REGlèyTERED CHARtTY NUMBER: 286459 Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for Seven King5 Muslim Educational Trust PStOn5 & Jack-soD5 PartllCl"511ip LLP Statutory Aiiditors 364 - 368 Cranbrook Road Ilford Essex IG2 6HY
Seven Kings Muslim Educational Trust Contents of tlie Financial Statement5 for thi Year End¢d 31 Mureh 2024 Page Report of the Trustee5 Report of the Independent Auditors 6 to 8 StAtement of FinAneial Activities Statement ol. Financial Position io vt¢s lo tlie Fiiian£ial Statemeiit5 11 to 17 Detailed Statement of Financial Activitie5 18 to 19
Seven Kings Muslim Educational Trust Report of the Trustees for thc Ycar End¢d 31 Moreh 2024 The trustees present their report with the financial statements of the eliarity for the year ended 31 March 2024. The Irusiees Iiave adopted die provisions of Accouniing and Reporting by Chariiies.. Statem¢nt of Recommended Practice appli¢able to chariti¢s preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ereland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Obj¢ct)V¥s and aim5 To aolvance tlie religion of Islam, by me.ang of, biit not e.xc.liigive. to, promoting the. te.2r.hings te.ne.tF nf Islam, in accordance wi(h the Sunni Hanafi School of Thought, provision of facilitics for worshipy and provision of facilities for Islamic education, the public celebration of religious festivals and the distribiilion of lilcrature on the Islarnic faith to enliO]ten others. To promote any other charitsble purpose for the bcn¢fil of Muslims ld wid¢r comniwiity. Oiir aim is to provide a facility where Miislims can worship and to provide a community facility for all Ilic ommimity of Seveii Kinbb. Oilr Ions term ambitioll is to help muke our ttroa a Peace1, vibrant and harmonious community. Public Benefits Thc Iruslees confirrn Ihai they have complied wilh Ihe dury in seciion 4 of Ihe Charities A¢1 2006 10 have due regard to public benefit guidance published by the Coffimission in determining the activiles undertaken by the Charity. Page I
Seven Kings Muslim Educational Trust
Report of the Trustees
for the Year Ended 31 Mur¢h 2024
OBJECTIVES AND ACTJVITIES
Significanr activities and Public Benefits
The charity carries out a wide range of activities in pursuance of its Charitable aims. The trustees consider
that these activities, summarised below, provide benefit both to our students and the wider community of
R¢dbi"idg¢, Loiidoii.
Childrcn's Classes.. Upoi) seeiiig thc strong progress madc witliin the past ye<W, we Imve decidcd to continue
usiiig Ihc spccialist scryiccs of Al Misbaah A¢adcmy (AMA) to operate Supplementary School classes on
both the weekdays and weekends catering for qttLdent8 ranging between ages 5 _ 16.
Alimi)ygh (Female Scholarship) Programffle: Running since 2017, we now have over 70 teenage girls
enrolled onto this 6-ycar pro&Framtne. studying Monday to Friday. This year. we were able to celebrate the
graduatioii of 18 gir15 from this programmc, which was attclldcd by proplG froni withiii th¢ roiiunuiiity and
beyond. Many of the graduates later joincd thc Supplemcntary School as teachers or Classroom assistants.
Iifdh {Quran Memorisation) ProgrAmme: Meinorisation of the Qiiran is considered an important element
ol religioiis educatioii 8iid training. We continue to provide this lacilily lor our students. We currently have
24 sttidents enrolled onto this programmc and IvC cmployed two specialist teacliers to support the students
in tlieir ambition of ¢ommilting Ihc cntirc Qur'an to memory. Since its inception, we have had numerous
stuJ¢iits uv&iiylrliii¥ ilii) LfIlliiikdblL dLlii¥v¥Iii¥iil. In dddilivn lu this, w¥ in parLLLUl1 ¢Xtr¥m¢ly prviid (Trf
one of our students who reached the finals of Islam Channels, Annual Quran Competition and finished in 2nd
position overall.
