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
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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
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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
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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
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Whitethread Institute
Period ended 31 July 2022
Statement of Cash Flows
2022
2021
Cash flows from operating att￿ltIeS.
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
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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.
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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.
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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 re￿iVed 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.
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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
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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