M uslim Institute Trust Lld Charity No. 1137088 Company No. 07258525 Trustees. Report and Unaudited Accounts Year ended 30 June 2023 111111 11 ACFTF803' 0711112023 COMPANIES HOUSE J)7
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Muslim Institute Trust Ltd Contents Pages Reference and AdministratNe Delails Strategic Report Trustees, Annual Report Statement ol Trustees Responsibilities Independent Examiners Report Slatement ol Financial Aclivities Summary Income and Expenditure Account Balance Sheet Notes to the Accounts 10t015 Detailed Statement of Financial Activities 16to17 Page 1
Muslim Institute Trust Ltd Reference and Adminislralive Details Trustees A. Barkalullah H. Mahamdallie A. Siddiqui Z. Sardar S. Miah S.A.M. Naguib S. Hanif (Appointed on 02107120231 Principal Office Canopi 7-14 Great Dover Street London SE14YR The charity is incorporated in Uniled Klngdom Company Registration Number 07258525 Charity Registration Number 1137088 Independent Examiner Incrsive Accountlng Limited 52 Grosvenor Gardens London SW1W OAU Page 2
Iwubiim Institule Trust Ltd Strategic Report The trustees, who are directors for the purposes of company law. present their strategic Teport for the year ended 30 June 2023, in compliance wlth $414C ol the Companles Aet 2006. The straleglc report was approved by the truslees ol the charity on 01 September 2023 and signed on its behalf by.. A. Barkatullah Trustèe
Iviu¥iim Institute Trust Ltd Trustees Report Th8 trustees, who are directors lor the purposes of company law. present the annual report together wlth the financial statements ol the charitable company lor the year ended 30 June 2023. Oblectives and activities Objects and aims The otsjectives of the Charlty is lo explore. deljate and dlscuss the presslng Intellectual problems and Issues laclng British Muslim communities and wider society,. encourage and support the putsurt ol excellence in knowledge and thouuht as an auent ol posltlve change,. and provide an intelleclval spaoe where problems and issues ean be discussed Irom multlple perspectives. Trust Framework The Trst has contlnued to prowde an open space where issues of plurality. equality and tolerance can be discussed openly and frankly with emphasis on intellectual rigour.11 has continued to support the publication of the quarteTty Critical Muslim, organise the annual winter oatherlng and the prestigious annual Ibf> Rushd lecture. and to hold regular conlerences, semlnars and discussion groups involving aeademlcs. Wflter5 and aGlivists on a range oi impoftanl issues. Prospects The trust's luture remalns bright, its actlvities are considerable. Critical Muslim Is now regarded as a major, prestigious put¢lication that has acqulred an inlernational reputation lor Its Innovativè contenl. Attendance al Its annual Winler Gathering and lectures are much coveted. Its contribution In debate and dialogue on cofflmunity issues is beino recognised and the Trust Is emerglng as a point of contaci on issues relating to the Muslim cotrtmunities. The Trustee5 have maintained the integAty and good ftame ol the Trusl. They continue to use excess reittal income and fellowship lees to malntaln their activities. The annual report was approved by the trustees of the charity on12 October 2023 and llned on ils behall tsy: A. Barkatullah Trus188
p L¢U statement of Trustees Responsibilities The Injstees (who are also the directors of Musllm Institute Trust Ltd for the purposes ol company lawl are responsible for preparing the trLtstees' report and the financial statefflents in accordance wlth the Uniled Ktngdom Accounting Standard5 Iuniteii Klngdom Generally Accepted Accounting Practlcel and appllcable law and regulations. Company law reoulres the truslees to prepar8 linanclal statements lor each linanclal year. Under company law the Irustees mvst not appiove Ihe linancial slatements unles5 they are satislied that they glve a true ano lalr wèw of tile state ol aflairs of the charitable compatry and ol Its Incoming resources antl applicalion ol reSOues. Intluding Its income and expenditure, for that period. In preparing these financial statements, the trustees are requiTed to- • select sullable accounting policie5 and appty them consistent • observe the methods and prtnclples In Ihe Charitie5 SORP: make ludgements and estlmates that are reasonable and Prudent: slate whether applicatsle UK Actounting Standards have been followed, subject to any materfal Oepartures dis¢losed and explained in the financial Statements- and prepare the linan¢ial statements on the goino concern baski unless St is inappropriate to presume Ihat Ihe charltable company will contlnue in buslness. The trustees are fesponsible tor keeplng attequate a¢coufttlng records that are sufficient lo show and explwn the chariiable Gompany'3 lian3aclions and disclose with reasonable accuracy at any time thè finaneial position ol the chaTltatsle company and enable them to ensuie that the linancial staternents compty with Ihe Gompanies Act 2006. They are also responsible lor safeguarding the assets ol the charitable company and hence lor taking reasonable steps for the prevention and delection of fraud and olhei iriegularities. Approved by Ihe Irustees ol the ¢haTity on 01 September 2023 and 5igneO on Its behalf by.. A. Barkatullah Trustee
