Registered number: 08820017 Charity number: 1171689 RANDEREE CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detsils of the Charity, its Trustees and Advisers Tru$teos' Report Independent Auditors. Report on the Financial Statements statement of Financial Activities Balance Sheet 10 Statement of Cash Flows Notes to the Financial Statements 12-27
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees Shireen Randeree Zaid Randeree Simon Mitchell Faisal Randeree Norman Waller Company registgred number 08820017 Charity registerod number 1171689 Registored officg 85 Strand London WC2R ODW Chief executive officer Fatimah Ashrif Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Patemoster House 65 Sl Paul's Churchyard London EC4M 8AB Bankers National Westminster Bank PIC 1 PrinSS Street London EC2R 8BP Solicitors Bates Vvells Braithwaite 10 Queen Sl London EC4R 1 BE Page 1
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees (who are also Directors for the purposes of Company Lawl present their annual report together with the audited financial slalements of the charity for the ended 31 December 2021. The Trustees and Directors confi'rm that the Annual Report, which includes the Directors report, and financial statements of the charity comply with the current slalutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. sin the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 Istrategic Report and Direclorfs Report) Regulations 2013 is not required. Trustees The Trustees who served during the year and since the year end were as follows.. Shireen Randeree Zaid Randeree Simon Mitchell Faisal Randeree Nomian Waller structure. governance and management Randeree Charitable Trust is an incorporated charity, consliluled by its Memorandum and Articles dated 18 December 2013 as amended on 28 November 2017. The company registered as a charity on 20 February 2017. The Charity is run by the Board of Trustees, detailed above. The Trustees meet and communicate regularly lo review performance of the Charity, consider risks and issues affecting the Charity, and lo review the future plans of the Charity. Appointment of new Trustees is governed by the Memorandum and Articles of the Charity. The members of the Board of Trustees are aulhorised lo appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. The new Trustees are briefed about their duties from the current Trustees. The Trustees actively review the major risks the Charity faces on a regular basis. The Trustees have also examined other operational and business risks faced by the Charity and have established systems lo mitigate these risks. Objectives and Activities The objectives of the charity are to make grants for the charitable purposes of advancing education and amateur sports for the public benefit, to empower young people from disadvantaged backgrounds and support other such charitable purposes which satisfy The Charity Commission's guidance on public benefit. The short-term and long-term objectives of the charity during the year were to use donations received lo make charitable distributions In furtherance of the charity's objectives. The grants have been made to organisalions and projects which promote.. education, inclusion and empowerment of young people from disadvantsged communities,. community cohesion through interfaith dialogue and research., and amateur sports. This is the strategy that the charity has been using to further ils aims, with the Trustees and Directors deciding which individuals and organisations to make grants lo. In establishing the objectives and activities of the Charity, the Trustees have given careful consideration to the Charity Commission's guidance on public benefit. Page 2
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Objectives and Activities Icontinuedl The main criteria which the charity uses to measure success li.e. its key performan indicalorsl are the volume of donations received and donations paid to further the charity's objectives. The Trustees and Directors are also keen lo ensure impact of the projects il supports and does this through a reporting procedure agreed with each grantee as seems appropriate lo the nature of the project. Achievements and performance In 2021, the charity honoured ils commitments lo support specific projects made in preceding years including those relating to the support of young people in education and careers, and promoting inlerreligious understanding. Due to the uncertainty created by the Covid-19 pandemic for the Trust's income, the Trustees have proceeded cautiously and refrained from creating significant commitments lo new projects. The Trust continues to follow the progress and projects of partner charities, organisalions and institutions engaged in its areas of interest with the intention of more proactive granlmaking in 2022 and 2023. Financial review During the year, the Charity achieved a surplus of £401,581 12020 £109,728). As at 31 Dember 2021 the charity had unreslricled funds of £2,785,517 12020 £2,394,676) and restricted funds of £1,610,740 12020 £1,600,000). 