Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Charity registration nun)ber'. 1187230 Al Furqan Education Trust (CIO) Anniial Report and FinazJ¢ial Slaleii)enl$ for the Yeai. Ended 31 Mai'ch 2024
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan EdueatRon Trust (CIO) Contents Refer¢i)ce llnd Administrativ¢ Details Truste, Repori 2to3 Stateimeni of TTLisiees' Responsibilities Independent Exaniiner's Report Slatenieni of Financial Actiwities Balante Sheet Notes to the Financtal S12tenienls 8 to 16
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Fui'qan Education Trust (CIO) Referejice and Admiilistrative Details Trustee8 Mi. Ali Hiissciii Hassat) Mi. Abubakar Abdi Husscin Mr Abdiiizak Hij'ad Moh8med Mr Isimail Abdisamad Moliatniid Mr Abdulsatar Abdi Adett Mr Hu5scin Abdille Bilal Mr Cisse Noor Principal oifice 41 Cix)ss Lances Road Hoiiiislow TW3 2AD Cliai'ity Registration Numhoi. 1187230 lijdependent Ei xaminer Nasir Rafjq Dua Goveriiance 123-131 Bi'adferd Sti'eet Digbetli B120NS Page I
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al FurqiJ> Edutotlon Trust IcJoi Trustees, Repoi't rAcl1t lhelli1nu rcport i08Lherwi7 Ihc fin&iiciol sthlernnls Oft1 ¢herily forth¢y¢or¢rtd 31 Mrch 2024. OblectlveJ8nd 9orlYltlos bpjirjli hwyrd I01C9jkICknfI1Eu1thI1CC publi5hcd bytliccliarily Comniission for EMBlondsnd Wfjlcs. A¢li5¢vthi¢nii ind p¢rfoi'm¥n 018onisTrlioii kn8sponiknit £5J6kon a11chllrilDblcaclivikne& AAer &UCcer1IY cDmplelioii of1 luJies' toii¢i$ with di5llbl¢d ffjciliiies iii pr¢vious year th¢ uusi ulso The iiiain IiYoje¢L%undutJiktn th¢ Ilm)1[ rwe. AI Fui4411 prtsyid¢s A fully pla¢¢ ofpioy¢r. whert lh¢ 5 di4 Sly Prny¢rs, TOwih aro wayctS Riid &ll prnyey Sorvic csloblis]ied. Tht plye SeYvic tlllcr ¢0 both men w¢meil. Le¢iuTr5 Qnd I¢55 b) MadrA$Ah lh (111. calc[5 IrbOth girls UV IhE llgc of6. The nijdTrs11 is 51unddrdiz¢d Supirted by Iyell-Ihou81il-oul end w¢wred eurri¢uliith Ilial ¢LietS Ili¢ siud¢nis qlknd. Siwthnls thg8c55cd by cxpericnccd ILaclieix )d of the Ili1. Tlie illudyslI IlL4 Te%y4 ThiIrsdY between 5-spi thnd Slllurd41yS aiid SundayN frani9aam to4pin. Regis1ratTr Likp1aCtlce lye0r1 new MU15 look forwaid l&11 holyinonih OrR&nodI. Karnd monlli filled Willi vfjYioystyw$ofw¢iship. Al Fuiyfjii Ii#s btt¢il QVniirtb. Tarfjivih pt#yei% (Niuhl prnyeis) iO¢¢ its in¢¢PtiOTr Ihc wnth m111. T9rawccli rALyLYS &iid Ift. progronis wcyc c&iercd to Ilie conimuhiiy Williih Ilit ¢4'1llrt Thc ¢nlir¢ lo¢kdowil. Tlié Eid nrthjecl w¥5 Joyfully tondiK¢ed #i Lwiipttsn pa. Ihe M)Innity ¢4iiie 1¢1, Enjnying the fi1¥¢ coiiini1IlY willi thc nocessiiy educ)IlQil. bolii l$l)mi¢ A¢111¢, kn pffjdu¢¢ INJIYiL1 whD will Iiow t livc impxloiliiioirmUl1l11lli lar8Q. 11 Ivomtfft PmJ¢et wom1 fruni diYcr¢ni baLknuiids LUMC IoEeilier lo SULiJlise, Iiave lessuiis Ll odviie rebiorJir¥ niwiy di(fer¢ni IMlll¢i%, lli¢ Ttu%t proB[lI1 oxpandin& nDW reDchins VL[1 comniunilK% williiTh Ilie boiybugli, ihe %islcN is fiillybookedgndcAterfordlffu¢th¢lgSrt4tY¢ry w¢ek. g)%ociJl ociivilitSAhd Mu51iThs iurn lo Ilie tor lTrplii wid lldvKe in Thll Mjlters of iheir life. Tlw ha% tMined Imllnis Th¢ TtU.s1 al.¢ &i*i%t4 wllh th¢ filling in fo5. gprakiilg lo u¢1]x0ft bthairofwoll1pPtss nd VAfklUS Other Ili¢ 47r, ili¢ chailly inGoiiic ivu5 £586k 1202J.. £452k). Chwrty cxwndilurc £54lk 12013.. £48&KI. ThL diairiyycseyyt StodDI 12.5111 {202).' £2.4MI.
