Charity registration number 1134513 (England and Wales) Company registration number 07055355 YUSUF ISLAM FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
YUSUF ISLAM FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees and oiTicers Mryusuf Islam DrAbdulkarim Khalil Mr Shabir Randeree Mr Muhammad Yoriyos Adamos Foundation Manager Mr Nathan McKenzie Charlty number 1134513 Company number 07055355 Rogistered office Th8 Maqam Centre Tiverton Road London NW10 3HJ Auditor AMS Accountants CorForate Ltd Floor 2 9 Portland Street Manchester M1 3BE Bankers HSBC Bank UK PLC 50-52 Kilbum High Road London NW6 4HJ Sollcltors Stone King LLP Boundary House 91 Chartethouse Street London EC1M 6HR Investment managers Al Rayan Bank Whstechapel Branch 97-99 Whitechapel Road London E1 1DT
YUSUF ISLAM FOUNDATION CONTENTS Page TTUStees' report Ind8pendent auditorfs report Statement of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-29
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. 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 charitys goveming 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 charitys objects a the fvrtherance of the religion of Islam and the furth8rancé of Islami¢ education in accordance wlth thè teachings of the Holy Qurfan and the Sunnah of the Prophet Muhammad. The general charitable activities of the Charity are educationAraining, community development, the prevention or relief of poverty, religious activities, and artslculturelheritage. In order to achieve its objectives, the drity provides the use of its two school properties by Islamia Schools Limited, provides rent-free accommodation to the voluntary-aided. Islamia Primary School, and deploys its rèsources to support the local and Muslim communty. The charity also works with the commercial, ground floor tenant of its Maqam Centre to support l¢)rnl community faith-based engagement and secular relief activities, and continues to plan the development the centre's upper floors for community use. Additionally, as part of the charitys activities. scholarships are awarded to pupils of its schools and grants are made to individuals and organisations that share similar charitable objectives or actiwties. These are subject to strict due diligence processes and delNered in accordance with the objects of the charity. The group funds its activities by generating income in the fom) of investment income. rental income from ils propety investments. school fees. and donations. The charity's senior management leam ensures that the levels of income and expenditure are closety monitored and reported back to the tnjstees on a quarter]y basis. The charity operates three subsidiaries. details of vh)ich can be found in Notes 1 and 18. The school operations are operated through Islamia Schools Limited. a registered charity controlled by the Yusuf Islam Foundation. Public benefft The trustees confimi that they have complied vAlh their duty under Section 17(5) of the Charities Act 2011 to have du8 r8gard to the Charity Commission's general guidance on public b8n8fit. Thè Foundation's charitsble activities directly benéfit thè public through educab'onal provision, particularly by operating Islamia Girfs School and Brondesbury College, which provide access to qualty education. The Foundation also supports wder community welfare initialives. such as food relief programs that d81iv8r ov8r one million meals to underserved populations globally. Additionally. the Foundation offers scholarships and free access to community facilities, ensuring that financial constraints do not restrict access to education and community resources. These activities advance education, relieve poverty. and promote indusivity and Sla1 welfare. directly benefidng both the local Muslim community and broader society.
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves and Investment Policy The trustees have detemined that. after taking into account fixed asset balances. the Gharity should hold resgrves that equate to at least three months of expenditure and enable it to continue to operate in the event of unforeseen financial difficulli8s. As of 31 March 2024. the charity holds £21.842.555 in total reserves. These r8S8rv8s provide a safety net against any potential reduction in funding and allow the charity to respond fl8xibly to opportunities for investment in strategic projects. such as the èxpansion of the scholarship programme and the development of the Maqam Centre. The reserves wll also be used to cover any unexpected costs related to property maintenance or urgent charitable needs. The trustees have considered the most appropriate policy for investing the funds of the charity to ensure the Foundation has sufficient uncommitted and readily accessible assets to cover overheads or any unanticipated short- term need. This includas short-temi and low-risk cash investments, which are included in the balance sheet of the charity as current asset investments, and longer4emi property investments. The Foundation's property investment assets include both residential and commercial properties in central London, which are managed by extemal third party propety management agents and generate rental income to fund the charitable activities of the group. Internal quarterly reports to the truStS wovide updates on these investment assets. Rolated parties Transactions belween related parties during the year, by virtue of shareholding or common trustees, are disclosed in the notes to the financial statements. Golng Concern The trustees remain confident that they would be able to continue Ihe activities of the charity in ihe event of a significant reduction in funding. The charity's unrestricted funds are £21.8m and the cash balance of the group is approximately £1.5m. The tNstees continue to benefit from the income-generating investment properties the charily owns but remain ognisant that property-related income relies on the payment of rent from commercial and residential tenants. As part of their going conc8m considerations, trustees exercise judgement and flexibilty with resped to rental incom8 arrangements and regularly review rental ino)me levels. 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 (xjnstruction expected to commence in 2025126. Twstees continuè to closely monltor student numb8rs within the context of its going ca)nrn considerations, with any weaker enrolm8nt numbers being offset through the continuation of a budgetsry savings drive. The charfty has continued to increase its marketing to boost enrolment numbers. Additionally, to ease the financial burden on parentslguardians and increase the recoverability of f* income, the schools maintained amended terms and conditions to allow greater flexibility to enable fee payment over an exterKled period. where appropriale. 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 conrn and accordingly they continue to prepare the financial statements on a going conrn basis.