Annulll Sir2h Conference: We h
Seven Kings Muslim Educational Trust Report of the Trustees for the Year Ended 31 Mareh 2024 OBJECTIVES AND ACTIVITIES Finally, our Youth Halaqah initiative has b¢¢n growing from strength lo strength. Unce struggling to aiiraci more than 15 tc¢nagers to these informative and engaging workshops, we are now regularly attracting ov¢r 100 participants. Online Webingrs: Through partnering with Al Misbaah Academy {AMA), we liave been able to deliver a Series of online webiiiars, re(ichii)g thousands of p¢opl¢ across the globe on pertincnl topics related lo marriage, parcntiiig challcllgcs, iiiiderstaThdiiig youth, 151amic Wills ctc. This has b¢cn a hugely successfiil prnjEc.t wp. xim tn grnw thi% prnject evcn fiirther next yeAr hy reAehing even mnre penple and hosting more ¥LLests vf high Lalibre. Strategies We wlt to make our Mosque an ac¢essible and welcoming venue where all Muslims, or those who wish to know morc ubout oiir faith can gaihcr logcihcr to Icani ubout thcir rcligion and worship. Thc Mosquc is open It all limes with daily prayers. the Friday prayers beiiig a focus of oiir activities. An iinportant part of our strategy is community welfare and education. All our community fa¢ilities and aclLVities including ¢lasscs, hcalth iniliativcs and sctninars arc advcrlised and wc wclcomc thc participation of all in our local cominuniry, Miislim and non-miislim alike. Most of our activiiies are free and supporied by donations. Going Concern The trL]Stees coi)sider that they have sufficieiit funds and fJnaneial support from the commLinily lo coi)liiiue operalioiis tor thc ncxt twclvc moi)ths. It is for tliis reason they consider the charity to b¢ a going concern. Volunteers Most of the cliai'ity's activitlLS involvL voliintLLrs in tlie dLlivEry uf <iV(ivilivb. W¢ ar¢. ds dlwdyb, gidt¥ful to these volunteers in making the activities of our centre a spiritual and plcasanl experience for the public. FINANCL%L RE, VIEW Reserves policy Rcscrvcs arc nceded to bridge the gap between the spending and recciving of incomc and to covcr unplanncd en]erbTency repairs and other expenditiirc. Tho trust avgrage monthly spending was £8,945 (2023..£8,170) per month during year ended 3 1st March 2U24. The trustees consider th2t thc idcal Icvcl of reserves would cover six months spending which is apprvxitndlely £49,470 (2023- £49,020). The curreni reserves come 10 £3,997,682 {2023: £3,759,101 I with cash at b2)nk of £825,491 (20?3.. £589,280) at the year end 31 M8r¢h 2024.The trustees consider the trnsl is in a healthy position to continue support the charity objectives. Ciain¢J concern Th¢ tiustccs coiisidcr the cliarity to have bl1lL]en( funds to cunliniic in opcralion5 for a pcriod of twclvc montlis. The trustees therefore consider the charity to be a going concern. STRUCTURE, GOVERNANCE AND MANAGII MENT Governing document The chdrily is rcgistcred as a Charity with Charity Commission for England and Walcs. Thc charity is governed by trtjstees, who are responsible for the effective management of the organisalion. Mcclings £lre held on a regular basis. Page 3
Seven Kings Muslim Educational Trust
Report of the Trustees
for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMEf4T
Recruitment and appointment of nem, trustees
Th¢ ¢xi..ting trustees are responsible for Ilie recruitment of new trustees. In selecting new trugtees, we seek lo
identity people who are committed individuals whose views are aligned lo the charity's vision in addition lo
beii)gi able lo offer relevaiil skills aiid expcricnce.
Poicniial trustees are invited to attend trustees. ffleelings to meet the trustees and have an infornl interview
and are giveii inore details about the charity's aiins and activities and, if all agree, tliey are then proposed as
neiv trustees at the subscquenl tnlees, meeting.
This process allows due consideration of the pergon's eli8ibility, personal competence, specialist Iowledge
and Skills.
