Charity Registration No. 1172788
NASEEM MANJI EDUCATION TRUST
(CHARITABLE INCORPORATED ORGANISATION)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Laila Manji Charity number 1172788 Principal address Acre House 11-15 William Road London NW1 3ER United Kingdom Independent examiner D Choudhury c/o HW Fisher LLP Accountants Acre House 11-15 William Road London NW1 3ER United Kingdom
NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) CONTENTS
| Page | |
|---|---|
| Trustees report | 1 |
| Independent examiner's report | 2 |
| Statement of fnancial actvites | 3 |
| Balance sheet | 4 |
| Notes to the fnancial statements | 5 - 8 |
NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees present their report and financial statements for the year ended 30 September 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity commission, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).
Objectives and activities
The charity's objects are to advance the education of girls between the ages of 5 to 16 who are resident in the poor communities in Tanzania by awarding grants and financial scholarships for the beneficiary girls, who come from sections of the community which live in poverty and who would not otherwise have the opportunity to receive an education through lack of funds.
Achievements and performance
During the year, no grants to institutions in the UK or overseas were made. In the future all proposals for grants will be generated internally and the trustees regret that external applications for funding will not be considered.
The Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Financial review
During the year, donations of £8,918 (2020 : £260,466) were received by the charity and charitable expenditure of £1,163 (2020 : £1,163) was incurred.
The Trustees have carefully considered the minimum amount of reserves that they should hold, having taken into account that they wish the Trust to continue for the long term and grants to be made in the future. The minimum amount of reserves that the Trustees will allow is £150,000 and this level was maintained throughout the year.
It is the Trustees' intention to make grants in the future where they see fit in line with the objectives of the charity.
Structure, governance and management
The charity is a Charitable Incorporated Organisation, governed by it's constitution.
The Trustees who served during the year and up to the date of signature of the financial statements were: Laila Manji
Trustees are appointed by majority vote of the board of Trustees. On appointment Trustees are provided with the constitution and a copy of the financial statements.
The Trustees report was approved by the Board of Trustees.
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Laila Manji Trustee Dated: .........................�����������
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NASEEM MANJI EDUCATION TRUST
I report to the Trustees on my examination of the financial statements of Naseem Manji Education Trust (the charity) for the year ended 30 September 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
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D Choudhury
c/o HW Fisher LLP Accountants 11-15 William Road London NW1 3ER United Kingdom
Dated: .........................�����������
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted Unrestricted funds funds 2021 2020 Notes £ £ Income from: Donatons and legacies 3 8,918 260,466 Expenditure on: Charitable actvites 4 1,163 1,163 Net gains/(losses) on investments 8 33,963 (41,399) Net movement in funds 41,718 217,904 Fund balances at 1 October 2020 409,972 192,068 Fund balances at 30 September 2021 451,690 409,972 |
Unrestricted Unrestricted funds funds 2021 2020 Notes £ £ Income from: Donatons and legacies 3 8,918 260,466 Expenditure on: Charitable actvites 4 1,163 1,163 Net gains/(losses) on investments 8 33,963 (41,399) Net movement in funds 41,718 217,904 Fund balances at 1 October 2020 409,972 192,068 Fund balances at 30 September 2021 451,690 409,972 |
Unrestricted Unrestricted funds funds 2021 2020 Notes £ £ Income from: Donatons and legacies 3 8,918 260,466 Expenditure on: Charitable actvites 4 1,163 1,163 Net gains/(losses) on investments 8 33,963 (41,399) Net movement in funds 41,718 217,904 Fund balances at 1 October 2020 409,972 192,068 Fund balances at 30 September 2021 451,690 409,972 |
|---|---|---|
| 1,163 | ||
| (41,399) | ||
| 217,904 192,068 |
||
| 409,972 | ||
| The statement of fnancial actvites includes all gains and losses recognised in the year. | ||
| All income and expenditure derive from contnuing actvites. |
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET
AS AT 30 SEPTEMBER 2021
| Notes Fixed assets Investments 9 Current assets Debtors 10 Creditors: amounts falling due within one year 11 Net current assets/(liabilites) Total assets less current liabilites Income funds Unrestricted funds |
2021 £ 7,755 (1,163) |
£ 445,098 6,592 451,690 451,690 451,690 |
2020 £ - (1,163) |
£ 411,135 (1,163) 409,972 409,972 409,972 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on .........................�����������
.............................. Laila Manji Trustee
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
Naseem Manji Education Trust is a charitable incorporated organisation, incorporated in England and Wales. The principal address is Acre House, 11-15 William Road, London, NW1 3ER, Untited Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustee has considered the effect of the prolonged Covid-19 outbreak. The trustee considers that the outbreak is unlikely to impact the charity or its activities.
At the time of approving the financial statements, the trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustee continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
1.5 Expenditure
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance, are allocated to the two charitable activities in the statement of financial activities.
Cost of charitable activities include grants made. Grants payable are payments made to third parties in the furtherance of the charity's objectives. The grants are accounted for where either the trustees have agreed to pay a grant without condition and the recipient has reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity.
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 1 | Accountng policies (Contnued) |
|---|---|
| Provisions of grants are made when the intenton to make the grant has been communicated to the recipient but there is | |
| uncertainty as to the tming of the grant or the amount of grant payable. | |
| Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulaton and | |
| good practce. | |
| Irrecoverable VAT is charged against the expenditure heading for which it was incurred. | |
| 1.6 | Fixed asset investments |
| Fixed asset investments are initally measured at transacton price excluding transacton costs, and are subsequently measured | |
| at fair value at each reportng date. Changes in fair value are recognised in net income/(expenditure) for the year. Transacton | |
| costs are expensed as incurred. | |
| 1.7 | Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with | |
| original maturites of three months or less. | |
| 1.8 | Financial instruments |
| The Company only has fnancial assets and fnancial liabilites of a kind that qualify as basic fnancial instruments. Basic | |
| fnancial instruments are initally recognised at transacton value and subsequently measured at their setlement value, with | |
| the excepton of bank loans which are subsequently measured at amortsed cost using the efectve interest method. |
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The Trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements.
3 Donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Donatons and gifs | 8,918 | 260,466 | |
| 4 | Charitable actvites | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Share of governance costs (see note 5) | 1,163 | 1,163 |
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 5 Support costs Support costs Governance costs £ £ Accountancy fees - 1,163 - 1,163 Analysed between Charitable actvites - 1,163 |
2021 Support costs Governance costs £ £ £ 1,163 - 1,163 1,163 - 1,163 1,163 - 1,163 |
2020 £ 1,163 |
|---|---|---|
| 1,163 | ||
| 1,163 |
Governance costs includes cost to the independent examiner of £1,163 (2020 : £1,163).
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
There were no employees during the current or prior year.
8 Net gains/(losses) on investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Revaluaton of investments | 33,963 | (41,399) | |
| 9 | Fixed asset investments | ||
| Listed | investments | ||
| £ | |||
| Cost or valuaton | |||
| At 1 October 2020 | 411,135 | ||
| Valuaton changes | 33,963 | ||
| At 30 September 2021 | 445,098 | ||
| Carrying amount | |||
| At 30 September 2021 | 445,098 |
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NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Accruals 12 Related party transactons |
2021 £ 7,755 2021 £ 1,163 |
2020 £ - |
|---|---|---|
| 2020 £ 1,163 |
||
During the prior year, the charity was gifted listed investments totalling £259,303 from Naseem Manji Education Trust, a company limited by guarantee, as per the Will of Firoz Manji (previously a Director and Trustee) executed after his death.
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