Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Cliarity registration number.. 1187230 Al Furqan Education Trust (CIO) Aiiiiual Reporl and Fioaneial S¢alen)ents for tlie Yeai. Ended 31 March 2023
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Educatlon Trust (CIO) Content$ Rcferencc and Adniinisti?tive Details Tru5tees' Rcport 2to4 Statenient of Tru5tees' R¢5ponsibiliti&% Independettt ExaminePs Report Siatenient of Financial A¢tivities Balance Slieet Notes to the Finaiicial Slat¢nients 9t0 18
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Ti'ust (CIO) Referenee and Administrative Details Trustees Mr Ali Hussein Hassan Mr Abub&kaF Abdi Hussein Mr Abdirizak H£rad Moliamed Mr Isinail Abdi5dniad Mo112mud Mr Abdulsatar Abdi Aden Pi'lncipal office 41 Cross Lanee8 Road Hoiin51ow TW3 2AD Chai'ity RegÉsti'ation Nujnber 1187230 Indepeikdeijt Exanilner Nasir Rafiq Dua Govemance 123-131 Bradford Street Digbeth B120NS Page I
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Edueation Trust (CIO) Trustees, Report Tlie Irusiees present the annual r¢port together with the financial stalcments of the chai'ity for the ye&r ellded 31 Marcl) 2023, Objectlves and activlties Piiblic bepiefit The cliarity's activities air de5igiied lo benefit the Musliim community in the Loiidon Borough of Hounslow in p8rti¢ular aiid tlie wliole coiiiiniiiiity in general. In view of tliis, tlie tmstees tonfiini tliat tliey liave liad due regai-d lo Ili¢ public benefit guidance Iliey liave complied willi tile duty in $. 37 of the Chai'itits A¢t 2011 to have due regai'd lo guidance published by the Cliai'ity Commission. The trLlStees confinn 11)ey have Compli with tl)e iEquiiements of section 17 of tlie Cljaiilieg Act 2011 to have due regai'd 10 the public beiiefit guidanee published by the Chaiity Coniiiiissioii for England and Wales. Achievements and performance Trllstees, Report.. April 2022- M'Cli 2023 Tlie TrLlSt's activities resumed posl-COVID, and tlie centir's attendance lias increased, nece5silaliiig fiilly functioning facilitle5. To meet ti)i8 dcmand, enhanceiiients undeiway, including tlie expansion of waslvooin5 for both nieii gnd wotnen. Buildijig update. Tlie planiiing pej'niission was gixnled in Julie 2022, aijd subsequentlyi the Irfui'bislinient project coiiimei)ced. As parl of tliis initiative. new ladies, toilets witli disabled f#¢ilities weie siiccessfiilly consliiicted. Tlie pi'oject will pJDceed with Ilie developnienl of inen's toilets aiid ablution f2ciliiies in tlje rtexi phase. Tlie n)ait) projetts undertaken dLlI'ing tile financial year were.. a) Masjid Al Fui'qall pi'ovide5 a fully functioning place of prayei., where Il)e 5 daily pi?yeiE, Taiiwili are pi)ye llll pi'ayei. servi¢¢s established. The plye1. services catei. to both Inen and woinen. Lettiires and lessoiis air cotidllcted in tlie Masjid for tlie benefit of tlie worshippets. bl Madrasali Tlie Mttdtasah is on¢ of tlie JTJaill services provided by Al Furqan. The Madrasah, whi¢li runs w¢¢kends and, in the evenings, ¢atei"s far botli boys aiid girls ovei. the &g¢ of 6. The Inadi?sah is slandardiied and suppoiled by a well-thoiighi-out end i)repared ¢uiriculum that cateis to the 5ttidents who attend. Students al'e assessed by experienced teacliei's al end of the leriii, Tlie Jttadrasali on Tue5d8y5 alld Tliur5day between 5-8pm aiid Saturdays and Sundays fiDll) 9aaJii to 4pm. Regi$ts?tion lakes pl8¢¢ twice a year foi. Hew studellls. P&Be 2