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report The principal objeotives for the year we. a review of the Foundation's current and future activities. in line with its chartlable objectives" awarding of 'Good' (or higher) grade from Otsted for Islamia Girfs Sthool. prevention or relief of poverty and hunger, through the provision of no less than one milllon meals, dellvery of food banks, breakfast dubs, emargency food and disaster relief, and the installation of water wells and solar energy stations. an increase in rental yields from th8 Foundation's property investmant portfolio: d81ivering a school improvement programme through a review of the schools. administrative and support functions. enhanced investment in educatit)n through an increase in the scholarship programme. and a fomial study of the development potential of the Foundation's propety porffolio. Achlevements and perfonnance Significant activities and achievements against obiectiv8S The Foundation has committed significant funds to the running of its highly successful secondary schools in London, through its subsidiary Islarnia Schools Limited. The effeclive running of Islamia Gids School and Brundesbury College has ensured that th schools remain among the nst academically successful educational institutions in London. The most recent GCSE results show that. On again. both the secondary schools have perfomied excellently. At Brondesbury College, 100¥0 of students achieved 5 or MO Grades and 94Yo of students al Islamia Gids Schools achieved 5 or more Grades 9-5. Islamia Girls School received an ofsted inspection from 4 to 6 July 2023 and was awarded Outstsnding ratings in temis of student behaviour and atbtudes, as well as their personal developm8nt, with the school receiving a Good rating for thé quality of edurAtion and for leadership and managemenL The overall effectiven8ss was rated as Good. A strategic remew of Ihe charity's schools was also completed durrng the reporting period. resulting in the adoption of a new non-academic staff structure, the appointment of a School Business Manager and Deputy School Business Manager, and the provtsion of new recreation facilities at the charstys schools. As a mainstay of the Foundation's education aclivities. 22 scholarships, valu8d at £44,014 (2023.. £40,460) and awarded on a basis of need and merit. were awarded to students at the secondary schools. 11 also continued to provide rent-free accommodation to the voluntary-aided Islamia Primary School. as well as supporting local and Muslim organisations through the cost-free faciltty use. The prevention or relief of povety and hunger continued to be a key component of the Foundation's Charitable activities during the reporting period, wilh more than one million meals provided during the reporting period through its project. Peace Train. Through this project. the charity delivered food relief in several countries. including working th Magic Bakfast to deliver approximately 215.000 meals around the UK, as well as providing food banks in South Africa, emergency food aid in Yemen. food parcels to Afghani refugees in Pakistan, and installed several solar water and energy schemes around the worfd.
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundraising practices The Foundation engages in a variety of fundraising activities. including receiving voluntary donations, and also receives income from its property investments. During the reporting period. the charity did not employ any professional third-paty fijndraisers. All fundraising efforts were conducted in-house by our staff and studenls. The trust8ès aré committed to ensuring that fundraising practices are transparent, legal. and respectful. The Foundation compli6S With Ihe Charity Commission's fundraising guidance and adheres to the Fundraising Regula10S Code of Fundraising Practice. There have been no complaints reiVed regarding our fundraising activities in the reporting period. Financlal revlew The Statement of Financial Activities on page 11 Sh a net group deficit of £153,790 (2023: £255,452) The trustees consider the slate of the charitys affairs to be satisfactory. At the year end, overall resepies totaled £21.842,555 (2023: £21.996.345) with £21,059,735, (2023". £20.592,229 relating to fixed assets balance. and £111.497 being restricted (2023= £173.827). The charity retains reseNes 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 (Induding rental 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. Al expendtknre in the year has been on the furtherance of education and community initiatives, including relief of povety. through spending on the school operations. grants given for scholarships or donations to other charities and organisations that carry out similar activities. Principal risks and vulnerabilities The trustees acknowledge their responsibility to manage the risks faced by the charity. The trustees regularty review the key risks facing the charity and have established procedures to mitigate those risks. The primary risks identified are financial sustainability, Complian with regulatory requirements, reputstional risks, and operdtional risks in the management of school facilities and charitsble activities. To mitigate these risks. the trustees implement the following.. Financial risk management: A comprehensive budg81ing process is in place, with quarterfy financial reports r6viewed by th8 Iruste8s. Reserves policies are stricly adhered to in order to ensure sustainability. Regulatory compliance: Regular intemal audits are conducted to ensure Complian with Charity Commission regulations and educational standards sel by Otsted and the Independent Sch¢)ols Inspectorate. Reputational risk management: The charity has adopted a public relations strategy that includes media monitoring and regular communication wtth stakeholders to maintain trust and transparency. Operational risks: Key personnel and senior management teams are tasked with ensuring that all charity and school operations are effectively managed, with continuous staff training to address any gaps in operational efficiency. The upcoming application of VAT to private schcKJls poses a financial risk for the Foundation's subsidiary, Islamia Schools Limited. due to the likelihood of needing to significantly increase luition fee levels. As a resuli, there is a risk of reduced enrolment. which could strain the school's finances. Additionally. VAT compliance would increase adtninistralive burdens and associated costs. Careful management and professional advice are essential to mitigate these risks and have been engaged.