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Iill$irni¢kii¢swidwli¢ies forlSU1n¥ 111rC ImC1Cd. Tho cliayil lyusiecs IILYC coiisidcrcd Ilic niijof risks lo wlii¢h Ili¢ ¢hJiiiy is ¢XPtss¢d )nd Iillve revittwtd 231ilz Tlie&nlluJl reiNJrtwasJpproYed by lh¢ Irusi¢d4oflheehtsriiyon.. nd RigNed itsbeholfby.. Tiw%iee Payc3
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Education Trust (CIO) Statement of Trustees, Responsibilities The trustees are responsible foi. pirpai'ing the tiuslees, Irporl ld Ilie fjllallcial slatemellts ill 8ccordance witli Ilie Uiiiled Kingdoin Accounting Stai)da1$ (United Kihgdoih Getterally Actepied Actourttiiig PIBCtiee) at)d applicable law and iegulations, The law applicable to cliarities reqiiires the tiiistee8 to prepare fiiiancial stateincnts for eacli fiiiancial ycai. wliich glve a triie and fail. vEew of tlie stale of affai1% of Ilie Gliaiity Rnd of tlie inconiitlg Lrsoiirces and ai)plicalion of i'esourees of the cliarity foi. tliai pffliod. In preparing these financial statements, the ts-ustees al'e i'equii'ed to.. 5elcct Sultable accountitlg policies and tlien apply tliem ¢onsisienlly,' obseive the metliods and priiiciples in tlie Chai'ities SORP., Inake judgements and estiniat¢5 tliat are LEasonable and PLudeiit' blute wheiliei. applicable accounting si#ndw'(Is 118ve beeji followed, subject to any niaterial depai'lul'es dis¢lose(l thiid explained iii the finan¢ial siateiii¢iits,' aiJd pirpai'e tlie financial stateiiients on the going conceim basis unless it j5 inappropi'iate to pre5unie tliat tlie c118rity will toDtinue iii biisiness. The trustees al'e ie5P0115ible for keeping proper accounting ieeords that disclose witli reasoiiable a¢cura¢y at any tiine the financi&l position of Ilie cliarily and eiiable tlieiii to ensuie tliat Ilie financial 51ateinent5 coinply with the Chaiities Act 2011, tlie applicable Cliarit1¢5 (Accounts and RepoTtsI Regulations, and the plVisiOnS of Ilie Constitution. The trustees ale also i'esponsible for safegwdl'dinB Ilie assets of the chai'ity and lience for taking reasonable steps foi. dje PiEvenlion &nd detection of fraud and otliei. iriekyularities. Approved by tlie trustees of tlie eliarsty Oll aiid sigtted on its belialf by,, Mr Abubakar Abdi Hussein Trllstee Page 4
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan ducation Trust (CIO) Iiidependeiit Examinel's Report to the tl'UStee8 of Al Furqan Educatioi) Trust (CIO) l Fepoit to the ¢11o1-ity tivslees on Jny exzminalion of Uie accounts of the CI.1tY for dje year ended 31 MaiEh 2024 wliich are set ollt on pages 6 to 16. Respective iespoi)sibilitie$ of trustee$ aiid eyajnlner As tlie ¢liarily'S Irii%tees of Al Fiiiqan Education Triist ICIOI you ale respoiisible for Ilie preparation of the accouiils in acLoL'dllii¢e will) Ihe requiiEnienls of Ilie Cli£irilies Act 2011 I'the Acl'l. repoi't in Irspcct of Iny exaiiiinatioii of Ilie Al Fiirqan Education Tiiist ICIO}'s accoiiiils cai'i'ied oiit linder section 145 of tlic 2011 Act and iii cairying out Jiiy examination I liave followed all tlie applicablc Dii'ections giveii by the Chai'ity Coniniission linder 5e¢tion 14515llbl of the Act. Indepeiideiit exajnlner S 8tateinent Since