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2021-03-31-accounts

Charity Registration No. 1134513

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Company Registration No. 07055355 (England and Wales)

YUSUF ISLAM FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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YUSUF ISLAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Fawziah Islam
MrYusuf Islam (Appointed 17June 2020)
DrAbdulkarim Khalil
Mr Shabir Randeree
MrMuhammad YoriyosAdamos
Group Chief Executive Officer Mrs Hasana Islam
Charitynumber ; 1134513
Company number 07055355
Registered office The Maqam Centre
Tiverton Road :
London
NW10 3HJ
Auditor . AMSAccountants CorporateLimited
Chartered Accountants ,
StatutoryAuditor
Floor 2
9 Portland Street
; Manchester
M1 3BE
Bankers . , HSBC Bank UK PLC .
50-52 Kilburn High Road
London ,
NW6 4HJ
Solicitors VealeWasbrough Vizards LLP
24 King William Street
London .
EC4R 9AT ;
Investment managers Al Rayan Bank ,
Whitechapel Branch
97-99 Whitechapel Road
’ London
E11DT

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YUSUF ISLAM FOUNDATION

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CONTENTS me

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Trustees’ report 1-8
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Consolidated statement of financial activities 12
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Balance sheet , 13
Consolidated statement of cash flows 14 so
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Notes to the financial statements 15 - 28
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YUSUF ISLAM FOUNDATION

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 charity's objects are the furtherance of the religion of Islam and the furtherance of Islamic Education in accordance with the teachings of the Holy Qur'an and the Sunnah of the Prophet Muhammad. The general charitable activities of the charity are education/training, community development, the prevention or relief of poverty, religious activities, and arts/culture/heritage. These are delivered via grants to both individuals and organisations, acting as an umbrella body, and providing buildings, facilities and open space. In order to achieve the objectives, the charity continues to allow use of its two school properties by Islamia Schools Limited and continues to assess the use of other assets. The charity is also continuing with the development of the Maqam Centre where the ground floor is now leased to a third party and open to the public, with the fit out of the upper floors to follow.

As part of the charity's activities, grants are made to individuals and institutions that share similar charitable objectives. This is subject to due diligence and in accordance with the objects of the charity.

The group funds its activities by generating income in the form of investment income, school fees, and donations. The management structure ensures that the levels of income and expenditure are closely monitored and reported back to the trustees on a quarterly basis.

The charity operates a number of subsidiaries, details of which can be found in notes 1 and 17. The school operations are operated through Islamia Schools Limited, a registered charity controlled by the Yusuf Islam Foundation.

Public benefit

The trustees have referred to the Charity Commission's general guidance on public benefit when delivering the aims and objectives of the charity and in planning future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives of the charity.

The Yusuf Islam Foundation scholarship scheme offers financial and public benefit to students and their families who would otherwise be unable to benefit from the high standard of education provided by the charity's schools.

The charity has established a grant making policy to achieve public benefit. The principal beneficiaries of the grant making programme are students at the educational institutions under the Foundation's umbrella. A Scholarship Board meets to review applications based on need (an assessment of the applicant's financial position) and merit (a review of school reports). Scholarship awards are monitored throughout the academic year and reported on by the applicant's host school. Additionally, individual grants, such as for writers’ awards, are provided to other institutions on a case-by-case basis as assessed by the trustees to support and celebrate the development of young people in education and provide humanitarian relief where needed. The Maqam Centre will be a natural focus for the educational activities of the charity and a natural expression of public benefit.

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YUSUF ISLAM FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Investment

The Foundation's investment assets include five residential units in a single building, a separate maisonette, a residential unit which is presently converted into an office for administration purposes, and a property consisting of two commercial and six residential spaces. These are managed by external third party property management agents and generate rental income to fund the charitable activities of the group.

The trustees have considered the most appropriate policy for investing the funds of the charity. The charity holds short-term and low-risk cash investments, which are included in the balance sheet of the charity as current asset investments. The charity holds longer-term investments in property. .

Going concern

The trustees are confident that they would be able to continue the activities of the charity in the event of a significant drop in funding. The unrestricted funds and free cash reserves of the group are approximately £1.9m in value. However, the trustees continue to invest in and benefit from the income-generating investment properties the charity holds. The trustees note that the investment properties rely on the payment of rent from commercial and residential tenants who could potentially be faced with a real impact on the loss of their income, jobs and/or their livelihood over time. As part of their going concern review, the trustees have considered the likely impact of repayment plans on future income and cashflow, particularly in relation to commercial properties where long term repayment plans have been agreed or are in negotiation with their commercial tenants to recover outstanding arrears. The trustees and the CEO will be revisiting the potential impact over time, but are confident that any payment plans not yet finalised are likely to be agreed based on the terms and the ongoing communication with the tenants concerned.