Orgsnisational 4tructure
Tl&r ilJiiiiLy liu)Irrb dl¥ l¥bPUllbibl¥ fur (IIL ¥¥ii¥i-<il Luiiitvl <iiid ill
Seven Kings Muslim Educational Trust Report of the Trustees for the Yeor Ended 31 Moreh ?024 Prlncipal address 645-647 High Road Seven "ngS Essex IG3 8RA Trustees Mr Faruk Palel Mr Abdiil Raliim Patel Mr Ziibdir n)rahim Mi Abdul Hamid Valli Mr Salim Ibrahim- Appointed on Isl June 2023 Auditors Prcslons & Jacksons Partnership LLP Statutory Auditors i64 368 Craiibrook Road Iitord Essex IG2 6HY STATEMENT OF TRUSTEES, RESPONSIBILITIES The Ituslees are responsible for preparing the Report of the Trustees aiid the financial statements in accordance with applicabl¥ law aiid Uiiiled Kingdom AccOLting Sidndards (Uiiitcd Kiiigdoffl Gener(illy Accepted Accouiiling Practice) iiicludiiig Financial Reporting Stai)dard 102 The Fin2ncial Reporting Standard applicable in the UK and Republic ot trcland" 'I'h¢ law applicable to charities in England and Wales. the r.haritieg Act 2n1 I, C.hArity (Arc7]ntI And Rcports) RcgLilations ?008 aiid th¢ provisioiis of the trust dLed rEquzf¢b lh¥ Irubtcrs tu prcparc financial statements for cach financial year which give a true and fair view of the state of affairs of the charity and of the incoining resources and application of resources, including the income and expenditure, of the charity for that PLriod. In pr¢parii)g th03c finaiicial $tatcm¢nt5, thc Irustccs arc rcquircd to selcct siiitable accountin¥ pvlicics and then apply them consist¢nily' observe th¢ methods and principles in the Cliarity SORP. make jlldgcments and estiinates that arc reasonable and prudent; prcpare the financial statements on the going ctsnc¢rn basis unlcss It is inappropriate to pr¢sum¢ that the charity will continiie in busincss. The trustees are rcsponsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fin¢U]cial position of the Charity and lo enable them to ensure that the financial slalemenls comply with the Charities Act 2011, th¢ Charity (Accounts and Rcports) Regulations 2008 and the provisions ot" the trust deed. They are al80 responsible far qafeguarding thp A8qet% nf the. e.h2rity nrt he.nr.e for taking rca50nable stepb for th¢ preveiition aiid dcteclioii of traud dnd vih¢r irr¢guluiitics. oi Approved by order of the board of trustees on . and sign¢d on its behalf bv.. Truste¢ Page 5
Report of the Iiid¢y¥ndent Audliors to the Trustees ot- Seven Kinos Muslim Educational Trust We have audited the ftnancial slatcmcnts of Seven Kiiigs Muslim Educajional Tnt (the 'charity') for the year cnded 31 March 2024 which comprise thc Statemcnt of Financial Activities, the Statemcnt of Financial Position and notes lo the financial Sialemen15, including a summary of significant accountinB pnlic.ie.s. The financial reporting frAmp.work that has been appliod in thcir prcparation i5 applibdbl¥ Idw and Uniied Kingdotn A¢counling Standards (Unilcd Kingdom Gcnerally Acceptcd Accounting Practice), including Finaiicial Reporting Stai)dard 102 'The Fiiiaiicial Reporting Standard applicable in tILe UK ]d Republic of Ireland,. In our opiiiion thc fiiiancilil 51alements'. give a truc aiid fair view of the slate of thc charity's affairs as at 31 March 2024 and of it5 incoming resources and application of rcsoiirccs, for tli¢ yr<U IlJ¥n ¥ndcd' havc been properly prepared in accordancc with United Kingdom Generally Acceptd Acroiii)ting Practice, including Financial Reporting St(indard 102 'Th¢ Financial Reporting Standard applicable in the UK and Repiiblic of Jreland and hayc bccii pl"¢pr in dLcordance wirh the