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← Randeree Charitable Trust

2023-12-31-accounts

Registered number: 08820017 Charity number: 1171689

RANDEREE CHARITABLE TRUST FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Auditors' Report on the Financial Statements 5 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 - 30

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Shireen Randeree
Zaid Randeree
Simon Mitchell
Faisal Randeree
Norman Waller
Company registered
number
08820017
Charity registered
number
1171689
Registered office
85 Strand
London
WC2R 0DW
Chief executive officer
Fatimah Ashrif
Independent auditors
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB
Bankers
National Westminster Bank Plc
1 Princess Street
London
EC2R 8BP
Solicitors
Bates Wells Braithwaite
10 Queen St
London
EC4R 1BE

Page 1

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees (who are also Directors for the purposes of Company Law) present their annual report together with the audited financial statements of the charity for the ended 31 December 2023. The Trustees and Directors confirm that the Annual Report, which includes the Directors report, and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director's 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 Norman Waller

Structure, governance and management

Randeree Charitable Trust is an incorporated charity, constituted 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 to review performance of the Charity, consider risks and issues affecting the Charity, and to 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 authorised to 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 to 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 to make charitable distributions in furtherance of the charity's objectives. The grants have been made to organisations and projects which promote: education, inclusion and empowerment of young people from disadvantaged communities; community cohesion through interfaith dialogue and research; and amateur sports. This is the strategy that the charity has been using to further its aims, with the Trustees and Directors deciding which individuals and organisations to make grants to.

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

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and Activities (continued)

The two main criteria which the charity uses to measure success (i.e. its key performance indicators) are the volume of donations received and donations paid to further the charity's objectives. The Trustees and Directors are also keen to ensure impact of the projects it supports and does this through a reporting procedure agreed with each grantee as seems appropriate to the nature of the project.

Achievements and performance

In 2023, the charity honoured its commitments to support specific projects made in preceding years including those relating to the support of young people in education and careers, and promoting interreligious understanding. The Trust continues to follow the progress and projects of partner charities, organisations and institutions, and those engaged in its areas of interest with the intention of more collaborative grantmaking in 2024.

Financial review

During the year, the Charity achieved a surplus of £22,906 (2022 - surplus of £85,469). As at 31 December 2023 the charity had unrestricted funds of £4,392,068 (2022 - £2,823,846) and restricted funds of £112,564 (2022 - £1,657,880).

It is the policy of the Trustees to continue to build reserves and use the funds to 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 to 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 formal reserves policy but will continue to review this.

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 committed to advancing education, empowering young people from disadvantaged backgrounds through encouragement of civic engagement, leadership and mentoring initiatives and intends to continue using donations received to make charitable distributions to further this advancement. In addition the Trustees are keen to 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 continues to cultivate in order to fund and or collaborate with so as to further its aims.

In 2022, the Trust collaborated with other known charities to successfully deliver a nationwide training programme for young British Muslim faith leaders, men and women from across Britain's diverse communities. Feedback from the participants indicated its overwhelming success and it was agreed that the Trust should continue to build on this work. A new cohort was recruited in 2023 and began the programme in early December. The aim is to forge a community of leaders across British Muslim communities who can work together for the benefit of their communities and wider society.

Trustees are looking to the long term future of the Trust and are considering ways in which to increase the overall income from its assets with the aim of securing additional funding for its charitable objectives and so that it is less reliant on external donations in the future.

Page 3

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) 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 Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Lubbock Fine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

In preparing this report, the trustees have taken 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 Date: 14 October 2024

Page 4

RANDEREE CHARITABLE TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST

FOR THE YEAR ENDED 31 DECEMBER 2023

OPINION

We have audited the financial statements of Randeree Charitable Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, 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 Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 to 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 to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, 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 to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 5

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to 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 misstatement 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:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge 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 to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 6

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 (UK) 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

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 determination of material amounts and disclosures in the financial statements. 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 but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of unrecorded grant commitments and the lack of dedicated finance function. Our procedures to respond to risks identified included the following:

Page 7

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANDEREE CHARITABLE TRUST (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 misstatement 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 statements, as we will be less likely to 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 statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. 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 state to the charitable company's members those matters we are required to state to 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Facey (Senior Statutory Auditor)

for and on behalf of Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB 14 October 2024 Date:

