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2024-12-31-accounts

Muslim Institute Trust Ltd

Charity No. 1137088

Company No. 07258525

Trustees' Report and Unaudited Accounts

31 December 2024

Muslim Institute Trust Ltd Contents

Pages
Reference and Administrative Details 2
Strategic Report 3
Trustees' Annual Report 4
Statement of Trustees Responsibilities 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Summary Income and Expenditure Account 8
Balance Sheet 9
Notes to the Accounts 10 to 15
Detailed Statement of Financial Activities 16 to 17

Page 1

Muslim Institute Trust Ltd Reference and Administrative Details

Trustees A. Barkatullah H. Mahamdallie A. Siddiqui Z. Sardar S. Miah S. Hanif S. Bunglawala (Appointed 15 December 2023) A. Malik (Appointed 04 December 2024)

Principal Office Canopi 82 Tanner Street London SE1 3GN Company Registration Number 07258525 Charity Registration Number 1137088 Independent Examiner AFE Accountants Limited Building 3, North London Business Park Oakleigh Road South New Southgate London N11 1GN

Page 2

Muslim Institute Trust Ltd Strategic Report

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 30 June 2024, in compliance with s414C of the Companies Act 2006.

The strategic report was approved by the trustees of the charity on 07 April 2025 and signed on its behalf by:

...................................

A. Barkatullah Trustee

Page 3

Muslim Institute Trust Ltd Trustees Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024.

Objectives and activities

Objects and aims

The objectives of the Charity is to explore, debate and discuss the pressing intellectual problems and issues facing British Muslim communities and wider society; encourage and support the pursuit of excellence in knowledge and thought as an agent of positive change; and provide an intellectual space where problems and issues can be discussed from multiple perspectives.

Trust Framework

The Trust has continued to provide an open space where issues of plurality, equality and tolerance can be discussed openly and frankly with emphasis on intellectual rigour. It has continued to support the publication of the quarterly Critical Muslim, organise the annual winter gathering and the prestigious annual Ibn Rushd lecture, and to hold regular events involving academics, writers and activists on a range of important issues.

In 2023, the Trust launched the Community Empowerment Fund to provide grants of up to £10,000 each year to grassroot UK Muslim organisations and individuals working for the common good in our most neglected and overlooked communities. The fund will seek out and promote excellence and high achievement.

In 2024, the Trust launched the annual Ibn Sina lecture at Leeds Civic Hall. These lectures will be held each year in the north of the UK to complement the annual Ibn Rushd lectures in London.

Prospects

The trust's future remains bright, its activities are considerable. Critical Muslim is now regarded as a major, prestigious publication that has acquired an international reputation for its innovative content. Attendance at its annual Winter Gathering and lectures are much coveted. Its contribution in debate and dialogue on community issues is being recognised and the Trust is emerging as a point of contact on issues relating to the Muslim communities. The Trustees have maintained the integrity and good name of the Trust. They continue to use excess rental income and fellowship fees to maintain their activities.

The annual report was approved by the trustees of the charity on 07 April 2025 and signed on its behalf by:

.....................................

A. Barkatullah Trustee

Page 4

Muslim Institute Trust Ltd Statement of Trustees Responsibilities

The trustees (who are also the directors of Muslim Institute Trust Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 07 April 2025 and signed on its behalf by:

......................................

A. Barkatullah Trustee

Page 5

Muslim Institute Trust Ltd Independent Examiners Report

Independent Examiner's Report to the trustees of Muslim Institute Trust Ltd

I report to the charity trustees on my examination of the financial statements of Muslim Institute Trust Ltd for the period ended 31 December 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that 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 statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Adam Feyzi (FCCA) AFE Accountants Limited Chartered Accountants Building 3, North London Business Park Oakleigh Road South New Southgate London 07 April 2025

Page 6

Muslim Institute Trust Ltd Statement of Financial Activities

for the period ended 31 December 2024

Unrestricted
funds Total funds Total funds
2024 2024 2023
18 months
31/12/2024 31/12/2024 30/06/2023
Notes £ £ £
Income and endowments
from:
Fellowshipfees 4 13,722 13,722 5,875
Investments 5 144,017 144,017 87,752
Total 157,739 157,739 93,627
Expenditure on:
Charitableactivities 6 113,489 113,489 77,923
Other 7 61,932 61,932 40,174
Total 175,421 175,421 118,097
Net gains on investments - - -
Net expenditure (17,682) (17,682) (24,470)
Transfers between funds - - -
Net expenditure before other
gains/(losses)
(17,682) (17,682) (24,470)
Other gains and losses
Net movement in funds (17,682) (17,682) (24,470)
Reconciliation of funds:
Total funds brought forward 1,947,614 1,947,614 1,972,084
Total funds carried forward 1,929,932 1,929,932 1,947,614

