IRAQI EDUCATIONAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 A Company limltod by gu8ranlee- Registration No. 5446956 (England) REGISTERED CHARITY NO, 7115053
IRAQI EDUCATIONAL TRUST INDEX Page Dlrectors Report Independent Examlner's Report Statutory Income and Expendlture Account Balance Sheet Statement of Flnanclal Activitles Notes to the Accounts
IRAQI EDUCATIONAL TRUST DIRECTORS, REPORT The directors (management committee members) present their Report and the Financial Statements for the Year Ended 31AugUSt 2024. Status The charity is a company limited by guarantee and is registered with the Charity Commission. Company Registration No. Charity Registration No. 5446956 1115053 Director8 The directors who held office during the year were as follows: Dr Faiza Hadi Thair Flussain Al Jumaily Saad Saleh Bankers Natwest Bank,34 High Street,Cheadle,Cheshire,Sk8 1AF Accountants Zaheer & Co , Accountants 63 Kingsway . Burnaga, Manchestar,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 member5) are responsible for the overall management and control of the charity. Risks The direclors have taken steps to establish the risks to whlch the charlty Is exposed and have put systems in place to mitigate those risks.
IRAQI EDUCATIONAL TRUST 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 Ihe opinion that the balance on the funds Is sufficlent to meet any future commilments 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 Ihe 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 ils surplus or deficit for that year. In preparing those financial Statements, the Directors are required to.. select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonably prudent., 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: Company Secretary Thair Hussain Al Jumaily - 2025
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IRAQI EDUCATIONAL TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Notes 2024 2023 Income and Endowments Expenditure Net income (expenditure) for the period (2) 84,419 62,290 22,129 66,841 39,398 27,443 {3) Net income (expenditure) for the period 22,129 27,443 Tax payable 14) Net income (expenditure) after taxation 22,129 27,443 Total funds Brought Foard 43,826 16,383 Total funds Carried Forward (13) 65,955 43,826 RECONCILIATION OF STATUTORY INCOME AND EXPENDITURE ACCOUNT TO SOFA Net income Ex endilure for the ear After T xali Total Net income for the year per SOFA- Page 6 Total net income as above 22,129 22,129 27,443 27,443 Retained income Carried Forward Total funds Clfwd per SOFA- Page 6 Retained funds Carried Fomard as above 65,955 65,955 43,826 43,826 The notes on pages 7 to 9 form part of these accounts.
IRAQI EDUCATIONAL TRUST BALANCE HEET AS AT 31A GUST 2024 2024 2023 Notes FIXED ASSETS Tangible Fixed Assets 18) 1,673 1,969 CURRENT ASSETS (91 65.369 65,369 42,773 42,773 LIABILITIES.. Amounts falSing due within one year 110) 1,087 916 NET CURRENT ASSETS 64,282 41,857 NET ASSETS 43,826 ACCUMULATED FUNDS Unrestricted Restricted (12) 65,955 43,826 65,955 43,826 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 seGtion 476 of the Act. The directors aGknowledge their responsibilities for Gomplying with the requirements of the of the companies Act 2006 with respect to accountin9 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. Approved on behalf of the Board ) DireGtor Dr Faiza Hadi Director Thair Hussain Al Jumaily Date.. 2025 The notes on pages 7 to 9 form part of these accounts.
IRAQI EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 AU UST 2024 Year Ended 31.8.24 Total Funds Year Ended 31.5.23 Total Funds Notes Unrosliicted Restricted Funds Funds Capital Funds INCOME AND EXPENDITURE Donations and legacies Donations fees and gifts Gifi aid 78,738 5,681 78,738 5,681 61560 5281 TOTAL INCOME AND ENDOWMENTS 84.419 84,419 66,841 EXPENDITURE ON '. Expenditure on charitable aGlivltles {6) 62,290 62,290 39,398 TOTAL EXPENDITURE 17) 62,290 62,290 39,398 NET INCOMING (QUTGOING) RESOURCES BEFORE TRANSFERS 22,129 22,129 27,443 Transfer Between Funds NET INCOME (EXPENDITURE) NET INCOME FOR THE YEAR 22,129 22,129 27,443 Total Funds Brought Forward 43,828 43,826 16,383 TOTAL FUNDS CARRIED FIWD (13) 65,955 65,955 43,826 The notes on pages 7 to 9 form part of these accounts.
IRAQS EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective JanLJary 2015) the Accounting and Reporting by charities. Statement of Recommended practice applicable to charities prepariang their accounts in accordance with the Financial Reporting standard for smaller Entities published on 16th July 2014ISORP 20151 and the cahrities Act 2011 companies Act 2006. Income All income 15 reflected in the accounts when the charity 18 entitled to the income. enditure 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 Ca italisation and De fFix Fixed assets are included in the accounts at net book value. Depreciation is provided to write off the G051 less the estimated residual value of tangible fixed assets over their estimated useful lives as follows:. Office equipment Sports equipment 15 % on cost 15 Oh on cost Taxation The organisation is exempt from income tax by reason of 118 charltable status. Income tax suffered on investment income is reclaimed in full. Reserves The organisation aim to maintain sufficient reserve8 lo cover three months running costs. INCOME AND ENDOWMENTS This represents donation and fees receiveable for the provision of services to members. The company is a non-profit making. NET INCOME (EXPENDITURE) 2024 2023 Net income lexpenditurel 13 stated after charging.. Depreciation- owned assets 296 347 TAX ON SURPLUS ON ORDINARY ACTIVITIES
IRAQI EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (cont...) Unrestricted Funds Total 2024 Total 2023 Expenditure on charitable activities Books Exam fees External examiner Gifts Kids activities Food and subsistance Donations Support costs 1,892 660 350 41 670 985 2,906 54,786 1,892 660 350 41 670 985 2,906 54,786 62.290 2,353 131 84 838 792 35,200 39,398 Analysis of Support Costs Rent Printing, postage & stationery Wages & paye Tutor cost Accountancy Insurance Software Telephone Cleaning Repairs and maintenance Sundry expenses Depreciation 37,937 431 6,096 37,937 431 6,096 24,927 57 7,349 250 652 513 1,564 513 6,882 959 1,564 513 6,882 959 888 83 25 296 54,786 83 25 296 54,786 177 38 347 35.200 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 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Icont...) TANGIBLE FIXED ASSETS Office Sports equipment Equipment Total COST At 1 Sep 2023 At 31 August 2024 16,144 16,144 354 354 16,498 16,498 DEPRECIATION At 1 Sep 2023 Charge for Year At 31 August 2024 14.192 293 14,485 337 14,529 296 14,825 340 NET BOOK VALUE At 31 August 2024 1,659 14 1,673 At 31 August 2023 1,952 17 1,969 CURRENT ASSETS,. 2024 2023 Cash at bank and In hand-unrestricted 65,369 42,773 65,369 42,773 10 LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and creditors Paye 510 577 510 406 916 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. 12 RESERVES 2024 2023 Balance brought forward Add.. Net income lexpenditurelfor the year Balance Garried forward 43,826 22,129 16,383 27,443 43,826 65,955