Page 8

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
Investments
3
4
Total income
Expenditure on:
Raising funds
Charitable activities
5
6
Total expenditure
Net (expenditure)/income
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
15,000
430,144
445,144
209,588
267,334
476,922
(31,778)
1,600,000
1,568,222
2,823,846
4,392,068		 Restricted
funds
2023
£
223,990
437,193
661,183
437,193
169,306
606,499
54,684
(1,600,000)
(1,545,316)
1,657,880
112,564		 Total
funds
2023
£
238,990
867,337
1,106,327
646,781
436,640
1,083,421
22,906
-
22,906
4,481,726
4,504,632		 Total
funds
2022
£
291,611
658,592
950,203
399,847
464,887
864,734
85,469
-
85,469
4,396,257
4,481,726

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 30 form part of these financial statements.

Page 9

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 08820017

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
Fixed assets
Investments
12
Investment property
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets / liabilites
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 333,803
703,479
1,037,282
(402,816)		 2023
£
-
5,088,665
5,088,665
634,466
5,723,131
(1,218,499)
4,504,632
112,564
4,392,068
4,504,632		 359,528
943,741
1,303,269
(1,784,155)		 2022
£
1,325,000
5,305,775
6,630,775
(480,886)
6,149,889
(1,668,163)
4,481,726
1,657,880
2,823,846
4,481,726

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Shireen Randeree

(Trustee)

14 October 2024 Date:

The notes on pages 12 to 30 form part of these financial statements.

Page 10

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

STATENENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
19		 2023
£
(2,161,459)
379,087
1,600,000
(57,890)
1,921,197
(240,262)
943,741
703,479		 2022
£
(590,465)
293,721
-
-
293,721
(296,744)
1,240,485
943,741

The notes on pages 12 to 30 form part of these financial statements

Page 11

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. GENERAL INFORMATION

The charity is a private company limited by guarantee, incorporated in England and Wales. Its registered office and principal place of business is 85 Strand, London, WC2R 0DW. The members of the company are the Trustees named on page 1. In the event of the charity being 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 to the nearest £.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 otherwise stated in the relevant accounting policy.

2.2 Going concern

The Charity is in the main reliant on donation and rental income and the support of related parties to meet its running costs. Due to the nature of its activities, 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 it appropriate to prepare the financial statements 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.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donation income is recognised in the period when the pledge is made.

Rental 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 to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 12

RANDEREE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

(A Company Limited by Guarantee)

FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. 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 includes all expenditure incurred by the Charity to raise funds for its charitable purposes.

Expenditure on charitable activities is incurred on directly undertaking the activities 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 met 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.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(Losses) in the Statement of Financial Activities incorporating Income and Expenditure Account.

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 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 Activities.

Page 13

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.8 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities incorporating Income and Expenditure Account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a 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.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, 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 to settle the obligation. Where the effect of the time 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.

2.12 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds 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 restrictions 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 use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 14

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.14 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation 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.

2.15 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Page 15

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2023
£
Donations and gifts
15,000
Unrestricted
funds
2022
£
Donations and gifts
86,456		 Restricted
funds
2023
£
223,990
Restricted
funds
2022
£
205,155		 Total
funds
2023
£
238,990
Total
funds
2022
£
291,611

4. INVESTMENT INCOME

Unrestricted
funds
2023
£
Rental Income
312,711
Dividend Income
97,828
Lease incentives
8,571
Bank interest receivable
11,034
430,144
Unrestricted
funds
2022
£
Rental Income
291,340
Lease incentives
8,571
Bank interest receivable
2,381
302,292		 Restricted
funds
2023
£
-
-
437,193
-
437,193
Restricted
funds
2022
£
-
356,300
-
356,300		 Total
funds
2023
£
312,711
97,828
445,764
11,034
867,337
Total
funds
2022
£
291,340
364,871
2,381
658,592

