Charity registration number 1134516 (England and Wales) Company registration number 07055378 ISLAMIA SCHOOLS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ISLAMIA SCHOOLS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees and officers MissAminah Islam Mrs Fawziah Islam Miss Asmaa Georgiou Charlty number 1134516 Company number 07055378 Registered offlce Th8 Maqam Centre Tlverton Road London NW10 3HJ Auditor AMS Accountants Cotwate Ltd Fl¢)or 2 9 Portland Street Manchester M13BE Bankers HSBC Bank UK PLC 50- 52 Kilbum High Road London NW6 4HJ SolicitOTS Stone lQng LLP Boundary House 91 Charterhouse Street London EC1M 6HR
ISLAMIA SCHOOLS LIMITED CONTENTS Page Trustees, report Independent auditorfs report Statement of financial activities Balance sheet 10 Notes to the financial statements 11-20
ISLAMIA SCHOOLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charitable company. presenl their annual report on the affairs of the charity. together with the financial ststements and auditors report for the year ended 31 March 2024. The accounts have been prepared in a¢cordanGe wilh the aGcounting policies set out in note 1 to the accounts and comply with the charity's Articles of Association. the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in October 2019. The Trustees, report {also the Directors, report) has been prepared in accordance wtth the provisions applicable to companies entitled to the small companies. exemption. The trustees have taken an exemption from preparing a strategic report as the company is small. The financial statements have been prepared in accordance with the accA)unting policies set out in note 1 to the financial ststements and comply Mth the charity's goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charltias: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabla in the UK and Republic of Ireland (FRS 102}" (effectNe 1 January 2019). Objectives and activities The charrty's objects are the furtherance of the religion of Islam and the furtherance of Islamic education in accordance wtth the teachings of the Holy Qurfan and the Sunnah of the Prophet Muhammad. The charity runs two secondary h0O[5 in the London Borough of Brent - Islamia Girls School and Brondesbury College. The main objective for the year was the continued operation of the secondary schools and investtnent in education. In addition, and for public benefit. scholarship grants were awarded to students on a needs basis to deserwng individuals through the parent chaiity. the Yusuf Islam Foundation. Both secondary schools are well established and are consistently rated among the very best in the Borough and in London. The schools prowde education of the highest stsndard and nurture students who are responsible individuals and citizens. The charivs activities are dedicated to sttjdents. academic, spiritual, moral. social. and cultural development, and the charity considers the delivery and success of these activities to be for the public benefit. Grant Maklng Policy The principal funding source is from schocl fees. follovrfed by donations and other incorne frorn individuals and organisations. This income has allowed the charity lo continue to provide the high qvalty education offered at the schools. Grants are offered to the most deserving students by way of scholarships where a family would otherwise be unab18 to afford the fees. Applications from parents are reviewed by a scholarship funding board, which includ8S at least one trust88. The principal benefi¢iaries of our grant-rnaking programme are students at the educational institutions under the charivs wing. S¢hotarship awards are monitored throughout the academic year and reported on by the applicanfs host school. Subject lo the availability of funds, there is no upper limit on the number of grants awarded each year. Public Benefit The tnJst88s confim that they have fulfilled their duty under Section 17{51 of the Charities Act 2011 by adhering to the Charity Commission's guidance on public benefit in delivering the charitys objectives and planning future artivities. The trustees have carefully assessed how the charity's programmes contribute to its aims and provide meaningful public benefrt. The charity's core focus is on the academic. spiritual. moral, social. and ujltural development of sbjdents, which the trustees believe offers signrficant public benefft. Through the operation of Islamia Girfs School and Brondesbury College. the charity ensures access to high-quality education. As part of their moral development, the charity encourages its student to conduct fundraising efforts for third-party charities with aligned objeclives, helping to further its mission of advancing education and promoting inclusivity- These activities reflect the charitys commitment to public benefft. benefiting both the local Muslim community and society at large.