Al fiiiyaii Education frust {CIOI's gTr055 illcojne exceeded £250,000 yuui. txaniinei. iiiusl be a Lii¥iiiber or a body listed in section 145 of thc 2011 Act. I confiiTh tliat l ani qualified to undei-iak6 Ilie ¢x#minataon because l ain a niembei. of ICAbW. wliicli 15 one of tlie listed bodies. I liave completed niy ¢xaniinalion. I confirii) tlial no material tJialte¥s liave coJi)e lo Jny allenliotj in connection with tlie exai)iinatioii giving me tause to believc that in aiiy iiialej'ial respect.. l. a¢¢ourtting i'etords wcre not kept in rcspecl of Al Furqan Education Tj'ust (CIO) as iEquiJ'ed by 8ectiott 130 ()f tlie Act,. or 2. Ihe aecounts do not accoi'd willi Iliose recoi'ds. or 3. the a¢counts do not coiiiply witli the ace01111ting Irquii'cnienls concci'ning the foi'iii and contciit of accounts *&ccounts give a 'ti'ue and fair view, wlii¢li 15 not a inatler consid¢red as part of An ind¢p¢ndent I l)ave no coiicerjis and have cotne across no other Imatters in conne¢tion with the examiiiation to wliicli att¢ntion slioiild be drawn in this repoL'I in oiyiei. to enable a PToper understanding of the accouiits to be rea¢lied. P441 Nasii. Rafiq ICAEW Diia GoveriiAnce 123-131 Bi'adfoil Sii'eet Digbctli B120NS 2 3/01/2025 Date.. Page 5
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Education Trust (CIO) Statemellt of Finaneial Aetivities for the Year Ended 31 March 2024 Unrestt4ct¢d funds TotAI 2024 Note Income and Endowments fi'om,. Donalions and Icgacies Other illcome 585,614 201 585,614 201 Total incoine 585815 585 815 Expenditure on.. Raising fLinds (1,217) 539,808 {1,2171 539 808 Total penditUre 54L 025 54L 025 Nel incoine Nel moveiiienL iii fiinds 44,790 44,790 RecoTh¢lliation of funds Total funds bj'ought forward 2 435 542 2 435 542 Total funds cai'ried foiwai'd 13 2 480,332 2 480,332 Unrestrieted fund5 Total 2023 Note Ineome and Endownient$ froni.. Donations and legacse5 Oiljer income 451,975 155 451,975 155 Total incoine 452 130 452 130 Expetiditure on.. R&ising funds ChaFltable activities (11,613) 474 553 474 553 Total expenditui'c 486 106 486 166 Net expeJiditlLI'e Net inoveiiient in funds (34,036) (34,036) R¢¢onclllgtlon of fund$ Total fund5 bix>uglit forwai'd 2 469 578 2 469 578 Total fiiiid5 carried foiTrvard 13 2 435 542 2 435 542 All of tlie charity's activitie5 derive fi'otn GOIltinuing operations duijng tlie alve two periods. Tlie t'uiids breakdown for 2Q23 is sliown in note 13. Page 6
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Fui'qan Education Trust (CIO) (Registration niimber: 1187230) Balance Sheet as at 31 March 2024 2024 2023 Note r4lxcd assets Tai)gible assets 2,458,843 2,382,900 Cuvi'cnt assct$ Debtors 10 7,720 7,220 Cash at bank and in hand 50,209 82,912 Ci'editors: Amounts fAlllng due witliin one year 12 Net ellri'eiit &S5et5 Net Jss#ls 2 480.332 2 435,542 Futtd$ of tlie cliai'lty: Uni'esti'icted iijcome funds UllL'e511icled tuiid5 2 480 332 2 435 542 Total furtds 13 2 480 332 2 435 542 11211ci¥ slaltiiienls on page5 6 to 16 weir appiDved by the tiwstees, and auiljorised foi. issue on 2&L>and sigiied on Ilieir bel)alf by.. Mr Abubakar Abdi Hussein Tivst¢e Page 7
