Financial Statement Europe Trust 2006

Registered Charity Number1103290

Registered Company Number4927787

Europe Trust

Report and Accounts

For The Year Ended 31 December 2006

Europe TrustReport and accountsContents

Page

Company information 2

Trustee's Report 3

Statement of trustees' responsibilities 5

Independent auditors' report 7

Statement of Financial Activities 9

Balance sheet 10

Notes to the accounts 11

Detailed Statement of Financial Activities 21

Europe Trust

The report of the trustees for the year ended 31 December 2006Company Information

Registered number4927787

Charity Number1103290

Chief ExecutiveMr A Al-Rawi (Resigned as Chairman June 2006)

DirectorsMr A AI-HajeriDr N Al-KaddoMr A S El-AshaalMr I EI-ZayatDr A JaballahMr A S Mohamed (Appointed Acting Chairman June 2006)

TrusteesDr A Abu ShwaimaMr N G MisirliMr I Al-Naddaf Yalouk

SecretaryDr A K Bensiali

AuditorsFarooqui & Co Ltd9 Norville TerraceHeadingley LaneLeedsWest Yorkshire LS6 1 BS

BankersLloyds TSBBusiness Banking Service Centre3rd Floor, Booth StreetManchesterM2 4AW

SolicitorsWoolley, Beardsleys & BosworthPO Box 22Rectory PlaceLoughboroughLE11 1UP

Registered officeMCCRatby LaneMarkfieldLeicestershireLE67 9SY

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JPFEu Trust

The report of the trustees for the year ended 31 December 2006

IntroductionThe trustees present their annual report and accounts for the year ended 31st December 2006.

The board of trustees are satisfied with the performance of the charity during the year and the position at31st December 2006 and consider that the charity is in a strong position to continue its activities duringthe coming year, and that the charity's assets are adequate to fulfil its obligations.

Principle ActivityThe principle activity of the charity in the period under review was the continuation of the establishmentof a portfolio of assets (Awqaf) to generate resources to fund social and economic projects forcommunities in Europe.

The company also took over the remaining assets and liabilities of The European Trust.

Review of BusinessThe results for the period and financial position of the company are as shown in the annexed financialstatements.

Directors/TrusteesThe directors & trustees during the period under review were:Mr A AI-HajeriDr N Al-KaddoMr A Al-Rawi (Appointed Chief Executive and resigned as chairman June 2006)Mr A S EI-AshaalMr I EI-ZayatDr A JaballahMr A S Mohamed (Appointed acting Chairman June 2006)

The following served as trustees:Dr A Abu ShwaimaMr N G MisirliMr I AI-Naddaf Yalouk

Political and Charitable ContributionsThe Europe Trust liaises very closely with the federation of Islamic Organisations in Europe (FIOE) andother charities and organisations with similar objects of community development in Europe.

Charity

The company is a Registered Charity number 1103290

Objects and PoliciesThe objects of the charity are:

1) The advancement of religion and in particular the Islamic Religion in Europe.

2) the establishment of facilities for recreation and othe leisure time occupation in theinterests of social welfare of deprived communities in Europe and elsewhere with the object of improvingthe conditions of life of such communities.

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r u rope Trust


3) The promotion of any charitable purpose amongst Muslims in Europe and elsewhere and in particularthe relief of poverty, the advancement of education and the relief and prevention of suffering caused bymental health, social and or economic circumstances, or by emotional, personal or family problems bythe provision of a counselling service or other services as appropriate.

4) the establishment of religious, educational, social and recreational institutions by such means as areexclusively charitable.

The policies to achieve these objects are to rely on revenues either by donations or creating its incomethrough investment and expanding its property portfolio. Donations have been very limited and scarceand that is the reason the Charity is looking to develope its property portfolio which should increase invalue so that the capital gain will ensure a good financial base to fund the above objects in the future.

Organisation of the CharityThe Charity has ten trustees/directors and three advisors.

The Board meets in a general annual meeting once a year.

A committee of trustees meets between the annual meetings to ensure implementation of decisions andfollow up up. The committee also convenes as a grant committee to consider applications for grants.

The committee meets three times a year or as needed,

The Chief Executive carries forward the decisions, implements them and makes suggestions to thechairman and the committee.

The contribution of volunteersThe Charity does use volunteers on a limited scale. In 2006 four volunteers participated in assisting inrunning of a seminar "Awqaf In Europe" organized by the charity.

ReservesThe trust maintains a minimum of reserves to meet obligations in excess of two months.