Page 16

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

5. EXPENDITURE ON RAISING FUNDS

Costs of raising voluntary income

Unrestricted
funds
2023
£
Management fees
14,308
Property costs
195,280
209,588
Unrestricted
funds
2022
£
Management fees
13,528
Property costs
30,020
43,548		 Restricted
funds
2023
£
-
437,193
437,193
Restricted
funds
2022
£
-
356,299
356,299		 Total
funds
2023
£
14,308
632,473
646,781
Total
funds
2022
£
13,528
386,319
399,847

Page 17

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2023
£
Grants making activity
220,271
Mosaic Leadership Programme
47,063
267,334
Unrestricted
funds
2022
£
Grants making activity
264,898
Mosaic Leadership Programme
41,973
306,871		 Restricted
funds
2023
£
107,000
62,306
169,306
Restricted
funds
2022
£
79,000
79,016
158,016		 Total
2023
£
327,271
109,369
436,640
Total
2022
£
343,898
120,989
464,887

Page 18

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Grant making activity
Mosaic Leadership Programme
Grant making activity
Mosaic Leadership Programme		 Activities
undertaken
directly
2023
£
-
62,306
62,306
Activities
undertaken
directly
2022
£
-
79,016
79,016		 Grant
funding of
activities
2023
£
202,715
-
202,715
Grant
funding of
activities
2022
£
230,624
-
230,624		 Support
costs
2023
£
124,556
47,063
171,619
Support
costs
2022
£
113,274
41,973
155,247		 Total
funds
2023
£
327,271
109,369
436,640
Total
funds
2022
£
343,898
120,989
464,887

Page 19

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Bank charges
Professional fees - non property
Management fees
Audit and accountancy fees
Electricity
Rent and rates
Bad debts
Entertainment
Sundry expenses		 Grant
making
activity
2023
£
32
42,490
36,600
14,722
334
5,327
22,406
-
2,645
124,556		 Mosaic
Leadership
Programme
2023
£
-
44,345
-
2,598
-
-
-
120
-
47,063		 Total
funds
2023
£
32
86,835
36,600
17,320
334
5,327
22,406
120
2,645
171,619
Professional fees - non property
Management fees
Audit and accountancy fees
Electricity
Rent and rates
Bad debts
Impairment of investment
Entertainment
Travelling and accomodation		 Grant
making
activity
2022
£
46,546
29,400
12,782
304
198
11,836
12,207
-
-
113,274		 Mosaic
Leadership
Programme
2022
£
39,500
-
2,256
-
-
-
-
180
38
41,973		 Total
funds
2022
£
86,046
29,400
15,038
304
198
11,836
12,207
180
38
155,247

During the current and prior year, the charity had no employees and therefore no employees with remuneration above £60,000.

Page 20

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

8. ANALYSIS OF GRANTS

St Edumund's College
Solutions not sides
Muslim Aid
Yusuf Islam Foundation
Islamic Relief
Azhar Academy
The King's Trust International
Al Manaar
Football for Peace
The Hall School Endowment Fund
Farhana Mayer
Other grants to institutions
Other grants to individuals		 Grants
2023
£
30,000
11,250
10,000
10,000
10,000
15,000
35,000
10,000
14,965
25,000
10,000
19,000
2,500
202,715		 Total
funds
2023
£
30,000
11,250
10,000
10,000
10,000
15,000
35,000
10,000
14,965
25,000
10,000
19,000
2,500
202,715
Cambridge Muslim College
The Woolf Institute
Azhar Academy
Muslim Aid
St Edmund's College
Prince's Trust International
Al Manaar
British Institute of International and Comparative Law
Other grants to institutions		 Grants
2022
£
44,408
60,000
20,500
20,000
32,216
10,000
10,000
15,000
18,500
230,624		 Total
funds
2022
£
44,408
60,000
20,500
20,000
32,216
10,000
10,000
15,000
18,500
230,624

The Charity entered into a License to Occupy arrangement commencing 3 November 2022 with two beneficiaries in respect of a property leased by the Charity. The license fee payable by the beneficiaries to the Charity was a peppercorn. This arrangement was entered into as a way to further the Charity's objectives.

Page 21

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9. AUDITORS' REMUNERATION

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 17,000 11,950
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 320 3,088

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).

11. INVESTMENT PROPERTY

Valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023		 Freehold
investment
property
£
5,305,775
1,382,890
(1,600,000)
5,088,665

The historical cost of the investment properties as at 31 December 2023 was £5,073,665.

