REGISTERED CHARITY NUMBER: 1150312
Report of the Trustees and
Financial Statements for the Year Ended 31 January 2021
for Madina Institute
CWP Accountants Unit 1a 85 Greengate Manchester Lancashire M3 7NA
Madina Institute
Contents of the Financial Statements for the Year Ended 31 January 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 | 10 |
| Detailed Statement of Financial Activities | 11 |
Madina Institute
Report of the Trustees
for the Year Ended 31 January 2021
The trustees present their report with the financial statements of the charity for the year ended 31 January 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
1150312
Principal address
2 Brooklands Court Rochdale OL4 1HU
Trustees
A Mahmood S Hussain A Mahmood
Independent Examiner
CWP Accountants CWP Accountants Unit 1a 85 Greengate Manchester Lancashire M3 7NA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................. Trustee
Page 1
Independent Examiner's Report to the Trustees of Madina Institute
Independent examiner's report to the trustees of Madina Institute
I report to the charity trustees on my examination of the accounts of Madina Institute (the Trust) for the year ended 31 January 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
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.
CWP Accountants CWP Accountants Unit 1a 85 Greengate Manchester Lancashire M3 7NA
Date: .............................................
Page 2
Madina Institute
Statement of Financial Activities
| Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 January 2021 | |||
| 31.1.21 | 31.1.20 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| Income and endowments from | |||
| Donations and legacies | 105,601 | 156,551 | |
| Expenditure on | |||
| Raising funds | 2 | 96,034 | 141,703 |
| NET INCOME | 9,567 | 14,848 | |
| Reconciliation of funds | |||
| Total funds brought forward | 118,500 | 103,653 | |
| Total funds carried forward | 128,067 | 118,501 |
Surplus and Deficit Account 968
Posting discrepancies were found in the reserve accounts listed below. This is because the brought forward postings in the current year are not equal to the figures carried forward by IRIS at the end of last year. Please check your postings in the brought forward account for the surplus and deficit account 968.
| Brought forward - 968/1 Carried forward Difference |
Unrestricted funds £ 118,500 118,501 1 |
Total funds £ 118,500 118,501 1 |
|---|---|---|
Post to relevant accounts (see UCHA chart of accounts for further details)
The notes form part of these financial statements
Page 3
Madina Institute
| Balance Sheet 31 January 2021 31.1.21 Unrestricted fund Notes £ Fixed assets Tangible assets 6 259,525 Current assets Debtors 7 - Cash at bank and in hand 66,686 66,686 Creditors Amounts falling due within one year 8 (40,934) Net current assets 25,752 Total assets less current liabilities 285,277 Creditors Amounts falling due after more than one year 9 (157,210) NET ASSETS 128,067 Funds 11 Unrestricted funds 128,067 Total funds 128,067 |
31.1.20 Total funds £ 260,756 7,064 49,054 56,118 (22,479) 33,639 294,395 (175,894) 118,501 118,501 118,501 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A Mahmood - Trustee
............................................. S Hussain - Trustee
The notes form part of these financial statements
Page 4
Madina Institute
Notes to the Financial Statements
for the Year Ended 31 January 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.
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.
- Fixtures and fittings - 25% on reducing balance
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.
continued...
Page 5
Madina Institute
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
2. Raising funds
Raising donations and legacies
----- Start of picture text -----
||||
|---|---|---|
|31.1.21|31.1.20|
|£|£|
|Rates and water|10,690|12,561|
|Telephone|1,332|1,319|
|Activities for generating fund|21,774|57,127|
|-|
|Support costs|40,072|
|33,796|111,079|
----- End of picture text -----
3. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 January 2021 nor for the year ended 31 January 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2021 nor for the year ended 31 January 2020.
4.
Staff costs
The average monthly number of employees during the year was as follows:
----- Start of picture text -----
||||
|---|---|---|
|31.1.21|31.1.20|
|Average number of employees|9|12|
----- End of picture text -----
No employees received emoluments in excess of £60,000.
