REGISTERED CHARITY NUMBER: 1138079
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
THE RIBAT INSTITUTE
Owadally & King Chartered Certified Accountants 73 Park Lane Croydon Surrey CR0 1JG
THE RIBAT INSTITUTE
Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
THE RIBAT INSTITUTE
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1138079
Principal address
PO BOX 1352 Woking Surrey GU22 2GH
Trustees
R Qureshi (resigned 11.9.2022) N Qureshi (resigned 11.9.2022) H Masud A Mahmood (appointed 11.9.2022) M Joghee (appointed 11.9.2022)
Independent Examiner
Owadally & King Chartered Certified Accountants 73 Park Lane Croydon Surrey CR0 1JG
Approved by order of the board of trustees on 31 October 2022 and signed on its behalf by:
H Masud - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Ribat Institute
Independent examiner's report to the trustees of The Ribat Institute
I report to the charity trustees on my examination of the accounts of The Ribat Institute (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACCA which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Owadally and King ACCA Owadally & King Chartered Certified Accountants 73 Park Lane Croydon Surrey CR0 1JG Date: .............................................
Page 2
THE RIBAT INSTITUTE
Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 132,888 Other trading activities 2 116,271 Total 249,159 EXPENDITURE ON Raising funds 3 223,833 Other 16,152 Total 239,985 NET INCOME 9,174 RECONCILIATION OF FUNDS Total funds brought forward 489,632 TOTAL FUNDS CARRIED FORWARD 498,806 |
Restricted funds £ 48,397 - 48,397 - 43,199 43,199 5,198 18,284 23,482 |
2021 Total funds £ 181,285 116,271 297,556 223,833 59,351 283,184 14,372 507,916 522,288 |
2020 Total funds £ 193,373 47,664 |
|---|---|---|---|
| 241,037 | |||
| 116,525 75,365 |
|||
| 191,890 | |||
| 49,147 458,769 |
|||
| 507,916 |
The notes form part of these financial statements
Page 3
THE RIBAT INSTITUTE
Balance Sheet 31 DECEMBER 2021
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 432,802 104,841 144,523 249,364 (16,693) 232,671 665,473 (166,667) 498,806 |
Restricted funds £ - - 23,482 23,482 - 23,482 23,482 - 23,482 |
2021 Total funds £ 432,802 104,841 168,005 272,846 (16,693) 256,153 688,955 (166,667) 522,288 498,806 23,482 522,288 |
2020 Total funds £ 196 424,605 87,446 512,051 (4,331) 507,720 507,916 - 507,916 489,632 18,284 507,916 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2022 and were signed on its behalf by:
H Masud - Trustee
The notes form part of these financial statements
Page 4
THE RIBAT INSTITUTE
Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost Computer equipment - 20% on cost
Related party exemption
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 5
continued...
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| Activities income Gift aid Other income Tuition Fee |
2021 £ 187 74,618 17 41,449 116,271 |
2020 £ 615 14,712 25 32,312 |
| 47,664 |
3. RAISING FUNDS
Raising donations and legacies
| Fundraising Tuition costs Support costs |
2021 £ 2,814 176,880 795 180,489 |
2020 £ 2,198 75,228 4,172 |
|---|---|---|
| 81,598 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Number of employees | 3 | 2 |
No employees received emoluments in excess of £60,000.
Page 6
continued...
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 140,130 53,243 Other trading activities 47,664 - Total 187,794 53,243 EXPENDITURE ON Raising funds 116,525 - Other 19,338 56,027 Total 135,863 56,027 NET INCOME/(EXPENDITURE) 51,931 (2,784) RECONCILIATION OF FUNDS Total funds brought forward 437,701 21,068 TOTAL FUNDS CARRIED FORWARD 489,632 18,284 7. TANGIBLE FIXED ASSETS Motor Computer vehicles equipment £ £ COST At 1 January 2021 5,880 685 Disposals (5,880) - At 31 December 2021 - 685 DEPRECIATION At 1 January 2021 5,880 685 Eliminated on disposal (5,880) - At 31 December 2021 - 685 NET BOOK VALUE At 31 December 2021 - - At 31 December 2020 - - |
Total funds £ 193,373 47,664 |
|---|---|
| 241,037 | |
| 116,525 75,365 |
|
| 191,890 | |
| 49,147 458,769 |
|
| 507,916 | |
| Totals £ 6,565 (5,880) 685 6,565 (5,880) 685 - - |
continued...