ISLAMIA SCHOOLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance Significant actm.ties and achievements against objectives The effective running of Islamia Girls School and Brondesbury College has ensured that both schools remain among the mosl academically successful educational institutions in London. The most recent GCSE results show that, once again, both th8 secondary schools have performed excellently. At Brondesbury College, 1000/4 of students achieved 5 or more Grades 9-6 and 940/0 of students at Islamia Girls Schools achieved 5 or more Grades 9-5. Following a programme of substsntive improvements. Islamia Girls Sthool was awarded Outstanding ratings in lerms of student behaviour and attitudes, as well as their personal development, with the sGht)ol reIving a Good rating for thè quality of education and for leadership and managemenL following an Ofsted inspection during the report period. The overall effecliveness was rated as Good. A strategic rèvtew of the charitys schools was also completed during the reporting period, resulting in changes induding: the substantive appointment of the Headteacher and Deputy Headteacher of Islamia Girls School the adoption of a new non-academic staff structure the appointment of a School Business Manager and Deputy Sch1 Business Manager an upwards adjustment of salary scales to make them more competitive the digitisation of several administrative PsseS {e.g. admissions process) the provision of new recreation facilities al the charity's schools. Financial revlew The Statement of Financial Activities on page 9 shows a net deficit of £37.780 (2023.. £195.354) and net assets of £176,628. The objective is for the charity and its school operations to be self-sufficienl whilst maintaining a comfortable reserve for unforeseen circumstances. The trustees consider the stat8 of th8 charivs affairs to b8 satisfactory. It is the policy of the charity that unrestrirted fijnds that have not been designated for a specific purpose should be malntainèd at a level sufficient for three months of expenditure £518,924 (2023= £400.408) to enable the day-to4ay actsvities of the charity. The Irustees are aware of this shortfall and are actively working to address this. At the balance sheet date, the charity held reserves of £176,628 {2023: £214.408} of which £176,628 12023: £193,109) were unrestricted. The charity will seek further funding from its parent company rf nec8ssary, should the reserves fall below required levels.
ISLAMIA SCHOOLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Major risks The Irustees fuSly acknowledge their responsibilty for managing the risks faced by the charity and regularly review key risks to ensure appropriate mitigation measures are in pla. The principal risks identified include financial sustsinability, regulatory compliance, operational risks. and extemal factors such as VAT changes and enrolment fluctuations. To address these risks, the trustees have implemented the following actions: Finanrial risk managemenL' A robust budgeting process wilh quarterly reviews by trustees is in place, supported by a slriGt reserves policy for sustainability. The impending application of VAT on private schools presents a significant risk, resulting in increased tuÉtion fees and likely affecting enrolment. To mitigate these risks, careful financial manag8ment and professional advFce arg being utilised. 2. Regulatory compliance: The twstees ensure compliance wlth Charity Commisslon regulailons and Ofsted and Independent Schools Inspectorate educational stsndards through regular inlemal audlts and independent reviews, as applicable. This proactive approach also extends to meetlng best practice standards in the sector. 3. Operational risks: Key personnel and senior management oversee school facilities and daily operations, supported by regular staff training. A disaster recovery plan ensures continuity in case of disruptions, and independent fire and risk assessments. along Vth ongoing maintenance. prevent operational failures. 4. Enrolment: A signrficant reduction in student admissions could impact fee income. To mitigate this risk, the charity engages in tsrgetsd media advertising and open days to attract new students. Through these measures, the trustees are confident Ihat Ihe chaiity is well*quipped to manage its risks and continue to operate effectively. Plans forthe Future As part of a comprehensive stralegic review. the trustees have undertaken a benchmarking assessment of faith- based secondary schools in England, with a particular focus on Muslim-faiih schools. This review inctuded a detailed survey of key stskeholders, and the results are being used to shape a new three-year development strategy for Islamia Gids Sthool and Brondesbury College. The charity is also working with its parent entity to expand its scholarship programme to provide greater support to stuéents in need. The trustees are committed to maintaining an ambitious yet affordable investment strategy aimed at enhancing and expanding the facilities of both schools. Development plans for the next three academic years have been created. with support from an independent school improvement adwser to ensure readiness for upcoming school inspections. The trustees have set challenging perf0mlan tsrgets for both teachers and students. with a focus on achieving excell6nc8 in educational outcomes while ensuring operational efficiency and value for money. To support these goals. the trustees are enhancing the charivs fiJndraising efforts through several key initiatives, induding increased student r8cruitment drives. activation of an alumni network, and outreach to secure corporate sponsorships. These initiatives aim to boost resources and strengthen the schools. financial sustainability, enabling the charity to continue delivering high-quality education while expanding tts reach to those in need. Going Concern The trustees h2ve reviewed forecasts of student numbers and cashflows and considered budgets for a period of al least twelve months from the date of approval of these financial ststements. Trustees believe the charity has sufficient resources to continue to operate for a periijd of twelve months from the signing date of these accounts and so have adopted the going conrn assumption.