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Fui'qan Edllcatlon Ti'ust (CIO) Ti'ustees, Report ¢) Ramadan project Mu.g1inis look fojwai'd to tlie holy monili of Ramadaji. Rainadall is a nionili filled with vai'iou5 types of worship,. including prayers, giving chtnty, fastiijg and bondiiig witli fellow Miislims. Al Fuiqan lias been oi'ganising Tai'awili prayei-s (Niglil pi?yei%l since ils inception during Ilie month or Rlada11. Tai'aweeh pixyei% and Iftar progiRms wei'e catered to tlie comtnunity Wlthits the tentre. The entire co]nmuiiity expiused deliglit as tliese services retuixed to iiomial following Ilie governniertt giiidelines post-lockdowi. d) Eid Project Tlie Eid pioject resiimed, and boili Eids weie joyfully condiicted in tlie pai'k. Tlie coinmiinity canie logetlier, enjoying the fe51ivilies witli prayers and a fun fail- Ihat featlliEd i'ides foj. cliildi'en. e) Children Sportsf(outh project Al FurqaD aims lo pj'ovide a i?nge of a¢iivilies to bLlSy the youth and ereate a platfonn for them wliereby they Can voice Iheii. needs and condeniiis. Yoiiih al'e a vital pai'l of any coimniiinity end we al Al l.iirqan. therefore find il impoilant to liave Inany services available for Ihciii. W¢ aim lo ejnpowci. Ilic youth of uui- local community witli tlie ne¢essaiy edueation, botli 151#inic artd ac2deJnic, lo prodiice illdividuals wlio will have positive impact on ¢li¢iY conimunities at lai¥e. 11 Woinen PTojeet Woinen from diffeirnl backgroiinds come togctliei. to socialise. have lessons 2nd get advice iegarding n)any diffeiEnl matters, Tlie Ti'ust women progixins al'e expanding. now iEachin8 varioiis coinmiinities Wltliin Ilie borough, the 81Sters hall is fully booked and cat. foi different classes every week. gl social activitie5 #nd tounselling Muslitns turn to tlje mosque foi. lielp and advice in all matters of Ilieir life. The tjxtst IS trained linams to piovide counselling and advice oil coii¢erns that the coiiii)iiiiiity Inay have, suth as de%tli, cultural difficulties, niai-iiAge bi'eakdowns. bullying and otlier social i8siies The Trust also assist5 wit1 the filling in forins, speaking to coun¢ils on beljalf of worshtppeiz and vai'ious oiljer types of assistaiice that may be of general help to the publi¢. Fln&nclal revleiv Diiiing Ihe year, the ehari(y iiicotne was £452k {2022.. £426kl. Charity expendilure was £486k {2022'. £440k).The ¢liarity total i'eserves stood at £2.44IM (2021.. £2.4711i1 Structure> governanet aiid man&gement Naluie ofgovevitiii¥ dociiifriÉiil Tlie Charity j5 con5titul¢d as a Charitable lllCOlPOftited Oi'ganisalion (CIO), a5 a body coiTror#te under Pai'l I l of the Chai'ities A¢t 2011 on (he 06 Oct 2020. Tlie CIO regi$tei'ed with the Chaiily Cominission Dn the same day. Tiustees are legally Irspoiisible for the 8oveirance and inaiiag¢iMenl of the chai'ity. TIiis*es are respoiisible of setting strategie5 and policies for ensiiring tlie5e ale implemented. Page 3
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Ai Furqan Education Trust (CIO) Trustees, Report Mrtjoi. rf$k3 alid iiioiiageiiieiil ofiliosÉ i'ltrks Tlie cliarity'5 liwstees have cansidered tlie major risks to wliich the charity is exposed aiid liave i'eviewed poteiitial risks. Systems aiid procedure5 have been put in place to maiiage the i'i5ks aiid to mitxgate ai)y adverse outcomcs. The Aiinual Teporl was appiVed by the trusiees of tlie charity on. ai)d signed oil its behalf by.. ubakai. Abdi Hu&sein Trustee Page 4
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust {ClO) Statement of Trustees, Responsibilities The trustees are re5poiisibl¢ for preparitig tlie tnislee5' report aiid the financial stateiiienls in accordaiice witli the United Kingdom Accoiinling Siandai'ds {Uniled Kingdoii) Genei?Ily Accepted Accoiiniing Practice) and applicable law and regulatioiis. The lllw applicable lu cliarities requires tlie tiustcts 10 pi'epare fjnancial slalenients for eacli financial year wlii¢Ji give a true and fail. view of the state of affairs of the charity and of tlie in¢oining resources and application of I'esources of tlie ¢hai'iiy for tliat period. In piEpai'ing tliese finaiieial statements, the Inistces are reqiiired to., select suitable Accountiiig polici¢5 and Iheii apply theni consisteiitlys obscive Ihc iiiethods and pj'inciples