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al FuYqAn Educatlon Trust {ClO) Notes to the Flnancial Statements for the Year Elided 31 March 2024 l Aecountlng pollcies Stateinent of compliance Tlie fiiiancial staleiiienls liave been prepaitd in a¢¢ordaiite with Ac¢ounling and Repoi'iing by Chai'ities.. Sialejiient of Recoininended Piaclice applicable to cliarilies piepai-iii& tlieiT acGoun15 in accoi-dJnc¢ will) Ille Finaiicial Repoitiiig Standard ai)plicable in Ilic UK aiid Repiiblic of Ti'tland IFRS 1021 (effective l Jaiiiiaiy 2015) - (cliari¢S SORP IFRS 102)), Il)e Financial Reporlinx Siandard applicdble in die UK aiid Republic of Jreland IFRS 1021 and the Cliai'ities Act 2011. BY4515 ofpreparation Al Fuiqan Ediicalion Trust (CIO) iiieels the definition of a piibli¢ beiiefit eniily iind¢i' FRS 102. Asseis and liabilities air initially recognised at historical Gost or transaction value unless otliei'wise slated in the relevant a¢¢oiiniing i)oli¢y notes. Exemption fi'oiii preparliig a ea511 flow statevTrent Tlie cliarily optcd lo eai'ly adopL Bulleliii I publislied oji 2 februaiy 2016 and li&ve therefore not ii)cluded a ca811 flow slateinenl iii these fijiaiicial slateineiils. Colng coneerii Tlie ts'usleeg considei. tljat their are no tel.jaI Untainli¢S abolit tlie cl)arity'5 ability to continue a8 a going concern. Tneome and endownients Volujilaiy illLoJiie ijicludillg donztions, gifis, legacies and gi?nls t]Ml provtde coir funding oi. are of a gejieral natw'e is reco81)ised when Ilie Clilty lias eiititleii)eJit to Ilic iticoiiie, it is pi'obable tliat the incoiiie will be received and tlie aimoiint can be inea8ui.ed willi siifficieiit i'eliability. Danatioiis and legacies are reto£nised on a JEceivable basis when J'eceipt is piY)bable and the aii)ounl can be reliably Ine2sur¢d. Expcrtditui'e All expeiidiwre is I'etogt)ised once there is a legal or eonstructive obligatioii lo Iliat expetiditlliE, it is probable s¢tll¢Inenl is i'equiJ'¢d and Il)e 2moiiJil can be ii)easiired reliably. All costs al'e allocaled to Ilie applicable expeiiditure lieadiiig that aggir8alc siimilai. costs to that catcgoiy. Wherc c05t5 Callllot be directly attributed to particiilai. Iieadings tli¢y liave been allocated oli a b1( SIS C011%15teiit witli tlie use of resoui'¢¢5, Wlth ceiitral staff costs allocaicd oil tlie basis of iiine spent. and deprecioiion cliai'ges nllo¢i¢ led on Ilie poj'tion of tlie assei's use. Other support costs are allocated based 011 the spread of staff costs. Raisiiigfiiiids Tliese air Costs iiicuri-ed in atliacting volunlaiy inroin¢, Ilie Inaoag¢m¢nt of inv¢stin¢nis and Ihose inLUlI'ed in tyAdiiig activities that raise fi]nds. Page 8
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Ei ducatlon Trust (CIO) Notes to the Financial Statements for the Year Ended 31 March 2024 Chrti'ildble uLliviliés Cliai'ilahle expendittiir coinpri8e% Ilio%e costs inciii'red hy tlie cliarity in the deliveiy of lis &eliviiTe% and eie¢S for its beneficiai'ies. It incliides boili cos15 tliat can be ollocated (IiL-e¢lly to su¢li activities and Iliose costs of an indirect naiuie necessary lo support theni. Gover119nce costs Tliese irtclude Ilie costs atlribulable lo Il)e cl)arity's cojiipliaiice willi coJ151itiilional aiid