REGISTERED COMPANY NUMBER: 05499251 (England and Wales) REGISTERED CHARITY NUMBER: 1120516
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2022
for
Madina Education Trust
SKN Services Ltd Chartered Accountants SKN Business Centre 1 Guildford Street Birmingham West Midlands B19 2HN
Madina Education Trust
Contents of the Financial Statements for the Year Ended 31 July 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Madina Education Trust
Report of the Trustees
for the Year Ended 31 July 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The objectives of the trust are the advancement of education in the United Kingdom and elsewhere; the furthering of education and training; to provide facilities as required for the provision of education; the fostering promotion and increasing the interest of the public in education; pursuing other charitable purposes as the trustees shall think fit.
ACHIEVEMENT AND PERFORMANCE
The Charity has successfully expanded its activities for education classes in the current financial year. Various classes have been running successfully throughout the period under review.
FINANCIAL REVIEW
The total incoming resources for the period amounted £130,293 (2021 - £106,697) with a net surplus of £36,872(2021 - £20,166).
FUTURE PLANS
The Trust intends to carry on providing its core education services as detailed in the Memorandum and Articles of Association. The charity plans to further expand its range of courses and increase student uptake in the forthcoming year and continue developing on its success and popularity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles the initial subscribers to the Memorandum are the first Trustees of the Charity. One third of the Trustees must retire at each AGM subject to reappointment by the members.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05499251 (England and Wales)
Registered Charity number
1120516
Registered office
Madina House Walsall Street Wednesbury WS10 9EL
Trustees
Aftab Miah Azmal Hussain Shahin Uddin Badrul I Khan Mohammed A Mumith Trustee Halim Uddin Trustee
Page 1
Madina Education Trust
Report of the Trustees
for the Year Ended 31 July 2022
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary Azmal Hussain
Independent Examiner
Shalim Uddin SKN Services Ltd Chartered Accountants SKN Business Centre 1 Guildford Street Birmingham West Midlands B19 2HN
Approved by order of the board of trustees on 28 April 2023 and signed on its behalf by:
Azmal Hussain - Trustee
Page 2
Independent Examiner's Report to the Trustees of Madina Education Trust
Independent examiner's report to the trustees of Madina Education Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shalim Uddin
SKN Services Ltd Chartered Accountants SKN Business Centre 1 Guildford Street Birmingham West Midlands B19 2HN
28 April 2023
Page 3
Madina Education Trust
| Statement of Financial Activities for the Year Ended 31 July 2022 31.7.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 125,661 Other trading activities 2 4,620 Total 130,281 EXPENDITURE ON Charitable activities Education & support 93,409 NET INCOME 36,872 RECONCILIATION OF FUNDS Total funds brought forward 377,995 TOTAL FUNDS CARRIED FORWARD 414,867 |
31.7.21 Total funds £ 106,696 - |
|---|---|
| 106,696 | |
| 86,530 | |
| 20,166 357,829 |
|
| 377,995 |
The notes form part of these financial statements
Page 4
Madina Education Trust
Balance Sheet
31 July 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.7.22 Unrestricted fund £ 668,253 125 25,483 25,608 1,426 27,034 695,287 (280,420) 414,867 414,867 414,867 |
31.7.21 Total funds £ 619,991 - 28,864 28,864 (402) 28,462 648,453 (270,458) 377,995 377,995 377,995 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Madina Education Trust
Balance Sheet - continued
31 July 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2023 and were signed on its behalf by:
Azmal Hussain - Trustee
Shahin Uddin - Trustee
The notes form part of these financial statements
Page 6
Madina Education Trust
Notes to the Financial Statements for the Year Ended 31 July 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not depreciated Fixtures and fittings - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
Madina Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | |||
|---|---|---|---|
| 31.7.22 | 31.7.21 | ||
| £ | £ | ||
| Rent receivable | 4,620 | - |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Education & support NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.7.22 31.7.21 7 7 Unrestricted fund £ 106,696 86,530 20,166 357,829 377,995 |
|---|---|
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 8
Madina Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
6. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 August 2021 619,991 Additions 48,262 At 31 July 2022 668,253 DEPRECIATION At 1 August 2021 and 31 July 2022 - NET BOOK VALUE At 31 July 2022 668,253 At 31 July 2021 619,991 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses |
Fixtures and fittings £ 83,410 - 83,410 83,410 - - 31.7.22 £ 125 31.7.22 £ 46 (1,494) 22 - (1,426) |
Totals £ 703,401 48,262 751,663 83,410 668,253 619,991 31.7.21 £ - 31.7.21 £ 500 (620) 22 500 402 |
|---|---|---|
continued...
Page 9
Madina Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | THAN ONE | YEAR | |
|---|---|---|---|---|
| 31.7.22 | 31.7.21 | |||
| £ | £ | |||
| Other creditors | 280,420 | 270,458 | ||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/8/21 | in funds | 31/7/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 377,995 | 36,872 | 414,867 | |
| TOTAL FUNDS | 377,995 | 36,872 | 414,867 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 130,281 | (93,409) | 36,872 | |
| TOTAL FUNDS | 130,281 | (93,409) | 36,872 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1/8/20 | in funds | 31/7/21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 357,829 | 20,166 | 377,995 | |
| TOTAL FUNDS | 357,829 | 20,166 | 377,995 |
continued...
Page 10
Madina Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 106,696 106,696 |
Resources Movement expended in funds £ £ (86,530) 20,166 (86,530) 20,166 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/8/20 £ 357,829 357,829 |
Net movement in funds £ 57,038 57,038 |
At 31/7/22 £ 414,867 |
|---|---|---|---|
| 414,867 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 236,977 236,977 |
Resources Movement expended in funds £ £ (179,939) 57,038 (179,939) 57,038 |
|---|---|---|
continued...
Page 11
Madina Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2022.
Page 12
Madina Education Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 July 2022 | ||
| 31.7.22 | 31.7.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 47,246 | 50,419 |
| Admissions - Student fees | 78,415 | 56,277 |
| 125,661 | 106,696 | |
| Other trading activities | ||
| Rent receivable | 4,620 | - |
| Total incoming resources | 130,281 | 106,696 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 59,946 | 56,888 |
| Support worker | 13,239 | 7,265 |
| Rates and water | 1,859 | 615 |
| Light and heat | 5,219 | 4,515 |
| Repairs and maintenance | 4,022 | 7,445 |
| Insurance | 2,413 | 2,126 |
| Stationery and printing | 149 | 69 |
| Household and cleaning | 161 | 278 |
| Telephone | 1,315 | 1,724 |
| Other office costs | 543 | 605 |
| Equipment expensed | 1,862 | 2,052 |
| Other charitable costs | 1,467 | 1,436 |
| Advertising | 390 | 320 |
| 92,585 | 85,338 | |
| Support costs | ||
| Finance | ||
| Bank loan interest | - | 16 |
| Governance costs | ||
| Accountancy fees | 500 | 500 |
| Bank Charges | 111 | 58 |
| Other legal & professional | 213 | 618 |
| 824 | 1,176 |
This page does not form part of the statutory financial statements
Page 13
Madina Education Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 July 2022 | ||
| 31.7.22 | 31.7.21 | |
| £ | £ | |
| Total resources expended | 93,409 | 86,530 |
| Net income | 36,872 | 20,166 |
This page does not form part of the statutory financial statements
Page 14