The trustees are also aware of the benefit of future music publishing contractual opportunities available to Firecat Music Limited, its wholly-owned trading subsidiary. Maqamat Limited will have potential trading income from the Maqam Centre upon completion of the upper floors, with construction expected to commence in 2022/2023. With respect to the schools, the reduction of student numbers has been noted as a factor of the trustees’ going concern assessment, but is forecast to be offset by budgetary savings on costs. Additionally, to facilitate in easing the financial! burden on parents/guardians and increase the recoverability of fee income, the schools amended the terms and conditions to allow greater flexibility to pay the fees over an extended period.

Based on a review of cashflows and forecasts covering a year from the date of this report, the trustees are satisfied that the charitable company and group is a going concern and accordingly they continue to prepare the financial statements on a going concem basis.

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Related parties

Transactions between related parties during the year, by virtue of shareholding or common trustees, are disclosed in the notes to the financial statements.

Strategic report

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The principal objectives for the the year were: were:

The Yusuf Islam Foundation Group has committed significant funds to the running of its highly successful secondary schools in London, through its subsidiary Islamia Schools Limited. The effective running of Islamia Girls Schoo! and Brondesbury College has ensured that both schools remain among the most academically successful educational institutions in London. The activities of the charity provided for some 210 students across both secondary schools.

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YUSUF ISLAM FOUNDATION TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

COVID-19 has had an impact on the delivery of education that Islamia Schools Limited is otherwise accustomed to delivering. It has naturally adapted its systems so that it was able to continue offering daily lessons virtually, during lockdown, to all its students as per the regular timetable that had been set. Furthermore, along with all secondary schools nationally, students of Islamia Girls’ School and Brondesbury College were unable to sit the GCSE examinations as they normally would have. Consequently, we have been unable to compare the ’ performance of our two secondary schools as we normally would have. Nevertheless, we anticipate that the schools will return back to achieving exemplary GCSE examination results once again (among the best in North West London). COVID-19 has also had an impact on the extra-curricular offerings that our students actively participate in such as the LAMDA courses and the Tycoon Enterprise Competitions as well as the Year 11 annual charity campaigns which is normally hosted by both schools to raise regular funding for UK charities each year. We anticipate that this will all resume as normal in the forthcoming year. Overall, the trustees believe that they have met their objectives for the year particularly given the new set of challenges and strains that our schools faced along with all other schools nationally, where we were required to switch our normal face-to-face lessons to a virtual remote platform almost overnight following the Government lockdown announcement and the closure of all schools as of 20 March 2020. In light of the pandemic, and the impact it has had on all sectors particularly for our charity and our schools, leadership within our schools are continuing to work towards establishing a solid structure that allows us to maintain parallel systems in future whereby if we were to face future lockdowns, our schools will be able to continue to provide a seamless teaching and learning experience to all of its students.

As a mainstay of the Foundation's activities, scholarship grants of £37,969 (2020: £34,925) (which are provided on the basis of need and merit) continue to be awarded to students at the secondary schools.

The Foundation's Maqam Centre promises to be a landmark addition to London's multicultural landscape and is providing health and fitness spaces which are open to the public under the management of Swimming Nature, a local business partner with over twenty years’ experience in the swimming and leisure industry. Attention has now turned to delivering the fit out of the upper floors which will proceed following a design review. Shortly after the completion of the ground floor in Spring 2017, the construction company that managed the project filed for liquidation which led to a delay in proceeding with the development. These issues were resolved in the 2019/20 financial year and the charity aims to complete the Centre within two years.

The Foundation continues to manage commercial and residential investment properties, the income of which helps to fund the Foundation’s charitable activities. Managing agents have been appointed to oversee the various investment properties and conduct regular rent reviews on a periodic basis.

The trustees believe that they have met the aforementioned objectives for the year despite the impact of the COVID-19 pandemic which placed a strain on the Foundation’s income particular during the lockdown period where the Foundation’s commercial tenants were unable to meet their monthly rental payments as had been agreed and budgeted. The Foundation was able to negotiate and enter into revised agreements with its commercial tenants for the period in question, which will see the payment of all backdated rent less a 10% discount.

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YUSUF ISLAM FOUNDATION

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-TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Financial review

The Statement of Financial Activities on page 12 shows a net group deficit of £75,777 (2020: £258,330 deficit). During the year under review donations were made to charitable entities who share similar charitable objects, detailed in note 9, of £69,573 (2020: £224,123). The trustees have made investments in order to provide ongoing income. ,

The trustees consider the state of the charity's affairs to be satisfactory.