slatuloiy requirements, incliiding audit, strategic niana8einent and liiisl¢es'5 meeliiigs and I'eiimbiirsed expeiiges. Taxatio Tljc cliai'ity is considered lo pass the lesls sei out in Pdi'agi'apli I Scljedule 6 of Ilic Finance Act 2010 aiid tliei'efore it niecls the definition of a ehai'ilable company for UIC corporation lax piiiposes. Accordingly, tlie cliarily j5 Potentially ex¢iiip( froiii Idxatioti iii J'csi)cct of iticoine oi. capiial uiatns I'eccivcd wiiliin catcgorics covei-ed l)y Chdpiei. 3 PAri I l ot. Ihe Cotpoi'aliott Tax Act 2010 or Sectioii 256 of Ilie Taxutioii of Cliai'g¢dbl¢ Gains Aci 1992, 10 Ille extent tliat 8uch incoiiic or gains are applied excliisively lo chai'ilable piirp05eS. Taiigible fixed assets lttdivEdual fixcd asscls costing £O.QO oi tnore ar¢ initially iEeoi'ded at cost, less any subsequent accumulated depi'eciation and 511bsequenl acciiiiiulated inii)airrt)ent losses. Dcpi'eclailoii And an]ortisation D¢preeialion is provided on langiblc fixed a5set5 so as to wi'it¢ off tlie ¢ost or valuation, less any estimated i'esidual value, ovei. theii. expectcd useful econoniic life as follows.. Trade debtors Tixde debtOlE air amounts due fiDllI cuslomeiE for meirliandise sold or scrvices perfoL'm¢d ill Ilie ordin#ry eoui'se of business. Tradc debtors J'ccogniscd initially al the traiisattion i)rice. Tljey are sllbsequently Jncasui'ed at snioitised cost iising Ilie effective intere8t nietliod, less piovi8ion for iinpairment. A pi'ovision foi. Ilic iinpaii'nienl of ti?de debioj's is cslabli51)ed wlien tliei-¢ is tsbjective evidence iliat Ilje cliarily will not be able to collect all aiiioiin15 due accoiyjiiig to th¢ OTigiiial tei)Iis of the i'eceivables. Cash aiid ea5h equivalents Cash and casli ¢quivalen15 Gomprise casl) on liand alld C£111 deposits, aiid oiliei. shoi'l-lei'jn liiglily liquid change in v81ue. Page 9
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Educatlon Trust {ClO) Notes to the Financial Statements for ¢he Year Ended 31 March 2024 Borrowlngs Interesl-bearing boi-rowings are initially recorded at fair value, net of tiinsaction cos15. Intere5t-beai-ing b0T11gS ULE sub5equeDily cllrried ut amoi-lised cost, willi the dilfeiEtLce belwteii the procetds. nel of tYahsa¢tion ¢osis, and the amouiit due tsn redemption beitjg re¢ognised as a ¢liai'ge 10 the Statement of Fiiianctal A¢tivities over Ilie pei'iod of the relevani borrowing. Inlercst expense is recogiiised oil the basis of the effective inleTest niethod and is included iii iiikiEst payable Boiyowings #re classified as ¢urrent liabilities iiDless tlie eliai'ity lias an urt¢ondilional riglit to defer settlenieni of Ilie liability foi- at l¢asi Iwelve nionll?s ufter the r¢poi'lii)g dllle. Fund 5ti'ucture Unieslricted income fiitlds are general funds Iliai are available for use ai tlie trustees'5 d&5CLetion ill fiiiiherance ol-the objcctives of ilie chariLy. FlnAneEal Insti'uments Finttncial assets and finaneial liabilities al'e ir¢ogi)ised when the cliarity be¢oii)¢s a paity to tlie conlrActual Financial liabilities and eqllily insti'kllnenl$ are classifted accoixling to the subslonee of tlie conli?ctllal ai'i'angeiiTrenls cntercd itilo. An equity iiisliuiiient is