requiremeiits of the C.haritte.s Act 2011. Basls for oplnion We ¢oiiducled oiir audit in Éiccordaijce with tllt¢rnalional Standards on Auditing (IIK) (ISAS (LEK)) alld applicable law. ()Iir responsibilities under thoJe 31undard5 atr fwiliri d¥s¢ribed in the Auditor5, responsibililits for tlic audit of th¢ fJnl£ ncial statements scction of oiir report. We are independent of the charity in accordance with tl)e ethical requiremcnls that are rclcvant to our audit of the financial staletnentg in the UK, including the FRC'S Ethical .8tAnAArd, and we have fulfilled our othcr cthical rc5pviibibilili¥s in aecordance with thcsc r¢quirciii¢iilb. W¥ bclieve Ihai Ihe audit evidence we have obtained is sufficient and appropric1te lo providc a basis for our opinion. rnneliisions relatinn to going eoncern ItL audiiing the fiiiaiicial stalenieiils, we have Concluded that the trustees, use of the goiiig conccrn ba515 of accountiiig iii thc preparation of thc fiiian¢ial statcments is appropriate. Dascd oil tljr wurk we have perfornied. we l)ave not identified any Inaterial uncertointies r¢latins to ¢vciitS 01 eondilions Iliat, individually or collcctively, may cast szgnificant doiibt on the cl)arity's ability lo continue as a going concern for a period of at least twelve months from when thc financial statements are authoriscd for issue. OLW responsibiliti¢s and ihc responsibilitics of the trustees with respcct to ¥oing concern are described in the rel¢vant sections of thib report. Othor informtstion The tNstees rcsponsible for the other infomiation. The other information comprises the infonnation included in tlie Annual Rcport. other than the financial statements and our Report of the Indepcndent Aiiditorg tliereon. Our opinion on the financial statements does not cover the other informalinn and, except to the extent oihenvise expli¢illy stated in niir report, we do not expr¢ss any forrn of a55uI"aiiL¥ Lunclusion thereon. In connection with our audit of the financial stalcmenls, our rcsponsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistcnt with tlic fintLniial gtatements or oiir knowlcdgc obtaincd iii Ilir dudil or oihenvise appears lo be materi.Illy misstated. If we id¢nrify such tnaterial inconsistencies or apparent material misstatcments, w¢ ai'c required to determine whether this gives rise to a matcrial misstatenient in tlie financial statemcnts tlicmselves. If, based on the work we have pp.rformed, we conelude that ther¢ is a malcrial iiiiss1(Il¥In¢nl of ihis other inforniatton, we are qUIL¢LI iu report rhat fact. We have nothing tn repr)rt in this re8ard. Pd¥¥ 6
Report of the Independent Auditors to the Trustees of .Se.ven Kings Miiqlim F.diie.9tllbllg1 Truqt Matters on which we are requlred to report by exception W¢ hav¢ tLQthiLlS to r¢port in rcspcct of thc following mattcr3 whcrc thc Charities (Accounts and ReportB) Regulalions 2008 requires u% to report to you if. in our opinion.. thc information givcn in tlie Report of thc Trustees is inconsistent in any material respect with th¢ financial statements- or sutlicient accounting records have not b¢¢n kept. or Ihc finaiicial statements are not iii agrcctncnl with the 2ccounting records and returns,. or we have not rcccivcd all th¢ iiiformation and explanations wc require for our audit. Responsibilities of trust¢¢s As cxplaincd mor¢ l'ully in the Sialement of Trustees, Responsibilities, the trustees arc Tesponsible for the preparation of the financial statcmenls whicli give a true and fair view, and for such inlcmal control as Ihc tnistees determine