Re8iStered Charlty Number. 1060417 THE SOCIETY FOR THE UNWELL AND NEEDY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 ASAD RAHIM & CO. CHARTERED CERTIFIED ACCOUNTANTS 8 PARK WAY EDGWARE MIDDLESEX HA8 5EZ
THE SOCIETY FOR THE UNWELLAND NEEDY FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Legal and Administrative Information Trustees Report 24 Independent Examiners, Report Statement of Flnanclal Activlties 8alance Sheet Note5 to the Financial Statements &ii
THE SOCIETY FOR THE UNWELL AND NEEDY LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 Charlty Registration Number 1060417 Address 3 Shortlands Hammersmith London W6 8DA Trustees Mr Sayed Ahmed Tariq Mir Mrs Iram Malik Myford Mr Michael Myford Mr Muhammad Naeem Mr5 Lubna Khan Mr Mohammad Khan Independent Examlner Asadur Rahim FCCA Asad Rahim & Co. Chartered Certified Accoutants 8 Park Way Edgware HA8 5EZ Bankers HSBC Bank PIC I St Peters Street Derby Derbyshire DEI 2AE Page I
THE SOCIETY FOR THE UNWELL AND NEEDY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023 and confirm that they comply with the Charities Act 2011, the trust deed and the Charities SORP (FRS 1021. Governing Document The Society for the Unwell and Needy is constituted as a charity and governed by a Trust Deed adopted on24 September 1996, amended by supplimental deed on 13 January 1997. Alms and Objectives The aims and objectives of the charity are.. * To promote education through schools, colleges, Universities and vocational training programmes; * To relief poverty and provision of aid to needy,. To provide general support includin8 food to needy: * To provide medical aid and medical supplies to the needy. To provide financial assistance to destitute, needy and improverished widos and orphans. Structure of the Organisation The charity's trustees are responsible for management of the charity. The trustees 8ive their time freely and receive no remuneration or any other financial benefits. The trustees meet together as a body on a regular basis and are responsible for making decision in relation to running the organisation effectively. The trustees have set up managing committee for the smooth running of the charity and to maintain its day to day finances. The existing trustees are responsible for appointment of new trustees. The trust deed provides for a minimum of three trustees. Future trustees shall be appointed by a resolution of the trustees passed at a special meeting. In selecting a trustee, the trustees shall take into account the benefits of appointing a person who through residence, occupation,m employment or otherwise has special knowledge of any areaof benefit or who is able to by virtue of his or her personal or professional qualifications to make contribution to the pursuit of the objects or management of the charity, Rlsk Management The trustees have assessed the risks the charity faces and review these risks regularly at their meeting and confirm that systems are in place in order to manage these risks and necessary steps can be taken to manage the risks that have been identified. Achievements and Performance Public school, Library and Universlty The public library was established in 2007, It is designed to assist the students particularly with reference books and extensive computer facilities. It is very popular among students and continue to expand with the support of the local community. Page 2
THE SOCIETY FOR THE UNWELL AND NEEDY REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 SUN Academy Ischooll started to function in April 2010 with admission of 125 underprevileged children in KGI class. The aim of the school is to provide top class education at almost no cost basis. The school has been a great success. At the end of 2022 it has 1,100 students up to year Ten, who was promoted for matriculation in spring 2023. In a short period of nine years the Academy ranks among the top schools in the city. The school charged nominal fees for the first five years from all students but to cover the costs of increased numbers, it started to charge fees from paying students. At present 60% students still pay nominal fees and other 40% pays a compitable fee. The school receives overwhelmin8 number of applications for admissions every year. The education standards are not comprami5ed in any way. The trustees are satisfied with the pro8ress of the school and one of the trustee spends considerable amount of time in the administration of the school on location. SUN (UK) planned a university during 2007 and 2010 with the guidance of Deans of UK Universities. The technical univrsity became functional with the intake of under-graduate students in 2013. The university is being run under the direction of Ministry of Education, Sindh Government and NHU University. First batch of matriculation students successfully passed the exam with 100% success rate and 40% achieved A+ 8rades. SUN IUKI Intends to expand the charity's activities within the UK and to be able to do that they are actively looking for more trustees to carry out the work here. Publlc Beneflt The trustees confirm that they have reffered to the guidance contained In the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and activities and in planning future activities. It is the judgement of the Trustees that activities in pursuit of the objectives fully meet the public benefit test, which they have kept in mind in planning programmes for the charity. Financlal Revlew The financial statements are set out on pages 6 to 11 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Charities SORP IFR5102). Surplus / {Deficit} on Ordinary Activities Retained Reserve Brought Forward Retained Reserve Carried Forward 14,116} 78.310 74,194 Page 3
THE SOCIETY FOR THE UNWELL AND NEEDY REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Responsibllltles to the Financial Statements The charity's trustees are responsible for preparation of financial statements in accordance with applicable law to charities in England and Wales which gives true and fair view of the state of affairs of the charity during the financial year. In preparing the financial statements, the trustees are required to: * Select suitable accounting policy and the apply them consistently; * follow the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent,. * state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare financial statements on the 8oin8 concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalf by: Syed Ahmed Tariq Mir FCA Chalr of Trustees Date: 12 September 2024 Page 4