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At the year end, overall reserves totalled £22,493,780 (2020: £22,569,557), with £20,536,050 (2020: £20,622,619) relating to fixed asset balances, and £180,935 being restricted (2020: £78,037). The charity retains reserves as a contingency against operational risks and for investment in strategic projects such as the development of the Maqam Centre and refurbishment of the school properties.

The principal funding sources of the group are from investment income, school fees paid by parents of students and donations. Royalties paid to the subsidiary, Firecat Music Limited, are paid as advances when new publishing deals are negotiated and signed. All expenditure in the year has been on the furtherance of education and community initiatives through spending on the school operations and development of the Maqam Centre, grants given for scholarships or donations to other charities and organisations that carry out similar activities.

The trustees have established a policy in respect of the charitable activities whereby the reserves held by the charity after taking into account the fixed asset balances should be approximately three months of expenditure, which equates to £703,376 based on the year to March 2021 results. Current reserves in the charity alone are in excess of £1.7m which are being held for the purpose of the future development of the Maqam Centre.

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YUSUF ISLAM FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Risk

The trustees acknowledge their responsibility to manage the risks faced by the charity. They have identified and - given due consideration to the-risks to which the charity may be exposed and are satisfied that systems are in place to mitigate those risks.

With the very recent concern and threat surrounding the COVID-19 pandemic, the charity will need to include this new concernin its financial planning given the potential impact it will have on the various streams of income particularly through its investment properties.

This matter has been highlighted as a new risk for the charity. The trustees have obtained an estimated valuation of the investment properties to assess any potential impact on the values held in the accounts and are satisfied that the value held in the accounts does not require any adjustments.

At date of signing no significant issues have impacted the rental income from the residential investment properties; however, with the commercial investment properties the tenants have been faced with a significant impact on turnover due to the COVID-19 lockdown. Thetrustees have agreed long term repayment plans with each of their commercial tenants to recover the outstanding arrears (as explained above).

With respect to the schools, a few students had left the school due to financial difficulties. To facilitate in the easing the financial burden on parents/guardians, the schools amended the fees terms and conditions to allow greater flexibility to pay the fees over an extended period.

The schools have considered the risks of being able to continue operations during pandemic and the provision of education to students sent home or at risk from infection. The schools are in constant communication with Public Health England and are reliant on their guidance and have progressed on a provision of online home leading for ‘ students and staff who cannot attend or in the event of another lockdown.

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YUSUF ISLAM FOUNDATION

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 .

FOR THE YEAR ENDEDYEAR ENDEDENDED 31 MARCH 2021MARCH 2021 31 MARCH 2021MARCH 20212021 31 MARCH 2021MARCH 20212021 .
Arisk register and investment policy is in place with the principal risks being:
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& responsibilities forresidential& {property servicerelated fault (in light [Manager /PropertyManagement
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[Investment Properties Income ‘Downturn inrental income generation/Employing the services ofaProperty
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. investmentpropertiesare fully
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-
Considerrepaymentplanstoretain
struggling commercial tenants.
Investment PropertyValues (Downturn inthepropertymarket IBy looking tobroaden the investment
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Assess the fees chargedandworkona
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Music PublishingRoyalties INon-renewal ofpublishing royalties
contracts with musicpublishers. commercial opportunities forthe
musiccatalogue.

Arisk register and investment policy is in place with the principal risks being:

A review of the charity's structure began during the year and is ongoing as is a review of the internal reporting systems. These will be developed further and finalised during the course of the current financial period. A series of sponsorship activities are planned which will continue to see the Foundation working in co-operation with other approved charities having the same charitable objectives as well as the local community, these activities form part of the Foundation's development plan. The charity is continuing the work of developing the Maqam Centre with the opening of the ground floor having already taken place. Following the opening of all floors of the Maqam Centre it is expected to be a very busy and exciting period in the delivery of the charity's activities. Funds are currently required to complete the-upper floors and fundraising is planned for that purpose. Other future activities include the continued operations of the schools, including further enhancing and expansion of the facilities on the main purpose built school site, enlarging our scholarship programme and working in co-operation with charities for the public benefit.

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YUSUF ISLAM FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management The charity is a company limited by guarantee and incorporated under the Companies Act 2006. The company’s governing document is its Articles of Association. Yusuf Islam Foundation is the.parent entity of the group. Its subsidiaries are: Islamia Schools Limited (Charity no. 1134516. Company no. 07055378), Firecat Music Limited (Company no. 01822129), formally known as Salafa, and Maqamat Limited (Company no. 07183033). -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs Fawziah Islam

Mr Yusuf Islam (Appointed 17 June 2020)

Dr Abdulkarim Khalil

Mr Shabir Randeree ;

Mr Muhammad Yoriyos Adamos

The trustees are in regular communication and meet to discuss delivery of the objectives and strategic matters of the charity. A management structure is in place to provide controls and ensure the efficient and successful running of the charity. The trustees may appoint by ordinary resolution a person who is willing and eligible to be a trustee. Trustee vacancies are usually filled by carrying out a skills audit to ensure diversity and highlight the qualities and skills the charity needs. All members of the company are entitled to receive notice of any resolution to be put to a general meeting to appoint a trustee. One new trustees was appointed during the year and there were no resignations.

