REGISTERED COMPANY NUMBER: 05512936 ffngland and Wales) REGISTERED CHARITY IYUMBER.. 1120284 ortofth T Audited Financial Statements for the Period 2 Se tember 2023 to 31 Au t 2024 for Afifah Academ Prestons & Jacksons Partnership LLP Statutory Auditors 364 - 368 Cranbrook Road nford Essex IG2 6HY Afifah A Contents of the Financial StateLnents for the Period 2 Se temb r 2023 to 31 Au st 2024 Page Report of the Trustees Report of the Tndependent Auditors 6 to 9 Statement of Financial Activities 10 Balance Sheet 11 to 12 Cash Flow Ststem¢nt 13 Notes to the Cash Flow Stat¢m¢nt 14 Not¢8 to the Financial Statements 15 to 23 Detailed Statcmcnt of Financial Activities 24 to 25 Afifah Academ ort of the Trnstees for the Period 2 S tember 2023 to 31 Au st 2024 The trustees who are also directors of the cbarity for the purposes of the Companies Act 2006, present their rcport with thc financial statements of the charity for the period 2 September 2023 to 31 August 2024. The truste&g have adopt¢d the pmvisions of Accounting and Reporting by Charitics: Statcment of Rccommendcd Practice applicable to charities prepaTing their accounts ID ￿cordanCe with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effe¢tiv¢ l January 2019). Objectlve aDd Alms The advan¢en]ent of educational and training of girls, Aged 2-16 years, residing in greater Manchester, in accordance with principl¢$, tenets and doctrine8 of the islami¢ faith, in particular but not exclusively by thc provision of a school. Acblevements and Perforn)ance Sludents According to the January 2024 Department for Education (DtE) School Census, th¢re w¢re: 1- 106 High S¢hool students 2- 142 Primary School students 3- 35 Pre School students (Full time equivalent) Exam Re8ult8 KS4 National Average Afifah Attainment 8 Progrcss 8 5+English & M&th8 45.9 57.7 KS2 National Averag¢ Afifah Reading Maths Writin8 KSI National Average Afifah Phonics EYFS National Average Afifah LD 65/0 Bvlldlng and Maintenance l- Moved main School office, Deputie$ office8 & reception area to the front of th¢ buildll￿- this improvcd the security and safeguarding of the school staff and pupils. 2- Upgraded students and staff toilets, to make for a cleaner and mor¢ comfortabl¢ ¢nviTQDment for staff and students. Page I Afifah Academ Re ort of the Trnstees for the Period 2 S tember 2023 to 3 1 Au ust 2024 3- Renew¢d floor of WUDd floor Corridor and two classroom8, again improving the outlook of the school and its ¢nvironment. 4- Rendered front parapet wall - Considered health s&f¢ty for the whole school community including parcnts, as TeDd¢ring was coming away and could have become a hazard for any memb￿8 of public or school conunwty standing outside the school It also PTovided a more positive aesthetic as well resistance to weather. Staff l- Staff turnover was low throughout the year. Greater training and support were provided to staff, and th¢ Salaries were improved to bring them closer to the market rntes foT qualifi¢d teacheTS. 2- The Dq)uty Head Teachct of thc high scbool resigned and was r¢placed to conm]ence duties in September 2024. Of8ted March 2024 - Afifah retained a 'Good" rating following a Tobust Ofsted inspection. Our SEN provision was commended, as well as cro88 ¢urri¢ula links within the Trimary Schix)l. Fees l- High school fees w¢re increased from £3700 to £4100 (from September 2024) 2- Primary school fees were increased from £3900 to £4300 (from September 2024) 3- On 29th July 2024, the government announccd the introduction of 200/0 vat on private school fee8, from l st January 2025. Th¢ school engaged in an effective strategy to conununicate changes to the parents con¢¢rning the government announcement. 4- The school anticipated the nced for more effective accounting processes therefore Xero was introduced to assist in the production of Fees Invoices and to assist in book-keeping processes. The first Xero invoices were s¢nt to parents in July 2024. This as8lSted the school in Communicating statements to parents. Fundrgtslng Aetlvltfiei Charlty l- Bake Sale £492.34 2- Place2be £520.00 3- Islamic Relief £1952.93 rais¢d by staff and students dwing Clwity week, wh¢r¢ Students creatively introduced initiatives to raise funds. E.g. sponsorships, making products to 8¢11 et¢. 