**REGISTERED CHARITY NUMBER: 1131176** ## **TAQWA INSTITUTE** ## **TRUSTEES' REPORT AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023** **TAQWA INSTITUTE** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023** |||**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|12| **TAQWA INSTITUTE** ## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2023** Mrs Aneesa Soheil Mrs Aniqa Iram Rashid Mr Attif Rashid Mr Abdullah Ali Naveed **Trustees** Mrs Aneesa Soheil Mrs Aniqa Iram Rashid Mr Attif Rashid Mr Abdullah Ali Naveed **Principal address** Meridian Business Centre King street Oldham OL8 1EZ **Registered charity number** 1131176 **Independent examiner** Riley Moss 2018 Limited Citygate Longridge Road Preston Lancashire PR2 5BQ Page 1 **TAQWA INSTITUTE** **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023** The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. 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** The Charity as part of its legacy work and to ensue sustainability has commited to purchase a nursery building as a 50 percent partner. The Charity will completes the purchase of the Nursery in Dec 2023. Recognising that the charities supplementary educational activities are outgrowing its current space, the charity has continued to fundraise and take interest free loans from the local community to continue to refurbish and make adequate an open community space which wills serve as prayer space, kitchen/cafe, counselling rooms and a study space for the charities primary service users. It is also intended that the charity will make the additional space open to the wider community and other organisations for hire thus increasing charity visibility and community engagement. The Charity opened its spaces to hosting workshops in collaboration with 6 different organisations , namely Knowing Yourself, Cutam, The Blue Lantern, Khaleel Tours, The Qur'an Institute on Mental Health, Womens' Wellness, a holistic medicine workshop, Qur'anic sciences and now has an incorporated therapy room on its premises. There is fortnightly provision for spiritual development as well as circles of poetry taking place fortnightly too. The Charity held its 15th Year anniversary dinner & Graduation ceremony for 10 of its students from their Islamic Sciences programme as well as its 3rd Graduate to complete the memorisation of the Qur'an. Page 2 **TAQWA INSTITUTE** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023** The Charity has also continued with is annual Food appeal for families in hardship and worked with Eid Unwrapped to deliver over 1500 gifts parents and children in hospital during the occasion of Eid. Apart from an international trip to Jerusalem with 25 of its students, the charity partnered with Equalinks to receive funding to take 20 of its student on a two weekend residential retreat with Kingswood to complete the NCS award. The Charity intends to increase its partnership work with charities and social enterprises particularly in mental health and has therefore dedicated funds towards training its trustees and members of staff for continued professional development to expands its services. ## **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. Approved by order of the board of trustees on 19 July 2024 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 2023. ## **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Citygate Longridge Road Preston Lancashire PR2 5BQ 22 July 2024 Page 4 **TAQWA INSTITUTE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023** **----- Start of picture text -----**
2023 2022
Unrestricted Total
funds funds
Notes £ £
Income and endowments from
Donations and legacies 2 74,840 32,921
Charitable activities 3
Charitable activities 128,375 92,310
Total 203,215 125,231
Expenditure on
Charitable activities 4
Charitable activities 190,310 114,449
NET INCOME 12,905 10,782
Reconciliation of funds
Total funds brought forward 215,162 204,380
Total funds carried forward 228,067 215,162
**----- End of picture text -----**
The notes form part of these financial statements Page 5 **TAQWA INSTITUTE** ## **STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2023** **----- Start of picture text -----**
2023 2022
Unrestricted Total
funds funds
Notes £ £
Fixed assets
Tangible assets 8 185,878 71,829
Current assets
Debtors 9 100,023 -
Cash at bank and in hand 5,015 170,167
105,038 170,167
Creditors
Amounts falling due within one year 10 (62,849) (26,834)
Net current assets 42,189 143,333
Total assets less current liabilities 228,067 215,162
