Registered Charity Number

1103290
Registered Company Number
4927787

Europe Trust
Report and Accounts
For The Year Ended 31 December 2006

Europe Trust
Report and accounts
Contents

Page
Company information

Trustee's Report

Statement of trustees' responsibilities

Independent auditors' report

Statement of Financial Activities

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 2006
Company Information
Registered number
4927787

Charity Number
1103290
Chief Executive

Mr A Al-Rawi (Resigned as Chairman June 2006)

Directors
Mr A AI-Hajeri
Dr N Al-Kaddo
Mr A S El-Ashaal
Mr I EI-Zayat

Dr A Jaballah
Mr A S Mohamed (Appointed Acting Chairman June 2006)
Trustees
Dr A Abu Shwaima
Mr N G Misirli

Mr I Al-Naddaf Yalouk
Secretary
Dr A K Bensiali
Auditors
Farooqui & Co Ltd
9 Norville Terrace
Headingley Lane
Leeds
West Yorkshire LS6 1 BS
Bankers
Lloyds TSB
Business Banking Service Centre
3rd Floor, Booth Street
Manchester
M2 4AW
Solicitors
Woolley, Beardsleys & Bosworth
PO Box 22
Rectory Place
Loughborough
LE11 1UP
Registered office
MCC
Ratby Lane
Markfield
Leicestershire
LE67 9SY
2

JPFEu

Trust

The report of the trustees for the year ended 31 December 2006
Introduction
The 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 at
31st December 2006 and consider that the charity is in a strong position to continue its activities during
the coming year, and that the charity's assets are adequate to fulfil its obligations.

Principle Activity
The principle activity of the charity in the period under review was the continuation of the establishment
of a portfolio of assets (Awqaf) to generate resources to fund social and economic projects for
communities in Europe.
The company also took over the remaining assets and liabilities of The European Trust.

Review of Business
The results for the period and financial position of the company are as shown in the annexed financial
statements.
Directors/Trustees
The directors & trustees during the period under review were:
Mr A AI-Hajeri
Dr N Al-Kaddo
Mr A Al-Rawi (Appointed Chief Executive and resigned as chairman June 2006)
Mr A S EI-Ashaal
Mr I EI-Zayat
Dr A Jaballah

Mr A S Mohamed (Appointed acting Chairman June 2006)

The following served as trustees:
Dr A Abu Shwaima

Mr N G Misirli
Mr I AI-Naddaf Yalouk

Political and Charitable Contributions

The Europe Trust liaises very closely with the federation of Islamic Organisations in Europe (FIOE) and
other charities and organisations with similar objects of community development in Europe.
Charity
The company is a Registered Charity number 1103290

Objects and Policies

The 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 the
interests of social welfare of deprived communities in Europe and elsewhere with the object of improving
the conditions of life of such communities.

u rope Trust

The report of the trustees for the year ended 31 December 2006
3) The promotion of any charitable purpose amongst Muslims in Europe and elsewhere and in particular
the relief of poverty, the advancement of education and the relief and prevention of suffering caused by
mental health, social and or economic circumstances, or by emotional, personal or family problems by
the provision of a counselling service or other services as appropriate.

4) the establishment of religious, educational, social and recreational institutions by such means as are
exclusively charitable.
The policies to achieve these objects are to rely on revenues either by donations or creating its income
through investment and expanding its property portfolio. Donations have been very limited and scarce
and that is the reason the Charity is looking to develope its property portfolio which should increase in
value so that the capital gain will ensure a good financial base to fund the above objects in the future.

Organisation of the Charity

The 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 and
follow 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 the
chairman and the committee.

The contribution of volunteers

The Charity does use volunteers on a limited scale. In 2006 four volunteers participated in assisting in
running of a seminar "Awqaf In Europe" organized by the charity.
Reserves
The trust maintains a minimum

of reserves to meet obligations in excess of two months.