ISLAMIA SCHOOLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Islamia Schools Limited (the 'chariV) is a charitable company, limited by guarantee, and incorporated under the Companies Act 2006. The charity's goveming documents are its Articles of Association, dated 23 October 2009. For the purposes of these accounts, all references will be made to the entity as a charity although il is also a company. The parent company of Islamia SChIs Limited is the Yusuf Islam Foundation (Company Registration number: 07055355 and Charity Registration number 1134513). where the Foundation works to promote the furtherance of education through charitable projects and aclivities. Th8 charity is govemed by its Board of Trustees. vtho also serve as directors under company law. Thè trustees meet and communicate regulady to evaluate the charitJ*s perfonnance. assess risks and challenges, and revi8W strategic plans for the charitys future development. The trustees, who are also the directors for the purpose of company law. and who seryed during the year and up to the date of signature of the financial statements were.. Miss Aminah Islam Mrs Fawziah Islam Miss Asmaa Georgiou Recruitment and appointment of trustees The Trustees are responsible for the strategic direction, policy and overall govemance of the charity. The implementation of strategy, On agreed, and the day-t(Fday Tunning and management of the charivs activities is delegated to senior managemenl. It is considered that. at present. the Board of Trustees has sufficient expertise and competence to govern the charity. The charity may appoint addilional trustees by ordinary resolution. Members of the company are enlilled to receive notice of any resolution to be put to a general meeting to appoint a Irustee. Any additional trustees, appointed in accordance with the Artides of Association, will be appointed if they are considered to add value to the existing skill set of the body of tnjstees. As a matter of routine. all trustees are checked through the Disdosure and Barring Service {DBS) vthich includes the Barred from Management Check relating to the management of an independent school. The DBS check for the Chair of Trustees. as the school proprietor. is Caled out through the Department for Education. During the reporting period, no changes were made to the charity's govemance structure or trustees. No trust88S had any beneficial interest in the charity, and no remuneration or expenses of trustees was paid by ihe charily. 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 dulles to the best of their abilities and in the best interests of the charity. Training and induction is prowded on an ad hoc basis for all trustees as neSsary. An infomiation pack was issued to each trustee containing internal reports. the latest Charity Commission guidance on a range of maiters as wéll as updated editions of the charitys policies. This pack is routinely updated with new guidance. The Chair of Trustees, as part of the proprietor body, meets tha headteacher on a monthly basis (and usually more frequently as and when required). The charity submits a written report to its parent entity, the Yusuf Islam Foundation, on a quarterly basis. Professional development during the year at trustee and management level has been maintsined in order to keep up to date with recent changes in legislation and adopting best practice within the charity- The charity's senlor managers, including headteacher. are appraised by independent extemal advisers and senior members of the parent charity. The charity is wholly owned by the Yusuf Islam Foundation. a registered charity. Yusuf Islam Foundation prepares consolidated accounts and copies may be obtained from The Maqam Centre, Tiverton Road, London NW10. The Yusuf Islam Foundation prepares o)nsolidated accounts for the largest and smallest of the group of undertakings. Key Management Personnel Pay Key personnel remuneration is detemiined with reference to publicly available data and the trustees consider that conditions of service are set at a appropriate level, in line with medians in the education sector, and compliant with legislation. All salary recommendations are approved by the trustees. A pension scheme in line with established legislation is in place.