4- Islamic Rclief £1294.87 5- YeaT 6 pupils raised £367.00 as part of their busin¢88 enterprise projec( funding school resources. Our annual Charity Fundraising Dinner in July 2024 raised £50,000 in donations and another £25,000 was pledged by individuals (over 12 months). Funds wer¢ ring-fenced for the improvements made to th¢ building (sce Building and Maint¢nanG¢ above). Trlp8 fincluded th1$ year: l- Jodrell Bank 2- Pankhurst Museum 3- Edge Hill Univ¢rsity 4- Synagogue 5- China Town 6- Ncw Ch¢adl¢ Mosque Page 2 Afifah Academ ort of the Tn￿teeS for the Period 2 Se tember 2023 to 31 Au ust 2024 EveDts Gaza Fundraising (Nov 2023) ￿UppOrt¢d thc charity. Action for hunwiity - to help raise funds for GaTa - thcy raised just under £20.000 that day for this PTOjCCt. Staff and childr¢n supported thcm throughout th¢ ¢vent. FINANCIAL REVIEW Financial position The Charity had income from School fees and donations of £1,129,500 (2023 . £I,018.174) and the total expenses of £1,302,773 (2023 . £963,675). The net result was a dcficit of £173.273 for the Period ended 3 1st August 2024 (2023 . £54,499) surplus for the YeaT ended I st S¢ptember 2023. For the Period Ended 31 st August 2024, Unrestrictcd funds Ca￿led forward were £399,597 which is made up of Fixed Assets- £347,542 and fre¢ rcs¢rvcs £52,055, (2023 £572.870 which is madc up of Fixed Assets- £349,562 and free reserves of £223,308). The trnslees ar¢ awarc that the charity is running at a deficit for the ycar 2023124. This was mainly due to significant capital investment in thc building of £113,205, which wa8 fund¢d via reserves. In addition, there was a review of staff Salaries with the aim to ensure consistency, which r¢sulted in an increase in the total wage bill by £137,339. Th¢ ttustccs have put in place stricter cost CODtrol8 and implemented a nunjber of cost cutting rnea8ure8 to strengthen the chariws financial position. The tru8tc¢s have reviewed the latest financial forecast for th¢ Cll￿t year (25126), which is projecting a healthy surplus. In addition, tbe trustees have faith in thc continuou8 SUPPOrt from the community. It 18 for th¢8c reasons the accounts are prepared on going concern basis. Prlnelpal riikl and uDcertalntfje¥: The trust¢es have consid¢red the key risks that facc the ¢harity, including mitigative actions to d¢al with th 8nd these include: Rlsks & Mltlgatlons: l- of Students leadlDg to reduction In Incomem Smaller increase in annual fees and better marketing strategi¢s to attract more students. 2- Late payment of fees JeadiDg to cashflow problem8- tmproved follow up on f¢¢8, hcalthy cashflow that can withstand some delayed fees paym¢nL 3- Abjllty to PAybAck Intere$t free Iovdn8- Flexible r¢pa￿ent tern]s with lenders to cnsure repayments ar¢ affordable. 4- Insufficlent reserve8 to deal wlth emergencles- Ensure annual forecast projects 8 surplus to deal with erncrg¢nci¢8. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng doeument The cbarity is controlled by its gov¢rning documen¢ a deed of trust, and constitutes a limited ¢ompanyJ limit¢d by guarantee, as defined by the Companies Act 2006. Page 3 Afifah Academ ort of the Tn￿teeS for the Period 2 Se tember 2023 to 31 Au ust 2024 REFERENCE AND ADIKtNISTRATIVE DETAILS Registered Company number 05512936 (England and Wales) Registered CharAty number 1120284 Regl8tered office 86 Clifton Street Manchester M169GN TrllsteeslDlrtttor8 S Diwan Chaplain A M Khamisa Chartered Management Consultsnt Ms A Kholwadia Tcacher M H Sidyot knam Mu81im Priest Ms H Timol T¢ach¢r Audltors Prestons & Jacksons Partnership LLP Statutory Auditors 364 - 368 Cranbrook Road llford Ess¢x 102 6HY EVENTS SINCE THE END OF THE PEIUOD Inforniation relating to ￿entS since th¢ ¢nd of the period is givcn in the notes to the financial ststements. STATEMEIYT OF TRUSTEES, RESPOIYSIBILITIES The trustees (who aTe also the diTCCtOTS of Afifah Academy for the Pu￿03eS of company law) are responsible for preparing the Report of the Truste¢s and the financial statements in a¢cordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdorn G¢n¢Tally Accepted Accounting Practice). Page 4 Afifab Academ Re rt of the Trustees for the Petiod 2 Se )temb¢r 2023 to 31 Au ust 2024 STATEMENT OF TRUSTEES? RESPONSIBILJTIES- contlnutd Comwy law requires th¢ tTUSte¢s to prepare fjnancial 81atements for ¢ach financial y¢ur. Under that law, t trusteu have elected lo pr¢p8re the fJDancial slaternents in accordance wiib Unit¢d Kingdom Generally A¢¢epted Accounlin8 Pr￿￿1¢¢ (United Kin8don) Accounting Siandard6 and applicable law). Under corDPany law the tNstecs must not approve the financial statements un1¢s8 Ihey ar¢ 5atigficd that thry Bive a ITue and fair view of the slate of alTairs (rf the ch￿￿table company and of the iD¢omin8 resources and applicatioD of resources. includin8 the incomc and expenditure. of tb¢ cbaritable company for that period. ]n preparin8 tbose financial 8tatements, the trnsl¢es are r¢quired to Select suitable •c¢ounting policies and Ih6n apply them consi8teDtIy¥ ob8¢ry¢ th¢ methods and princip1¢5 IJ) ihc Charilics SORP; make judgcmcnls and estimates that are reasonabl¢ And p￿dent. prqjare the financial 8tatemenls on Ihe going conrcrn basis unless 1¢ is inappropriate to presume thal the charitabl¢ c¢)mpany will continue ID bu8ine88. The In￿teel Te8ponBiblc for keepin8 pfopcT ac￿till8 Te¢ords which discloBc witb reasonftblc a¢curacy at ony lim¢ thc fKn8ncinl posiliots of th¢ charitable company and lo ¢nllble tbem to ¢Dgur¢ ihai the fiD8nGial Blatements comply with the Companies Aci 2006. They are also rcsponsibl¢ for safeguarding the assets of the ¢harilable company And hence for taking reabonable step8 for the prevention and detcction of fraud and other irregularities. In 80 f#r as the tn181¢¢s ar¢ aware: there is no rel¢vant audit infomiacion of which the Charitable eompany'£4 auditor8 ar¢ u7Jawar¢' Mjd the ttus¢c¢s hav¢ takcn st¢P8 that they ought to have taken to mak¢ Ih¢mselv¢¥ awarc of any relevant audi¢ infonnotion aod to establish that ihe &uditor8 or¢ ofthat illforn]ati¢)n. Approved by order of Ihe board of trnstrxs on l January 2026 and signed on its Ixhalf by; A M Klwn)i8a- T￿￿teV IDirector Page 5 Re ort of the Jnde etsdent Auditors to the Tn￿tee8 of Afifah Acad¢mi' Opitiion W¢ have audited the financial ststements of Afifah (the 'c1￿]￿ble compfjn￿ f¢)r the period end 31 August 2024 which comprisc the Statement of Financial Activities. tb¢ Balanr¢ the Cash Flow Stat¢m¢nt and notes lo the financial staternent4 incluthg a suu]w of 5igDifi¢aot ￿cOUntIng policies. The finaD¢ial re)￿tIO8 CramewoTk that has been applied in their prepaTAtioD 15 applicable law and United Kin8dom AccountiD8 Standards (United Kingdom Generally Accepted Accounting PraGtirx). In our opinion the fmancial State￿￿. give a tru¢ and fair view of the state of the thaTitabl¢ wMpan￿8 affairs ￿ at 31 Au8U8t 2024 Hnd of its incow r¢sowces and application of rc8ourtts, ]￿l￿dIng its i￿￿me and eApenditur¢, for the period then . hav¢ li¢¢n propcrly PTeP8rcd in a¢cordaI￿¢ with UDitsd Kingdom GeDera]ty ALYeptcd Ac¢ountin8 Pr8¢tice; . bav¢ been prepared in a¢cordonce wilh the WUIren￿ of thc ConwaDiG8 knt 2006. BA•ts for oplnlon We conducted our audit in accordance with Intern*ional StAndards on Auditing (UK) (ISA8 IUK)) and applicable law. Our responsibilities under th08e Stsndards are fiwther described in the Auditors, respollsibilities for the audit of the financial ststements section of our r¢port. W¢ are independeot of the charitable company in accord8n¢e w5th tbc ethical requirements that are relevant to our audit of the rm￿01a] slatQTnents in the UK, In¢luding the FRC'S Ethical StaDdar4 and we have fvlfilled our other ethical T¢spon8ibilitiCB in ac¢ordan¢¢ with these Tequitements. W¢ believe that the vludit eviden￿ we have obtsin¢d 18 iufficienl and appropriit¢ to provide basis for our opinioD. Conclu￿0￿1 relatlxg to golDg ¢wJcern In auditing thc fin8wi41 ststement4 we have concluded that thc trtth¢s' us¢ of the goin8 concerD basis of a￿UntIng in the ptcparation ofthe fJnanciAI Bt&tenwits is appropriate. Based on thv work we have perfonncd. we have not identified any m&terial uncertaintie8 relating to ¢v¢nt$ or conditions that, individually or collectively, may cast 8i8nificant doubt on tho charitable COMp￿Y'S 8bility to eontinu¢ as a going ￿nCern for 4 period of at least twelve months from whcn thc fmancial statements