M uslim Institute Trust Ltd Independenl Examiners Report Independent Examiner's Report to the trustees ol Muslim Institute Tiusl Lld I report to Ihe charity trustees on my examination of the financial statements of Muslim Institute Trust Ltd foT the year ended 30 June 2023. Responsibilities and basis ol report AS the charity's trustees of the company (and also its (lirectors lor Ihe purposes ol company lawl you are responsible lor the preparation of the financial statements in accor¢Jance with Ihe requirements of the Companies Acl 20061.lhe 2006 Act. Having salisfied mysell Ihat the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's financial slalements as carried out under section 145 ot the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl ol the 2011 Act. Independent examiner's statement I have completed my examination. I can contirm that no material matters have come to my atlenlion in connection with the examination giving me cause to believe.. accounting records were not kept in accordance wilh Section 386 01 the 2006 Act . or • the financial statements do not accord with those records., or the financial statements do not comply wilh the accounting requirements under secllon 396 of the 2006 Act other than any requirement that the financial statemenls give a 'true and fair, view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement ot Recommended Piaclice for accounting and reporting by charities applicable to charilies preparing their accounts in accordanGe with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no olher matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper underslanding of the financial statements to be reached. Yasar Khan ACA Incisive Accounting Limlted 52 Grosvenor Gardens London SW1W OAU 12 October 2023 Page 6
Muslim Inslilute Trust Ltd Statement of Financial Activilies for the y,ear ended 30 June 2023 Unrestricted funds Total funds Total funds 2023 2023 2022 Notes Income and endowments from.. Donations and legacies Investments 5,875 87.752 5,875 87,752 6,516 94,579 Tolal 93.627 93,627 101,095 Expenditure on.. Charitable actwlties Other 77,923 40,174 118.097 77,923 40,174 118.097 85,594 41,706 127,300 Total Nel gains on investments Net expenditure Translers between funds 124,4701 124.4701 126,2051 Net expenditure before other gainslllossesl 124.4701 124,470) 126.2051 Other gains and losses Net movementin funds {24.470) 124,4701 {26,2051 Reconciliation ol lunds: Total funds brought forward 1.972,084 1.972,084 1,998,289 Total funds carried forward 1,947,614 1,947,614 1.972,084 Page 7
M uslim Institute Trust Ltd Summary Income and Expenditure Account lor the year ended 30 June 2023 2023 2022 Income 5,875 6,516 Interest and investment income 87.752 94.579 Gross income for the year Expenditure 93,627 118,097 101,095 127.300 Total expendilure for the year Net expenditure before tax tor the year 118.097 124,4701 127,300 126,2051 Net expenditure for the year 124,4701 126.2051 Page 8
MLJsllm Institute Trust Ltd Balance Sheet at 30 June 2023 Company ND. 07258525 Notes 2023 2022 Flxed &etS Tangible assets 9 1.775.660 1.775,660 1.775,660 1.775,660 Current assets Debtors Cash at bank and in hand 10 6.598 174.904 181,502 19.548) 171,954 1,947,614 1.947,614 6,598 197,742 204.340 17.9161 196.424 1,972,084 1,972,084 Credltors: Amount falling due wlthin one year Net Current asseti Total assets less Current liabllities 11 Net assets excluding pension asset or liability Total nel assets 1.947.614 1,972.084 The funds of the charity Reslricted funds Unrestrlcted funds General funds 12 12 1,947.614 1.947,614 1,972.084 1,g72.084 Reserves 12 Total funds 1.947.614 1,972,084 These accounts have been prepared in accordance with the special provisions of Part 15 of the Compan18$ Act 2006 relating to Small companies. For the year ended 30 June 2023 the company was entitled to exemption under section 477 of the Companles Act 2006 relatlng to small Companies. The members havè not ipqulred the Company to obtaln an audit in accordance with section 476 01 the Companles Att 2006. Th8 dliectors acknowledge their responsibllitie$ for complylng with the Teoulrements ol the Companies Act 2006 with respect to accounting reeor(l$ and the prepafation ol accounts. Approved by the boald on12 October 2023 And signed on its behalf by-. A. Barkatullah Trustee 12 OclobeT 2023