ISLAMIA SCHOOLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees. responsibilities The trustees. who are also the directors of Isiamia Schools Limtted for the purpose of company law, are responsible for prepartng the Trustees. Report and the financial statements in accordance with applicable law and Uniled Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practi}. Company Law requires the trustees to prepare fjnanaal 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, including the income and expenditure. of the charitsble company for that year. In preparing these finanaal statemènts, Ihè trustees are requir8d to- - se18Ct suitsble accounting policies and then apply them consistently. - observe the methods and principles in Ihe Charities SORP: - make judgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subjèct to any material départures disclosed and explained in the financtal statements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any time the financial position of the charity and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the companls articles, a resolution proposing that AMS Accounlants Corporate Limited be reappointed as audttor of the company will be put at a General Meeting. Disclosure of infomiation to auditor Each of the persons who is a director at the date of approval of thls réport confirms that. so far as they are aware. there is rK) relevant audtt information of which the company's auditors are unaware; and they have taken all the steps that they ought to have taken as director5 in order to make themselves aware of any relevant audrf( infl1at1on and to establish that the compan$ auditors are aware of that InfOnatiOn. This confimation is given and should be interpreted In accordance wlth the provlsions of s418 of the Companles Act 2006. The trustees, report was approved by the Board of Trustees. Miss Asmaa Georgiou Trustee Date". 2711112024
ISLAMIA SCHOOLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ISLAMIA SCHOOLS LIMITED Opinion We have audited Ihe financial statements of Islamia Schools Limited (the 'charity') for the year ended 31 March 2024 which comprise the ststement of financial activities, the balan sheel and notes to the financial statements. including significant accounting policies. The financial reporting frarnework that has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Repothng Standard appliGable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements-. give a true and fair view of the state of Ihe charitable compatys affairs as at 31 March 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordanc8 With United Kingdom Generally ACpted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under Ihose standards are ftjrther described in the Auditoffs responsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements Ihat 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 accordan wilh 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 The trustees have reviewed forecasts of student numbers and cashflows and considered budgets for a period of at least twelve months from the date of approval of these financial statements. Consideration has been given to the facl that the schools rely on the payment of fees from families vtho could potentially be faced with a real impact on the loss of their jobs andlor their livelihood over time. The reduction of student numbers has been noted as a factor of the trustees, going concem assessment, bui is forecast to be offset by budgetary savings on costs. The schools are now implementing cost saving measures by utili5ing human and teaching resources between both schools and seeking to renegotiate wnlractual deals with regular suppliers. Additionally, to facilitate in easing the financial burden on parentslguardians and increase the recoverability of fee incA)me and cash, the schools amend8d the ternis and conditions to allow greater flexibility to pay the fees over an extended period. In the event that future cashflow projections show potential restrainls. the charity will seek to obtain addibonal funding through fundraising initiatives from the parent and the founder, however, the trustees are confident that the measures taken so far will not require them to do so. On this basis, they believe the charitable company has sufficient resources to continue to operate for a peri¢)d of elve months from the signing date of these accounts and so have adopted the going concem assumption. Other infomiatlon The other inforrnalion comprises the infomiation indu¢Jed in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation contained wtthin the annual report. Our opinion on the financial statements does not cover the other information an(1, except to the extent otherwise explicitly stated in our report. we do not express any fom) of assurance condusion thereon. Our responsibility is to read the other infonnation and. in doing so. consider whether the other infom)ation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be rnaterially misstaled. If we identtfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a matertal misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material rnisstatement of this other infomiation, we are required to report that fact. We have nolhing to report in this regard.