ue authorised for issue. Our re8pon81￿1lltiC9 and tb¥ r¢spon8ibilitle8 of the trust¢¢8 with r¢8p¢ct to 80inB L￿￿Cern are de8¢rilxd in tbe relevanl Sections of thi8 report. Other Inform•lloA The trustKs Jre re8ponBible for thc other infonnNtion. Th¢ oth¢r inforn)ation compri8CS tbc iDfoMJNtl(￿ iJ)Gluded in the Annual R¢po¢ other than thc finaDciaI Jtat¢nMts and our R¢wt of th¢ IndepcDd¢Dt Auditors thetton. Our opinion on the financial stat¢m¢Dts do¢8 not cover the other inf0m￿tioll aD4 ¢xcW to th¢ extent otbenvise plicitly stated in our T￿Ort, wc do not expres8 auy fonn of 888WAo¢e ¢on¢lusion th¢r¢on. In connection with our audit of th¢ financial statements, our responsibility is lo read th¢ oth¢r infOrn￿tiOn an in doin8 so, ￿nSider whether the other inforn￿tion is materially inc0ts8iStent with the fll)ancial ststrrncnt5 or OUT knowled8¢ obtaitied in lh¢ audit or otberwise appe8t8 to be materially misststd, If we identify Such D]atcrial imconsisi¢nci¢s or apparent material mis8tatemcTht4 Wf 8re r¢quir¢d to determine whether thi8 8ive8 rise to mRterial mi8statement in the financial statenLents them8cIv¢8. Ir, based on the work we have perforn)ed. we conclu(k that thore 18 a materi81 misstalcmcnt of tbi8 othcT inf(￿￿￿tiO￿ we are required to rry)ort that fa¢L We have nthg to report 10 this r¢gord. Page 6 rt of the Inde Afifah Academ dent Auditors to the Trustees of Matters on Ivhich we are required to report by exception We have nothing to r¢port in r¢spect of the following matters where the Clwities (Accowits and Reports) R¢gulations 2008 requires us to report to you if, in our opinion: the inforniation given in the Report of the Trnstees is inconsistent in any rnaterial respect with the financial statements; or the charitable company bas not kept adequate accounting r¢cords' or the financial statements are not in &￿ement with th¢ ￿cOuntIng records and returns. or we have not received all the inforn￿tIon and explanations we require for our audit. Responsfibllitles of trustees As ¢xplained more fully in th¢ Staten]ent of Trustees, Responsibilities. the truste¢s (who arc also th¢ directors of the charitable company for the puzposcs of company law) rcsponsiblc for th¢ pr¢paration of the financial statements and for being satisfied that they giv¢ a true and fair vi¢w, and for such internal control a8 the trusteeg deterniine is necessary to enable the preparation of financial statements that are fre¢ from matWAal misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing tbe charitable company's ability to continue as a going concern, disclosing, a$ appli¢able, matters related to going concern and using the going oncern ba818 of accounting unl¢s8 the tru8tses either intend to liquidate Ihe Charitable company or to cease operations, or have no Tealistic alternative but to do so. Page 7 R ort of the Inde Afifah Academ endent Auditors to the Trustees of Our responsibilities for the audit of the finaDclal statements We have been appointed as auditors under S¢ction 144 of the Charities Act 2011 and report in accordance with the Act and r¢levant rcgulations n]ade or having etYe¢t thcr¢uJMIcr. Our objectives are to obtain Teasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due lo fraud or error, and to issue a Repom of the Tndepcndent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error aDd are considered material if. individually or in the awegatc, th¢y could Tea80nably bc expected to infiuenc¢ th¢ economic decisions of user8 taken on the basi8 of thes¢ fmanci statements. The ext¢nt to wbich our procedutt8 are capable of detecting irregularitics including fraud is detailed below . Jrregularities, including fraud, aTe instances of non-cornpliance with law8 and regulations. We identified and assessed the risks of niateTial mi88tatcment of the financial statements from iTregulariti¢8,whether due to fraud or e￿Or. and discussed these between our audit team members. We then designed and performcd audit procedures responsivc to those risks, including obtaining audit evidence sufficient and appropriat¢ to provide a basis for our opinion. W¢ obtained an un(krstanding of the legal and regulatory framework within which the charAtabl¢ company operates, r￿uSing on