Charity registration number: 1138453
AT-TAQWA ACADEMY
Annual report and financial statements
For the year ended 31st March 2024
AT-TAQWA ACADEMY Table of contents Year ended 31st March 2024
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Report of the trustees | 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
AT-TAQWA ACADEMY Reference and administrative information Year ended 31st March 2024
| Board of trustees | Mawlana Mohammed Ali |
|---|---|
| Mawlana Yahya Musa | |
| Mawlana Zayd Gajia | |
| Address of principal office | 104 - 106 Ley Street |
| Ilford | |
| Essex | |
| IG1 4BX | |
| Independent examiner | Young & Co Accountants Limited |
| 160C Fencepiece Road | |
| Hainault, Essex | |
| IG6 2LB | |
| Bankers | Al Rayan Bank PLC |
| PO Box 12461 | |
| Birmingham | |
| B16 6AQ |
Page 1
AT-TAQWA ACADEMY Report of the trustees Year ended 31st March 2024
Our board of trustees (the board) has collective responsibility for everything that we do, including the legal responsibility to ensure the charity is controlled and properly managed.
In discharging their collective responsibilities the trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland).
The law applicable to charities in England, Wales and Scotland requires the trustees to prepare financial statements for each financial year. These must give a true and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently > observe the methods and principles in the Charities SORP (FRS 102) > make judgments and estimates that are reasonable and prudent
state whether applicable accounting standards have been followed > prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The purpose of the charity, as set out in its governing document, is to provide education, training and religious activities to local as well as the wider community, by providing a deeper understanding of Islam to ensure community cohesion. We provide religious education to the local community, but more specifically concentrate on the youth, with a high moral compass we aim to ensure they become outstanding citizens and make a positive contribution to the society.
We would like to thank all our volunteers and supporters across the UK who dedicate their time, provide moral support and offer financial assistance in the smooth running of the academy. We express our heartfelt gratitude to all those involved and we hope that the bonds that have been formed will continue.
This year we managed to repay £123,000 and our outstanding loan stands at £90,626 at the year end. As anticipated, in this challenging environment, there has been a decline in income from individual giving, coupled with a reduction income from charitable activities. However we, as a charity, have been very fortunate with the generosity shown by our supporters.
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AT-TAQWA ACADEMY Report of the trustees Year ended 31st March 2024
We aim to retain sufficient general funds in a range equivalent to approximately three to five months’ forward expenditure. We try to hold these general reserves in case of any sudden decline in income, so that we can honour our commitments to repay the loan, fulfil contractual obligations to staff and pay running cost of the premises with some confidence.
We have assessed projected future income, expenditure and cash flows over the period to 31 March 2024, and analysed the strength of the charity’s reserves, liquid assets and its ability to withstand a material fall in income. We have concluded that there is a reasonable expectation that the charity has adequate resources to continue their activities for the foreseeable future. Therefore we have continued to adopt the going concern basis in preparing the financial statements.
Signed on behalf of the Board of Trustees on 14 December 2024 by:
Mohammed Ali Mankda Mawlana Mohammed Ali Chair of At-Taqwa Academy
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AT-TAQWA ACADEMY
Independent examiner's report to the Trustees of At-Taqwa Academy Year ended 31st March 2024
I report to the trustees on my examination of the accounts of At-Taqwa Academy for the year ended 31st March 2024, which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity trustees of At-Taqwa Academy 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 Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 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:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records; or
(3) 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.