is necessary to enable the preparslion of fin8ne.i?I st2tp.mentg that Are free fmm material missiaiemeni, wheiher due 10 fraud or crror. In preparing the finaiicii£ I statemeii(s, Ihe trustees are responsible for a5ses8ing the charitys ability to iuiiliiiur db d 111¥ bVILLriii, disblusiii8, as applicablc, iiiatt¢1 rclatGd to conccrn and u5iiig thc going coiicerii basis of aCCQLiiiling unless the INstees either intend lo liquid<ile the charity or to cease operations, or havc ELO rcalislic alicrnalive bul to do so. resp(Insihilitie4 fnr the audit of the financial statements WL l)avL bcLli appointcd as audiloi"s iindcr SectEon 144 of the CharitlC5 Act 2011 and r¢port itt accordancc with the Act and relevant regulation5 Illddc or having effect Ihereunder. Our objccliv¢s arc to obtain r¢430Jiobl¢ n53urlln¢e about whether the financial statements as a whole are free from material misstalemei)I, whether diie lo fraud or error, ai)d to issue a Report of the Independent Auditors that iii¢ludeb our opinioii. Reasonable assiirJiice is a higli Icvcl ot assurance, bLII is not a gilartee that ali audit coiiducted iii accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Can arise trom traud or error and are considered material il, individiially or in the aggregate, thcy could reasonably be expected to influence the economie declsions of users takcn on thc basis of these financial statctncnts. We obtained an understai)ding of the legal and regulatory framework applicable lo the ei)tity and how the entity is complying with that framework by discussing with managetnent and chccking compliance with rcgulator3. A fiirthcr description of oiir responsibilities for thc audit of the financial statcincnls is located on the Finaniial Reporting Council's website at www.fr¢.org.uklauditorsresponsibilities. Thi5 description forms part of our Report of Ihe Independenl Aiiditors. Page 7
Keport fit- the Independent Auditors to the Trustees of Seven Kings Muslim Educational Trust Use of our report This report is made solely lo tile charity's tNslees, as a body, ill accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the harity'5 trustCC5 thosc mattcr5 w¢ rcquii.cd tQ 5tal¢ lo tlicin iii ali auditOl"S' l-¢POI"t aiid foi 110 otli¢r purpose. To Ihc fullcst extent perrnitted by law, we do not accept or assutnc rcsponsibility lo anyonc oihcr than thc charity and the charity's trustees as a body? for our audit work. for this report, or for the opinions we have formed. Prestons & Jacksons Partnership LLP Sialuloiy Auditors 364 - 368 Craiibrook Road Tlford Essex IG2 6HY Datc-. Vage
Seven Kings Muslim Educational Trust Statement of Finnneial Activitics for the Year Ended 31 March 2024 3113124 3113123 Unrestricted Total fund funds Notes INCOME FROM Donatioi]s 174,446 148,327 Tnve.stmenl income 163,076 157,875 Total 337,522 306.202 EXPENDITURE ON Raisiii¥ fwids 4J18 7,078 Charitghle. aetivitye.s Support cost 94,623 90,963 Total 98,941 98,041 NET INLULII 238,581 208,161 RECONCILIATION OF FUNDS Total fiu)ds broushi fonvard 3,759,101 3,550.940 TOTAL FUINDS CARRIED FORWARD 3,997,682 3,759,101 Th¢ notes fonn part of thc3c financial Statcmciits Pagc 9
