £ | |
| Balance brought forward | 16,383 | 13,802 |
| Add: Net income (expenditure)for the year | 27,443 | 2,581 |
| Balancecarriedforward | 43,826 | 16,383 |