REGISTERED CHARITY NUMBER: 1131262
REPORT OF THE TRUSTEES
AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
FOR
SAKINA TRUST
(A company limited by guarantee)
=============================
Alis Accountax & Co
Suite 1 First Floor 81 Old Church Road London E4 6ST Telephone: 0208 616 2376 Email: ali@alisacountax.com Website: alisaccountax.com
SAKINA TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
| Page | |
|---|---|
| Report of the Trustees | 1-2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
SAKINA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
The Trustees who are also the Directors present their report with the financial statements for the year ended 31 JULY 2023.
The financial statements have been prepared in accordance with accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities”.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1131262 Company number 06969444
Principal address
7-8 Vestry Road London E17 9NH
Trustees
Muhammad Jaffar Shah (Chair) M Abrar Ahmed S Hassan Bokhari H Askari Bokhari B Hussain Shah Z Hussain Shah W Hussain Shah Shan-E-Abbas Hassanali Mahmood Raza Jessa
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, memorandum of association. The charity is a private company, limited by guarantee with no share capital.
Objectives
To advice the Islamic Religion in accordance with the teachings of the Holy Quran and The Sunnah of Prophet Muhammad (SAW) to the Muslim community in accordance with the interpretations and doctrine based on figh-ejaaferriya.
Review of activities
Praise is be to Allah (swt) and Thanks to our SHIA community, whose patronage and donations have seen the building and renovation work at SAKINA TRUST come to, albeit delayed but almost satisfactory completion.
The main building containing two halls with a floor area of 1000sq feet and administrative wing, library, commercial kitchen, self contained guest quarters, resident scholar’s flat is equipped with all the necessary amenities for comfort and practicality. The main entrance and basement are awaiting council input, which somewhat is delayed by the Pandemic. However, the normal running of SKAINA TRUST remains unhampered.
Financial review
During the year the Trust had net surplus for the year of £82,691.
Page 1
SAKINA TRUST
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Statement of Trustees responsibilities
For Companies Act purposes the Board of Trustees are also the Directors. The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Generally accepted Accounting Practice.
Company law requires the Trustees to prepare the financial statements for each financial year which gives a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its net income and expenditure for the year.
In preparing these accounts, the Trustees are required to:
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(i) Select suitable accounting policies and then apply them consistently;
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(ii) Make adjustments and estimates that are reasonable and prudent;
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(iii) And prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charity and which enable them to ensure that the accounts comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to Independent Examiners
The Trustees confirm that so far as they are aware, there is no relevant information of which the charitable company’s Independent Examiner are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant information and to establish that the company’s examiners are aware of that information.
ON BEHALF OF THE BOARD :
............................................. Muhammad Jaffar Shah (Chair) - Trustee
Date: 24 April 2024.
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
OF SAKINA TRUST
I report on the accounts for the year ended 31 JULY 2023 set out on pages three to seven.
Respective responsibilities of trustees and examiner
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 Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act
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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
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to state whether particular matters have come to myattention.
Basis of the 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 statements 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, therequirements
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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 to 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.
Sheheryar Ali (FFA) Alis Accountax & Co Suite 1 First Floor 81 Old Church Road London E4 6ST
Date: 24 April 2024
Page 3
SAKINA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from generated funds | |||
| Voluntary income | 174,010 | 111,667 | |
| Investment income | 2 | 1 | 1 |
| Total incoming resources | 174,011 | 111,668 | |
| RESOURCES EXPENDED | |||
| Charitable activities | |||
| Charitable activities | 67,196 | 116,802 | |
| Governance costs | 21,774 | 14,962 | |
| Other resources expended | 2,350 | 2,650 | |
| Total resources expended | 91,320 | 134,414 | |
| NET INCOMING RESOURCES | 82,691 | (22,746) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 676,306 | 699,052 | |
| TOTAL FUNDS CARRIED FORWARD | 758,997 | 676,306 |
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SAKINA TRUST
BALANCE SHEET
AT 31 JULY 2023
| 2023 2022 Unrestricted fund Total funds Notes £ £ FIXED ASSETS Tangible assets 4 754,645 687,204 CURRENT ASSETS Cash at bank 34,400 26,856 CREDITORS Amounts falling due within one year 5 (30,048) (37,754) NET CURRENT ASSETS 4,352 (10,898) TOTAL ASSETS LESS CURRENT LIABILITIES 758,997 676,306 NET ASSETS 758,997 676,306 FUNDS 6 Unrestricted funds 758,997 676,306 TOTAL FUNDS 758,997 676,306 |
2023 2022 Unrestricted fund Total funds Notes £ £ FIXED ASSETS Tangible assets 4 754,645 687,204 CURRENT ASSETS Cash at bank 34,400 26,856 CREDITORS Amounts falling due within one year 5 (30,048) (37,754) NET CURRENT ASSETS 4,352 (10,898) TOTAL ASSETS LESS CURRENT LIABILITIES 758,997 676,306 NET ASSETS 758,997 676,306 FUNDS 6 Unrestricted funds 758,997 676,306 TOTAL FUNDS 758,997 676,306 |
2023 2022 Unrestricted fund Total funds Notes £ £ FIXED ASSETS Tangible assets 4 754,645 687,204 CURRENT ASSETS Cash at bank 34,400 26,856 CREDITORS Amounts falling due within one year 5 (30,048) (37,754) NET CURRENT ASSETS 4,352 (10,898) TOTAL ASSETS LESS CURRENT LIABILITIES 758,997 676,306 NET ASSETS 758,997 676,306 FUNDS 6 Unrestricted funds 758,997 676,306 TOTAL FUNDS 758,997 676,306 |
|---|---|---|
| (10,898) | ||
| 676,306 | ||
| 676,306 | ||
| 676,306 676,306 |
The financial statements were approved by the Board of Trustees on 24 April 2024 and were signed on its behalf by:
............................................. Muhammad Jaffar Shah (Chair) -Trustee
Page 5
SAKINA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act and the requirements of the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost Plant and machinery - 20% on reducing balance Fixtures and fittings - 20% on reducing balance Motor vehicles - 20% on reducing balance
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.
