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2023-08-31-accounts

Charity number: 1116216

Apex Trust

Trustees' Report and Financial Statements

For the year ended 31 August 2023

Apex Trust

Contents
Page
Legal and administrative information 3
Trustees' report 4 – 9
Independent examination report 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 16

2

Apex Trust

Legal and administrative information

Charity Number 1116216 Trustees Imtiaz Ahmed Anjuman Iftikhar Meherun Hamid Sanel Haskic Registered Office Apex Primary School 60-62 Argyle Road Ilford, Essex IG1 3BG Bankers HSBC 23 Ripple Road Barking Essex, IG11 7NW

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Apex Trust

REPORT OF THE TRUSTEES FOR THE YEAR ENDED AUGUST 2023

The Trustees of Apex Trust have pleasure in presenting their Trustees' Annual Report and Accounts for the year ending 31 August 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Apex Trust was registered as a charitable organisation in the United Kingdom on the 26[th] September 2006. It is governed by a deed of trust dated 26[th] September 2006 and witnessed by the above trustees. The charity is administered by the trustees. Governors are appointed by the trustees to serve as the school's governing body.

Appointment and retirement / termination of trustees

(i)There must be at least three trustees. Apart from the first trustees, every trustee must be appointed for a term of two years by a resolution of the trustees passed at a special meeting called under clause 15 of the deed.

(ii) In selecting individuals for appointment as trustees, the trustees must have regard to the time, integrity, commitment, sincerity, skills, knowledge and experience needed for the effective administration of the charity.

(iii) The trustees are to keep a record of the name and address and the dates of appointment, re-appointment and retirement of each trustee.

(iv) The trustees must make available to each new trustee, on his or her first appointment:

(a) a copy of the deed and any amendments made to it;

(b) a copy of the charity's latest report and statement of accounts.

(v) The first trustees shall hold office for the following years respectively: five years.

A trustee shall cease to hold office if he or she:

(i) is disqualified from acting as a trustee by virtue of section 72 of the Charities Act 2011 or any statutory re-enactment or modification of that provision;

(ii) becomes incapable by reason of mental disorder, illness or injury of managing his or her own affairs;

(iii) is absent without the permission of the trustees from all their meetings held within a year of six months and the trustees resolve that his or her office be vacated; or

(iv) notifies to the trustees a wish to resign (but only if enough trustees will remain in office when the notice of resignation takes effect to form a quorum for meetings).

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Apex Trust

Main Activities

The prime activities of Apex Trust is to advance the education of the pupils at Apex Primary School by providing and assisting in the provision of facilities not required to be provided by the local education authority for education at the school. Included in the prime activities of the trust is to advance the Islam faith for the benefit of the pupils and public through holding of prayer meetings, lectures, producing and/or distributing literature on Islam. The school ranges from nursery to primary six.

Accountancy Year

The 2022-23 accounts ended on 31st August 2023 and have been prepared for filing in accordingly.

STRATEGY

At the termly Trustees meeting, the Trustees agree the broad strategy and areas of activity for the Trust including risk management, policies, performance and grant making. The day-to-day administration and activities of the Trust is delegated to the appointed Trustees and Offices made up of the Head teacher and other administrative staff, who meet every month to discuss Trust issues and monitor the progress of activities. In its Annual General Meeting the Trustees set key priorities for the year which generates a range of activities and business planning. They consider areas of activity, new grant applications and recommendations for funding in their regular termly meetings.

OBJECTIVES OF THE TRUST

To advance the education of the pupils at Apex Primary School by providing and assisting in the provision of facilities not required to be provided by the local education authority for education at the school.

To advance the Islam faith for the benefit of the pupils and public through holding of prayer meetings, lectures, producing and/or distributing literature on Islam.

To educate and assist young people through their leisure time activities so to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved

Encouraging other charitable activities through which parents may help the children.