Nature of the Governing Document and constitution of the charity

The charity being a company limited by guarantee is governed by the Articles of Association of the
Company with the objects of the company contained in the Memorandum of Association. The Articles of
Association include matters as Election of Members, appointment/removal/disqualification of Trustees
and the oowers of Trustees.

The methods adopted for the recruitment and appointment of new trustees
Trustees are appointed at the Annual General Meeting by recommendation of a Trustee or by proposal
by 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 there
be 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.

Europe Trust
The report of the trustees for the year ended 31 December 2006
Transactions and Financial position
The financial statements are set out on pages 9 to 23. The financial statements have been prepared
implementing the 2005 Revision of the Statement of Recommended Practice for Accounting and
Reporting 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 charity
during 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 Capital
The company is limited by guarantee and therefore has no share capital

Statement as to disclosure of information to auditors

The trustees, in their capacity as directors, state that so far as each of the directors at the time this
report was approved are aware:a) There is no relevant audit information of which the auditors are unaware, and
b) The trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and establish that the auditors are aware of that information.

Statement of Directors' and Trustees' Responsibilities

Charity Law and the Companies Acts require the Board to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the charity as at the end of the
financial year and of the surplus or deficit of the charity. In preparing those financial statements the
Board 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 material
departures disclosed and explained in the financial statements;
The trustees are also responsible for maintaining proper accounting records which disclose with
reasonable accuracy at any time the financial position of the charity and which are sufficient to show
and explain the charity's transactions and enable them to ensure that the financial statements comply
with the Companies Act 1985. 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.

Europe Trust
The report of the trustees for the year ended 31 December 2006
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the
auditors in relation to the trustees' report is limited to examining the report and ensuring that, on the face
of the report, there are no inconsistencies with the figures disclosed in the financial statements.

Method of preparation of accounts

The trustees, in their capacity as directors,state that the accounts have been prepared in accordance
with the special provisions in Part VII of the Companies Act 1985 relating to small companies.

Mr A S Mohamed
Acting Chairman

IFEEurope Trust

Independent Auditors' Report

Independent auditors' report
to the members of Europe Trust
We 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 Balance
Sheet and the related notes and the Schedule to the Statement of Financial Activities as set out on
pages 9 to 23. These financial statements have been prepared in accordance with the Financial
Reporting Standard for Smaller Entities, effective January 2007, and in accordance the
requirements of the Statement of Recommended Practice for Accounting and Reporting issued by
the Charity Commissioners for England & Wales, effective April 2005, under the historical cost
convention and in accordance with the accounting policies set out in the notes to the financial
statements.

Respective responsibilities of trustees as directors and of the auditors

As described in the Statement of Trustees' Responsibilities on page 5 the charity's trustees are
responsible for the preparation of the financial statements in accordance with applicable law and
United Kingdom Accounting Standards, (United Kingdom Generally Accepted Accounting Practice)

Our responsibility is to audit the financial statements in accordance with relevant legal and
regulatory 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 are
properly 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 financial
statements, if the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding
trustees' 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 aware
of any apparent misstatements within it.

Basis of Audit Opinion

We 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 of
Charities in the United Kingdom', revised in April 2002. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the trustees in the
preparation of the financial statements, and of whether the accounting policies are appropriate to
the charity's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance
that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the charity's affairs as
at 31 December 2006 and of its incoming resources and application of resources, including its
income and expenditure, for the year then ended and have been properly prepared in accordance
with the requirements of the Statement of Recommended Practice for Accounting and Reporting
issued by the Charity Commissioners for England & Wales.