Nature of the Governing Document and constitution of the charityThe charity being a company limited by guarantee is governed by the Articles of Association of theCompany with the objects of the company contained in the Memorandum of Association. The Articles ofAssociation include matters as Election of Members, appointment/removal/disqualification of Trusteesand the oowers of Trustees.

The methods adopted for the recruitment and appointment of new trusteesTrustees are appointed at the Annual General Meeting by recommendation of a Trustee or by proposalby a Member of Europe Trust. Trustees must be Members of Europe Trust.

There is no maximum number of Trustees, however there is a requirment in the constituion that therebe no less than three trustees at any time.

Trustees are not required to retire by rotation. Detailed requirements for appointment retirement,disqulification and pwers of Trustees are contained in the Articles of Association of Europe Trust.

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Europe Trust


Transactions and Financial positionThe financial statements are set out on pages 9 to 23. The financial statements have been preparedimplementing the 2005 Revision of the Statement of Recommended Practice for Accounting andReporting by Charities issued by the Charity Commission for England and Wales (effective April 2005)and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007).As stated in the introduction to this report, the trustees consider the financial performance by the charityduring the year to have been satisfactory.

The Statement of Financial Activities show net incoming resources for the year of a revenue nature of£2,459,423.

The total reserves at the year end after for stand at £2,822,558.

A majority of the expenditure is spent on management and administration .

Share CapitalThe company is limited by guarantee and therefore has no share capital

Statement as to disclosure of information to auditorsThe trustees, in their capacity as directors, state that so far as each of the directors at the time thisreport was approved are aware:-

a) There is no relevant audit information of which the auditors are unaware, andb) The trustees have taken all steps that they ought to have taken to make themselves aware of anyrelevant audit information and establish that the auditors are aware of that information.

Statement of Directors' and Trustees' ResponsibilitiesCharity Law and the Companies Acts require the Board to prepare financial statements for eachfinancial year which give a true and fair view of the state of affairs of the charity as at the end of thefinancial year and of the surplus or deficit of the charity. In preparing those financial statements theBoard is required to :-

- select suitable accounting policies and then apply them consistently;- make judgements and estimates that are reasonable and prudent; and- prepare the financial statements on the going concern basis unless it is

inappropriate to presume that the charity will continue in business.- state whether applicable accounting standards and statements of

recommended practice have been followed , subject to any materialdepartures disclosed and explained in the financial statements;

The trustees are also responsible for maintaining proper accounting records which disclose withreasonable accuracy at any time the financial position of the charity and which are sufficient to showand explain the charity's transactions and enable them to ensure that the financial statements complywith the Companies Act 1985. They are also responsible for safeguarding the assets of the charity andhence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Europe Trust


The trustees are also responsible for the contents of the trustees' report, and the responsibility of theauditors in relation to the trustees' report is limited to examining the report and ensuring that, on the faceof the report, there are no inconsistencies with the figures disclosed in the financial statements.

Method of preparation of accountsThe trustees, in their capacity as directors,state that the accounts have been prepared in accordancewith the special provisions in Part VII of the Companies Act 1985 relating to small companies.

Mr A S MohamedActing Chairman

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IFEEurope TrustIndependent Auditors' Report

Independent auditors' reportto the members of Europe TrustWe have audited the financial statements of Europe Trust (Company Limited by Guarantee) for the

year ended 31 December 2006 which comprise the Statement of Financial Activities, the BalanceSheet and the related notes and the Schedule to the Statement of Financial Activities as set out onpages 9 to 23. These financial statements have been prepared in accordance with the FinancialReporting Standard for Smaller Entities, effective January 2007, and in accordance therequirements of the Statement of Recommended Practice for Accounting and Reporting issued bythe Charity Commissioners for England & Wales, effective April 2005, under the historical costconvention and in accordance with the accounting policies set out in the notes to the financialstatements.

Respective responsibilities of trustees as directors and of the auditorsAs described in the Statement of Trustees' Responsibilities on page 5 the charity's trustees areresponsible for the preparation of the financial statements in accordance with applicable law andUnited Kingdom Accounting Standards, (United Kingdom Generally Accepted Accounting Practice)

Our responsibility is to audit the financial statements in accordance with relevant legal andregulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and areproperly prepared in accordance with the Companies Act 1985.

We also report to you if, in our opinion, the Report of the Trustees is consistent with the financialstatements, if the company has not kept proper accounting records, if we have not received all theinformation and explanations we require for our audit, or if information specified by law regardingtrustees' remuneration and transactions with the company is not disclosed.