ISLAMIA SCHOOLS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ISLAMIA SCHOOLS LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: *he infomation given in the trustees. report for the financial year for which the financial staternents are prepared, which indudes the directors. report prepared for the purposes of company law. is consistent wth the financial statements" and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In th8 light of thè knowledge and understanding of the charity and its environment obtained in the course of the audit, We have not identified material misstatements in the directors. r8POrt included within the trusteès. report. We hav8 nothing to r8POrt in respect of tha followng matters in rèlation to which the Companies Act 2006 rèquirès us lo report to you rf, in our opinion: adequale accounting records have not been kept. or retums adequate for our audr( have not b88n recèived from branches not visited by us,. or the finanoal statements are not in agreement wlh the accounting records and retums,. or certain disclosures of trustees. remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit,. or the trustees were not enlided to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a stralegic reporL Responsibilities of trustees As explained more fully in the statement of trustees, responsibilttles, the trustees, who are also the direclors of the charity for the purpose of company law. are responsible forthe preparation of the financial ststements and for being satisfied that they give a tnje and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to ontinue as a going nrn, disclosing. as applicable, matters related to going concem 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 altemative but to do so. Audltofs rnsponslbilltles for the audit of the financial ststements Our objectives are to obtsin reasonable assurance aboui whether the financial statements as a whole are frèe from material misstatemen( whether due to fraud or error. and to issue an auditorfs report that indudes our opinion. Reasonable assuran 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 misststement when it exists. Misststements can arise from fraud or error and are conSided material rf, indiwdualiy or in the aggregate, they could reasonably be expected to influence the economic dacisions of users tskèn on the basis of these financial statements. The extent to which our procedures are capable of detecbng irregularities, including fraud, is detailed below.
ISLAMIA SCHOOLS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ISLAMIA SCHOOLS LIMITED We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates. drawng on our broad sector experien, and considered the risk of acts by the ChaTity that were conlrary lo these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. including. but not limited to. the Charity Commission. Companies Ad 20C6, Th8 Independent Schools Stsndards and equivalent IcKal laws and regulations. We made enquiries of management ryth regards to complianc8 with the above laws and regulations and corroborated any necessary evidence to relevant infomiation, for example, minutes of the trustee meetings, legal reports provided to the Charty and corr8spond8nce beeen the Charity and its soliritors. Audit procedure perfomed by the engagemenl team included: Discussion with management. induding Consideratic of known or suspected instances of noncompliance with laws and regulations and fraud: Review of financial statement disclosures to undedying supporting documentation: Challenging assumplions and judgements made by management in their significant accounting estimates; Our audit procedures ware designed to respond to risks of material misstatement in the financial statemènts, recognising that the risk of not detecting a material misststement 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, misrepresenlations or through collusion. There are inherent limitstions in the audit procedures perforrned and the further removed non- compliance with laws and regulations is from the events and trdnsaclions rellected in the financial stslements, the less likely we are to become aware of IL A further description of our responsibilities is available on the Financial Reporting Council's websile at- https=Il v4ww.frc.org.uklauditorsresponsibilities. This description foms part of our auditoffs report. Use of our report This report is made solely to the charitable company's mernbers. as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable compantys members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the chartlable CoMpanS members as a body, for our audit work, for this report. or for the opinions we have formed. Andrew Davis ACCA CTA FMAAT (Senior Statutory Auditor) For and on behalf ofAMS Accountants Corporate Lld. Statutory Auditor Chartered Accountsnts Floor 2 9 Portland Street Manchester M13BE Dale:
ISLAMIA SCHOOLS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted fun(ts funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charftable activities 44.015 44.015 1.950.169 40,900 40,900 1,643,351 1,950,169 1,643,351 Total income 1.950.169 44.015 1.994.184 1,643,351 40,900 1,684,251 Expenditure on: Charitable activÉties 1,987,949 44.015 2,031.964 1.838.705 40,900 1,879.605 Total expenditure 1.987.949 44.015 2,031,964 1.838.705 40,900 1,879,605 Net expenditure (37.780) {37,780) {195.354) (195,354) Transfers between funds 21,299 {21.299) Net movement in funds (16,481) {21.299) (37.780) (195.354) (195,354) Reconciliation of funds". Fund balances at 1 April 2023 193.109 21.299 214,408 388.463 21.299 409,762 Fund balances at 31 March 2024 176,628 176,628 193,109 21,299 214.408 Thé statement of financial activities includes all gains and losses recognised in the year. Atl income and exp8ndilure derive from continuing activitses.