Europe Trust

Independent Auditors' Report

Emphasis of Matter
In forming our opinion, which is not qualified, we have given due consideration to the following
matters.
No professional valuation of the charitys investment properties was carried out at the balance sheet
date 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 Ltd

Registered auditors
Chartered Certified Accountants
9 Norville Terrace
Headingley Lane
Leeds
West Yorkshire
LS6 1 BS

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

Europe Trust
Statement of Financial Activities

for the year ended 31 December 2006

Notes

Unrestricted
Funds
2006

Restricted
Funds
2006

Total
Funds
2006

Total
Funds
2005

Incoming resources
Incoming resources from generated funds
Voluntary income:
Grants & donations
24
Investment Income
6
Incoming resources from charitable activities

2,409,335
193,667
(20)

38,372
-

2,447,707
193,667
(20)

518,742
87,743
-

Total incoming resources

2,602,982

38,372

2,641,354

606,485

7& 9

5,322
97,037
41,200

36,283
2,089

5,322
133,320
43,289

8,675
188,112
46,563

143,559

38,372

181,931

243,350

Costs of generating funds

Costs of generating voluntary income
Costs of charitable activities
Governance costs

Total resources expended

Net incoming resources
before transfers between funds
Gross transfers between funds

2,459,423
-

2,459,423
-

_
363,135
-

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

363,135

363,135

Reconciliation of funds
Total funds brought forward
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 and
resources expended derive from continuing activities
The notes on pages 11 to 23 form an integral part of these accounts.

IF

Europe Trust
Balance Sheet
as at 31 December 2006
Notes

2006

2005

2,122
100
5,672,038
5,674,260

2,496
100
3,630,415
3,633,011

The assets and liabilities of the charity :

Fixed assets
Tangible assets
Investments
Investment Property
Total fixed assets

13
14
14

Current assets
Debtors
Cash at bank and in hand
Total current assets

15

Creditors:amounts due within one year

1,850
5,125
6,975

16

2,213
16,568
18,781

(302,510)

Net current liabilities

(838,504)
(295,535)

Total assets less current liabilities

5,378,725

2,813,288

(2,450,153)

Creditors:amounts due after more than one year

17

(2,762,485)

Provisions for liabilities and charges

19

206,318

Net assets

(819,723)

2,822,558

363,135

The funds of the charity:

Unrestricted income funds
Unrestricted revenue accumulated funds

2,822,558

Total unrestricted funds

Total charity funds

20

363,135
2,822,558

363,135

2,822,558

363,135

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

Mr A S Mohamed
Acting Chairman
Approved by the trustees on 18 October 2007

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

10

IF

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

1

Accounting policies

Basis of preparation of the accounts

The 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 convention
The 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 Resources
Incoming resources are accounted for on a receivable basis deferred as described below where
appropriate. Rental income is recognised when due.
Investment Income
Ownership of Properties
Where 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 Property
The 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.

11

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

Deferred income
In 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 liabilities
Liabilities 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 Expended

The policy for including items within costs of generating funds, charitable activities and
governance costs is:Costs of generating funds
The direct costs attributable to fundraising.
Charitable activities
The costs associated with the letting of investment owen by the charity properties.
Governance costs
Governance 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 expended

Administration 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 charity

The company's investments at the balance sheet date in the share capital of companies include
the following:Europe Trust Property Enterprises Limited
Class of shares: ordinary
% holding 100.00
2006
2005
F
100
100
Aggregate capital and reserves

12

Europe Trust
Notes to the Accounts
for 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 to
unrestricted 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.
Taxation
As 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

13

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

Finance and operating leases
Rentals payable in respect of operating leases where substantially all the benefits and risks of
ownership 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 Reporting
Standard for Smaller Entities (FRSSE), effective January 2005.

Funds structure policy

The charity maintains a general unrestricted fund which represents funds which are expendable
at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be
held 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 of
the board of trustees to carefully the monitor the application of those funds in accordance with the
restrictions 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 those
assets subject to restrictions, with the balance being in a designated fund representing the written
down value of those assets free of restrictions. The detailed operation of these funds is described
under the accounting policy' Capital grants'

There is no formal policy of transfer between funds or on the allocation of funds to designated
funds, other than that described above.
Any other proposed transfer between funds would be considered on the particular circumstances.

Accounting for Legacies

No legacies have been left to the charity and until such time as a legacy is made the trustee
reserve the right to formulate a reserve policy.