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future pertods As part of the strategic review of the schools. a bench-marking assessment of the perfomiance and educational approach of faith-based secondary schools in England, particularly Muslim-faith schools, was developed, as well as a comprehensive survey of the schooL8' Stakeholder5. The results of these actions are being used to develop a new. three-year strategy for the schools, developmant. The Foundation is also exploring ways to enlarge its scholarship programme to provide 9ater support to those in need. and Y1ng in c(Foperation with other charities for the benefit of the Muslim and wider community- The charity is continuing to develop the Maqam Centre. whith will be a landmark addition lo London's multicultural landscape when completed and provide a state-of-the-art facility for contemplats've and creative expression, where the community at large, prof8ssionals. academics and artlsts can meet. work and intera¢t. Trustees are also actively looking to the long-temi fLrtur8 of th8 Foundation and are considaring ways lo maximise the income from its assets. in order to broaden the range and impact of its activities in pursuit of its charitable objectives. Structure, governance and management The Yusuf Islam Foundation (the 'Foundation') is a charitable company, limited by guarantee, and constituted by its Memorandum and Articles of Association. dated 23 October 2009. The company registered as a charity on 25 February 2010. Yusuf Islam Foundation is the parent entity of the group and its subsidiaries are.. Islamia Schools Limited {Charity no. 1134516 1 Company no. 07055378)- Firecat Music Limited (Company no. 01822129); and and Maqamat Limited (Company no. 071830331. The charity is govemed by its Board of Trustees. who are also directors for the purpose of company law. The Trustees meet and comrnunicate regularfy to review the perfomiance of the Foundation. consider risks and issues affecting the Foundation. and to review the fubjre plans of the Foundation The trustees. who are also the directors for the purpose of company law. and who served durtng the year and up to the date of signature of the financial stalements were: Mrs Fawziah Islam Mryusuf Islam DrAbdulkarim Khalil Mr Shabir Randeree Mr Muhammad Yoryos Adamos (Resigned 4 Seplember 2024)
YUSUF ISLAM FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of trustees The Trustees are responsible for the strategic direction. policy and overdll govemance of the charity. The implementation of strategy, once agreed, and th8 day-to-day running and management of th8 charity's activities is delegated to senior manag8ment. Appointment of new trustees is govemed by the Memorandum and Artides of Association of the Foundation, with appointments determined following a skills audit to ensure the board has diverse knowledge and expertise. During thè reporting period, no changes were made to the charity's governance structure or trustees.. however, Mrs Islam resigned as a trustee prior to signing. No Irustees had any beneficial interest in the charity. and no remuneration or expenses of tTUStees was paid by the charity. Trustees maintain a good working knowledge of charity and company law and best practice. Trustees are provlded with training in order to carry out their duties to the besl 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 intemal 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 viith new guidance. Key personnel remuneration is detennined with reference to publicly available data and the advice of indeptsndenl recruitment consultsnts. The Foundation Manager remunerated through the Foundalion. The trustees consider that conditions of service are set at an appropriate level and in line with medians in the charity sector, and compliant with legislation. All salary recommendats'ons are approved by the trustees. A pension scheme in line with established legislation is in place. 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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Auditor In accordance with the companys arfides, a resolution proposing that AMS Accountsnts Corporate Ltd be reappointed as auditor of the company wll be put at a General Meeting. Dlsclosure of Informatlon to auditor Each of the tsijstees has confirmed that there is no infomiation of which they are aware which Is rélevant to the audit, but of which the auditor is unaware. They have fvrther confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is awa of such infomiation. The trustees. report, induding the strategic report. was approved by the Board of Trustees. Mr Shabir Randeree Trustee Oate.. 2711112024
YUSUF ISLAM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YUSUF ISLAM FOUNDATION Opinion We have audited the financial statements of Yusuf Islam Foundation (the 'charitable company,) and its subsidiaries (Ihe 'group'} for the year ended 31 March 2024 which comprise the slatement of financial activities, the statement of cash flows and notes to the financial ststements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Repothng Standard applicable in the UK and RepubliG ol Ireland (United Kin9dom Generally Accepted Accounting practi). In our opinion. the financial statements: give a true and fair view of the slate of the group's and the parent ¢haritsble company's affairs as al 31 March 2024 and of its incoming resources and application of resources, induding the group's income and expenditure, for th8 yaar then ended. have been properly prepared in accordance with United Kingdom Generally AcrEpted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical reqU1ments 