REGISTERED CHARITY NUMBER: 1138079
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
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 2023
| 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 | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
THE RIBAT INSTITUTE
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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
73 Park Lane Croydon Surrey CR0 1JG
Trustees
H Masud A Mahmood (resigned 3.1.2023) M Joghee W Sohail (appointed 3.1.2023)
Independent Examiner
Owadally & King Chartered Certified Accountants 73 Park Lane Croydon Surrey CR0 1JG
Approved by order of the board of trustees on ............................................. 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 2023.
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 member of the Association of Chartered Certified Accountants, 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
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 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 334,792 Other trading activities 2 52,470 Total 387,262 EXPENDITURE ON Raising funds 3 204,645 Other 95,784 Total 300,429 NET INCOME/(EXPENDITURE) 86,833 RECONCILIATION OF FUNDS Total funds brought forward 517,946 TOTAL FUNDS CARRIED FORWARD 604,779 |
Restricted funds £ - - - - 15,271 15,271 (15,271) 15,271 - |
2023 Total funds £ 334,792 52,470 387,262 204,645 111,055 315,700 71,562 533,217 604,779 |
2022 Total funds £ 277,698 62,979 |
|---|---|---|---|
| 340,677 | |||
| 294,942 34,806 |
|||
| 329,748 | |||
| 10,929 522,288 |
|||
| 533,217 |
The notes form part of these financial statements
Page 3
THE RIBAT INSTITUTE
Balance Sheet 31 DECEMBER 2023
| 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 £ 432,802 248,599 115,899 364,498 (2,519) 361,979 794,781 (190,002) 604,779 |
Restricted funds £ - - - - - - - - - |
2023 Total funds £ 432,802 248,599 115,899 364,498 (2,519) 361,979 794,781 (190,002) 604,779 604,779 - 604,779 |
2022 Total funds £ 432,802 166,203 128,132 294,335 (3,919) 290,416 723,218 (190,001) 533,217 517,946 15,271 533,217 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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 2023
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.
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 2023
2. OTHER TRADING ACTIVITIES
| Other income Tuition Fee RAISING FUNDS Raising donations and legacies Fundraising Tuition costs Support costs |
|
|---|---|
3. RAISING FUNDS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| Number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 277,698 Other trading activities 62,979 Total 340,677 EXPENDITURE ON Raising funds 286,731 |
2023 4 Restricted funds £ - - - 8,211 |
2022 4 Total funds £ 277,698 62,979 |
|---|---|---|
| 340,677 | ||
| 294,942 |
Page 6
continued...
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| Other | 34,806 | - | 34,806 | ||
| Total | 321,537 | 8,211 | 329,748 | ||
| NET INCOME/(EXPENDITURE) | 19,140 | (8,211) | 10,929 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 498,806 | 23,482 | 522,288 | ||
| TOTAL FUNDS CARRIED FORWARD | 517,946 | 15,271 | 533,217 | ||
| 7. | TANGIBLE FIXED ASSETS | ||||
| Computer | |||||
| equipment | |||||
| £ | |||||
| COST | |||||
| At 1 January 2023 and 31 December 2023 | 685 | ||||
| DEPRECIATION | |||||
| At 1 January 2023 and 31 December 2023 | 685 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2023 | - | ||||
| At 31 December 2022 | - | ||||
| 8. | FIXED ASSET INVESTMENTS | ||||
| Unlisted | |||||
| investments | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 January 2023 and 31 December 2023 | 432,802 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2023 | 432,802 | ||||
| At 31 December 2022 | 432,802 | ||||
| There were no investment assets outside the UK. |
continued...
Page 7
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other debtors | 248,599 | 166,203 | |||||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Taxation and social security | (481) | (481) | |||||
| Other creditors | 3,000 | 4,400 | |||||
| 2,519 | 3,919 | ||||||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE YEAR | |||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other creditors | 190,002 | 190,001 | |||||
| 12. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At | 1.1.23 | in funds | 31.12.23 | ||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 517,946 | 86,833 | 604,779 | ||||
| Restricted funds | |||||||
| Community Support | 15,271 | (15,271) | - | ||||
| TOTAL FUNDS | 533,217 | 71,562 | 604,779 | ||||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 387,262 | (300,429) | 86,833 | ||||
| Restricted funds | |||||||
| Community Support | - | (15,271) | (15,271) | ||||
| TOTAL FUNDS | 387,262 | (315,700) | 71,562 |
continued...
Page 8
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.22 £ Unrestricted funds General fund 498,806 Restricted funds Community Support 23,482 TOTAL FUNDS 522,288 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 340,677 Restricted funds Community Support - TOTAL FUNDS 340,677 |
Net movement At in funds 31.12.22 £ £ 19,140 517,946 (8,211) 15,271 10,929 533,217 Resources Movement expended in funds £ £ (321,537) 19,140 (8,211) (8,211) (329,748) 10,929 |
At 31.12.22 £ 517,946 15,271 |
|---|---|---|
| 533,217 | ||
| 10,929 |
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 1.1.22 £ 498,806 23,482 522,288 |
Net movement in funds £ 105,973 (23,482) 82,491 |
At 31.12.23 £ 604,779 - |
|---|---|---|---|
| 604,779 |
continued...
Page 9
THE RIBAT INSTITUTE
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. MOVEMENT IN FUNDS - continued
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 £ 727,939 - 727,939 |
Resources Movement expended in funds £ £ (621,966) 105,973 (23,482) (23,482) (645,448) 82,491 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
The other debtors represents a loan given to Organic Beginnings Limited, Conquest Trading Limited, Cantab Leisure Limited, and Sihha Limited. The Ribat Institute holds a controlling interest in these trading entities. Any profits generated by Organic Beginnings Limited, Conquest Trading Limited, Cantab Leisure Limited, and Sihha Limited are donated back to the charity.
Page 10
THE RIBAT INSTITUTE
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities 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 Telephone Postage and stationery Finance Light and heat Carried forward |
2023 £ 334,792 671 51,799 52,470 387,262 9,822 80,325 90,147 33,683 1,231 170 1,656 2,765 62,405 101,910 26,348 - 324 2,030 28,702 315 708 1,023 1,022 1,022 |
2022 £ 277,698 54 62,925 |
|---|---|---|
| 62,979 | ||
| 340,677 9,279 101,036 |
||
| 110,315 34,700 1,239 263 24,330 10,386 55,601 |
||
| 126,519 27,848 3,981 324 2,653 |
||
| 34,806 837 1,073 |
||
| 1,910 1,785 1,785 |
This page does not form part of the statutory financial statements
Page 11
THE RIBAT INSTITUTE
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2023
| Finance Brought forward Bank charges Information technology Repairs and renewals Other Motor and travelling expenses Other 2 Donations Governance costs Accountancy Legal and professional fees Total resources expended Net income |
2023 £ 1,022 1,486 2,508 - 877 89,033 1,500 - 1,500 315,700 71,562 |
2022 £ 1,785 2,574 |
|---|---|---|
| 4,359 23,959 10,439 8,211 1,500 7,730 |
||
| 9,230 | ||
| 329,748 | ||
| 10,929 |
This page does not form part of the statutory financial statements
Page 12