As part of a review of governance, the trustees asked law firm Veale Wasbrough Vizards to continue to advise on the structure of the charity, various rectification matters retating to property development and remuneration and a review of the Articles of Association. —

Trustees maintain a good working knowledge of charity and company law and best practice. Trustees are provided with training in order to carry out their duties to the best of their abilities and in the best interests of the charity. Training and induction is provided on an ad hoc basis for all trustees as necessary. An information pack was issued to each trustee containing internal reports, the latest Charity Commission guidance on a range of matters as well as updated editions of the charity's policies. This pack is routinely updated with new guidance.

During the year, responsibility for managing external relationships, new initiatives, and for managing governance and relationships with the board formed part of the responsibility of the Group Chief Executive Officer, Mrs ‘Hasana Islam. A Finance Committee monitors cash flow and reviews the group's financial activities. The Finance Committee reports directly to the Board of Trustees. A Scholarship Funding Board meets at least once a year to approve scholarship applications. ;

Professional development during the year at trustee and senior management level was maintained to keep up to date with the latest legislation and developments in the charity and education sectors. The Foundation's senior managers are appraised by trustees who are not involved in the day to day running of the organisation. The schools Headteacher continues to be appraised by independent external advisers.

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The Foundation is constantly reviewing its policies and procedures and has continued to work with advisers during the year and also benefits from internal assessments, including self-assessments and stakeholder surveys.

Key management remuneration

All key personnel is determined with reference to publicly available data. The CEO and Executive Director are remunerated through the Yusuf Islam Foundation. .

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YUSUF ISLAM FOUNDATION

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

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Statement of trustees' responsibilities The trustees, who are also the directors of Yusuf islam Foundation for the purpose of company law, are responsible for preparing the Trustees’ Report and the Ananclal statements In accordance with applicable taw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, Inctuding the income and expenditure,of the charitable company for that year. .

In preparing these financial statements, the trustees are required to:

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The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with takingthe CompaniesreasonableActsteps2006.forTheythe preventionare-also responsible and detectionfor ofsafeguarding fraud and otherthe assets imeguiarities.of the charity: and hence for Auditor . ; In keeping with the recommended practice that Auditors should rotate after a set period of time, the Yusuf Islam Foundation put its audit out for tender follawing which the AMS Accountants Corporate Limited was successfully appointed. AMS Accountants Corporate Limited have expressed their willingness to take up office and will remain as Aucitor unless a resolution is passed by the company changing this status.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no Information of which they are aware which is relevant to the audit, but of which the auditor Is. unaware. They have further confirmed that they have taken appropriate steps to identify ‘such relevant information and to establish that the auditor is aware of such information.

The trustees’ report, Including the strategic report, was approved by the Board of Trustees.

Mrs Fawziah islam , Trustee Dated: 22 November 2021

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_ YUSUF ISLAM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YUSUF ISLAM FOUNDATION

Opinion

We have audited the financial statements of Yusuf Islam Foundation (the’ ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our apinion, the financial statements:

Basis 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 further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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. YUSUF ISLAM FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF YUSUF ISLAM FOUNDATION

Matters on which we are required to report by exception

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In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. .

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees

: As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

YUSUF ISLAM FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YUSUF ISLAM FOUNDATION

Based on our understanding of the company and industry, we identified that the principal risks of non -compliance with laws and regulations related to pensions legislation, UK tax legislation and UK employment legislation, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or manipulate expenditure and management bias in accounting estimates. Audit procedures performed by the audit engagement team included:

There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transaction reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:/Awww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The prior year financial statements were audited by Deloitte LLP and an unqualified opinion was issued.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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WAS cco < wperete .
David Clegg (Senior Statutory Auditor)
for and on behalf of AMS Accountants Corporate Limited
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22nd November 2021

