Registered Charity number: 1124362
ISLAMIC ACADEMY OF COVENTRY (IAC)
REPORT AND ACCOUNTS
31st DECEMBER 2024
ISLAMIC ACADEMY OF COVENTRY (IAC)
FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31st December 2024
CONTENTS
| 1 | Administrative Information. | ||
|---|---|---|---|
| 2 | to | 4 | Trustees annual report |
| 5 | Independent Examiners Report | ||
| 6 | Statement Of Financial Activities. | ||
| 7 | Balance Sheet. | ||
| 8 | to | 9 | Notes to the accounts |
ISLAMIC ACADEMY OF COVENTRY (IAC)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st December 2024
TRUSTEES: SULEMAN BHAYAT IMTIAZ VANIA ANWAR SHAIKH ADDRESS: 83-87 CAMBRIDGE STREET COVENTRY CV1 5HU BANKERS: HSBC BANK PLC
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ISLAMIC ACADEMY OF COVENTRY (IAC)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st December 2024
The trustees present their 2024 annual report and account.
1. CONSTITUTION
Islamic Academy of coventry (IAC) is constituted under a trust deed dated 1 January 2008.
The trust was registered as a charity on 6 June 2008 and it's registration number is 1124362
The Trustees that have served the charity during the period are set out above. The Trustees have legal responsibility for the operation of the Trust, and a management committee which includes the four trustees are responsible for the day to day affairs of the charity.
2. OBJECTS
The objects of the charity as set out in the constitution is as set out below:
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2.1 To advance education generally and the education of Muslims, providing educational services on a full time or part time basis to people of all ages. Support and provide Muslims in the pursuit of traditional Islamic knowledge with recourse to classical sources.
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2.2 The establishment maintaining and management of buildings in order to fulfill the objectives set out in this clause.
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2.3 Any charitable purposes for general benefit of the people living in Coventry and the United Kingdomas the Trustees shall think fit.
3. ACTIVITIES AND FUTURE PLANS
The trustees review the objectives and activities to ensure they continue to reflect our objects. The trustees in the current year have considered the Charity Commission's general guidance on public benefit and are satisfied the charity continues to provide public benefit. The activities undertaken to achieve our objectives and provide public benefit are detailed as follows.
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ISLAMIC ACADEMY OF COVENTRY (IAC)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st December 2024
3. ACTIVITIES (Cont)
The Islamic Academy Of Coventry (IAC) was established as a resource for Islamic knowledge for all Muslims regardless of background, creed or culture. IAC intends to be a centre of learning in the heart of Coventry.
In order to fulfil its objectives, IAC offers the following education services:
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Fiqh (Islamic Jurisprudence) · Seerah (Study of Prophets Life and works) · Hifz (memorisation of the Holy quran) · Tajweed (Intonation) · Aalimyah (Islamic Theology)
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Arabic classes
These education services are delivered during the day and evening. The courses are available to adult male and female. There is also special provision for boys and girls from the age of 13 to 16.
IAC in the future intends to build on the strength of the education services and expand on publication services, spiritual, religious and moral development, religious services, youth development and islamic awareness.
IAC promotes and teaches consideration for others, compassion, tolerance and co-existence are all Islamic virtues. We advise people that they are duty bound to contribute to the common good, in a spirit of co-operation with their fellow human beings.
4. FINANCIAL REVIEW AND RESERVES POLICY
The trustees' reserves policy is to spend all unrestricted funds on charitable activities
in any given year. The trustees review the financial health of the charity on a regular basis and ensures a small surplus is made to cover any unforeseen costs. The overall fixed costs of the charity is minimal, therefore, the trustees believe a small surplus in any given year is sufficient for the charity for it’s overall financial stability.
The principal income sources were from donations collected and nomnial fees from students.
The net incoming resources for the year amounted to £10,545 and net fund at 31 December 2024 was £423,974.
5. RISK MANAGEMENT
The Trust is responsible for the overseeing of the risks faced by the charity. Detailed considerations of risk are delegated to the trustees of the charity. Risks are identified, assessed and controls established throughout the year.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed but is reasonable in relation to the current size of the charity.
Appropriate Criminal Records Bureau (CRB) checks, supported by regular reviews are made of all staff and volunteers who work with children. Also the trustees keep under the review the finances of the charity.
6. FIXED ASSET
The trust purchased the freehold property at 83-87 Cambridge Street. The property is vested the name of the four trustees.
All of the charity's actvities are conducted at these premises.
The Trust was donated 248 Stoney Stanton Road, Coventry, CV1 4FP, which is rented out to generate funds for the charity.
