Whitethread Institute Report and Accounts Period ended 31st July 2021 Charity number: 1172677
Whitethread Institute Period pndnd ?• lil!., ?n?I Contents Reference and AdministratNe details....................-.......-............................... Trustees. Report............-................. Independent Examinerfs Report... ....... Statement of Financial Activities. Balance Sheet.... Statement of Cash Flows....................................................... .. -10 Notes to the Accounts .............. ... . .11 Pa8e 2 of 15
Whitethread Institute Pprjn Ao4 21 lillli. ?n?I Reference and Administrative details Charlty name Whttethread Instr(ute Re8iStered charity Trumber 1172677 Principal office addres5 329-333 High street Stratford London EIS 2TF Chairperson A Mangera Trustee5 A Mangera M Batha M Mangera R Esakjee Banker5 Unity Trust Bank Nine Brindleyplace Birmingham 812HB Independent Examiner SK Accountants Old Poplar Library 45 Gillender stet Poplar E14 6RN Page 3 of 15
Whitethread Institute Ap4 31 1.,1 ?n?I Trustees. Report The trustees have pleasure in pSenting their report and the financial statements for the charity for the period ended 31" July 2021. The truslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pparIng their account5 in accordance with the Financial Reportiri8 5t3nd8rd applicable in the UK and Republic of Iland IFRS 1021 (effective I january 20151. The trustees have considered the Charity CommisSn'S gUIdan on public benefit. including the guidance'public beneftt.. runnlng a charity IPB21'. The Trustees present their report and the financial Statements for the perwjd ended 31" July 2021. The Trustees who Served during the period and up to the date of thi5 report are set out ot) page 3. Strurture. Governance and Management The Charity is constilLSted as a Charttable Incorporated Organisation ICIOI Foundation, as a body corporate under Part 11 of the Charities Act 2011 on 21April 2017. The CIO registered with the Charity Commission on the same dav. Objectives and Artivities To advance the lIgIon of Islam for the public benefrt in accordan with the beliets and practices of the four recognized Sunni schools of thought, including the provision of education and training of Muslim leaders and scholars to work in the United Kingdom and elsewhere,. and through this to promote and advance religious and racial harrTKJny within the United Kingdom. hievements and PerfomHnce Whitethread Instttute continued its strong academic perforniance in the fourth year, running eight full-year programs and adding several short courses. As a result, the institute's reputation continued to grow. attracting students woddwide. The faculty remained committed to providing high-quality education, and the staff worked hard to ensure that all students had access to the resources they needed. The number of students enrolled on our courses contlnues to increase. We now have a total enrollment count above 125 full-time learners and 547 short course participants! This semester, the most popular subject was Mastering the Fiqh of Menstruation. In addition. over 380 people signed up for the Introdurtion To A Two Year Islamic Knowledge Seminar, which was also highly rated by all who attended. Our student body is a truty global community, representing twenty-eight countries. Many of our students benefit from our courses online, which allow them to study from anywhere in the world. Our courses are designed to provide an education that is aCsible, flexible. and of the h4ghest quality. We are proud to offer a learning experience tailored to the needs of our diverse student Pa8e 4 of 15
Whitethread Institute 31 lull4 2921 body. Our students tome from various backgrounds. and each bring5 their unique perspective to our community. As a resu. we prepare our students for success in an increasingly connected world. Financial Review The Chaiity started with £267,376 of which £1.570 was restrKted funds for S)nSoring Students. The fourth year of the Institute's courses started in September 2020 in line with the UK academic school year. Approximately £39.Cl)O were raised through donations in the 12 months to 31" july 2021. and around £I37,c came through course fees. The restricted funds were used to sponsor student fees for those who were eligible for the institute's sponsorship policy. Income for the 12 month period to 31" July 2021 amounted to £175.973 and expenditure arnounted to £83,032, which resulted in a surplus of £92,941. Reserves Policv Per the Charity Commission Buidance. the Trustees regularly review the level of income reserves that it considers appropriate. At 31" Juty 2021. the Trustees consider it appropriate to aim to hold unrestricted reserve5 eouNalent to three months. core operational running costs which are in the region of £21,(. The unrestricted reserves at 31 ju 2021 amounted to £360.316. Page 5 of 15
