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: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; • 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: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements 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 of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 - 1 Accountingpolicies ## 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. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluationfunds Theseareunrestrictedfundswhichincludearevaluationreserverepresentingthe restatement of investment assets at their market values. - Restrictedfunds Theseareavailableforusesubjecttorestrictionsimposedbythedonororthrough terms of an appeal. Income - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Incomewithrelated Whereincomehasrelatedexpendituretheincomeandrelatedexpenditureis expenditure reportedgrossintheSoFA. - Donationsand Voluntaryincomereceivedbywayofgrants,donationsandgiftsisincludedinthe legacies theSoFAwhenreceivableandonlywhentheCharityhasunconditional entitlement to the income. - Taxreclaimson IncomefromtaxreclaimsisincludedintheSoFAatthesametimeasthe donationsandgifts gift/donationtowhichitrelates. Donatedservices Theseareonlyincludedinincome(withanequivalentamountinexpenditure) andfacilities wherethebenefittotheCharityisreasonablyquantifiable,measurableand material. 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| |||||| - 8 Staff costs 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 2025-04-15 - 11:23:49 GMT Email viewed by Adam Feyzi (adam@afe-accountants.co.uk) 2025-04-15 - 11:23:55 GMT- IP address: 51.141.86.138 Email viewed by Adam Feyzi (adam@afe-accountants.co.uk) 2025-04-17 - 21:28:02 GMT- IP address: 104.47.85.126 Document e-signed by Adam Feyzi (adam@afe-accountants.co.uk) Signature Date: 2025-04-17 - 21:28:17 GMT - Time Source: server- IP address: 213.129.74.45 Agreement completed. 2025-04-17 - 21:28:17 GMT