Whitethread Institute Report and Accounts Period ended 31" July 2022, Charity number: 1172677
Whitethread Institute Period ended 31 July 2022 Contents Reference and Administrative details..............-........ Tnjstees. Report... Independent Examinerfs Report......-........... Statement of Financial Activities . Balance Sheet..............-.......... Statement of Cash Flows .................-.-. .10 Notes to the Accounts ..............-..... .11 Page 2 of IS
Whitethread Institute Period ended 31 July 2022 Reference and Administrative details Charlty name Whitethread Institute Registered charity nurnber 1172677 Principal (rffice address 329-333 High Street Stratford London E15 2TF Chairper50n A Mangera Trustees A Mangera M Batha M Mangera R Esakjee Bankers Unity Trust Bank Nine Brindleyplace Birmingham B12HB Independent Eyaminer SK Accountsnts Old Poplar Library 45 Gillender Street Poplar E14 6RN PaEe 3 of 15
Whitethread Institute Period ended 31July 2022 Trustees, Report The trustees have pleasure in presenting their report and the financial statements for the charity for the period ended 31" July 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reportingstandard applicable in the UKand Republic of Ireland IFRS 1021 leffertive I january 20151. The trustees have considered the Charity Commission's guidance on public benefft, including the guidance 'public benefit: running a charity IPB21'. The Trustees present their reF)Ort and the financial ststements for the period ended 31" July 2022. The Trustees who seNed during the period and up to the date of this report are set out on page 3. Structure, Governance and Management The Charity is constituted as a Charitable Incorporated Organisation ICIOI Foundation. 35 a bodv corporate under Part 11 of the Charities Act 2011 on 21 April 2017. The CIO registered with the Charity Commission on the same day. Objectives and Artivities To advance the religion of Islam for the public benefit in accordance with the beliefs and practices of the four recognized Sunni schools of thought, including the provision of education and training of Muslim leaders and scholar5 to work in the Unf(ed Kingdom and elsewhere,. and through thi5 to promote and advance religious and racial harmony within the United Kingdom. Achievements and Perfomiance Whitethread Institute continued its Strong academic performancein the fifth year. running eight full- vear programs and adding several short courses. As a result, the institute's reputation continued to grow, attrarting students worldwide. 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. We broadened our selection of short courses by introducing a Logic course and made adjustments to our academic curriculum. Now. students have the option to enrol in specific modules of their preferred courses instead of committing to the entire program. This approach not only caters to their interests but also makes it more affordable throughout the year. Our student community embraces a rich global diversity, comprising individuals from twenty-eight different countries. With the convenience of our online courses, many students enjoy the flexibility of studying from any location worldviide. Our curriculum is meticulously crafted to offer accessibility, flexibility. and uncompromising qualtty in education. We take pride in tailoring the learning experience to meet the distinrt needs of our diverse student body. Each student brings a Page 4 of 15
Whitethread Institute Period ended 31 July 2022 unique perspertive rooted in their backgrounds, enrichin8 our community. As a result, we equip our students with the skills needed to thrive in èn interconnected world. Financial Review The Charity started with £360,317 of unrestrirted funds. The fifth year of the Instttute's courses started in September 2021 in line with the UK academic school year. Approximately £30,000 were raised through donations in the 12 months to 31" July 2022. and around £148,(K)O came through course fees. Income for the 12 month period to 31 July 2022 amounted to £177.450 and expenditure amounted to £85,112. which resulted in a surplus of £92,338. Reserves Policy Per the Charity Commission guidance, the Trustees regularly review the level of income reserves that it considers appropriate. At 31, July 2022, the Trustees consider it appropriate to aim to hold unrestricted reserves equivalent to three months, core operational running costs which are in the region of £21,(KM). The unrestricted reserves at 31 July 2022 amounted to £452,655. Page S of 15
