The trustees, who are also directors of the charitable company, present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity's Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in October 2019. The Trustees' report (also the Directors' report) has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption. The trustees have taken an exemption from preparing a strategic report as the company is small.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The charity's objects are the furtherance of the religion of Islam and the furtherance of Islamic education in accordance with the teachings of the Holy Qur'an and the Sunnah of the Prophet Muhammad.

The charity runs two secondary schools in the London Borough of Brent - Islamia Girls School and Brondesbury College. The main objective for the year was the continued operation of the secondary schools and investment in education. In addition, and for public benefit, scholarship grants were awarded to students on a needs basis to deserving individuals through the parent charity, the Yusuf Islam Foundation.

Both secondary schools are well established and are consistently rated among the very best in the Borough and in London. The schools provide education of the highest standard and nurture students who are responsible individuals and citizens. The charity's activities are dedicated to students' academic, spiritual, moral, social, and cultural development, and the charity considers the delivery and success of these activities to be for the public benefit.

Grant Making Policy

The principal funding source is from school fees, followed by donations and other income from individuals and organisations. This income has allowed the charity to continue to provide the high-quality education offered at the schools. Grants are offered to the most deserving students by way of scholarships where a family would otherwise be unable to afford the fees. Applications from parents are reviewed by a scholarship funding board, which includes at least one trustee. The principal beneficiaries of our grant-making programme are students at the educational institutions under the charity's wing. Scholarship awards are monitored throughout the academic year and reported on by the applicant's host school. Subject to the availability of funds, there is no upper limit on the number of grants awarded each year.

Public benefit

The trustees confirm that they have fulfilled their duty under Section 17(5) of the Charities Act 2011 by adhering to the Charity Commission’s guidance on public benefit in delivering the charity’s objectives and planning future activities. The trustees have carefully assessed how the charity’s programmes contribute to its aims and provide meaningful public benefit.

The charity's core focus is on the academic, spiritual, moral, social, and cultural development of students, which the trustees believe offers significant public benefit. Through the operation of Islamia Girls School and Brondesbury College the charity ensures access to high-quality education.

As part of their moral development, the charity encourages its student to conduct fundraising efforts for third-party charities with aligned objectives, helping to further its mission of advancing education and promoting inclusivity. These activities reflect the charity’s commitment to public benefit, benefiting both the local Muslim community and society at large.

The effective running of Islamia Girls School and Brondesbury College has ensured that both schools remain among the most academically successful educational institutions in London.

The most recent GCSE results show that, once again, both the secondary schools have performed excellently. At both Islamia Girls Schools and Brondesbury College, 100% of students achieved 5 or more GCSEs Grades 9-5. This is considerably higher than the national average.

An ongoing strategic review of the charity's schools was also implemented during the reporting period, resulting in changes including:

• the implementation of updated School Development Plans for the period 2024 to 2027

• the substantive appointment of the Headteacher and Deputy Headteacher of Islamia Girls School

• the adoption of a new non-academic staff structure

• the appointment of a School Business Manager and Deputy School Business Manager

• an upwards adjustment of salary scales to make them more competitive

• the availability of health and wellbeing services to staff through a third-party provider

• the digitisation of several administrative processes (e.g. admissions process)

• an upgrade of security facilities at Brondesbury College through a government grant available to private schools.

The Statement of Financial Activities on page 9 shows a net deficit of £88,447 (2024: £37,780) and net assets of £88,181. The objective is for the charity and its school operations to be self-sufficient whilst maintaining a comfortable reserve for unforeseen circumstances. The trustees consider the state of the charity's affairs to be satisfactory.

It is the policy of the charity that unrestricted funds that have not been designated for a specific purpose should be maintained at a level sufficient for three months of expenditure £528,547 (2024:£518,924) to enable the day-to-day activities of the charity.

At the balance sheet date, the charity held reserves of £88,181 (2024: £176,628) of which £88,181 (2024: £176,628) were unrestricted. The charity will seek further funding from its parent company if necessary, should the reserves fall below required levels. A new reserves policy is being considered for implementation next year.

The trustees fully acknowledge their responsibility for managing the risks faced by the charity and regularly review key risks to ensure appropriate mitigation measures are in place. The principal risks identified include financial sustainability, regulatory compliance, operational risks, and external factors such as the recent VAT and business rates changes, and enrolment fluctuations. To address these risks, the trustees have implemented the following actions:

1. 1.    Financial risk management: A robust budgeting and cashflow process with monthly reviews by the senior leadership team and quarterly reviews by trustees is in place, supported by a strict reserves policy for sustainability. The recent application of VAT on private school fees is a significant risk, resulting in increased tuition fees and likely to affect future enrolment. To mitigate these risks, careful financial management and professional advice are being utilised. The charity has also initiated a new Hardship Fund to assist families struggling with the school fees.