in the Chai'ities SORP., make judgements and estitiiates Iliat are reasonable and piudcnt. sloie wlieilier applicablE aecounling 5thlldai'd5 1)ave been followed, subject to any inalerial departULES disclosed and explained in the fjnancial statements., and pirpai'e Il)e fijjancaI statnients on the going con¢em basts unless Lt j5 inappi'opriate to pi'e5ume that the Tlic trustees are irsponsibl¢ for keeping proper accountiDg iEcoi'ds that discI05e with I'easonlble accui2cy at any time Ilic financial position of the cliarity and enable Iliein lo eiisitie tliat Il)e financial statements coinply with tlie Charities Act 2011, Ilie applicable CliaL-Ilies (Atcounls and Reports) Regiilalions, alld Ilie provisions of tlie eonstilution. The tttysteeg air also i'csponsible foi. safeguai'ding the assets of the cliarity #nd hetjce fol. taking Irasonable stei)s for the prevenlioii and detection of fi'aud aiid ¢)Iliei' ii'rtgulai'ities. Approved by tlie triTStees of the charity on nd Signed on ils behalf by.. Mi. Abubak21' Abdi Hussein Trustee Pttge S
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust (CIO) llldepelldent Examiner's Report to the trustees of Ai Furqan Education Trust (CIO) J repoi'l lo the eliarity tiustees on my examination of the a¢¢ounts of the charity for the year ended 31 March 2023 wliicli are set out on pages 7 to l 8. Respective responslbllltles of ti'ustoes and examiner As tlie chai'ity's trustees of Al Flli'qan Education Trust (CIO) you ar¢ Irspon5ible for tlie piEparation of the accounts in &ccoi'dance with tlie requireiiients of the Cliarities Act 2011 ('the Ael'}. I Irport in respect of my exajiiinalion of tlie Al Furqan Educatson Ti'ust ICIO)'s ac¢ouiits caii'ied out und. section 145 of Ilie 2011 Act aiid in carying oiii niy exaniinalioii I liave followed all the 2pplitable DiTections given by tlie Cliaiily Coniinission under section 145{5llbl of tlie Act. Independent examlnei S 8tateinent Since Al Fuiqan Educaiion TIu8t ICIOI'S gloss inconie exceeded £250,000 your exaiiiiner niusl be a mertjber of a body listed in sectloll 145 of tlie 2011 Act, I confuin Iliat I ai?1 qUdlJfJed to underlakc ikne exaiiiination beca1¢ l am a ii)ember of ICAEW, wliich ts one of the listed bodies. liave cojnpleted my examination. I confirm thai no material i?ialteiB liave coine to my atlet)tion in con11ection with Il)e examination giving nie cause to believe Ilmt in arty material respect.. aceountlng re¢ords were not kept in respect af Al Furqon Education Trust (CIO) as required by section 130 of the Act., oy 2. tjie acLouttts da not accord witli those records,. or 3. the accounis do iiot coinply witji Ehe aceounting requirements COllcerninE Ilie foirn and coniettt of accoullts set out itt the Cliai'ities (Accoiints aiid Repoils) Regul&tioiis 2008 oth¢J' than aiiy i'equir¢iMeiil that tlie ecoiiiils give a 'true and fair view, wliicli is not a matter considered as pait of an independent exaini11gL lion. T Ii&ve no concern5 and liave con)e across no other tnatteiE iji connection willi the exanTrinatioii to whicli attention sl)ould b¢ drawn iii thi5 iepoi't ordei. lo enable & pi'oper ullderslandinL) oFili¢ ae¢ounls lo be i'eaclied. PJèi Nasir Rafjq ICAEW Dua Governante 123-131 Bradtord Siveet Digbetli Bii-niingliain B120NS 02/02/2024 Date.. Page 6
