| Page | |||
|---|---|---|---|
| Reference and Administrative Details |
|||
| Report offhe Trustees | 2 to | 5 | |
| Statement of Trustees' |
Responsibilities | ||
| Report ofthe Independent Auditors |
7to9 | ||
| Statement of Financial |
Activities | 10 | |
| Balance Sheet | |||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial | Statements | 14 to | 23 |
| Detailed Statement of | Financial Activities |
24 to | 25 |
| TRUSTEES | Mr F S Murad | ||||||
|---|---|---|---|---|---|---|---|
| Prof KAhmad | |||||||
| Dr S M Ahmad | |||||||
| Or M Ahsan | |||||||
| Dr M Ruby | |||||||
| Mr M1 Abdullah | |||||||
| Dr M M Ally (appointed | 1.622( | ||||||
| REGISTERED | OFFICE | Ratby Lane | |||||
| Markfield | |||||||
| Leicester | |||||||
| Leicestershire | |||||||
| LE67 9SY | |||||||
| REGISTERED | COMPANY | NUMBER | 06471324 (England | and | Wales) | ||
| REGISTERED | CHARITY NUMBER | 1125851 | |||||
| AUDITORS | Fortus Audit LLP |
||||||
| Chartered Accountants |
8Statutory | Auditor | |||||
| 31 High View Close | |||||||
| Hamilton Office |
Park | ||||||
| Leicester | |||||||
| Leicestershire | |||||||
| LE4 9LJ | |||||||
| BANKERS | Barclays Bank UK Pic | ||||||
| Leicester Town | Hall | Square | |||||
| Leicester | |||||||
| LE87288 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestriicted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| as restated | ||||||
| Notes | 8 | |||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
103,036 | 12,000 | 115,036 | 427,075 | ||
| Charitable activities |
||||||
| Course fees | 500,523 | 500,523 | 600,366 | |||
| Other trading activities |
3,017 | 3,017 | 1,797 | |||
| Investment income |
11,744 | 11,744 | 3,845 | |||
| Total | 618,320 | 12,000 | 630,320 | 1,033,083 | ||
| EXPENDITURE ON | ||||||
| Charitable Activities |
505,120 | 2,000 | 507,120 | 433,197 | ||
| Charitable activiTies |
||||||
| Premises costs | 62,738 | 62.738 | 53,277 | |||
| Administration costs |
123,781 | 123,781 | 164,063 | |||
| Governance costs |
7,500 | 7,500 | 5,400 | |||
| Total | 699,139 | 2,000 | 701,139 | 655,937 | ||
| NET INCOME/(EXPENDITURE) | (80,819) | 10,000 | (70,819) | 377,146 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward | ||||||
| As previously reported |
395,595 | 142,205 | 537,800 | 173,987 | ||
| Prior year adjustment | 13 | (221,667) | — | (221,667) | (235,000j | |
| As restated | 173,928 | 142.205 | 316,133 | (61,013) | ||
| TOTAL FUNDS CARRIED FORWARD | 93,109 | 152,205 | 245,314 | 316,133 |
| 2022 | 2021 | ||
|---|---|---|---|
| as restated | |||
| Notes | E | ||
| FIXEDASSHS | |||
| Tangible assets | 14 | 1,102 | 57 |
| Investment property |
15 | 250.000 | 250,000 |
| 251.102 | 250,057 | ||
| CURRENT ASSETS | |||
| Debtors | 16 | 227,315 | 346,209 |
| Cash at bank and in hand | 164316 | 96.786 | |
| 391,631 | 442,995 | ||
| CREDITORS | |||
| Amounts falling due within one year |
17 | (397.419) | (376.919) |
| NET CURRENT ASSETS | 5,788 | 66,076 | |
| TOTAL ASSHS LHS CURRENT UABIUTIES | 245,314 | 316,133 | |
| NH ASSEIS/(UABIUTIES) | 316,133 | ||
| FUNDS | 19 | ||
| Unrestricted funds |
93.109 | 173,928 | |
| Restricted funds | 152,205 | 142,205 | |
| TOTAL FUNDS | ~245314 | ~316133 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| as | ||||||
| restated | ||||||
| Notes | E | |||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
I | 68,869 | 255,948 | |||
| Net cash provided by operating |
activities | 68,869 | 255,948 | |||
| Cash flows from investing | activiTies | |||||
| Purchase of tangible fixed assets |
(1,339) | |||||
| Purchase of investment property |
(250,000) | |||||
| Net cash used in investing |
activities | (1,339) | (250,000) | |||
| Cash flows from financing | activifies | |||||
| Loan repayments in year |
(42,000) | |||||
| Net cash provided by/(used in) financing |
activities | (42,000) | ||||
| Change in cash and cash |
