Elrahma Charity Trnst [fomeTly Charity Islamic Trust Elrahmaj Annual report and financial statements for the year ended 31 December 2022 Chatfity ReOstralJon Number 1026927
Annual report and financial statements for the year ended 31 December 2022 . Pase Tees. Officers and Profession81 Advisers................................................................ Report of tbe TnLStees for the year ended 31 DecembeT 2022......................................... Independent audiiors, report to the teeS of Elrabma Charity Trn....................... Statement of financial actItieS (induding incotne and expenditsre account)............ Balance shed as at 31 D&eml*r 2022.............................................._....................................... xo Statement of Cash Flows..............................................................................................ii Notestothe accounts.....................................-.......................... . .12-22
Elrahma Charity Trust Mr. Abubaker Megeri8 Mr. OmarMe8erisi Mr. Oiman Megerisi Mr. Harem Megerisi Mr. Mohamed Megerisi Mr. A]1 Abubaker Megerisi Mr. Ahm&l Tarek Megerisi (Chairman) Haysmacintyre U io Queen Street Plaee IDndo EC4R National Westrninster Bank P Pl£di1]Y & New &)ndStreet (A) Braneh 63-65 PicrJdilly t•ndon WLJ OA7 SolieitOT• Breth 4th Moor (4 North Row IA)ndon 7DA Regi5ttrtd Offite Suite 201 Stanmore Busine&s & Innovation Centre Stanrnore Pjace Howard Road Stsnmore HA7 iFr
Report ofthe Trustees for the year ended 31 December 2022 The ThjeeS present their a[lla1 port and the audited financial Statements for the year ended 31 December 2022. The accounts ha been prepared in accordance with the accollnlin8 policies Set out irt note A to the accouttts and comply with the Cbariws Thtst Derf the Charities Art 20ll and the Statement of Recommended Prnctice for chariti (SORP 20) (Second FAition, effedive i January 2019). The Objects forwhsch E]rdhrna CharityThRsl i5 eatAtshed are IhE relief of Prty&a advancement of education and re]i8ion in the Muslim ComrnwJTty. to assisi the p)or and orphans of the tslamic religion, to erect or help to erect schcK)Is. charttable irLstitutiot)s. mosques. orphanage5 and nllrseries for the Is]arnic Communty in the United Kingdom and abroad. Priority is given to such charitable works as may conduciTrT to oras shall rthertht reliEf of wvertyand suffering arnong Muslims. Grani makingpoliey The Chartty provides donations and grnnts tQ individuals and (thr charitable organi5ations in aeeordance wtth its objerts. ApplicatioDS for educational grants are reteived by the crfty and reviewed bythe tnjstees. are madeto applicants who meet the specific criteria. In the year the charity has f(dtowed polies of providing fitEaDLiai assistance to only those orsattisations in the United Kinsdom and abrnad whose aims and JectiVeS similar to its own and were artively Enga&Ed in achievkngthese oiiertives. The eharity provides financial assirtanee to onty those organi5ations with bona-fide resistered dritable status. The charitable instiiutions seeking ffftaockal 855istan are required to submTL in 5UPPOrt of their appli¢xtion, theirconsiituhon in the fonn of aTnt Dttd, Mernordndum and Artides of Associatiort of a lirnited Company wrytb cbaritable objectiNw and re8iStered as 6u¢h a8 a cbarÉty. Financial assistancE/grdnts are awdrded onty to fidl time students sdinn8 in an internationa]ty recogn15ed universityand theirapplication must be accompanied by references and reeoThmendation$ from forn)er aud present educational institutions. Applications from on]y those students are considered who ha athievtd exceptionallygo resultsinthe1rprevt0 aeademie qualifications and The followin8 properties are held es InStents: 25 26 lrnt tane. ]4ndon EQ. is let to ndOll institute of ance and Banknn& to 35 St. John's Stree( knntqon F£4 was let Detrmber 2018 when the propertyteame vacant. It is currentty under80ll an extensive rtbIshMent in preparation for rdetting. An independent valuation of the freehdd investment properties as at 31 December 2022 was undertaken In Oclober 2023 byms Emma BaHey MRICS of Cushman 8rWakefield LIP. The basis of valuation was frdirvalue &%se&sed in accorthce with the International.4c¢ounting Standards &)ard and the relevant parts of the LiJrrEnt RJQ8 Red This resultedill a teduction in the value at which the pn)wties are heldto £33,700,(. In line with its o*ralJ objectives the Charity has forsome)tars owned properties which it provides to other eharities for ihem to operdte as place5 of worshÉp, $Chls, and ftsr communitv actiiities. As these use are in line with the objects of the ClwÉtythe properties CODeerned have been separately identified as Programrne Rtlated Invtstments in the aceowits.