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Educatlon Ti'ust (CIO) Statement of FinanciAI Activities for the Year Ended 31 March 2023 UILresti'leted funds Total 2023 Note IneDJne aDd Endoivijieijts froni: Doiiations and lekiaeies Otlicr incoine 451,975 155 451,975 155 Total incorne 452,130 452,130 Expendituie ort: Raising funds Chai'ilable activilics 474,5531 474,5531 Total expenditure Net expeiiditure Net inovein¢ni in fiittds 486,166 486,166 34,036 34,0361 (34,036) 134,036) RecoDciliatioii of fund5 Total funds brouglit forward 2,469,578 2,469,578 Total funds can'ied foiwai 12 2.435,542 2,435,542 Total 2022 Unresti'icted funds Note Income. and Endoivments from.. Dondliolls atid legacies Olhei. income 281.724 281,724 Total incoine 425.935 425,935 Expenditui'e on: Charitable aclivlties {439,657 439,6571 Total expenditure Net expenditure Net movement iii lId8 {439,657 439,6571 113,722) (13,722 {13,722} (13,7221 R¢¢onelllatloii of fuiids Total funds biY)ughl foiwaiyl Total fiinds catyied forward 2,483,300 2,469,578 2,483,300 12 2,469,578 All of tlie cliai'ity's activities derive from continuing operations diiring tlie *bove two periods. Tlie funds bitakdowtt for 2022 is shown in Dole 12. Page 7
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al FurqAn Education Tyust (CIO) (Registratfion number: 1187230) Balanee Sheet as at 31 Lllarch 2023 2023 2022 Note Flxed assets Tangible assets 2,382,900 2,433,600 Curreiit assets DebtOl'5 Cash at bartk and in hand 7,220 75,692 7,220 55,078 62,298 10 82,912 Creditors: Amounts falllng due within one year 30.270 {26,3201 Net current Asscts 52.642 35,978 Net assets 2,435,542 2,469,578 Fuiids of tho tharlty: Unrestrittcd iiieothie funds Unresli'icted fi]nds 2,435,542 2,469,578 TotAI funds 2,435,542 2,469,578 lie finaiicial slateinenls on pag¢s 7 to 18 were ai)proved by die triislees, 8nd auihorised foi. issue on and signed on Ilieir beIlf by.. Mr Abllbak*r Abdi Hussein Tiustee Page 8
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Edueation Trust {ClO} Notes to the Financial Statements for the Year Ended 31 March 2023 l A¢colliiliiig policies Statement of Compllgnce Tlie financial staleinenls liave been prepared iii accordance willi A¢coiinting and Repoiting by Cliarities.. Stalejiient of R¢¢oinmended Praelice applicable to chai-ilies preparing tlieii. accoullls in accordance with the Financial Repoi'ling Standard applicable in tlie UK and Republic of Ireland IFRS 102) (effective l Janiiary 20151- Icli2rilies SORP IFRS 102)), Ili¢ Finan¢tal Reporting Standard appliLable in Ilie UK and Repiiblic of IKlond IFRS 102) and the Cliarities Atl 201 Bgsis of pi'eparation Al Fiirqan Education Tr118t {CIOI iiieets t1 definition of a public benefit enlily urtder FRS 102. Assets aiid liabilities are initially recogni5 al histoi'ieal cost or ti?nsaction value unless otlierwise slated in tile relevat]t accounting policy notes. Eyemptlon from prepariijg a cash flow statement Tlie cliarity opted 10 early adopt Biillelin I published on 2 February 2016 and Iiave tlierefort not included o Cash flow statenient in these fjnaiicial stalenienls. Golng concern Tlie trustees consider that there are no ittaterial llncerlainties 2bout tlie cliaritys ability to CODtinlle as a going coiic¢rn. Ineoiii¢ and endoivinejits Volunlaiy income in¢lllding donations, gifts, legacie5 and grants tliat plvide core funding or of a 8enei.al natuir is recognised when the cliai'ity lias eiiliileii)enl lo the income, it is probable that the inconie will be Irceived And Ihe amounl can be Incasured witli surrici¢rtt reliability. DoNtsIEOiiS aiid legacies Donations and legacies air recognised on a receivable basis when Irceipl is piobable and the amoiinl can reliably Jneasiii'cd. Gills iii kiiid Gifts in kind #re recognised in different ways dependent on how Iliey are used by tlie charity: lil Tliose donated for re8ale PToduce income when they aiE sold. They are valued al Ihe amount actually I'ealised. lil) Those donated foi. onwatd transmission to beneficiai'ies are illGluded in Ilje Slaletnent of Finaiicial AclivitL¢S as iiicornillg ie50urces and Irsoiirccs cxpcnded wlien they Ère distributed. They air valued at tlie ainollnt the cliarity woiild liave liad lo pay to acquire tliein. {iii) Those dotjaled for usc by the cliarily itself are included wlien receivable. Tliey are valued at the ajnoullt Ihc charity would have had to pay to acquire them. Page 9