Page 7

Muslim Institute Trust Ltd Summary Income and Expenditure Account

for the period ended 31 December 2024

Income
Interest and investment income
Gross income for the period
Expenditure
Total expenditure for the period
Net expenditure before tax for the
period
Net expenditure for the period
175,421
144,017
157,739
175,421
13,722
2024
18 months
31/12/2024
£
(17,682)
(17682)
118,097
87,752
93,627
118,097
5,875
2023
30/06/2023
£
(24,470)
(24470)
,
,

Page 8

Muslim Institute Trust Ltd Balance Sheet

at 31 December 2024

CompanyNo.
07258525
Notes 2024 2023
18 months
31/12/2024 30/06/2023
£ £
Fixed assets
Tangible assets 9 1,775,660 1,775,660
1,775,660 1,775,660
Current assets
Debtors 10 6,760 6,598
Cash at bank and in hand 154,272 174,904
161,032 181,502
Creditors: Amount falling due within one year 11 (6,760) (9,548)
Net current assets 154,272 171,954
Total assets less current liabilities 1,929,932 1,947,614
Net assets excluding pension asset or liability 1,929,932 1,947,614
Total net assets 1,929,932 1,947,614
The funds of the charity
Restricted funds 12
Unrestricted funds 12
General funds 1,929,932 1,947,614
1,929,932 1,947,614
Reserves 12
Total funds 1,929,932 1,947,614

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the period ended 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 07 April 2025

And signed on its behalf by:

A. Barkatullah Trustee 07 April 2025

Page 9

Muslim Institute Trust Ltd Notes to the Accounts

for the period ended 31 December 2024

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestrictedfunds

Theseareavailableforuseatthediscretionofthetrusteesinfurtheranceofthe general objects of the charity.

Income

Incomewithrelated Whereincomehasrelatedexpendituretheincomeandrelatedexpenditureis expenditure reportedgrossintheSoFA.

Volunteerhelp Thevalueofanyvolunteerhelpreceivedisnotincludedintheaccounts. Investmentincome Thisisincludedintheaccountswhenreceivable. Gains/(losses)on Thisincludesanygainorlossresultingfromrevaluinginvestmentstomarketvalue revaluation of fixed at the end of the year. assets Gains/(losses)on Thisincludesanygainorlossonthesaleofinvestments. investment assets

Page 10

Muslim Institute Trust Ltd Notes to the Accounts

Expenditure Recognitionof Expenditureisrecognisedonanaccrualsbasis.ExpenditureincludesanyVATwhich expenditure cannotbefullyrecovered,andisreportedaspartoftheexpendituretowhichit relates. Expenditureon Thesecomprisethecostsassociatedwithattractingvoluntaryincome,fundraising raisingfunds tradingcostsandinvestmentmanagementcosts. Expenditureon ThesecomprisethecostsincurredbytheCharityinthedeliveryofitsactivitiesand charitableactivities servicesinthefurtheranceofitsobjects,includingthemakingofgrantsand governance costs. Grantspayable Allgrantexpenditureisaccountedforonanactualpaidbasisplusanaccrualfor grants that have been approved by the trustees at the end of the year but not yet paid. Governancecosts Theseincludethosecostsassociatedwithmeetingtheconstitutionalandstatutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Thesearesupportcostsnotallocatedtoaparticularactivity. Otherexpenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Furniture&fixtures 25%Reducing

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts 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 of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 11

Muslim Institute Trust Ltd Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Companystatus

The company is a private company limited by guarantee and consequently does not have share capital.

3 StatementofFinancialActivities-prioryear

3 S tatementofFinancialActivities-prioryear
Unrestricted
funds Totalfunds
2023 2023
£ £
Income and endowments from:
Fellowship fees 5,875 5,875
Investments 87,752 87,752
Total 93,627 93,627
Expenditure on:
Charitable activities 77,923 77,923
Other 40,174 40,174
Total 118,097 118,097
Net income (24,470) (24,470)
Net income before other
gains/(losses) (24,470) (24,470)
Other gains and losses:
Net movement in funds (24,470) (24,470)
Reconciliation of funds:
Total funds brought forward 1,972,084 1,972,084
Total funds carried forward 1,947,614 1,947,614

Page 12

Muslim Institute Trust Ltd

Notes to the Accounts

4 Incomefromdonationsandlegacies

4 Incomefromdonationsandlegacies
Unrestricted Total Total
2024 2023
£ £ £
Fellowship fees 13,722 13,722 5,875
13,722 13,722 5,875
5 Income from investments
Unrestricted Total Total
2024 2023
£ £ £
Rental income 137,758 137,758 86,185
Interest income 6,259 6,259 1,567
144,017 144,017 87,752
6 Expenditure on charitable activities
Unrestricted Total Total
2024 2023
£ £ £
Expenditure on charitable
activities
Speaker and events 67,308 67,308 26,370
Wages and salaries 24,000 24,000 43,955
Staff pensions - - 1,005
Critical Muslim journal 10,701 10,701 4,000
Community Empowerment 7,500 7,500 -
Fund
Governance costs
Independent examiner fees 1,668 1,668 1,872
Legal and professional 1,657 1,657 558
Bank charges 655 655 163
113,489 113,489 77,923
7 Other expenditure
Unrestricted Total Total
2024 2023
£ £ £
Motor and travel costs 716 716 1,257
Investment Properties costs 45,586 45,586 27,842
General administrative costs 15,630 15,630 11,075
61,932 61,932 40,174

No employee received emoluments in excess of £60,000.