Report of the Trnstees for the year ended 31 December 2022 {continued) Satss()ryug the publit benefit dawe Details of the main artiirytjes undertaken to fvrtherthe chart5 purposes forthe public Iefit are deseribed above under grant-ttlakingand loW LderA¢hIevements and PerformanL. The Tn¥tees confirm that theyhaNE referred tothe guidance contsined in the Charity Commission's genertl gu¥dantt on pub]ic benefit when reMewingtheTtust'$ aims aThJ objectives, in plannin8 its fvture activities and in settingTts grnnt rnaking poiiry. The audited account5 for theyeAr ended 31 Dettmber2022 have been prepared and accompany this report. The TnteeS are p]eased and Satisfied that the charity has achieved its Objecti in accordance with its constitubon and hOpeftty1 continue to use Tts fiLn(L% to achieve the simllar objectives 111 the fvture. The totat nurnberof donations m8de to tharitalAe organisations and 0[St inst]tIO1]SwaS 2 and the total Ydlue of these donations was £3¥3a12 {2021.. £369,OT3). The total nurnber of students who recived eduv4tional was J3 and the totsl amount of avarded to these students WV5 £107556 (2021: £111.642). The finanoal Tdief to pcw)rfamllies amouDiedto £48.584 (2021.. 4,845). The Drganisations LeIn8 from the charitsble donations in the United Kingdom and abroad were involved in runnins 5choo]s. mosques. adujt education dasses. orphanages. nurseries, spOnsoh]p of orpbans, studeE)ts. poor fami]ies and prOS1on of humanitarian ai¢L The charity d¢xs not fund raist wilh members of the public and atwnlingly theTe been no complaints receibrd re8arding fiwd raising in the year (2021: Note). The income for the yEarended31 Dernber 2022 was £409.786 (20. £397.929). Dllring the the investment properties We rewdlued 7whÉch resulted in a Ios5 on rev81llation £4,026352 (202A.' £994,403). Investment incorne for the year was £409,011 (2021.. £w234). The cost of cbatitable athryties. ududing gowtrnance costs, was £817506 [1.. £8203). The Governance costs arnountedto £11,460 {20. £J3.642). The Operating1a forthis period was £4,H5,532 (2021: £4507,3A9) and at the year end. the ag®ate va]ue of the funds was £49Jl7,785 [2021: £53.763317). The powers of the Trustees, induding the powrs of in¥e5tment. are set out in the Th]st Deed These include inveslment in freehold and leasehold properties {more than 60 ar$) and in approved investment fund5. The Trustees seek to ID pmpertiefj in sought after locatiotLS vthich they consider offer a sati5faLtory return both in tern of inconxe and prospecfft cApital appreciation in the long terrn. without assuming an undue degree of risk. The income is used to make charitable donatjDns and to meet the cost of maintsining the charity. The requirement that a pmperty offer5 prospects of capital appreciation is intended to ensu that the tharrty maintains sufficient tapital, in the (onn of incom pr(Mlllcing prn[, to be ab]e to mett IL% comrnitinents in the fvture. The ttee are 4atisfiedwlth the rrfr1nallce of the InStMents given the of ottllpancy in the
Elrahma Charity Trust Report ofthe Tntstees for the year ended 31 December 2022 (continued) The assets that make up the cbariws fi&Sa[C urutstrieted and aLwrthngiythryore a]50 available as the seneral reserves. In addttioTh to careful plannin8 of the cash )qow, so as to meet both 8rant commitments payalAe in the year and the admintstration expenditure frorn the agreed budget, the chartty ainks to maintsin a wh resem to Lry)VEr antiapated grant and rther fvture commitinents in the current and forthcomingfinancial years Vhiist theTntytees have substantial cash Ttservesthey a expectingto spend a 5i8nificant sum ITh the refurbishTnent of one of its properties. Now that the arn(nt needed to fund this is clear, theTrnstees are a¢tiYelyseeking oppJrtunTties to invesl in anrther iniestTnent property. Given the sttaiglrtfomrd nare of the aLiYtbes of the charity. the tnteeS are of the opinion that artaly5isusing not necessarytoran widersta1IDg0( the development. ttrforn)anee or sItion of the business. The ThLStees consider major risks to whith the OfEaTriSation Maybe exposed at their meetings and considerthe likelih(KMI and impart of ajl signifi(xnt tisks. All significant risks, togetherwith Current mitigation artions. are revieweAI re8ularly tlwoughout the yearand the ThEees are satisfied that Systems have been devdoped and are in place lo mttigate identified risks to ao aceeptable level. The prinotd risks and uncertaintTre5 identified bythe charttyare Ls fdlows: Risk identified Adion taktn to m£ti8ate the risk Shortfall on receipt of propeIty income. The Thxstees put ernphasis on the quajyty of tenant covenants. In additionthe charity has subsfantia] serveS whith would Prode cover for activities Should there be a shortfall. Reputstional arising from dritable activitie6. The Tnee$ rnainlain a close invohrernent in the charity's dayto dayaLttvthts and donations. In additiOD procedures and controls are relartyrelryewe(L Reduction in application5 received for charitable he]p. A marketing plan forthe Charity is under consideration.