those laws and regulations that have a direct cffcct on the deternjination of matetial amounts and disc108urcs in the fmancial statements In addition, we considered provisions of other law5 and regulations that do not have a direct effect on the financial staiements but compliance with which might be fundamental to the charitable companls ability to operate or to avoid material penalty. We also eonsidered the opportunili¢s and incentivcs that may exist within the charitable company for fraud. The laws and regulations we considered were General Data Protection R¢gulation (GDPR), employinent legislation, tsxation legislation and anti-frau4 bribery and Corruption Icgislation. Auditing standards limit the required audit procedures to identify non-complian¢e with these laws and regulations to enquiry of the Trustses and other managcment and inspection of regulatory and legal Co￿¢Spondencc, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within tbe timing of recognition of income and the overrid¢ of controls by managemenL Our audit procedures to respond to these risks included enquiries of management, internal audit and the Trustees about their own identification and aBscssment of the risks and i￿¢gulaTItIe8, sample testing on the posting of journals, reviewing accounting c8timat¢s for biases. reviewing r¢gulatory corre8pondcncc with Charity Conjmission, review of donor audit reports, health and safety regulations, and reading of minutes of meetings of tbose charged with governan¢¢. Page 8 ort of the Inde endent Auditors to the T￿Ste¢S of Afifah Academ Owing to inherent limitations of an audit, tbere 18 an unavoidablc Iisk th&t w¢ may Dot havc detected som¢ n]aterial misstatements in the finan¢ial stalcmcnts. even though we have prop¢rly plaDned and pcrfornKd our audit in accordance with aud7tin8 stsndgrds. For cxomple. the T¢llK)v¢d J)on-compIia￿ with laws and regulations (irregularities) 18 from th¢ ￿¢￿ts and transactioD8 reflccted ID the financial staternents. the less likely the inherently limited pr(K¢du￿5 Tequired by auditing staDdards would identify IL In additio￿ as witb any audit, there ren)ained a highcr risk of non dctection of irreBuknritie6, 88 th¢s¢ nmy iDvolvc Collusio￿ for8ay. intentional omissions. misrepresetits￿, or the ov¢ttide of internal conkn]8. We arc not responsible for preventin8 non40mp12a￿ and ¢anttot be expected to detect noDport Governance cort 1352,356 50,417 945,084 18,591 Totsl IJ02,773 963,675 NET INCOMEI(EXPENDITURE) (173.273) 54,499 RECONCIUATION OF FU14DS Total fundi brougbt forW￿d As previously reported Prior ycar fidjustment 553,057 19,813 518J7J io AB rutlttd 572,870 J18,371 TOTAL FUNDS CARRKED FORWARD 399￿97 572,870 The notes fomi parl of these fllwicAal ststemej Page 10 Afifah Academ Balance 31.8a4 1.9.23 Unrestrlcted Total fund funds Notes FIXED ASSETS Tan￿ble a88ets 12 347A42 349.562 CURRENT ASSETS DebtOT$ Cash at bank 13 64A30 109,755 48,lJX) 236,541 174185 284541 CREDITORS Amounts falling due within ¢)ne year 14 (122,130) (39,733) NET CURRENT ASSETS 52,055 244,808 TOTAL ASSETS LESS CURRENr 399,597 594,370 CREDITOIL8 Amount8 falling due after than one year IS (21,500) NET ASSETS 399.597 572,870 FUI¥DS Unregtrict¢d fund8 17 399,597 572,870 TOTAL FUNDS 399,597 572,870 ¢h4ritable oompally is cntitled to exemption from audit under Section 477 of the CompAni¢8 Act 2006 for th¢ wiod ende4 31 Augu8t 2024. The members have not deposit￿ noti￿￿ PUTsuaDt to Section 476 01 the Collrywnie8 Act 2006 requir1￿ an audit of these financial 8tAt¢m¢nt8. The notss forn) part of these fjnancial swements Pdge 11 continu¢d... Afifah Academi, Balance Sheet- continued 31Au ust 2024 The trnstees acknowledge thcir responsibiliti￿ for (a) ensuring that charitable ¢omp2ny keeps accounting records that comply with Sections 386 and 387 of the Companies Act 21x16 and (b) preparing fJrMncial st&t¢m¢nts whiLh giv¢ a truc fair view of the statc of affairs of th¢ Gh8ritsbl¢ ornpany as at the end of each financial year and of its surplus or deficit for each financial year in ac¢ord&nce with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 21)06 relating kn financial ¥talements, so far as applleable to the ehwitsble company. These fln8ncial statements have been auditcd undcr th¢ rquirements of Section 145 of the Charities Aot 2011. These financial statemenls have been prepared in accordance with the provisions applicable to charitable omlwnies subjeot to the small companies r¢girnc. The financlal statements were 8PPToved by the Board of ThL8tee8 and authorised for i85uc on I..I.LNX¥Aia.z.o.