equivalents | in | ||||
| the reporting period |
67,530 | (36,052) | ||||
| Cash and cash equivalents | at the | |||||
| beginning of the reporting |
period | 96,786 | 132,838 | |||
| Cash and cash equivalents | at the | end | of | |||
| the reporting period |
164,316 | 96,786 |
| RECONCILIATION OF |
NET (EXPENDITURE)/INCOME | NET (EXPENDITURE)/INCOME | TO NET CASH FLOW | FROM OPERATING | ACTIVITIES |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| as | |||||
| restated | |||||
| E | |||||
| Net [expenditure)/income for the reporting |
period | (as per the | |||
| Statement of Financial | Activities) | (70,819) | 377,146 | ||
| Adjustments for. |
|||||
| Depreciation charges |
294 | 28 | |||
| Decrease/(increase) | in debtors | 118,894 | (35,675) | ||
| Increase/(decrease) | in creditors | 20,500 | (85,551) | ||
| Net cash provided by |
operations | 68,869 | 255,948 |
| At 1,1,22 | Cash flow | At 31,12,22 | ||
|---|---|---|---|---|
| E | ||||
| Net cash | ||||
| Cash at bank and | in hand | 96,786 | 67,530 | 164,316 |
| 96,786 | 67,530 | 164,316 | ||
| Total | 96,786 | 67,530 | 164,316 |
| 2. | DONAi'IONS | AND LEGACIES | AND LEGACIES | |||
|---|---|---|---|---|---|---|
| 2022 | 202i | |||||
| as | ||||||
| restated | ||||||
| 5 | ||||||
| Sponsorship | and scholarships | 40,000 | 40,000 | |||
| Donations | 75,036 | 137,075 | ||||
| Donation of | property | 250,000 | ||||
| 115,036 | 427,075 | |||||
| 3. | OTHER TRADING ACTIVITIES | |||||
| 2022 | 2021 | |||||
| as | ||||||
| restated | ||||||
| 5 | ||||||
| Other income | 3,017 | 1,797 | ||||
| 4. | INVESTMENT | INCOME | ||||
| 2022 | 2021 | |||||
| as | ||||||
| restated | ||||||
| 5 | 5 | |||||
| Rents received | 11,744 | 3,845 | ||||
| 5. | INCOME FROM CHARITABLE | ACTIVITIES | ||||
| 2022 | 2021 | |||||
| as | ||||||
| restated | ||||||
| Activity | ||||||
| Course fees | Course fees | 500,523 | 600,366 | |||
| 6. | CHARITABLE | ACTIVITIES | ||||
| Other trading | activities | |||||
| 2022 | 2021 | |||||
| as | ||||||
| restated | ||||||
| Staff costs | 428,439 | 394,715 | ||||
| Student recruitment |
and referral | 250 | 400 | |||
| Hardship awards |
25,665 | 7,900 | ||||
| UK border control fees | 1,156 | 557 | ||||
| Scholarships | 35,500 | 22,000 | ||||
| Bad debts | 16,110 | 7,625 | ||||
| 507,120 | 433,197 |
| CHARITABLE | ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Support | ||||
| Direct | costs (see | |||
| Costs | note 8) | Totals | ||
| E | ||||
| Premises costs | 62,738 | 62,738 | ||
| Administration | costs | 121,106 | 2,675 | 123,781 |
| Governance | costs | 7,500 | 7,500 | |
| 183,844 | 10,175 | 194,019 |
| Administration | casts |
|---|---|
| Governance | costs |
| Net inco | me/(e | xpenditur | e) is stated after charging/(cr |
editing): | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| as | |||||
| restated | |||||
| E | |||||
| Auditors' | remuneration | 7,500 | 5,400 | ||
| Depreciation | —awned | assets | 294 | 28 |
| STAFF | COSTS | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| as | ||||
| restated | ||||
| Wages | and salaries | 383,996 | 362,779 | |
| Social | secudty | costs | 31,626 | 22,556 |
| Other | pension | costs | 12,817 | 9,380 |
| 428,439 | 394,715 |
| The average m |
onthly nu |
mber ofemp |
loyees during the year was as |
follows: | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| as | |||||
| restated | |||||
| Administration | 13 | 13 | |||
| No employees | received | emoluments | in excess of560,000. |
| The total remuneration package received in t |
he year by the head of provider was: | |
|---|---|---|
| 2022 | 2021 | |
| Gross salary | 45,000 | 45,000 |
| Pension | 1,938 | 1,938 |
| Benefits in kind | ||
| 46,938 | 46,938 |
| COMPARAT | IVES FOR THE STA |
TEMENT OF FINANCIA | L ACTIVITIES | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | fund | funds | |||
| as restated | |||||
| E | |||||