Recognition of foreign exchange gains and losses

This has arisen due to the translation of euro transactions into sterling at an average rate of $1 to
the 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 all
debts and liabilities, the assets represented by the accumulated fund shall be transferred to some
other charitable body or bodies having similar objects to the charity.

14

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

3

Surplusl(deficit) for the financial year

2006

2005

62,717

70,821

This is stated after crediting :Revenue Turnover from ordinary activities

and after charging:374
940
Depreciation of owned fixed assets
1,872
Rentals under operating leases
4,000
3,300
Auditors' Remuneration
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

2005

1,728

2006

The aggregate amount of expenses paid to trustees was

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.

2006

193,667

Investment Income
Rent received from investment properties

2005

87,743

Analysis of support costs

Support 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 :Seminar

Investment Property
Management
Gross Wages
11,057
1,145
Employers NI
Infomation & Publications
6,578
Property Project Costs
Subsistance
2,680
Travel &
Translators
Speakers & Delegates
Hotel Accomodation
20,088
Property Expenses
Commission
48,609
Agents

6,993
2,273
4,197
1,088
4,288
17,488

15

Notes to the Accounts

for the year ended 31 December 2006
8

Analysis of charitable expenditure

All charitable expenditure is shown in the Detailed Schedule to the Statement of Financial
Activities following thses notes and except where shown for Support Costs above require no
further detail.

Analysis of grants payable in furtherance of the charity's objects

All grants paid are shown in the Detailed Schedule to the Statement of Financial Activities and
consist of grants paid to institutions of 3,380, grants paid to individulas of 3,500. The total of all
qrants paid is 6,880.

10 Deferred Incoming Resources & Reserves - Unrestricted funds

Opening
Deferrals

Released
from prior
years

Samara Properties
Total

These deferrals are included in creditors

Received
less released
in year

Deferred
at year end

2006

11,422

2005

11,422
11,422

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

11 Resources received and paid as intermediaries for third parties

Received as principals and included in the Statement of Financial Activities

Investor Returns Due brought

forward from European Trust

Opening
Funds

The equivalent total last year was

Received
in year

113,662
-

Closing
Funds

113,662

Released
in year

The opening and closing funds above are represented by the assets and liabilities held by the
charity as a principal as an intermediary and included in the Balance Sheet.
12 Staff Costs and Emoluments

2006

29,106
2,289

2005

39,945
3,612

31,395

43,557

2006

2005

Engaged on charitable activities

Engaged on management and administration

1
2

1
2

Gross Salaries
Employer's National Insurance

Numbers of full time employees or full time equivalents

There were no fees or other remuneration paid to the trustees

16

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

13 Tangible functional fixed assets

Fixtures &

Computer

Fittings

Equipment

Total

Asset cost, valuation or revalued amount

At 1 January 2006

852

2,584

3,436

At 31 December 2006

852

2,584

3,436

At 1 January 2006
Depreciation on revaluation
Charge for the year

186
99

754
275

940
374

At 31 December 2006

285

1,029

1,314

567
666

1,555
1,830

2,122
2,496

Accumulated depreciation and impairment provisions

Net book value

At 31 December 2006
At 31 December 2005
14 Fixed Asset Investments
Property
Investments

Listed
Investments

Unlisted
Investments

2006
Total

Valuation
Market value at 1 January 2006
Additions at cost
Net unrealised gain/(loss)

3,630,415
2,041,623

100
-

3,630,515
2,041,623

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

17

Europe Trust
Notes to the Accounts
for the year ended 31 December 2006
Analysis of investments between UK investments and investments outside the UK
Property
Investments

Investment assets in the UK

Investment assets outside the UK

5,043,607
628,431

Total market value

5,672,038

Listed
Investments

Property
Investments
Investment assets in the UK
Investment assets outside the UK

