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Charity registration number: 1187230 Company House number: CE020210
Al Furqan Education Trust (CIO)
Annual Report and Financial Statements for the period from 6 January 2020 to 31 March 2021
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Al Furqan Education Trust (CIO)
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Auditors' Report | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 16 |
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Al Furqan Education Trust (CIO)
Reference and Administrative Details
Trustees Mr Ali Hussein Hassan Mr Abubakar Abdi Hussein Mr Abdirizak Hirad Mohamed Mr Ismail Abdisamad Mohamud Mr Abdulsatar Abdi Aden Principal Office 41 Cross Lances Road Hounslow TW3 2AD Charity Registration Number 1187230 Auditor Naeem Shareef ICAEW Shareef & Co Chartered Accountants 18-22 Stoney Lane Yardley, Birmingham West Midlands B25 8YP
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Al Furqan Education Trust (CIO)
Trustees' Report
The trustees present the annual report together with the financial statements and auditors' report of the charity for the period ended 31 March 2021.
Objectives and activities
Public benefit
The charity's activities are designed to benefit the Muslim community in the London Borough of Hounslow in particular and the whole community in general. In view of this, the trustees confirm that they have had due regard to the public benefit guidance and they have complied with the duty in s. 37 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The charity carried out no activity during its first period of the accounts. The only activity was the donation of the buildings from Alfurqan Education Trust (Charity no: 1142790) as part of a transfer agreement between the charity and Alfurqan Education Trust (Charity no: 1142790). The transfer agreement requires Alfurqan Education Trust (Charity no: 1142790) to transfer all its assets, staff and projects to the charity. During the period only the buildings were transferred.
Financial review
During the period, the charity was donated the fixed assets owned by Alfurqan Education Trust (Charity no: 1142790), as part of a transfer agreement dated 26 February 2020. The assets were recognised at market value.
Structure, governance and management
Nature of governing document
The Charity is constituted as a Charitable Incorporated Organisation (CIO), as a body corporate under Part 11 of the Charities Act 2011 on the 06 Oct 2020. The CIO registered with the Charity Commission on the same day.
Organisational structure
Trustees are legally responsible for the governance and management of the charity. Trustees are responsible of setting strategies and policies for ensuring these are implemented.
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Al Furqan Education Trust (CIO)
Trustees' Report
Major risks and management of those risks
The charity's trustees have considered the major risks to which the charity is exposed and have reviewed potential risks.
Systems and procedures have been put in place to manage the risks and to mitigate any adverse outcomes.
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
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The annual report was approved by the trustees of the charity on ..................... and signed on its behalf by:
......................................... Mr Abubakar Abdi Hussein Trustee
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Al Furqan Education Trust (CIO)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
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Approved by the trustees of the charity on ..................... and signed on its behalf by:
......................................... Mr Abubakar Abdi Hussein Trustee
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Al Furqan Education Trust (CIO)
Independent Auditor's Report to the Members of Al Furqan Education Trust (CIO)
Opinion
We have audited the financial statements of Al Furqan Education Trust (CIO) (the 'charity') for the period from 6 January 2020 to 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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Al Furqan Education Trust (CIO)
Independent Auditor's Report to the Members of Al Furqan Education Trust (CIO)
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity 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 where the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 auditor’s 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Docusign Enope ID.. 2B5F184N9214EeC-98FaF293E1BDlD4 Al Furqan Education Trust (CIO) St4tement of Financial A¢tivities for the Period from 6 January 2020 to 31 March 2021 Conclude on the appN)priateness of the trustees use of the going concern basis of accounting and, bas¢d on the audit evidence obtained. whether a material uncertainty exi5t5 related to events or conditiot)s that may c&st significant doubt on the chariry's ability io continue as a going ¢oncem. If we conclude that a material lln¢¢rtainty exists, we are r¢quir¢d to draw attention in our audittsr's pOrt to the related disclosllres in lh¢ financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to ihe dale of our auditor 5 report. However, future evenis or conditions may cause the charity to cease to continue as a going