THE SOCIETY FOR THE UNWELL AND NEEDY INOEPENDENT EXAMINER'S REPORT TO THE TRUSTEES AND MEMBERS I report on the financial statements of The Society for the Unwell and Needy for the year ended 31 December 2023, which set out on page5 6 to 12. Respectlve Responslbllltles of Trustees and Examlner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the charities Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission {under section 14515llbl of the Charities Act, and to state whether particular matters have come to my attention. Basis on Independent Examlnerfs Statement My examinatlon was carried out in accordance wlth general directions given by the Charlty Commission. An examination includes a review of the accountin8 records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seekin8 explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Independent Examinerfs Statement In connection with my examination, no matter has come to my attention.. l. Which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accountlng requirements of the Charities Act have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Asadur Rahim FCCA Asad Rahim & Co. Chartered Certified Accountants 8 Park Way Edgware HA8 5EZ 12 September 2024 Page 5
THE SOCIETY FOR THE UNWELL AND NEEDY STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Total Funds 2023 Total Funds 2022 Notes Incoming Resources Donations Income from Investment Property 973 26,960 973 26,960 2,458 24,925 Total Incomlng Resources 27,933 27,933 27,383 Resources Expended Charitable Activities Governance Costs Other Resources Expended 3,200 17,900 10,949 3,200 17,900 10,949 5,000 12.770 18,129 32,049 32,049 35,899 Net Movements In Fund Total Funds Brought Forward {4,116} 78,310 14, 1161 78,310 18,5161 86,826 Total Funds Carrled Forward 74,194 74,194 78,310 There were no recognised gains and lossess for the year other than stated in the statement of financial activities above. All incomin8 resources and resources expended derived from continuing activities. Page 6
THE SOCIETY FOR THE UNWELL AND NEEDY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 Notes 2023 2022 Fixed Assets Tangible Assets Investment Property 1,320 246,228 1,920 246,228 247,548 248,148 Current Assets Debtors Cash at Bank 608 45,432 48,418 48,418 46,040 Creditors: amounts falling due wlthln one year 134,027) 128,1331 Net Current Assets 14,391 17,907 Total Assets Less Current Llabllltle5 261,939 266,055 Creditors: amounts falling due after more than one year io 1187,7451 {187,7451 Net Assets 74,194 78,310 The Charltvs Fund Unrestricted General Funds li 74,194 78,310 Total Funds 74,194 78,310 Approved by the trustees and signed on their behalf by.. Syed Ahmed Tarlq Mlr Chalr of Trustees 12 September 2024 Page 7
THE SOCIETY FOR THE UNWELL AND NEEDY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policies 1.1 Basis of Accounting The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reports Standard applica ble in the UK and Ireland Charities SORP {FRS 1021 Issued in July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. 1.2 Incoming Resources All income is recognised in the statement of financial activities once the charity has access to the funds, it is probable that the income received and the amount can be measured reliablv. 1.3 Resources Expended Liabilities are recognised as soon as there is a legal or construttive obligation committing the charity to that expenditure. All expenditures are taken into consideration on an accruals basis and have been classified under appropriate heading in the statement of financial actlvities. 1.4 Tanglble Fixed Assets and Depreclatlon Tangible flxed assets are stated at cost less depreclatlon. Depreclatlon is provided to write off cost of the asset over its expected useful life. The followin8 rates apply:" Fixtures and Equipment 20% straight line 1.5 Flxed Asset Investments The fixed asset investment consist of investment property to earn rental income and capital appreciation. Fixed asset Investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment lossess. 1.6 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measuredat their settlement value. 1.7 TaxAtiOD The charity is exempt from tax on its charitable activities. Page 8
THE SOCIETY FOR THE UNWELL AND NEEDY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Total Funds 2023 Total Funds 2022 2. Income from Investment Property Rental Income 26,960 26,960 24,925 26,960 26,960 24,925 Unrestrlrted Funds Total Funds 2023 Total Funds 2022 3. c.haritable Activities Donations 3,200 3,200 3,200 3,200 5,000 5,000 Unrestricted Funds Totsl Funds 2023 Total Funds 2022 4. Governance Costs Rent Payable Repairs and Maintenance Agent's Commission Independent Examinatlon Print, Postage and Stationery Loan Interest Bank Charges 1,281 8,010 2,513 1,200 42 4,694 160 1,281 8,010 2,513 1,200 42 4,694 160 1,562 3,793 932 1,290 242 4,694 257 17,900 17,900 12,770 Unrestrlcted Funds Total Funds 2023 Total Funds 2022 5. Other Resources Expended Legal and Professional IT and Website Expenses Insurance General Expenses Depreciation on Fixtures & Equipment 9,300 9,300 10,734 5,874 886 155 480 1,049 1,049 600 600 10,949 10,949 18,129 Page 9
THE SOCIETY FOR THE UNWELL AND NEEDY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 6. Tangible Fixed Assets Total Cost At l January 2023 3,000 3,000 Depreciatlon At l January 2023 Charge for Year 1,080 600 1,080 600 At 31 December 2023 1,680 1,680 Net Book Values At 31 December 2023 1,320 1,320 At 31 December 2022 1,920 1,920 7. Fixed knet Investments- Investment Properties Total Cost At l January 2023 and 31 December 2023 246,228 246,228 8. Debtors 2023 2022 Prepayments 608 608 9. Creditors: Amounts falling due within one year 2023 2022 Trade Creditors Accruals 3,375 30.652 3,375 24.758 34,027 28,133 Page 10
THE SOCIETY FOR THE UNWELL AND NEEDY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Creditors: Amounts falling due after more than one year 2023 2022 Loan 187,745 187,745 The loan was received from MQM during 29 to facilitate to acquire the property. It is a concessionary (social investment) loan repayable in 2029 and the interest charges at 2.5% fixed. 11. Unreslricted Funds 2023 2022 Balance Brought Forward Add,. Incoming Resources 78,310 27,933 86.826 27,383 106,243 132,0491 74,194 114,209 135,899) Less: Outgoing Resources Total Unrestricted Funds 78,310 Page 11