Signed:
Name: M A Vankad Fellow of Chartered Certified Accountants Address: 160C Fencepiece Road Hainault, Essex IG6 2LB Date: 21st January 2025
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AT-TAQWA ACADEMY
Statement of financial activities Year ended 31st March 2024
| Income from donations / charitable activities: Expenditure on: Tarbiyyah conferences / magazine Fund raising Radio Salaah Maddrasah / Masjid running cost Salaries and wages Professional fees Repairs and maintenance Printing, postage and stationary Premises costs Waste management & cleaning Insurance IT expenses Bank charges Depreciation - building Total expenditure Net income Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Year Restricted & ended Unrestricted endowment 31st March funds funds 2024 £ £ £ 219,885 - 219,885 718 - 718 - - - - - 3,968 - 3,968 76,373 - 76,373 - - - 24,692 - 24,692 272 - 272 12,146 - 12,146 385 - 385 225 - 225 55 - 55 72 72 8,500 - 8,500 127,406 - 127,406 92,479 - 92,479 397,659 - 397,659 92,479 - 92,479 490,139 - 490,139 |
Year ended 31st March 2023 £ 166,650 1,085 690 - 1,462 62,478 - 937 143 12,478 346 329 55 77 8,500 88,579 78,071 319,589 78,071 397,659 |
|---|---|---|
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AT-TAQWA ACADEMY Balance sheet As at 31st March 2024
| Note Fixed assets Tangible assets 8 Total fixed assets Current assets PAYE Prepayments Debtors Cash in hand Cash at bank Total current assets Current liabilities Creditors Receipts in advance (debtors) Salaries, other taxes and social security Qardh-e-Hasanah Creditors: amounts falling due within one year Total assets less current liabilities Creditors: amounts falling due after more than one year Total net assets The funds of the charity General reserves Total unrestricted funds |
2024 £ 418,000 418,000 - - - 10,281 55,096 65,377 457 - - - 457 - 483,834 483,834 490,139 490,139 |
2023 £ 426,500 426,500 - - - 10,281 55,096 65,377 3,591 - 90,626 94,217 397,659 - 397,659 397,659 397,659 |
|---|---|---|
The accompanying notes form part of these accounts.
Approved by the Board of Trustees on 14 December 2024 and signed on its behalf by:
Mohammed Ali Mankda
Mawlana Mohammed Ali Chair of At-Taqwa Academy
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AT-TAQWA ACADEMY Notes to the financial statements
For the year ended 31st March 2024
Note 1 - Basis of preparation
1.1 Basis of accounting
At-Taqwa Academy is a public benefit entity.
The presentation currency of the financial statements is the Pound Sterling (£).
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
1.2 Going concern
The accounts (financial statements) have been prepared to give a ‘true and fair’ view.
After making enquiries, the trustees have a reasonable expectation that At-Taqwa Academy has adequate resources to continue it's activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Note 2 - Accounting policies
2.1 Income
Recognition of income
All income is accounted for in the SOFA when the Charity is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the SORP (FRS 102) or FRS 102.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Volunteer help
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
2.2 Expenditure and liabilities
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
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AT-TAQWA ACADEMY Notes to the financial statements For the year ended 31st March 2024
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
2.3 Assets
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year. The depreciation rates and methods used are disclosed in note 2.6.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2.4 Tax
At-Taqwa Academy, as a registered charity is exempt from tax under Chapter 3 of Part 11 to the Corporation Tax Act 2010 or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
2.5 Cash flow
The charity meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemption in relation to presentation of a cash flow statement in respect of its financial statements.
2.6 Tangible fixed assets
Tangible fixed assets are stated at cost. Depreciation is calculated to write off the cost of fixed assets by equal annual instalments over their expected useful lives as follows:
Freehold property – 20 years
No depreciation is provided on freehold land
Tangible and intangible fixed assets costing less than £2,000 are not capitalised, and are written off in the year of purchase.
Note 3 - Employees
The average number of employees, calculated on a part-time equivalent basis, during the year under review were 8
The above numbers include staff responsible for the management and support of the volunteers.
The trustees have not received any remuneration or expenses in relation to their duties as trustees.
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AT-TAQWA ACADEMY Notes to the financial statements For the year ended 31st March 2024
Note 4 - Contribution from the volunteers
We are very grateful to our large and hugely supportive volunteer base.
Some work tirelessly to raise funds for our work and help run the charity, whilst others work directly with children and young people through our services such as being a trained volunteer or delivering our Maddrasah service.
Given the absence of a reliable measurement basis, donated services from our volunteers are not included within the financial statements. This is in line with the requirements of Charities SORP (FRS 102).
Note 5 - Capital commitments
The charity had no capital commitments at 31 March 2024 or 31 March 2023.
Note 6 - Contingent liabilities
There were no contingent liabilities at either the beginning or at the end of the financial year.
Note 7 - Trustee remuneration and benefits
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
Note 8 - Tangible fixed assets
| Cost or valuation At the beginning of the year Additions Revaluations Disposals At end of the year Depreciation and impairments At beginning of the year Disposals Depreciation Impairment At end of the year Net book value At the beginning of the year At the end of the year |
Land Building Total £ £ £ 350,000 170,000 520,000 - - - - - - - - - 350,000 170,000 520,000 - 93,500 93,500 - - - - 8,500 8,500 - - - - 102,000 102,000 350,000 76,500 426,500 350,000 68,000 418,000 |
|---|---|
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