We read the Report of the Trustees and consider the implications for our report if we become awareof any apparent misstatements within it.

Basis of Audit OpinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland)issued by the Auditing Practices Board and in accordance with the Practice Note ' The Audit ofCharities in the United Kingdom', revised in April 2002. An audit includes examination, on a testbasis, of evidence relevant to the amounts and disclosures in the financial statements. It alsoincludes an assessment of the significant estimates and judgements made by the trustees in thepreparation of the financial statements, and of whether the accounting policies are appropriate tothe charity's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which weconsidered necessary in order to provide us with sufficient evidence to give reasonable assurancethat the financial statements are free from material misstatement, whether caused by fraud or otherirregularity or error. In forming our opinion we also evaluated the overall adequacy of thepresentation of information in the financial statements.

OpinionIn our opinion the financial statements give a true and fair view of the state of the charity's affairs asat 31 December 2006 and of its incoming resources and application of resources, including itsincome and expenditure, for the year then ended and have been properly prepared in accordancewith the requirements of the Statement of Recommended Practice for Accounting and Reportingissued by the Charity Commissioners for England & Wales.

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Europe Trust

Independent Auditors' Report

Emphasis of MatterIn forming our opinion, which is not qualified, we have given due consideration to the followingmatters.

No professional valuation of the charitys investment properties was carried out at the balance sheetdate and we have relied upon the trustees representation as to the market value.

We have been unable to obtain independant verifcation that certain foreign investment properties,shown the balance sheet at a value of £628,431 have been legally conveyed to the charity.

Farooqui & Co LtdRegistered auditorsChartered Certified Accountants9 Norville TerraceHeadingley LaneLeedsWest YorkshireLS6 1 BS

The date upon which our opinion is expressed is :-17 October 2007

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Europe TrustStatement of Financial Activitiesfor the year ended 31 December 2006

Unrestricted Restricted Total TotalFunds Funds Funds Funds

Notes 2006 2006 2006 2005£ £ £ £

Incoming resourcesIncoming resources from generated fundsVoluntary income:Grants & donations 24 2,409,335 38,372 2,447,707 518,742Investment Income 6 193,667 - 193,667 87,743Incoming resources from charitable activities (20) - (20) -

Total incoming resources 2,602,982 38,372 2,641,354 606,485

Costs of generating fundsCosts of generating voluntary income 5,322 - 5,322 8,675Costs of charitable activities 7 & 9 97,037 36,283 133,320 188,112Governance costs 41,200 2,089 43,289 46,563

Total resources expended 3 143,559 38,372 181,931 243,350

Net incoming resources _before transfers between funds 2,459,423 - 2,459,423 363,135Gross transfers between funds - - - -

Net incoming resources before _Other recognised gains and losses 2,459,423 - 2,459,423 363,135

Net movement in funds 2,459,423 - 2,459,423 363,135

Reconciliation of funds

Total funds brought forward 363,135 - 363,135

Total Funds carried forward 20 2,822,558 2,822,558 363,135

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources andresources expended derive from continuing activities

The notes on pages 11 to 23 form an integral part of these accounts.

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IF

Europe TrustBalance Sheetas at 31 December 2006

Notes

The assets and liabilities of the charity :

2006 2005£ £

Fixed assetsTangible assets 13 2,122 2,496Investments 14 100 100Investment Property 14 5,672,038 3,630,415

Total fixed assets 5,674,260 3,633,011

Current assetsDebtors 15 1,850 2,213Cash at bank and in hand 5,125 16,568

Total current assets 6,975 18,781

Creditors:-amounts due within one year 16 (302,510) (838,504)

Net current liabilities (295,535) (819,723)

Total assets less current liabilities 5,378,725 2,813,288

Creditors:-amounts due after more than one year 17 (2,762,485) (2,450,153)

Provisions for liabilities and charges 19 206,318

Net assets 2,822,558 363,135

The funds of the charity:

Unrestricted income fundsUnrestricted revenue accumulated funds 2,822,558

Total unrestricted funds

363,135

2,822,558 363,135

Total charity funds 20 2,822,558 363,135

The accounts have been prepared in accordance with the special provisions relating to small companies inPart VII of the Companies Act 1985 and in accordance with the Financial Reporting Standard for SmallerEntities ( effective Janua ry 2007)

Mr A S MohamedActing ChairmanApproved by the trustees on 18 October 2007

The notes on pages 11 to 23 form an integral pa rt of these accounts.