Report of the Trustees for the year ended 31 December 2022 (contlnuedj PLANS FOX FifwRE PERIOL The triL%tees ill continue to take Steps to nuX1 tne0ft from invEStments by seeking higher le of ¢)ccupancy on its freehold investment propertie5. In addition further investments in investment property are planned. The refurbishrnent of the St Jokn Streei pn)perty is pro8ressing and should complete in 2023. theTnIeeSare pursuingthe relettingof this itivestment with a viewto maximising the longterni rethrn thereon. The tiitstees pm¥je protwts foT the w of ¢rther cbAritie& Sh(d the opportilty ari%e furtl pnwarnme related mvestrnents 11 be made. Elrahma Charity TrSt was registered a5 a charity with the Charity commi10ntrs (Rewtration number 10269r) undera Tn Deed exeeuted on Y/ September 1993. The T¢£$, all ofwhom held office duTin8the)Ear erded 31 Decemter%)22 and upto the date of this reportwere: Mrthbaker Me8erisi (ChaTrrn?ah) Mr Omar Megerisi Mr Otman Megerisi Mr Hazem Megeris Mr. Mohamed Megeri5i Mr. A]i Abubaker Megerisi Mr. Ahmed Tarek Megerisi The fiJ3t four tntee5 are the founder member5 of the Trust sintt its dedaration on 27 September 1993. The Trusl Deed requires a minimum of three trustees and gives the tntstees power over the appointment of fvrthertrytee5. Jn sdectin8 further perwns to appointed a5 tnets, the trustees are requiredto take into aecount the beneffts of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contrfbutlon to the pursuit of the objects or the rnanagemenl ofthe Charity. ThesrnIn8tYOfthe Charityiithe Board OfThtee5,WhtiCh comprises seven rnernbEfs and meets at least ts¥1 a year to review the ]krfornunce of the Charity. The Board of Trtee5 has set up a Committee of two trnstees induding the Chairman of the Board. It meets on a regular basis and i6 activdy involved in supervising the Charitys administrative and finanaal affairs and a]so makes day to day management decision& It approves edUL10nal grnnts to Muslim bkndents and funding to the Islamic irt&titutions. NewTrustees undergo an induetion prrtesswhich indttha briefings10 and meetiny with other tntstees. An induction pack is gi to new Tnjstees and additional opportunEties to attend erternal meetÉngs and conferences are offered and encouraged. On8oingtraining needs are assessed and met.
Elrahma Charity Trust Report of the Trustees for the year ended 31 December 2022 (continued) The mIll)eration of employee5 is set . the TTeeS.All ko" management decisions are taken by IheTrustses WI are tMJi remuDerate(L Were the Tnjstees to delegate control over tbi8 arv4 it wou]d result in an Incre in remunerntaon which theydo not see as nect$5aryat prtsent. Statement of trustees. rtspowlbllltles Tht tntSlee5 are r&stK>nsible fur preparing the Tnee$, Rewrt and the fiDanciai statements t aeLY)rdance with applieablÈ law and United Kingdom Accounting Standards Iunitrd Kingdom Generally Accerrted Accounling Prartice). The law applioble to drItieS LD England & Wales Tequires the tee5 to ptEpare financial staiements for each financial vear V4thich a trne and fair iiew of the State of affairs of the eharity and of the inming re50urc¢s aDdappiicat¥)n of rtsourtes of theebarity for that riL1. In preparing th financiaf statements. the trustees are required to.. select Suttsble acuJuDtinK wlieie5 and then apply them cotwtendy: obseTrY the metho(ts and prineiples in the Cbaritits SORP; make judsements and estimatss are relwnable and prudeni. .state whether applicable accowiting standards ha? been followed. subjeet to any materi dern dioSed and explained in the financial 5tstements' prepare the financi SthlenDts OD the coneern b&sis unless it is iDappropri&te to presume that the eharit). continue in The trustees are rt8W>tLStble for kwing proper 0ting recor(Ls that discj with reag)Dable acLufdCy at an} time the financial rMx8itioD of the tharitv alld enable thern to ensure that the financial statements compty with the Charities.4cl 201I. the Chanty1.4ccounts and Rep)rts) Regulations 2008 and with the Trust Deed Theyare also resp)nsibleforsafe8uardingtheas5etsof the charity8nd her¢ee for taking reasonable $ieps fortbe prE%Ention and deteetion of fraud aud other irregujartties. Inforniatioh prOded to •uditor8 Yith rega¢xl to the preparntion of this AruJua] RekK)n and Firwjctaj Statements. so far each trustee is aware, there is no reknnt atsdit inforniatton of whieh the charity's auditors art unaware. and each trustee h&¥ taken all the steps thai he ou8bt to hair iaken a tnLStee in order to rllake him5eJf aware of any relent audit infornJatioD and to e5tabli5h that the charity's •udiiors art aware of that infonnation. A resojutiun to reapp)iot Hay5macintyre as audrtors to the cbarity be prowed at a firture trn5tees' meeting. By order of the TnLqrets." Abubaker Megetisi TrStee [tober 2023 2é/io/zo ZJ