any eon112Ct that evidences a Irsidual inteiesl in the asscts of All fiiian¢ial assets aiid liabilities are iiiitially measuied al transaction price lin¢liidi1ig iransaelion ¢ostsl, ex¢epl value (wlitcli is normally tlie ts'ansaction price excluding transaction coslsl, unless Ilje '1?Bei]Ient constitutes a financing tran5aclion. If an ari'angenient e0115titiile5 a fsnancing transaction, tlie fillaiicial asset oi. fiiiaiicial liability 15 Inea5uied at tli¢ prtS¢llt valu¢ of tlir future payiiients discound at a iiiai'kel iyte of J11clEst for a similai. d¢bt insts'uittent. Finan¢ial assets liabilities al'e only off%el in tl)e stateinent of financial position wli¢n, and only wlien Iliei'e exists a legally enfoi'ceable I'iglit to set off the recogni5cd aiiiounls and Ilie cliarity iiiteiids eitliei. to settle oli a Fiiian¢ial assets are d¢re¢ognised when and only wlien a) tl)e contractual riglils to the Cash flows froni tlie rinartcial asset expire oi. ale seltled, bl tlie cliai'ity Iransfcrs to aijoilier party siibstaniially all of Ilie i'isks aiid i'ewai'ds of owns1]ip of tlic fjnallcial asset, oi. c) tlie cliai'ity, despite havin8 retained some, bllt not all, significant risl(s aiid rcward5 of owt)¢i'shipi ha5 transferred conirol of the asset to anothei. party. Firtan¢ial liabilities ai* derecognised only wlien the obligation spetifjed itt tlie conti?et is discharged, tancelled or expii'es. Page 10
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al FurqAn Ei ducation Trust {CJO) Notes to the Flnanclal Statements for the Year Elided 31 March 2024 Del?t iii.%truiiieiii% ivliitli iiieet tlie following candtlton% are %ul)%cquenily iiiea.%uird at aiiinrti%ed co.%1 uEing tlie cffectiv¢ int¢r¢sl ttielhod.. la) The ¢onlraclu&l retiii'n to tlie liolder TS lil a fixed ainoiint. lil) a posittve Iixed rate or a posiiive Yai'iable ixte: or liiil a coinbination of a positiv¢ or a ii¢g#tive fixed iale and a positive variable rate. {b) Tlie conli?cl niay provide f¢)i- rep£iyiiients of tlie principcil or Ilie IElui'n lo Ilie Iioldei. {but not botlil to be liiikcd to a siiigle Itlevant obseivable iiidcx of gcijei'al price iiiflation of the CUlTeiicy in which the debt insli'iiinent is denoiilinated, i)Ix)vided siicli litil(s are not Icveraged. (¢1 Tlie ¢oi)117et niay piDvide foi. a dcteriiiinable variation of tlie Itturn to the holder during the life of the ¢veiits otljei. Ilian111 a cliange of a coiilraclual vai'iable iate,'121 to prote¢t tlie Iioldei. against cj'cdit detei'ioj'ation of tlic issuci" 13) cliangcs iii levies applied by a centi?1 bank or arisi&ig fiY)iii changes in I'elevant taxation oi. law. or lill the new rale is a inaiket i?te Of itLt¢rest and salislies condition {al. {d) Tliere is no coiitractual provision iliat coiild, by ils tei'nis, resiili in the holder losing the priiicipal aiiioiint or any illleirst atlribLilabl¢ to lh¢ currei)t period or piioi. pej'iods. (el Coniraclual pi'ovigions that permil tlie issiier io i)I'epay a debt insltiiinent oi. peiniit thc holdcr ta pul il back to tlie issuer befoj'c malurily alc llot conlingcnl oll fului-e ¢venw, otliei. Ilian to pix)ieci Ihe liolder against Ilic ci'edil deterioration of the issiier oi. a cli&nge