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Europe TrustIFNotes to the Accounts

for the year ended 31 December 2006

1 Accounting policies

Basis of preparation of the accountsThe financial statements have been prepared in accordance with the Financial Reporting

Standard for Smaller Entities (FRSSE), effective January 2007, and all other applicable

accounting standards, as modified by the 2005 Revision of the Statement of Recommended

Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales,

effective April 2005. The accounts have been drawn up in accordance with the provisions of the

Charities Act and the Companies Act.

In so far as the Statement of Recommended Practice for Accounting and Reporting issued by the

Charity Commissioners for England & Wales, effective April 2005 requires compliance with

specific Financial Reporting Standards other than the FRSSE then the specific Financial

Reporting Standards have been followed where their requirements differ from those of the

FRSSE.

Advantage has been taken of paragraph 3(3) of Schedule 4 of the Companies Act 1985 to allow

the format of the financial statements to be adapted to reflect the special nature of the company's

operation.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from

the requirement to produce a cash flow statement.

The particular accounting policies adopted are set out below.

Accounting conventionThe financial statements are prepared, on a going concern basis, under the historical cost

convention as modified by the revaluation of freehold land and buildings and fixed asset

investments.

Incoming ResourcesIncoming resources are accounted for on a receivable basis deferred as described below whereappropriate. Rental income is recognised when due.

Investment IncomeOwnership of PropertiesWhere the charity is not the sole owner of a property, only the percentage of the charity's

ownership is included in the assets of the charity.Donations of PropertyThe Charity has been the beneficery of significant values of land and buildings. These donations

have been included in the Balance Sheet of the charity at the most recent valuation.

Compliance with Statement of Standard Accounting Practice 19

Charities are exempt from the full provisions of SSAP19. However, the trusteees have adopted a

policy that investment property is shown at most recent valuation. Any aggregate surplus or deficit

arising from changes in market value is transferred to a revaluation reserve.

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Europe TrustNotes to the Accounts


Deferred incomeIn accordance with the Statement of Recommended Practice for Accounting and Reporting

(effective April 2005) issued by the Charity Commissioners for England & Wales grants received

in advance and specified by the donor as relating to specific accounting periods or alternatively

which are subject to conditions which are still to be met, and which are outside the control of the

charity or where it is uncertain whether the conditions can or will be met, are deferred on an

accruals basis to the period to which they relate. Such deferrals are shown in the notes to the

accounts and the sums involved are shown as creditors in the accounts.

Recognition of liabilitiesLiabilities are recognised on the accruals basis in accordance with normal accounting principles,

modified where necessary in accordance with the guidance given in the Statement of

Recommended Practice for Accounting and Reporting (effective April 2005) issued by the Charity

Commissioners for England & Wales .

Resources ExpendedThe policy for including items within costs of generating funds, charitable activities and

governance costs is:-Costs of generating fundsThe direct costs attributable to fundraising.Charitable activitiesThe costs associated with the letting of investment owen by the charity properties.

Governance costsGovernance costs shall include all expenditure directly related to the administration of the charity

including expenditure incurred in the management of the charity's assets, organisational

administration and compliance with charitable and statutory requirements.

Allocation of costs within types of resources expendedAdministration expenditure includes all expenditure not directly related to charitable activity. In

respect of certain items of expenditure it is a matter of judgement as to whether such items are

direct charitable expenditure or are administrative, and the trustees have applied what they

consider to be reasonable judgements in appportioning such costs.

The bases of the judgements used were :Wages and salaries are apportioned equally between Charitable Activities and Governance costs

together with any associated social security costs.

Unrealised and realised gains

Realised gains and losses are included in the accounts on the date at which a contractual

obligation is entered into.

Unrealised gains and losses are computed by reference to the market value of the investments at

the balance sheet date, compared to the brought forward cost or valuation, and gains and losses

arising on similar categories of investments are netted off.

Investments held by the charityThe company's investments at the balance sheet date in the share capital of companies include

the following:-Europe Trust Property Enterprises LimitedClass of shares: ordinary% holding 100.00

Aggregate capital and reserves

2006 2005

£ F-100 100

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Europe TrustNotes to the Accountsfor the year ended 31 December 2006

Fixed assets and depreciation

All tangible fixed assets, except freehold land and buildings, are stated at cost less depreciation.

Freehold land and buildings are stated at a valuation arrived at by a professionally qualified firm of

valuers, who valued the assets on the basis of open market value in current use.