ISLAMIA SCHOOLS LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Fixed assets Tangible assets 13 87.606 56.407 Current assets Debtors Cash at bank and in hand 14 510,055 245.372 252,637 844,919 755,427 1.097,556 Creditors: amounts falling due wlthln one year 15 (495.455) (808,255) Net current assets 259,972 289,301 Total assets less current Ilabllltles 347,578 345,708 Creditors: amounts falling due after more than one year 16 (170,950) (131,300) Net a55ets 176,628 214.408 The funds of the charity Restricted income funds Unrestricted funds 19 20 21,299 193,109 176.628 176.628 214,408 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The fingnoal ststements were approved by the trustees on 2711112024. Miss AsTnaa Georgiou Trustee Company registration number 07055378 (England and Wales) 10-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Islamia Schools Limited is a prtvate company limited by guarantee incorporated in England and Wales. The registéred office is The Maqam Centre. Tiverton Road, London, NW10 3HJ. 1.1 Accountlng convention The financial statements have been preparad in accordan with the charitys goveming document, the Companies Act 2006, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102°) and the Charilies SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statément of Cash Flows. The financial statements are prepared in steJ1ing. which is the functional currency of the charity. Monetary amounts in these financial slatements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern As per the Trustees. report. the Trustees consider that the going concem assumption is an appropriate basis on which to prepare these ffinancial statements. The Trustees, having reviewed forecasts of student numbers and cash flows and considered budgets for a period of at least 12 month from the date of approval of these financial statements, believe the charity has sufficient r8sources to wntinue to operats for the foreseeable fulure and so have adopted the going wncern assumption. As part of their roview. the Trustees have considered the impact of th8 cuent wnsumer spending and cost of living difficulties and, along with thè CEO. ntinue to revisit the impact on a ongoing basis. Additional infomiation of going concem is induded in the Trustees. report. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the twstees in furtherance of their charriable objectives. Restricted funds are subject to specific conditions by donors or grantots as to how they may be used. The purposes and uses of the restricted funds are set OLrt in the notes to the financial statements. Endowment funds are subject to specific condrtions by donors that the capitsl must be maintained by the charity. 1.4 Income Income is recognised when the Chaiity has entitlement to the funds, any perfonnance conditions attached to the itemls) of income have been met. it is probable that the income will be received and the amount can be Measured reliably. Donations - These are received to aid the furtherance of the charitable activities of the chartty. Charitable activities - These relate to school fees receivable for the provision of edueational SeICeS by The Islamia Girls. School and The Brondesbury College for Boys. Deferred income will be recognised on a proportional basis, calculated by reference to the porbon of school fees invold in advance. Grant income is recognised as discussed above On the charity (xjnsiders rt has entement and probable receipt of that income and that the income is measurable. 11
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) 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 thal settlement will be required and the amount of obligation can be measured reliably. Expenditure is classified under the following acttvty headings: Expenditure on charitable activities include: Costs in furtherance of charitable activities - these msts relate to direcdy attributable costs in pursuance of the chariws objective and an allocation of support costs. Support costs ar8 those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include educalional resources, back off costs, utilities. finan and govemance costs which relate to strategic costs not directly attributable to charitable actiwties, including audit and legal advi and support of the charivs programmes and activitses. These costs have been allocated to expenditure on haritable artivities. Support cosls are allocated based on the nature of the support cost (being governance or related to operational costs) and the area of tharitsble activtties that they relate to. this allocation is not proporknonate