2025-08-31-accounts - Apex Trust

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Charity number: 1116216

Apex Trust

Trustees' Report and Financial Statements

For the year ended 31 August 2025

Apex Trust

Contents
	Page
Legal and administrative information	3
Trustees' report	4 – 8
Independent examination report	9
Statement of financial activities	10
Balance sheet	11
Notes to the financial statements	12 - 15

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

Apex Trust

REPORT OF THE TRUSTEES FOR THE YEAR ENDED AUGUST 2025

The Trustees of Apex Trust have pleasure in presenting their Trustees' Annual Report and Accounts for the year ending 31 August 2025.

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).

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 2024-25 accounts ended on 31st August 2025 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.

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.

Apex Trust

Achievements and Performance

Curriculum, Teaching and Learning During the year, the Trust continued to deliver a strong and engaging thematic curriculum across the Early Years and Primary School. A wide range of events, educational trips and enrichment experiences formed an integral part of pupils’ learning.

In preparation for the launch of the new Secondary School, extensive research and development work commenced on the Key Stage 3 and Key Stage 4 curriculum. Secondary school policies were drafted and refined, and staff recruitment was undertaken. All new staff received essential training, including safeguarding and other statutory responsibilities.

Refurbishment of the second floor of the new secondary school site—designated for the Girls’ Secondary School—was completed. However, significant remedial works were required to address defects in key building provisions. These issues caused delays in the completion of the site, and as a result, education for the small September 2024 intake was temporarily delivered through a structured home-schooling and tuition programme while the Trust sought building regulation approval and Department for Education (DfE) registration.

A DfE registration inspection took place in October 2024, following which further adaptations were required to meet compliance and regulatory standards. These works were completed promptly. The DfE revisited in January 2025, and both the Boys’ Secondary School and the Girls’ Secondary School were officially granted registration, opening formally in February 2025. Both schools operate on the same premises, with separate entrances and designated floors to maintain single-gender provision.

To support the transition into secondary education, the Trust continued to engage professional consultants in project management, advisory and compliance services, as well as Islamic studies consultancy.

Following DfE approval, marketing and admissions activity increased. While community interest has been strong, pupil numbers remain lower than anticipated due to the school’s newness and the absence of historical performance data. The Trust anticipates that enrolment will grow steadily over the next few years. Recruitment into Year 8 and above remains limited, as most pupils in the community have already commenced their secondary education elsewhere.

The remaining property on Oxford Road was sold during the year at a loss. Apex Tarbiyah Trips initiated an Umrah programme; however, due to low uptake and the risk of a substantial financial loss, the trip was cancelled, resulting in a lower deficit.

The Trust received a Qard-e-Hasna loan from a donor for a period of two years. Fundraising activities included a Spring Fair and the Trust’s first Sports Festival, both of which were well attended and supported by local organisations and businesses. These events successfully engaged the wider community and contributed positively to the school’s visibility and reputation.

Future Plans

The Trust’s strategic focus for the next three years is to increase pupil intake across all phases, with the aim of reaching near full capacity within three to four years. To support this objective, the Trust intends to recruit a dedicated Fundraising and Marketing Coordinator in the coming year.

The Trust also expanded its digital fundraising activities through the launch of the Scholarship and Bursary Fund, established to provide financial assistance to families within the school community following the introduction of new VAT regulations applicable to independent schools. The campaign sought to ensure that financial hardship would not become a barrier to accessing an Islamic education and received encouraging support from donors committed to widening educational access. The trust will further develop its digital fundraising activities next year.