11 is the policy of the Trustees lo continue lo build reserves and use the funds lo make donations for charitable purposes. The level of donations made by the charity fluctuates year on year depending on availability of funds and need. In addition, fixed costs are kept lo a minimal level and are usually funded by investment income raised in the year. As such, the Trustees do not consider the need to set a reserves policy. The principal risks which affects the charity's future financial position are an adverse movement in the value of investments held and a significant decrease in donation or investment income. These risks are monitored by the Trustees on a regular basis. The Charity did not carry out any significant fundraising activities in the current or prior year. Plans for future periods The Trustees remain commilled to advancing education, empowering young people from disadvantaged backgrounds through encouragement of civic engagement, leadership and mentoring inilialives, and amateur sports and intend lo continue using donations received lo make charitable dislribulions lo further this advancement. In addition the Trustees are keen lo continue to support the work of organisations engaged in interfaith dialogue and research to promote deeper understanding within and across communities. The charity has developed relationships with a number of trusted and widely respected organisations with shared objectives which it intends lo continue lo fund and collaborate with so as to further its aims. The Trustees have experience in working with these organisations and anticipate lo continue funding them in order to promote Ils objectives. Page 3
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 statement of Trustees, responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial slalements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP IFRS 1021 make judgments and accounting esb'mates that are reasonable and prudent", slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial ststemenls comply with the Companies Act 2006. 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. Oisclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitsble companys auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors a 8W8re of that infomialion. Auditors The auditors, Lubbock Fine LLP, will be proposed for reappointment in accordance with sects'on 485 of the Companies Act 2006. In preparing this report, the Iruslees have tsken advantage of the small company exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Trustees and signed on their behalf by.. Shireen Randeree Trustee Dale: 0410412023 Page 4
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST FOR THE YEAR ENDED 31 DECEMBER 2021 OPINION We have audited the financial statements of Rsnderee Charitable Trust Ithe 'charity'l for the year ended 31 December 2021 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the state of the ch8ri18ble company's affairs as al 31 December 2021 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slalements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 5
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified bylaw are not made", or we have not received all the information and explanab'ons we requio for our audit", or the Trustees were not entitled to prepare the financial ststemenls in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Slalement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is neSSary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going GOnrn, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Page 6
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financi81 statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregul8rilies, including fraud and noncompliance with laws and regulations, we considered the following.. Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instsnces of non-compliance detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established lo mitigate risks related to fraud or non-compliance of laws and regulations", and Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the delerminalion of material amounts and disclosures in the financial slatemenls. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP 2019 and the Companies Act 2006. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the charity's ability to operate or lo avoid a material penalty. As a result of these procedures, we considered the particular areas that were susceptible lo misstatement due lo fraud were in respect of unrecorded grant commitments and the lack of dedicated finance function. Our prOdureS to respond to risks identified included the following.. Reviewing the financial statement disclosures and testing lo supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management Conrning actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo traud., Reading minutes of meetings of those charged with governance., Page 7
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 In addressing the risk of fraud through management override of controls., assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity's operations,. Performing an after dale reviews lo assess the need to recognise additional grant commitments., Substsntive testing on a sample of transactions In the year. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstslemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. LLL Fy Lee Facey {Senior Statutory Auditor) for and on behalf of Lubbock Fine LLP Chartered Accountants & Stalulory Auditors Palernosler House 65 St Paul's Churchyard London EC4M 8AB Dale..04 April 2023 Page 8