Chartered Accountants

Statutory Auditor

Floor 2

9 Portland Street Manchester M1 3BE

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YUSUF ISLAM FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |.| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |funds|funds|;|funds|funds|:| |.|2021|2021|2021|_|2020|2020|2020| |Notes|£|£|£|£|-|°|£|£| |Income|and|endowments|from:| |Donations|and|legacies|3|533,091|282,497|815,588|121|164,345|164,466| |Charitable|activities|4|1,622,333|;|-|1,622,333|1,800,961|-|1,800,961| |Other|trading|activities|5|-|-|-|1,201,301|-|1,201,301| |Investments|6|412,494|,|-|412,494|418,828|-|418,828| |Other|income|.|7|88,269|-|88,269|-|-|,|-| |Total|income|oe|;|2,656,187|282,497|2,938,684:|3,421,211|164,345|3,585,556| |Expenditure|on:| |Raising|funds|‘8|(165,126)|-|(165,126)|(1,128,532)|-|(1,128,532)| |Charitable|activities|-|9|(2,578,804)|(69,573)|(2,648,377)|(2,534,809)|(180,545)|(2,715,354)| |Total|resources| |expended|(2,743,930)|(69,573)|(2,813,503)|(3,663,341)|(180,545)|(3,843,886)| |Net|gains/(losses)|on|,|,| |investments|16|(200,958)|-|(200,958)|-|-|-| |Net|.| |(outgoing)/incoming|:| |resources|before|(288,701)|212,924|(75,777)|(242,130)|(16,200)|(258,330)| |Gross|transfers| |between|funds|110,026|(110,026)|-|-|-|-| |Net|(expenditure)/income|for|;|,| |the|year/| |Net movement|in funds|(178,675)|102,898|(75,777)|(242,130)|(16,200)|(258,330)| |Fund|balances|brought| |forward|22,491,520|78,037|22,569,557|22,733,650|94,237|22,827,887| |forwardFund|balances|carried|.|22,312,845|180,935|22,493,780|22,491,520|78,037|22,569,557| |The|statement of financial|activities|includes|all|gains|and|losses|recognised|in|the year.|°|

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All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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YUSUF ISLAM FOUNDATION

BALANCE SHEET

AS. AT 31 MARCH 2021

Notes Group
2021
£		 Group
2021
£		 2020
&		 Charity
2021
2020
£
£		 Charity
2021
2020
£
£
Fixedassets
Tangiblefixed
assets
;
Investment
properties
Investments		 48
46
7		 13,556,050
6,980,000
-		 13,441,661
7,180,958
«		 .
13,657,662
6,980,000
200		 43,550,407
7,180,958
200
20,536,050 20,622,619 20,637,862 20,731565
‘Currenitassets
Stock
Debtors
Cashatbank andinhand		 18
19		 29,532
604,982
2,972,338		 28,998
121,367
2,982,247		 29,532
312,601
1,636,468		 28,998
147,932
1,915,796
Creditors: amounts .
fallingduewithin		 3,208,852 "3,132,612
.		 1,978,601 2,092,728
oneyear 20 = (1,184,772) (1,185,674) (235,579) (318,936)
Netcurrentassets 2,022,080 1,046,938 1,743,022 1,773,780
Totalassets lesscurrentllabllities 22,558,130 22,569,557 22,380,884 22,505,355
Creditors:amounts fallingdueafter
morethanoneyear 21 (64,350) ~ - -
Netassets 22,493.780 22,569,557 22,380,884 22,505,355
, .
income funds
Restrictedfunds
Unrestrictedfunds		 180,935
22,312,845		 78,037
22,491,520		 159,636
22,221,248		 56,733
22,443,617
Netassets 22,493,780 22,569,557 22,380,884 22,505,355
eEexcoceccs ae ——ooeer

The income and deficit of the parént charity for the year for Companies Act purposes Is £1,326,914 and £73,185 susplus respectively (2020: £774,842 and £279,195 deficil). As permitted by Section 408 of the Companies Act 2006, no separate statement of financial activities is presented in respect of the parent charity. The financial statements were approved by the Trustees on 22™ November 2021

Mrs Fawelah {stam Trustee

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Company Registration No. 07055355

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YUSUF ISLAM FOUNDATION

STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

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: 2021 2020
. Notes £ ; £ £. £
Cash flows from operating activities
Cash absorbed by operations 26 (687,888) (517,060)
Investing activities
Purchase of tangible fixed assets (134,515) (21,238)
Purchase of stock _ (28,998)
_ Investment income received 412,494 418,828
Net cash generated from investing . ,
activities . 277,979 368,592
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (409,909) , (148,268)
Cash and cash equivalents at beginning of year 2,982,247 3,130,715
Cash and cash equivalents at end of year 2,572,338 2,982,247
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YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Charity information

Yusuf Islam Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is The Maqam Centre, Tiverton Road, London, NW10 3HJ. There are currently five trustees who are also the members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £10.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees are confident that the would be able to continue the activities of the charity in the event of a significant drop in funding due to the level of unrestricted reserves and free cash reserves. For further information, please see consideration of going concern in the trustees’ report. Based on a review of cash flows and forecasts covering a year from the date of signing, the trustees are satisfied that the charitable company and group is a going concern and accordingly they continue to prepare the financial statements on a going concern basis.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable . objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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YUSUF ISLAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 7

1 Accounting policies

Investment income relates to rental income received in respect of the charity's investment properties and also interest receivable generated from the charity's cash investments.