RISK MANAGEMENT

The Charity Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees consider speed of expansion, areas of operation, capacity, and cash flow to constitute the charity's major risks. They have established business planning and a system of accounting which tracks each activity of the Trust on a receipt and payment systems which facilitates the transfer of funds to support grant making and uneconomic activities. Certain activities are also designated as having restricted funds which are set aside for this use only. The Trust uses secondments and self-employed consultants where possible to reduce the risk of permanent employment responsibilities.

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Apex Trust

ACTIVITIES OF THE TRUST

The Trust engages in a number of activities in relation to income generation and securing funding streams which include; grant funding and donations. The primary source of funding is the school fees. There is no taxable purpose trading. There are full-time staff as well as staff seconded from other Islamic schools on a needs basis and trustees who operate on a voluntary basis. The Trust is a charitable not for profit organisation working for the benefit of the local community.

Grant Funding

The formation of Apex Trust as an educational institution with charitable status has allowed it to apply for grants open to voluntary organisations as opposed to the public sector.

Donations

The trust receives donations from individuals and local businesses. Also, as a registered charity, it is able to increase its fund-raising returns by 25% through Gift Aid. This scheme will be developed within the next financial year.

Tax Exempt

As a charity the Trust does not pay tax on any profits and charges are exempt from VAT. The increased flexibility of the Trust as a charitable organisation enables it to be engaged in other activities including acquiring property either freehold or leasehold, investing funds and borrowing money. This will support the school in the future in developing specialist off-site facilities if it so wishes.

Non-Domestic Rates Relief (NDR)

As a registered Charity the School is able to obtain a reduction of its NDR payments for any buildings in its ownership or ones it holds in Trust.

FINANCIAL REVIEW

The Trust is reliant on its primary activity for its income which was sufficient to establish a range of community Trust based activities not previously available. Surplus funds generated in one area were able to subsidise other less profitable programmes, hence many more members of the community have access to activities and services irrespective of ability to pay.

The Trust is currently looking into the possibility of paying part of its long-term liability, with the agreement of its funders.

INVESTMENTS AND RESERVES POLICY

The Trustees have established a reserves policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be at a level of three months running costs, which equates to £50,000 in free reserves. At this level, the Trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding.

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Apex Trust

Achievements and Performance

Teaching and learning, and curriculum development continued as normal across all key stages. Particular attention was given to establishing the thematic curriculum map setting a 2 year cycle. The senior leadership team (SLT) continued to develop and oversee areas of teaching, learning and assessment within the school, and also CPD for new teachers. Training was provided for trainee teachers from the University of Cumbria. External and regular internal teacher training took place throughout the year. The school worked closely with New Vic and Redbridge colleges in providing placements for work experience for their students and also mentoring support.

One of the main development areas for the school was the focus on mental health and wellbeing of staff and children. Teachers were provided with training for embedding strategies within the classroom in teaching and learning.

The school remained registered with the Independent Schools Association.

The increased fees applied to a larger degree of students, which helped to meet the increasing costs associated with the running of the school. Some school places remained discounted due to the financial constraints of some parents and the school continued to offer sibling discount.

For PE provision, the school continued to hire the local sports club regularly and also arranged special PE classes such as Ice skating with professional external providers. Morning club continued, however after school club only ran on a Friday afternoon. An inter school football tournament was organised by the school – 6 schools participated and overall the tournament was a success and received good feedback. The school intends to make this an annual event.

Sports day took place at the grounds of a local sports club.

Early years places were at full capacity, and had a healthy waiting list. Deposits held were returned to those pupils who left.

Chrome licences and books were invested in and 3 mobile phones were purchased for the school to use in SLT and fundraising.

School trips during the year included Kew gardens, Kidszania, London Aqaurium amongst other trips and visits. The annual end of year fun trip was organised to the Trampoline park. The key stage 2 residentail trip to Gilwell park took place in the Summer.

The end of year presentation took place at a local theatre hall with an award ceremony and class productions highlighted the achievements of all the students, staff and school. Year 6 students received leaver hoodies.

A marketing and fundraiser contractor was appointed to raise fund for the school and a part time internal co-ordinator was appointed. Key events that took place during the year were Caravanseri (Hargreaves outdoor event), Dragon Boat race, Umrah trip and Bosnia trip with many activities and excursions.

