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← Dar-Al-Arqam (House Of Arqam) Trust

2023-12-31-accounts

­ ­ DAR AL ARQAM (HOUSE OF ARQAM) TRUST

Report and Unaudited Financial Statements for the year ended 31 December 2023

Charity registration number: 1138665

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Contents of the financial statements for the year ended 31 December 2023

Page
Charity information 2
Trustees' report 3­ 6
Independent examiner's report to the trustees 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10­ 13

1

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Charity information for the year ended 31 December 2023

Reference and Administrative Information

Dar ­ Al ­ Arqam (House of Arqam) Trust

Charity name: Dar ­ Al ­ Charity number: 1138665 Operational address: 1 Kitcat Terrace London E3 2SA

Trustees

Rajib Ahmed Chairman Mohamed Afzal Bhaktary Sodrul Islam Treasurer Martuza Faisal Aziz

Principal professional advisers

Bankers

HSBC Bank 75 Whitechapel Road London E1 1DU

Independent examiner

Royal Associates, Association of Accounting Technicians 60 Park Road Wellingborough Northants NN8 4QE

2

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Trustees' report for the year ended 31 December 2023

Objectives and activities

The Trustees present their report and the financial statements for the year ended 31 December 2023.

  1. To advance education and provide facilities, in particular, but not exclusively for the Muslim community living in the United Kingdom, in the interests of social welfare for recreation and other leisure time occupations with the object of improving the conditions of life of such people.

  2. To promote for the benefit of the public the culture and history of the Muslim community living in the United Kingdom, in particular, but not exclusively, the London boroughs of Tower Hamlets and Newham.

Trustees and officers

The following served as Trustees and Officers during the year.

Trustees

Trustees
Rajib Ahmed Chairman
Mohamed Afzal Bhaktary
Sodrul Islam Treasurer
Martuza Faisal Aziz

Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable laws and regulations. Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable 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 Trust.

In preparing these financial statements, the Trustees are required to:

The Trustees are also responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity, and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for ensuring that adequate arrangements are in place to manage risk and uncertainty, as expanded further on page 5. The Trustees confirm that they have paid due regard to the guidance contained in the Charity Commission's general guidance on public benefit when setting the charity's objectives and planning its activities. This report explains the Charity's activities and demonstrates how they contribute to the Charity's purposes and provide public benefit.

3

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

­ Trustees' report continued for the year ended 31 December 2023

Strategic report

The main activities are undertaken in relation to those purposes during the year:

The main activities were undertaken during the year to further the charity's purpose for the public benefit: The charity has benefited the public by carrying out its objectives. Courses were established and open to residents of Tower Hamlets, Newham, and other boroughs. All courses were freely accessible to the public, online and onsite; they were delivered in various languages to reach an ethnically diverse population.

In addition, educational materials were published in both short and long form media. Courses tailored to women were also a key area of delivery to facilitate the growing female student base.

The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

The main achievements of the charity were as follows:

The difference the charity's performance during the year has made to the beneficiaries of the charity:

The beneficiaries have benefited in many ways because of the performance of the charity. They have received training in personal development, Islamic academia, upskilling and spirituality.

The degree to which the achievements and performance during the year have benefited wider society: The courses provided by the charity have benefited society by facilitating learning in areas of personal development, Islamic academia, upskilling and spirituality, and ultimately increasing the utilitarian impact of our students and participants on the wider society.

The methods used to recruit and appoint new charity trustees:

There must be at least three trustees. Apart from the first trustees, every trustee must be appointed by a resolution of the trustees passed at a special meeting.

In selecting individuals for appointment as trustees, the trustees must have regard for the skills, knowledge and experience needed for the effective administration of the charity.

4

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

­ Trustees' report continued

for the year ended 31 December 2023

The trustees must make available to each new trustee, on his or her first appointment:

Financial review

The financial results are set out in the statement of financial activities on page 8.

The total income for the year amounted to £298,083.

Financial reserves

The Trustees will review reserves at least annually and maintain unrestricted reserves sufficient to maintain the Charity's operations in the event that income is unexpectedly reduced from current levels. The Trustees consider the probability of a reduction in and security of each source of income together with the ability to reduce the expenses.

Going concern

The Trustees consider that the Charity is in a strong position and is well placed to manage the operational risks. The current year surplus indicates that trustees have put adequate measures in place, such as increased online and onsite courses, fundraising initiatives and cash flow projections taking into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure.

The Trustees, therefore, have a reasonable expectation that the organisation has sufficient resources to continue in operational existence for the foreseeable future and believe that there are no reasonable uncertainties that call into doubt the ability of Dar ­ Al ­ Arqam (House of Arqam) Trust to continue as a going concern.