Muslim Institute Trust Ltd Notes to Ihe Accounts for Ihe year ended 30 June 2023 1 Accounting policies Basis of preparation The linantial statefflents have been prepare¢J in accordance with Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their account5 in accordance wlth the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021 {ellecttve 1 lanuary 20151 (Charilies SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change lo the accounting policies Ivalualion rules and method ol accounting) since last year an(i no changes have been made to accounls for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects ol the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unreslricted funds which include a revalualion reserve representing the restatement of investment assets at their market values. These are available for use subject to restriclions imposed by the donor or through lerms ol an appeal. Designated fund5 Revaluation fund5 Restricted funds Income Retognilion of income Income 1$ included in the Stalement of Financial Activities {SoFAI when the chatlty becomes entitled to. and virtually certain lo receive, Ihe income and the amount of the income can be measured with sullicient reliability. Income with relaled Where income has relate{1 expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants. donatlons and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaim$ o Income from tax reclaims is included in the SOFA at the same tlme as the donations and gilts giftldonation to which it relates. Donated services These are only included in income (with an equivalent amounl in expenditure) and facililies where the benefit to the Chanty is reasonably quantitiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investmenl income Thls is included in the accounts when receivable. Gainslllossesl on This includes any gain or loss resulting Irom revaluing investments to market value revaluation ol fixed at the end of Ihe year. assets Gainslllossesl on investmenl assets This includes any gain or loss on the sale of investments. Page10
M uslim Institule Trust Ltd Notes to the Accounts Expenditure Recognition ol expenditure Expenditure is recognised on an accruals basis. Expenditure incltjdes any VAT which cannot be fully recovered, and is reported as part of the expen(iiture to which it relates. Expenditure on These comprise the costs associated wilh attracting voluntary income. fundraising raising funds trading costs and inveslment management costs. Expenditure on These comprise the cosls incurred by the Charity in the delivery of its activities and charitable activitles setvices in the furtherance ot its objects. Including the making ol grants and governance costs. All grant expenditure is accounted for on an actual pald basis plus an accrual lor grants Ihat have been approved by the trustees at the end ot the year but not yet paid. These include those costs associated with meeling the constitutional and statutory requirements ol the Charily, including any auditlindependent examlnalion lees, costs linked to the slralegic management of the Charity, togelher with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance ¢0sts Taxation The charity is exempt from corporatlon tax on its charllable activilies. Tangible fixed assets and depreciation Depreciation is provided at the following annual rales in order to write off each asset over ils estimated useful life.. Furniture & lixtures 25% ReL1ucing Freehold investment property Investment properties are measured inili31ty at cost and subsequently al lair value al each balance sheet date and are nol depreciated. All gains or losses are taken to the Stalement of Financial Activities as they arise. Trade and other debtors Trade and other debtors are recognised at the settlement amount due alter any Irade discount ollered. Prepayments are valued at the amoltnt prepaid net ol any trade discourit5 due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments with original maturities ol three months or less ano bank overdrdlls. In the slatement ol financial position, bank overdrafts are shown within borrowings or current Ilabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and forffl an integral part of the companws cash management. Page11
Muslim Institute Trust Ltd Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Olher creditors and provisions are recognised where the charity has a present obligation resulting from a past event thal will probably result in the transfer ol funds lo a third party and the amount due lo settle the obligation can be measured or eslimated reliably. Creiiitors and provisions are normalty recognised at their settlement amount after allowing lor any trade discounls due. Pension costs The charity operates a detlned contribullon plan for its employees. A defined conlribution plan is a pension Plan under whlch the company pays lixed contributions into a separate entity. Once the conlrlbutions have been paid the company has no further payments obligalions. The contribullons are recognised as expenses when they tall due. Amounts not paid are shown in accruals in the balance sheet. The assets ol the plan are held separately trom the company in independently administered fund5. Receipt of donated goods, facililies and services All donated goods, lacilities and services received are recognised within incoming resources and expenditure at an estimate ot the value to the charity. 