Seven Kings Muslim Educational I'rust Statement of Financial Posltion 11 Mgrc.h 2n24 3113124 3113123 Unrestricted Total fund nds Notes FIXED ASSETS Tangible assets Investmcnt propcrty 974,sn7 2,255,000 9Rfj,745¢ 2255,000 3.229.807 3.240,748 cttRRENT ASSETS Debtors Cash at bank gnd in hand io 5,613 825,491 5,372 589,280 831,104 594,652 CREDITORS Amounts falling due within one year li (63,229) (76,299) NET CURRENT ASSETS 767,875 518,353 TOTAL AS8F.T.q T.F.Sg CIIRRENT LIABILITIES 3,YY7,6¥2 3,759,101 NET ASSETS 3,997,682 3.759,101 Fuf4DS Unrestricted funds 3,997,682 3.759.101 TOTAL FUNDS 3,997,682 3,759,101 Thc financial statcmcnt5 wcI"¢ apyLvvra by lh¥ Buard of Trustees and authorised for issue on ..A.i.-..i i . La.w-......... and wcre signed on its behalf by.. LAJ TrLlStcc The note.s forni part of these financÈal statements Page 10
Seven Kings Muslim Educational Trust Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the flnancial statements ond assessment of going concern The. accounts (financial gtatements) have been prcparcd in accordancc witli thr Siiil¥Ill¥nl of Recomtllended Practice.. Accounting and Reportiiig by Charities preparing their accounts in accordance with thc Fin£2ncial Rcporting Standard applicable in thc UK and Republic of freland (FRS 102) issued oli 16 July 2014 and the Fiiiancial Reporting Standard Éipplicable in the United Kingdom and Rcpublic of e{allL1 (FRS 102) (d the Charities Aci 2011 and UK (ienerally Acc¢pted Practice as it applies from l January 2015. The eccoiints (financial slalemenls} l)ave be¢n prepared lo give a 'lrue and fair, view and have departed trom the Cliaritieq (Ar.e.oiints and Reports) Regulations 2008 only to the extent rcquircd to providc a 'true aiid fair vi¥w'. This departure has involved following Accounting and Rcporting by Charities preparing their accounts in accordance with the Financidl Reportiiig Standard applicable in the UK and Republic of Ireland (FRS 102) isqiied nn 16 Jiily 2014 rather than the Accounting and R¢portins by Chariti¢s- Statciii¢iit of Rr¥vIIllIi¥ndcd Practic¢ effeciiv¢ from l April 2VU5 which has since bcei) withdrawn Th? tni&tees consider that th¢re are no material unccrtaintics about tlic Trust's ubilily Lu Lunlinue as a going concern. Income All iiibviiiv is rcvognised iii The Siaiemeiil ol Fiiiaiicial Activities oiice the r.hiK fTty hag eDtitlement to the fuiids, it is probable that the income will bc receivcd aiid thc aniount l(In bc measured rcliably. Donationb are rccognibed when the ¢harily reccive5 them. Investni¢nt iticom¢ is reco8niscd ott receivable basis. Expenditure Liobilitics arc rccogJiis¢d IL) fAp¥nditure as soon as there is a legal or constructive obligation comtnitting the charity lo that expeiiditure, it is probable that a traiisfer of economic benefits will b¢ I¥Liuircd in seitlement and the atnounl ot" the obligatinn r..In be me2£ sured reliably. Expenditure is 2ccounted for on an accruals ba515 and ha5 brrjj LldbSifi¢d linder headings that aggregate all cost rclated to the ¢alegory. Whcre costs carLnot bc directly attributed to partiriilar headings they havc bcen allocatcd lo activities on a basis Gonsislent with the use of resources. Taii¥iLpl¢ fixed a5se(s Tangible fixed ass¢ts are stated at historical cost Icss accumulaled dcprcciation and any accumulated impairtnent losses. Historical cnst ineliide.s e.xpenditure that is directly attributable to bringins th assct to th¢ location aiid Vuiiailiuii Il¥L<Sbary for it 10 be Capable ol operating In the manner intendp.d by management. Depreciatio[] is charged so as lo allocate the cost of assets less their residual value over their estimated ugeful lives. using cithcr a straight linc or i"¢duLiii¥ bdl<illCC meihod, as indicated below. D¢preciation is provided on the followin¥ basis= Firrliuld Building - l % Strai%hi Line Fixtures and fitlings are slated al cost and d¢prcciat¢d al 150/0 on Straight Line Method. Page 11 continued...