con¢em. Evaluate the overall pres¢ntation, structure and content of the flnancial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial inforn)alion of the entiiieg o¥ business activiti¢s within the Charity to express an opinion on th¢ finan¢ial siaiements. We are responsible for the dire¢iion, supervision and performance of the charity audii. We remain solely responsibl¢ for our audit opinion. We Gommunicate with those charged with gov¢man¢e r¢gaTding* aTnong other niatLers, the planned 5¢QPE and tlinins of the audit and significant audii findings, including gmy sigThifLcant deficiencies internal control that we identify during our audii. Use of our report This report is made solely to the charity tru5tee5. as a Ix)dy, in a¢¢ordan¢e with section 144 of the CTharitie5 Act 2011 and regulaiioths made under section 154 of ihar Act. 0r work has been undertaken so thai we might state ¢0 ih¢ twstees Ihose matters we are required to srate to truste¢s an auditors, report and for no otheT purpose. To the fulles¢ exient perrnitted by law, we do not a¢¢ept or assume responsibility to anyone other than the chlty and its tru5tee5 a5 a body. for our audil work, for thi5 report. or for the opinions we have fortned. Na¢em Share¢f, Senior Statutory Auditor For and on b¢half of. Shareef & Co Chartered Accountants 18-22 Stoney Lane Yardley. Birn)ingham West li Jidland5 B25 8YP Shareef & Co 15 eligible to act an auditor in temis of section 1212 of the Companies A¢t 2006 Page 7
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Al Furqan Education Trust (CIO)
Statement of Financial Activities for the Period from 6 January 2020 to 31 March 2021
| Note Income and Endowments from: Donations and legacies 2 Expenditure on: Charitable activities 3 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds carried forward 9 |
Unrestricted funds £ 2,535,000 (51,700) (51,700) 2,483,300 2,483,300 2,483,300 |
Total 31 March 2021 £ 2,535,000 (51,700) |
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| (51,700) | ||
| 2,483,300 | ||
| 2,483,300 | ||
2,483,300 |
All of the charity's activities derive from continuing operations during the above period.
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Al Furqan Education Trust (CIO)
(Registration number: 1187230) Balance Sheet as at 31 March 2021
| Note Fixed assets Tangible assets 7 Creditors: Amounts falling due within one year 8 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 9 |
31 March 2021 £ 2,484,300 (1,000) |
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2,483,300 2,483,300 |
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2,483,300 |
���������The financial statements on pages 8 to 16 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr Abubakar Abdi Hussein Trustee
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Al Furqan Education Trust (CIO) 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 notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Gifts in kind
Gifts in kind are recognised in different ways dependent on how they are used by the charity:
(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.
(ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.
(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
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.
Tangible fixed assets
Individual fixed assets costing £1000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Buildings are depreciated over useful economic life of 50 years (2% straight line basis).
Trade creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from donations and legacies
| Gifts in kind | Unrestricted funds General £ 2,535,000 2,535,000 |
Total 31 March 2021 £ 2,535,000 |
|---|---|---|
2,535,000 |
3 Expenditure on charitable activities
| Note Depreciation, amortisation and other similar costs Governance costs 4 |
Unrestricted funds General £ 50,700 1,000 51,700 |
Total 31 March 2021 £ 50,700 1,000 |
|---|---|---|
51,700 |
4 Analysis of governance and support costs
Governance costs
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
| Audit fees Audit of the financial statements 5 Net incoming/outgoing resources Net incoming/outgoing resources for the period include: Audit fees Depreciation of fixed assets 6 Taxation The charity is a registered charity and is therefore exempt from taxation. 7 Tangible fixed assets |
Unrestricted funds General £ 1,000 1,000 |
Total 31 March 2021 £ 1,000 |
|---|---|---|
1,000 31 March 2021 £ 1,000 50,700 |
| Cost Additions At 31 March 2021 Depreciation Charge for the year At 31 March 2021 Net book value At 31 March 2021 |
Land and buildings £ 2,535,000 2,535,000 50,700 50,700 2,484,300 |
Total £ 2,535,000 |
|---|---|---|
| 2,535,000 | ||
| 50,700 | ||
| 50,700 | ||
| 2,484,300 |
The additions relates to two buildings donated by Al Furqan Education Trust (Charity no:1142790). These buildings are recognised at market value.
8 Creditors: amounts falling due within one year
| Trade creditors | 31 March 2021 £ 1,000 |
|---|---|
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Al Furqan Education Trust (CIO)
Notes to the Financial Statements for the Period from 6 January 2020 to 31 March 2021
| 9 Funds Unrestricted funds General |
Incoming resources £ 2,535,000 |
Resources expended £ (51,700) |
Balance at 31 March 2021 £ 2,483,300 |
|---|---|---|---|
10 Related party transactions
Page 16