Elrahma Charity Trust Opinion We have audited the financial statements of Elrdhma Char1tyThtj for the year ended 31 December 2022 which COmPTise the Statement of Finantial Artivities, Balauee Sheet. Statement of Cash Flows and notes to the financial ststements. illdudint a summary of sisnificant accounting po]icie5. The financial reporting frameworkthat Iw been aptdied in their prepardtiott is applicable law and Umited KingdomAccollnting Standards. induding Wancial Reporting Standard 102The Financial Reporting Standard applicable in the UK and Rewblic of Ireland (UnTled Kingdom Generaljy Accepted Accountin8 PtaLtice). In our opinion. the finaniiat statements: give a true and fairviewof the state of the chariWs affairs as at 31 December 2022 and of the Charit$ net movement ID for the year then ended.. have been propEty prEparEd ID aceDTdanee with United Kin8dom Generally Acceped Accounttn8 Practice,. and have been preparEd in ouxrdance with the reqDirellwits ofthe Cbarities Act 201L We have en appointed auditor wider section 44 of the Charities ACL 2011 and report in accordancewith the.4rt and regulations mxde or havitigeffectlhereunder. We eondurtEd our audit in actordanee wth Internationa] Stsndards on Auditing UTK) IUK)) and appllcable law. Our responsibllTthes under those standar&% are thrther described in the Allditofs responsibilities for the audit of the financial statements seetion of our report. We are independent of the charity in cordance with the ethical requlrements that are leVant to our audil of the financial statements in the UK indudin8 the FRCS Ethitsl we have hilfilled our other ethical responsibilities in accordance th these requirements. We bditht that the audit evidenLt we have obtained is suffiaent and appropriate to provide abasis for our opknlon. CoD¢lwion8rdtiDzlo 801118 concern In auditing the financial stalernents, we have condudtd that the trustees. use of the going concern basis of accounting in the preparation ofthe fi[w1¢i statemeTIts is appropriatL Based on the work havE performed we have not identlfied any material uneertkinties re]ating to events or conditions that. indEall&llY or collective]y, nydy cast signifiranl thiubt on the Igroup/charity]'s ability to continue as a going conttrn for a peri1 of at le&%t twElve months from when the financiat ststemeuts are authori5ed forissu Our FestM)nsibilibes andthe responsibilitiesofthe trurtees respertto goingconLYrn are descnTrd in the relevant sertions of this repo The tnutee8 kre reswnsible for the other information. The other inforniation comprises the InforntiOn included in the Report of ihe Tntstees. Our opinion on the finantial ststements does not etsver the other inforniation and. except to the extent otherwise explicitly stated in our report, we do Dot express anyform of asswance wndusion thereon.
In connectTron Wth our audit of the financial statements, our responsibility is IO Ttad the other infonnation an(L in doing so, consider whether the other information is materially inconsi%tent with the finanoal statements or our knowledge obtained in the audit or otherwise appears to be materia]ly misstated. If we identify such material inLStentIeS or apparent rnaterial mi55taterneDts. we are required to deterniine whether there is a material misstaterneTht in the financial statements or rnaterial rni&ststemenl oftheotherinforuHtion. If. bd ontheworkwe have perfonTre(L we conclude thatthete is a material MitateMent of this otherinfonnatton, we are required to report that fact. We have nothingto report in this regar Matters QD which we are requrtd to by uception e have nothing to report in reSrt of the following matters ID relation to whieh the Clthrides (Accounts and