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← Iraqi Welfare Association

2024-07-31-accounts

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

Charity registration number 1058672 (England and Wales)

IRAQI WELFARE ASSOCIATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr A S El-Radhi Dr A Hashim Mr T Hassan Mr T S Omran Mr M Jamil Dr H Hassan Charity number 1058672 Principal address 85 York Street London United Kingdom W1H 4QA Independent examiner Deitch Cooper LLP 3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Statement of financial position 6
Statement of cash flows 7
Notes to the financial statements 8 - 17

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their annual report and unaudited financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity’s objectives are:

(1) to relieve poverty amongst the Iraqi community, particularly by the provision of advice and interpreting services to Iraqi refugees;

(2) to advance education by the provision of classes and training to members of the Iraqi community.

(3) to relieve sickness and protect and preserve public health, particularly by the provision of advice, translation assistance to patients and educational classes on health issues.

(4) to provide facilities for the recreation and other leisure-time occupation of the public with the object of improving their conditions of life, particularly, but without prejudice to the generality of the foregoing, by the provision of summer camps and youth and community activities.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The charity was set up to assist with the increasing number of refugees in the UK, and the growing number of Iraqis in the UK, have met their objectives through provision of financial support to individuals in poverty in Iraq, the provision of free advisory services in Family, immigration, housing and state benefits. Furthermore the charity has established a monthly community newsletter, and offers a variety courses, workshops on learning English, learning new skills and supporting people into employment, focusing on real life English that can help learners in their daily lives. Also the charity focuses on various activities for the Youth and run several camps and kids club to on team work, self-confidence and excel in their future and educational achievement.

Significant factors

Although this financial statement is for the period August 2023 to July 2024, it was prepared and finalised in May 2025. It was important to note that In January 2025 the Charity Commission opened a statutory enquiry into the Charity. The Trustees have communicated with the Charity Commission on all questions raised on a timely basis and wish to state categorically that all income is applied in the furtherance of charitable activities and all expenditure has been incurred towards the charity's charitable objectives. The Trustees look forward to the matter being closed in the forthcoming year and will provide further details in their financial statements for the year 2024/2025.

Financial review

The Charity’s principal source of income were voluntary donations donated to the charity to use its discretion in furthering its objects with a focus on helping orphans and disadvantaged families mainly in Iraq. Other income is coming from grants and charitable activities.

Total income amounted to £675,561 (2023: £792,827). Total expenditure on charitable activities amounted to £823,504 (2023: £809,954). This year there was a deficit for the year of £147,943 (2023: £17,127 deficit). The deficit has arisen due to the charity spending funds this year that were donated in previous years. Total fund balances at 31 July 2024 were £135,192 (2023: £283,135), which will be carried forward for expenditure in forthcoming years. All funds are unrestricted funds designated to the charitable objects of the charity.

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s support costs expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The Management Committee has conducted a review of the major risks to which the charity is exposed to and continues to monitor this on an ongoing basis. Where appropriate, Policies, Systems and procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of the policies and procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, users and visitors to all our activities and centres. These policies and procedures are periodically reviewed to ensure that they continue to comply with legislation and meet the needs of the charity.

Plans for future periods

The charity intends to continue its activities in pursuance of its listed defined objectives.

The charity has voted to change its dated constitution and a new version has been submitted to the Charity Commmision for their approval. The main changes are:

Structure, governance and management

The organisation was registered as a charity on 15th October 1996 and is governed by its constitution dated 20th April 1996, as amended on 15th April 2018.

The Trustees who served during the year and up to the date of signature of the financial statements were: Dr A S El-Radhi

Dr A S El-Radhi
Mrs M Al Momen (Resigned 11 September 2024)
Dr A Hashim (Resigned 15 January 2024, Reappointed 16 March 2025)
Ms A Al-Ebadi (Resigned 11 September 2024)
Mr T Hassan (Resigned 15 January 2024, Reappointed 16 March 2025)
Mr T S Omran (Resigned 15 January 2024, Reappointed 10 October 2024)
Dr K Shubber (Appointed 15 January 2024, Resigned 15 January 2025)
Mr M Jamil (Appointed 16 March 2025)
Dr H Hassan (Appointed 16 March 2025)
Mr A Hlaiyil (Appointed 16 March 2025, Resigned 15 May 2025)
Dr A Alatabbi (Resigned 15 January 2024)
Dr A Hadawi (Appointed 15 January 2024, Resigned 16 March 2025)
Mrs M Bakir (Appointed 15 January 2024, Resigned 15 October 2024)
Mrs A Hadawi (Appointed 15 January 2024, Resigned 15 November 2024)
Mr M Gashamee (Appointed 12 November 2024, Resigned 15 March 2025)

Recruitment and appointment of trustees

Details of the method of recruitment and appointment of trustees are contained within the charity constitution. At the end of their term the previous trustees vacate their position and new trustees are elected.