%.È_..... and were signed on its behalf by: A M Khamisa- Truslcel Director The notes forn] part ofthese FIna￿la1 statemcnts Poge 12 Afifah Academ Cash Flow Statement forth P riod2Se ber 2023 to 31 Au st 2024 Perlod 219123 to 3118124 Year Ended 119123 as restated Notes Cash flow8 from opcrathig attlvltjes Cash generated from operations (108,769) 91.035 Net cash (used in)Iprovided by operating a¢tivities (108.769) 91,035 Cash flows from investing activities Purchase of tangible fixed assets {1&017) (8,963) N¢t Cash ￿4¢d in investing activities {18,017) (8,963) Cbange In cash and cash equlvalent8 In the reportlng perlod Cllsh and cajh equlvalents at the beglnnlng of tbe reporting perlod (126,786) 82.072 236,541 154.469 Cash and cash cqulvalents at tbe end of the reporting period 109,755 236,541 The notes forni part of these financial statements Page 13 Afifah Academ Notes to thc Cash Flow Statement for the Period 2 Se tember 2023 to 31 Au st 2024 RECONCIIJATION OF NET (EXPEIYDITURE)llNCOME TO NET CASH FLOW FROM OPERATLYG ACTivrriES Period 219123 Y¢aT Ended 119123 a8 r¢stal¢d 3118124 Net {expendllure)Aneome for the reporting perfiod (as per the Statcment of Finxn¢lal Aetfivlties) Adjustments for: Deprcciation charges tncrease in debtors tncrease in creditors {173,273) 54.499 20,037 (16,430) 60,897 19,625 16,911 et ea$h (used in)Iprovided by operRtions (108,769) 91,035 ANALYSIS OF CHANGES IN NET FUNDS At 219123 Cash flow At 3118124 Net tash Cash at bank 236,541 (126.786) 109,755 236,541 (126,786) 109,755 Total 236.541 (126,786) 109,755 The notes forni part of these financial statements Page 14 Afifah Academ Notes to the Financial Ststements for the Period 2 Se tember 2023 to 31 Au ust 2024 ACCOUNTING POLICIES Basis of preparing the fmancial statements The f￿anCIal statements of the charitable company. which is a public benefit entity undeT FRS 102, have been prepared in accordance with the Charities SORP (FRS I02) 'Accounting and Reporting by Charities: Stat¢mcnt of R¢com]n¢nd¢d Practi¢¢ applicable to charities pr¢paring their accounts in accordance with the Financial R¢porting Standard applicablc in thc UK and Republic of Treland (FRS 102) (effective I January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Jreland, and th¢ Companies Act 2006. Th¢ finanoid Statements hav¢ been prepared under the historical cost ¢onv¢ntion. The comparative figures for the year to I Sep 2023 ar¢ unaudited. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it IS Probabl¢ that the income will be received and the amount can be measured reliably. Expendfjture Liabiliti¢s recognised as expenditure as Soon as there is a legal or oon8tructive obli8ation ¢ommittin8 the charity to that expenditure. it is probablc that a transfer of economic benefits will be required in settlement and the amount of the obligation can be mea8ured reliably. Expenditur¢ i& accountcd for on an accruals ba8is and has bc¢n classified und¢r h¢adings that a￿¢gate all cost related to the category. Where costs cannot be directly attribuled to particular headings they have been allocated to activitie8 on a basis consistent with the use of resources. Tangible fixed aJ8eti Depreciation 18 provided at the following annual rate8 in ord¢Y to write off ea¢h assd ov¢r its ¢8timated useful life. Short Leasehold .50/0 on Reducing balance m¢thod Fixtiires & Fittings -18 % on cost Taxatlon The charity is exempt from corporation tax on its charitabl¢ activities. Fund accountlng Unrestrictcd funds can be used in accordance with the charitable objectives at the discretion of the trustees. R￿lI1¢t¢d funds can Only be uyed for particular rcstrictcd PUTposes within the objects of the charity. R¢stri¢tion8 arise when specified by the donor or when funds are raised for particular restricted purposes. Furtber explallation of the nature and purpo8¢ of fund is included in the note8 