Whitethread Institute Statement of Trustees. Responsibilities The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards IUnite(l Kingdom Generally Accepted Accounting Prarticel- Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of Chartty and of the incoming resources and application of resources of the Charrty for that year. In preparin8 these financial statements the Trustees a required to-. selert suitable accounting policies and then appfy them consistently- observe the methods and principles in ihe Charities SORP.. make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basi5 unle55 it is inapproprlate to presume that the charrty will continue in operation. The trustees are re5p)n5ible for keeping proper accounting records which disck)se wfrth reasonable accuracy at any time the financial position of the chanty and enable them to ensLbre that the financial statements cornp with the charit Art 1993 and the Charity (Accounts and Rerts) Regulations 2(KJ8. They are also responsible for safeBuarding the assets of the charity and hence for takTrn8 reasonable steps for the prevention and detertion of fraud and other. Approved by the trustees and signed on its behaw by Date: DrAbdur-Rahman Mangera Chairperson, Board of Trustees Pa8e 6 of 15
Whitethread Institute Dpriod epded 31 Julii ?n?1 Independent Examinerfs Report To the trustees of Whitethread Institute I report on the accounts of the above charitable incorporatetl organisatM)n for the period ended 31 July 2021, which are set out on pages 8 to 15. Respecllve responslbillties of trustees and examiner The charitys trustees are responsible for the pparatiOn of the accounts in accordance with the requirements of the Chartties Art 20111~the Arfl. The Charity's trustees consider that an audit 15 not required for this perbod under section 144 of the Act and that an independent examination is needed. It is my responsibility to- examine the accounts under section 145 of the Chartties Act. to follow applicable Dirertions 8r¥en by the Charity Commission (under section 14515llbl of the Act, and To state whether parttcular matters have come to my attention. Basis of independent examDnerfs statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination include5 a review of the accounting records kept by the charity and a compafison of the accounts presented with those records. It also includes consideration of any unusual item5 or disc105ure5 in the accounts, and seeking explanations from the triistee5 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is lirnited to those matters set out tn the statemerrt below. Independent examiner's Statement In connection with my examination, no material Matte have come to my attention which gives me cause to believe that in, aoy material respect= accounling retords were not kept in accordance wfth seciion 130 of the Charities Act or the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date- SK Accountants Address: Old Poptar Library. 45 Gillender St. Poplar, E14 6RN Page 7 of 15
Whitethread Institute -Y4 pniqpcl 3; ,Iilv ?n7• Statement of Financial Activities Period Ended 31 July 2021 Unre5trirted Restricted nds funds 2021 Totsl funds 2020 Total funds Notes Incomlng resources Donations and legacies Charitable actNities 38,889 137,084 38,889 137,084 87,372 116,999 Total Incomlng resource5 175.973 175.973 204,371 Resources expended Charitable activities 181.4621 11,5701 183,0321 180,6551 Total Resources expended 181,4621 115701 183,032} 180,6551 Net incomellexpenditure) 94511 115701 92,941 123,716 Net movement in funds 94.511 {1.5701 92.941 123,716 Re¢oncilirtion offvnds.. Total funds brought forward 265.806 1.570 267.376 143,660 Total funds carrd forward 360.317 360.317 267,376 Pa8e 8 of 15
Whitethread Institute Pericd er..cled 31 Jti i. ?n?1 Balance Sheet As at 31 July 2021 Unre5trirted Restrfrted funds funds 2021 Total funds 2020 Total funds Notes Current assets Cash at bank and in hand 364.483 364,483 269,857 Totol Current ossets 364.483 364.483 269,857 Credltors: amounts falling due within one year 14,1671 14,1671 12.4811 Net current as5ets/(liabilitiesJ 360.316 360,316 267.376 Totol assets less current liabilities 3fAI,316 360.316 267,376 Creditors: amounts falllng due after one year Total net assets or liatr"lities 360.316 360,316 267,376 Funds of the Charlty Restricted income funds Unrestrirted funds io 1,570 265,806 3FiJ.316 360,316 Totalfvnd5 360.316 360,316 267,376 The financial statements were approved and authorised for issue by the Board and signed on its behalf by: Date.. DrAbdur-Rahman Mangera Chalrperson, Board of Twstees Pa8e 9 of 15
Whitethread Institute Prr',r4 p*4p4 31 1 1 uv2024 Statement of Cash Flows 2021 2020 Cash flows from operating artivftles: Net ¥novement in funds Less decrease in creditof5 92,941 1,685 123,716 19561 Net cash flow of operating artivities 94.626 122,760 Change in cash and cash equlvalents in the year 94.626 122.760 Cash and Cash equivalents brought forward 269,857 147.097 Total cash and cash equivalents at the end of the year 364.483 269,857 Page 10 of 15
Whitethread Institute 4 r+yAv4A 31 1?J!1, 7021 Notes to the Accounts l. Accounting Policies The principal accounting lIcIeS adopted. judgements and key sources of estimation uncertainty in the preparatbon of the financial statements are as follows- Basls of preparation IFRS1021 The financial statements have been prepared in accordance WTth Accounting antl Reporting by charities.. Statement of Recommended Practice applicable to charit5 preparing their accounts in accordance with the Financial ReFOrtrng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe l January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Whitethread Institute meets the definition of a public benefit entrty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unie5S Otherwise stated in the relevant accounting policy notel51. I ncome