3,386,748
243,667

Total market value

3,630,415

Listed
Investments
-

Unlisted
Investments

2006
Total

100
-

5,043,707
628,431

100

5,672,138

Unlisted
Investments

2005
Total

100
-

3,386,848
243,667

100

3,630,515

Unlisted Investments comprise :Cost

2006

Market
Value
2006

Sundry unlisted investments

100

100

Total

100

100

15 Debtors

Cost
2005

2006

Market
Value
2005

2005

Prepaid expenses
1,850
2,213
Amounts due after more than one year included in the total above are analysed as:16 Creditors: amounts falling due within one year

Bank loans and overdrafts

Trade creditors
Amounts due to associated or subsidiary undertakings
Accrued expenses
PAYE and NI
Unpaid Pension Contributions
Funds held for third parties
Deferred income and grants in advance

17 Creditors :- Amounts Falling due after one year

Bank loans and overdrafts

18

2006

2005

157,200
3,785
8,036
4,797
3,608
113,662
11,422
302,510

133,040
2,071
692,991
7,472
2,930
838,504

2006

2,762,485

2005

2,450,153

Europe Trust
IFNotes to the Accounts

for the year ended 31 December 2006

18 Secured Loans and creditors due after more than five years
2006

2005

Amounts falling due for payment after more than five years

2,133,685

2,583,194

Secured bank loans

2,133,685

2,583,194

Creditors include:

The Bank of Ireland has first legal charge over 15 flats and Post Office at 221 Woodhouse
Street, Leeds and first legal charge over 12 flats at 158a Woodsley Road, Leeds.
19 Provisions for liabilities and charges

2006

Mortgage interest

~206,318)

Carried forward

(206,318)

2005

The provision relates to mortgage interest due to the Bank of Ireland and included in creditors
that 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 funds

At 31 December 2006

Tangible Fixed Assets

Investments at valuation
Property
Shares
Current Assets
Current Liabilities
Long Term Liabilities
Provisions for charges

At 1 January 2006

Tangible Fixed Assets

Investments at valuation
Property
Shares
Current Assets
Current Liabilities
Long Term Liabilities

Unrestricted
funds

Designated
funds

2,122

Restricted
funds

Total
Funds

2,122

5,672,038
100

5,672,038
100
6,975
(302,510)
(2,762,485)
206,318
2,822,558

6,975
(302,510)
(2,762,485)
206,318
2,822,558

Unrestricted
funds

Designated
funds

2,496

Restricted
funds

Total
Funds
2,496

3,630,415
100
18,781
(838,504)
(2,450,153)
363,135

3,630,415
100
18,781
(838, 504)
(2,450,153)
363,135

19

Europe Trust
Notes to the Accounts

for the year ended 31 December 2006

20 Particulars of Individual Funds and analysis of assets and liabilities representing funds
continued
The individual funds included above are :Funds at
2005

General fund - unrestricted

Movements
in
Funds
as below

2,459,423
2,459,423

363,135
363,135

Transfers
Between
funds

Funds at
2006

2,822,558
2,822,558

Analysis of movements in funds as shown in the table above

Incoming
Resources

General fund - unrestricted

Seminar fund - restricted

Outgoing
Resources

2,602,982
38,372
2,641,354

143,559
38,372
181,931

Gains &
Losses

Movement
in funds

2,459,423
2,459,423

The restricted fund was set up for the provision of a 3 day seminar "Awqaf in Europe" and was
funded 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 the
unrestricted fund.
21

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

22 Share Capital
The charity is incorporated under the Companies Act 1985 and is limited by guarantee, each
member having undertaken to contribute such amounts not exceeding one pound as may be
required in the event of the company being wound up whilst he or she is still a member or within
one year thereafter.
23 Assets Introduced
Grants and donations include property introduced from The European Trust in the year of
1,767,191.

20

EP!Europe
PrF Trust

Schedule to the Statement of Financial Activities

for 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 of
Recommended 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 of
the Companies Act 1985 in relation to incorporated charities.