| INCOME AND ENDOWMENTS | FROM | ||||
| Donations | and legacies | 417,075 | 10,000 | 427,075 | |
| Charitable | activities | ||||
| Course fees | 600,366 | 600,366 | |||
| Other trading activities |
1,797 | 1,797 | |||
| Investment | income | 3,845 | 3,845 | ||
| Total | 1,023,083 | 10,000 | 1,033,083 | ||
| EXPENDITURE ON | |||||
| ChaRtable | Activities | 423,197 | 10,000 | 433,197 |
| 12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL |
ACTIVITIES - continued | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| as restated | ||||
| F. | E | |||
| Charitable activities |
||||
| Premises costs | 53,277 | 53,277 | ||
| Administration costs |
164,063 | 164,063 | ||
| Governance costs |
5,400 | 5,400 | ||
| Total | 645,937 | 10,000 | 655,937 | |
| NET INCOME | 377,146 | 377.146 | ||
| RECONCILIATION OF FUNDS |
||||
| Total funds brought forward |
||||
| As previously reported |
31,782 | 142,205 | 173,987 | |
| Prior year adjustment | (235,000) | (235,000) | ||
| As restated | (203,218) | 142,205 | (61,013) | |
| TOTAL FUNDS CARRIED FORWARD | 173,928 | 142,205 | 316,133 | |
| 13. | PRIOR YEAR ADJUSTMENT |
| TA | NGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Fixtures | ||||
| and | Computer | |||
| fittings | equipment | Totals | ||
| 5 | ||||
| COST | ||||
| At | 1 January 2022 |
8,281 | 17,673 | 25,954 |
| Additions | 713 | 626 | 1,339 | |
| At | 31 December 2022 | 8,994 | 18,299 | 27,293 |
| DEPRECIATION | ||||
| At | 1 January 2022 |
8,281 | 17,616 | 25,897 |
| Charge foryear | 143 | 151 | 294 | |
| At | 31 December 2022 | 8,424 | 17,767 | 26,191 |
| NET BOOK VALUE | ||||
| At | 31 December 2022 | 570 | 532 | 1,102 |
| At | 31 December 2021 | 57 | 57 |
| FAIR VALUE | |
|---|---|
| At I January 2022 |
|
| and 31 December 2022 | 250,000 |
| NET BOOK VALUE | |
| At 31 December 2022 | 250,000 |
| At 31 December 2021 | 250,000 |
| DEBTORS: AM | OUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|---|
| 2022 | 2021 | ||
| as | |||
| restated | |||
| 5 | 5 | ||
| Trade debtors | 157,567 | 243,562 | |
| Other debtors | 45,741 | 45,741 | |
| Prepayments | and accrued income | 24,007 | 56,906 |
| 227,315 | 346,209 |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| 2022 | 2021 | |
| as | ||
| restated | ||
| Trade creditors | 6,465 | 9,435 |
| Social security and other taxes | 10,296 | 8.880 |
| Other creditors | 2,722 | 2,640 |
| Islamic Foundation | 100.511 | 91.822 |
| Pension creditor | 1,937 | 1,911 |
| Accruals and defened income | 275,488 | 262,231 |
| 397,419 | 376,919 |
| ANALYS | IS OF NET ASSETS BETW | EEN FUNDS | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| as | |||||
| restated | |||||
| Unrestricted | RestRcted | 1otal | Total | ||
| fund | fund | funds | funds | ||
| 5 | 5 | 5 | |||
| Fixed assets | 1,102 | 1,102 | 57 | ||
| Investments | 250,000 | 250,000 | 250,000 | ||
| Current | assets | 239,426 | 152,205 | 391.631 | 442.995 |
| Current | liabilities | (397,419) | (397,419) | (376,919) | |
| 93,109 | 152,205 | 245,314 | 316,133 |
| MOVEME | NT | IN FUNDS | ||||
|---|---|---|---|---|---|---|
| Prior | Net | |||||
| year | movement | At | ||||
| At 1.1.22 | adjustment | in funds | 31.12.22 | |||
| E | E | E | ||||
| Unrestricted | funds | |||||
| General | fund | 395,595 | (221,667) | (80,819) | 93,109 | |
| Restricted | funds | |||||
| Restricted | 142,205 | 10,000 | 152,205 | |||
| TOTAL FUNDS | 537,800 | (221,667) | (70,819) | 245,314 |
| Net moveme | nt in funds, included in th |
e above are as follows: | ||
|---|---|---|---|---|
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| E | E | F. | ||
| Unrestricted | funds | |||
| General fund |
618.320 | (699,139) | (80,819) | |
| Restricted funds | ||||
| Restricted | 12,000 | (2,000) | 10,000 | |
| TOTAL FUNDS | 630,320 | (701,139) | (70,819) |
| Comparai | iv | es for movement in f |
unds | |||
|---|---|---|---|---|---|---|
| Prior | Net | |||||