The freehold investment properties were valued at £5,088,665 as at 31 December 2023 by the Trustees who are qualified property managers.

On 17 April 2018 an option was granted by the Charity to a beneficiary to purchase an investment property from the Charity within five years at an agreed price of £1.6m which was also the considered valuation at 31 December 2022. The option was exercised in January 2023 and the property was sold to the beneficiary for the agreed price.

On 5 May 2023, an investment property with a valuation of £1,325,000 was gifted to the charity from a subsidiary company, Mall Holdings Limited which resulted in a corresponding impairment in the subsidiary undertaking (see note 12).

Page 22

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 January 2023
At 31 December 2023
Impairment
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Investments
in
subsidiary
companies
£
2,137,207
2,137,207
812,207
1,325,000
2,137,207
-
1,325,000

Page 23

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS (CONTINUED)

On 5 May 2023 a property with a value of £1,325,000 owned by Mall Holdings Limited, a subsidiary company, was transferred to the Charity. The investment in the subsidiary was subsequently impaired by £1,325,000 to reflect the revised value of the shares following the transfer of the property. The impairment has been set off against the income totalling £1,325,000 arising from the gift of the property on the Statement of Financial Activities due to the transactions being connected.

SUBSIDIARIES

The following were subsidiary undertakings of the Charity with the Charity owning 100% of the ordinary share capital of each entity:

Names Company Registered office or principal Principal activity number place of business Mossley Hill B-G Properties 8329 Second Floor, The Quadrant, Dormant Limited Manglier Street, P.O Box 1312 Victoria, Mahé Swallow Holdings Limited 8630 Second Floor, The Quadrant, Dormant Manglier Street, P.O Box 1312 Victoria, Mahé Mall Holdings Limited 14299 Second Floor, The Quadrant, Property Investment Manglier Street, P.O Box 1312 Victoria, Mahé

The subsidiaries prepare financial statements to 31 March each year which is not coterminous with the Charity. The financial results of the subsidiaries for the year ended 31 March 2024 were:

Names Income Expenditure Loss for the year Net liabilities £ £ £ £ Swallow Holdings Limited - - - 135 Mall Holdings Limited 53,638 1,053,230 999,592 1,791

Mossley Hill-BG Properties Limited was dormant during the year ended 31 March 2024 and had net assets of £Nil at the balance sheet date.

Page 24

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
33,036
174,835
125,932
333,803		 2022
£
16,568
267,265
75,695
359,528

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants payable		 2023
£
-
17,100
-
4,547
365,020
16,149
402,816		 2022
£
187,000
2,828
872
1,329,547
202,759
61,149
1,784,155

Deferred income of £53,332 (2022 - £30,136) relates to 2024 rental income received in advance. Deferred income also includes a landlord contribution on a new lease totalling £41,929 (2022 - £38,029) which will be released to the Statement of Financial Activities as related expenditure is incurred.

Included in accruals is a lease incentive creditor totalling £8,571 (2022 - £8,571) which will be released to the Statement of Financial Activities over the term of the lease.

Other loans totalling £Nil (2022 - £187,000) are unsecured, interest free and repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023 2022
£ £
Accruals and deferred income 1,218,499 1,668,163

Deferred income also includes a landlord contribution on a new lease totalling £959,213 (2022 - £1,400,306) which will be relased to the Statement of Financial Activities as related expenditure is incurred.

Included in accruals is a lease incentive creditor totalling £259,286 (2022 - £267,857) which will be released to the Statement of Financial Activities over the term of the lease.

Page 25

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR


Unrestricted funds
General Funds
Restricted funds
Property Fund
Property lease incentive Fund
Zakat Fund
Mosaic Leadership Programme
Fund
Total of funds		 Balance at 1
January
2023
£
2,823,846
1,600,000
-
51,827
6,053
1,657,880
4,481,726		 Income
£
445,144
-
437,193
123,990
100,000
661,183
1,106,327		 Expenditure
£
(476,922)
-
(437,193)
(107,000)
(62,306)
(606,499)
(1,083,421)		 Transfers
in/out
£
1,600,000
(1,600,000)
-
-
-
(1,600,000)
-		 Balance at
31
December
2023
£
4,392,068
-
-
68,817
43,747
112,564
4,504,632

The Property Fund relates to the property referred to in Note 11 which was sold in the year.