Reports) Reguiations 2008 require to report toyou if. in our opinion.. adequllte attounting rteords ha not been keptby tlje charity, or suffichent accourting records ha nrrt been kept,. or the Crityfitt&0lil sfaternentsarenot in tgreernentwiththe acrounttng rfford5 ind retllrn5' OT we have not relYid all the inforn4tioD and explan8tiortsT requiTt foT our audit. As explained more 1]Y in the tnLStees' responsibilities statement set on page 6, the trustteJ are re5pon5ible for the prepardtion uf the flnaneial statements and for being sati5fled that they give a true and fair view, and for wch internal Control as the tnLStee$ determine is nEcessary to enable the preparauon of fioancial stattlDeDts thai are free from material mthtemeDL whether due to fraud or In preparin8 the financial ststeD)ents. thetnjsiets are respor4•Ie fora&sessingthe chariws abi]ityto continue as a goin8 COnLZrn, disdosin& applicable, matter5 related to 8oin8 LX)n¢ern and using the goiDg concern basis of accountin8 unless the trustees eTther intend to liquidate the charyty or to etast operations, or ha no realirticalternatisr to do so. Aud1torf8re&poDlflitICS forthe audit of the finneial •tstements Our objectives are to obtain aSonable a5sufdll(t about whether the financial 5taternents as a whole are free from o)ateillal mithtement, wbether due to frdud or ernjr, and to issue ao auditor's report that indudes our opinion. Reasonable a&SUran is a high level of assuranc4 bul i5 not a guarantee that anaudit conduLed in 3ttordante wilh ISAS (UK)will atwaysdetert a material misst3ternentwhen it exists. Mi&statern2nts can arise from fraud or error and are considered materia] If. individuall> or in the ag8regate,theyeould reasonab]ybe expertedto imfiuencethe economie decisions of user5 taken on the basis of these fiDanoal staiements. Irregu]arities. induding are ITtanceS of notKomplianee laws and reglllations. We design prwedures tn line with our rtsponsibilities.outllnedabo.to detert material misstatementsin respert of irregidarities. induding fraud The eKteDt to which our procedures are capable of detecting irrwlarities, indu¢Jittgfraud is detslled bejow. Based on ourunderrtanJingofthe charityandthe enronment inwhich li operates,we identifiedthat the principal risks of non-compliante vrith law5 and re8ulations related to compliance with the Charities art 2011, emF4oyment law and heatth and safety reslllations. and we considered the extent to whieh nOnOMplIanct might have a material effert onthe financial statements. We also Considered the laws and regu]ations that a dirtt* impttrt OD the preparation of the financial statements
Elrahma Charity Trust suth as the Clwities Act 20 tbe Staternent of Recommended PEaCtI for C11t1 (SORP lo), We evaluated management's intentThYs aDd oP)rtunities(0rfr8lldUltnt ttthnipulation of the tlnandal statements linejudins the risk of override of tonirols). and deterntined that the prineipal riskq were related to recognition of income and management bias ttrtain accowitiDg estimates. Audit predre5 perfonned bythe engagement tearn induded: Iwecling COTresp)ndettee wtth relat0T5 and tsx authorities; Discussions with maDa8ement induding o)nsideration of known or sll5ed instance5 of no0Mplince with laws and rwlation and fraud. Evaluating man88ement's controls designed to prevent and detert irregularitie5' Identifyin8 and testing journal& io partiakn journal entiies ted at the yeaTrend or with unusual descriptions. and Challetlging &swmptio and judgements made by management in their critic4J accounting estimates. Because of the inherent limitations of an audi( th¢ is a risk that 11 not detect all irregularities, inc]udingthose leadiÈt0a materia] misststement in thefinanaal statements ornon-cornpliance writh regulation. Thi5 risk increases the more that compliance th a law or regulation i5 removed from the events and tran5artions Teflected in the finanaal staternents, as wi]1 be less likely to become awaTe of instantts of not)-LYJmpliance. The risk is also greater regarding irreglltarities occurring due to fraud rather than error. as fraud inwlves itttentiona] coneealment, forgery, cotlu5ion. ornission or rnisrepreseThtation A further description of our tespLbililies for the audit of the financia] statements is Icoted on the