Chaiyty registralion number.. 1125653 Safar Academy Trust Annual Report and Consolidatsd Finan¢ial Ststements for the Yeai. Fnded 31 Au8USt 2024 Safar Academy Trust Contents Referei)ce and Adtninistrative Details Trustees, Report 2to5 Independent Auditors, Report 6t08 Consolidated Statement of Financial Activities 9tolO Consolidated Balance Sheet Balance Sheet 12 Consolidated Statement of Cash Flows 13 Statement of Casli Flows 14 Notes lo the Finan¢ial Ststements 15to30 Safar Academy Trust Reference and AdMill￿tratiVe DetAils Trustee S A Wasim M Baig SMAAmjad 1125653 Charity Registration Number Principal Offjce Unit 235 North London Busin￿$ Padt Oaklei8h Road South London NII IGN AuditOf8 NA Associate5 LLP Ch￿te1'¢d Certified Accountants Woodgate Studios 2-8 Games Road Cockfosters Hertfordshir¢ EN4 9HN Bank¢J7 HSBC l Aldennans Hill Palmers Grexn ndon N13 5SR Page I Safar Academy Trust Trustees, Report The trustees. present the aj￿Ual report togethei. with the consoLidated finartcial statements of the charity for the year ended 31 Al￿USt 2024. Objectives and activities Objecls and ain Our charity's purpose and aims are set out in the objects contained in the charity's Tn￿t Deed are: l To advance the education of the publi¢ in Jslami¢ education and pedagogy• 2 To provide grants, loans and other financial a88islance to the poor and needy and insti￿tionS for education, welfare, religious needs and provide advice and Lqsistance in obtsininE the same. 3 l'o promote such oihcr charitable putwscs as may froin timc to limc bc dctCiTnined. The school aims lo ensure that children w'e taught tluDugh a curriculuni that 15 direGted by the Word of Alla and the Sunnah of Muhammad (peace be uw)n him). They will learn to diseover and evaluate the world around them from a Muslim PerSp￿tiVe and, by means of a broad curriculum, they will be encouraged to use and develop their gifts in 8 God-conscious way. The objective is to provide a hiah quality Muslim education which will bl'ing tlie best out of all the children gnd enable thern to have confidence in the Muslim faith and to apply its principles to their lives. This phil(K8ophy is reflected in the cutTiculum, discipline and ethos of the school. We achieve our charitable objedives by carryin8 Out th¢ following activiti¢s:_ . Dissemination of resources in Islamic education and pedugogy9 • Development of resource5 and providing support to schools that teach Islamic subjects; Running schools in Ilie UK for children and adults leachin8 Islamic studies. Providing ts'aining to school 5taff- • Help the needy people abroad who suffer from poverty and natural disasteis. Fundrqlsing dlsclosures The gi'oup receives donations throughout the year to further the educational purposes of the charity. Public beMeJ7t The Charity V￿)￿8 within the Community to further the advance of education and provide grants or fjnancial assistance to the poor and needy. The trustees confirm that they have complied with the requirements of section 17 of the Charitics Act 201 I to have due regard to the publi¢ benefit guidance published by the Charity Commission for England and Wales. Use of volumleers The group is very gratefvl for the use of volunteers to &ssist with fund raisin Fin4nci#l revlew Policy on reserves The finances are constantly reviewed by the committee and a iEserve policy is established whereby the unrestricted funds not committed should be held in reserve and maintained at a level which ensures that Safar Academy Trust core activity Could ¢onttnue during a period of unforeseen difficulty. Page 2 Safar Academy Trust Trustees, Report Plans for future periods Trustees and Officers The t￿SteeS and officers serving during die year and since the year end were as follows: Trustees,. S A Wasim (appointed l April 2024) M Bai£ S M A Amjad (appointed l April 2024) H Ali (resigned l April 2024) M H Uddin (resigncd l April 2024) Structurfy governance and management Nature ofgovernlng documenl Safar Academy Trust is a oh￿.1t￿ble organisation set up to advance 151amic education and relief povetty. Appointment and retirement of trustees is in accordance with the Tiwst Deed. The overall managerncnt of rinance is the responsibility of all