2. 2.    Regulatory compliance: The trustees ensure compliance with Charity Commission regulations and Ofsted and Independent Schools Inspectorate educational standards through regular internal audits and independent reviews, as applicable. This proactive approach also extends to meeting best practice standards in the sector.

3. 3.    Operational risks: Key personnel and senior management oversee school facilities and daily operations, supported by regular staff training. A disaster recovery plan ensures continuity in case of disruptions, and independent fire and risk assessments, along with ongoing maintenance, prevent operational failures.

4. 4.    Enrolment: A significant reduction in student admissions could impact fee income. To mitigate this risk, the charity engages in targeted media advertising and open days to attract new students. The admissions window for new enrolments has also been brought forward to earlier in the academic year.

Through these measures, the trustees are confident that the charity is well-equipped to manage risks and continue to operate effectively.

Plans for the Future

A new comprehensive survey of the schools’ stakeholders was completed during the reporting period, the findings of which continue to inform medium and long-term planning. A further survey of employees at the schools is currently underway with the outcome expected to be delivered in the coming weeks. The results of these actions are being used to implement new strategies for the schools’ development.

The charity is also working with its parent entity to expand its scholarship programme to provide greater support to students in need and also expand its own Hardship Fund.

The trustees are committed to maintaining an ambitious yet affordable strategy aimed at enhancing and expanding the facilities of both schools. Development plans for the next three academic years have been created and are being monitored. The trustees have set challenging performance targets for both teachers and students, with a focus on achieving excellence in educational outcomes while ensuring operational efficiency and value for money.

To support these goals, the trustees are enhancing the charity’s fundraising efforts through several key initiatives, including increased student recruitment drives, the continued activation of an alumni network, and outreach to secure corporate sponsorships. These initiatives aim to boost resources and strengthen the schools' financial sustainability, enabling the charity to continue delivering high-quality education while expanding its reach to those in need.

Going Concern

The trustees have reviewed forecasts of student numbers and cashflows and considered budgets for a period of at least twelve months from the date of approval of these financial statements.

Trustees believe the charity has sufficient resources to continue to operate for a period of twelve months from the signing date of these accounts and so have adopted the going concern assumption.

Islamia Schools Limited (the ‘charity’) is a charitable company, limited by guarantee, and incorporated under the Companies Act 2006. The charity's governing documents are its Articles of Association, dated 23 October 2009. For the purposes of these accounts, all references are made to the entity as a charity although it is also a company. The parent company of Islamia Schools Limited is the Yusuf Islam Foundation (Company Registration number: 07055355 and Charity Registration number 1134513).

The charity is governed by its Board of Trustees, who also serve as directors under company law. The trustees meet and communicate regularly to evaluate the charity's performance, assess risks and challenges, and review strategic plans for the charity’s future development.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

The Trustees are responsible for the strategic direction, policy and overall governance of the charity. The implementation of strategy, once agreed, and the day-to-day running and management of the charity’s activities are delegated to senior management. It is considered that, at present, the Board of Trustees has sufficient expertise and competence to govern the charity. The charity may appoint additional trustees by ordinary resolution. Any additional trustees, appointed in accordance with the Articles of Association, will be appointed if they are considered to add value to the existing skill set of the body of trustees.

As a matter of routine, all trustees are checked through the Disclosure and Barring Service (DBS) at enhanced level which includes the Barred from Management Check relating to the management of an independent school. The DBS check for the Chair of Trustees, as the school proprietor, is carried out through the Department for Education.

During the reporting period, no changes were made to the charity’s governance structure or trustees. No trustees had any beneficial interest in the charity, and no remuneration or expenses of trustees was paid by the charity.

Trustees maintain a good working knowledge of charity and company law and best practice. Trustees are provided with training in order to carry out their duties to the best of their abilities and in the best interests of the charity. Training and induction are provided on an ad hoc basis for all trustees as necessary. An information pack was issued to each trustee containing internal reports, the latest Charity Commission guidance on a range of matters as well as updated editions of the charity's policies. This pack is routinely updated with new guidance.

The Chair of Trustees, as part of the proprietor body, meets the headteacher on a monthly basis. The charity submits a written report to its parent entity, the Yusuf Islam Foundation, on a quarterly basis.

Professional development during the year at trustee and management level has been maintained in order to keep up to date with recent changes in legislation and adopting best practice within the charity. The charity's senior managers, including the headteacher, are appraised by independent external advisers and senior members of the parent charity.

The charity is wholly owned by the Yusuf Islam Foundation, a registered charity. Yusuf Islam Foundation prepares consolidated accounts and copies may be obtained from The Maqam Centre, Tiverton Road/Wrentham Avenue, London NW10 3HJ. The Yusuf Islam Foundation prepares consolidated accounts for the largest and smallest of the group of undertakings.