in conti'ol of Ili¢ issuer, oi. to pix)Icct the holdci. oi. issuci. against clianges in levies applied by a ceiilral bank or 81'ising fi'om clianges in relevant taxation oi. law. {fj Coiitractual pi'ovisioiis Imay pci'iiiit tlie extciisioii of tlie lei'iii of tlie debt insiruii)eiitJ provided that the IEtuJ'n lo tlie holder and any oihei. conliacliial provisions api)licable diii-ing tlie extended lenn satisfy Ilie condilions of par#g¥aplis {al to Ic). Debt instriiiiienls Iliai air classified as payable oi. re¢eivable wiiliin one year on inilial iEcognition and wliicli ni¢el 11)c above condition5 are nieasuird at til¢ undiscoutjted amount of tl)c cash or othei. consideration expected to be paid OT ieceived. nei of iinpairment. Witli tlie ex¢eplion ot. some hedging instiumell15, othei. debt instruii)tnls nol Ji)eeting tliese tooditions are iiieasur¢d at fair value tliroiigh pi'ofit or1055. Coiminilments to inake and Te¢eive loaiis wliieh n)eei the conditions Ineiitioiied abovc are Ineasured at cost Iwliicli may be nil) less InipaTrii)ent. liiveslijiéiits Ii)vestiiienls in iioii-conveitible pi'efeYei)ce 51iares and noii-pullablc oixliiiary oi. prcfei'ciicc sliarcs Iivhcre shales Wlicre fail. value cannot be measuiyd iEliably, investinenls ui'e ineusuied 4Lt cost less impuirnient. lllve5tJnent5 iii siibsidiai'ies and assoeiales are Jnea5lltrd at cosl less iiMI)3imi¢nl. FOL. inv¢stinenls in Siibsidiaries acquii-¢d for Consideration including tlie issue of sliai-es qualifying for Jiiei'ger relicf, cost is nieasiii'ed by jullored. Pagell
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Education Trust (CIO) Note5 to the FiiianciAI Statements for the Year Ended 31 March 2024 Dei'ivaliiiefiJiuiJcifil i11slJ'uiiieiils Tlie cliai'ity ii.%e8 derivative fiiiaiicial in%truniefjt% In Irduce exposure to foreign excliange ri%k and iiitere%t rate Inovements. Tl)e ¢liarity does not liold oi. issue deriv#iive fin8llci81 inslruinent5 foi. speculative puwoses. Dei'ivaiives are initially recognised at f2ii' valiie at tlie dale a derivalive ¢oDtraci is enlered into and air subsequently Jemeasui'ed to tlieij. fail. value at eacji iEpoiting date. Tlie I'esultiiig gain or loss is re¢ognised in slaleiiienl of financial activities iiniii¢diaiely iinless Ilie dci'ivativc is dcsignated ai)d effective as a hedging nature of the hedge i'elalionsljip. Foil. vrtliig iiiÉasiiiÉiiieiil Tlie best evidence of fail. valuc is a quoted price for ai) idenlttal asset in an active tnarkel. Wliei) quoted pj'ices ai'e iinavailable, the price of a receiit transaction foi. ai) ideiitical asset pi'ovtdes evidence of fail. value as loiig os tliere lias not been a significant cliange in ecotioinic circiiinslaiices oi. a significant lapse of tiiiie siiiee tlie ti?n5aLlioii took place. Il. the Inarket j8 not active ajid recent tiaiisactions of an identical 2sset oil tlieii. own ai not a good esliinale of fail. value, tlie fair value 15 estiiiiated by u5illg a valiiation technique. 2 Income fi'om don%tlons legacles Uni'estricted fuiids Geiieral Total 2024 Total 2023 Dollations and legacies., Donations to major appeals 585 614 585 614 451 975 451.975 585,614 585.014 3 Othei. In¢oin¢ Unrestrleted fuijds Ceneral Tot&1 2024 TotAI 2023 Fees and SLipplies 201 201 155 4 ipendltuie on charltable actlvltle5 Activity support cost5 Total 2024 TotAI 2023 Education aiid Worsliip Goveman¢¢ 532,124 532,124 460,735 541.025 541,025 486.166 Page 12