the Trustees acting on the recommendations of the Chaimian. the Treasurer nd the advice of the administratorlfinance pei3on. The Truste&s fomi the Management Committee wlio meets regularly to oversee the tvnning of the organisation and mitigating risk. Reeruilmenl and appoin¢menl of lrnslees Trustees are recruited with regard to their skills, knowledge and experience needed for the effective administration of the Charity. TnJstee5 are appointed by a resolution of the Trustees passed at a special meeting. Jndudlon ahd trolulng oflrusiees Trustees arc fully briefed on their r¢s￿nSibl111Ies prior to being appointed. Arraiigémettlsforstitlng kry monagemÈftlpersoniiél iepnuneralion The key management personnel arc the T￿￿tee5 who should not benefit financially from their Trusteeship, unless agrecd upon by the Ttijslees. Organisollonal struelllre The Ttitstees oversee the day to day running of the charity. Major rlsks and pftanagement oflhose rlsks The ttijstees review the major risks to which thc charity is exposed and ensure that systems exist to minimise the impact of any risks on its future effectiveness. The mAjor risks are considered to be: l. DiftTi¢ulty An I'ecruilinE 5tsff. 2. A fall in income dLie to competit(xs' 3. A risk to the reputation of the charity leading to a fail in in(xMn Tliese risk5 are rnitigaled by ensurin8 the quatity of teaching and iK)oks are of a high level. The ¢harity maintains a strong management team and tnonitors feedback from pupils and custoniers. Page 3 Safar Academy Trust Trustees, Report Financial instruments Objeclives aTulpollcles The charity's activities exp)se it to a iiumber of fJnan¢ial risks. The use of financial derivatives is govemed by the charity's policies appmved by the board of trustecs, which provide writt¢n prin¢ipleÉ on Ihe use of financial derivatives to manage these risks. The charity does not use derivative financial in5truinents for speculative pui'poses. StAtement of I'esponsibilities The trustees are responsible for preparing the Trustees. Atmual Report and the fthanciai statements in accordxnee with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Acccpted Accounting Practice). The law applicable to cliariti&s in Bng]and & Wales i'equires the truste&8 to prepare financial statements for each financial year wlLi¢h give 8 twe and fair view of the slate of affti13 of the ch￿￿ty and of the incoming resoiir¢es and application of I'csourccs of tlic charity for that period. In preparin8 these fmancial statements. the trustees are tEqutred tt): • select suitable accounting poli¢ie5 and then apply them consistently* bserve tlie methods and principles in the Charities SOBP 2019 (FRS 102). make judgements and estimatcs that al'e reasonable and prudent. state whelliei. applicable accounting sfandaith hav¢ been lollowed, subject to any material departures disclosed atjd explaiiied in the financial statements. prepai'e the financial ststements on the going concern basis unless it is inappropriate to presurne that th¢ chartty will cotttinue in operation. The ts'usltts are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time tlie financial position of the charity and enable them ¢0 engure that the financial statements comply with the Chai'ities Act 201 I, the Charities {Accounls and Reports) Regulations 2008 and the provisions of the thvsi deed. Tliey are also i'esponsible for safeguarding the assets of the charity and hen¢¢ for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4 Safar Academy Trust Trustees, Report Dlselusure of Inforinntion lo olldilor Eacli Iruslee has ￿ken steps Ihal Il)ey oughi lo hav¢ lakEll as a Iru5tee in order lo make Iliemselves Awkre of any rLlevan( ttudii infornialion 8nd io establish thAi the cliirity's audilor 15 aware of thBI infoimatioii. 