Incoming Resources

2006
Unrestricted
Funds
2006

Restricted
Funds
2006

2005

Prior Period
Total Funds
2005

Total
Funds
2006

Incoming Resources from generated funds

Voluntary Income
Grants, Legacies & Donations
Non government and non public bodies
Incoming resources of a revenue nature
Sundry Donations
Bank of Ireland Seminar Sponsorship
Sundry Seminar Sponsorship
Donations - other
Total
Non government and non public bodies
Incoming resources for acquisition of fixed assets
Transfer of assets from Europe Trust
Total
Total Grants, Legacies & Donations Received

24,365
24,365

24,365
33,872
4,500
62,737

70,821
70,821

(including donations of assets)

2,384,970
2,384,970
2,384,970
2,384,970
2,409,335
38,372
2,447,707

447,921
447,921
518,742

33,872
4,500
38,372

2,409,335

38,372

2,447,707

518,742

Rent received from investment properties

193,667

193,667

87,743

Total Investment Income

193,667

193,667

87,743

Total Voluntary Income

Activities for generating funds

Investment Income

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 voluntary income

Fundraising publicity

5,322

5,322

8,675

Total costs of generating voluntary income

5,322

5,322

8,675

Costs of generating funds

21

Europe Trust
Schedule to the Statement of Financial Activities
for the year ended 31 December 2006

Charitable expenditure
Support costs of charitable activities
Gross wages and salaries - charitable activities
Employers' NI - Charitable activities

11,057
1,145

6,993

18,050
1,145

19,973
1,806

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
4,288

Speakers & delegates

Hotel accomodation

1,088
4,288
17,444

17,444

Property expenses

20,088

Agents Commission

48,609

20,088
48,609

11,467

90,157

36,283

126,440

81,487

6,880

6,880

106,625

Information and publications

Grants paid as shown in the detailed schedule

8,261

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 costs
Trustees' expenses
Salaries - Administrative staff
Employers' NI - Administrative staff
Auditors' remuneration
Legal fees
Depreciation of fixed assets used for governance

11,056
1,144
3,300
1,146
374

11,056
1,144
3,300
1,146
374

1,728
19,972
1,806
4,000
940

5,489
3,132
211

5,489
3,132
211

4,100
2,981
167

Management and administration costs

Employee costs:
Premises Costs

Rent & rates

Insurance
Light and heat

22

ppp"
Europe Trust
Schedule to the Statement of Financial Activities
for the year ended 31 December 2006
General administrative expenses:
Telephone and fax
Postage, printing & stationary
Loan Interest
Subscriptions
Hire of equipment
Computer expenses
Meetings
Membership fees
Bank charges
Sundry expenses
Total governance costs after reallocation

2,455
595
5,290
89
1,872
235
3,380
50
1,048
334

1,228
861

2,455
1,823
5,290
89
1,872
235
3,380
50
1,048
1,195

3,784
2,945
44
1,923
620
1,553

41,200

2,089

43,289

46,563

A Detailed schedule of grants paid to achieve the objects of the charity

2006

2005

Grants to Institutions
Islamic Girls School
Sundry donations
Inssan Project - Germany
Leiden University - Holland
Liga Islamic Spanish Youth Organisation
Muslim Student Society - UK
Nur Arabic School - Manchester
Muslim Students House - Birmingham
Arab School - London
Arabic School Association - UK
European Institute Human Sciences - Wales
European Institute Human Sciences - France
Liga Vade Islamitissche - Holland
Cresent High School For Girls - UK
European Muslim Youth - Belgium
Other small donations

2,750
630
-

2,750
630
-

34,750
1,399
1,194
3,000
2,000
1,500
5,000
5,000
24,000
10,279
4,400
1,300
3,044
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 income

Unrestricted
Funds
2006

Total rents from fixed asset investment properties

Total Rents from Investment Properties - UK

193,667

23

Restricted
Funds
2006

Total
Funds
2006

Prior
Period
Total
2005

193,667

87,743