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Organisational structure

The trustees of the Iraqi Welfare Association is its Management Committee who should meet, according to the constitution, at least six times during their term, and is responsible for the strategic direction and policy of the charity.

The charity has produced a set of policy documents to enable the charity to operate within the Charity Commission's rules and procedures, and Government's legislation, and also to protect the name and integrity of the charity.

The charity has produced and adopted the following polices;

Trustees' declaration on unaudited financial statements

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

In relation to the financial statements which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the related notes:

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

Mr T Hassan

Trustee

28 May 2025

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IRAQI WELFARE ASSOCIATION

I report to the Trustees on my examination of the unaudited financial statements of Iraqi Welfare Association (the Charity) for the year ended 31 July 2024.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement - Charity Commission enquiry

Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Assoication of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity is co-operating with the Charity Commission in respect of an ongoing statutory enquiry that includes, but is not limited to, investigation of certain transactions that are recognised in these financial statements. We are aware that answers to these questions have been communicated to the Charity Commission before preparation of the financial statements, however the enquiry is not officially closed.

I confirm that apart from the matter of concern set out above, no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I confirm that there are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the unaudited financial statements to be reached.

Deitch Cooper LLP

3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX 28 May 2025

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 637,425 763,756
Charitable activities 4 36,403 27,382
Investments 5 1,733 1,689
Total income 675,561 792,827
Expenditure on:
Charitable activities 6 823,504 809,954
Total expenditure 823,504 809,954
Net expenditure and movement in funds (147,943) (17,127)
Reconciliation of funds:
Fund balances at 1 August 2023 283,135 300,262
Fund balances at 31 July 2024 135,192 283,135

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 2 669
Current assets
Debtors 13 25,555 171,290
Cash at bank and in hand 113,240 117,795
138,795 289,085
Creditors: amounts falling due within 14
one year (3,605) (6,619)
Net current assets 135,190 282,466
Total assets less current liabilities 135,192 283,135
The funds of the Charity
Unrestricted funds 135,192 283,135
135,192 283,135

The financial statements were approved by the Trustees on 28 May 2025

Mr T Hassan

Trustee

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
1,733		 £
(6,288)
1,733
-
(4,555)
117,795
113,240		 2023
£
£
(106,277)
1,689
1,689
-
(104,588)
222,383
117,795

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

Iraqi Welfare Association is an unincorporated charitable trust and public benefit entity. The address of the principal office is 85 York Street, London, W1H 4QA.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. In the opinion of the Trustees, there are no matters that are likely to prevent the charity from continuing as a going concern for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. Unrestricted funds include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

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

Endowment funds are funds that are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

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

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

Fixtures and fittings 25% straight line Computers 25% straight line

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

1.7 Impairment of fixed assets

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

1.8 Cash and cash equivalents

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

1.9 Financial instruments

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

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

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

Basic financial assets

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

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.10 Employee benefits

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

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

2 Critical accounting estimates and judgements

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

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

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 610,686 747,177
Grants received 26,739 16,579
637,425 763,756

Income from grants is applied to the charitable purposes designated within the grant applications.

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

4 Charitable activities

Immigration Activities Total Immigration Activities Total
services 2024 services 2023
2024 2024 2023 2023
£ £ £ £ £ £
Income from
charitable activities 15,550 20,853 36,403 12,867 14,515 27,382

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 1,733 1,689

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

6 Expenditure on charitable activities

Financial
Assistance
Newsletter
and
Magazines
Events and
Functions
2024
2024
2024
£
£
£
Direct costs
Staff costs
55,697
-
-
Depreciation and impairment
667
-
-
Donations to Iraq
603,045
-
-
Other grants to Iraqi charities and not-for-profit groups
9,465
-
-
Iraqi youth appeals and programmes
12,200
-
15,000
Directly attributable charitable expenditure
3,077
4,613
22,436
684,151
4,613
37,436
Share of support and governance costs (see note 8)
Support
93,306
-
-
Governance
3,998
-
-
781,455
4,613
37,436
Analysis by fund
Unrestricted funds
781,455
4,613
37,436		 Total
Financial
Assistance
Newsletter
and
Magazines
Events and
Functions
2024
2023
2023
2023
£
£
£
£
55,697
74,501
-
-
667
995
-
-
603,045
563,111
-
-
9,465
-
-
-
27,200
-
-
20,500
30,126
-
3,399
23,794
726,200
638,607
3,399
44,294
93,306
117,342
-
-
3,998
6,312
-
-
823,504
762,261
3,399
44,294
823,504
762,261
3,399
44,294		 Total
2023
£
74,501
995
563,111
-
20,500
27,193
686,300
117,342
6,312
809,954
809,954