Whitethread Institute Period ended 31 July 2022 Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with appli¢3ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requirés the trustees to prepare financial statements for each financial year, which give a true and fair view of Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements the Trustee5 are required to: select suitable accounting policies and then apply them consistently: obseNe the methods and principles in the 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 concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustee5 are responsible for keeping proper accounting records which disclose with reasonable occuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Att 1993 and the Charity IAccounts and Reports) Regulations 2Crf)8. 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. Approved by the trustees and signed on its behalf by Date.. Z 5 Dr Abdur-Rahman Mangera Chairperson, Board of Trustees Pa8e 6 of 15
Whitethread Institute Period ended 31 July 2022 Independent Examinerfs Report To the trustees of Whltethread Institute I report on the accounts of the above charitable incorporated organisation for the period ended 31 July 2022, which are set out on pages 8 to IS. Respective responsibilities of trustees and examiner The chariws trustee5 are resF)onsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Acfl. The Charitrfs trustees consider that an audwt is not required for this period 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 Charities Act, to follow applicable Directions given by the Charity Commission (under section 14515llbl of the Act. and To state whether particular matters have come to my attention. Basi5 of independent examinerf5 Statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting record5 kept by the charity and compari50n of the accounts presented with those records. It alx> includes consideration of any unusual items or disclosure5 in the accounts, and seeking explanations from the trustees 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 ew and the report is limited to those matters set out in the statement below. Independent examiner's statement In connertion with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect- accounting records were not kept in accordance with sertion 130 of the Charities Art 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 Poplar Library. 45 Gillender St. Poplar, E14 6RN Page 7 of 15
Whitethread Institute Period ended 31July 2022 Statement of Financial Activities Period Ended 31 July 2022 Unrestrirted funds Restrlcted funds 2022 Total funds 2021 Total funds Notes Incoming resources Donations and legacies Charitable activities 29.764 147.686 29.764 147,686 38,889 137,084 Total Incorning resources 177A50 177,450 175.973 Resources expended Charitable actNities 85,112 85.112 183,0321 Total Resources expended 85.112 85.112 183,0321 Net income/{expenditure) 92,338 92.338 92,941 Net movement in funds 92,338 92,338 92,941 Reconciliotlon offvnd5.' Total funds brought forward 360.317 360,317 267,376 Total funds carried foThvard 452,655 452.655 360,317 Page 8 of 15
Whitethread Institute Period ended 31 July 2022 Balance Sheet As at 31 July 2022 Unrestrfrted f4mds Re5trirted funds 2022 Total funds 2021 Total funds Notes Current assets Cash at bank and in hand Debtors 340,232 116,276 20.{) 360,232 116,276 364,483 Totol current ossets 456,508 20,000 476.508 364,483 Credltors: amounts falling due within one year 13.853) {20.OCM)) 123.8531 14,1671 Net current ossets/lliabilitiesJ 452,655 452,655 360,316 Total assets less current liobilities 452,655 452,655 360,316 Credltors: amounts falling due after one year Total net assets or li0.11t1eS 452,655 452,655 360,316 Funds of the Charity Restricted income fund5 Unrestricted fLtnds io 452.655 452.655 360,316 Totallunds 452.655 452,655 360,316 The financial statements were approved and authorised for issue by the Board and signed on its behalf by: Date:Z515/I3 DrAbdur-Rahman Mangera Chairperson, Board of Trustees Page 9 of IS
Whitethread Institute Period ended 31 July 2022 Statement of Cash Flows 2022 2021 Cash flows from operating attltIeS. Net movement in funds 92,338 {116,2761 19,686 92,941 Less increase in debtors Add increase in creditors 1,685 Net cash flow of operating artlvitles (4.2511 94,626 Change In cash and cash equlvalents In the year (4,2511 94,626 Cash and Cash equivalents brought forward 364,483 269,857 Total cash and cash equivalents at the end of the year 360,232 364,483 Page 10 of 15
Whitethread Institute Period ended 31 July 2022 Notes to the Accounts l. Accounting Pollcles The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basls of preparation IFR5102) The financial statements have been prepared in accordance wsth Accounting and Reporting by charities.. Statement of Retommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20151- Icharwties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFILS 1021 and the Charities Act 2011. Whitethread Instttute meets the definition of a public benefit entity under FRS 102. Assets and Ilabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Income Income is recognised when the charity has entitlement to the funds. any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income. whether 