Items of less than £100 are not capitalised.

Depreciation has been provided at the following rates in order to write off the assets (less their

estimated residual value ) over their estimated useful economic life.

Equipment 25% on cost.

Capital grants

The board of trustees consider that, in order to comply with the Statement of Recommended

Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales

(effective October 2005), gifts of tangible fixed assets or grants of a capital nature given for

specific purposes and fully utilised in the furtherance of the objects of the charity should be

credited to the relevant fixed asset fund after the sums have been properly expended on the

restricted purpose. The related asset is shown in the balance sheet at the full cost of acquisition

or subsequent revaluation.

If the related assets are subject to restrictions by the grant making organisation on their use and

disposal, then these restrictions are noted in the fixed asset section of these accounts. In such

circumstances, the fixed asset fund created is treated as a restricted fixed asset fund. As the

related assets are depreciated, then a transfer is made from restricted fixed asset funds to

unrestricted revenue reserves to reflect the dimunition in the asset subject to the restriction.

If the related assets are not subject to restrictions by the grant making organisation on their use

and disposal, then the fixed asset fund created is treated as a designated fixed asset fund. As the

related assets are depreciated, then a transfer is made from designated fixed asset funds tounrestricted revenue reserves to reflect the dimunition in the asset.

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as

a contingent liability unless the event that would trigger repayment of the grant becomes probable

in which case a liability for repayment is recognised

In so far as this policy relates to Government grants and to the extent that it may be a departure

from the Statement of Standard Accounting Practice Number 4, such departure is justified on the

basis that it is in order to comply with the Statement of Recommended Practice for Accounting

and Reporting (effective April 2005) issued by the Charity Commissioners for England & Wales.

TaxationAs a registered charity, the company is exempt from income and corporation tax to the extent that

its income and gains are applicable to charitable purposes only. Value Added Tax is not

recoverable by the company, and is therefore included in the relevant costs in the Statement of

Financial Activities

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Europe Trust

Notes to the Accounts


Finance and operating leases

Rentals payable in respect of operating leases where substantially all the benefits and risks ofownership remain with the lessor are charged to the Statement of Financial Activities as incurred.

Finance leases are accounted for in accordance with the requirements of the Financial ReportingStandard for Smaller Entities (FRSSE), effective January 2005.

Funds structure policyThe charity maintains a general unrestricted fund which represents funds which are expendableat the discretion of the trustees in furtherance of the objects of the charity. Such funds may beheld in order to finance both working capital and capital investment.

Restricted funds have been provided to the charity for particular purposes, and it is the policy ofthe board of trustees to carefully the monitor the application of those funds in accordance with therestrictions placed upon them.

A fixed asset fund is maintained which represents the written down value of tangible fixed assets,and is divided into a restricted fixed asset fund representing the written down value of thoseassets subject to restrictions, with the balance being in a designated fund representing the writtendown value of those assets free of restrictions. The detailed operation of these funds is describedunder the accounting policy' Capital grants'

There is no formal policy of transfer between funds or on the allocation of funds to designatedfunds, other than that described above.

Any other proposed transfer between funds would be considered on the particular circumstances.

Accounting for LegaciesNo legacies have been left to the charity and until such time as a legacy is made the trusteereserve the right to formulate a reserve policy.

Recognition of foreign exchange gains and lossesThis has arisen due to the translation of euro transactions into sterling at an average rate of $1 tothe £0.67330.

2 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of alldebts and liabilities, the assets represented by the accumulated fund shall be transferred to someother charitable body or bodies having similar objects to the charity.

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Europe TrustNotes to the Accounts


3 Surplusl(deficit) for the financial year 2006 2005£ £

This is stated after crediting :-

Revenue Turnover from ordinary activities 62,717 70,821

and after charging:-

Depreciation of owned fixed assets 374 940

Rentals under operating leases 1,872 -

Auditors' Remuneration 3,300 4,000

No insurance has been bought to imdemnify the charity against actions of the trustees and/or the

actions of its employees.

4 Expenses paid to trustees or persons connected with trustees

The aggregate amount of expenses paid to trustees was

2006 2005

£ £- 1,728

No expenses were paid to trustees or persons connected with them in the year ended 2006.

5 Detailed analysis of certain transactions required by the 2005 revision to the Statement

of Recommended Practice for Accounting and Reporting issued by the Charity

Commissioners for England & Wales (effective April 2005)

Various items which are required by the 2005 revision to the Statement of Recommended

Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales

(effective April 2005) to be disclosed in the notes to the accounts are set out in the Detailed

Schedule to the Statement of Financial Activities on pages 21 to 23, which should be read

together with these notes.