Deferred income is recognised and‘ released on a proportioned basis, calculated by reference to the proportion of school fees invoiced in advance.

Charitable activities relate to school fees receivable by Islamia Schools Limited, in respect of the two schools run by that charity being Islamia Girls' School and Brondesbury College for boys, based in Queens Park and Brondesbury Park, London respectively: .

Other trading activities relate to the receipt of royalties by the charity's subsidiary, Firecat Music Limited, income from funds transferred from unincorporated entities for the furtherance of charitable activities, and other income.

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, © it is probable that settlement will be required and the amount of the obligation can be measured reliably. ‘

Expenditure on charitable activities includes:

Grant funding of activities is recognised on the basis that the charity has an obligation, when transfer of the funding is probable and the amount of the obligation and can be measured or estimated reliably. Grants are made at the discretion of the trustees on a case-by-case basis.

Activities undertaken directly relate to directly attributable costs in pursuance of the charity's objectives and an allocation of support costs. Support costs are allocated in line with the basis that they relate to the charitable activities of the charity but are not directly related to the income generated from such activities. The vast majority of support costs compromise teaching and administration salaries.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the trusts programmed and activities. These costs have been allocated between cost of teaching, promotional work and expenditure on community centre activities. The bases on which support costs have been allocated are set out in the notes to the financial statements. No support costs are allocated to fundraising or grant making on the grounds of materiality.

Governance costs are included in support costs and relate to accountancy, audit, legal and professional advice provided to the group.

Expenditure on raising funds relates to professional income payable and royalties payable by the charity's subsidiary, Firecat Music Limited, and are recognised on an accruals basis. Also included are maintenance costs relating to property investment income. °

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated Leasehold land and buildings Not depreciated : Fixtures and fittings 20% straight line Motor vehicles 20% straight line

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YUSUF ISLAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

.

1 Accounting policies

Freehold land and assets in the course of construction are not depreciated.

:

Land and buildings are stated in the accounts at cost. The trustees consider that the useful economic life of these buildings is sufficiently long and the market value in excess of cost. Accordingly, the trustees are satisfied that no depreciation needed to be charged in the accounts against the value of the buildings as 95% of the value relates to land and therefore the depreciation charge would be immaterial.

The Maqam Centre, London, NW10 has been classed as an asset in the course of construction to more clearly show its current stage of development. Construction Costs have taken place on the centre this year and the ground floor facilities opened during the final quarter of 2019 on a short term lease, although construction works continued around the facility. The trustees are satisfied that no adjustment for depreciation, impairment of valuation is needed until the centre is complete.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The Maqam Centre, London, NW10 has been classed as an asset in the course of construction to more clearly show its current stage of development. Construction cost have taken place on the Centre in the current year and prior year, the ground fioor facilities opened during the final quarter of 2019 on a short term lease, although construction works continue around the facility. The trustees are satisfied that no adjustment for deprecation, impairment or valuation is needed until the Centre is complete.

)

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. Impairment of fixed fixed assets , At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication lossexists,(if any).the recoverable amount of the asset is estimated in order to determine the, extent of the impairment

1.8 Impairment of fixed fixed assets

oO

_Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. .

Net realisable value is the estimated selling price less afl estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

, Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financia! Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. .

,

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a . net basis or to realise the asset and settle the liability simultaneously.

,

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially. measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities . Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. ,

)

1.12 Taxation

The parent company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (Chapters 2 and 3 or part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.

1.13 Employee benefits

.

.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

,

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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YUSUF ISLAM FOUNDATION . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.15 Basis of consolidation

The trading activities of the charity's wholly owned subsidiary, Firecat Music Limited, are incorporated in these accounts and consolidated on a line-by-line basis. Firecat Music Limited’s results relate to the accounting period up to 31 March 2021.

The activities of the trading subsidiary, Maqamat Limited, are incorporated in the accounts and consolidated on a line-by-line basis. Maqamat Limited's results relate to the accounting period up to 31 March 2021.

The trading activities of the charity's wholly owned subsidiary, Islamia Schools Limited, are incorporated in these accounts and consolidated on a line-by-line basis. Islamia Schools Limited results relate to the accounting period up to 31 March 2021.

2 Critical accounting estimates and judgements.

)

‘

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Fair value of investment properties

The trustees engage a Chartered Surveyor to carry out a valuation of investment properties held by the charity at regular intervals. During the interim periods, the trustees review rent yields in consultation with the charity's property manager to ensure that fair value has remained consistent with prior years.