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust (Clo} Notes to tlie Financial Statements for the Year Ended 31 March 2023 Expendlture All expendilui'e is recognised once their is a legal oi. constiuctive obligation to tliat cxpendiltsre, it is pi'obable settleiiient is requiiEd and the aniount can be nieasuird reliably. All costs are allocated lo the applicable expenditure lieading Iliat a¥gJegale siiiiilar cosls to Iljai caiegoiy. Wheir costs Caj01 be directly atiribiiied to paTti¢ular heading5 they Ive been allocated on a basis ¢onsislent with tli¢ use of iEsources, witli eentl21 staff tosis allocated oli the basis of tiine spent, and depreciation cliarges allocated on the portioii of the asset'8 Use. Other support Costs are allocated based on tlie spir%d of staff costs. These are costs inclli'i'ed in attracting volut)t4iy ineoiDe, the managenient of investments and those ii)¢urred i tradillg activities that raise funds. Chai'ilablE a¢livTlies Cliai'ilable expeiidithiE compi'ises Iliose costs i11curd by tlie ¢liai'ity in tlie delivery of its activities 2nd seiviees for 115 beiieficiaries. It lllcludes both costs can be allocated dii-e¢tly to such activities and Iliosc costs of an Indi¢t natui'e nectS5ary to suppoit them. GruntplvI&1é1jiS Provisions for gi'ants are 1118de wlien tli¢ intention to niake a gi'ajit has bcen comittunitated to die recipient biit there is iinceitaiiity about either the tiining of the grant or the aniount of g12nt payable. Taxatlon Tli¢ charity is considered to pa&8 tlie tests set out itt ParagiBph I Schedule 6 of tjie Finance Aet 2010 at therefore it meets the definition of a chai'ilable company foi. UK ¢orporation lax PiiTpose5. Accoiyliiigly, 11)e ¢l)arity is potentially exeii?pt fi'oiii laxatioll in Irspect of incoine oi. pitlI gairts rtceived wiiliin calegoi'ies tovcrtd by Cliapler I Part I l of the CorpoL?tion Tax Act 2010 or Section 256 of the TaK#tion of Clisrgeable Gait)s Act 1992, to the extent that Suth iii¢oiMe or gains aiE applied exclusively to chaiitable puiposes. Tanglble fiyed asstt$ Individual fjxed assets costing £0.00 or inore air initially recoj'ded at Cost, less any 5ubsequet]t accuniulated depreciation and subsequent a¢cuinulated inipaii'inent losses. Depreclatioii and ainortlsatloii Depreciation is provided on tangible fixed assets so as to wi'ite off the cost or valuation, Irss any &%litnated Irsidual value, ovei. Iheii. expected iiseful econonii¢ life as follows.. Ti'ade debtors Ti7de debtoi's ar¢ amounts duc frotn cu5tonieLS for meirhandise sold or seivites peifoinied in tlie Ol'dinary course of biisine8S. TiÈde debtors IEcogni5ed initially al the transaction price. They are subsequently measiu'ed at ainoitised cost using tlic effective interesl llietliod, le provision foi. iiiipaiiiiient. A provisioii foi. tlie iiiipainiient of ts'ade debtoi's is eslablislied wlien tliere 15 objective evidence tliat Ilie cliai'ity will not be able lo eolleci all Ainoiin15 diie accordijig to the oi'iginal leims of tile receivables. Page 10
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Edueation Trust (CIO) Notes to the Financial Statements for the Year Ended 31 March 2023 Cash cash equivilettts Cash and cash equivalents comprise eash on hand aiid call deposils, and other shoit-term higlily liouid invesliments that are i'eadily Convertible to a known aiiiount of cash and al'e sllbject to an insignifirtt visk of cliaiig¢ in valuc. Trade creditoi's al'e obligations lo pay for gTh)ds oi. services thai have been acqllired in the ordinaiy couiBe of business fi'om siippliers. Accoiinls payable are classified as CillL-¢nl liabjlilies if Ilje does not have an iin¢tsndittonal iigjil, at tlie end of the reporting peiiod, to defer settleiiient of the creditor for at least twelve inonihs aftei. the I'epoiting date. If Iliere is an unconditional right tts defei. seltlcnienl for al Ica5t twelve ii)onihs