Risk and uncertainty

The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable the financial statements to comply with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102). They are also responsible for safeguarding the assets of Dar ­ Al ­ Arqam (House of Arqam) Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:

The Charity is operating efficiently and effectively

The Trust complies with relevant laws and regulations

5

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

­ Trustees' report continued

for the year ended 31 December 2023

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

The Trustees have examined the major risks that Dar ­ Al ­ Arqam (House of Arqam) Trust faces and confirm they have established procedures to ensure regular reporting takes place so that necessary steps can be undertaken to minimise risks.

Independent examiner

Each of the persons who is a Trustee at the date when this report is approved confirms that:

Kabir Ahmed, Royal Associates, has expressed its willingness to continue as an independent examiner for the next financial year.

Acknowledgements

The Trustees would like to take this opportunity to thank everyone who has shown their dedication and commitment to our charity.

The Trustees' Report therein has been approved by the Trustees on 28/10/2024 after independent examination and signed on their behalf by:

­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Rajib Ahmed Chairman

6

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Independent examiner's report

to the trustees of Dar ­ Al ­ Arqam (House of Arqam) Trust for the year ended 31 December 2023

I report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages 8 to 13.

Responsibilities and basis of report

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Independent examiner's statement

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

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.

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Kabir Ahmed FMAAT

Royal Associates

Association of Accounting Technicians 60 Park Road Wellingborough Northants NN8 4QE

_____ 2024

7

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Statement of financial activities for the year ended 31 December 2023

Note
INCOMING RESOURCES
Donations
3
Other activities
Total incoming resources
RESOURCES EXPENDED
Direct expenditure on charitable
activities
4
Expenditure on management and
administration
5
Total resources expended
NET MOVEMENTS IN FUNDS
TOTAL FUNDS brought forward
TOTAL FUNDS carried forward		 Restricted
Funds
£
­
­
­
­
­
­
­
­		 2023
Unrestricted
Funds
£
297,957
126
298,083
(64,608)
(97,825)
(162,433)
135,650
143,165		 Total
Funds
£
297,957
126
298,083
(64,608)
(97,825)
(162,433)
135,650
143,165		 2022
Total
Funds
£
93,178
89
93,267
(53,222)
(63,670)
(116,892)
(23,625)
166,790
­ 278,815 278,815 143,165

8

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Statement of financial position As at 31 December 2023

Note
Non­current assets
Leasehold properties
8
Computer equipment
8
Property, plant and equipment
8
Current assets
Trade and other receivables
9
Cash at bank
Current liabilities
10
Net current assets
Total assets less current liabilities
Funds of the charity
Restricted income fund
Unrestricted income fund		 2023
£
£
159,579
4,865
29,667
194,111
22,549
64,653
87,202
(2,498)
84,704
278,815
­
278,815
278,815		 2022
£
£
7,514
7,514
9,164
127,748
136,912
(1,261)
135,651
143,165
­
143,165
143,165		 2022
£
£
7,514
7,514
9,164
127,748
136,912
(1,261)
135,651
143,165
­
143,165
143,165
7,514
135,651
87,202
(2,498)		 136,912
(1,261)
­
278,815		 ­
143,165
143,165
143,165

The accounts on pages 8 to 13 were approved by the Trustees on 28/10/2024 and were signed on their behalf by:

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Rajib Ahmed Chairman

9

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

Notes to the financial statements

For the year ended 31 December 2023

1 Charity information

Dar ­ Al ­ Arqam (House of Arqam) Trust is a UK registered charity (charity number 1138665) constituted under a Trust Deed dated 1 September 2010. The address of the registered office is 1 Kitcat Terrace, London, E3 2SA.

2 Accounting policies

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing documents, the Charities Act 2011 and 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 (as amended for accounting years commencing from 1 January 2016).

The principal accounting policies adopted in the preparation of the accounts are as follows:

a) Basis of accounting

The accounts are prepared in accordance with the historical cost convention as modified by the inclusion of investments at market value. After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Financial Review on page 5.

All income is recognised once the charity has an entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income can be measured reliably.

Liabilities are recognised as expenditures; as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably.

d) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with ­ banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in the current liabilities.

e) Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% straight line Computer equipment 25% straight line Leasehold land and buildings Equal instalments over the period of the lease

10

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

­ Notes to the financial statements continued For the year ended 31 December 2023

3. Donations

The charity received donations of £297,957 (2022: £93,178) from various donors.

4. Direct expenditures on charitable activities

Fundraising costs
Programme running costs
Salaries and wages
Research costs
Media and design costs
Direct costs
Expenditure on management and administration
Premises costs
Building insurance
Repairs and maintenance
Training
Telecommunications
Printing and stationery
IT, software, and equipment
Subscription
Books and periodicals
Travel and subsistence
Accountancy
Event specific costs
Advertising
Legal and professional
Gifts
Sundry expenses
Bank fees
Depreciation		 2023
£
3,236
27,517
7,200
628
24,280
1,747
64,608
2023
£
54,104
263
139
119
5,126
35
6,763
421
766
1,470
4,176
803
2,727
850
240
786
8,029
11,008
97,825		 2022
£
2,778
31,733
8,747
277
9,687
­
53,222
2022
£
28,122
265
68
4,650
4,684
594
3,393
132
495
­
4,118
­
­
12,107
­
618
1,478
2,946
63,670

5. Expenditure on management and administration

6 . Trustees' remuneration

The trustees received £Nil remuneration.