The property lease incentive relates to a contribution towards service charges, insurance premiums, rates utilities and other financial outgoings for Park Crescent.

The Zakat Fund represents donations received which are to be spent on Zakat eligible projects.

Mosaic Leadership Programme Fund relates to training for British Muslim faith leaders to develop the skills necessary to support their communities and young people.

Page 26

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

Unrestricted funds
General Funds
Restricted funds
Property Fund
Property lease incentive Fund
Zakat Fund
Mosaic Leadership Programme Fund
Total of funds		 Balance at
1 January
2022
£
2,785,517
Balance at
1 January
2022
£
1,600,000
-
10,740
-
1,610,740
4,396,257		 Income
£
388,748
Income
£
-
356,300
120,087
85,068
561,455
950,203		 Expenditure
£
(350,419)
Expenditure
£
-
(356,300)
(79,000)
(79,015)
(514,315)
(864,734)		 Balance at
31
December
2022
£
2,823,846
Balance at
31
December
2022
£
1,600,000
-
51,827
6,053
1,657,880
4,481,726

Page 27

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Investment property
5,088,665
Current assets
(76,424)
Creditors due within one year
(360,887)
Creditors due in more than one year
(259,286)
Total
4,392,068		 Restricted
funds
2023
£
-
1,113,706
(41,929)
(959,213)
112,564		 Endowment
funds
2023
£
-
-
-
-
-		 Total
funds
2023
£
5,088,665
1,037,282
(402,816)
(1,218,499)
4,504,632

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2022
£
Fixed asset investments
1,325,000
Investment property
3,705,775
Current assets
(192,945)
Creditors due within one year
(1,746,127)
Creditors due in more than one year
(267,856)		 Unrestricted
funds
2022
£
Fixed asset investments
1,325,000
Investment property
3,705,775
Current assets
(192,945)
Creditors due within one year
(1,746,127)
Creditors due in more than one year
(267,856)		 Restricted
funds
2022
£
-
1,600,000
1,496,215
(38,028)
(1,400,307)		 Total
funds
2022
£
1,325,000
5,305,775
1,303,270
(1,784,155)
(1,668,163)

Other unallocated		 (1) - (1)
Total 2,823,846 1,657,880 4,481,726

Page 28

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

18.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Impairment on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Decrease in creditors
Interest receivable
Net cash used in operating activities
19.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents
20.
ANALYSIS OF CHANGES IN NET DEBT
At 1
January
2023
£
Cash at bank and in hand
943,741
Debt due within 1 year
(187,000)
756,741		 FROM OPERATING
2023
2022
£
£
22,906
85,469
-
12,207
(368,053)
(291,340)
25,725
(143,021)
(1,831,003)
(251,399)
(11,034)
(2,381)
(2,161,459)
(590,465)
2023
2022
£
£
703,479
943,741
703,479
943,741
Cash flows
At 31
December
2023
£
£
(240,262)
703,479
187,000
-
(53,262)
703,479

Page 29

RANDEREE CHARITABLE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

21. OPERATING LEASE - LESSOR

As at 31 December 2023 the total of the Charity's future minimum lease receipts under non-cancellable operating leases was:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
184,888
120,312
305,200		 2022
£
109,000
45,000
154,000

The Charity receives rent from leasing out investment properties.

22. RELATED PARTY TRANSACTIONS

During the year, property management fees of £14,308 (2022 - £13,528) were charged by Pelham Incorporated Limited, a company in which Shireen Randeree, a trustee, is a director and controlling shareholder.

Restricted donations made by Trustees during the year totalled £25,000 (2022 - £Nil).

During the year the charity received gifts in kind, for administration and rental space, at a value of £15,000 (2022 - £15,000) from Pelham Incorporated Limited.

At 31 December 2023, an amount of £170,897 (2022 - £267,264) was held in a client account and was due from Pelham Incorporated Limited.

During the year, £64,963 (2022 - £57,712) was paid to Treasured Insight Limited for key management personnel services provided in the year.

Page 30