Income is recognised when the charity has entrtlement to the funds. any performance conditions attached to the itemlsl of income have been met. rt is probable that the income will be received. and the amount can be measured reliably. Income, whether 'capital' grants or 'revenue' grants. is reco@nised when the charity has entitlement to the fynds. any perforniance conditions attached to the grants have been met. it is probable that the income will receNed. and the amount can be measured reliably and is not deferred. Income reNed in athan of a proRrt or provision of other specIfd service 15 deferred until the criteria for income recognition are met. Donated services and facilities Donated professional seNices and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefil can be measured reliably. On receipt, donated professional servKes and donated facilities a recognised based on the value of the gift to the charity which isthe amount the charity would have been willingto payto obtain se1viS orfacilrties of eqLbivanI economic benefrt on open market. Page 11 of 15
Whitethread Institute Fund accountin8 UnStr[cted funds a available to spend on aLtwit$ that further any of the purFoses of tharity. Designated funds are UN$tritted funds of the charFty whKh the TrL¢Stees have decKled to Set a5idÈ to use for a purF)5e. Re5trnte(I funds a donations which the donor has specified are to be solety used for areas of the charWs work or for specific proiects being undertaken by the chartty. Expenditure Expenditure is reco8nised once there is a legal orconstructive obligation to make a payment to a third party It is probable that settlement will be required, and the amount of the obligation can be measured reliably. IrcoVerable VAT is charged as a cost against the activity for whKh the expenditure was incurred. Allocation of Support ¢osts Support costs are those funcliofis that assist the work of the charity but do not directly undertake charitable activities. Sijpport costs include back office costs, finance. personnel. payroll and governance costs which support the charity's artistic programmes and activities. Support costs have been allocated in prow>rtion to expenditure incurred in undertakirvd an actsvity. Tangible f ixed assets Individual fixed assets costing £5LXJ or more are capitalised at cost and are depreciated over their estimated useful economic INes on a reducFng balance basis as follows: Asset Category Annual rate fixtu$. Fittings and ElectrKal equipment Debtor5 Trade and other debtors are reCOgned at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and ifi hand Cash at bank and cash in hand includes cash and amounts in de)sIt accoijnts. Creditors and provlsions Credf(ors and provisions are recognised where the charity has a psent oblgation resulting from a past event thal will probab resutt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliabty. Creditors and provision5 are normalty recognised at their settlement amount after albwingfor any trade discounts due. Pa8e 12 of IS
Whitethread Institute P£.rTf,d 2. Analysis of Incoming Resource5 Restrfrted fvnds 2021 Totsl fvnds 2020 Total funds fund5 Donations and legacie5 Charitable activities 38,889 137.084 175.973 38,889 137,084 175.973 87,372 116,999 204,371 Total 3. Analysls of Resources expended Oth•r Support 2021 Total 2020 Total Charltable actlvitles ActNrties undertaken directly" 35.592 2,206 45,234 83.032 80,655 Total 35,592 2,206 45,234 83,032 80,655 4. Analysis of staff costs. Charity remuneration and expenses. and key management personnel. 2021 2020 Salaries and Staff Wages. Social Security Costs Total 35.592 33.797 15231 35,592 33.274 No ernployee5 had employee benefits more than £60,CKKI The charity trustees were not paid or received any other benefrts from employment Wlth the tharity, neither were they reimbursed expenses during the pertod. No other charity ¢eNed payment for professional or other services supplied to the charity. Page 13 of 15
Whitethread Institute 5. Staff Numbers The average monthty head count was 4 staff and the average monthly number of full-time equivalent employee5 (including casual and part-time staffl duri the period were as follows= 2021 2020 Charitable Activities 6. Related Party Tran5artions Neither the Trustees nor any persons connected with them recerved any remuneration, benefits in kind from the Charity during the period. During the perM)d under review. no trustees receNed reimbursement of travelling expenses. 7. Corporation Taxation The charity 15 exempt from corporation tsxon its income and gains to the extent that te are applied to its charitable objectives. 8. Cash at Bank and in Hand 2021 2020 Cash at Bank Cash in Hand 362.266 2.217 269.434 423 Total 269,857 9. Creditors: amounts falling due within one year 2021 2020 Net Wages Social Security Taxes 4,025 142 2,446 35 Totsl 4.167 2,481 Pa8e 14 of IS
Whitethread Institute A ?* Ib'lii ?021 10. Charity Funds 2020 Balan¢e BIF 2021 Balance CIF Income Expendlture Transfers Fund names Zakaat Restrirted General Fund Unrestricted 1,570 265,806 11.5701 181.4621 175,973 360.317 Total Funds 267.376 175.973 183.032) 360,317 2019 8alance BIF 2020 Balance CIF Income ExpenditUTe Transfers Fund names Zakaat Restrirted General Fund Unrestricted 2.276 141.834 8.587 195.784 19.2931 171.3621 1,570 265,806 Totsl Fund5 143.660 204.371 180,6551 267.376 Page 15 of 15