2021-12-31-accounts - The Islamic Foundation

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	Page
Reference and Adminislratlve DetaBs
Report ofthe Trustees	2 to	6
Report ofthe Independent Auditors	7 to	9
Statement of Financial Activifies	10
Balance Sheet
Cash Flow Statement	12
Notes to the Cash Flow Statement	13
Notes to the Financial Statements	14 to	21
Detailed Statement of Financial Activities	22 to	23

TRUSTEES	Prof A Ahmad	Prof A Ahmad
	Dr M A Bari
	Dr M Ahsan
	Prof KAhmad
	Dr Z Parvez
	Dr R Mohammed
	Dr M R M Lebbai
PRINCIPAL ADDRESS	The Markfield	Conference Centre
	Ratby Lane
	Leicester
	Leicestershire
	LE67 9SY
REGISTERED CHARITY NUMBER	1160353
AUDITORS	Fortus Audit	LLP
	Chartered Accountants		8,Statutory	Auditor
	31 High View Close
	Hamilton Office Park
	Leicester
	Leicestershire
	LE49LJ

					2021	2020
			Unrestricted	Restricted	Total	Total
			fund	funds	funds	funds
		Notes	E		E	E
INCOME AND ENDOWMENTS	FROM
Donations and legacies			81,190	28,015	109,205	63,568
Charitable activities
Hire ofConference facilities			43,806		43,806	18,913
Project funding			1,547		1,547	2,853
Investment income		3	173,902		I73,902	159,709
Other income		5	128,854		128,854	150,286
Total			429,299	28,015	457,314	395,329
EXPENDITURE ON
Raising funds		6	6,960		6,960	5,458
Charitable activities
Donations				27,000	27,000
General costs			192,012		192,012	217,088
Other			268,007	33	268,040	254,795
Total			466,979	27,033	494,012	477,341
Net gains on investments						59,000
NET INCOME/(EXPENDITURE)			(37,680)	982	(36,698)	(23,012)
Transfers between funds		19	(224)	224
Net movement in funds			(37,904)	1,206	(36,698)	(23,012)
RECONCILIATION OF FUNDS
Total funds brought forward			3,996,822	45,000	4,041,822	4,064,834
TOTAL FUNDS CARRIED FORWARD			3,958,918	46,206	4,005,124	4,041,822

					2021	2020
			Unrestricted	Restricted	Tota I	Total
			fund	funds	funds	funds
		Notes	E
FIXED ASSETS
Tangible assets		12	2,203,754		2,203,754	2,252,399
Investment property		13	1,656,701		1,656,701	1,656,701
			3,860,455		3,860,455	3,909,100
CURRENI' ASSETS
Debtors		14	201,780		201,780	304,403
Cash at bank and	in hand		175,717	46,206	221,923	137,550
			377497	46,206	423,703	441,953
CREDITORS
Amounts falling due within one year		15	(234,867)		(234,867)	(219,350)
NET CURRENT ASSETS			142,630	46,206	188,836	222,603
TOTAL ASSETS LESS	CURRENT LIABILITIES		4,003,085	46,206	4,049,291	4,131,703
CREDITORS
Amounts falling due after more than one
year		16	(44,167)		(44,167)	(89,881)
NET ASSETS			3,958,918	46,206	4,005,124	4041,822
FUNDS		19
Unrestricted funds					3,958,918	3,996,822
Restnicted funds					46,206	45,000
TOTAL FUNDS					4,005,124	4,041,822

				2021	2020
			Notes
Cash flows from operating	activities
Cash generated from operations			I	145,707	(70,536)
Interest paid				(4,163)	(5,705)
Net cash provided by/(used in) operating			activities	141,544	(76,241 )
Cash flows from Investing	activities
Purchase oftangible fixed	assets			(545)	(1,093)
Interest received				994	1,258
Net cash provided by investing activities				449	165
Cash flows from financing	activities
New loans in year				50,000
Loan repayments in year				(107,620)	(16,971)
Net cash used in financing	activities			(57,620)	(16,971)
Change in cash and cash	equivalents	in
the reporting period				84,373	(93,047)
Cash and cash equivalents	at fhe
beginning ofthe reporting	period			137,550	230,597
Cash and cash equivalents	at the end	of
the reporting period				221,923	137,550