to the income generated from such activities. No support costs are allocated to fundraising or grant making on grounds of tnaterialty. Grants payable are recognised on a payable basis On the charity has provided a commitment to make charitable grant expenditure this is nomially on communication to the recipient. Grant are made at the discretion of the trustees on a case-by-case basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently rneasured at cost or valuation, net of depreuation and any impairment losses. Depreaation is recognised so as to vffite off the cost or valuation of assets less their residual values over their useful lives on the followng bases= Fixtures. fittings & equipment 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounls of its langible assets to determine whethèr thère is any indication that those assets have suffered an impaimient loss. If any such indication exisls, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss Irf any). 1.8 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call wth banks. olher short-term liquid investments with original malurib.es of three rnonths or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in current liabilities. 12-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 1.9 Financial instruments The charity has elected lo apply the provIonS of Section 11 'Ba5ic 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 paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wfth the net amounts presented in th8 financial statements, when there is a legally enforceable right io set off the r8cognis8d amounts and there is an intention to settl8 on a n&t basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, vthich include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequendy carried at amorbsed cost using the effective interest method unless the arrangement constitutes a financrng transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interesL Financial assets classified as receivable within one year are not amortised. Basic financial liabilitles Basic financial liabilities. including creditors armd bank loans are initially recognised at transaction price unless the aangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a mad<et rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effective interest rate method. Trade Greditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier5. Amounts payable are classified as current liabilities rf 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 subsequendy measured at amortised cost using the effective interest method. Derecognldon of financlal Ilabllldes Financial liabiliti8s are d8recognis8d vthen the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employeo benefits The cost of any unused IK)liday entiuement is recognised in the pericKI in which the employee's services are received. Termination benefits are recognised immediately a5 an expense when the charity is demonstrably cornmitted to teminate the employment of an employeè or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 13-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 undedying 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 whare the revision affects both current and future periods. The trustees do not consider there arè any critical Judgements or sources of estimation uncertainty requiring disclosure. Income from donations and legacles Restricted funds 2024 R8strlcted funds 2023 Donations and gifts 44,015 40.900 Income from char]table activities Unrestricted funds 2024 Unrestricted funds 2023 Teachlng Teaching 1.950,169 1,643,351 14-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Grant Teaching fvnding 2024 Total Grant funding 2023 Teaching Totsl 2024 2024 2023 2023 Direct costs Staff costs Depreciation and impairment 1.413.877 1.413.8TT 1.273,763 1.273,763 20.427 20.427 9,730 9.730 1.434,304 1.434,304 1,283,493 1.283.493 Grant funding of activities (see note 7) 44.015 44,015 40,900 40,900 Share of support and governance costs (see nots ) Support 530.867 Govemance 22.778 530,867 22.778 478,113 77,099 478.113 77,099 44.015 1.987.949 2,031,964 40,900 1.838,705 1,879,605 Analysis by fund Unrestricted funds Restricted funds 1.987.949 1.987,949 44.015 1,838,705 1.838.705 40,900 44.015 40,900 44.015 1.987,949 2,031,964 40,900 1.838,705 1,879,605 Descrlptlon of Charitsble activities Grant fundin Support costs indude expenditure for educational resources. as well as governan and running cx)sts of the schools. Governance costs relate to audiL legal and professional fees. Grants payable Grant funding 2024 Grant funding 2023 Grants to individuals 44,015 40,900 Grant expenditure Support costs related to scholarship grants fall under the promotional and grant work undertaken by Yusuf Islam Foundation {Company No.07055355) hence only direct cost have been allo¢2ied this activity. 