The Maqam Centre is currently held as an asset under construction. Upon completion of the on-going development, when the centre comes into full operation, it will be transferred to investment property status.

The trustees do not consider there are any other critical judgements or sources of estimation uncertainty requiring disclosure.

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3 Donations and legacies

‘

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Donations and gifts 533,091 282,497 815,588 121 164,345 164,466

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YUSUF ISLAM FOUNDATION

)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

4 Charitable activities

;

2021 2020
. : £ £
‘School fees receivable 1,622,333 1,800,961
5 Othertrading activities
Unrestricted Unrestricted
funds funds
2021 2020
; £ £
Publishing royalties - 1,200,000
Trading activity income: other - 1,301
Othertrading activities - 1,201,301
6 Investments
Unrestricted Unrestricted
funds funds
_
2021 2020
, £ £
Rental income . 393,460 400,468
Investment income 19,034 _ 18,360
412,494 418,828
7 Other income
: Unrestricted Unrestricted
. funds funds
2021 2020
“£ £
Government grants 35,000 -
Coronavirus job retentionscheme grants 52,736 -
Sundry income 533 -
88,269 -

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YUSUF ISLAM FOUNDATION ;

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

8 Raising funds :
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising
and		 publici
Raising donations . - 35,473
Trading costs .
Music publishing tradingcosts 61,616 1,020,000
Property trading costs ; . - 46,332
Trading costs 61,616 1,066,332
Investment management costs 103,510 26,727
)
165,126 1,128,532
. 9 Charitable activities
. . Activities
undertaken		 Activities
undertaken
directly directly
2021 2020
£ £
Teaching 1,675,919 1,736,655 —
Promotional work 827,807 652,477
Community centre ~ 41,584 40,546
Other 103,067 285,676
2,648,377 2,715,354
Share ofsupport costs (see note 10) 582,180 635,478
Share ofgovernance costs (see note 10) 254,560 354,752
836,740 990,230
Analysis byfund .
Unrestricted funds 2,578,804 2,534,809
Restricted funds 69,573 180,545
. 2,648,377 =2,715,354

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YUSUF ISLAM FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021 .

10 Support& Governance costs costs .
Support Governance 2021 Support costs Governance 2020
_
,		 costs costs costs
£ £ £ £ £ £
Teaching 516,998 - 516,988 490,479 - 490,479
Promotional work 14,702 242,360 257,062 97,315 334,318 431,633
Community Centre 2,082 4,590 6,672 2,130 7,535 9,664
Other 48,397 7,610 56,007 45,553 —- 12,900 58,454
582,180 254,560 836,740 635,478 354,752 990,230

. Governance costs relate to legal, audit and accountancy work. Operational costs include utilities, teaching resources, office costs, repairs and maintenance as well as depreciation.

11 Auditor's remuneration.

The analysis ofauditor's remuneration is as follows:
Fees payable to the charity's auditorand associates: 2021 2020
£ £
Audit ofthe charity's annual accounts 13,250 12,480
Other services to the group
- the audit ofthe charity's subsidiaries 12,750 23,990
Total audit fees 26,000 36,470
Non-audit services
Taxationcomplianceservices ; 1,500 6,120

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. :

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YUSUF ISLAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

13. Employees

The average monthly number of employees during the year was:

Group Charity
‘ 2021 2020 2021 2020
Number Number Number Number
Teaching staff 32 33 - -
Support staff 10 11 - -
Management 5 4 5 4
Security 3 3 - -
.
50 $1 5 4
Employment costs Group Charity
2021 2020 2021 2020 -
£ £ £ £
Wages and salaries 1,290,675 1,291,277 243,500 . 169,622
Social security costs 108,879 400,985 23,542 13,854
Otherpension costs 33,801 32,375 7,393 4,655
1,433,355 1,424,637 274,435 188,131

14 The number of employees whose annual remuneration was over £60,000 during the year was 1 (0 - 2020).

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YUSUF ISLAM FOUNDATION

YUSUF YUSUF ISLAM FOUNDATION YUSUF ISLAM FOUNDATION :
NOTES TO NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) ;
FOR FOR THE YEARENDED 31 MARCH 2021
15 Tangible fixed assets -
Group : : Freehold land
and bulldings		 Leasehold Assetsunder
landand = construction
buildings		 FixturesandMotorvehicles
fittings		 Total
.
£ £ £ £ £ £
Cost
At1 April 2020
Additions		 4,589,484
-		 458,173
-		 8,378,232
83,034		 42,232
28,303		 6,800
23,180		 13,474,921
134,514
At31 March 2021 4,589,484 ‘458,173 8,461,263 70,535 29,980 13,609,435
Depreciation and impairment .
At1 April 2020
—
Depreciation charged in theyear		 .
.		 -
-		 -
-		 31,899
14,130		 1,360
5,996		 = 33,259
20,126
At31 March 20214 - . - 46,029 7,356 53,385
Carrying amount
At31 March2024 . 4,589,484 458,173 8,461,263 24,506 22,624 13,556,050
At31March2020 4,589,485 458,173 8,378,232 10,331 5,440 13,441,661