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Fui'qan Edueatlon Tyust (CIO) Notes to the Finaiiclal Statements foi. the Year Elided 31 Mareli 2024 5 AnAlysls of governaiice #nd suppoi't Costs Govei'nance costs Unte5ti'ictcd funds Gcnei'al Total 2024 Total 202J Independent exaininei s fee Legal aiid professional fees 3,950 3,950 3,950 6 Net incomlDgloutEoliig resources Net incoJiii11g/loulgoiJigl re50ur¢es for Ilke year include.. 2024 2023 DepiEcialiotJ of fixed assets 53,285 Page 13
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Education Trust (CIO) Notes to the Financial Statements for the Year nded 31 Mareh 2024 7 Staff costs Tlie au¥regale payroll ¢osis were as followb.. 2024 2023 Staff costs durlng tlie year ivere: Wages and salaj'ies Social security costs 292,798 266,186 317 606 291,996 No etiiployee received einolunients of mol'e than £60,000 dui'ing the year 8 TaxAtioii The charity is a IE8lStered chai'ity and is tlieiefoi'e exeipt froin taxation. 9 Taijgible fixed assets Lalld and bulldlllgs Total Cost At l April 2023 Additions 2,535,000 129228 2,535,000 129228 At J l Mairli 2024 2 664 228 2 664 228 Depreclatloii Ai l Api'il 2023 Cliai'ge foi. Ilie year 152,100 152.100 At 31 Mai'cli 2024 205 385 205 385 Net book vglue At 3 I Mai'cli 2024 2.458,843 2,458,843 At 3 L Mai'cli 2023 2.382 900 2 382 900 Tlie addiiioiis relates lo two buildiiigs doiiattd by Al Fuiyjan Education Tnisl Ichai'ity no.'11427901, Tliese buildings are i'ecognised at maiket value. 10 Debtor5 2024 2023 Otliey debtors Page 14
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan EducAtion Trust {ClO) Notes to the FinAiicial Statements for the Year Ended 31 March 2024 I I C#$li And cAsh equ&valertt5 2024 2023 Cash at bartk 75.692 12 Creditors: amounts fAlllng due ivitliin oiie year 2024 2023 Oihcr cirditoi 22,820 5.91K> 28,720 26,320 3.950 30,270 A¢¢iu81s 13 Funds Balaiice at Api'il 2023 IncTrming re$ouret$ Res(buJ'ees expended BAlaiJce at 31 March 2024 Unrestricted fullds General 2 435 542 BAlaiice at I Apt'il 2022 585 815 541025 Rcsoui'ces ¢xp¢iJde 2 480 332 B&lAnce &t 31 Mai'cli 2023 Inconiing resoul'ces Uiirestrlcted fuijds General 2 469.578 452 130 486 166 2 435 542 Page 15
Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129 Al Furqan Education Trust (CIO) Notes to the Finailcial Statements foy the Year Ended 31 March 2024 14 An&ly51s of net aS5Qts botween fuiid$ UnR'esti'É¢ted funds Ceneral Total fulld8 2024 Tangible fixed o$Stts Cui-lrnl as5els Cui'renl liabilities 2,458,843 50,209 2,458,843 50,209 Total net assets 2 480 332 Unresti'leteo fuiids Genei'al 2 480 332 Tot91 funds 2023 Tangible fixed as5et5 Ciii'rent assets 2,382,900 82,912 2.382,900 82,912 Curi'ent liabilities Total i)el asse15 2 435 542 2,435.542 15 An#ly$l$ of iiet ftsods FlnAnclng ¢a$li nows At l Api'il 2023 At 31 Marcli 2024 Cash at bank and in l)attd Net debt At l Api'll 2022 flow8 At 31 Mai'cli 2023 Cash at bank and in liand Net debt 55,078 20.614 75.692 Page 16