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 wttti these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the prepardtion of the financial ststements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety. may cast significant doubt on the group's and the parent ¢haritabl8 ¢ompany's ability to continu8 as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our r8sponsibilities and the resF)onsibilities of the truste8s with respect to going conrn are described in the relevant sections of this raporL Other Infomiatlon The other information comprÈses the inforniation included in the annual report other than the financial statements and our auditofs report thereon. The trustees are responsible for the other infomiation contained wthin the annual report. Our opinion on the financial statements does not cover the other information and. except to th8 8XtÈnt othernise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to rèad the other infomation and. in doing so. consider whether the other infomation is materially inconsistent with the financial ststernenls or our knowledge obtained in the course of the audit or otheiSe appears to be materially misslated. 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 perfomed, we conclude that Ihere is a material misststement of this oiher information. we are required to report that fact. We have nolhing to report in this regard.
YUSUF ISLAM FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF YUSUF ISLAM FOUNDATION Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit= the infomation given in the tnJstees' report for the financial year for which the financial statements are prepared, which includes the directors. report and the strategic report prepared for the purposes of company law, is consistent with the financial ststements- and the strategic report and the directors. report included wilhin th8 Iruste8s' report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knoedge and underslanding of the charity and its environment obtsined in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, rèport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to r6POrt to you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and relums" or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the infomiation and explanations we require for our audit. Responsibilities ol trustees As explained more fully in the statement of trustees. resrKJnsibilities. the trustees. vtho are also the directors of the charitsble company for the purpose of company law, are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees detemiine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or emr. In preparing the financial ststements. the twstses are responsible for assessing ihe group's and the parent charitable companys ability to continue as a going concem, disdosing, as applicable, rnatters related lo going concem and using the going cOnM basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altematNe but to do so. Audltor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about vthether the financial statements as a whole a free from material misslatement. whether due to fraud or error. and to issue an auditorfs 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 influenGe the economic deasions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting itregularities. including fraud, is detailed below.
YUSUF ISLAM FOUNDATION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF YUSUF ISLAM FOUNDATION Based on our understanding of the charitsble company and industy, we identified that the principal risks of non compliance wlh laws and regulations related to pensions legislation. UK tax legislation and UK employment legislation, and we considered the extent to which non- Complian might have a malerial effeci on Ihe financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Ihe Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalements (including the risk of override of controls), and deterniined that the principal risks were related to posting inappropriate joumal entries to increase revenue or manipulate 8XP8nditure and management bias in arKounting estimates. Audit procedures perfomed by the audit engagement team included: Discussions with managemenL including consideration of known or suspected instances of non-compliance wlth laws and regulation and fraud. Review of Ihe financial ststement disdosures to und8dying supwrting documentstlon; Cha118nging assumptions and judgements made by management in their slgntficant accounting estimates., Identifying and testing joumal entries, in particular any joumal entries posted with unusual account combinations or posted by senior managemént. There are inherent limitstions in the audit procedures described above and the fvrther 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 rtsk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may invoFve deliberate COnalment by, for example, forgery or intentional misrepresentations, or Ihrough collusion. A further description of our responsibilttses is available on the Financial Reporting Council's website at= httpsjl www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditorfs report. 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 CoMpanS tnembers those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company and the charitable 0)mpan$ members as a b(xly. for our audit work. for this r8POrt. or for the opinions we hav8 fomed. tk, tyr Andrew Davls ACCA CTA FMAAT (Senior Statutory Auditor) For and on behaEf of AMS Accountsnts Corporate Ltd, StabJtory Auditor Chartered Accountants Floor 2 9 Portland Street Man¢hester M13BE Date: ......
