Charity rnglstratlon number 1191187 THE SLOUGH ISLAMIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED SAPRIL 2024
THE SLOUGH ISLAMIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustqos r MohammadAfzal Mr Mohammad Usman MrN2ad Hussa Mr Mohammad Bilal Rlaz MrAsrf Mirza Gharlty numbor 1191187 Prlnclpal addrnss The Sbugh Iskm¢¢ Trust Diamond Road Mosque 78 Diamond Road Slough England SL1 1RX Audltor klUSAccountsnts knmited 268 Bath Road. Regus Office 146 Slough SL14DX
THE SLOUGH ISLAMIC TRUST CONTENTS Page Trustees report Indepgndent audiloffs report Statement offinanoal Balance sheet Notes lo the financial statements 9-17
THE SLOUGH ISLAMIC TRUST TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Iwslees present their annual rep)rt and fin8n¢ial statements for the year ended SApnl 2024. The financial statements have been prepared in accJ)rdan¢e wryth the aCUnting polioes $91 out In note 110 the )Inanoal statements and compty with the 's tgoveming ¢Jocumentl. Ihe Chariknes Act 2011 and "A¢untIng and Reporting by Charities: Ststement of Recommended Practi applicabk to chaiibes preparing their ac£tsunls in accordance with tha Financial Reporbng Stsndard applible in the UK and Republic of Irand IFRS 1021" (effective 1 January 2019). Obiectsve5 and activities The Prinapal object of the charity is lo provKle facilTties for worship for the benefft of Ihe lo¢al Muslim Community and to promote the faith tsf15Jam and the151amic charitabk institutions throughout the world. and more partic#Jlarty tn United lfjngdom in the county of Berkshire. The charity alw supports the lief of ptsvety. di5tres5 and suffering of any person in need. The charity has mosques in Slough a$ place of worship and cultural and education cèntres. The charity also rents a hall used for the provision of education for children. The charty employs the seNces of preacher5 and depends on the help of volunteer5 in order lo fulfil its piovisKgn of facil85 of w0h1P ar tyjltural education. The charity has not had any changes in tts p0eS since last rep)rL Public bgngfit The Iruslees have paid due regard lo guidance issued by the Charity CommilDn in deciding what actwit8 thè shoutd undertake. Achlev•m•nts and p•rfornunce Significant acLrvitigs and athievements 8wnstobfft¢tsves The main aCtiVe5 of Ihe ¢hartty have o)ntinued to be that of hokling prdyets al eath ot tha its tsvo mosques five times a day and of providing Islamic eduotion lo chitdren beeen the ages of 5 aTrJ 16. The dnty also oiganises religious festivals on special Islarn Occasn$. holds seminars and prowdes general support and assistsnce Its thè local Muslim communty. Thore has been regular attondance at both nwues and thè religious dasses. F5nanclal r•vl•w The carity continues lo recN¢ regular donat*)ns from local o)mmunty. The net income from ntInuing operations of the charity and the expense5 are disdosed in page 6. The trustees believe Ihat thè chartty will hav? enough rèsources to fu1 its obligalion and continue its ¢)perations for the foreseeable firture. The trust deed authori5es the trustees to sell. kase or exr land and buildirvjs acquired for the purposes of the charity. bul which Subseqlt1Y become unsuitable for suth purposes. It also authorise$ the trustees to place monies on deposit Res8N8spolicy It is the policy of the that unrestsictgd funds whth not been dgsignaled for a spei?fic use should be m8int8ined at a level equNalent to betrleen thiee art<1 SÈX month's expendilure. The tntslees o)nsNJer that reseNes al thi5 level will ensure that, in the event of a $ignffi¢anl drop in fvndirt9, they wil be able to continue the 's current activities whde Consideration is given lo ways in whth addilh)nal funds may be iaised. This level ol reseN8S has beèn maintained Ihioughout the year. Structurg. goveman¢g and manag•mènt The Slough Islamic Tnjsl is a charilabk IncoordIed organtiOn aTrJ govemed by the constrtrOn of th& Charity. dated 7 September 2020. The Inislees who served durirwj the yearand up to the date of signature of the finanual $tatemonts wwe: Mr MohammadAfzal Mr Mohammad Usman MrAzad Hussain Mr Mohammad Bal Ri MrAsrf Muza