Finanaal Repotting Cound'5 website at: rsr . This description forn part of our auditorfs report. ThTrs rert is made 501ety to the charitys tnTrsttts, as a bcdy, with seLion 44 of the Charities Act 2011 and regulatioD5 made under section 154 of that Art. audit work has bten undertaken so that we might stste to the charitrfs In]stees thtsse matters we are reqiiired to state to thetn in anAuditor's report for no other purpose. Tothe fithest exient pennittedbylaw. we do not aecept ora&8iime re5pon$ibiltyto anyone otherthan the chariW8 Irusttts as a LKMlyforourauditwork forthis retKJrt. orforthe opinions we have forme Haysmaaty Lt StatutoryAuditors een Street Plaee london 30th October 2023 EC4R Haysmaontyre LLP is eligiblE to act as an auditor in ter•)s of section I2 of the Companies AL*
Statement of financial activnties for the year ended 31 December 2022 2021 409.OIA 332.234 775 6).695 409)786 397.929 &4&5 828.966 910045 828,966 910.845 (4A9?180) tsJ2,9J6) {4.026a52) (994A03) {44532) (Iso7a19) Rety)Deiliation of tla*I BCe btougbt forn14t tstJ•nury &3.763Ji7 55.270.636 io
Balance sheet 26 at 31 December 2022 Ni&e ¥ox 2021 i.oE8 3y> 33?700.000 29550.000 3.363+363 3a63J63 UDJixtPAI ltsvestmeDts io 102.800 37.167.181 32,913,719 48.241 156.764 Cathat lyLk aDd iry haknd 12a25.003 21.028,975 12a73244 21,185,739 Crditors.. irn(NJnts I140e)ar (a) (146.622) (260.254) A2,226.6aa 20.92&485 (76.018) CTtditors." attLOUlll& I1$dUt ftu rtsore tbD one) 175,887) 49.317.785 S3,76&317 49al7.785 .?63.317 The finCIl[ statettLen15hYe appr(4d ar#1 JLuthorLsed for i&E bythe Bo•rd of Trustru kntre si8nd on theIrbb. Trustee
Statement of Cash Flows 2021 Neth (se1) 40%011 332,234 Gaitsfr(xD6thofpr0rtY 65.695 (xo4800) 18.703,9T2) 11.327,712) 12 (44532) (Jso7319) 119 {65.695) (Y26.&52 994,403 (409.oAI) ts32,2341 29.086 816 L4wuJ In&YstmeDt prty OA Neta•h At31 Ati JAnw' Cashat knkl in hAt¥J .028.975 (8,703,9T2) *s?01y8 Trtal ,028.975 (8.703.972) tsJ25,0(YJ
Notes to the aeeounts For the year ended 31 December 2022 i Accounting policies The financial statetnents ha been prewed in aetordance wtth the &atement of Recornmended Practice for Charities {SORP 2015) (Second FA4ition, effecti i January 2019) and the Financial Rep)rtingStandaTd applieaEle in the UK and Republic of Ireland (FRS I1). Elrahma Chairyty Thjst meets the definition of a pub]ic benefft entity under FRS ioz Assets and liabilitTres are initially reco8nised at hist0fiL71 c06t or traThsaction value wdess otherwise slated in the relevant accounting policy note& The c(kst of tangible fixedassets. otherthan iTrNestment properties. istheir purchase cost.togetheFWith any inudental expenses of acquisition. All tangible assets costing mDrethan £100 are eapitalise& and aTry Ttem costin8 less than this is written off as expenditure. Depreciation is ca]odated $0 as to write off the c£*t of tangible rd assets, less their estimated restduaTr lUeS. ovEr the expected useful ecoDOmiC liNTs of the assets concerned on a reducing balance basis: Office Equipment 25% per annum Fixtures and fittings 25% per The Investment Properties are held at fair value. No depTEciation is charged and rnfftments in valuation are takento thestalement of Finaftcial Activities. The most recent independentnluation of the freehold investment prDpErtie5 With an effecth date of 31 December 204 was undertaken in October2093 byms FJnrna BaileyMRICS of Cuslunan & Wakefield LIP. Progrnmme related inNtstments are thLY a$ts that azt by third parties in furtherdnce of the charitys objects and not for fmanlial retutYL These assets are vakned at original cost and are not depreciated. UnlisteditNe5tmentswere in1tialtyvatd at Cr whichthe Tr[tee&bpj1eYe ewates to fairvalue and art held at fairvalue at each ba]?Dce sheet dat Monetary assets aDd ]iabailie5 have been translated 5terlingat the rates of excbanse rnling at the year end. All other foreign exclwi8e differentes are taken to the sunry of Thnantial Activities in the year in whkch they arise. Incot reeognilaon The charity recogni5es income when all of the follon8 criteria are rnet: the charity ha5 entitlement to the funds and any performance conditions attached to the items of income have been met, it is probable thatthe income be Yeeei¥tdandthe amount can be rne&wrtd Teliably.
