Mapu5-Smith & Lemwitp Chaitefed Ar(ountants Charity registratlon number 1123151 SADAT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SADAT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S Hussain MrA Hussain Mr S Shah Charity number 1123151 Principal address 25 Shaa Road Acton London W3 7LW Independent examiner Mapus-smith & Lemmon LLP 30 Old Market Wisbech Cambridgeshir8 PE13 1NB Bankers Barclays Bank Leicester LE87 2BB Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR
SADAT TRUST CONTENTS Page Trustees. report Independent examiner's report ststement of financial activities Balance sheet Notes to the financial ststements 6-10
SADAT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Irustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial stalements and comply with the charity's [governing documentl, Ihe Charities Act 2011 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to Gharities 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 actlvities The charity's objects are.. To relieve poverty, distress and financial hardship for those in need. Especially widows and orphans. To relieve sickness and promote good health including. without limitation, by improving standards of healthcare and hygiene. To advance education, including by assisting and supporting young people so as to enable them to study on recognised courses. To advance the religion of Islam, mainly, but not 8x¢lusively, by supporting the construction of new mosques and facilities for worship. The trustees have paid due regard to guidance issued by the Charity Commission in deciding whal activities the charity should undertake. Achievements and performance The charity's financial activities are shown on page 4 of these financial statements. The trustees will continue to use its funds to further the Charity's objectives. Given the fluctuations in donations received. the charity retains sufficienl funds to ensure continued support to the various bodies to whom grants are given. The trustees consider that these activities, summarised above, provide benefit both for those who worship at the mosques and to the wider community in general. Flnanclal review It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees consider that reserves at this18V81 will ensure that, in the event of a significant drop in funding. th6y will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity is constituted by a Deed ofTrust dated 21 January 2008 and is registered with the Charity Commission. registration 1123151. The Irustees who served during the year and up to the date of signature of the financial statements were-. Mr S Hussain MrAHussain Mr S Shah The power to appoint new trustees rests with the trustees.
SADAT TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, report was approved by the Board of Trustees. Mr S HussaiTr- Trustee Dated". Mr A Hussain Trustee Dated:...i.3 - i :.1..%
SADAT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SADAT TRUST I report to the trustees on my 8xamination of the financial statemenls of Sadat Trust {the charity) for the year ended 31 March 2024. Responslbllltles and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Aci 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all Ihe applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent oxamlnerfs statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepled Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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 that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and cont8nt of accounts set out in the Charities {Accounts and Reports) Regulations 2008 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. 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 financial statements to be reached. Helen Peak, F.C.C.A. Mapus-smith & Lemrnon LLP 30 Old Market Wisbe¢h Cambridgeshire PE13 1NB
SADAT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies 33,950 58,386 Total income 33,950 58,386 Expenditure on: Charitable activities 33,346 71,535 Total expendlture 33,346 71,535 Net incomel{expenditure) and movemenl In funds 604 113.149) Reconciliatlon of funds: Fund balances at 1 April 2023 63,953 77,102 Fund balances at 31 March 2024 64,557 63,953 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from Continuing activities.
SADAT TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Current assets Cash at bank and in hand 64,557 63,953 Nel current assets 64,557 63,953 Net assets excludlng pension Ilablllty 64,557 63.953 The funds of the charity Unrestricted funds 64,557 63,953 64,557 63,953 The financial ststements were approved by the trustees on Mr S Hussain Trustee MrA'H Trustee
SADAT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charlty Information Sadat Trust is constituted by a Dead of Trust dated 21 January 2008 and is registered with the Charity Commission, registration 1123151. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charity's Igoverning documenti, the Charities Act 2011, FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. ("FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charily is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required to provide a Irue and fair view. This departure has involved following the Statement of Recommended Pra¢ti¢e for Gharities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred lo in the Regulations but which has since been wilhdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the historical cosl convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trusteès in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of th8 restricted funds are set out in the notes to the financial statements. Endowment fvnds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 In¢ome Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are reGognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a conlingent asset.
SADAT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 Classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basis of time spent, and depreciation charges a allocated on the portion of the asset's US8. Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Grants payable are payments made to third parties in the furtherance of charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or outpul to be provided, such grants, are only recognised in the SOFA once the recipient of the grant has provid8d the specific service or output. Grants payable without performance conditions are only recognised in the accounts when a ¢ommitmenl has been made and there are no conditions to be met relating to the grant which remain ion the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Governance costs include costs of the preparation and examination of Ihe statutory accounts. the costs of trustee meetings and thé cost of any legal advice to trustees on governance or constitutional matt8rs. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost5 and are subsequently carrted at amortlS8d cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is m8asured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SADAT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement Constitutes a financing transaction, where the debt instrument is measured al the present value of the future paymenls discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised Gost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial liabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.7 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.8 Fund accounting policy Unrestricted income funds are general funds that are available for use at the trustees. discretion in furtherance of the objectives of the charity. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgemenls, estimates and assumptions about the Carrying amount of assets and liabilities Ihat are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien¢e and other factors that are considered lo be relevant. Actual results may differ from these estimates. The eslimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 33.950 58,386
SADAT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable activities Grant Other costs funding 2024 Total 2024 Total 2023 2024 Ramzan - food and drink Grants to individuals Education support EID celebration committee 764 27,351 4,432 480 764 27,351 4,432 480 30,386 248 2,336 33,027 33,027 32,970 Grant funding of activities {see note 5) Share of govemanc8 ¢0$1s (see note 6} 35,000 3,565 319 319 33.027 319 33,346 71,535 Grants payable Grant fundlng 2023 Grants to institutions.. Other 35,000 Support costs allocated to activities 2024 2023 Basls of allocatlon Governance costs 319 3,565 Analysed between: Charitable activilies 319 3.565 2024 2023 Governance costs comprise: Bank charges Exchange difference 15 304 45 3,520 319 3,565
SADAT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement In funds 2024 2023 The net movement in funds is stated after ¢hargingl(crediting): Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from lh8 charity during the year. Employees The avarage monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows.. 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds whiGh have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resources Resources At 31 March expended 2024 General funds 63,953 33,950 (33,346) 64.557 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 77,102 58,386 171,535) 63,953 12 Related party Iransactions There were no disclosable related party transactions during the year (2023 - none). 10-