7. Employee information

The member of staff employed by the charity was 1 (2022: 1).

11

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

­ Notes to the financial statements continued For the year ended 31 December 2023

8. Property, plant and equipment
Leasehold
Computer Office
Total
land and buildings
equipment equipment
Costs
£
£
£
£
At 1 January 2023
­
­
17,641
17,641
Addition
164,600
5,468
27,537
197,605
At 31 December 2023
164,600
5,468
45,178
215,246
Depreciation and impairment
At 1 January 2023
­
­
10,127
10,127
Depreciation charged in the year
5,021
603
5,384
11,008
At 31 December 2023
5,021
603
15,511
21,135
Carrying amount
At 31 December 2023
159,579
4,865
29,667
194,111
At 31 December 2022
­
­
7,514
7,514
9. Trade and other receivables
2023
2022
£
£
Other receivables
406
2,406
Rent deposit
21,125
5,500
Prepayment
1,018
1,258
22,549
9,164
10. Current liabilities
2023
2022
£
£
Tradepayables
498
1,261
Accruals
2,000
­
2,498
1,261		 8. Property, plant and equipment
Leasehold
Computer Office
Total
land and buildings
equipment equipment
Costs
£
£
£
£
At 1 January 2023
­
­
17,641
17,641
Addition
164,600
5,468
27,537
197,605
At 31 December 2023
164,600
5,468
45,178
215,246
Depreciation and impairment
At 1 January 2023
­
­
10,127
10,127
Depreciation charged in the year
5,021
603
5,384
11,008
At 31 December 2023
5,021
603
15,511
21,135
Carrying amount
At 31 December 2023
159,579
4,865
29,667
194,111
At 31 December 2022
­
­
7,514
7,514
9. Trade and other receivables
2023
2022
£
£
Other receivables
406
2,406
Rent deposit
21,125
5,500
Prepayment
1,018
1,258
22,549
9,164
10. Current liabilities
2023
2022
£
£
Tradepayables
498
1,261
Accruals
2,000
­
2,498
1,261		 8. Property, plant and equipment
Leasehold
Computer Office
Total
land and buildings
equipment equipment
Costs
£
£
£
£
At 1 January 2023
­
­
17,641
17,641
Addition
164,600
5,468
27,537
197,605
At 31 December 2023
164,600
5,468
45,178
215,246
Depreciation and impairment
At 1 January 2023
­
­
10,127
10,127
Depreciation charged in the year
5,021
603
5,384
11,008
At 31 December 2023
5,021
603
15,511
21,135
Carrying amount
At 31 December 2023
159,579
4,865
29,667
194,111
At 31 December 2022
­
­
7,514
7,514
9. Trade and other receivables
2023
2022
£
£
Other receivables
406
2,406
Rent deposit
21,125
5,500
Prepayment
1,018
1,258
22,549
9,164
10. Current liabilities
2023
2022
£
£
Tradepayables
498
1,261
Accruals
2,000
­
2,498
1,261		 8. Property, plant and equipment
Leasehold
Computer Office
Total
land and buildings
equipment equipment
Costs
£
£
£
£
At 1 January 2023
­
­
17,641
17,641
Addition
164,600
5,468
27,537
197,605
At 31 December 2023
164,600
5,468
45,178
215,246
Depreciation and impairment
At 1 January 2023
­
­
10,127
10,127
Depreciation charged in the year
5,021
603
5,384
11,008
At 31 December 2023
5,021
603
15,511
21,135
Carrying amount
At 31 December 2023
159,579
4,865
29,667
194,111
At 31 December 2022
­
­
7,514
7,514
9. Trade and other receivables
2023
2022
£
£
Other receivables
406
2,406
Rent deposit
21,125
5,500
Prepayment
1,018
1,258
22,549
9,164
10. Current liabilities
2023
2022
£
£
Tradepayables
498
1,261
Accruals
2,000
­
2,498
1,261
164,600 5,468
45,178
215,246
­
5,021		 ­
10,127
10,127
603
5,384
11,008
5,021 603
15,511
21,135
159,579 4,865
29,667
194,111
­ ­
7,514
7,514
2023
£
406

21,125
1,018
22,549
2023
£
498
2,000

2,498		 2022
£
2,406
5,500
1,258
9,164
2022
£
1,261
­
1,261

12

DAR ­ AL ­ ARQAM (HOUSE OF ARQAM) TRUST

11. Other Commitments

­ The total of future minimum lease payments under non cancellable operating leases are as following:

2023
£
870,000

870,000		 2022
£
­
­

12. Taxation

The company is a registered charity and is exempt from taxation under the provision of the Income and Corporation Taxes Act 1988.

13