Notes to the accounts For the year ended 31 December 2022 i Ae¢ounting policies (Continued) Where incorne has relatedexpenditure (aswtth fijndraisingorsirnilarincotDe).the income and related expenditure are reported grw in the Statement of Fsnanaal artivitie& InrneD1 income mainty represert% rentals receivable from tenants occupying the investment properties and is acCoued foT on acents basis. Interest on deposii funds heid is induded whe receivable and the amount tan be Measured te]iabty. Di%idends are reeognised the dÉvidend has been Oedared and notifi(xtion has been retti0 ordividend is due. This is norn7]Y upon n(ification bythe investment athqsorof the dividend yield of the in%ent PDrtfolio. DonAttons wrnprist arnounts 1ved duringthe)Yar. Gits provided in kind arevalued based on cost infoFmation wovMl2d bytF doniy. avalble an tStimate is made of cwyent •Alue in use of the asset. Irrecoverable valve added tsx (VAT) The chatity is rewterEd for VAT and has otrteo to tax one of its propErtkes. As this is a partial rewtration it Trt rtt¢)ver VAT ti pays ort some of its acquisition of 8th)ds and services. Itrecoverable VAT forn part of the char[5 overall ewditure and 15 either accounted for with the expenditure to which it relat¢s or is L2Pitali8ed within tangible fixed asset& Fwndilure is tteognised oncethere is a leyl 0rcotistnYe obliEationto make a paent toathird party. it is prnbable that settlement wlll be reqtslted and the anw)unt of the obligxrfoh eAn be measured re]iably. A]1 expend1tll atcounted for on an a¢£nlS basis underthe following headlngs". Charitable actIlieS repnts dotions paid by the ThLrf durin& the year and the c05t of serYice3 provided by50me staff members to the FJ Farwq Foundaiion. Support costs represent the crjst of rnnning the chaiity and N)Itally Indllde the cost of the finante fiinLlion. offitt faalities and information technology Costs. legal and professional fees and bank chatges. Certain expenditure isapportionedto eost otegoriesbased on the arnount atbibutable tothat activity in the year. These estimates arE based upon staff time. AD anatysis of d1cl charitable expendtture is awallable in nL*e Governantt costs are those etssts asxKiated with strategic as Ople to Charitys management and administration cost&These it)dude Such item5 as external audit. legal attiryttand o)sts assoeiatedwith eompliance of cotItUtional and statory requirement& Unreslricted funds Fun¢Ls are available to spend ort activitses that filltheranyof the purpow of the cbarity. DebtOT8 Debtors are recognised at the settlement amount due after any trdde discourtt offered. Prepayments are N71ued at the amouttt prepaid net of anytrdde dis(y)unts due. e••h 4tb4Dk Cash at bank aDd in band indudes bank accounts, cash and short ternj hiwyliquid Trnvestments with a short maturityofthree rnonthsorlessfromthe dateofacquTrsilTronoropeningofthe deposit orsimllar account.
Notes to the accounts For the year ended 31 December 2022 (continued) i Aixowiting policies (continued) CreditOTS *ndpTWry6ioll6 Creditory and provisions are recogni4ed wheTe the chaiity hfts a preSETrt obli8ation Tesuhing from a past eventthat probabjy result in thetransferof fundstoa third partyandthe ami)unt dlle tosettle the obligation can Me&red orestimated reliabjy. Creditor5 and provisioare nonnallyrecogni5ed at their settlement amount after a]lowing for any trade discounts du& In the view of the trnsiees in applying Ihe at£ounting policies adoptrd other than the valuatioll of inwtmertt property a5 mentioned In the tee5 report. no judgements were required that have a $i8nificant effect on the amounts reeo8nised the fjnancial statements nor do any estimates or assumptions made caThy a signifieant risk of matsrial adjustment in the next financial year. Financial In8trumeDts The Cbwity only has basic firwioal a85ets and fina#aal liabllities of a kind that qualify as basic financial instruments. Basic financial jTtstrlets are initsally recognised at tralalOn value and subsequently measured at their settlement value. Having reviewed the (und5 awdllab]e to the Chartty and the ture projected eash flow& the Thstees havt a reasonable expectation that the Charity has adequate re50UTce5 to continue its artiiryties for the foreseeable future and consder that there WEre no materiat w)certaini6es ovErthe Chartws findneial viability. Accordingly.the ThLStttscontinuetoadoptthegoingcoDr£rnbasisiD preparingthe financial Statements. 2. Investment Income 2022 2t12l Rental income 330.000 330,0 Dfiapidation eompeDSation Intere6t re1¥able 79.OIA 409JOII 331234 Charitable activities 2022 Donations S49A52 52S,560 Induded in donations are educational &Vdnts to iAdividuaLs tctslling £107&56 (21Y21: 4 iudividuals received £JiL642)