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

7 Description of charitable activities

Financial Assistance

Financial assistance comprises grants and donations to Iraq and to charities and not-for-profit groups supporting the welfare of the wider Iraqi community.

Newsletter and Magazines

Expenditure towards the costs of newsletters and magazines that are distributed to the general public and Iraqi community.

Events and Functions

Events and Functions comprises expenditure on various organised trips, activities, programmes and Youth development programmes.

8 Support costs allocated to activities

Premises costs
Communications and IT
General office costs
Finance costs
Insurance
Legal and professional fees
Volunteers
Travel costs
Governance costs
Analysed between:
Financial Assistance
Governance costs comprise:
Audit fees
Accountancy
Independent examination		 2024
£
43,085
4,794
6,244
359
1,465
34,914
1,815
630
3,998
97,304
97,304
2024
£
-
698
3,300
3,998		 2023
£
56,082
3,174
6,384
1,950
1,547
48,205
-
-
6,312
123,654
123,654
2023
£
3,780
2,532
-
6,312

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9 Trustees

During the year Ms A Al-Ebadi received remuneration from the Charity amounting to £11,674 (2023: £8,168). Also during the year, Ms A Al-Ebadi invoiced the Charity consultancy fees amounting to £3,466 (2023: £nil) in respect of additional expert professional services relating to charitable activities. Ms A Al-Ebadi was a permanent employee to the charity before being appointed as a Trustee. Her remuneration was a salary in respect of her continuing duties of that employment not in respect of any additional duties as a Trustee. The Trustees considered that it was in the best interests of the charity for her to remain an employee and any conflicts of interest could be mitigated. Following the Charity Commission's Inspectors visit and their recommendation, on 11 September 2024, Ms A Al-Ebadi resigned as a Trustee to be able to continue providing her services as an employee without any conflicts of interest arising at a later date.

None of the other Trustees received any remuneration or benefits from the Charity during the year.

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
7 8
Employment costs 2024 2023
£ £
Wages and salaries 55,697 74,501

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

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

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

12
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 August 2023
1,173
At 31 July 2024
1,173
Depreciation and impairment
At 1 August 2023
1,171
Depreciation charged in the year
-
At 31 July 2024
1,171
Carrying amount
At 31 July 2024
2
At 31 July 2023
2
13
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 Computers
£
3,983
3,983
3,316
667
3,983
-
667
2024
£
15,558
9,997
25,555
2024
£
-
3,605
3,605		 Total
£
5,156
5,156
4,487
667
5,154
2
669
2023
£
162,862
8,428
171,290
2023
£
219
6,400
6,619

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 July 2024:
Tangible assets 2
Current assets/(liabilities) 135,190
135,192
Unrestricted
funds
2023
£
At 31 July 2023:
Tangible assets 669
Current assets/(liabilities) 282,466
283,135

16 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases relating to land and buildings, which fall due as follows:

2024 2023
£ £
Within one year 5,250 5,250

17 Related party transactions

During the period a close family member of a Trustee invoiced the Charity professional fees amounting to £nil (2023 - £500). During the year, a company controlled by a close family member of a Trustee invoiced the charity £27,500 in respect of professional services provided (2023 - £30,000).

There were no other disclosable related party transactions (2023 - none).

Docusign Envelope ID: 7A87B0CE-51F4-4E46-AF8A-1A2D6105DD72

IRAQI WELFARE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

18 Cash absorbed by operations 2024 2023
£ £
Deficit for the year (147,943) (17,127)
Adjustments for:
Investment income recognised in statement of financial activities (1,733) (1,689)
Depreciation and impairment of tangible fixed assets 667 995
Movements in working capital:
Decrease/(increase) in debtors 145,735 (87,979)
(Decrease) in creditors (3,014) (477)
Cash absorbed by operations (6,288) (106,277)

19 Analysis of changes in net funds

The Charity had no material debt during the year.