Page 7
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. FIXED ASSET INVESTMENTS
| 8. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Unlisted | |||
| investments | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2021 | 196 | ||
| Additions | 432,606 | ||
| At 31 December 2021 | 432,802 | ||
| NET BOOK VALUE | |||
| At 31 December 2021 | 432,802 | ||
| At 31 December 2020 | 196 | ||
| There were no investment assets outside the UK. | |||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Trade debtors | 39,534 | 13,078 | |
| Other debtors | 65,307 | 411,527 | |
| 104,841 | 424,605 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Taxation and social security | 252 | 554 | |
| Other creditors | 16,441 | 3,777 | |
| 16,693 | 4,331 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other creditors | 166,667 | - |
continued...
Page 8
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS |
At 1.1.21 £ 489,632 18,284 507,916 Incoming resources £ 249,159 48,397 297,556 At 1.1.20 £ 437,701 21,068 458,769 |
Net movement At in funds 31.12.21 £ £ 9,174 498,806 5,198 23,482 14,372 522,288 Resources Movement expended in funds £ £ (239,985) 9,174 (43,199) 5,198 (283,184) 14,372 Net movement At in funds 31.12.20 £ £ 51,931 489,632 (2,784) 18,284 49,147 507,916 |
|---|---|---|
continued...
Page 9
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS |
Incoming resources £ 187,794 53,243 241,037 |
Resources Movement expended in funds £ £ (135,863) 51,931 (56,027) (2,784) (191,890) 49,147 |
Resources Movement expended in funds £ £ (135,863) 51,931 (56,027) (2,784) (191,890) 49,147 |
|---|---|---|---|
| 49,147 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS |
At 1.1.20 £ 437,701 21,068 458,769 |
Net movement in funds £ 61,105 2,414 63,519 |
At 31.12.21 £ 498,806 23,482 |
|---|---|---|---|
| 522,288 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Community Support TOTAL FUNDS |
Incoming resources £ 436,953 101,640 538,593 |
Resources Movement expended in funds £ £ (375,848) 61,105 (99,226) 2,414 (475,074) 63,519 |
Resources Movement expended in funds £ £ (375,848) 61,105 (99,226) 2,414 (475,074) 63,519 |
|---|---|---|---|
| 63,519 |
continued...
Page 10
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021
13. RELATED PARTY DISCLOSURES
Other debtors balance is a loan which was given to Organic Beginnings Ltd and Sihha Limited, a trading entity where The Ribat Institute has controlling interest. Any profit made by Organic Beginnings Limited and Sihha Limited are donated back to the Charity.
Page 11
THE RIBAT INSTITUTE
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Activities income Gift aid Other income Tuition Fee Total incoming resources EXPENDITURE Raising donations and legacies Fundraising Tuition costs Other trading activities Wages Social security Pensions Cost of merchandise Education resources Activities expenses Other Rent Staff training Insurance Computer consumables Support costs Management Postage and stationery |
2021 £ 164,535 16,750 181,285 187 74,618 17 41,449 116,271 297,556 2,814 176,880 179,694 36,117 1,544 110 1,062 2,553 1,958 43,344 5,871 - 324 5,504 11,699 583 |
2020 £ 173,750 19,623 |
|---|---|---|
| 193,373 615 14,712 25 32,312 |
||
| 47,664 | ||
| 241,037 2,198 75,228 |
||
| 77,426 30,000 1,726 - 78 2,804 319 |
||
| 34,927 11,197 122 1,117 5,514 |
||
| 17,950 322 |
This page does not form part of the statutory financial statements
Page 12
THE RIBAT INSTITUTE
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021
| Management Finance Bank charges Other Motor and travelling expenses Other 2 Donations Governance costs Accountancy Total resources expended Net income |
2021 £ 2,691 534 43,199 1,440 283,184 14,372 |
2020 £ 1,575 2,223 56,027 1,440 |
|---|---|---|
| 191,890 | ||
| 49,147 |
This page does not form part of the statutory financial statements
Page 13