THE SLOUGH ISLAMIC TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 R8cruitment and 8ppointrnertoltnis18es None of the trustees has any beneficaal interest in the charity. All of the trustees aR membors of the company and guarantee lo conlribule £10 the evenl of a Mnding up. Appoinlmenl of trustees is govemed by the ())nstitn of the Charity. dated 7 September 2020. A new Trustee may be appointed, and existing TnJ5tee may be discharged by resoltstion of the twstee$.There should be not105s than Ihree nor more than nine appointed charity trustees. There rnust bè at ka5t threg charity trustees. If the number falls below this minimum, the remainin9 Charity trnstees or trustee may act onty to ¢811 a netIng of the charity trusl88$. 018ppoinl a new charity trustee. The Trustees rety on the hglp and advice ol some twenty volunteer5 who provide regufaf SUPF¥Jrt and serv¥S toward the chariws govemance induding colwon of dOnatn$. deaning the Mosques and makin9 arrangem8nl$ for Speal religious oaS10S such as the festival of Eid. The Trust deed authorises the trLÈslees to sell. lease or exthange Jand and buiklings acquired for tha purpose5 of the charity, bul which subsequenty become unsuitable for such pu059$. 118150 authorises the trustee5 to place rnonigs on depostL Organis8tionalstrncture Ststsment of Tr19¢$ r¢sponslbllltlos The trustees are responsible for preparing the Tntstees Rewrt and the financial statements in ardance with applicable Liw and UnÈted Kingdom Accounting Standards (United lQngdom General Accepted Accounting Pra¢ti(*). The law applicable to Charities in England and Wales requi$ the Iruslees lo prepare financial stslemenls for each financial year which gwe a true and fair eW of the state of affairs of the and of the ino)ming resou$ and applicalion of resources of th9 forthal year. In preparing th9se finanoal sta18ments. the trtee$ are required to: - S8led suitsble acuunting p0cleS and then appty them ¢¥nSten1ty. - obseNe the melhtsJs and prinLyples in the Chariligs SORP.. - m8ke judgements and estimates that are reasonab and prudent.. - slate whether apPCable accounling standards havo been fo&e(l, subpd to any material dapariures discJos&d and explained In the finanrial statements.- and - preparg the fin8n(ial statements on the goiry o)ncem ba$ unless it is inappropriate to psUme that the charity WIN ntinUe ui operatton. The Iru51ees are responsible for keeping suffK4enl accounling retsjrds that disdose vhth Rasonabl& acraCY al any time the finanual position of the and enable them lo ensure that the finanoal statements o)mpty with the Charibes Act 2011, the Charty (Accourtls and Reports) Regulations 2C4)B arKI the provisions of the tNst deed. Thtry are also iesponsible for safeguardin9 the assets of the and he8 for taking reasonable steps for the prevention and detection of fraud and other i(UlarIties.
THE SLOUGH ISLAMIC TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 The Trustees report was apwoved by the Board ofTNstees. Mr MohammadAfzal Trusts• 28 January 2025
THE SLOUGH ISLAMIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SLOUGH ISLAMIC TRUST Oplnlon We have audrted the financial statemènts of THE SLOUGH ISLAIAIC TRUST {the') for the year ended 5 April 2024 which ¢x)mprise the statemen¢ of ffinanaal actNTties. the balanc sheet and notes to the finarrial stalemenl5. induding significanl accounting pdioes. The financial reportin9 framewo that has been applied in their preparation is applicable Faw and United ngdoM ACUnI1n9 Standards, inrAuding Finanrial Reporling Standard 102 Tho Financial Roporting Slandaffjl 8ppIic8blè in thg UK and R8publiG of Irgland (Unrted lQngdom Gènerally Aepted Accounting Praclice>. In ouropinion. th9 financi statements= gwe a true and fair view of thfj state of the thaiiws affairs as at 5April 2024 and of its incoming resourcas and applirAtion of resources. forthe yèar then erHled,' have been woperfy prepared in acA))rdance wrfh United lfjngdom Genernlty ApIed ArAunting Prnct1.. and have bean Ppared in aOrfance with the r8quirennts ofthe ChariliesA(# 2011. 8a$i¥ for opinion We conducted our audit in accordanc with Intemational Slandards on Audiling IUKI (ISAS {UK)l and applicable law. Our fesponsibilthes under those stsndards are furlher described in the Auditorfs rnsponsith'lits-es forthe audit of the financtal slatomgnts section of our reporL We are independent of the in ardance with the ethical requiremant$ that are levant lo our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have luffilled our other ethul resp)nsibilitie5 in accordance with these requirements. We believe that the audit evhlence we have obtained Is suffioent arwj appropriate to prwde a basis for our opinion. Concluslons rnltlng to golng Conrn In auditin9 the finantyal slatemenls. we have condLKled that the Trustees use of tho going nC[n basls of accounts'ng in the weparation of the finanoal slatements is appropriate. Based on the woth we have perfom)ed. we haNE not identified any material Lrncertainlies relating to events or conditions that. indmdually or colkctivdy. may cast significant doubt on the 's abillty lo continue as a going concern for a period of at least twdva months from when the finarKial statwwts are authorised for wie. Our responsibilities and the responsibifdies of the trustags wilh respeca to going coreM are described in the relevant sections ol thi$ rep)rL Other Inforniatlon Th& other information cy)mwses Ihe inforfflation in¢kKled in the annual report other