aftei. the repoi'tiiig date. they al'e PiEsented as non-cuiyellt liabilities. ait recognised initially at tlie trallsa¢tion price and subsequently measured at amoitised cosl using the efyective inteirsl ikneihod. Borroiwings Interest-bearing boi'rowings arc initially recorded al fail. valiie, net of transaction costs. Tnteiest-beai'ing boi'rowing5 are siibseqiienily cari'ied al Ainorlised cost, with Ilie difference between ilie proceeds, net of transaction ¢o$18, and Ilie amount duc on Jrdemption being recognised as a charge to the Slatenient of Financial Activities ovei. Ilie period of the IEl£valll boryowiiig. Intei'est expense is ircognised on the basi8 of the effective IntESt method and is included in interest payable Borrowing5 air classified as current liabilities unle%s Ilie cljaiity lia8 an unconditioJMI iiglil lo defer setdeinent of the liability foi. al least twelve Inonths aftei. the IEPOJting dale. Fllnd strueture Unirslriclcd it)conie funds are general fund5 that al'e avnilable foi. use at tlie liustees's dis¢relion it) furtherance of the objectives of the ¢h4rity. Finanelil In$truineiit8 Financigl asgels attd fill2ncial liabilities aL'¢ recognised when tli¢ ¢hartLy becomes a parly to thc conlrn¢tual provisions of the inslruineni. Financial liabilitie5 and equity tnslninients al'e classified according to the subsrortce of Ilie cotttracttI arrangeinenls ejiiered into. An equity instrunient Ib arty contrncl that evidence5 a residual interest in the a85et5 of the charity aftei. deducting all of it5 liabilities. Pag¢ 11
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Educatioji Trust (CIO) Notes to the Financial Staten)ents for the YeAr Ended 31 March 2023 Réc81111101t uiidiiieNsu>'enieiil All finaiicial assets and liabilities Al-e initially nieasui'cd at Ii'ansaclion pi'i¢e liiicluding ti'aiisaclion costs), except for Iliose financial assets classified as at f#ii- value through pi'ofit or loss, wliicli 8ie ii)itially nieasiired at fail. value {wliich is norinally die iransaetiott price excluding liaiisaclion costs), unless Ilie ariangeillent constiliiles a financing Iransa¢tion. If an ai'rangement constitutes a finat)¢ing transaction, the fjnaiicial asset or fiiiaiicial liability is tneasiiiEd ai tlie present valiie of the futUlE paynienls discounted al a niai'ket 12le of inteiEst foi- a siinilar debi in$truin¢nt. Finaiicial assets and liabilities al'e only offset in the stateiiienl of financial position wlien. and only when tliere exists a le¥ally et]forceable light to set off th¢ L"ecogni5ed aiiiounls ld Ilie clmrity iiitertds either to 5eiile oil a net basis, oi. to realise tli¢ a85et and settle tlie liability simultaneously. Fillaiicial a$$el$ al'e d¢r¢cogni5ed when and only wli¢n a) ttie Colltractual i'igrlils 10 Il)e cash flows from tjie financial asset expii'¢ or air settled, b) the ¢1l'itY Iransfeis (o attotliei- party Substantially all of tlje Jisks atld i'ewards of owiiei¥liip of the fiiiancial a5sel, or cl the charity, despite Ii#ving ielained sonie, but iiot all, 5ignifTcant ¥isks and rewaixls of owneiEliip. has tran5feri.ed control of tlie asset lo anoiher party. Financial liabilities are derecognised only when the obligation specified in the conli'act is dis¢hArged, ¢ancelled or expires. PAge 12
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Edueation Trust (CIO) r4otes to the Finaneial Statements for tlie Year Ended 31 March 2023 Debi iii$ii'iiiNeiiis Debt inslwment5 whicli nieet the following eolldiiioll5 are subsequently n)easuiEd at amortised cost using thc effective iniei'esi metliod,, (a) The conli'actual ietum to the holder is lil a fixed amount. lil) a p08ltiYe fjxed i?te or a positive vaiiable rate. or liiil a coiiibination of a positive or A negative fixed l'ate and a positive vai'iable 171e. Ib) The contract inay piDvide foi. repayments of tlie pi'incipal oj. the returtl to