NET ASSETS 228,067 215,162
Funds 11
Unrestricted funds 228,067 215,162
Total funds 228,067 215,162
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees and authorised for issue on 19 July 2024 and were signed on its behalf by: Mrs 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 2023** ## **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| |Computer equipment|- 25% per annum straight line basis| Page 7 continued... **TAQWA INSTITUTE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **1. Accounting policies - continued** ## **Taxation** The charity is exempt from tax on its charitable activities. ## **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. ## **2. Donations and legacies** |Donations
**3.**
**Income from charitable activities**
Fees
**4.**
**Charitable activities costs**
**Direct**
**Costs**
**£**
Charitable activities
137,527|**2023**
**£**
74,840
**2023**
**Charitable**
**activities**
**£**
128,375
**Support**
**costs (see**
**note 5)**
**£**
52,783|**2022**
**£**
32,921
**2022**
**Total**
**activities**
**£**
92,310
**Totals**
**£**
190,310| |---|---|---| Page 8 continued... **TAQWA INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **5. Support costs** |**Management**
**£**
Charitable activities
51,082
Support costs, included in the above, are as follows:
**Management**
Rates and water
Telephone
Printing, postage and stationery
Repairs and maintenance
Depreciation of tangible assets
**Finance**
Bank charges
**Governance costs**
Accountancy and legal fees|**Governance**
**Finance**
**costs**
**Totals**
**£**
**£**
**£**
501
1,200
52,783
**2023**
**2022**
**Charitable**
**Total**
**activities**
**activities**
**£**
**£**
43,505
7,887
657
790
3,286
1,446
673
2,438
2,961
282
51,082
12,843
**2023**
**2022**
**Charitable**
**Total**
**activities**
**activities**
**£**
**£**
501
246
**2023**
**2022**
**Charitable**
**Total**
**activities**
**activities**
**£**
**£**
1,200
1,535| |---|---| ## **6. Trustees' remuneration and benefits** During the year charity paid remuneration of £8,180 (2022: £1,130) to the trustees in addition to their trusteeship. There were no other trustees' remunerations or benefits paid for the year ended 30 September 2023 nor for the year ended 30 September 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022. Page 9 continued... **TAQWA INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **7. Staff costs** The average monthly number of employees during the year was as follows: |Administration staff
Teaching staff|**2023**
2
20
22|**2022**
2
16
18| |---|---|---| No employees received emoluments in excess of £60,000. ## **8. Tangible fixed assets** |**Freehold**
**property**
**&**
**£**
**Cost**
At 1 October 2022
70,982
Additions
106,296
At 30 September 2023
177,278
**Depreciation**
At 1 October 2022
-
Charge for year
-
At 30 September 2023
-
**Net book value**
At 30 September 2023
177,278
At 30 September 2022
70,982
**9.**
**Debtors: amounts falling due within one year**
Other debtors|**Fixtures,**
**fittings**
**Computer**
**equipments**
**equipment**
**£**
**£**
3,878
1,129
-
10,714
3,878
11,843
3,878
282
-
2,961
3,878
3,243
-
8,600
-
847
**2023**
**£**
100,023|**Totals**
**£**
75,989
117,010
192,999
4,160
2,961
7,121
185,878
71,829
**2022**
**£**
-| |---|---|---| Page 10 continued... **TAQWA INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** **----- Start of picture text -----**
10. Creditors: amounts falling due within one year
2023 2022
£ £
Taxation and social security 7,092 6,077
Other creditors 55,757 20,757
62,849 26,834
11. Movement in funds
Net
At movement At
1.10.22 in funds 30.9.23
£ £ £
Unrestricted funds
Unrestricted 215,162 12,905 228,067
TOTAL FUNDS 215,162 12,905 228,067
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
Unrestricted 203,215 (190,310) 12,905
TOTAL FUNDS 203,215 (190,310) 12,905
Comparatives for movement in funds
Net
At movement At
1.10.21 in funds 30.9.22
£ £ £
Unrestricted funds
Unrestricted 204,380 10,782 215,162
TOTAL FUNDS 204,380 10,782 215,162
**----- End of picture text -----**
Page 11 continued... **TAQWA INSTITUTE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **11. Movement in funds - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
Unrestricted
**TOTAL FUNDS**|**Incoming**
**Resources**
**Movement**
**resources**
**expended**
**in funds**
**£**
**£**
**£**
125,231
(114,449)
10,782
125,231
(114,449)
10,782| |---|---| ## **12. Related party disclosures** There were no related party transactions for the year ended 30 September 2023. Page 12