to the financial stat¢m¢nts. Page 15 continued... Afifah Academ Notes to the Financial Statements - continued for the Period 2 Se tember 2023 to 31 Au ust 2024 ACCOUNTING POLICIES - continued Hire purchase and leaslng commllment8 Rentals paid under operating leases aTe charged to the Statcment of Financial A¢tiviti¢s on a straight line basis over the period of the lease. Pensfjon costs and other post-retirement benefits The ch￿Itabl¢ company operdtes a defined contribution pension scheme. Contributions payable to the charitsble con￿allY,S pension scheme are cbaTg¢d to th¢ Slatcm¢nt of Financial Activities in the period to which they relate. Concessionary loaD8 tntercst frcc loans (Karze Hasna) from the community are accounted for as due within one year. COME Perlod 219123 to 3118124 Year Ended 119123 as restated Donations Gift aid Fundraising tn¢om¢ Fees and Registration Pupil Support Ethicational R¢sour¢¢s Food Sales Premi8es Hire Other Incom¢ 28,254 1,770 50,317 867,141 149,783 3,293 13,861 6.130 8.951 18,808 709,037 248,001 22,043 13,161 4,333 791 1,129,500 1,018,174 Page 16 continued... Afifab Academ Notes to the Financial Statements - continued for the Period 2 tember 2023 to 31 Au ust 202 CHAIUTABLE ACTMTIES COSTS Support costs (see note 4) Support Governance cost 1,252,356 50,417 1,302,773 SUPPORT COSTS Governance osts Management Finance Totals Support Governan¢¢ cost 1,251,436 920 1352 J56 50,417 50,417 1,251,436 920 50,417 I J02,773 IYET INCOMEI(EXPENDITURE) N¢t income/(expenditure) 18 Stated after ChargIn￿(crediting). Perlod 219123 to 3118124 Year Ended 119123 as restated Depreciation - owned assets Hire of plant and m￿binery 20,037 9,484 19,625 4,920 Page 17 continued... Afifah Academ Notes to the Financial Ststements - continued for the Period 2 Se tember 2023 to 31 Au ust 2024 AUDITORS. REMUNERATION Period 219123 to 3118124 Year Ended 119123 as restated Audlt fees Otber non-audft servlcei 4,000 2,000 6,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration OT other benefits for the period ended 31 August 2024 nor for the year cndcd I September 2023. Trustees, expeniei Ther¢ were no truste¢s' cxpen$e8 paid for th¢ period ended 31 August 2024 nor for the year ended I September 2023. STAFF COSTS Perlod 219123 to 3118124 Year Ended 119123 as restated Wages and salari¢s Social sccurity costs Other pension costs 831,294 40,269 8J25 720,748 20.781 5,674 880J88 747.203 Page 18 Colltinued... Afifah Academ Notes to the Financial Ststements - continued for the Period 2 Se ternber 2023 to 31 Au ust 202 STAFF COSTS - contlnued The average monthly number of ernploye￿ during the period was as follows: Period 219123 to 3118124 Year Ended 119123 as restated 65 Charitsble Admin and Management 72 73 No employees received emolwnents in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fimd a8 restated INCOME AND ENDOWMELYTS FROM Income 1,018.174 EXPEI¥DITURE ON Charltable acttvltlel Support Governance cost 945,084 18,591 Total 963,675 NET INCOME 54,499 RECONCILIATION OF FUNDS Total funds brOll￿t forward 518,371 TOTAL FUNDS CARIUED FORWARD 572,870 Page 19 continued... Afifab Academ Notes to the Financial Statements - continued for the Period 2 Se ternber 2023 to 31 Au ust 2024 10. PRIOR YEAR ADJUSTMENT A prior year adjustment relating to the ovcrstatcmcnt of pupil deposits was identified during the year. The prior year closing balance of pupil deposits was previously reported at £34,618 but should havc bcen £14,805. Accordingly. an adjustment of £19.813 has been made to opening Tetained earnings to cO￿¢¢t errors made over numbcr of y¢ars. 11. KEY MANAGEMENT PERSOIYNEL The Key Management Personnel ¢ompris¢s of the Board of Tn￿tee8 and thc Hcad Teachcr. 12. TANGIBLE FIXED ASSETS Fixtures Short leasehold fittings Totals COST At 2 September 2023 Additions 424,117 16,980 8,963 1,037 433.080 18,017 At 31 August 2024 441.097 ID,000 431,097 DEPRECIATION At 2 September 2023 Charge for year 81,905 17,960 1,613 2,077 83,518 20,037 At 31 August 2024 99,865 3,690 103,555 NET BOOK VALUE At 31 August 2024 341232 6JlO 347,542 At I September 2023 342.212 7,350 349,562 Page 20 continued... Afifah Academ Notes to the Financial Statements - continued or the Period 2 Se ember 2023 to 31 Au ust 2024 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 1.9.23 as restated Trade debtors Other debtors 64J41 89 48.000 64,430 48,000 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 1.9.23 as restatcd Trade creditors Social security and oth¢r taxes Other creditors Karze Hasna 31,893 7.679 28,354 3,700 60,037 30,200 122,130 39,733 Karze Hasna are interest free concessionary loans from the community repayable on r¢qu¢8t. 