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

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YUSUF ISLAM FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

FOR FOR THE YEAR ENDEDENDED 31 MARCH 2021 FOR THE YEAR ENDEDENDED 31 MARCH 2021 ;
.
16 Investment property ;
2021
Fair value
At 1 April 2020 and 31 March 2021 ‘ 7,180,958
Netgains or losses through fairvalue adjustments (200,958)
; 6,980,000

Investment property comprises freehold and leasehold land and buildings. Investment property is stated at fair value based on the fast valuation carried out in November 2021 by a FRICS qualified surveyor on an open market basis by reference to market evidence of similar property valuations.

Between valuations the Trustees review the properties for indicators of impairment or significant increase in value based on property indices. The next independent valuation will be undertaken in 2026.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

would have been included as follows:
2021 2020
£ £
Cost 6,762,078 6,762,078
Accumulated depreciation - -
Carrying amount - 6,762,078 6,762,078
17 Fixed asset investments
Group Charity
2021 2020 2021 2020
£ . £ , £
Investments in subsidiaries - - 200 200
- - 200 200
Details ofthe company’s subsidiaries at 31 March 2021 are as follows, all subsidiaries are held at cost:
Nameofundertaking Registered office Class of %Held
shares held Direct
Maqamat Ltd Sameas parentcompany Ordinary 100.00
Firecat Music Ltd Sameas parentcompany Ordinary 100.00
‘ tslamia Schools Ltd Same as parentcompany Ordinary 100.00
18 Stocks
Group Charity
2021 2020 2021 2020
£ £ £ £
Finishedgoodsandgoodsforresale 29,532 28,998 29,532 28,998

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YUSUF ISLAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

19 Debtors
: Group Charity
2021 2020 2021 2020
Amounts falling due within one year: £ £ £ £
Trade debtors 436,295 50,656 106,285 39,635
Amounts owed by subsidiary undertakings - - 61,385 62,763
Otherdebtors 99,753 ' 22,751 2,003 2,003
Prepayments and accrued income 68,934 47,960 142,928 43,531
604,982 121,367 312,601 147,932

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YUSUF ISLAM FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2027

20 Creditors: amounts falling due within one year

Group Charity
. 2021 2020 2021 2020
, £ £ £ : £
Othertaxation and social security 29,973 39,989 13,007 10,939
Grants payable - 76,039 - 76,039
Trade creditors . 107,873 55,304 38,280 37,963
Othercreditors 264,866 293,480 64,444 62,890
Accruals and deferred income 782,060 720,862 86,948 81,290
Amounts owed to subsidiary undertakings - - 32,900 49,815
1,184,772 1,185,674 235,579 318,936
21 + Creditors: amountsfallingdue aftermorethanoneyear
Group Charity
2021 2020 2021 2020 :
£ £ £ £
Othercreditors 64,350 - - -
)
23 Retirement benefit schemes
Defined contribution schemes _
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separatelyfrom those ofthe the charity in an independently administered fund.
The charge to profit or loss in respect ofdefined contribution schemeswas£33,801 (2020 - £32,375).
24 ~=—Analysis of net assets between funds
: Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ ; £ £ £
Fund balances at 31 .
March 2021 are
represented by:
Tangible assets 13,556,050 - 13,556,050 13,441,661 - 13,441,661
Investment properties 6,980,000 - 6,980,000 7,180,958 - 7,180,958
Current assets/(liabilities)
1,841,145 180,935 2,022,080 1,868,901 78,037 1,946,938
Longterm liabilities (64,350) - (64,350) - - -
22,312,845 180,935 22,493,780 22,491,520 78,037 22,569,557

25 _ ~=Related party transactions

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~ YUSUF ISLAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

26 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) fortheyear ; (75,777) (258,330)
Adjustments for: ,
investmentincome recognised in statement offinancial activities ~ (412,494) (418,828)
Depreciation and impairment of tangible fixed assets 20,126 9,807
Fairvalue gains and losses on investments 200,958
Movements in working capital:
(Increase) in stocks (534) -
_ (Increase)/decrease in debtors (483,615) 81,091
increase in creditors -__ - : 63,448 69,200
Cash absorbed byoperations (687,888) (617,060).
27 ~=—<Analysis ofchanges in netfunds
Thecharityhadnodebtduringtheyear.