	RECONCILIATION	RECONCILIATION	OF	OF	NET EXPENDITURE TO NET CASH	NET EXPENDITURE TO NET CASH	NET EXPENDITURE TO NET CASH	NET EXPENDITURE TO NET CASH	FLOW FROM	OPERATING	ACTIVITIES
											2021	2020
	Net expenditure		for the			reporting		period (as per the	Statement of
	FInancial Activities)										(36,698)	(23,012)
	Adjustments	for:
	Depreciation	charges									49,189	52,501
	Losses on investments											(59,000)
	Interest received										(994)	(1,258)
	Interest paid										4,163	5,705
	Decrease/(increase)				in	debtors					102,623	(40,379]
	Increase/(decrease)				in	creditors					27424	(5,093]
	Net cash provided			by/(used			in)	operations			145,707	(70,536)
2.	ANALYSIS OF	CHANGES				IN NET FUNDS
									At	1.1.21	Cash flow	At31.12.21
												E
	Net cash
	Cash at bank	and		in hand					137,550		84,373	221,923
									137,550		84,373	221,923
	Debt
	Debts falling	due	within			I year			(17,740)		11,907	(5,833)
	Debts falling	due	after			I year			(89,881)		45,714	(44,167]
									(107,621 )		57,621	(50,000)
	Total									29,929	141,994	171,923

DONATIONS AND LE	GACIES
				2021	2020
				E
Donations				109,205	63,568
INVESTMENT INCOME
				2021	2020
Rents received				172,908	158,451
Deposit account interest				994	1,258
				173,902	159,709
INCOME FROM CHARITABLE		ACTIVITIES
				2021	2020
		Activity
Hire ofconference
facilities		Hire ofConference	facilities	43,806	18,913
Project funding		Project funding		1,547	2,853
				45,353	21,766
OTHER INCOME
				2021	2020
				E
Service charges receivable				19,660	I6,556
Other income				7,303	11,848
CQVID- government	grants			101,891	121,882
				128,854	150,286

Other trading activIRes
			2021	2020
Property management	expenses		6,960	5,458
CHARITABLE ACTIVITIES	COSTS
			Support
		Direct	costs (see
		Costs	note 8)	Totals
Donations		27,000		27,000
General costs		185,162	6,850	192,012
		212,162	6,850	219,012

STAFF COSTS
					2021	2020
Wages and salaries					I73,734	192,524
Social secudty costs					8,975	14,069
Other pension costs					2,453	3,745
					185,162	210,338
The average	monthly	number ofemployees	during	the year was as follows:
					2021	2020
Administration	and governance				7	7
Other					3	3
					10	10

COMPARATIVES FOR THE STATEMENT OF FINANCIAL	COMPARATIVES FOR THE STATEMENT OF FINANCIAL	COMPARATIVES FOR THE STATEMENT OF FINANCIAL
			Unrestricted	Restricted	Total
			fund	fund	funds
INCOME AND ENDOWMENTS		FROM
Donations and legacies			63,568		63,568
Charitable activities
Hire ofConference	facilities		18,913		18,913
Project funding			2,853		2,853
Investment income			159,709		159,709
Other income			150,286		150,286
Total			395,329		395,329
EXPENDITURE ON
Raising funds			5,458		5,458
Charitable activities
General costs			217.088		217,088
Other			254,795		254,795
Total			477,341		477,341
Net gains on investments			59,000		59,000
NET INCOME/(EXPENDITURE)			(23,012I		(23,012(
RECONCILIATION OF FUNDS
Total funds brought	forward		4,019,834	45,000	4,064,834
TOTAL FUNDS CARRIED FORWARD			3,996,822	45,000	4,041,822

TA	NGIBLE FIXED ASSETS
			Fixtures
		Freehold	and	Motor	Computer
		property	fittings	vehicles	equipment	Totals
				E		E
COST
At	I January 2021	2,341,154	69,089	249	283	2,410,775
Additions			545			545
At	31 December 2021	2,341,154	69,634	249	283	2,411,320
DEPRECIATION
At	I January 2021	139,532	18474	87	283	158,376
Charge foryear		44,033	5,116	41		49,190
At	31 December 2021	183,565	23,590	128	283	207,566
NET BOOK VALUE
At	31 December 2021	2,157,589	46,044	121		2,203,754
At	31 December 2020	2,201,622	50,615	162		2,252.399

FAIR VALUE
At I January 2021
and 31 December 2021	1.656,701
NET BOOK VALUE
At 31 December 2021	1,656,701
At 31 December 2020	1,656,701