than the financlal statements and our audilorfs report thereon. The tnJstee$ a responsible for the olher irtfonnation ntain9d within the annual reporL Our opinion on the thnanaal statements does nol covef the other infomiation and we do not express any form of assurance trjndusion Ihereon. Our resp)nsibilty is lo read the other infomiation and. in doÈng so. consider whether thè other infonnation is materialty I)nsIStenI the financ4al statements OT our knowtedge obtained in the cOue of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsislencAes or apparent material misstatements. we are wuired to deteThnine whether this gNes rise to a material misstslement in thg finala[ statements themsefves. If. based on the work we have performed. we condude that there is a material mi$statem¢nl of this othpr infonnation. we are required to report that fac Wa have nothing to report in this regard. IAatt•rs on hlch w• ar• r•qulr¢d to r•port by We have ntslhing lo report in resped of th& fotknyirwj matters in relation to whith the Charitiès (Accounts and Reports) Regulations 2008 require us to report to you rf, in ryjr opinion.. the infomiation gNen in the financial stat8m9nls is ir•x•n&stenl in any material respect with the Trustees report., or sufficient accounting reojrds have not been kept or the finanaal statements are not in agreement with the acunting records., or we have not received all the information ar explanalions we require for ¢)ur auit.
THE SLOUGH ISLAMIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SLOUGH ISLAMIC TRUST Rosponslbllltlos of trustees As eyplained more ful in the Statemènt of Trusle8s wpon5ibi1th9s. the trustees are responsible for the preparation of the financial $talemenls and for being satiSfd that they give a Iwe and fair view, and for such intemal control as the trustees determine is necessary lo enablg the preparation of financAal stslements that are free from rnalerial misststemenl, whether due to fraud or error. In preparing the finanal statements. the trustees are responsible for assessing the .5 ability to ntinue as a goirg concem. disclosing. as applicable. matters related lo going conrn and using the going concem basis of antil¥j un19ss the tntstees either intend lo cease op&rnts, or ha no realislic ajtgmalive but to do so. Audltofs lesponslbllftl for tho audit of the financlal statèments We have bèèn appointed as audÉtor under section 144 of the Charibes Art 2011 and report in a¢cordanc8 with the Act ond relevant regulaltons made or having affe¢t thereunder. Our objectNes are to obtain reasonable assurance at#)ul whether the financral statements as a whole are free from material misslatemenl. whether due to fraud or error. and to i55ue an auditorfs report that indudes our opin#Jn. Rèasonable assurance is a high level of assurarKe bLrt is not a guarantee that an audit conducted in acoJtdan¢e with ISAS IUKI will always detect a material misstatèment when il exists. Misstatemen15 can arise from fraud or e0[ and are ¢onsKlered malgrial rf. Individual or in the aggregale. wsonabty bo expected to influence the economic deC4snS of users taken on the basts of these finanlial ststements. Irregularitigs. induding fraud. ar8 instsnces of nortro)mpliance wilh laws 8nd regulions. We desvjn procedurgs in line with our SponSIbl1ities, ouUin¢d above. to dele¢t maierial misstatements in iespect of irregularities, including fraud. The extent lo whtch our procedures are Capab ofdetethng irregularthes. induding fraud. is detailed below. Our approach to identifying and assessiTrJ the rÈsks of material misstatement respect of irregularities. inc4udinp fraud and noncompliance with laws and regulalions. was as fol.. . the engagement partw ensured thal the erwjagement team (xjlectivety had the appfopriale competence. apabilities and S.11$ to identify or rep)gnise non-compliance wilh applicable laws and rtr3ulalions," we identffied the Jaws and regulalh)ns applic3ble to the tharrty through dis¢)Jssions with trustees and other manag9menl, and from our commer¢¢al knrN41edge and experience of the sector. and we focused on speufic Laws and rogulations whth we considered may have a direct material effect on the financial stslements or the operalKns of the charty, includin9 the SORP, taxation legislalictn and data prolection. antiribery. empknymenl, entyiionmentsl and heahh an¢J safety islatn. We a150 consJeied potential fraud dfivers: incfuding financial or other P$Sre3. opporlunrty. ovarride of o)nlrols and personal or corporate motivations. We considered the programmes and controls that the carity has established lo address risks identffied. or that olhen¥ise prevent. deter and delect fraud. Where the risk was ¢onsidered to bè hffjher, we performed au<lit procedures lo adsS ea¢h identified fraud risk. These pio¢edures Iruded testing