Elrahma Charity Trust Notes to the accounts For the year ended December 2022 (continued) 4. Support costs 21Y21 Wys & salaries (N(rte 13) Bank charges ia.177 281 2,018 & prole&sioDal fees 81.196 684 Rent and rates x8?930 17.893 1.020 878 Inrance 39.887 40.637 Communications 2J58 FJe(triiityattd gas 16.849 IL244 Depreciation 339 119 9&358 Maintenance 528 4.881 Subscription5 and other 1.819 323 Ststionery, tK)stage and prinliDg vJi 268,054 37L.643 Audit Fee 10.AOO IOS92 Tax advice A•040 950 VAT and otheJ advi 320 2,100 XIA60 .f42 x6
Notes to the accounts For the year ended 31 December 2022 (continued) 6 . Other Income 2092 2021 Income from sale of property 65.695 Sundryincome 775 775 6&695 Tan711¢ fixed assets Total Equipment ujd Fittith38 C•8tlVahthtion At i January aoya 2.295 i.i)oi 4785 SIJ 3496 At tst Janllary*A2 431 4WJ9 Charge for yur 319 339 At 31 Deeunbtr 20 2978 Net BoOkVlle At 31 Detember 30ZZ 938 1.018 At 31 DecemE¢r 2021 356 17
Notes to the aecounts For the year ended 31 December 2022 (eontinued) 8. Freehold Investment Properties 2021 Vltion At i January2022 2950,000 29.695586 Additions 8,176a52 848.817 Rmluatioft (4.026a52) (99M03) At 31 December 21r22 33.700.000 29.550.000 As met)tioned ttote i. freehold investmenl properties were re-va]ued with an effeebve date of 31 Detember 2022 by Mrs Emma BaileyMRICS of CushmaTh & Wakefield LITr. The basis ofvdluation was frdir value assessed in accordance with the JnternatioDalAccounkngStandards Board and the relevant parts of the eurrent Rias Red Book The IwryTrust Company iimiied ad5 as a nominee cotnpanyto boldtitles to the proF*rties barE tnL4tees forand OD behalf of the bEDeficiaTie5 whose names apar agaiThrt ead] such property. 20 As &t i January And 31 Dccember 2022 3?363?363 3J63,363 The above relatts to propertie5 held bythe cbarit), that are ed bythird parties in fvrtherartce of the charitys object& 18
Notes to the accounts For the year ended 31 December 2022 (continued) io. Unlisted Investments Balanc¢ at tstJanuary 20 Additions 102.8 Balantt 8t 31 DeceDJber 2022 Unlistedinvestments mmprise 80 B shares in Clvo iimitelt ii. Debtors: amount falling due within one year 2021 Other debtors and prepaents 48*24t 6.764 12(a) Creditors: amounts falling due within one year 2021 Trade creditors 55,621 1&5,132 Deferred income 82A91 8L983 Accrnals 8410 8.580 Taxation 14S59 46,622 300.254 The deferred ineome forthe yearrepresert% rental ino)me rtteived in ath7nc 19
Notes to the accounts For the year ended 31 Dettmber 2022 (continued) Deferred iticome at i J•nuary2( 81.983 Rettivedllreleased) inyear 508 451 Deferrtd at Ji Deternb 202* 82A91 81,983 12(b) Creditors: amounts falliD8 due after one year Renknl depOt th 76.018 75,887 2021 Balance at tst January20 53,763a17 55.270.636 Net movement of funds during theyeor (4A45SS¥) (Ao57J19) Balance at 31 December 2022 49Jl7.78s 53.763a17
Notes to the accounts For the year ended 31 Deeember 2022 (continued) . Fmployees The average mottthty number of persoDS employed bythe tsitstwas 5 (20. 4). See lOw. 2021 Staff costs (forthe abfft persons) Wages and salaries 99)040 Il9,206 771 IOJ58 Employer5 NIC allowance ts.000) (4.000) PeLsioDs Is66 1.717 i(YJ.177 127,281 No emOYee earned É60.oooor tnore (2. nolle). All employees are enga8ed in the administrntton and managemetrt of the TrusL As mentioned in the Thistees. Report remuneratkon of a]1 emp]oyees is set by the Thistees. Ail key management dffisions taken by the TnLslee6 who a not remuneAted. Were theThstees to delegate eontrol over this area it would result in an increase in rtrnw8ti0ll whiththey do noi see as necwary at presenL 15. Operating lease receivables At the Balance Sheet date the charity had the foUoi¥in8 future minimum rentals reLtivables in re5peLt of non-canrtllable opeTatinglwe5.' 2021 Land and Bullditk8• Wrthin one )*ar 95.157 330.000 Btheen one andtwo )Tar8 951S7 Between two and five)ws 9&157 425.157
Notes to the accounts For the year ended 31 Deeember 2022 (continued) The trteeS did not receive any plnent in respttt of their role of trustee or a(*2d as agents for the charity, nor were any expenses teimbursedto thetn {2021: none). A7. Related PartyTran8actiOn8 Duringthe year the ehanty re]ved ITservices from TristarTech Solutions timited for which it paid É2.109 (20..ELL82). Mr Omar Megerisi and Mr Hazem Megerisi are directors of TristarTeth Solutions lamtied There were no other Tejattsl party1Marti0ns dwingthe yr {2021.. None). 18. Indeintiity insrnce An insurance premium of £1?6/ (202L.. Ei,676) was paid to prIde protection cover lo the chajity against daims arisitlg from the negligent acts or defaults of its tntee$, emploites or agents. and to indemnity the trwstees or rther offittT5 asainrt the consequett rf arty neglect or ¢lefau]t on their % ]lletttioned in the Thee5 Repjrt the investment prortY at Si John Street, bJDdon ECI is undergoing a programtrte of refurbi5hrneDL The Trt a commitment to further rApital spend as at 31 December 2022 01£1,728AOS. The Trusteu aLtiD8in CODeert are deemed to be the ultImt o)ntrollin8 party oftheTrnst.