| year | movement | At | ||||
| At 1.1.21 | adjustment | in funds | 31.12.21 | |||
| E | E | E | ||||
| Unrestricted | funds | |||||
| General | fund | 31,782 | (235,000) | 377,146 | 173.928 | |
| Restricted | funds | |||||
| Restricted | 142,205 | 142,205 | ||||
| TOTAL FUNDS | 173,987 | (235,000) | 377,146 | 316,133 |
| Comparative | net movement in funds, |
included in the above are as follo |
ws: | |
|---|---|---|---|---|
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| Unrestricted | funds | |||
| General fund |
1,023,083 | (645,937) | 377,146 | |
| Restricted funds | ||||
| Restricted | 10,000 | (10,000) | ||
| TOTAL FUNDS | 1,033,083 | (655,937) | 377,146 |
| A current | year 12months and p | rior year 12months combi | ned position is |
as follows: | |
|---|---|---|---|---|---|
| Prior | Net | ||||
| year | movement | At | |||
| At 1.1.21 | adjustment | in funds | 31.12.22 | ||
| Unrestricted | funds | ||||
| General fund | 31,782 | (456,667) | 296,327 | (128,558) | |
| Restricted | funds | ||||
| Restriicted | 142,205 | 10,000 | 152,205 | ||
| TOTAL FUNDS | 173,987 | (456,667) | 306,327 | 23,647 |
| A current the above |
year 12 months and priiar ye are as follows: |
ar 12 months combined net mo |
vement in fund |
s, included |
|---|---|---|---|---|
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| E | E | |||
| Unrestricted | funds | |||
| General fund |
1.641,403 | (1,345,076) | 296,327 | |
| Restricted | funds | |||
| Restricted | 22,000 | (12,000) | 10,000 | |
| TOTAL FUNDS | 1,663,403 | (1,357,076) | 306.327 |
| 2022 | 2021 | ||
|---|---|---|---|
| as restated | |||
| B | |||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Sponsorship and scholarships |
40.000 | 40,000 | |
| Donations | 75,036 | 137,075 | |
| Donation of property |
250,000 | ||
| 115,036 | 427,075 | ||
| Other trading activitIes |
|||
| Other income | 3,017 | 1,797 | |
| Investment Income |
|||
| Rents received | 11,744 | 3,845 | |
| Charitable activities |
|||
| Course fees | 500,523 | 600,366 | |
| Total incoming resources |
630,320 | 1,033,083 | |
| EXPENDITURE | |||
| Other trading activities |
|||
| Wages and salaries | 383,996 | 362,779 | |
| Social securtity costs | 31,626 | 22,556 | |
| Staff pensions | 12,817 | 9,380 | |
| Student recruitment | and referral | 250 | 400 |
| Hardship awards |
25,665 | 7,900 | |
| UK border control fees | 1,156 | 557 | |
| Scholarships | 35,500 | 22,000 | |
| Bad debts | 16,110 | 7,625 | |
| 507,120 | 433,197 | ||
| Charitable activiTies |
|||
| Rates and water | 10,035 | 9,537 | |
| Insurance | 2,229 | 2,656 | |
| Light and heat | 16,061 | 10403 | |
| Telephone | 1,756 | 1,740 | |
| Postage and stationery | 2,011 | 3,135 | |
| Advertising | 6,185 | 5,389 | |
| Rent | 12,000 | 12,000 | |
| Repairs and maintenance | 6,011 | 3,539 | |
| Travelling | 8,036 | 4,601 | |
| Accommodation and subsistence |
4,757 | 3,554 | |
| Events and ceremonies | 2,987 | 3,234 | |
| Sundnes | 100 | ||
| Cairted forward | 72,068 | 59,888 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| as restated | ||||
| Charitable activities |
||||
| Brought forward | 72,068 | 59,888 | ||
| Internet and IT expenses |
36,646 | 49,204 | ||
| Books and subscriptions | 4,238 | 5499 | ||
| Equipment hire |
2,510 | 294 | ||
| Cleaning | 10,217 | 9,872 | ||
| Bank charges | 1,805 | 1,269 | ||
| Validation and accreditation |
fees | 52,997 | 80,227 | |
| Legal and professional | 3,069 | 3,341 | ||
| Fixtures and fittings depreciation | 143 | |||
| Computer equipment | depreciation | 151 | 28 | |
| 183,844 | 209,622 | |||
| Support costs | ||||
| Governance costs |
||||
| Auditors' remuneration |
7.500 | 5,400 | ||
| Financial operations | management | 2,675 | 2,154 | |
| Consultancy | 5,564 | |||
| 10,175 | '13,118 | |||
| Total resources expended | 701,139 | 655,937 | ||
| Net (expenditure)/income | (70,819) | 377,146 |