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 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:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and;
prepare the financial statements on an ongoing concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees 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 and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

26/06/2026 Approved by the trustees on …………………………… and signed on their behalf by:

Apex Trust

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF APEX TRUST FOR THE YEAR ENDED 31 AUGUST 2025

I report on the accounts of The Apex Trust for the year ended 31 August 2025, 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:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

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:

to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

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: 26/06/2026

Apex Trust

Statement of financial activities For the year ended 31 August 2025

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 £ 2024/25 587,287 - 2,794 3,288 77,652 56,578 727,599 1,108,452 536 43,191 1,152,179 (424,580)	Restricted Total Total Funds Funds Funds £ £ £ Restated 2024/25 2024/25 2023/24 - 587,287 410,322 130,960 130,960 168,050 - 2,794 2,220 - 3,288 4,144 77,652 32,780 56,578 19,380
		130,960 858,559 636,896
		131,427 1,239,879 657,125 64 600 600 43,191 43,701
		131,491 1,283,670 701,426

		(531) (425,111) 64,530

*school club fee for 2024 have been Restated by £3951

The notes on pages 12 to 15 form an integral part of these financial statements.

Apex Trust

Balance sheet As at 31 August 2025

Notes FIXED ASSETS £ Tangible assets 4 Investment Property 5 CURRENT ASSETS Debtors 6 148,452 Bank & Cash 86,976 235,428 CREDITORS: Amounts due within one year 7 (328,250) 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	2024/25 £ 707,872 - 707,872 (92,822) 615,050 (21,262)	£ 137,076 527,665 664,741 (332,959)	2023/24 £ Restated 701,583 35,147 736,730 331,782 1,068,512 (49,613) 1,018,899 844,907 173,992 1,018,899
	593,788 420,327 173,461 593,788

*Debtors for 2024 have been restated by £4608 and creditors by £657

The notes on pages 12 to 15 form an integral part of these financial statements.

Apex Trust

Notes to the financial statements for the year ended 31 August 2025

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%

Apex Trust

Notes to the financial statements for the year ended 31 August 2025 (Continued)

Buildings 1,049,512 -	2025 572,386 6,709 3,381 20,993 15,945 4,707 243,019 27,343 9,379 8,095 1,319 24,720 98,548 10,005 13,263 150,723 29,344 1,239,879 2025 600 Furniture & Equipment 6,137 35,632	2024 387,421 - 3,740 24,874 10,569 13,296 8,990 4180 8,664 6,026 442 26,968 25,035 3,308 6,996 104,399 22,217
		657,125
		2024 600
		Total 1,055,649 35,632
1,049,512	41,769	1,091,281
352,727 20,990	1,339 8,354	354,066 29,344
373,717	9,693	383,410

675,795	32,076	707,872
696,785	4,798	701,583

Apex Trust

Notes to the financial statements for the year ended 31 August 2025 (Continued)

5. Investment Property ** 6. Debtors Fair Value as at 1st September 2024 Addition of Asset Disposal Previous year adjustment Fees Lease Deposit Qarz e Hasna Debtors for 2024 have been restated by £4608 7. Creditors: Falling due in one year Bank loan Deferred Income Other creditors Waqf fund Accruals VAT Creditors for 2024 have been restated by £657 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	2025 2025 35,147 - (35,147) - - 38,452 108,000 2000 148,452 2025 28,350 191,163 27,473 2,900 52,001 26,363 328,250 2025 21,262 21,262 2025 28,350 21,262 49,612	2024 2024 71,650 340 (36061) (782) 35,147 Restated 7,076 108,000 22,000
		137,076*
		2024 Restated 28,350 257,044 2,171 15,355 30,039 -
		332,959*
		2024 49,613
		49,613
		2024 28,350 49,613 77,963

Apex Trust

Notes to the financial statements for the year ended 31 August 2025 (Continued)

9. Movement in funds

Unrestricted funds General Fund Restricted Fund Reserve fund Education Grant TOTAL FUNDS	Balance at Net movement Transfers Balance at 1/9/2024 in funds 31/08/2025 844,907 (424,580) - 420,327
	844,907 (424,580) - 420,327
	152,529 152,529 21,463 (531) 20,932
	173,992 (531) - 173,461

	1,018,899 (425,111) - 593,788