'capital' grants or 'revenue' grants, is recognised when the charity ha5 entitlement to the funds, any performance conditions attsched to the grants have been met, it is probable that the income will be retewed, and the amount can be measured reliably and is not deferred. Income received in of a projert or provision of other specffied service is deferred until the criteria for income recognition are met. Donated servlces and facilities Donated professional serviFes and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated ttem have been met. the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional servi$ and donated facilities are retognised based on the value of the gift to the charity which isthe amount the charity would have been willingto payto obtain services or facilities of equNalent economic benefft on the open market. Page 11 of 15
Whitethread Institute Period ended 31 July 2022 Fund accountin£ Unrestrlcted funds are available to spend on actimties that further any of the purposes of charity. Designated funds are unrestritted funds of the charity which the Trustee5 have decided to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for areas of the charitws work or for specific projects being undertaken by the charity. Expenditure Expenditure is recognised oncethere is a legal or constructive 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. Irrecoverable VAT is charged as a cost against the adivity for which the expenditure was incurred. Allocatlon of support costs Support costs are those funrtions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance c05t5 which support the chariVs artistic programmes and activities. Support costs have been allocated in proportion to expenditure incurred in undertaking an activity. Tangi ble f ixed assets Individual ftxed assets costing £5¢J) or more are capitalised at cost and are depreciated over their estimated useful economic lives on a reducing balance basis as follows: Asset Category Annual rate Fixttjres. Fittings and Elertrical equipment Debtors Trade and other debtors are recognised 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 In hand Cash at bank and cash in hand includes cash and amounts in deposit accounts. Creditors and provlslons Creditors and provisions are recognised where the chartty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated relIab- Creditors and provisions are normally recognised at their Settlement amount after allowin8 for any trade discounts due. Page 12 of 15
Whitethread Institute Period ended 31 July 2022 2. Analysis of Incomlng Resources Unrertrirted funds Restricted fund5 2022 Total funds 2021 Total funds Donations and legacies Charitable attivities 29,764 147,686 177,450 29,764 147,686 38,889 137,084 175,973 Total 177,450 3. Analy515 of Resources expended Other Support 2022 Total 2021 Totsl costs CharFtable activities Activi119s undertaken direclty: 41.131 43.981 85,112 83.032 Tolal 41.131 43,981 85,112 83,032 4. Analysis of stsff costs, Charity remuneratlon and expenses. and key management personnel. 2022 2021 Salaries and Staff Wages Social Security Costs Total 41,022 35.592 109 41.131 35,592 No employees had employee benefits more than £60,(MXI The charity trustees were not paid or reiVed any other benefits from employment wrth the charity, neither were they reimbursed expenses during the period. No other charity received payment for professional or other services supplied to the charity. Page 13 of 15
Whitethread Institute Period ended 31 July 2022 5. Staff Numbers The average monthly head count was 7 staff and the average monthly number of full-time equivalent employees (including casual and part-time stsffl during the period were as follows= 2022 2021 Charitable Activities 6. Related Party Trarbsactions Neither the Trustees nor any persons connerted with them received any remuneration, benefEts in kind from the Charity during the period. During the period under review. no trustees received reimbursement of travelling expenses. 7. Corporation Taxation The charity is exempt from corporation tax on Its income and gains to the extent that these are applied to its charitable objectives. 8. Cash at Bank and in Hand 2022 2021 Cash at Bank Cash In Hand 358.556 1.676 362,266 2,217 Total 360,232 364,483 9. Creditors: amounts falling due within one year 2022 2021 Net Wages Social Security Taxes 3.&J7 246 4,025 142 Total 3,853 4,167 Page 14 of IS
Whitethread Institute Period ended 31 July 2022 10. Charity Funds 2021 Balance BIF 2022 Balance Intome Expendlture Transfers CIF Fund names Zèkaat General Fund Re5trirted Unrestritted 360.317 177,450 85,112 452,655 Total Funds 360,317 177,450 85.112 452,655 2020 Balance 2021 Balance BIF Income Expendlture Transfers CIF Fund names Zakaat Restricted General Fund Unrestricted 1.570 265.806 11.5701 {81.4621 175,973 360,317 Totsl Funds 267,376 175,9n (83,032) 360,317 Page 15 of IS