The development work to the front of the building to increase safety, was completed during the year however the gates were still delayed and the flooring presented some defects for which the supplier was contacted to rectify and this remained work in progress at the end of the year. One of the gas boilers were replaced.

A planning application to develop the loft in the school premises was prepared by a contractor and needed some revision before being submitted.

Both investment properties were secured and the sale of the one in Hartlepool had been initiated.

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Apex Trust

The Trustees revised many of the trust documents and code of conduct. Plans remain in place to appoint more trustees in the forthcoming year, and to consider professional fundraising to assist raising funds to expand the school. The Trust will be looking to expand into providing secondary education due to the demand in the area.

PLANS FOR THE FUTURE

The charity will continue to invest in the development of the Thematic curriculum and develop subject specialist teaching staff.

The Trustees will look into the next steps for the properties purchased to start the Waqf fund and expanding the trust team.

Marketing and Fundraising co-ordinator role will be developed further and maintain working in partnership with other organisations such as Lonely Orphans. Social media coverage will continue to be developed. The Trustees will seek to consider Secondary school provision as a result of demand from parents.

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Apex Trust Apex Trust

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The law applicable to charities in England and Wales requires the Trustee(s) to prepare financial statements for each financial year, which give a true and fair view of the charity's financial activities statements for each financial year, which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: a true and fair view, the trustees should follow best practice and:

 prepare the financial statements on an ongoing concern basis unless it is inappropriate to presume The trustees that the charity will continue in operation. are responsible for keeping accounting records which disclose with reasonable accuracy, the financial position of the charity and which enable them to ascertain the financial position of the charity The trustees are responsible for keeping accounting records which disclose with reasonable accuracy, and which enable them to ensure that the financial statements comply with the Charities Act 2011, the the financial position of the charity and which enable them to ascertain the financial position of the charity Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are and which enable them to ensure that the financial statements comply with the Charities Act 2011, the responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are prevention and detection of fraud and other irregularities.

responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on …………………………… and signed on their behalf by:

…………………………………. ……………………………….. Anjuman Iftikhar Imtiaz Ahmed Trustee Trustee

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Apex Trust

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF APEX TRUST FOR THE YEAR ENDED 31 AUGUST 2023

I report on the accounts of The Apex Trust for the year ended 31 August 2023, which are set out on pages 10 to 15.

Respective responsibilities of trustees and examiner

The charity's trustee is responsible for the preparation of the accounts. The charity's trustee considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

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:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Mr Anees Rehman Director London Tax Accountant Limited Chartered Certified Accountants 47 Fairlands Avenue, Buckhurst Hill, England, IG9 5TF

Date: 28/05/2024

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Apex Trust

Statement of financial activities For the year ended 31 August 2023

Notes
INCOMING RESOURCES
Incoming resources from
Charitable Activities
School & Club Fees
Grant
Registration processing Fee
Incoming resources from
Generated Funds
Voluntary Income
Activities for generating
funds
Other Incoming resources
Sundry Income
Total Incoming Resources
RESOURCES EXPENDED
Charitable activities expenditure
School Activities
2
Governance costs
3
Activities for generating
funds
Total Resources Expended
NET INCOMING RESOURCES
& MOVEMENT IN FUNDS		 Unrestricted
Funds
2022/23
386,108
-
1,240
3,113
79,805
10,659
480,925
315,627
450
61,453
377,530
103,395		 Restricted
Total
Total
Funds
Funds
Funds
2022/23
2022/23
2021/22
-
386,108
284,761
111,313
111,313
111,357
-
1,240
1,680
-
3,113
2,409
79,805
47,970
10,659
6,460
111,313
592,238
454,637
105,209
420,836
373,056
150
600
1,200
61,453
42,539
105,359
482,889
416,795
5,954
109,349
37,842

The notes on pages 13 to 15 form an integral part of these financial statements.