15-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(credtting): Fees payable for th8 audtl of the chaiitys financial ststements Dapreoation of owned tangible fixed assets 5,700 20,427 5,700 9,730 10 Trustees None of the truslees (or any persons connected with them) received any remuneration during the year, and also no exp8nses were reimbursed in either current or prior year, nor paid on behalf of trustees by the charitable company in either current or prior year. 11 Employoes The average monthly number of employees during the year was: 2024 Number 2023 Number Teaching staff Administration Security 30 11 30 10 Total 43 Employment costs 2024 2023 Wages and salaries Social security costs Othar pension costs 1,263,428 118.952 31,497 1,136,196 108,619 28,948 1.413,877 1,273,763 The number of employe8s whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60.000- £100,000 12 Taxation The charity is exempt from taxabon on its activities because all its income is applied for charitable purposes. 16-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets Fixtures. flttlngs & 8quiprnent Cost Al 1 April 2023 Additions 74,210 51,626 At 31 March 2024 125,836 Depreciation and impainnent Al 1 April 2023 Depreciation charged in the year 17,803 20,427 At 31 March 2024 38,230 Carrying amount At 31 March 2024 87,606 At 31 March 2023 56.407 14 Debtors 2024 2023 Amounts falling due within one year. Trade debtors Amount owed by parent undertaking Other debtors Prepayments and accrued InMe 15.227 447.366 10.095 37,367 31,055 208,199 10,095 3,288 510,055 252,637 15 Creditors: amounts falling due withln one year 2024 2023 Notss Other taxatlon and soaal securtty Deferred incomè Trade creditors Other creditors Accruals 6,463 455,912 27.430 650 5,000 60,366 592,411 20.772 129,006 5,700 17 495,455 808,255 17-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Creditors: amounts falling due after more than one year 2024 2023 Other Greditors 170,950 131,300 17 Deferred income 2024 2023 Other deferred income 455.912 592,411 Deferred income is included in Ihe financial statements as follows: 2024 2023 Deferred income is included wthin: Current liabilities 455,912 592.411 Movements in the year. Deferred income al 1 April 2023 Released frorn previous periods 592,411 (136.499) 636,200 {43,789) Deferred income at 31 March 2024 455,912 592,411 18 Rotlremant benefit schomos 2024 2023 Deflned contrfbutlon schomes Charge to profft or loss in respect of defined contribution schemes 31,497 28,948 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of thè scheme are held separately from those of Ihe chartty in an independently administered fund. 19 Restricted funds The restricted funds of the charity comprise the unexpended balanS of donations and grants hdd on twst subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Scholarship fund 21.299 44.015 (44.015) {21.299) 18-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted funds (Continued) Previous year. At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 Scholarship fund 21.299 40.900 (40,900) 21,299 20 Unrestricted funds The unreslricted funds of the charlty comprise the unexpended balances of donations and grants which are not subject to specific conditsons by donors and grantors as to how they may be used. These indud8 dèsignated funds which have been set asid8 Out of unrestricted funds by the trustees for sperific purposes. At 1 Aprfl 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 193.109 1.950.169 (1.987,949) 21,299 176,628 Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 General funds 388.463 1.643.351 (1.838.705) 193.109 21 Analysis of net assets botween fvnds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Cuent assetsl{liabilities) Long term liabilities 87,606 259,972 (170,950) 87,606 259,972 1170,950) 176,628 176,628 19-
ISLAMIA SCHOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Rastricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl(liabilitiesl Long tèm liabilities 56.407 268,002 {131,300) 56,407 289,301 (131,300) 21,299 193.109 21.299 214,408 22 Related party transactlons The company has daimed exemption from disdosing related party transactions between wholly owned members of a group under FRS 102 section 33. Remuneration of the key management personnel undertaken by the parent charity. the Yusuf Islam Foundation. -20-