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Investments 335,207 280,683 83,240 105,365 418,447 386,048 16,887 251,168 Total income 615,890 188,605 804,495 268,055 Expenditure on: Raising funds Charitable activities 31,417 193,632 105,365 72,500 136,782 266,132 22,971 150,356 Total expenditure 225,049 177,865 402,914 173,327 Net Income before net galns on Investments Nel gains on investments 390,841 10,740 401,581 94,728 15,000 Net movement in funds 390,841 10,740 401,581 109,728 Reconciliation of funds: Total funds brought forward 2,394,676 1,600,000 3,994,676 3,884,948 Total funds carrled for•vard 2,785,517 1,610,740 4,396,257 3,994,676 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 27 form part of these financial statements. Page 9
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) REGISTERED NUMBER.. 08820017 BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Investments Investment pioperty 13 12 812,207 4,500,000 4,200,000 5,312,207 4,200,000 Current assets Debtors Cash al bank and in hand 14 216,507 1,240,485 90,808 2,181,609 1,456,992 2,272,417 Creditors.. amounts falling due within one year 15 1334,0601 1325,8231 Net current assets 1,122,932 1,946,594 Total assets less current liabilities 6,435,139 6,146,594 Creditors.. amounts falling due after more than one year 16 12,038,882) 12,151,918) Total net assets 4,396,257 3,994,676 Charlty funds Reslrirted funds Unrestricted funds 17,18 17,18 1,610,740 2,785,517 1,600,000 2,394,676 Total funds 4,396,257 3,994,676 The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Shireen Randeree (Trusteel Dale.. 0410412023 The notes on pages 12 to 27 form part of these financial statements. Page 10
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash flows from operating activities Nel cash used in operating activities 20 1413,2361 1,815,036 Cash flow5 from investing activities Dividends, interests and rents from investments Purchase of investments 272,112 1800,0001 244,739 Net cash lused inyprovided by investing activities 1527,8881 244,739 Change in cash and eash equivalents in the year Cash and cash equivalents al the beginning of the year 1941,1241 2,059,775 2,181,609 121,834 Cash and cash equivalents at the end of the year 21 1,240,485 2,181,609 The notes on pages 12 to 27 form part of these financi81 statements Page 11
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 GENERAL INFORMATION The charity is 8 private company limited by guarantee, incorporated in England and Wales. Its registered office and principal pla of business is 85 Strand, London, WC2R ODW. The members of the company are the Trustees named on page 1. In the event of the charity Ing wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The financial statements are presented in sterling which is the functional currency of the charity and are rounded lo the nearest £. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Randeree Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise slated in the relevant accounting policy. 2.2 Consolldatlon In the opinion of the Trustees, the charitsble company and its subsidiary undertakings comprise a small group. The charitable company has therefore tsken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare consolidated accounts. In addition, the aggregate gross income of the charitable company and its subsidiaries after tsking into account consolidation adjustments was less than £1m and therefore there is no requirement lo prepare consolidated accounts in accordance with the Charities Act. 2.3 Golng concern The Charity is in the main reliant on donation and rental income and the support of related parties lo meet ils running costs. Due to the nature of ils aclivilies, the majority of the Charity's expenditure is incurred directly on grant making and so the Charity is able to control its direct charitable expenditure based upon the level of donation and rental income that it has received and the anticipated ongoing support of related parties. The Trustees consider il appropriate to prepare the financial stslemenls on a going concern basis on the assumption that sufficient incoming resources will be generated to meet the Charity's running costs. The financial statements do not include any adjustment which would result if there were insufficient funds available in respect of the Charity's operations. Page 12