ioumals, evaluatin9 thè business rationa of signifThnt transactions outsid& the nomial o)urge of business and valKlalityJ the appropriateness ol intemal Lry)nlrols and significant a¢o)unting sstimalions based on our traud risk criteria,. Wo a$$essed the suscept1bity of the comparfs ana81 statements to material misstatement. iicluding obtaining an undetslanding of how fraud might occur. by= making enqui$ of managernenl as to where Ihey c*)n$Klered thère wa5 susceptibilsty to fraud, their knowJedg• ofa¢tual, Suspected and aneged fraud.. and trjnsidering the intemat o)ntrals in place to mi1Tr3at¢ of fraud and nor0)MPlI8nce wlth laws and regulations. To address the risk offraud through management bias and ovenide 0fntrolS. we". perfonned anatytscal procedures to identsfy any unusual or unexpecled rdationships., lesled journal entries lo wjentify unusu¥ trarwthon$'. assessed whelher judgements and assumptions made in determining the aco)unting estimates sel out in note 2 were indicative of potential bias-. and Investigated the rational& behind signfficanl or unusual transacnS.
THE SLOUGH ISLAMIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SLOUGH ISLAMIC TRUST In resportsè lo the iisk of iwularrli8s and norKM[lan¢e with Iwws and regulaknns. we designed prc£8dures which induded. but were not limtied lo-. agreeing narla[ ststemenl dISdrU[eS to undertyirt9 supporting dmentation-, enquiring of management as to aLual and potial Ig8th)n and daim$. Wa obtsined LEnderstanding of the legal and regulatory framthwrks that are applicablg lo the company and delermingd that the most siqnthcanl ars thosg rg18d to the faNa1 repoiting fr8meworK tax regulation5 in the jurisdidions in whith the tharity operales. 8a5ed on this undeTStandiro we desigj our audil procedures lo Njenlrfy n0COMpr1ance with laws and regulations. Our procedures invdved: malong enquiries of martagement. those resnsIble for leg81 and oJmplian¢8 procèdures and w8wing oth&ro)rrespondencè. There are Inherent limitations in the audit procedures described above. arg likety to beCme aware of instances of nonv¢omplian¢e with laws and regulations that are not dosely related to events and transactTr)n$ reflected in the finan¢k815ts1ernents. Ajso Ihe risk of rtol deleLng a material misstslemenl due to fraud is higher than the risk of not delecng one resylbng from error. as fraud may Ine dell)ernte o)ncealnwnt by, for example. forgery. misreprgsenlattons orthrough clIusn. A lurther description of our re5ponsibiltbes Is available on the Finanoal Reporttng Councfi's website at-. https'.11 www.frc.org.ukJaudilorsresponsibiltbes. This descwiption forns part of our audito¢s report. Oth•r matt¢rn Your attention is drawn to the fact that the charity has prepared financial statements in accordance with"AoUnting and Reporting by Charits.' Ststement of Recommended PraclK* applicable to tharities preparing their accounts in accordance with the Financial Repoiting Standard appli¢able in the UK and Republi¢ of IreL7nd {FRS 1021" (as amended) in prefereft to the Accounting and Reporting by Chaiilie5: Statement of Reo)mmended Pradic8 issued on 1 April 2005 which is referred lo in the exiant re9Utalions but has now begn wth(tawn. Thi5 has been done in order for the finan¢ial slalements to WKle a Inte and fair view in accordance with current Geralty Accepted Accountin9 Practice. U$• of our r•port This report is made solety to the cwponS members, as a body. in aco)rdance with section 39101 the Companies Act 2014. Our audit work has been undertaken $0 that we might tste to the compart5 members those matters we are required to state to them in an audrtofs arHI for no other purpose. To the fijlest exlent pemiittèd by law. we do not alpt or assume responsibilty to anyofte other than the company and the CoMpanS mgmbers as a body. for our audit work. for this pOrt. or for Ihe OPFnions we have fonned. Mr Muhammad SalarArnin FCCA ISenlorStatutoryAu(rrto for and on b•haif of MUS Accountants Limited 29 January 2025 Chartèrnd Certified AGGountsnts and ststsrtory Auditor 268 Bath Road. Regus Offica 146 Slough SL14DX
THE SLOUGH ISLAMIC TRUST STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2024 Unrnstrktsd Unrnstrl¢tsd fund$ fund$ 2024 2023 Income from: Donations and legactes Investments 227.526 217.231 189.869 196.C62 Total Income 444.757 385.931 Expendlturn oft". Raising funds Charilablo activities 9.993 203.342 20.863 164.141 Total 8xndIre 213.335 184.804 Net gain{10$$8$I on investmènts 11 (411.OJO) K•t 1ncomell•xpndrn) and VernOnt In funds (179,578) 201.127 Rocon¢lllation of funds: Fund balances a16April 2023 6.658.942 6.457.815 Fund balanGK at 5 Aprll 2024 6.479.364 6.658,942 The stslemenl of financAal aCbe$ iludeS aH gains aThJ los re¢ognised in the y8ar.AU income and 9xpgnditure dori from continuing aciNib8s.