2 Company status The company is a private company limited by guarantee and consequentty does not have share capital. 3 Staiement of Financial Activities- prior year Unreslricted funds Total funds 2022 2022 Intome and endowments Irom= Donations and legacies Investments 6,516 94.579 101,095 6,516 94,579 101,095 Tolal Expenditure on- Charitable activities Other 85.594 41,706 127.300 85,594 41,706 Total 127,300 Net income {26,2051 126,205) Nel income belore other gainslllossesl Other gains and losses.. Net movement in lunds {26,2051 (26,205} (26.2051 126,205} Reconciliation ol funds: Tolal funds brought forward Total funds carried forward 1.998.289 1,998.289 1,972,084 1.972,084 Page12
Muslim Inslilute Trust Ltd Notes to the Accounts 4 Income from donations and legacies Unrestricled Total 2023 Total 2022 Voluntary income 5.875 5.875 5.875 5,875 6,516 6,516 5 Income from inveslments Unreslricted Tolal 2023 Total 2022 Rental income 86,185 1,567 87,752 86,185 1,567 87.752 94.579 94,579 6 Expenditure on charitable activities Unrestricted Total 2023 Total 2022 Expenditure on charitable activities Speaker and events Wages and salaries Stall pensions Contribution to Critical Muslim publication Governance costs Independent examiner fees Legal and professional Bank charges 26,370 43,955 1,005 26,370 43,955 1.005 16,205 37.791 794 4.000 4,000 26.117 1.872 558 163 1,872 558 163 1,632 3,004 51 85,594 77.923 77,923 7 Other expen(Jiture Unrestricted Total 2023 Total 2022 Motor and travel costs Premises costs General adminlslrative costs 1.257 38,604 313 40.174 1.257 38,604 313 40,174 40,778 928 41,706 8 Staff costs No employee received emoluments in excess 01 £60,000. Page13
M uslim Institute TTUSt Ltd Notes to the Accounts 9 Tangible fixed assets Land and buildings Land and building Furniture & fixtures Total Cost or revaluation At 1 July 2022 AI 30 June 2023 Net book values 1.775.660 1.775,660 1,775.660 1,775.660 At 30 June 2023 At 30 June 2022 10 Debtors 1,775,660 1,775,660 1,775,660 1,775,660 2023 2022 Other debtors 6,598 6,598 6,598 6,598 11 Creditors= amounts falling due within one year 2023 2022 Other taxes and social security Olher credilors 1.875 7,673 9.548 7,916 7,916 12 Movement in funds Incoming resources (including other At 1 July gainsllosses 2022 Resources At 30 lune expended 2023 Restricted funds: Unrestricled funds: General funds 1.972.084 93,627 {118,0971 1,947.614 Tolal funds 13 Analysis ol net assels between funds 1,972.084 93.627 {118,0971 1,947,614 Unrestricted lunds Total Fixed assets Net current asset5 1.775.660 1,775,660 171.954 171,954 1.947.614 1,947,614 Page 14
Muslim Institute Trust Ltd Notes to the Accounts 14 Reconciliation of net debt At 1 July 2022 At 30June 2023 Cash flows Cash and cash equivalents 197,742 197.742 122,8381 122,8381 174.904 174.904 Net debl 197.742 122.8381 174,904 15 Related party disclosures Controllinq party The company is limited by guarantee and has no share capital: thu5 no single party controls Ihe company. Paue 15
Muslim Instilute Trust Ltd Detailed Statement of Financial Aclivilies lor the year endeLI 30 June 2023 Unrestricted funds Total lunds Total funds 2023 2023 2022 Income and en(lowments from= Donations and legacies Voluntary income 5.875 5.875 5,875 5,875 6,516 6,516 Investments Rental income 86,185 1,567 87.752 86,185 1.567 87,752 93.627 94,579 94,579 101,095 Total income and endowments 93,627 Expenditure on.. Charitable activities Speaker and events Wages and salaries Stall penslons Contribution to Critical Muslim publicatlon 26.370 43.955 1,005 26.370 43,955 1,005 16,205 37,791 794 4,000 4,000 26.117 75,330 75.330 80,907 Governance costs Independent examiner fees Legal and professional Bank charges 1,872 558 163 2,593 1.872 558 163 2.593 1,632 3,004 51 4,687 Tolal ol expenditure on charitable activilies 77.923 77,923 85.594 Motor and travel costs Travel and subsistence 1.257 1.257 1,257 1.257 Premises costs Rent Rales Premises insurances Property related expenses Office costs 6.186 814 6.186 814 6,043 2.303 532 26.832 5,068 40,778 27,028 4,576 38.604 27,028 4.576 38,604 General admlnistrallve cosls, including depreciation and amortisation Depreci31ion of Land and building Page 16
Muslim Institute Trust Ltd Delaile(i Statement ol Financial Aclivities Oepreciation ol Furniture & fixtures Advertising Slalionery and printing Sundry expenses 300 3(NJ 883 13 313 40,174 118.097 13 313 40,174 38 928 41,706 127,300 Total of expenditure ot other costs Total expenditure Nei gains on inveslments 118,097 Net expenditure (24.4701 (24,4701 (26.2051 Nel expenditure before other gainsl(losses} Olher Gains (24.470) {24,470) (26,205) Net movement in lunds {24,4701 124.4701 126,2051 Reconciliation of funds.. Total funds brouoht forward 1,972,084 1,972.084 1,998,289 Total funds carried forward 1,947,614 1,947.614 1,972,084 Page 17