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES {CONTINUED) 2.4 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measLJred reliably. Donation income is recognised in the period when the pledge is made. Rent81 income is recognised when due with the relevant accrued and deferred income adjustments processed. On receipt, donated professional services, donated facilities and donated properties are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market." 8 corresponding amount is then CogniSed in expenditure in the period of receipt. Income 18x recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normalty upon notification of the interest paid or payable by the Bank. 2.6 Expenditure Expenditure is recognised once there is 8 legal or constructive obligation to transfer economic benefit to a third paty, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including SUPFX)rt costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which a not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resoLJrces. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds inclLJdes 811 expenditure incurred by the Charity to raise funds for ils charitable purposes. Expenditure on charitable activities is incurred on direelly undertaking the 8cb'vilies which further the Charity's objectives, as well as any associated support costs. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and governance costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT except for transactions relating to opted to tax investment properties. Page 13
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES {CONTINUED) 2.7 Investments Fixed asset investments are 8 form of financial instrument and are initially recognised at their transaction cost and subsequenlly measured at fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'GainsllLossesl in the Statement of Financial Activities incorporating Income and Expenditure Account. Investments in subsidiaries are valued al cost less provision for impairment. 2.8 Investment Property Investment property IS Carried at fair value derived from the current market rents and investment property yields for comparable real estate. adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Aclivilies. 2.9 Operating leases Rentals under operating leases are charged lo the Statement of Financi81 Activities incorporating Income and Expenditure Account on a slraighl line basis over the lease term. Benefits received 8nd receivable as an incentive to sign an operating lease 8re rectnISed on 8 straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. 2.10 Debtors Trade and other debtors a recognised al the geternent amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade diseounls due. 2.11 Cash at bank and in hand C8sh at bank 8nd in hand includes cash and short-term highly liquid investments with a short m8turity of three months or less from the date of 8CqUlSltion or opening of the deposit or similar account. 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation 8t the B81anee Sheet dale as a result of a past event, it is probablè that a transfer of economic benefit will be requirèd in setuement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 14
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES {CONTINUED) 2.13 Financial instruments The Charity only has financial assets and financial liabilities of 8 kind that qualify as basic financial instruments. Basic financial instruments are initl8lly recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Fund accounting General funds are unreslricled fLJnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and Ljse of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.15 Taxation The Charity is conSided lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corFioration tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.16 Foreign eurrencies Monetary assets and liabilities denominated in foreign currencies are translated into sleding at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into steding al the rale ruling on the dale of the transaction. Exchange gains and losses are recognised in the St8tement of Financi81 Activities incorporating Income and Expenditure Account. Page 15
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Donations and gifts 335,207 83,240 418,447 Included within donations and gifts is an amount of £12,207 which represents the nel donation from a subsidiary company during the year as further detailed in note 13. Unrestricted funds 2020 Total funds 2020 Donations and gifts 16,887 16,887 INVESTMENT INCOME Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Rental Income Lease incenb'ves Bank interest receivable 271,912 8,571 200 271,912 113,936 200 105,385 280,683 105,365 386,048 Unrestricted funds 2020 Total funds 2020 Rental Income 243,613 6,429 1,126 243,613 6,429 1,126 Lease incentives Bank interest receivable 251,168 251,168 Page 16
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 EXPENDITURE ON RAISING FUNDS Costs of raising voluntary income Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Management fees Property costs 12,770 18,647 12,770 124,012 105,365 31,417 105,365 136,782 Unrestricted funds 2020 Total funds 2020 Management fees Property costs 13,346 9,625 13,346 9,625 22,971 22,971 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Grants and support costs 193,632 72,500 266,132 Unrestricted funds 2020 Total funds 2020 Grants and support costs 150,356 150,356 Page 17