THE SLOUGH ISLAMIC TRUST BALANCE SHEEr AS AT5APRIL 2024 2024 2023 Flxed assets Tangible assets Invgslment propwty 13 14 2.LW.435 3.215.OCI) 2.003.¥24 3,628.OJO 5,281.435 5,629.924 Current auots Debtors Cash at bank and in hand 15 21.0 1.373.019 11.876 1.261.412 1.394.109 1,273.288 Credltor5: amounts falllng due wlthln one yr 17 (196,180) 1244,270) Mot currgnt ass•ts 1,197,929 1,029.018 Total assets1o88 current liabilhl 6,479.364 6.658,942 Ilel assets •xcludlng pension liability 6.479.364 6.658.942 Tho funds of th• Unrèstri¢ted fvnds 6.479.364 6.658,942 6,479,364 6.656,942 Tha finaft¢i statements were approved by Ihe ITUSte8s 28 January 2025 Mr Moh8inmad Afzal Thistso
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounyng pollcl¢s Charity inforntion The Slough Islamic TNSt is a puL4ic benofft entity and regis¢ered as caritaNe irKa)rporated organi5ation {ClOI in England and Wdles with tharity mMiSsion haming charity registration number 1191187. The prinapal office address is 78 Diamond Road, Slough. SL1 1 RX. 1.1 A¢¢ountlng convention The financial statements have been prepartd in accordarK wilh the 's tgoveming do(mentI. the Chafibeg Ac 2011, FRS 102 Yhe Financgal Repojtng Standard appluble in the UK and Republic of Ireland. I'FRS 102'18nd the Charrttes SORP"Accounting and Reporting by Charibes: Stemenl of Reo)mmended Practice appts'cable lo charities preparing their accounts in aceord8nce wilh thè Financxal Reporting Standard appfjcable in the UK and Republic of Irek3nd {FRS 102)" (effertive 1 January 2019). The is a PLtbl¢ Benefft Entity as defined by FRS 102. The has taken advantage of the prOlOnS in tho SORP for ctharj1i not to prepare a Statement of Cash Flows. The finanoal statements have departed from the Charit (A)Urtts and Reports) Regulations 2008 onty lo Ihe extent required lo prade a true ar fair wew. This deparknre has inv¢4ved following Ihg Stalernenl of Recommended Pra¢bce for ¢haritie5 apprj FRS 102 rather than the veTSion of the Slalement of Recommended Prn¢ce whith is refeff9d to in the ftegaknnS bul whK has nc0 1)gen wilhdrawn. The finanrAal statements are prepared in sterfing. whK* the funclional currery ofthe . Monetsry amounts In these financial statements are rounded to the nearest £. The ffnancAal statements have been prepared under the hithrical cost nVentIon, Imodified to indude the revaluation of freehold properties and to include invesbnenl properties and rtan finanual instruments al fail valu&l. Tha prinopal accounting polirAes adopled are set out bel¢Jw. 12 Golng concarn Al the lime of appwng Ihe financial ststements. the tntstees have a reasonable expectalKJn that the has adequata resources lo continue in operational existence for the foreseeabl8 firture. Thus the trustees continue to adopt the going con¢em basis of accounting ift preparing Ihe finanual stslements. During t finarKial reporting peiiod. thg assets, lkn?biffties. rgsgNes and operattons of The Slough 151ami¢ Trust (Chartty number 254759) were transfetred lo a registered chaiitable incorporated organisation ICIOI . The Slough IsJami¢ TNsf' (registered charity number 1191187). The stQUgh IsLgmic Trusl onty changed ts legal fomi from unin¢orwraled charity to a eharitable incorporated organisation however its pury)osè. obje&ivgs and beneficiaries remain the Saff. 1.3 Charitabl• funds Unrestricted funds are aYaiFabte for use at det1)n of the trnslees in furthera of the charitsblg objectives. Restricted fijnds are subjecl to Sryfic )ndItsonS by donors or grantors as to how they may be used. The purposes arHI uses ofthe reslri¢#e¢l fvTrJ5 are sel oul in thg notes to the financ4al ststements. Endowmont fvnds are subp¢X to speafiG C4MKlikns by don0 that the Ca1 musl be maintained by the. 1A In¢ome Incorne is recognlsed when the is legalty entitted to it after any perfomiance ¢onditsons have been mel, th8 amounts (an be measured ieliabty, and li is probab that income will be received.