Seven Kings Muslim Educational Trust Notes to the fiinancial Statement5- continued for the Year Ended 31 Mareh 20?4 ACCOUNTING POLICIES- continued Tanglble nxed assets Th¢ a%s¢is' rcsidual values. useful lives and dcprcciation methods are reviewed, and adjusted prospectively if appropriate. or if there is an indicalion of a Significant change sin¢¢ th¢ last reporting datc. Gdins and losses on disp05als are determined by comparing the proceeds with the carrying amount and arc recognised in profit or loss. Investment property Investm¢nt propcrty is shown at fair value. Any aggregate siirplus or deficit arising from changes in fair value is transfcrred lo the SOFA. Related party The charity dibcloses related party tranbactions in thc notes to Ihe financial statements. Taxation Thc charity is exempt from tax on its charitable activilies. Fuiid aLLvuJIIiiJ¥ Untcslricted funds can be used in accordance with the charitable objectives at the dis¢r¢lion of the trnst¢¢s. Restricted funds can only be used for particular restricted pitrpotses within the objects of the charity. Rebtriclionb aribc when specified by the donor or when fund5 are raised for particular rcstricted purposes. Further explanation of the nature and purpose of each nd is included in th¢ notes Iv Ihc financial stalemcnts. Debtors Basic fLnancial assets, including trade and other debtors, are initially rccognised at transaction pricc, unlcss tlic arrangcmcnt constitutes a financing transaction, where th¢ tronsaction is measur¥d at thc present value of the flltllre receipts di.qr.niintp.cl Jt a Thirket rate of interest. Such assets are sub5CqUClltly rthi&rd ill uiiuI lib¥LI uusL usill¥ th¢ cffecllve interest mcthod, less any impairment Creditors Elasic tinancial liabilities, including trade and other creditors, loans from tliird parties and loans from relaied parlivs, arc initially recogni5ed at transa¢tion pricc, unless the arrangcment constitutes a financiny transaction, where the debt instrument is m¢asured at thc prc3¢nt valuc of thc tur paymenis discounted at a market rale of Interest. buch instruments are subsequently carried at amorlised cost using the effe¢tivc intcrcst method, less any impairm¢nt. K¢y Maua¥J¢iIi¥Jil Persvnnvl Key mana8ement personnel of the charity are the Board of Trustees. Comparative figures .nmp¢lrAtive. fi]res are not aiidited. Page 12 cnntinlled._-
Seven Kings Muslim Educational Trust Notcs to the Finaneial Statements- continued for tlie Year Ended 31 March 2024 INVESTMCNT INCOME 3113124 3113123 Rents receivable 163,076 157,875 RAISING FUNDS Investment monagement costs 3113124 3113123 Property rcpairs & Agcnl fccs 4,318 7,078 AUDITORS, REMUNERA TION 3113124 3113123 Fces payable to the charity's auditors for the audit of the charity's finan¢ial Slalements TRUSTEES, REMUNERATION AIYD BENEFITS The tNst considers ils key management personal compmmise of the trustee5. There were no trugtees, remuneratioii or other benefits for the year ended 31 March 2024 nor for th year cnded 31 Marcli 2023. Trustees, expenses Thcrc were no truslccs, expenses paid for the year ¢ndcd 31 March 2024 nor for the year end 31 March 2023. iTAFF COSTS 3113124 3113123 Wages and salaries 33.932 37.520 33,932 37,520 The average monthly number of employees during the year wa5 a5 follows.. 3113124 3113123 Charitable Activities Nu ¥iIipluy¥¥s received emoluments In excess of £60,000. Page 13 continued...
Seven Kings Muslim Edlleational Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 31J.2023 Unr¢stri¢t¢d fund INCOME FROM Donations 148.327 Investtnent income 157,875 Total 306,202 F.XPF.NnTTIIRE ON RdiSin¥ funds -I,V714 Ch2rltable Activities Support cost 90,963 Total 98,041 NET INCOME 208,161 RECONCILIATION OF FUNDS Total funds brought fonvard 3,550.940 TOTAL FUNDS CARRIED FORWARD 3,759.101 TANGIBLE FIXED ASSETS Fixtures and fittings Frcehold property Totals COST At l April 20?3 and 31 March 2024 1,040,000 10,524 1,050,524 DEPRECIATION At l April 2023 Charge for year 61,8S5 9,800 2,921 1,141 64,776 10,941 At 31 March 2n24 71,655 4,062 75,717 NET BOOK VALUE At 31 Mar¢h 2024 968,345 6,462 974,807 At I l M2rr.h ?.0?.3 978,145 7,603 985,748 Page 14 c.ontiniied...