6 Investment Income

Rent received from investment properties

2006 2005£ £

193,667 87,743

7 Analysis of support costsSupport costs are shown in the Schedule to the Statement of Financial Activities. All costs were

incurred either in running the seminar or in managing and maintaining the investment properties.

The analysis between both activities are :-

Investment Property Seminar

ManagementGross Wages £11,057 £6,993Employers NI £1,145Infomation & Publications £2,273

Property Project Costs £6,578Travel & Subsistance £2,680 £4,197

Translators £1,088

Speakers & Delegates £4,288

Hotel Accomodation £17,488

Property Expenses £20,088Agents Commission £48,609

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for the year ended 31 December 2006Notes to the Accounts

8 Analysis of charitable expenditureAll charitable expenditure is shown in the Detailed Schedule to the Statement of FinancialActivities following thses notes and except where shown for Support Costs above require nofurther detail.

9 Analysis of grants payable in furtherance of the charity's objectsAll grants paid are shown in the Detailed Schedule to the Statement of Financial Activities andconsist of grants paid to institutions of £3,380, grants paid to individulas of £3,500. The total of allqrants paid is £6,880.

10 Deferred Incoming Resources & Reserves - Unrestricted funds

Samara PropertiesTotal

Opening Released Received DeferredDeferrals from prior less released at year end

years in year£ £ £ £- - - 11,422- - - 11,422

These deferrals are included in creditors

2006 2005

£ £11,422 -

The deferrals included in creditors relate to investment property income received in respect ofrents due for the period after 1 January 2007 and have been deffered to match investment incomeagainst expenditure for the periods in which such expenditure is incurred.

11 Resources received and paid as intermediaries for third partiesReceived as principals and included in the Statement of Financial Activities

Investor Returns Due broughtforward from European Trust

Opening Received Released ClosingFunds in year in year Funds

£ £ £ £113,662 - 113,662

The equivalent total last year was - - - -

The opening and closing funds above are represented by the assets and liabilities held by thecharity as a principal as an intermediary and included in the Balance Sheet.

12 Staff Costs and Emoluments 2006 2005£ £

Gross Salaries 29,106 39,945Employer's National Insurance 2,289 3,612

31,395 43,557

Numbers of full time employees or full time equivalents 2006 2005

Engaged on charitable activities 1 1

Engaged on management and administration 1 12 2

There were no fees or other remuneration paid to the trustees

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Europe Trust

Notes to the Accountsfor the year ended 31 December 2006

13 Tangible functional fixed assetsFixtures & Computer

Fittings Equipment Total£ £ £

Asset cost, valuation or revalued amountAt 1 January 2006 852 2,584 3,436

At 31 December 2006 852 2,584 3,436

Accumulated depreciation and impairment provisionsAt 1 January 2006 186 754 940Depreciation on revaluation - - -Charge for the year 99 275 374

At 31 December 2006 285 1,029 1,314

Net book valueAt 31 December 2006 567 1,555 2,122At 31 December 2005 666 1,830 2,496

14 Fixed Asset Investments

Property Listed Unlisted 2006Investments Investments Investments Total

£ £ £ £ValuationMarket value at 1 January 2006 3,630,415 - 100 3,630,515Additions at cost 2,041,623 - - 2,041,623Net unrealised gain/(loss)

Market value at 31 December 200 5,672,038 - 100 5,672,138

Total Investments including cash At 31 December 2006 5,672,138

Total Investments including cash At I January 2006 3,630,515

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Europe Trust


Analysis of investments between UK investments and investments outside the UK


Investment assets in the UK 5,043,607 - 100 5,043,707Investment assets outside the UK 628,431 - - 628,431

Total market value 5,672,038 100 5,672,138


Investment assets in the UK 3,386,748 - 100 3,386,848Investment assets outside the UK 243,667 - - 243,667

Total market value 3,630,415 100 3,630,515

Cost Market Cost MarketValue Value

2006 2006 2005 2005

Unlisted Investments comprise :-

Sundry unlisted investments - 100

Total - 100

15 Debtors

100

100

2006 2005£ £

Prepaid expenses 1,850 2,213Amounts due after more than one year included in the total above are analysed as:-