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollclos IContlnu•d) Cash donations are recognised on recerpL Other donations arg Cnised once the has been notffied of the donation. unless perfomiance conditsons require deferral of the amounL Income tax reo)verable in relation lo donation5 rec8iv8d under GfftAx1 ordeeds of CO4WAnt 5$ renISed at the time of Ihe donation. Legaryes are recognised on receipt or otherwise rf the has been notified of an impendng distribution, the amount is known. and recm is expèded. If the amwnt not known. the legacy is treated as a eantingent 8$sel. 1.5 ExndItur0 Expenditure is recognised once there 15 a tegal or ctttstruth obli9atJn to transfer economic bgngfit lo a third paty, it 1$ probable that a transfer of grK)m beneftts wiu required kn setuement. and the amount of the obligation can be measured reliabty- Expenditure is dassifjed by acbvity. The costs of each acbW arg made up tsf the tolal of direct costs and shared costs. induding SUPFQrt costs invofved in undertakin9 èach atvty. Direct costs attributable lo a single aclivty are allocated dire¢My to that aVIty. Shared costs whth ntribUte lo more than one actmty and support costs which are not attn"butabte lo a single actrvity are apportioned be&n those actrvities on a basis consistent with the use of resources. Central staff costs are alloLZted on the bas of time spenL and depreryation charge5 are allocaled on th8 pot1ion of the assefs use. 1.6 Tanglble fixed assets Tangible fixed assets are initialty measured at $1 and subsequenty measured al ¢ost or valuation, net of deprKiation and any impairment losses. Deprecaalion is recognis¢d so as to wrfte off the (5t orvalualion of assets les5 thetr residual walues over their usaful bvos on the foll(Av1r basas: Froehold land and buildings FlureS and fftbngs O¥er 125 years 15% redwirvJ balance The gain or loss arisin9 on the disposal of an asset is determined as the drfference bthegn the sale proceeds and the Carn9 value ofthe asset. and is recognised in the statement of financAal aththties. 1.7 Inveslment prop•ty Investment property. which is prO[Y held to •am f1 andlor for capi&l appr¢aation. is inrlialy recognised al 1, which indudes Ihe purchase cost and any directy attributable expendrture. Subsequenty it is measured at Ir value at the reporting end date. The surpj5 or defyit on revatuation is iecognised in pnrrt or kSS. 1.8 knpalmiont of fix a8s•ts At each rgPOrtin9 en¢J ¢Jale. the feviews the crying amounts of its tsngible assets to delemiine whether thère is any indi¢ation that those assets have suffeied an impaimnt loss. If any such indication exists. the recoverable amount ofthe a$5el 15 estimated in orderto delemiine the extent of the impaimnl loss lif any). 1.9 Cash and cash equfvahnts Cash and ¢ash equivalents indude sh in hand. deposits held at call wilh banks. other short-terrn liquid inveslments Mth original maturitses of three monts or tess. and bank overdrafts. Bank ov¢rdrafts are shown within borrowings in curren¢ Flat*1e$. -10-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollclos (Continued) 1.10 Flnanclal In8trumeTrts The ha5 elected lo app the proviwjns of S8thon 11 'BasiG Finanoal Instnvnenls. and Secllon 12 '01her Financial Instruments Issues. of FRS 102 to all of its fmanoal instruments. Finanaal inslruments ar8 re¢ogni58d in 's balance Sheet when the b0m¢S paty lo the conlr8dual prowsions ofth9 instrument. Finanaal 85sets and liabililres are offset, WI the nel amounts presented in the finanaal stalemenls. when there is a legalty enforceable ¢ighl lo set off the recognised amounis and there 1$ 8n inlention to settle on a nel basis or lo reali5e the asset and settfe th• liabilty siNwilaneousty. 