2020-12-31-accounts - The Islamic Foundation

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		Page
Reference and Administrative Details
Report ofthe Trustees	2	to	4
Report ofthe Independent Auditors	5	to	6
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow Statement		10
Notes to the Financial Statements	11	to	17
Detailed Statement of Financial Activities	18	to	19

TRUSTEES	Prof A Ahmod	Prof A Ahmod
	Dr M A Bari
	Dr M Ahsan
	Prof K Ahmad
	Dr Z Parvez
	Dr RMohammed
	Dr M R M Lebbai
PRINCIPAL ADDRESS	The Markfield	Conference Centre
	Pathy Lane
	Leicester
	Leicestershire
	LE67 9SY
REGISTERED CHARITY NUMBER	1160353
AUDITORS	Fortus Audit	LLP
	Chartered Accountants		il, Statutory	Auditor
	31 High View	Close
	Hamilton Office Park
	Leicester
	Lercestershire
	LE4 9LJ

						2020	2019
				Ijnrestricted	Restricted	Total	Total
				fund	fund	funds	funds
			Noles	5		E	E
INCOME AND ENDOWMENTS		FROM
~onations and legacies				63,568		63.568	299.526
Charitable activities
Hire ofConference	facilities			18,913		18,913	90,256
Project funding				2,853		2,853	29,651
Investment income				159,709		159,709	I66,225
Other income				150,286		150,286	26,891
Total				395,329		395,329	612,549
EXPENDITURE ON
Raising funds				5,458		5,458	I7,438
Charitable activities
Donations							2,000
General costs				217,088		217,088	243,017
Other				254,795		254,795	318,7 19
Total				477,341		477,341	581,174
Net gains on investments				59,000		59,000
NET INCOME/(EXPENDITURE)				(23,012)		i23,012)	31,375
RECONCILIATION OF FUNDS
Total funds brought	forward			4,019,834	45,000	4,064,834	4,033,459
TOTAL FUNDS CARRIED FORWARD				3,996,822	45,000	4,041,822	4,064,834

					2020	2019
			Unrestricted	Restricted	Total	Total
			fund	fund	funds	funds
		Notes			5	E
FIXED ASSE15
Tangible assets		12	2,252.399		2,252,399	2,303.806
Investment property		13	1,656,701		1,656,701	1,597.701
			3.909,100		3,909,100	3,901,507
CURRENT ASSETS
Debtors		14	304,403		304,403	264,024
Cash at bank and	in hand		92,550	45,000	137,550	230,597
			396,953	45,000	441,953	494,621
CREDITORS
Amounts falling due within one year		15	(219,3501		(219,350)	(223,411(
NET CURRENT ASSETS			177,603	45,000	222,603	271,210
TOTAL ASSETS LESS	CURRENT LIABILITIES		4,086,703	45,000	4,131,703	4,172,717
CREDITORS
Amounts falling due after more than one year		16	(89,881)		(89,8811	(107,8S3]
NET ASSETS			3,996,822	45,000	4,041,822	4.064,834
FUNDS
Unrestricted funds					3,996,822	4,019,834
RestHcted funds					45,000	45,000
TOTAL FUNDS					4,041,822	4,064,S34

						2020	2019
					Notes		5
Cash flows from	operating		activiTies
Cash generated interest paid	from operations					(70,536) ~5,705	65,586 ~7,046)
Net cash (used in)/provided			by operating		activities	~76,241)	58,540
Cash flows from	investing	activities
Purchase of tangible fixed			assets			(1,093)	(1,140)
Interest received						1,258	1,580
Net cash provided by investing activities						165	440
Cash flows from	financing	activities
Loan repayments	in year					16,971	~15,916)
Net cash used in financing			activities			~16,971)	~15.91 6)
Change in cash	and cash		equivalents	in	the
reporting period						(93,0471	43,064
Cash and cash equivalents			at the beginning
ofthe reporting	period					230,597	187,533
Cash and cash equivalents			at the end	of	the
reporting period						137,550	230,597

RECONCILIATION OF NET (EXPENDITURE)/INCOME	RECONCILIATION OF NET (EXPENDITURE)/INCOME	RECONCILIATION OF NET (EXPENDITURE)/INCOME	TO NET CASH FLOW FROM OPERATING	ACTIVITIES
				2020	2019
				E	2
Net (expenditure)/income	for the reporting	period (as per the Statement	of
Financial Activities)				(23,012)	31,375
Adjustments for:
Depreciation charges				52,501	52,048
Lasses on investments				(59,000)
Interest received				(1,258)	(1,580)
Interest paid				5,705	7,046
Increase in debtors Decrease m creditors				(40,379) ~5,093)	(11,826) ~11,477)
Net cash (used in)/provided	by operations			~70,536)	65,586

