REGISTERED CHARITY NUMBER: 1131176
TAQWA INSTITUTE
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
TAQWA INSTITUTE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 11 |
| Detailed Statement of Financial Activities | 12 |
TAQWA INSTITUTE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Trustees | Mrs Arzoo Afzal (resigned 28.4.21) |
|---|---|
| Mrs Aneesa Soheil | |
| Mrs Zainab Ahmed (resigned 12.10.20) | |
| Mrs Aniqa Iram Rashid | |
| Attif Rashid Trustee (appointed 28.4.21) | |
| Abdullah Ali Naveed (appointed 28.4.21) | |
| Principal address | Meridian Business Centre |
| King street | |
| Oldham | |
| OL8 1EZ | |
| Registered charity number | 1131176 |
| Independent examiner | Riley Moss 2018 Limited |
| Riley House | |
| 183-185 North Road | |
| Preston | |
| Lancashire | |
| PR1 1YQ |
Page 1
TAQWA INSTITUTE TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 30 September 2021. 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 as set out in its governing document are:
To advance education for the public benefit by the provision of but not limited to Islamic and secular education; and
To advance religion according to the tenets of the Islamic faith
GENERAL CHARITABLE PURPOSES
-
Education / training - Religious activities - Economic / community development / employment
-
Human rights / religious or racial harmony / equality or diversity - Recreation
WHO
-
Children / young people
-
Other charities or voluntary bodies
-
The general public / mankind
HOW
-
Makes grants to individuals - Provides human resources
-
Provides buildings / facilities / open space
-
Provides services
When planning activities for this period, the trustees have considered the commission's guidance on public benefit.
Achievement and performance
Due to the pandemic and consequently the economic impact, all education and activities remained virtual for the duration of the year. Given the challenges faced, the charities aims were to continue learning and teaching primarily without any further disruption and therefore continue to train teachers and invest in platforms that would support this. Government guidance meant that there was no return onsite until 8th March 2021. Further impediments to returning on site were due to the Local Authority taking ownership of our site and there being a number of onsite building developments that were necessary for safe return.
Fundraising for 2021 was almost all carried out virtually, with donors supporting running costs towards technology and equipment.
Notable points also for year 2021 is the change of Trustees with 2 new trustees added to the charities register.
The Trustees collectively discussed and consulted over various or alternative plans for the land at Byron St and its potential uses with planning committees and developers and instructed local architects to present proposals.
Page 2
TAQWA INSTITUTE
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
Financial review
It is the policy of the charity to maintain unrestricted funds at a level which equate to approximately 12 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs.
Structure, governance and management
Governing document
Taqwa Institute is a registered UK Charity constituted on 22 June 2009 under charity number 1131176. It is an unincorporated charity. The governing document is a Trust Deed.
The trustees who served during the period and up to the date of this report are set out on page 1. The trustees have the power to appoint any person to be a trustee in accordance with the provisions of the Trust Deed. An appointed trustee holds office within the limits permitted by law. The charity employs a number of staff and has 1 project manager working voluntarily.
There are informal procedures in place for induction and training of new trustees. Trustees are also encouraged to attend external briefings and training courses.
Approved by order of the board of trustees on 25 July 2022 and signed on its behalf by:
Mrs Aniqa Iram Rashid - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TAQWA INSTITUTE
Independent examiner's report to the trustees of Taqwa Institute
I report to the charity trustees on my examination of the accounts of Taqwa Institute (the Trust) for the year ended 30 September 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content 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 accounts to be reached.
Farook Patel FCA Riley Moss 2018 Limited Riley House 183-185 North Road Preston Lancashire PR1 1YQ
25 July 2022
Page 4
TAQWA INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
----- Start of picture text -----
2021 2020
Unrestricted Total
funds funds
Notes £ £
Income and endowments from
Donations and legacies 2 124,067 152,713
Other income 30,415 39,649
Total 154,482 192,362
Expenditure on
Charitable activities 3
Charitable expenditure 96,428 146,239
NET INCOME 58,054 46,123
Reconciliation of funds
Total funds brought forward 146,326 100,203
Total funds carried forward 204,380 146,326
----- End of picture text -----
The notes form part of these financial statements
Page 5
TAQWA INSTITUTE
STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2021
----- Start of picture text -----
2021 2020
Unrestricted Total
funds funds
Notes £ £
Fixed assets
Tangible assets 7 65,312 65,312
Current assets
Cash at bank and in hand 174,921 114,074
Creditors
Amounts falling due within one year 8 (35,853) (33,060)
Net current assets 139,068 81,014
Total assets less current liabilities 204,380 146,326
NET ASSETS 204,380 146,326
Funds 9
Unrestricted funds 204,380 146,326
Total funds 204,380 146,326
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on 25 July 2022 and were signed on its behalf by:
Aniqa Iram Rashid - Trustee
The notes form part of these financial statements
Page 6
TAQWA INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Going concern
Trustees consider that the charitable company has sufficient resources and there are no material uncertainties about the charity's ability to continue. Accordingly, trustees continue to adopt the going concern basis in preparing the financial statements.
