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
rA￿cl1t lhelli1nu￿ rcport i08L*herwi￿7 Ihc fin&iiciol sthlernnls Oft1￿ ¢herily forth¢y¢or¢rtd￿ 31
M*rch 2024.
OblectlveJ8nd 9orlYltlos
bpjirjli
hwyrd￿ I0￿1C9￿jkICkn￿fI1Eu1thI1CC publi5hcd bytliccliarily Comniission for EMBlondsnd Wfjlcs.
A¢li5¢vthi¢nii ind p¢rfoi'm¥n
018onisTrlioii kn8sponiknit £5J6kon a11chllrilDblcaclivikne&
AAer &UCce￿r￿1IY 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, TO￿wih aro wayctS Riid &ll
prnyey Sorvic￿ csloblis]ied. Tht pl￿ye￿ SeYvic￿ tlllcr ¢0 both men w¢meil. Le¢iuTr5 Qnd I¢5￿5
b) MadrA$Ah
lh￿ (￿￿111￿. calc[5 I￿rbOth girls UV￿ IhE llgc of6. The nijdTrs￿11 is 51unddrdiz¢d Supi￿rted by
Iyell-Ihou81il-oul end w¢wred eurri¢uliith Ilial ¢LietS ￿ Ili¢ siud¢nis qlknd. Siwthnls thg8c55cd by
cxpericnccd ILaclieix ￿)d of the I￿li1. Tlie illudy￿s￿lI I￿lL4 T￿e%￿y4 ThiIrsd￿Y between 5-spi￿ thnd
Slllurd41yS aiid SundayN frani9aam to4pin. Regis1rat￿Tr Lik￿p1aCtl￿ce lye0￿r￿1 new
MU￿1￿5 look forwaid l&11￿ holyinonih OrR&nod￿I. Karn￿d￿ monlli filled Willi vfjYioystyw$ofw¢iship.
Al Fuiyfjii Ii#s btt¢il QVni*irtb. Tarfjivih pt#yei% (Niuhl prnyeis) *iO¢¢ its in¢¢PtiOTr Ihc wnth
m￿1￿11￿￿￿. 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)In￿nity ¢4iiie ￿￿￿1¢1, Enjnying the fi￿1¥¢
coiiini￿1IlY willi thc nocessiiy educ)IlQil. bolii l$l)mi¢ A¢￿￿111¢, kn pffjdu¢¢ INJIYi￿￿L1 whD will Iiow t
livc impxloiliiioir￿￿￿mUl1l11￿￿lli lar8Q.
11 Ivomtfft PmJ¢et
wom￿1 fruni di*Ycr¢ni baLknuiids LUMC IoEeilier lo SULiJlise, Iiave lessuiis L￿l 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 fo￿5. gprakiilg lo ￿u￿¢1]x0ft bthairofwo￿ll1pPtss ￿nd VAfklUS Other
Ili¢ ￿47r, ili¢ chailly inGoiiic ivu5 £586k 1202J.. £452k). Chwrty cxwndilurc £54lk 12013.. £48&KI.
ThL diairiyycseyyt Sto￿dDI 12.5111 {202).' £2.4MI.

Docusign EnvelopÈ ID". 4F25FD5B-259F42AO-83F&7E54EDE9C129
Iill$irni¢kii¢swidwli¢ies for￿lSU￿1n¥ 111￿￿rC Im￿C￿￿￿1Cd.
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 pl￿VisiOnS 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 al￿ve 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 Un￿tainli¢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 Cli￿lty 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 ￿e￿ie¢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
b0T1￿￿1￿gS 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 discoun￿d 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 own￿s1]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 exei￿pt 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