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2021 Support costs Total funds 2021 2021 Grant making activity 170,312 95,820 266, 132 Activities undertaken directly 2020 Support costs 2020 Total funds 2020 Grant making activity 54,439 95,917 150,356 ANALYSIS OF GRANTS Total funds 2021 Grants 2021 Faith Belief Forum Cambridge Muslim College The Woolf Institute harAcademy Muslim Aid 10,000 48,445 30,000 20,000 20,000 10,000 48,445 30,000 20,000 20,000 E- jj The Muslim Cultural Heritage Centre Trust UKIM West London Islamic Centre Islamic Relief City University Kings College (see note below) other grants lo institutions Grants to individuals 10,000 10,000 10,000 10,610 117,1431 13,000 5,400 10,000 10,000 10,000 10,610 117,1431 13,000 5,400 170,312 170,312 Page 18
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Total funds 2020 Grants 2020 Cambridge Muslim College The Woolf Institute Kings College London Faith Belief Forum PrInS Trust- Reversal of 2018 grant commitment 44,439 25,000 20,000 15,000 150,0001 44,439 25,000 20,000 15,000 150,0001 54,439 54,439 A grant of £20,000 was awarded lo Kings College during 2020, of which £17,143 remained unpent at 31 December 2021 and was repaid lo the Charity post year end. SUPPORT COSTS Support Costs 2021 Total funds 2021 Audit and accountancy fees {governan> Professional fees 11,040 57,948 26,832 11,040 57,948 26,832 Other expenses 95,820 95,820 Support Costs 2020 Total fvnds 2020 Audit and accountancy fees {governan) Professional fees 12,600 72,471 10,830 16 12,600 72,471 10,830 Other expenses Finance costs 95,917 95,917 During the current and prior year, the charity had no employees and therefore no employees with remuneration above £60,000. Page 19
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. AUDITORS. REMUNERATION 2021 2020 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 8,000 7,500 Fees payable to the Charity's auditor in respect of.. All non-audit services not included above 3,040 5,100 11. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees reiVed any remuneration or other benefits12020 - £NILI. During the year ended 31 December 2021, no Trustee expenses have been incurred12020 - £NIL}. 12. INVESTMENT PROPERTY Freehold investment property Valuation At 1 January 2021 Additions 4,200,000 300,000 At 31 December2021 4,500,000 The historical cost of the investment properties as al 31 December 2021 was £4,516,010. The freehold investment properties were valued at £4,500,000 as al 31 Dember 2021 by the Trustees who are qualified property managers. On 17 April 2018 an option was granted by the Charity to a beneficiary lo purchase an investment property from the Charity within live years al an agreed price of £1.6m which is also the considered valuation al 31 December 2021. On 28 June 2021 an investment propety with a valuation of £300,000 was gifted to the charity from a subsidiary company, Mossley Hill-BG Properties Limited. Page 20
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. FIXED ASSET INVESTMENTS Investments subsidiary companies Cost or valuation Additions Amounts written off 1,100,000 1287,7931 At 31 December2021 812,207 Net book value 812,207 At 31 December2021 On 25 March 2021, shares in Mossley Hill-BG Properties Limited were gifted to the Charity. At the date of the gift, the shares had a value of £300,000 and the gift was recorded as income and as an asset on the balance sheet. On 28 June 2021 a propety, with a value of £300,000, owned by Mossley Hill-BG Properties Limited was transferred to the Charity. The investment in the subsidiary was subsequenuy impaired by £287,793 to reflect the the revised value of the shares following the transfer of the property. The impairment has been set off against the original income of £300,000 on the Statement of Financial Activities due to the transactions being connected. PRINCIPAL SUBSIDIARIES The following were subsidiary undertakings of the Charity with the Charity owning 1000/0 of the ordinary share capital of each entity.. Names Company number Reglstered office or prlnclpal Prlnclpal actlvlty place of business Mossley Hill-BG Properties Limited 8329 Second Floor, The Quadrant, Manglier Street, P.0 Box 1312 Victoria, Mahé Second Floor, The Quadrant, Manglier Street, P.0 Box 1312 Victoria, Mahé Propety Investment Swallow Holdings Limited 8630 Propety Investment Page 21
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. FIXED ASSET INVESTMENTS ICONTINUEDI The subsidiaries prepare financial statements to 31 March each year which is not coterminous with the Charity. The financi81 results of the subsidiaries for the year ended 31 March 2022 were.. Names Income Expenditure ProfitllLoss) I Surplusl (Deficitl for the year Net assets Mossley Hill-BG Properties Limited Swallow Holdings Limited 81,957 109,986 1306,5501 1109,9861 1224,5931 12,207 S91,254 14. DEBTORS 2021 2020 Trade debtors 21,445 189,651 5,411 4,672 75,731 10,405 Other debtors Prepayments and accrued income 216,507 90,808 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Other loans 187,000 2,090 7,070 4,548 105,092 28,280 187,000 2,072 Trade creditors Other taxation and social security other creditors Accruals and deferred income Grants payable 92,312 44,439 334,060 325,823 Deferred income of £39,46212020 - £32,732) relates to 2D22 rental income received in advance. Deferred income also incudes a landlord contribution on a new lease lotalling £32,183 12020 - £33.0821 which will be released lo the Stslemenl of Financial Activities as related expenditure is incurred. Included in accruals is a lease incentive creditor lotalling £8,571 12020 - £8,571) which will be released to the Stslement of Financial Activities over the term of the lease. Other loans totalling £187,00012020 - £187,000) are unsecured, interest free and repayable on demand. Page 22