8asic finan¢ial •ss•ts Basic finanoal assets. whlch include debtors sh and bank balan$. are inalty measured al Iransaction prie¢ inctuding transaction o)sts and are subsequentty carried at amortised cost using the effethe interest metho(l unless the arrangemènt constitutes a finanang transaction. where the transaction is measured at the present lue of the fuiure receipts discounted al a market rale of inler¢sL Financial assets dassiffed as recewable within one year are Thjt amortised. Bask ffnancialllabHitss Basic financial liabilili9s. induding creditor5 and bank loan$ are inaty recogn¢sed at transactton price untes$ the arrangement constitLrte5 a financ4ng transaction. where the debt instrument is measured al the present valuo of the fvture payments discounted at a market rate of inte$1. Financ4al liabilitres classrfie<l as payable within one yoar are not amortksed. Debt itrUMentS ar8 subsequenty ¢anied at an[lISed cost, utsw Ihe effectN8 Snterest rate method. Trade ¢ditorS are obligations to pay for good$ or se1 that have been aCqUid in thè ordinary ¢ourse of operations from suppliers. Amounts payable are dassified a5 current Ik3bilities rf payment is due within one year or le$5. If not. they are prented as nOnrrent tiabilrfies. Trade rxeditors are recognised Inthalty at transaction pric9 and subsequentty fflea$LwI al amcrflised o)st usin9 the effeci¥e inlorest method. Derncognltlon of finaneialllabililies Financi81 liabilthes are derecognised when the's conlra¢tiAI oblwJations expire or ale discharged or canc8Ngd. 1.11 Employ0• benofits The cost of any unused holaY entitfement is re(y)9niJ in the per)d in which the empbjyee's Sery1 are Termination benefits aré r¢wnised immed[ate as an expense when the is domonstrabF¥ o)mmitled lo lemiinate tho emloyment of an employee orto pmwde temiinalion berfft$. 1.12 R•tirement n¥fits Paym&nts to defined ¢ontribution rolirement benefit schemes are tharged as an exper as they fall due. 11
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Crftlcal a¢¢ountlng estimates and judggm•nts In the applr¢alirJn of the 's a¢¢ounting p)ItC4es. the Injstees are required to rnake judgements, estimates and assumptions about the caryng amount of assets and bilItIeS that are not readily apparent from other sources. The estimates and assouated assumptions are based on historical experien and other factors that are CA)nsidered to be revanl ktual resulis may differ from thesè estimates. The estimates and undwfying assumpl)ns are reviewed on an ongoing basis. Rew$ions to accounting estimates are reojgnised in the period in which thè estima is Sed where the remsion affects only that period, oi in the pewd of the re¥igon and fuiure period5 where the reviston affe¢s both current and firture periods. Donations and legacl•s Unrestricted Unrnstrl¢ted fvnds fund 2024 2023 Donalions and gffts Donated goods and sefyices 220.926 6,600 189.869 In¢ome from inVljnts Unrnstrictod Unr•strtctod fvnd5 funds 2024 2023 Rental income Interest receiydblo 210.335 6.896 190.505 5,557 217,231 19S,C152 Expondliurè on rdblng funds Uftrestrict•d Unrestri¢t•d funds funds 2024 2023 Investment man•J8menl 9.993 20.663 12-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expendiiure on eh•ril*ble acthihies Charilable Charitabl• Exp9ndire Expenditur• Unrestricted Unwestrt¢tsd 2024 2023 Direct Costs Stsff e4J5ts DeprerAation and impaiment DonatK)n paid Rent and rates ghl and heal Repairs and maintenance Telecommuniczbon Insurance General expgnse IT cost Cleaning Other charitable expenditure 78.831 17.667 8.595 17.712 31.034 24.125 728 7.639 89,307 19.976 17,519 25.464 13.640 1.323 2,584 1.474 1.450 2.100 3.5 Share of support and governanc• ¢osts ($e8 nol• 71 Goveman¢e 8,276 9,870 Analysls by fund Unrestrided funds 203.342 164.141 Support costs alloca1 to acdvhlas 2024 2023 Governance t>)sts 8.276 9.870 Analy8ed Governare o)sl 8.276 9,870 2024 2023 Govamance costs comprf80: Audit fges Legal and profrssion81 5,520 4.350 2.756 8.276 9.870 13-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 5 APRIL 2024 N•t movement In funds 2024 2023 The net movement in fur¥Js is staled