the holdei. Ibllt not both) to be linked lo a single rel¢vaiit obseivable index of general pi'i¢e intl81ion of the cui'rcncy in ivhich the debt instrunicllt is d¢iioininat¢d, provided sucli link5 al'e not leveTaged. (¢1 The contract may provide for a dei¢L-minable vai'iation of the retui'n lo tlie lioldei. diii'ing the life of the in5tiiiincnt, provided that {1) Ilie new rate salj5fies condition (a) and Ilie vai'ialioii is not Colltingellt on luliir¢ events olliei. tiian {]) a cliange of a conti'aGtual vai'iable i'ale. {21 lo plteCt ti)e Iiolder against ¢iedit detei'ioi?tion of tlie issllci.; (31 chaiiges in levies applied by a central bank or arising fi'oni changes in IElevani taxation oi. law., or {iil Ilie new l'ate is a iiiai'ket 17te of interest and satisfies conditioii (al. {d) Their is no ¢ontiActual provision that could, by its i¢rms, result in the holder losing the principal aniount or any inteitst Hllribulable lo tlie ciirrent period OT prior pei'iods. (e) Conlr8Ctual piDvisions that peiinit the issuej. 10 prepay a debt iiislÈiinienl or pei'mit tlie lioldei. to put it back to tlie issuer befoi'e maturity are not ¢onlingent on fuliire event5. oilier tli#n to protect the liolder agaiiist Ilie ciedit dctcj'ioiition of die i55uer or a cliange in control of tlie i5SUtr, o¥ to iJiDtect tlje holder or issuej. against cliangc5 in levies applied by a cthiti'al baiik oi. arisijig froni clianges in i'elevanl taxation or law. 10 Coiits•¢lual piuvisions Jnay peiThit tlie exteJl5ion of Ilie teirn of tile debi insli'utiicnt, piovided that Ilie JElurn to tlie holder and any other conts'actual provisions applicable dui'ing the extended tcrm satisfy the ¢oiiditiot)$ of pai2giaplis {a) to Ic). Debt insttumeiiis that are classified as payable oi. rcceivAble witliin one year on initial ircognition and wliich meet Ilie above conditions are nieasiired al t17e undis¢ounied aniount of tlie casli or other consideration expected to be paid or re¢¢ived, nel of ijnpaiiinent. With tlie exceplioii of soine liedBing instruments. otlier debt instruments not meeting tliese condilions are measwrd at fail. valiie diiough pi'ofjl or loss. Conimitnients lo make and Iyceive loans which Ineet tlie conditions tnenlioned above are Ineasiired ai cost (which inay b¢ nil) 1¢$$ iiiipairinent. litveslijigiils Investnients in non-convertible prefei'ence shales and non-piitlable oi'dinary oi- pieference shares {wliei'e sliares 2re publicly limded OJ. tlieir fail. value is i'eliably mcasurable) are measured ai fair value tIux)UEli profjl oj. Ioss. WheiE fail. value canllot be me2su1.cd irliably, invesliiienls ar¢ measuiEd at cost less impairinenl. It)ve$lments in subsidiarie5 and associates are Jneasured al eosi less i17Jpaiiinent. For inv¢simenls in subsidiai'ies acquii'ed for considei'ation including the isslle of sharcs qualifying foi. niei'g¢r T¢lief, tost is nieasui'ed by IEference to Ilie nominal value of tlie sliairs issued plus fair value of otlier consideration. Any piEmium is ignoied. Page 13
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust (CIO) Notes to the Financial Statements for tl)e Year Ended 31 March 2023 Dgrlvu¢lvefiiioiici4li11511'iiiiieiil The chai'ity uses derivative financial iiistrumeiils to IEduee exposure to foreign exchange J'tsk and interest rale moveinenls. Tlie cliai'ity does not liold or issue dei'ivaiive finan¢i41 instiiinients for Speculative piirpose8. Dei'ivatives are initially r¢cogni5ed at fair value al the date a dei'ivative conttxct is etJteiEd into and aTe subsequently reineasured to their fail. valiie ai eacli reporting dale. Tlie resiilting gain oi. loss is I'e¢ognised in slaletnellt of fjnancial activities ILnn)¢diately uJil¢sS tlie derivative is designated and effective as a hed¥in¥ instrunient, in which cvent tlie tiining of the iEcognition in statement of financial activities depends on the nature of