Page 13

Muslim Institute Trust Ltd Notes to the Accounts

9 Tangiblefixedassets

Other debtors
Fixed assets
Net current assets
12 Movementinfunds
Restricted funds:
Unrestricted funds:
General funds
Cost or revaluation
At 1 July 2023
At 31 December 2024
Net book values
At 31 December 2024
At 30 June 2023
10 Debtors
Other taxes and social security
Other creditors
11 Creditors:
amounts falling due within one year
Total funds
13 Analysisofnetassetsbetweenfunds
1,775,660
1,775,660
1,947,614
1,947,614
1,775,660
1,775,660
At 1 July
2023
Land and
buildings
£
-
Land and
building
£
-
Furniture &
fixtures
£
1775660
£
Total
-
-
,,
1775660
,,
-
-
1775660
-
-
,,
1775660
,,
2024
£
6,760
6760
2023
£
6,598
6598
,
,
2024
£
-
6,760
6760
2023
£
1,875
7,673
9548
,
,
Incoming
resources
(including
other
gains/losses
)
£
£
Resources
expended
£
At31
December
2024
157,739
(175,421)
1,929,932
157739
175421
1929932
,
(,)
,,
Unrestricted
funds
£
1,775,660
154,272
1,929,932
Total
£
1,775,660
154,272
1,929,932

Page 14

Muslim Institute Trust Ltd Notes to the Accounts

14 Reconciliationofnetdebt

Reconciliationofnetdebt
At31
At 1 July December
2023 Cash flows 2024
£ £ £
Cash and cash equivalents 174,904 (20,632) 154,272
174,904 (20,632) 154,272
Net debt 174,904 (20,632) 154,272

15 Relatedpartydisclosures Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 15

Muslim Institute Trust Ltd Detailed Statement of Financial Activities

for the period ended 31 December 2024

Unrestricted
funds Total funds Total funds
2024 2024 2023
18 months
31/12/2024 31/12/2024 30/06/2023
£ £ £
Income and endowments from:
Fellowship fees 13,722 13,722 5,875
13,722 13,722 5,875
Investments
Rental income 137,758 137,758 86,185
Interest income 6,259 6,259 1,567
144,017 144,017 87,752
Total income and endowments 157,739 157,739 93,627
Expenditure on:
Charitable activities
Speaker and events 67,308 67,308 26,370
Wages and salaries 24,000 24,000 43,955
Staff pensions - - 1,005
Critical Muslim journal 10,701 10,701 4,000
Community Empowerment Fund 7,500 7,500 -
109,509 109,509 75,330
Governance costs
Independent examiner fees 1,668 1,668 1,872
Legal and professional 1,657 1,657 558
Bank charges 655 655 163
3,980 3,980 2,593
Total of expenditure on charitable
activities
113,489 113,489 77,923
Motor and travel costs
Travel and subsistence 716 716 1,257
716 716 1,257
Premises costs
Investment Properties costs 45,586 45,586 27,842
45,586 45,586 27,842
General administrative costs,
including depreciation and
amortisation
Depreciation of Land and building - - -
Depreciation of Furniture &
- - -
fixtures

Page 16

Muslim Institute Trust Ltd Detailed Statement of Financial Activities

Muslim Institute Trust Ltd
Detailed Statement of Financial Activities
Website maintenance and
development 13,754 13,754 300
Office costs 1,482 1,482 10,762
Stationery and printing 360 360 -
Sundry expenses 34 34 13
15,630 15,630 11,075
Total of expenditure of other costs 61,932 61,932 40,174
Total expenditure 175,421 175,421 118,097
Net gains on investments - - -
Net expenditure (17,682) (17,682) (24,470)
Net expenditure before other
gains/(losses)
(17,682) (17,682) (24,470)
Other Gains - - -
Net movement in funds (17,682) (17,682) (24,470)
Reconciliation of funds:
Total funds brought forward 1,947,614 1,947,614 1,972,084
Total funds carried forward 1,929,932 1,929,932 1,947,614

Page 17

Muslim Institute Trust Ltd_31-12-2024

Final Audit Report

2025-04-17

Created: 2025-04-15 By: Yasar Khan (yasar@afe-accountants.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAahuT8zT_qcVwua0y7QjXDP8X-t1uFTH9

"Muslim Institute Trust Ltd_31-12-2024" History

Document created by Yasar Khan (yasar@afe-accountants.co.uk)

2025-04-15 - 11:23:43 GMT- IP address: 49.36.123.28

Document emailed to Adam Feyzi (adam@afe-accountants.co.uk) for signature

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Email viewed by Adam Feyzi (adam@afe-accountants.co.uk) 2025-04-15 - 11:23:55 GMT- IP address: 51.141.86.138

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Agreement completed.

2025-04-17 - 21:28:17 GMT