Seven Kings Muslim Education21 Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INVESTMENT PROPERTY FAIR VALUE At l April 2023 and 31 March 2024 2,255,000 NET BOOK VALUE At 31 March 2024 2,255,000 At 11 March 2021 2,255,000 The investments properties were revalued by the tnI%tep.q At f1r v?liie.. 10. DEBTORS: AMOUNTS FALLING DUE IVITHIN ONE YEAR 3113124 3113123 Other debtors Prcpayments 1,868 3,745 2.116 3.256 5.613 5,372 11. CREDITORS: AMouf4TS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Taxation and social seciwity Other creditors 1,280 61,949 2,178 74,121 63,229 76,299 12. MOVEMENT IN FUNDS Net movement tunds At 3113124 At 11412J Unrestricted funds Gcii¢i"al fulia 3,759,101 238.581 3,YY7.6142 TOTAL FUNDS 3,759,101 238,581 3,997,082 Page 15 continued...
Seveii Kijjgb Musllm Educational Trust Notes to the Thnancial Stateinents - continued for the Year Lnded 31 March 2024 12. MOVEMENT Ir4 FUNDS- continued Net rnovemcnl in SJnd5, includcd iii tlir 4ibuv¥ as follows: Incoming Resources Movement resources expended in fiinds Unrestricted funds Gcneral fiind 337,522 (98.941) 238.581 TOTAL FUNDS 337,522 (98,941) 23881 Compar#tive5 for movement in funds Net movement in fiTnds At 3 113123 At 114122 UnrestrRcted fund5 General fund 3.550.940 208,161 3.759,101 TOTAL FUNDS 3,550,940 208,161 3.759.101 Comparative net movemcnl in funds, included in the above are as follows.. IncominR Resources Movement r¢sources exp¢Iided in funds Unrestricted funds (Jcneral tund 306,202 (98,041) 208,161 TOTAL FUtYDS 306,202 (98.041) 208,161 Page Ib continued...
Seven Kings Muslim Lducational'l'rust Notes to the Financial Stateinents - continued fnr the YcJAr Ended 31 Mareh 2024 13. RELATED PARTY DISCLOSURES Ollr uf ilir IIubl¥¥ Mr. H. Valli is conn¢¢red 10 Ihe esiaie agent who manage one ot the property. During the year £4,318 (2023.. £2,220) was paid as ¢onunission.This was an arms length agreemcnl. 14. KARZE HASNL LOAN In¢luded in otlier crcditors is £56,000 (2023.. £67,300) Karze Hasne Loan. These are interest free loans from the commuiiity which are repaybale on demand Page 17
Seven Kings Muslim b:duc2tinng1 I'riiqt Detailed Statement of Financial Activities for the Year Ended 31 March 2024 3113124 3113123 COME Donation5 Donations 174,446 148.327 Investment Income Rcnts receivable 163,076 157,875 Tot41 Incomlng r¢source5 337,522 306,202 EXP£4 NDITURE Investment management costs I roperty repairs & Agcnt fees 4,318 7,078 Charitable activities Wages Freehold property 33,932 10,941 37.5?0 11,142 44,873 48,662 Support Costs anagement Rates and water Insurance Light and h¢at Telephonc Cleaning Equipment expense5 General Repairs 7,774 6,122 12,057 2,319 320 S,320 11,744 4,780 6,741 6,624 2,197 5,969 47R 13,090 45,656 39,879 Flnanee Bank charges 350 Gvv¥I"JJliIlL¢ Lus1 Auditors, remuneration Independent Examinevs Fees Accountancy fccs 1,800 2,072 2,294 4,094 2,072 This pagye does not forni part of the $thtOry fanCIal statcments Page 18
Seven Kings Musltm Educational Trust Detgiled Statement of Financiol Aetivitics for the Year Ended 31 March 2024 3113/24 3113123 Total rcsources ¢xpcnded 98,941 98,041 r4et Income 238,581 208,161 This page does not forni part of thc statutoi"y fuiilllLliiL èil£ltemenrs Page 19