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ISLAMIC ACADEMY OF COVENTRY (IAC)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st December 2024
7. STATEMENT OF TRUSTEES' RESPONSIBILITIES
Charity law require the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for the period. In preparing those financial statements, the trustees are required to:
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a) select suitable accounting policies and then apply them consistently;
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b) make judgements and estimates that are reasonable and prudent;
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c) 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
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d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records and disclose with reasonable accuracy at any time financial position of the charity and to enable then to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Imtiaz Vania 05.04.2025 (Trustee)
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INDEPENDENT EXAMINERS REPORT TO THE ISLAMIC ACADEMY OF COVENTRY (IAC)
I report on the accounts of the Charity on pages 6 to 9 for the year ended 31 December 2024 which have been prepared in accordance with the Charities Act 2011 and with the Financial Reporting Standard (FRS102), adapted to meet the needs of unincorporated organisations, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, (The SORP), under the historical cost convention and the accounting policies set out on page 8.
Respective Responsibilities of Trustees and Examiner
As described on page 4, the Charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under s144 (2) of the Charities Act 2011 and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
It is my responsilbility to:
a) examine the accounts under section 145 of the 2011 Act;
b) 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;
c) 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:
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1)which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act, and
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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.
Saleh Chowdhury (FCCA) 05.04.2025
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ISLAMIC ACADEMY OF COVENTRY (IAC)
Statement of Financial Activities for the Year to 31st December 2024
| Note Unrestricted funds Restricted income funds 2024 £ £ £ Incoming resources Income resources from charitable activities 2 28,831 - 28,831 Income resources from generating funds 3 9,573 - 9,573 38,404 - 38,404 Resources expended Charitable activities 4 (27,859) - (27,859) (27,859) - (27,859) Net incoming/(outgoing) resources before transfers 10,545 - 10,545 Total funds brought forward 190,114 - 413,429 Total funds carried forward 200,659 - 423,974 |
2023 £ 27,072 11,670 38,742 (25,788) (25,788) 12,954 400,475 413,429 |
|---|---|
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ISLAMIC ACADEMY OF COVENTRY (IAC)
Balance Sheet As At 31st December 2024
| Note Fixed Assets £ Freehold Property 5 Building Improvements 5 Current Assets HSBC Bank Plc 103,796 103,796 Current Liabilities Accruals & fees in advance 4,475 4,475 Net Assets Represented By: Unrestricted Income Funds |
2024 £ 291,503 33,150 324,653 99,321 423,974 423,974 423,974 |
£ 83,587 83,587 5,861 5,861 |
2023 £ 291,503 44,200 335,703 77,726 413,429 413,429 413,429 |
|---|---|---|---|
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ISLAMIC ACADEMY OF COVENTRY (IAC)
Notes to the Accounts for the Year to 31st December 2024
1 ACCOUNTING POLICIES
a) Basis of Accounting
The financial statements are prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Charities Act 2011. Exemption has been taken from preparing a cash flow statement under ‘Section 7 Statement of Cash Flows’ as permitted by FRS 102 on the grounds that the charity qualifies as a small entity.
b) Income
Donations collected are included in the Statement of Financial Activities (SOFA) as soon as they are received.
c) Expenditure
All expenditure, other than that which has been capitalised, is included in the SOFA The value of purchase invoices received before the year end but not paid until after the year end has also been included in the accounts.
Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
d)Fixed Asset & Depreciation
Tangible fixed assets are stated at cost.
Buildings Improvements ‐ Straight line 25%
2 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| Rent Student Fees |
Unrestricted funds 9,800 19,031 28,831 |
Restricted income funds - - 0 |
2024 9,800 19,031 28,831 |
2023 8,107 18,965 27,072 |
|---|---|---|---|---|
3 INCOMING RESOURCES FROM ACTIVITIES FOR GENERATING FUNDS
| Unrestricted funds General public donations 9,573 9,573 COSTS OF CHARITABLE ACTIVITIES Unrestricted funds Teaching costs 6,758 Energy 1,545 Rates 1,638 Printing, Stationery & Publications 6,060 Bank Charges 129 DBS 679 Depreciation 11,050 27,859 |
Restricted income funds - 0 Restricted income funds - - - - - - |
2024 9,573 9,573 2024 6,758 1,545 1,638 6,060 129 679 11,050 27,859 |
2023 11,670 11,670 2023 6,858 2,703 1,231 4,973 121 - 9,900 25,788 |
|---|---|---|---|
| Teaching costs Energy Rates Printing, Stationery & Publications Bank Charges DBS Depreciation |
- 4 COSTS OF CHARITABLE ACTIVITIES
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ISLAMIC ACADEMY OF COVENTRY (IAC)
Notes to the Accounts for the Year to 31st December 2024
5 FIXED ASSETS
| Cost 1st January 2023 Additions Depreciation 1st January 2023 Charge For Year Net Book Value at 31st December 2023 Net Book Value at 31st December 2024 UNRESTRICTED FUNDS Balance at 1 January 2023 General funds 413,429 |
Freehold Property £ 161,503 - 161,503 0 0 0 161,503 161,503 Incoming Resources 38,404 |
Donated Freehold property £ 130,000 - 130,000 0 0 0 130,000 130,000 Outgoing Resources (27,859) |
Building Improvements £ 66,752 66,752 22,552 11,050 33,602 44,200 33,150 Balance at 31 December 2024 423,974 |
|---|---|---|---|
| General funds |
6 UNRESTRICTED FUNDS
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