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.24 1.9.23 as restated Kane Hasna 21.500 16. LEASING AGREEMENTS Minimum payinent5 under non-cancellable operating leases fall due as follows: 31.8.24 1.9.23 as restated Within one ye&r B¢tween one and five yeaTS 9J44 18a39 9,344 27.683 27.683 37,027 Page 21 continued... Afifah Academ Notes to the Financial Statements - continued for the Period 2 Se ember 2023 to 31 Au ust 2024 17. MOVEMENT IN FUNDS Prior Net movement in funds At 3118124 At 219123 adjustment Unrestrieted fundl General fund 553,057 19013 (173.273) 399,597 TOTAL FITNDS 553,057 19,813 (173373) 399,597 Net n]ovement in funds, included in the above are as follows: Incoming resource5 Resources Movement expendcd in funds Unrestrlcted fund8 General fund 1,129,500 (I J02,773) {173373) TOTAL FUNDS 1.129.500 {1,302,773> (173,273) Compiradves for movement In fuDd$ Net movement in funds At 119123 At 219122 Unrestrleted fundg General fund 518,371 54,499 572,870 TOTAL FUNDS 518,371 54.499 572.870 Page 22 continued... Afifab Academ Notss to the Financi￿ Statements - continued for the Perio 2Se tember 2023 to 31 Au st 2024 17. MOVEMENT IN FUNDS - contlnued Con]parative net movement in funds, included in the above are as follows: Incoming Resources Movemcnt resources expended in funds Unrestrlcted funds Genfftl fund 1,018,174 (963,675) 54,499 TOTAL FUNDS 1,018,174 (963,675) 54,499 18. RELATED PARTY DISCLOSURES There were no related party transactions for the period ended 31 st August 2024 and for the year ended 1st September 2023. 19. POST BALANCE SHEET EVENTS In December 2024, the charity acquired the freehold propcty they are operating from for a total Consideration of £700,000. The acquisition was completed after the reporting period and therefore has not been reflected in the balance sheet as at 31st Au8USt 2024.This is a non-adjustin8 Post balance sheet event in accordance with FRS 102. Page 23 Afifah Academ Detailed Statement of Financial Activities for the Period 2 to31Au ust 2024 PcTiod 219123 Year Ended 119123 as restatcd 3118124 INCOME AND ENDOWMEIYTS Income Donations Gift aid Fundraising Income FeKs and Registration Pupil Support Educational Resources Food Sales Premises Hire Oth¢r Jncom¢ 28254 1,770 50J17 867,141 149,783 3393 13061 6,130 8,951 18,808 2,000 709,037 248.001 22,043 13.161 4,333 791 1,129,500 1,018,174 Total fineomfjng re8ource8 1,129,500 1,018,174 EXPENDITURE Support Costs Management Wages and salaries Social security Pensions Hire of plant and machinery Rates and water Insurance Light and heat Telephone Postagc and ststionery IT and websi Travelling and subsistence Staff training and welfare Carried forward 831.294 40,269 8,825 9,484 7,497 9,527 21,502 2,169 998 2,225 720,748 20,781 5,674 4.920 6,673 8,953 16,937 2,092 ,557 11,021 806,356 9,905 943,695 This page does not forni part of the statutory financial statements Page 24 Afifah Academ Detailed Statement of Financial Activities for the Period 2 Se tember 2023 to 31 Au ust 2024 Period 219123 to 3118124 Year Ended 119123 as restated Management Brougbt fonvard Rent Cleaning Events Examination fccs Subscription Educational resources School ¢ante¢n Donation Supply staff Trip Repairs and renewals Software Deprcciation 943,695 16,$011 3,139 7,381 8,262 16,601 39,051 17.536 3,768 36,536 13,514 113,205 12,211 20,037 806.356 19.900 3,225 3,451 4,589 6,738 32.953 8.728 1,361 30,928 6.403 19,625 1,251,436 944.257 Finance BaDk charges 920 827 Governanee costs Auditors, remuncration Other legal & professional Book keeping Consultancy 6,000 14,223 5,41)0 24,794 17,001 1,590 50,417 18,591 Total resources expended 1,302,773 963,675 Iyel (expendltureVfincon)e (173,273) 54,499 This page does not forni patt of the stathtory financial statements Page 25