16 Creditors: amounts falling due within one year 2006 2005£ £

Bank loans and overdrafts 157,200 133,040Trade creditors 3,785 2,071Amounts due to associated or subsidiary undertakings - 692,991Accrued expenses 8,036 7,472PAYE and NI 4,797 2,930Unpaid Pension Contributions 3,608 -Funds held for third parties 113,662 -Deferred income and grants in advance 11,422 -

302,510 838,504

17 Creditors :- Amounts Falling due after one year

Bank loans and overdrafts

2006 2005£ £

2,762,485 2,450,153

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IFEurope TrustNotes to the Accountsfor the year ended 31 December 2006

18 Secured Loans and creditors due after more than five years

Creditors include:

Amounts falling due for payment after more than five years

Secured bank loans

2006£

2005£

2,133,685 2,583,194

2,133,685 2,583,194

The Bank of Ireland has first legal charge over 15 flats and Post Office at 221 WoodhouseStreet, Leeds and first legal charge over 12 flats at 158a Woodsley Road, Leeds.

19 Provisions for liabilities and charges

Mortgage interest

Carried forward

2006£

~206,318)

(206,318)

The provision relates to mortgage interest due to the Bank of Ireland and included in creditorsthat is to be charged to the Statement of Financial Affairs over the life of the mortgage.

20 Particulars of Individual Funds and analysis of assets and liabilities representing fundsAt 31 December 2006 Unrestricted Designated

funds funds£ £

2,122 -

Restricted Totalfunds Funds

£ £2,122Tangible Fixed Assets

Investments at valuationPropertyShares

Current AssetsCurrent LiabilitiesLong Term LiabilitiesProvisions for charges

At 1 January 2006

Tangible Fixed AssetsInvestments at valuationPropertyShares

Current AssetsCurrent LiabilitiesLong Term Liabilities

5,672,038100

6,975(302,510)

(2,762,485)206,318

2,822,558

£ £Unrestricted Designated

funds funds

2,496

3,630,415100

18,781(838,504)

(2,450,153)363,135

5,672,038100

6,975(302,510)

(2,762,485)206,318

2,822,558

£Restricted Total

funds Funds

2005£

2,496

3,630,415100

18,781(838, 504)

(2,450,153)363,135

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Europe Trust


20 Particulars of Individual Funds and analysis of assets and liabilities representing fundscontinued

The individual funds included above are :-Funds at Movements Transfers Funds at

2005 in Between 2006Funds funds

as below£ £ £ £

General fund - unrestricted 363,135 2,459,423 - 2,822,558363,135 2,459,423 - 2,822,558

Analysis of movements in funds as shown in the table aboveIncoming Outgoing Gains & MovementResources Resources Losses in funds

£ £ £ £

General fund - unrestricted 2,602,982 143,559Seminar fund - restricted 38,372 38,372

2,641,354 181,931

2,459,423

2,459,423

The restricted fund was set up for the provision of a 3 day seminar "Awqaf in Europe" and wasfunded by a single donation of £33,872 from the bank of Ireland and sponsorship income of£4,500. Remaing costs of the seminar above the amount of donations was met from theunrestricted fund.

21 Endowment Funds

The charity had no endowment funds in the year ended 31 December 2005 or in the year ended31 December 2006.

22 Share CapitalThe charity is incorporated under the Companies Act 1985 and is limited by guarantee, eachmember having undertaken to contribute such amounts not exceeding one pound as may berequired in the event of the company being wound up whilst he or she is still a member or withinone year thereafter.

23 Assets IntroducedGrants and donations include property introduced from The European Trust in the year of£1,767,191.

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PrFEP!Europe Trust

Schedule to the Statement of Financial Activitiesfor the year ended 31 December 2006

Status of this schedule to the Statement of Financial Activities

This schedule is an intrinsic part of the accounts required to comply with the 2005 Revision of the Statement ofRecommended Practice for Accounting and Reporting issued by the Charity Commissioners for England &Wales, effective April 2005. However, it is not a part of the statutory accounts required under the provisions ofthe Companies Act 1985 in relation to incorporated charities.