YUSUF ISLAM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds fvnds 2024 2024 Total Unrastricled Restrlcted funds funds 2023 2023 Total 2024 2023 Nolos Income and endowments from: Donations and legacies Charitable activilies Other Irading activities Investments Other income 190.822 1.761.390 188,779 379.601 1.761.390 3.407 1,643.351 8,114 427,923 39,088 442.182 445,589 1,643,351 8,114 427,923 39,088 470,018 23.489 470.018 23.489 Total Income 2.445,719 188,779 2.634.498 2.121,883 442,182 2,564,065 Expenditure on: Raising funds Charitable activities 164,936 2.393,541 164,936 229,811 2,623,352 166,935 2.189,239 166,935 463.343 2.652,582 Total expenditure 2.558.477 229,811 2,788,288 2,356.174 463,343 2,819,517 Nat expenditure (112,758) (41.032) (153,790) (234,291) (21,161) (255,452) Transfers between funds 21.298 (21.298) Net movement In funds 10 (91.460) (62.330) {153.7) (234.291) (21,161) (255,452) Reconciliation of funds: Fund balances at 1 April 2023 21.822.518 173,827 21.996,345 22.056,809 194.988 22.251,797 Fund balances at 31 March 2024 21,731,058 111,497 21,842.555 21,822,518 173,827 21,996,345 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
YUSUF ISLAM FOUNDATION GROUP BALANCE SHEET ASAT 31 MARCH 2024 Group 2024 Charity 2024 2023 2023 Notes Fixed assets Tangible assets Investment property Investments 16 17 18 13,638.284 7,421,451 13,612,229 6.980,000 13,659.745 7,421.451 200 13,667,434 6,980,000 200 21.059,735 20,592.229 21,081,396 20,647,634 Current assets Debtors Cash at bank and in hand 19 129,171 1,538,811 133,819 2.533.017 165,850 1,293,272 163,692 1,687,484 1.667.982 2.666,836 1,459,122 1,851,176 Credltors: amounts falllng due within one year 20 {714,212) (1,131,420) (541,392) 1432.491) Net current assets 953.770 1.535,416 917,730 1,418,685 Totsl assets less current Ilabiliiles 22.013,505 22.127,645 21,999,126 22,066.319 Creditors: amounts falling due after mo than one year 21 (170,950) (131,300} Net assets 21,842,555 21.996,345 21,999.126 22,066,319 Income funds Réstricted funds Unréstricted funds 23 24 111,497 173,827 21.731.058 21.822,518 132,795 21,866,331 173,690 21,892,629 Net assets 21,842,555 21,996,345 21,999,126 22,066,319 The income and defidt of the parent charity for the year for Companies Act purposes is £684.328 and £87,273 deficit respectively (2023 .' £912,599 and £55,197 deficit). As penitted by Section 408 of the Companies Act 2006. no separate ststsment of financial activities is presented in respect of the parent charity. The finan al statements were approved by the trustees on 2711112024. Mr Shabir Randeree Director Company Registration No. 07055355 11
YUSUF ISLAM FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash Ilows from operallng activltles Cash absorbed by operations 26 (966,875) (369.268) Investlng actlvltles Purchase of langible fixed assets Purchase of investment propety Investment income received (55,898} (441.451 } 470,018 (53.481) 427,923 Net cash (used in)Igenerated from Investlng actlvltl8s (27.3311 374.442 Net cash generated from financing a1VitieS Net (decreaseylncrease In cash and cash equivalents {994.206) 5.174 Cash and cash equivalents at beginning of year 2,533.017 2,527.843 Cash and cash equivalents at end of year 1.538.811 2.533,017 12-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Yusuf Islam FoundalÈon 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 four trusteès who are also the members of the company. Each member has undertaken to contribute to the assets in th8 event of winding up a sum not exceeding £10. 1.1 Accounting convention Th8 financial ststements have been prepared in accordance with the chariws goveming document. the Companies Act 2006. FRS 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP 'Accounting and R8POrting by Charitres: Statement of Recommended Practica applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republlc of Ireland (FRS 102). (effective 1 January 2019). The charity is a Public Benefft Entity as defined by FRS 102. The financial statements a prepared in sterling, which is the functional currency of the charity. Monetary amounts in these finanaal ststements are rounded to the nearest £. The ffinancial statements have been prepared under the historical cost convention Imodified 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. 1.2 Going concern At the time of approving the financial staternent5. the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existen for the foreseeable future. Thus the trustees continue to adopl the going concem basis of accounting in preparing the financial statements. The trustees are confident that they Vuld be able to Djntinue the adivities of the charity in the event of a significant drop in fvnding due to the level of unrestricted reserves and free Cash reserves. For further infomation, please see consideration of going concem in the trustees. report. Based on a review of cash flows and forecasts covering a year from the date of signing the balance sheet. the trustees are satisfied that the charitable company and group is a going concem and aco)rdingly they continu8 to pr8pare the financial statements on a going concem basis. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to SP8cific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted frjnds are set out in the noi8S to the financial statements. 1A Income Income is recognised when the charity is legally entided to il after any performance conditions have been met, the amounts can be measured reliabty. and it is probable that inojme will be receNed. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless perfomiance 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 chatity has been notified of an impending distribution. the amount is kn¢)wn. and receipt is expected. If th8 amount is not known. ihe legaoy is trealed as a contingent asseL 13-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policlos (Continued) Investment income relates to rentsl income received in respect of the charitys investrnent properties and also interest receivable generated from the charity's cash investments. Deferred income is reownised and released on a proportioned basis, calculated by roference lo the proportion of school fees invoiced in advance. Charitabl8 activities relate to sch1 fees receivable by Islamia Schools Limited. in respect of the two schools run by that charity being Islamia Girfs, School and Brondesbury College for boys, based in Queens Parf( and Brondesbury Park. London respectively. Other trading activthes relate to the receipt of royalties by the charity's subsidiary, Flrecat Music Limited, income from funds transferred from unincorporated entities for the furiherance 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 amounl of the obligation can be measured reliably. Expenditure on charitsble activities indudes: 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 cas&by-case basis. Activities undertaken directly relate to direcuy atttibutable costs in pursuance of Ihe 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 Ihe charity but are not directly related to the income generated from such activities. The vasl majority of support costs cOMprclse teaching and administration salaries. Support costs are those functions that assist the work of the charity but do not direcdy undertak8 charitable activities. Support wsts include back office costs. finance, personnel. payroll and govemance costs which support the trusts programmed and activiti8s. These costs have b88n allocated between cost of teaching. promotional work and exp8nditure on communty c8ntre activities. The bases on which support costs have been allocat8d are sel out in the notes to the finanaal statements. No support costs are althgted to fundraising orgrant making on the grounds of matsriality. Govemance costs are induded in support costs and relate to accountancy, audit. legal and prof8ssional advice provided to the group. Expenditure on raising funds relales to professional incorne payable and royalties payable by the charity's subsidiary. Firecal 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 Leasehold land and buildings Fixtures and fittings Molor vehicles Not depreciated Not deprectated 20Q/o straight line 200A straight line 14-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Freehold land and assets relate to a long tenn leasehold flat. 131B Salusbury Road. as well as school properties located at 8 Brondesbury Park and 129 Salusbury Road, London NW6. the property values stated in these accounts are cost. The trustees consider that the useftjl economic lrfe of these buildings is SLrfficiently long and the market value is in excess of c05t. Accordingly. the trustees are satisfied that no depreciation needed to be charged in the accounts against the value of the buildings as 950/ts of the value relates to land and therefore the depreciation charge would be immaterial. The Maqam Centre, London, NW10 has been dassed as an asset in the course of constnjctton to more clearly show its current stage of development. The trustee5 are satisfied that no adjustment for depr8cialion, impaiment of valuation is needed until the centre is ¢omplete. The gain or loss arising on the dtsposal of an asset is d8t8miined as th8 drff6r8nce between the sale proceeds and the carrying value of the asset, and is recognised in the statement of ffinancial activities. Functional property of Islamia Schools Limited consists of fumiturè. rtureS and equipment. Fumiture, fixtures and equipment is depreciated in accordance with the deprecation policy stated above. The charity has no heritage assets. Any items below £500 or nol considered to have a useful economic life ol rnore than one year are not capitalised. Impaimient reviews are carried out by the trustees on an annual basis to assess whether any impairment of fixed asses needs to be made in the financial statements. 1.7 Investment property Investment property. which is property held to eam rentals andlor for capital appreciation, is initially recognised at cost. which includes the purchase cost and any directly attributable expenditure. SubseqLJently it is measured at fair value at the reporiing end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine vlhether there is any indication that those assets have suffered an impainnent loss. If any such indirAtion exists. the recoverable amount of the assat is estimated in order to detemine the extent of the impaimient loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call th banks, other short-tem liouid investments with original matUr[eS of three months or less, and bank overdrdfts. Bank overdrafts ar8 shown thin l)orr0vngS in current liabilities. 1.10 Financial instruments The charity has elected to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities a offset, with the net amounts presented in the financial statements. when Ihere is a legally enforceable right to set off the recognised amounts and there is an intention trj setue on a net basis or to realise the asset and seffle the liability simultaneously. 