2. INVESTMENT INCOME
2023 2022 £ £ Bank interest 1 1
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 JULY 2023 not for the year ended 31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 JULY 2023 or for the year ended 31 July 2022.
Related Party Transactions
There have been no related party transactions carried out during the year.
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SAKINA TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 JULY 2023
4. TANGIBLE FIXED ASSETS
| 4. | TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|---|
| Freehold | Improvements | Plant and | ||||
| property | to property | machinery | ||||
| £ | £ | £ | ||||
| COST | ||||||
| At 01 AUGUST 2022 | 213,859 | 573,026 | 8,565 | |||
| Additions | 64,474 | 6250 | ||||
| At 31 JULY 2023 | 213,859 | 637,500 | 14,815 | |||
| DEPRECIATION | ||||||
| At 01 AUGUST 2022 | - | 103559 | 7087 | |||
| Charge for year | - | 13,700 | 1545 | |||
| At 31 JULY 2023 | - | 117259 | 8632 | |||
| NET BOOK VALUE | ||||||
| At 31 JULY 2023 | 213,859 | 520,241 | 6183 | |||
| At 31 JULY 2022 | 213,859 | 469,467 | 1478 | |||
| Fixtures and | Motor | Totals | ||||
| fittings | vehicles | |||||
| £ | £ | £ | ||||
| COST | ||||||
| At 01 AUGUST 2022 | 20,336 | 5,000 | 820,786 | |||
| Additions | 13,051 | 2500 | 86,275 | |||
| At 31 JULY 2023 | 33,387 | 7,500 | 907,061 | |||
| DEPRECIATION | ||||||
| At 01 AUGUST 2022 | 18,500 | 4,436 | 133,582 | |||
| Charge for year | 2977 | 612 | 18,734 | |||
| At 31 JULY 2023 | 21,477 | 5,048 | 152,416 | |||
| NET BOOK VALUE | ||||||
| At 31 JULY 2023 | 11,910 | 2452 | 754,645 | |||
| At 31 JULY 2022 | 1,836 | 564 | 687,204 | |||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Other creditors | 30,048 | 37,754 |
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SAKINA TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 JULY 2023
6. MOVEMENT IN FUNDS
| Net movement | |||
|---|---|---|---|
| At 01.08.22 | in funds | At 31.07.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 676,306 | 82,691 | 758,997 |
| TOTAL FUNDS | 676,306 | 82,691 | 758,997 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement in | |
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 174,011 | (91,320) | 82,691 |
| TOTAL FUNDS | 174,011 | (91,320) | 82,691 |
Page 8
SAKINA TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| INCOMING RESOURCES Voluntary income Donations Investment income Bank interest Total incoming resources RESOURCES EXPENDED Charitable activities Rent and rates Insurance Light and heat Telephone Commuting Expenses Cleaning Motor Expenses Repairs and Renewals Functions and Events Legal and Professional Fees Funeral Expenses Subscriptions Governance costs Postage and Stationery Accountancy Publications and Promotions Sundry Expenses Improvements to property Plant and machinery Fixtures and fittings Motor Vehicles Other resources expended Donations paid Total resources expended Net income/Surplus |
2023 £ 174,010 174,010 1 174,011 8,997 5,338 12,079 1,343 341 2,115 7,039 3,250 17,220 720 8,534 220 67,196 106 1,200 1,410 224 13,700 1545 2977 612 21,774 2,350 91,320 82,691 |
2022 £ 111,667 111,667 1 111,668 23,502 7,697 15,960 1,548 837 3,580 12,840 18,868 20,650 1,800 8,534 986 116,0802 204 1,200 980 150 11,460 369 458 141 14,962 2,650 134,414 (22,746) |
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This page does not form part of the statutory financial statements
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