5. Comparatives for the statement of financial activities
----- Start of picture text -----
|||
|---|---|
|Unrestricted|
|fund|
|£|
|Income and endowments from|
|Donations and legacies|156,551|
|Expenditure on|
|Raising funds|141,703|
|NET INCOME|14,848|
----- End of picture text -----
continued...
Page 6
Madina Institute
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
| 5. Comparatives for the statement of financial activities - continued Reconciliation of funds Total funds brought forward Total funds carried forward 6. Tangible fixed assets Cost At 1 February 2020 and 31 January 2021 Depreciation At 1 February 2020 Charge for year At 31 January 2021 Net book value At 31 January 2021 At 31 January 2020 7. Debtors: amounts falling due within one year Other debtors |
Freehold property £ 255,831 - - - 255,831 255,831 |
Unrestricted fund £ 103,653 118,501 Fixtures and fittings Totals £ £ 12,311 268,142 7,386 7,386 1,231 1,231 8,617 8,617 3,694 259,525 4,925 260,756 31.1.21 31.1.20 £ £ - 7,064 |
|---|---|---|
continued...
Page 7
Madina Institute
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
| 8. Creditors: amounts falling due within one year Trade creditors Taxation and social security Other creditors 9. Creditors: amounts falling due after more than one year Other creditors 10. Loans An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans Amounts falling between one and two years: Other loans - 1-2 years 11. Movement in funds Unrestricted funds General fund TOTAL FUNDS |
31.1.21 £ 1,997 (514) 39,451 40,934 31.1.21 £ 157,210 31.1.21 £ 18,990 157,210 Net movement At 1.2.20 in funds £ £ 118,500 9,567 118,500 9,567 |
31.1.20 £ 4,092 (603) 18,990 22,479 31.1.20 £ 175,894 31.1.20 £ 18,990 175,894 At 31.1.21 £ 128,067 128,067 |
|---|---|---|
continued...
Page 8
Madina Institute
Notes to the Financial Statements - continued
for the Year Ended 31 January 2021
11. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 105,601 (96,034) 9,567 105,601 (96,034) 9,567 Net movement At At 1.2.19 in funds 31.1.20 £ £ £ 103,653 14,848 118,501 103,653 14,848 118,501 Incoming Resources Movement resources expended in funds £ £ £ 156,551 (141,703) 14,848 156,551 (141,703) 14,848 |
|---|---|
continued...
Page 9
Madina Institute
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
11. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.2.19 in funds £ £ 103,653 24,415 103,653 24,415 |
At 31.1.21 £ 128,068 128,068 |
|---|---|---|
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 TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 262,152 (237,737) 24,415 262,152 (237,737) 24,415 |
|---|---|
12. Related party disclosures
Mr Arshad Mahmood and Mr Sajad Hussain are also trustees in Planet Mercy (1150069).
Page 10
Madina Institute
| Detailed Statement of Financial Activities | |
|---|---|
| for the Year Ended 31 January 2021 | |
| 31.1.21 31.1.20 |
|
| £ £ |
|
| Income and endowments | |
| Donations and legacies | |
| Donations | 105,601 156,551 |
| Total incoming resources | 105,601 156,551 |
| Expenditure | |
| Raising donations and legacies | |
| Rates and water | 10,690 12,561 |
| Telephone | 1,332 1,319 |
| Activities for generating fund | 21,774 57,127 |
| Other trading activities | 33,796 71,007 |
| Depreciation of tangible fixed assets | 1,231 1,642 |
| Support costs | |
| Management | |
| Wages | 28,313 37,763 |
| Insurance | 780 1,679 |
| Postage and stationery | 14 170 |
| Advertising | 7,618 2,139 |
| Sundries | 86 41 |
| Consultancy fee | 17,449 14,378 |
| Information technology | 54,260 56,170 |
| Repairs and renewals | 1,888 7,831 |
| Governance costs | |
| Accountancy fee | 4,200 4,200 |
| Professional subscriptions | 659 653 |
| Staff training | - 200 |
| 4,859 5,053 |
|
| Total resources expended | 96,034 141,703 |
| Net income | 9,567 14,848 |
This page does not form part of the statutory financial statements
Page 11