15-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies (Continued) Basic financlal assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at Iransaction price including transaction costs and are subsequently carried at amorknsed cost using the effective int8rest m81hod unless Ihe arrangement wnstitutes a financing transaclion, where the transaction is measured at Ihe present value of the future r8ceipts discounted at a Maet rate of interest. Financial assets classified as re¢eNable within one year ar8 not amortised. Baslc financial liabilities Basic financial liabilities, indudlng creditors and bank loans are tnitially recognised at transaction price un18SS the arrangement constitutes a financing transaction. where the debt instrument is measured at the pres8nt value of the future payments discounted at a rnathet rate of interest. Financial liabilities dassified as payable within one year are not amorknsed. Debt instruments are subsequenlly carried at amortised cost. using the effèctive interest rate method. Trdde creditors are obligations to pay for gtx)ds or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilitses. Trade creditors are recognised initially at transaction pri and subsequently measureil at amortised cost using the effective interest Meth¢. Derecognition of financial liabilitles Financial liabilities are derecognised when the chariws cA)ntractual obligations expire or are discharged or cancelled. 1.11 Taxation The parent company is a registered charity and has no liability to corporation lax on its charitable activities under the Corporalion 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. 1.12 Employeo benefits The cost of any unused holiday entitlèment is re(x)gnised in the period in which the employee's servic8s are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terniinate the employment of an employee or to provide tennination benefrts. 1.13 R6tlrement beneflts Payments to defined contribution retirement benefit schemes are tharged as an expense as they fall due. 1.14 Basls of consolldatlon The trading activities of the charitys vtholly owned subsidiary, Firecat Music Limited, are incorporated in these accounts and consolidated on a line-by4ine basis. Firecat Music Limited's results relate to the accounting period up to 31 March 2024. The aclivities of the trading subsidiary, Maqamat Limited, are incorporated in the accounts and consolidated on a line-by-line basis. Maqamat Limited's results reL2te to the accounting period up to 31 March 2024. The trading activities of the charity's wholly owned subsidiary, Islamia Schools Limited. are incorporated in these accounts and consolidated on a line-by4ine basis. Islamia SrthocAs Limited results relate to the accour)ting period up to 31 March 2024. 16-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies {Contlnued> 1.15 Fund accounting The charivs reserves are alltxated between restric18d and unrestricted fvnds. Restricted funds are funds subject to specific restrictions imposed by the fvnding authorities and donors. Th8se funds are not available for th8 Trustees to apply at their discretion. The purpose and use of the restricted fvnds is set out in note 23 to the financial statements. Critlcal accountlng estimates and judgements In the application of the charttys accounting poliaes, the trustees are required to make Judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Aclual results may differ from these estimates. The estimates and undedwng assumptions are vieWed on an ongoing basis. Revisions to accounting estirnates are recognised in the period in vthich 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 l)oth currenl and future periods. Critical Judgements The following judgements {apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Fair value of investment propertses The trustees engage a Chartered Surveyor to cary out a valuation of investment properties held by the charity at regular inteNals. During the interim periods. the trustees review rent yields in consultation with the charity'5 propety manager to ensure that fair value has remained consistent Vlith prior years. The Maqam Centre is currenlly hekl as assets under construction. Upon completion of the on-going developmen( when the Centre comes into full operation, it will be transferred to investment propety status. The trustees do no consider there are any other critical jents or sources of estimation uncertainty requiring disdosure. 17-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Nonwcharitable trading activities 8,114 Charitable activlties Unrestricted Unrestriettd funds funds 2024 2023 School fees receivable 1.761,390 1,643,351 Income from investments Unrestricted Unrestrictsd funds funds 2024 2023 Rentsl income 470,018 427,923 other income Unrestricted Unrastricted funds fund5 2024 2023 Other Incom8 23.489 39,088 19-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Tradin costs Music publishing trading CL)sts 100,796 113,687 Investsnent management and property trading costs 64,140 53,248 164,936 166,935 Expenditure on charitable activitlès Activities undertaken directly 2024 Activitles undertaken directly 2023 Direct costs Staff costs Depreciation and impaimient Teaching 1,561,036 29,843 845,305 1,358,272 19,364 1,010.325 2.436,184 2,387,961 Share of support and govemance costs (see note 11) Governance 187.168 264,621 2,623,352 2.652,582 Analysis by fund Unrestricted funds Restricted funds 2,393,541 229.811 2,189,239 463.343 2.623,352 2,652,582 10 Net movement in funds 2024 2023 The nel movement in funds is stated after chargingl(credtting): Fees payable for the audit of the charivs finanoal statements Depreciation of owned tangible fixed assets 14,250 29,843 14.250 19.364 -20-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Support & Govemance costs Support Governance costs c¢ysts 2024Support costs Govemance costs 2023 Leg81 and professional costs Audit and accounts Oth8r 103.016 53,824 30,328 103,016 53.824 30,328 169,890 94.731 169,890 94,731 187,168 187,168 264,621 264,621 Govemance costs relate to legal, audit and accountancy work. Support costs include utilities. teaching resources, office costs. repairs and maintenance as well as depreciation. 12 Trustees None of the trustees (or any persons connected with them) received any remuneralion. expenses or benefits from the charity during the year. 13 Audito¢s remuneratlon Fees payable to the charity's auditor and associates: 2024 2023 Audit of the charity's annual accounts 14.250 14,250 Other services to the group - Audit of th8 charity's subsidiaries 15.000 13,500 Total audit fees 29,250 27,750 14 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Staff Directors 47 45 Total 52 50 21