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Apex Trust

Balance sheet As at 31 August 2023

Note
s
FIXED ASSETS
Tangible assets
4
Investment Property
5
CURRENT ASSETS
Debtors
6
Bank & Cash
CREDITORS:
Amounts due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:
8
Amounts due after more than
one year
TOTAL NET ASSETS
REPRESENTED BY:
Unrestricted funds
9
Restricted fund
9
TOTAL FUNDS		 £
102,976
526,415
629,391
(257,758)		 2022/23
£
718,110
71,650
789,760
371,633
1,161,393
(77,963)		 £
123,576
361,332
484,908
(213,700)		 2021/22
£
738,765
70,421
809,186
271,208
1,080,394

(106,313)
974,081
170,979
803,102
974,081
1,083,430
176,933
906,497
1083,430

The notes on pages 13 to 15 form an integral part of these financial statements.

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Apex Trust

Notes to the financial statements for the year ended 31 August 2023

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 Financial Reporting Standard for Smaller Entities (effective April 2008), the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005).

1.2. 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:

Income is received by way of school fees, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale, if any, are included as income when they are sold.

Donated assets are included at the value to the charity where this can be quantified, and a third party is bearing the cost. The value of services provided by volunteers has not been included.

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.

1.3. 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.

Resources expended are recognised in the year in which they are incurred.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

1.4 Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:

Freehold buildings - 2%

Fixtures, fitting and equipment - 20%

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Apex Trust

Notes to the financial statements for the year ended 31 August 2023 (Continued)

2. School activities
Staff costs
Printing Postage Stationary
Learning resources and aids
Utilities
Cleaning costs
Rent and Rates
Advertising and marketing
Sundry expenses
Bank charges
Interest on Bank loan
Legal and professional fees
Subscriptions
Insurance
Repairs and maintenance
Prior year adjustments Repairs
Depreciation
3. Governance costs
Accountant remuneration		 2023
291,252
3752
14,646
13,666
13,061
5,311
20
888
160
24,720
7,634
7,813
6,785
10,026
-
21,102
420,836
2023
600		 2022
289,446
1,743
10,965
7,199
9,977
5,005
2,724
122
80
24,720
5,530
2,694
5,935
6,803
(22,100)
22,213
373,056
2022
1200
4. Tangible Fixed Assets
Cost
1st September 2022
Additions
31st August 2023
Depreciation
1st September 2022
Charge for the year
31st August 2023
Net Book Value
At 31st August 2023
At 31st August 2022		 Buildings
Furniture & Equipment
Total
1,049,512
-
1,049,512
-
447
447
1,049,512
447
1,049,959
310,747
-
310,747
20,990
112
21,102
331,737
112
331,849
717,775
335
718,110
738,765
-
738,765

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Apex Trust

Notes to the financial statements for the year ended 31 August 2023 (Continued)

5. Investment Property **
6. Debtors
Fair Value as at 1st September 2022
Addition of Asset
gain/loss from fair value adjustment
Fees
Qarz e Husna
Other Debtors
7. Creditors: Falling due in one year
Bank loan
Prepaid fees
Other creditors
Accruals
8. Creditors: Due after more than one year
Bank loan
8. Bank loan repayment analysis**
Payable within 1 year
Payable within 2 - 5 years
Payable 5 years and over		 2023 **
2023
70,421
1,229
-
71,650
5,976
97,000
-
102,976
2023
28,350
196,488
2,020
30,900
257,758
2023
77,963
77,963
2023
28,350
77,963
106,313**		 2022
2022
65,437
4,984
-
70,421
4,258
97,000
22,318
123,576
2022
28,350
162,066
820
22,464
213,700
2022
106,313
106,313
2022
28,350
106,313
134,663

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Apex Trust

Notes to the financial statements for the year ended 31 August 2023 (Continued)

9. Movement in funds
Unrestricted funds
General Fund
Restricted Fund
Reserve fund
Education Grant
TOTAL FUNDS		 Balance at Net Movement Balance at
01/09/2022
in funds
31/08/2023
803,102
103,395
906,497
803,102
103,395
906,497
152,529
152,529
18,450
5,954
24,404
170,979
5,954
-
176,933
974,081
109,349
-
1,083,430

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