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 2020 Accruals and deferred income 2,038,882 2,151,918 Deferred income also incudes a landlord contribution on a new lease lotalling £1,762.452 12020 £1,866,918) which will be relased lo the Statement of Financial Activities as related expenditure is incurred. Included in accruals is a lease inTrntive creditor lotalling £276,429 12020 £285.0001 which will be released lo the Statement of Financial Activities over the term of the lease. 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 December 2021 Balance at 1 January 2021 Income Expenditure Unrestricted funds General Funds 2,394,676 615,890 1225,0491 2,785,517 Restricted funds Propety Fund Zakat Fund 1,600,000 105,365 83,240 1105,3651 172,5001 1,600,000 10,740 1,600,000 188,605 1177,8651 1,610,740 Total of funds 3,994,676 804,495 1402,9141 4,396,257 The Pmpety Fund relates to the propety referred lo in Note 12. The Zakat Fund represents donations received which are lo be spent on Zakat eligible projects. Page 23
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 Gainsl December (Losses) 2020 Balance at 1 January 2020 Income Expenditure Unrestricted funds Gener81 Funds 2,284,948 268,055 1173,3271 15,000 2,394,676 Balance at 31 Gainsl Decgmber ILossos} 2020 Balance at 1 January 2020 Income Expendituro Restrlcted funds Property Fund 1,600,000 1,600,000 Total of funds 3,884,948 268,055 1173,3271 15,000 3,994,676 18. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 December 2021 Balance at 1 January 2021 Income Expenditure General funds Reslricled funds 2,394,676 1,600,000 615,890 188,605 1225,0491 1177,8651 2,785,517 1,610,740 3,994,676 804,495 1402,9141 4,396,257 Page 24
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. SUMMARY OF FUNDS ICONTINUEDI SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 Gainsl December (Losses) 2020 Balance at 1 January 2020 Income Expenditure General funds Restricted funds 2,284,948 1,600,000 268,055 1173,3271 15,000 2,394,676 1,600,000 3,884,948 268,055 1173,3271 15,000 3,994,676 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 812,207 812,207 2,900,000 1,600,000 4,500,000 1348,3831 1,805,375 1,456,992 1301,8771 132,1831 1334,0601 1276,4301 11,762,452) 12,038,882) Total 2,785,517 1,610,740 4,396,257 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Investment property Current assets Creditors due within one year Creditors due in more than one year 2,600,000 1,600,000 4,200,000 372,417 1,900,000 2,272,417 1150,2371 1175,5861 1325,8231 1427,5041 11,724,414) 12,151,918) Total 2,394,676 1,600,000 3,994,676 Page 25
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 20. ACTIVITIES 2021 2020 Nel income for the year las per Statement of Financial Acliviliesl 401,581 109,728 Adjustments for: Gains on investments 115,0001 1243,6131 11,7231 1,966,770 11,1261 Dividends, interests and rents from investment5 Increase in debtors Increaselldecreasel in creditors Interest receivable 1271,9121 1125,6991 1104,7991 12001 1312,2071 Non cash donations Net cash provided byllused inl opgrating activities 1413,2361 1,815,036 21. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020 Cash in hand 1,240,485 2,181,609 Total cash and cash equivalents 1,240,485 2,181,609 22. ANALYSIS OF CHANGES IN NET DEBT At1 January 2021 Cash flows At31 December 2021 Cash al bank and in hand Debt due within 1 year 2,181,609 1187,0001 1941,1241 1,240,485 1187,0001 1,994,609 1941,1241 1,053,485 Page 26
RANDEREE CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 23. OPERATING LEASE- LESSOR As 8131 December 2021 the total of the Charity's future minimum lease receipts under non-cancellable operating leases was". 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years 90,000 135,000 115,750 225,000 225,000 340,750 The Charity receives rent from leasing out investment properties. 24. RELATED PARTY TRANSACTIONS During the year, property management fees of £12,770 12020 - £13,346) were charged by Pelham Incorporated Limited, a company in which Shireen Randeree, a trustee, is a director and controlling shareholder. During the year the charity received gifts in kind, for adminislralion and rental space, at a value of £15,00012020 - £9,887) from Pelham Incorporated Limited. At 31 December 2021, an amount of £172,507 12020 £65,731) was due from Pelham Incorporated Limited. During the year, £42,07912020 - £43,124) was payable to Treasured Insight Limited for key management personnel seNices provided in the year. 25. POST BALANCE SHEET EVENTS In June 2022, an investment property owned by a subsidiary of the Charity with a value of £800,000 was gifted lo the Charity. In December 2022, the Charity purchased 100Q/o of the shares in an investment property company for £1.325m. In January 2023, the Charity completed on the sale of an investment property for £1.6m. Page 27