Income
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
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 - No depreciation is charged Fixtures, fittings & equipments - 25% per annum straight line basis
Taxation
The charity is exempt from tax on its charitable activities.
Page 7
continued...
TAQWA INSTITUTE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies - continued
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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
2. Donations and legacies
| Donations Fees |
2021 £ 20,862 103,205 124,067 |
2020 £ 48,970 103,743 152,713 |
|---|---|---|
3. Charitable activities costs
Support Direct costs (see Costs note 4) Totals £ £ £ Charitable expenditure 19,621 76,807 96,428 Support costs Governance Management costs Totals £ £ £ Charitable expenditure 76,182 625 76,807
4. Support costs
Page 8
continued...
TAQWA INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
4. Support costs - continued
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| Wages Social security Rates and water Printing, postage and stationery Advertising Repairs and maintenance |
2021 Charitable expenditure £ 70,294 68 3,166 1,012 - 1,642 |
2020 Total activities £ 87,302 - 2,012 3,380 875 3,986 |
| 76,182 | 97,555 | |
| Governance costs Accountancy and legal fees |
2021 Charitable expenditure £ 625 |
2020 Total activities £ 1,703 |
5. Trustees' remuneration and benefits
During the year charity paid remuneration of £2,143 (2020: £10,601) to Arzoo Afzal in addition to their trusteeship. There were no other trustees' remunerations or benefits paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.
6. Staff costs
The average monthly number of employees during the year was as follows:
| Administration staff Teaching staff |
2021 2 12 14 |
2020 3 22 25 |
|---|---|---|
No employees received emoluments in excess of £60,000.
Page 9
continued...
TAQWA INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
7. Tangible fixed assets
| Freehold property & £ Cost At 1 October 2020 and 30 September 2021 65,312 Depreciation At 1 October 2020 and 30 September 2021 - Net book value At 30 September 2021 65,312 At 30 September 2020 65,312 8. Creditors: amounts falling due within one year Taxation and social security Other creditors 9. Movement in funds At 1.10.20 £ Unrestricted funds Unrestricted 146,326 TOTAL FUNDS 146,326 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestricted 154,482 TOTAL FUNDS 154,482 |
Fixtures, fittings equipments Totals £ £ 3,878 69,190 3,878 3,878 - 65,312 - 65,312 2021 2020 £ £ 11,145 7,623 24,708 25,437 35,853 33,060 Net movement At in funds 30.9.21 £ £ 58,054 204,380 58,054 204,380 Resources Movement expended in funds £ £ (96,428) 58,054 (96,428) 58,054 |
|---|---|
Page 10
continued...
TAQWA INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
9. Movement in funds - continued
Comparatives for movement in funds
| At 1.10.19 £ Unrestricted funds Unrestricted 100,203 TOTAL FUNDS 100,203 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestricted 192,362 TOTAL FUNDS 192,362 |
Net movement At in funds 30.9.20 £ £ 46,123 146,326 46,123 146,326 Resources Movement expended in funds £ £ (146,239) 46,123 (146,239) 46,123 |
|---|---|
10. Related party disclosures
There were no related party transactions for the year ended 30 September 2021.
Page 11
TAQWA INSTITUTE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
----- Start of picture text -----
2021 2020
£ £
Income and endowments
Donations and legacies
Donations 20,862 48,970
Fees 103,205 103,743
124,067 152,713
Other income
Job Retention Scheme 30,415 29,649
Council Grant - 10,000
30,415 39,649
Total incoming resources 154,482 192,362
Expenditure
Charitable activities
-
Operating leases 31,774
Telephone 539 2,601
Charitable expenditure 19,082 12,606
19,621 46,981
Support costs
Management
Wages 70,294 87,302
Social security 68 -
Rates and water 3,166 2,012
Printing, postage and stationery 1,012 3,380
Advertising - 875
Repairs and maintenance 1,642 3,986
76,182 97,555
Governance costs
Accountancy and legal fees 625 1,703
Total resources expended 96,428 146,239
Net income 58,054 46,123
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 12