Incoming Resources 2006 2005£ £

Unrestricted Restricted Total Prior PeriodFunds Funds Funds Total Funds2006 2006 2006 2005

Incoming Resources from generated funds £ £Voluntary IncomeGrants, Legacies & Donations

Non government and non public bodiesIncoming resources of a revenue natureSundry Donations 24,365 - 24,365 -Bank of Ireland Seminar Sponsorship - 33,872 33,872Sundry Seminar Sponsorship - 4,500 4,500 -Donations - other - - - 70,821Total 24,365 38,372 62,737 70,821

Non government and non public bodiesIncoming resources for acquisition of fixed assets (including donations of assets)Transfer of assets from Europe Trust 2,384,970 - 2,384,970 447,921Total 2,384,970 - 2,384,970 447,921Total Grants, Legacies & Donations Received 2,409,335 38,372 2,447,707 518,742

Total Voluntary Income 2,409,335 38,372 2,447,707 518,742

Activities for generating funds

Investment IncomeRent received from investment properties 193,667 - 193,667 87,743

Total Investment Income 193,667 - 193,667 87,743

Incoming resources from charitable activities

Gains/(Losses) due to currency flutations (20) - (20)

Total Incoming resources from

charitable activities ( 20) - (20)

Total Incoming Resources 2,602,982 38,372 2,641,354 606,485

Costs of generating funds

Costs of generating voluntary incomeFundraising publicity 5,322 - 5,322 8,675

Total costs of generating voluntary income 5,322 - 5,322 8,675

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Europe TrustSchedule to the Statement of Financial Activitiesfor the year ended 31 December 2006

Charitable expenditure

Support costs of charitable activities

Gross wages and salaries - charitable activities 11,057 6,993 18,050 19,973

Employers' NI - Charitable activities 1,145 - 1,145 1,806

Information and publications - 2,273 2,273 -

Investment property project costs 6,578 - 6,578 32,350

Travel and Subsistence - Charitable Activities 2,680 4,197 6,877 7,630

Translators - 1,088 1,088 -

Speakers & delegates - 4,288 4,288 -

Hotel accomodation - 17,444 17,444 -

Property expenses 20,088 - 20,088 8,261

Agents Commission 48,609 - 48,609 11,467

90,157 36,283 126,440 81,487

Grants paid as shown in the detailed schedule 6,880 - 6,880 106,625

Governance costs that are not direct management functions inherent in generating

funds, service delivery and programme or project work

(including management and administration costs)

Specific governance costsTrustees' expenses - - - 1,728Salaries - Administrative staff 11,056 - 11,056 19,972Employers' NI - Administrative staff 1,144 - 1,144 1,806Auditors' remuneration 3,300 - 3,300 4,000Legal fees 1,146 - 1,146 -Depreciation of fixed assets used for governance 374 - 374 940

Management and administration costs

Employee costs:

Premises CostsRent & rates 5,489 - 5,489 4,100Insurance 3,132 - 3,132 2,981Light and heat 211 - 211 167

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Europe Trustppp"Schedule to the Statement of Financial Activitiesfor the year ended 31 December 2006

General administrative expenses:Telephone and fax 2,455 - 2,455 3,784Postage, printing & stationary 595 1,228 1,823 2,945Loan Interest 5,290 - 5,290 -Subscriptions 89 - 89 44Hire of equipment 1,872 - 1,872 -Computer expenses 235 - 235 1,923Meetings 3,380 - 3,380 -Membership fees 50 - 50 -Bank charges 1,048 - 1,048 620Sundry expenses 334 861 1,195 1,553

Total governance costs after reallocation 41,200 2,089 43,289 46,563

A Detailed schedule of grants paid to achieve the objects of the charity2006 2005

£ £Grants to InstitutionsIslamic Girls School 2,750 - 2,750 -Sundry donations 630 - 630 -Inssan Project - Germany - - - 34,750Leiden University - Holland - - - 1,399Liga Islamic Spanish Youth Organisation - - - 1,194Muslim Student Society - UK - - - 3,000Nur Arabic School - Manchester - - - 2,000Muslim Students House - Birmingham - - - 1,500Arab School - London - - - 5,000Arabic School Association - UK - - - 5,000European Institute Human Sciences - Wales - - - 24,000European Institute Human Sciences - France - - - 10,279Liga Vade Islamitissche - Holland - - - 4,400Cresent High School For Girls - UK - - - 1,300European Muslim Youth - Belgium - - - 3,044Other small donations - - - 2,178

Total Institutional grants 3,380 - 3,380 99,044

Total grants to individuals 3,500 - 3,500 7,581

Total of all grants paid 6,880 - 6,880 106,625

Schedule of investment incomeUnrestricted Restricted Total Prior

Funds Funds Funds PeriodTotal

2006 2006 2006 2005£ £ £ £

Total rents from fixed asset investment propertiesTotal Rents from Investment Properties - UK 193,667 - 193,667 87,743

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Financial Statement Europe Trust 2006

Documents

Transcript of Financial Statement Europe Trust 2006