DEBTORS
			2021	2020
			E
Amounts	falling due within one year:
Trade debtors			53,860	49,548
Kube Publishing Limited			83,140	83,140
Markfield	Institute of Higher Education		52,386	95,069
VAT				2,883
Prepayments		and accrued income	I2,394	11,966
			201,780	242,606

14.	DEBTORS	- continued
					2021	2020
					E	E
	Amounts	falling due after more than one year:
	Markfield	Institute of Higher		Education		61,797
	Aggregate amounts				201,780	304.403
15.	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
					2021	2020
					E	E
	Bank loans and overdrafts			(see note 17)	5,833	17,740
	Trade creditors				41,880	15,929
	Taxation and social security				5,739	2,733
	Other creditors				181,415	182,948
					234,867	219,350
16.	CREDITORS: AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR
					2021	2020
	Bank loans (see note		17)		44,167	89,881
17.	LOANS
	An analysis ofthe maturity			ofloans is given below:
					2021	2020
					E	E
	Amounts	falling due within		one year on demand:
	Bank loan				5,833	17,740
	Amounts	falling between one and two years:
	Bank loan				10,000	18,627
	Amounts	falling due between two and five years:
	Bank loan				30,000	48,137
	Amounts	falling due in	more than five years:
	Repayable by instalments:
	Bank loan				4,167	23,117

		2021	2020
		E
Bank	loans	50,000	107,621

MOVEMENT	IN	FUNDS
				Net	Transfers
				movement	between	At
			At 1.1.21	in funds	funds	31.12.21
			E
Unrestricted	funds
General fund			3,996,822	(37,680)	(224)	3,958,918
Restricted funds
Scholarship			45,000			45,000
IFKenya				982	224	1,206
			45,000	982	224	46,206
TOTAL FUNDS			4,041,822	(36,698)		4.005,124
Net movement		in funds, included	in the above are as follows:
				Incoming	Resources	Movement
				resources	expended	in funds
				E
Unrestricted	funds
General fund				429,299	(466,979)	(37,680)
Restricted funds
IF Kenya				28,015	(27,033)	982
TOTAL FUNDS				457,314	(494,012)	(36,698)

			Net
			movement	At
		At 1.1.20	in funds	31.12.20
		E
Unrestricted	funds
General fund		4,019,834	(23,012)	3,996,822
Restricted funds
Scholarship		45,000		45,000
TOTAL FUNDS		4,064,834	(23,012)	4,041,822

Compara	tive	net movement in	funds. included in the abov	e are as follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			E	E	E
Unrestricted		funds
General	fund		395,329	(477,341 )	59,000	(23,012)
TOTAL FUNDS			395,329	(477,341 )	59,000	(23,012)

			2021	2020
INCOME AND ENDOWMENTS
Donations and legacies
Donations			109,205	63,568
Investmenl income
Rents received			I72,908	158,451
Deposit account interest			994	1,258
			173,902	159,709
Charitable activities
Hire ofconference	facilities		43,806	18,913
Project funding			1,547	2,853
			45,353	21,766
Other income
Service charges receivable			19,660	16,556
Other income			7,303	11,848
COVID- government		grants	101.891	121,882
			128.854	150,286
Total Incoming resources			457,314	395,329
EXPENDITURE
Other trading activities
Property management		expenses	6,960	5,458
Chaiitable activities
Wages			I73,734	192,524
Social security			8,975	14,069
Pensions			2,453	3,745
Donations paid			27,000
			212,162	210,338
Other
Hire ofequipment			2,570	2,221
Advertising and promotion			1,350	560
Rates and water			63,321	29,317
Insurance			11,023	18,605
Light and heat			48,248	48,360
Motor and travel expenses			2,301	594
Printing. postage and		stationery	6,219	6,757
Telephone			4,572	2,748
ITand internet costs			3,552	2,203
Carried forward			143,156	111,365

	2021	2020
Other
Brought forward	143,156	111,365
Library costs	9,790	14,896
Repairs and maintenance	18,847	14,364
Cleaning	7,585	7,500
Bank charges	1,176	42
Legal and professional	7,570	26,676
Financial operations	18,000	18,452
Meals and accommodation	8,426	3,294
Entertainment	'I38
Freehold property dep'n	44,032	46,823
Fixtures 8, fittings dep'n	5,116	5,624
Motor vehicle dep'n	41	54
Bank interest	I
Bank loan interest	4,162	5,705
	268,040	254,795
Support costs
Governance costs
Auditors' remuneration	6,850	6,750
Total resources expended	494,012	477,341
Net expenditure	(36,698)	(82,012)