the hedge relationship. The b¢st evidence of f&ir value is a quoied pj'ice foi. an identical asset in ali active tnaTket. When quoted pi'ices re iinavailable, the pi'ice of a recent transaction foi. an identicÈl assei provides evidence of fail. value a5 long as Ilieir has nDI been a 5ignificuiit chuiige in econojnic circujnstances or a significant lapse of limt since Ilie transaction took place. If the m21.kei is i)ot 8Ctiv¢ and Ltcent tra115acliol of an sdentical a$$el on theii. owii are iiot a good estimate of fair value, Ilie fail. value is esliinaied by 115ing a valiialion tecliniqiie. 2 Income froin donations legAele$ Ulli'estrlcted fuods General Total 2023 Total 2022 Donations and legacies., Doiiations to iiiajor appea15 Gifts in kind 451,975 451.975 100,243 43,968 451,975 451,975 144,211 3 Othcr ineom¢ UiirÈsti'lcted fund5 General Total 2023 Totol 2022 HMRC JRS Giants FLes 2nd supplies Rental incoiiie 83,653 165,044 33,027 281724 155 155 155 155 4 Exptndlture on ehai'ltable a¢tiYiti¢s Page 14
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Fui'qan Education Trust (CIO) Notes to the Financial Statements for the Year Ended 31 March 2023 Actlvlty uiidertal(en dlrectly Gi'iiit funding of 2etivSty Tot91 2022 Total 2021 Education and Worship GOve1anCe 449,122 25,43 1 474,553 460.735 25,431 425,513 14,144 486,166 439,657 S Net IncoiJ)IDglolltgolng i'esources Nel outgoing JE$ouires foi the ye&r include.. 2023 2022 Depreciation of fixed assets 50,700 Page 15
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust (CIO) Notes to the Financfiftl Statements for the Year Ended 31 Mareh 2023 6 Staff ¢osts Tli¢ aggregute payi'oll costs were as follows.. 2023 2022 Staff costs duriijg the yeAr wei'e: Wages an(188laries So¢ial se¢ui'ity costs Pension costs 266.186 25.810 255,094 41.073 1,704 297,871 291,996 No einployee received emoluments of moir than £60,000 during the yr 7 Ty&X2tlon Tlie charily is a registered tliariiy and is dierefore exeiiipt fTOtn iaxEilion. 8 Tangible fixed assets Land bulldlng$ Tot81 C05t Ai l April 2022 2,535,000 2,535,000 At 31 Mayth 2023 2,535,000 2,535,000 Depveelatlon At l April 2022 Charge for Ilie year At 31 Mairh 2023 101,400 50.700 101,40Q 50,70a 152,100 152,100 Not book v&luÈ Al 31 Marclj 2023 2,382,900 2,382,900 At 31 Mairh 2022 2,433,600 2,433,600 9 Debtoys 2023 2022 Other debtors 7.220 PAge 16
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan EdueAtion Ti'ust {ClO) r4otes to the Financial Statements for the Year Ended 31 March 2023 10 CASIJ ATid e#$h equlvalents 2023 2022 Cash at ballk 75,692 55,078 11 Cr¢dltor8: amounts falling due iyithith one y¢8r 2023 2022 Ti'ade creditors Other creditois Accnials 1,000 21,540 3,780 26,320 26,320 3,950 30,270 12 Fllnds Balance at i Api'il 2022 IneomiiiE 'esourc¢s Resourees cxpended Bglance 4t 31 Mgl'etl 2023 Unresti'icted funds Geneial 2,469,578 452,130 1486,166 2.435,542 Balaijce at I April 2021 Inconiing 'esoure¢s Re$vur¢ts expended Bglance at JI Mai'cll 2022 Unresti'icted funds Gen[ 2,483,300 425.935 439,657 2,469,578 Page 17
Docusign En¥ÈlopÈ ID". 83CD7B72-87AD4785-B8E24E27FD50525F Al Furqan Education Trust (CIO) Notes to the Financial Statements for the Year Knded 31 March 2023 13 Aiialy51s of iaet assets between funds Urjresti-icted (und$ Genei'AI Total (unds 2023 Tangible fixed assets Cui'rent assets 2,382.900 82.912 30.270 2,382,900 82,912 (30,270) Total net assets 2.435,542 2.435,542 U]Jrestricted funds Geajei'al TotAI funds 2022 Tangible fixed assets CuriEnt assets Cuiyetjt liabilities 2,433,600 62,298 26,320 2,433,600 62,298 26,320 Tot81 net assets 2,469.578 2 469 $78 J4 Analys1$ of Net fuiids At l April 2022 Flnanelng e3slJ flows At 31 M*i'ch 2023 Casli at bank and in Iiand 75,692 Net debt 55,078 At l Aprll 2021 20,614 Flnan¢lng cAsh Ilows 75,692 At 31 Marcli 2022 Cash a¢ bank aiid in hand 55,078 55,078 Net debt 55,078 Page 18