ANALYSIS OF CHANGES	ANALYSIS OF CHANGES		IN NET FUNDS
				At 1.1.20	Cash flow	At 31.12.20
Net cash
Cash at bank and	in hand			230,597	~93,047]	137,550
				230,597	~93.047)	137,550
Debt
Debts fa ling due within			I year	(16,710)	(1,0301	(17,740)
Debts falling due	after	I	year	(107,883)	18,002	~89,881)
				(124,593)	16,972	(107,6211
Total				106,004	$76,075)	29,929

DONATIONS	AND LEGACIES	AND LEGACIES	AND LEGACIES
							2020	2019
								5
Donations							63,568	299,526
INVESTMENT	INCOME
							2020	2019
Rents received							158N51	164,645
Deposit account interest							1,258	1,580
							159,709	I66,225
INCOME FROM CHARITABLE ACTIVITIES
							2020	2019
				Activity			5	E
Hire ofconference		facilities		Hire ofConference	facilities		18,913	90,256
Project funding				Project funding			2,853	29,651
							21,766	119,907
OTHER INCOME
							2020	2019
								E
Service charges receivable							16,556	15,541
Other income							11,848	11,350
CDVID- government			grants				121,882
							150,286	26.891
RAISING FUNDS
Other trading	activities
							2020	2019
							E
Properly management			expenses				5,458	17,438
CHARITABLE	ACTIVITIES COSTS
							Support
						Direct	costs (see
						Costs	note 8j	Totals
Generalcosts						210,338	6,750	217,088

STAFF COSTS
									2020	2019
									8	8
Wages and salanes									192,524	223,253
Social security	costs								14,069	16,489
Other pension		costs							3,745	3.275
									210,338	243,017
The average	monthly			number	of employees		during	the year was as follows:
									2020	2019
Administration		and	governance						7	7
Other									3	3
									10	10
No employees		received emoluments				in excess of860.000.
COMPARATIVES		FOR		THE STATEMENT		OF FINANCIAL		ACTIVITIES
								Unrestricted	Restricted	Total
								fund	fund	funds
INCOME AND	ENDOWMENTS				FROM
Donations and		legacies						299,526		299,526
Chariitable activities
Hire ofConference			facilities					90,256		90,256
Project funding								29,651		29,651
Investment income								166,225		I66,225
Other income								26,891		26,891
Total								612,549		612,549
EXPENDITURE	ON
Raising funds								17,438		17,438
Chariitable activities
Donations								2,000		2,000
General costs								243,017		243,017
Other								318,719		318,719
Total								581,174		581.174

	COMPARATIVES	FOR THE STATEMENT	OF FINANCIAL	ACTIVITIES -	ACTIVITIES -	continued
						Unrestricted	Restricted	Total
						fund	fund	funds
	NET INCOME					31,375		31,375
	RECONCILIATION	OF FUNDS
	Total funds brought forward
	As previously reported					3,981.861	45,000	4,026,861
	Pnor year adjustment					6,598		6,598
	As restated					3,988,459	45,000	4.033,459
	TOTAL FUNDS CARRIED FORWARD					4,019,834	45,000	4,064.834
12.	TANGIBLE FIXED ASSETS
				Fixtures
			Freehold	and		Motor	Computer
			property	fittings		vehicles	equipment	Totals
			8	8		8	F	8
	COST
	At I January 2020		2,341,154	68,	170	75	283	2,409,682
	Additions				919	174		1,093
	At 31 December	2020	2,341,154	69,089		249	283	2,410,775
	DEPRECIATION
	At I January 2020		92,710	12,850		33	283	105.876
	Charge for year		46,822	5,624		54		52,500
	At 31 December	2020	139,532	18,474		87	283	158,376
	NET BOOK VALUE
	At 31 December	2020	2,201,622	50,615		162		2,252,399
	At 31 December	2019	2,248,444	55,320		42		2,303,806
13.	INVESTMENT PROPERTY
	FAIR VALUE
	At I January 2020							1,597,701
	Revaluation							59,000
	At 31 December	2020						1,656,701
	NET BOOK VALUE
	At 31 December	2020						1,656,701
	At 31 December	2019						1,597,701