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Employees (Continued) Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1.392,178 133,686 35.172 1,212.669 114.142 31,461 1,561,036 1,358,272 The key management personnel of the parent Charity are noted on the legal and administration page. The total remuneration (including pension and national insurance conlributions) of the key management personnel of the Charity totalled £140.570 (2023- £50,746). The number of employèes whose annual remuneration was more than £60,000 is as follows= 2024 Number 2023 Number £60,000 to £100.000 15 Taxation The charity is exempt from tax on income and gains falling wsthin seCtn 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to thè exient that these are applied to its charilable objects. -22-
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YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Investment property 2024 Group and company Falr value At 1 April 2023 Addtbons through ext8mal acquisition 6,980,000 441.451 At 31 March 2024 7,421,451 Investment property comprises freehold and leasehold land and buildings. Investment property is stated at fair value based on the last valuation Caled out in November 2021 by a FRICS qualified surveyor on an open market basis by reference to market evidence of similar propety valuations. Beeen valuations the Trustees review the properties for indicators of impaim)ent 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: 2024 2023 Cost Accumulated depreaation 7.203,529 6,762,078 Carying amount 7.203,529 6,762,078 18 Fixed assot Investments Group 2024 Charlty 2024 2023 2023 Cost or valuation At 1 April 2023 Investrnents in subsidiari8S 200 200 At 31 March 2024 200 200 Details of the company's subsidiaries at 31 March 2024 are as follows. all subsidiaries are held at cost .' Name of undertaking Class of share held •/0 held Maqamat Ltd Firecat Music Ltd Islamia Schools Ltd Ordinary Ordinary Ordinary 100 100 100 I the subsidiaries have the same regist8r8d office address -25-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Debtors Group 2024 Charity 2024 2023 2023 Amounts falling due withln one year: Trade debtors Amounts ow8d by subsidiary undertakings other debtors Prepayments and accrued income 57,049 66,799 41.822 99,369 14,207 10,452 35.742 72.106 2,207 53,637 33,053 39,069 18,845 48,175 129,171 133.819 165,850 163,692 20 Credltors: amounts falllng due wlthln one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 8,381 63,314 155,905 486,612 68.330 109,465 276.944 676,681 714,212 1.131.420 21 Creditors: amounts falling due after more than one year 2024 2023 other creditors 170,950 131.300 22 Rotirement benefft schemes 2024 2023 Definèd contrlbullon schemes Charge to profit or loss in respect of defined contribution schemes 35.172 31,461 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -26-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants h61d on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 Peace Train Scholarshlp fvnd 152.529 21.298 188,779 (229.811) 111.497 (21,298) 173,827 188,779 (229,811) (21,298) 111.497 Prevlous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 Peace Train Scholarship fund 173.690 21.298 442.182 (463.343) 152,529 21,298 194.988 442.182 {463.343) 173,827 24 Unrestricted funds The unrestricted fijnds of the charity comprise the unexpended balances of donations and grants which aré not subjed to specific condttions by donors and grantors as to how they may be used. These include esignated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng resourc8s Resources expended Transfers At 31 March 2024 General funds 21.822,518 2.445,719 {2.558,4TI} 21,298 21,731.058 Prèvlous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 General funds 22,056,809 2.121,883 (2,356,174) 21,822,518 -27-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investment properties Current asselsl(liabilitiesl Long lem liabilities 13,638,284 7,421,451 842,273 {170,950) 13,638,284 7,421,451 953,770 {170,950) 111,497 21,731,058 111,497 21,842,555 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assels Investment properties Current assetsl(liabilities) Long temi liabilities 13,612,229 6.980.000 1.361,589 (131.300) 13,612,229 6,980,000 1.535,416 {131.300) 173,827 21,822,518 173.827 21.996,345 26 Cash absorbed by operatlons 2024 2023 Deficit for the year (153.790) (255,452) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impaimient of tangible fixed assets (470,018) 29,843 (427,923) 19,364 Movements in working capital: (Increaseydecrease in stocks Decrease in debtors (Decreaseyincrease in creditors 29,532 248,963 16,248 (377,5581 Cash absorbed by operations (966.875) (369,268) 27 Analysis of changes in net funds The charity had no material debt during the year. 28 Related party transactions -28-
YUSUF ISLAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Related party transactions (Continued) The following amounts were outstanding at the reporting end dale: Amounts owed to related parties 2024 2023 Amounts owed to related parbes 93,393 79.187 The Charity has taken the exemption under FRS102 not to disdose group transactions with wholly ownéd subsidiaries. -29-