'fhe Iruslces confinn iliat tlierc is 110 relcvaiil infomialioii tlial diey kilow of aiid of which they knoiv Ilie audilor is unaivarc. The annulll report was apprDved by dic trustees of the charity oli . . and siwied oil its b¢half by: S A Wasii Trnslee Page 5 Safar Academy Trust Independent Auditor's Repor( to the Truste&8 of Safar Academy Trust Opinion We have audited th¢ financial statements of Safar Academy (the 'parcnt charity,) and its subsidiary (the 'group') for the year ended 31 August 2024 v4hich compi'ise the Statement of Financial Activities, Balance Sheet, Casli Flow Slakment, and Notes to tlle Financial Siatements. including sionificant accounting policies. The financial reporting framework tl)at has beeli applied in their preparation is applicable law and United Kingdom AccountinE Standards, including Financial Repoiting Stsndard 102 Tbe Financial Reportlng stAnd￿'d applicable in the and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In OUL. opinion the financial statetnents: give a true and fair view of the state of the group's and parent charity's affairs as at 3 1 Augusl 2024, and of the group's incoming resources and application of resources. including its income and expenditure. for th¢ y¢ar then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and . have b¢¢n prepared in a¢¢ordance with the requiwements of th¢ Clwities AGt 2011. Bxsis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fi)rther described in th¢ Auditoi s responsibilities for the audit of the financigl statements section of our reporL We are independent of the group and parent charity in aC￿rdance with the ethical requirements that ￿'e relevant to our audit of the financial statements in the UK, including die FRC'S Ethical Standard, and we have fvlfilled our othej. ethi¢&l responsibilities in accordance with tliese requii'ements. We believe that the audit evidence we have obtsincd is sufficienl and appropriate to provide a basis f¢x our opinion. Conclusions relatlng to going eontern In auditiiig the financial statements, we have ¢on¢luded that the trustees, use of the going LX)ncern bASiS of accounting in the preparation of tlie financi￿ slatemeols is appropriat& Based on tlie wo1* we have performed. we have not idenlified any material unc¢rtaTnties relating lo events or conditions diat, individually or coll¢¢tively, may cast significant doubt on the group and parent charity's ability to c4)ntinue as a 80ing coll￿￿n for a peri(MJ of at le&rf twelve months from when the f￿anCial statements are authoi'ised for issue. Our responsibilities and the responsibilities of the tnjstees with respect to going Lxsncern are described in the i'elevant sections of this report. Othei. infornjation The othei, information comprises the infoiThation included in the trustces annual reporL oth￿. than the financial ststements and our auditor's report thereon. The twstees are resw)n.%ible for tlie other information contained within the annual report. Ow. opinion on the financial ststements does not cov¢i' the other information and, except to the extent otherwise explicitly stated in our report, we do not express any foi'm of assui'ance nclusion thereon. Our responsibility is to read the other information and. in dolng so, consider whether the other inforn]ation is materially inconsi5t¢nt with the fmancial statements or our knowle41ge obtained in the course of the audit or otherwise appears to be materially nii&stated. If we identify such rnaterial incon5iSten¢ies or apparent malerial mi5Statements. we are required to determine whether this gives Tise to a material misstatement in IE]e financial statements themsel￿. If, based on the work we have perfomed, VL conclude that there is a material misstatement of this other infomation, we are irquired to report tliat fact. We have nothing to report in this r¢Bard. Mstters on which Ive are required to report by exception We have nothin8 to report in respect of the following mattern in relation to whiGh die Cliarities (Accounts and Reports) Regulations 2008 require us to reportto you if. in our opinion: Page 6 Safar Academy Trust Independent AudAtor's Report to the TrnSte￿ of Safar Academy Trust the information given in the financial statements is inconslstent in any material respect with the In￿tees, suificient accounting records liave not been kept. or the parent charity's financial statements are not in agreement with the 8ceounting records and returns; or we have not received all the infornlation and explanations we require for our AudiL Responsibilities ol trustees As explained mol'e fiilly in the ttvstees. resN)nsibilities