after tharglngl((¥edbbng): Fe8$ payable lor the aud(( ofthe chaws financial statements Depreoation of owned tsftgible fixed assets 5,520 17.667 5,520 19.976 Truste None of the trustees (or any penS connerted with them) re1Ve any remuneration or beneffts from thg during the year. 10 Employ••s The av&rage monthfy number of employees duriThJ the ye8rwas: 2024 Numbèr 2023 Number 12 EmploOnt costs 2024 2023 Wages and salaries Other pension fAists 77.223 1.608 68,463 78.831 69.307 There were no emptoyees whose annual remuneration was more than £60.OLYJ. 11 Galns and1088è8 on Investynents Unrttstrictrd Unre$trict•d funds nds 2024 2023 GaInlI0$SeS) arising on: Revaluation of inveslmgnt properties 1411.000) 12 Taxaljon The tharity is exampl from taxation on ils a¢iiwt*s bÈcause al Its intsjme is applied for tharilable purpjses. 14-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (covfiNUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Tanglbl¢ fu•d assots Fr•éh¢4d land Asmts Ltndtyr Flxthr¢s and buifdln9s consyuctton fdtlngs Tolal Co Al 6 April 2023 Additions 2.341.707 101.750 2.443,457 23.312 80,177 At 5April 2024 2.341,707 56.865 125.062 2.523.634 Doprttlatlon and inylrnient AI 6April 2023 DepTrci81ion charged in the year 344.822 13,114 94,710 4,553 439.532 17,687 At 5Awl 2024 357.936 99.263 457,199 Carrylng amount At 5 April 2024 1.983.T11 25,799 2.066,435 At SApril 2023 1.996.884 7,040 2,003,924 14 Investment property 2024 Falrvaluo At 6ApTil 2023 Net gn5 or losses through fair vthe adjustments 3.628.(KJO 1411,000) At SA1 2024 3.215,000 Investment wopety ¢omprises Chiltem Place. Upton Road. Sk)ugh, SL1 2AD. 20 India Road. Slough. SL1 1SF. 135 Stoke Road. Slojgh. SL2 &AS and 37 kqontem Lane. Slough. SL1 20W. The fair valuè of the inve5tsnenl prowrty has been arrived al on Ihe basis of a valualion caffled out 0122 February 2024 by L80 Hor5field SuN¢ying Chartered Surveyors & RICS registered valuers, who are not connected with the charity. The valuation wa5 madg on an open mathel valuo basis by reference to market evidence of transaction price5 for similar properties. 2024 2023 Freehold 3.215,000 3,626.000 15-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Dabtorn 2024 Amounts hlllng dvt withln one year. 2023 Tradè deblo Other debtors 18.350 2.740 9.652 2.224 21.09) 11.876 16 Loans and overdrd 2024 2023 other loan$ (Qatt+Hasna) 180.482 225,991 Payable within one year 180.482 225,991 Other loans (Qarz+Hasna) are interest fr88 giwn by the local oimmunty for the development of the ¢harity and a Payable on demand. 17 Crndltors: amounts falllng due wlthln year 2024 2023 Borrowings Other tsxation arKI social Setrity Other creditor5 Accruals and deferred inoyn8 180.482 244 9.483 5,971 225,991 734 11.574 5.971 196.180 244.270 18 Retirem•nt bonefft Sc1M•S 2024 2023 Defined conlribution 8chomgS Charye lo prtsfft or loss In respect of defined c(tnl10n 5dMe$ The operates a defrned contribun pension scheme for all qualtfying empfoyees. The assets of thè s¢heme are held separalety from those ofthe in an independentty administere(I fund. 16-
THE SLOUGH ISLAMIC TRUST NOTES TO THE FINANCIAL STATEMENTS (cOrINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Unre$trlct¢d fund¥ The unrestricted fvnds of the charity (mpriSe the unexpended balan$ of donations and 9rants which aro not subject lo spectfic conditions by donors and grdntors as to how they may be used. These include designated funds whith havg been Sèt aside out of unrestri&ed tund$ by Ihe trustees for speofic purposes. At 6 Aprll Incoming R•swr¢•s 2023 exnded Galn8 and losses At S Aprll 2024 GerdI fiJnd$ 6.658.942 444,757 (213.335) (411.OTrJ) 6.479,364 Prnvlous year. At 6Aprll 2022 Incomlng vosourc•s Re$ources oxpendèd Galns and 10s8es At S AprTI 2023 Genefal fijnds 6.457.815 385.931 (184.804) 6.658.942 20 R•lated party transactions Th8rg wgre no diseJ)5abte related partylrans*kns during the year (2023- none). 17-