14.	DEBTORS
			2020	2019
	Amounts falling due within	one year:
	Trade debtors		49,548	16,955
	Kube Publishing Limited		83,140	80,640
	Markfield institute of Higher	Education	95,069	66,953
	VAT		2,883	814
	PrepaYments		11,966	14,113
			242,606	179,475
	Amounts falling due after more than one year:
	Markfield institute of Higher	Education	61,797	84,549
	Aggre gate amounts		304,403	264,024
15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
			2020	2019
	Bank loans and overdrafts	fsee nate 17)	17,740	16.710
	Trade creditors		15,929	20,382
	Taxation and social security		2,733	4,209
	Other creditors		182,948	182,110
			219,350	223NI I
16.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
			2020	2019
	Bank loans isee note 17i		89,881	107,883
17,	LOANS
	An analysis ofthe maturity of loans is given below
			2020	2019
	Amounts falling due within	one year on demand.
	Bank loan		17,740	16,710
	Amounts falling between one and two years:
	Bank loan		18,627	I7,542
	Amounts falling due between two and five years:
	Bank loan		48,137	58,045
	Amounts falling due in more than five years:
	Repayable by instalments.
	Bank loan

								2020	2019
								8
Bank leans								107,621	124,593
Bank loans are		secured on the asset to which they relate.
MOVEMENT IN	FUNDS
								Net
								movement	At
							At 1.1.20	in funds	31.12.20
Unrestricted funds
General fund							4,019,834	123,012)	3,996,822
Restricted funds
Scholarship							45,000		45.000
TOTAL FUNDS							4,064,834	~23,012)	4,041,822
Net movement		in funds, included		in the above	are as follows:
						Incoming	Resources	Gains and	Movement
						resources	expended	losses	in funds
Unrestricted funds
General fund						395,329	)477,341)	59,000	)23,012)
TOTAL FUNDS						395,329	)477,341)	59,000	~23,012)
Comparatives	for movement		in funds
							Prior	Net
							year	movement	At
						At 1.1.19	adjustment	in funds	31,12.19
								5
Unrestricted funds
General fund						3,981,861	6,598	31,375	4,019.834
Restricted funds
Scholarship						45,000			45,000
TOTAL FUNDS						4,026,861	6,598	31,375	4,064,834
Comparative	net movement		in funds, included		in	the above are as follows
							Incoming	Resources	Movement
							resources	expended	in funds
							5		5
Unrestricted funds
General fund							612,549	1581,174)	31.375
TOTAL FUNDS							612,549	j581,174)	31,375

			2020	2019
			E	E
INCOME AND ENDOWMENTS
Donations and legacies
Donations			63.568	299,526
Investmerit income
Rents received			158451	I64.645
Deposit account interest			1,258	1,580
			159,709	I66,225
Charitable activities
Hire ofconference	facilities		18,913	90,256
Project funding			2,853	29,651
			21,766	119,907
Other income
Service charges receivable			16,556	15,541
Other income			11,848	11,350
COVID- government		grants	121,882
			150,286	26,891
Total incoming resources			395,329	612,549
EXPENDITURE
Other trading activities
Property management		expenses	5,458	I7.438
Charitable activities
Wages			192,524	223,253
Social security			14.069	I6,489
Pensions			3,745	3.275
Donations paid				2,000
			210,338	245,017
Other
Hire of equipment			2,221	3,214
Advertising ond promation			560	24894
Rates and water			29,317	24,849
Insurance			18,605	18.423
Lightand heat			48,360	60,486
Motor and travel expenses			594	1.695
Pnnting, postage and		stationery	6,757	7,526
Telephone			2,748	4,707
ITand internet costs			2.203	5,247
Library costs			14,896	12495
Repairs and maintenance			14,364	19,511
Cleo ning			7.500	19,760
Bank charges			42	46
Legal and professional			26.676	15,916
Financial operations			18,452	16,840
Meals and occommodation			3,294	15,893
Staff training				323
Cadied forward			196,589	251,825

	2020	2019
Other Brought forward Freehold property dep'n Fixtures 8, fittings dep'n Motor vehicle dep'n	196,589 46,823 5,624 54	251,825 45,887 6,147 14 50
Bank interest Bank loan interest	5,705	6,996
	254,795	310,919
Support costs
Governance costs Auditors' remuneration	6,750	7,800
Totalresources expended	477,341	581,I74
Net (expenditure)/income	~82,012i	31,375