ststement. the tntstees responsible for the preparation of the fillanGial statement5 and for being satisfjed that they give a true and fair view, and for such intemal control &£ the trustees determine is necessary to enable the prepar4tion of fjnancial statements that are frcc from material nlisststc￿Crtl whcthcr due to fraud or error. In pi'eparing the financial statements, the trustees are responsible for assessing the group and parent charity's ability lo continue &s a going Concern, dis¢losin& ag applicable, matters related to going concern and using the gning concern basis of accounting unlcss thc trustces either intend to liquidaie the group or the parent charity or to cease operations, OL. have no realistic altei'native but to do so. Auditor responsibilitiu for th¢ audit of the finan¢i*l ststemeDts We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations mode under section 154 of that Act. OUL. objectives are to obtain reasonable assurance about whether the financial statements as a wl)ol¢ are free from matet'ial misststement, wl)ether due to fraud or e￿r. and to issue an auditor's report that includes our opinion, Reasonabl¢ assurance is a high level of ￿SUrance, but is not a guarantee that an audit eonducled in accordanet with ISAS (UK) will always detect a material misstatement when il exists. Misstateinents can arise from fraud or error and are Considered material if. individually or in tl)e aggregate. they could Irasonably b¢ expeGt¢d to influ¢nc¢ the rfonomi¢ d¢Gisions of users taken on the basis of these financial statements. In'egularities, including fraud, are instances of non-¢omplian¢e with laws and regulations. We design procedures in line with our responsibilities, outlined above, Éo detect material misstatements in ￿pect of irregularities, including fraud. Tlie extent to which our procedures are eApable of detecting irregularitios, including fraud is detailed below". • Discussions witli management, including considcration of known or suspected instan¢es of non-compliance with laws and regulations and traud, and Identifying and testing significant manual journal elltr1￿ and reviewing &%sumptions and judgements made by management in niaking significant accounting estimates. Because o£the inherent lirnilations of an audit, there is a risk that we will not detect all irregularities, including those leading to 8 material misstatement in the fmancial statements or non-compliance wlth regulation. This i'isk increases tiic moit that compliancc with a law or regulation is removed fmm the events and transactions IEfleGted in the financial stat¢m¢nls, as w¢ will be Ig55 likely to becojne aware of instances of non-compliance. The risk is also greater re8arth'nB irregulariti&8 occurring due to frdud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As parl of an audit in accordance with ISAS {UK). we exercise pmfes5ional judgement and maintsin professional s¢epti¢ism throughout the audit. We also-. • Identify and assess the risks of material mi&8t8tement of the fjnancial statements, whetlier due to fizud or error. design and perforni audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for oui" opinion. The risk of not detecting a material mi&stsfrment resulting from fraud is higher than for one resulting from error. &8 fraud may involve collusion. forgery, intentional ornissions. niisrepresentations, or the override of intern81 ¢ontrol. Page 7 Safar Academy Trust Independent Auditor's Report to the Trustees of Safar Academy Trnst Obtain an understanding of internal control relevant to the audil in order to design audit procedures ihat are appropriate in the circumstances, but not for the purpose of expirssing an opinion on the effectiveness of the group's intem21 eontrol. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting ￿tiMateS and i'elated disclosures made by the trustees. . Conclude on the appropriateness of the trustees. use of the going eoncei"n basis of a¢counlin£ and. based on the audit evidence obtained, whethei- a material unG¢ilainty exists related to ¢vents or wndilions that may cast signifIcant doubt on the group's or charity's ability to Continue as a going concern. If we conclude that a material uncertainty exists, we are required to drnw attention in our auditor's report to the relalcd disclosures in Ilie financial stateinents or, if suth disclosures are iDad4uat4 to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. futurt eV￿ts or Lx)nditions may cause the group or parent charity to ce&se to continue as a going concun. Evaluate the overall presentation, strucbjre and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true alld fair vlew). Obtain sufficient appropriate audit evidence regwling the financial inforniation of the entities or business activities within the group to expr&ss 8n opinion on the consolidated financial statements. We are responsible for the direction, supetviston and performance of the group audiL We remain solely responsible for out. audit opinion. We communicate with those ¢haiEed with governance regardin8, among other matters, the planned scope and timing of the audit and significant audit findtn8s. includlng any significant deficiencA&q in intemal control that we identify during our audit. Use of our report This report is made solely to the tharity's trustees, as a body, in a¢￿1rdance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ha5 been undertaken 50 that we might slate lo the charity's trustces Iliose matters we are required to slate to them in an auditor's reEM)rt and for no other purpose. To the ￿LIest exl¢nt permitted by law, do iiot accept or assume responsibility to anyone other than the ¢harity and tlie charity's trustees as a Edy, for our audit woll(, for diis r¢por¢ or for the opinions we have forrned. NA Associates LLP Chaitered Certified Accountants and Statutory Auditors W¢)odgat¢ s￿dI0$ 2-8 Games Road Cockfosters Heitfordshire EN4 9HN NA Associates LLP is éligible lo dcl ar an Liwkn'I￿, in lei'ms ofseclion J212 oflhe Comwnies Aci 2006. Page 8 Safar Academy Trust Consolidated Statement of Financial Actlvities for the Year Ended 31 August 2024 Unrestricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trdding activities 101,337 489,241 913,799 101,337 489,241 913,799 Total income 1,504.377 1,504,377 Expenditure on: Raising funds Charitable activities Other expenditure (501,529) (918,961) (63,031) (501,529) (918,961) (63,031) Total expenditwe (1,483.52 L 1,483,521 Net income 20.856 20.856 Net movement in fvnds 20.856 20,856 Reconciliation of funds Totsl fimds brought forward 64,343 64,343 Total ￿ndS carried forward 17 85.199 85.199 The notes Oll pages 15 to 30 forni an intsgral part of these financial 5tate]nents. Page 9 Safar Academy Trust Consolidated Statement of Financial Aetivities for the Year Ended 31 August 2024 Unrestiicted funds Total 2023 Note Income and Endowment8 from: Donations and legacies Charitable activities Other trading activities 63,418 444.549 907,612 63.418 444.549 907,612 Total income I,415.579 1,415.579 Expenditure on: Raising fvnds Charitsble activiti Other expendibjre Total expenditure (591,982) (834,392) (98,957) (591,982) (834,392) 98,957 ,525,331 ,525,331 Net expenditure Net movement in fiinds 109,752 109,752 (109,752) (109,752) ReeonelllAtlon of funds Total funds brought forward 174.095 174,095 Total funds carried forwai'd 17 64,343 64,343 All of the gjoup's a¢tivilies derive from continuing operations during the above h¥0 periods. The funds breakdown for is shown in the notes 17. The notes on p￿eS 15 to 30 f￿M an integral part of these financial statements. Page 10 Safar Academy Trust (Registration number: ) Consolidated Balance Sheet a5 at 31 August 2024 2024 2023 Nvt¢ Flxed *5sets Tai)&Tible ossels 10 8.370 9,324 Cui'rent yssels Slocks D¢biors Cosli #l bank And in h8iid 12 13 14 159.730 42,886 204.111 107,201 61,668 218.334 406,727 387.203 Credltor5: Amounts falllng due wlthln one year 15 329,898 332,184 Nel ¢urr¢Mt Issets 76.829 55,019 N¥1 Msset5 64,34J rb uiids of Ilio grDUP: Unr¢sti'l¢t¢d infome funds Uiire51ricled fiinds 85,199 64,343 'rotal funds 17 8.S,199 64,J43 I'lie fiiianLial slalenieiils on payes 9 tts 30 iv¢re approved by the Inisiee& Aiid autl)orised for issue on .-¥.4s-. and signed on Ihcir behalf by.. S A W85im Truslee llie i)otes on pgieg 15 10 30 form an integr81 part of diese financial slatemenls. Pa8e 11 Safar AcRdemy Trust