Key management personnel pay

Key personnel remuneration is determined with reference to publicly available data and the trustees consider that conditions of service are set at an appropriate level, in line with medians in the education sector, and compliant with legislation. All salary recommendations are approved by the trustees. A pension scheme in line with established legislation is in place.

The trustees, who are also the directors of Islamia Schools Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charitable company for that year, including the income and expenditure.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with the company's articles, a resolution proposing that AMS Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Each of the persons who is a director at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the company's auditors are unaware; and

• they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees' report was approved by the Board of Trustees.

Opinion

We have audited the financial statements of Islamia Schools Limited (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The trustees have reviewed forecasts of student numbers and cashflows and considered budgets for a period of at least twelve months from the date of approval of these financial statements. Consideration has been given to the fact that the schools rely on the payment of fees from families who could potentially be faced with a real impact on the loss of their jobs and/or their livelihood over time. The reduction of student numbers has been noted as a factor of the trustees’ going concern assessment, but is forecast to be offset by budgetary savings on costs. The schools are now implementing cost saving measures by utilising human and teaching resources between both schools and seeking to renegotiate contractual deals with regular suppliers. Additionally, to facilitate in easing the financial burden on parents/guardians and increase the recoverability of fee income and cash, the schools amended the terms and conditions to allow greater flexibility to pay the fees over an extended period. In the event that future cashflow projections show potential restraints, the charity will seek to obtain additional funding through fundraising initiatives from the parent and the founder; however, the trustees are confident that the measures taken so far will not require them to do so.

On this basis, they believe the charitable company has sufficient resources to continue to operate for a period of twelve months from the signing date of these accounts and so have adopted the going concern assumption.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of trustees' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Charity that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charity Commission, Companies Act 2006, The Independent Schools Standards and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the trustee meetings, legal reports provided to the Charity and correspondence between the Charity and its solicitors. Audit procedure performed by the engagement team included:

• Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

• Review of financial statement disclosures to underlying supporting documentation;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

• Identifying and testing journal entries, in particular any journal entries posted to an unusual account or posted by senior management.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Islamia Schools Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Maqam Centre, Tiverton Road, London, NW10 3HJ.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As per the Trustees' report, the Trustees consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.

The Trustees, having reviewed forecasts of student numbers and cash flows and considered budgets for a period of at least 12 month from the date of approval of these financial statements, believe the charity has sufficient resources to continue to operate for the foreseeable future and so have adopted the going concern assumption. As part of their review, the Trustees have considered the impact of the current consumer spending and cost of living difficulties and, continue to revisit the impact on an ongoing basis. Additional information on the going concern basis is included in the Trustees' report.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations - These are received to aid the furtherance of the charitable activities of the charity.

Charitable activities - These relate to school fees receivable for the provision of educational services by The Islamia Girls' School and Brondesbury College for Boys. Deferred income will be recognised on a proportional basis, calculated by reference to the portion of school fees invoiced in advance. Grant income is recognised as discussed above once the charity considers it has entitlement and probable receipt of that income and that the income is measurable.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of obligation can be measured reliably.

Expenditure on charitable activities include:

Costs in furtherance of charitable activities - these costs relate to directly attributable costs in pursuance of the charity's objective and an allocation of support costs.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include educational resources, back office costs, utilities, finance and governance costs which relate to strategic costs not directly attributable to charitable activities, including audit and legal advice and support of the charity's programmes and activities. These costs have been allocated to expenditure on charitable activities. Support costs are allocated based on the nature of the support cost (being governance or related to operational costs) and the area of charitable activities that they relate to; this allocation is not proportionate to the income generated from such activities. No support costs are allocated to fundraising or grant making on grounds of materiality.

Grants payable are recognised on a payable basis once the charity has provided a commitment to make charitable grant expenditure - this is normally on communication to the recipient. Grant are made at the discretion of the trustees on a case-by-case basis.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

Support costs include expenditure for educational resources, as well as governance and running costs of the schools.

Governance costs relate to audit, legal and professional fees.

Support costs related to scholarship grants fall under the promotional and grant work undertaken by Yusuf Islam Foundation (Company No.07055355) hence only direct cost have been allocated this activity.

None of the trustees (or any persons connected with them) received any remuneration during the year, trueand also no expenses were reimbursed in either the current or prior year, nor paid on behalf of trustees by the charitable company in either the current or prior year.

The average monthly number of employees during the year was:

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Deferred income is included in the financial statements as follows:

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

The company has claimed exemption from disclosing related party transactions between wholly owned members of a group under FRS 102 section 33.

Remuneration of the key management personnel is undertaken by the parent charity, the Yusuf Islam Foundation.