REGISTERED COMPANYNUMBEIL. 03303521 (England And Wale5) REGISTERED CHAiufY Ni]MBER: 1061120 REPORT OF ThE TRUSTEES AND Al]DrrED FINANCIAL STATEMENI3 FOR THE YEAR ENDED 31 DECEMBER 2023 FOR A00R FOUNDATION LIMtTED (A COMPANY LIMITED BY CUARANTEE) PrtOn8 & Jacksons Partn¢rnhip Ltp ststutory Audit(Y8 364 . 368 Cranbmok Road Ilford IG2 6HY
AL-NOOR FOIJNDATIOF4 LIMrfED CoNTs OF THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Report of the ThMIM• I to 13 Report oftkn IDdepETh Audttor• 14 to 16 Sljtement OfFInM¢ Acthl 17 statement of Flnlnctsl Polldon 18 to 19 Notu to the Flnandal Statsm¢nts 20 to 30 Detalled St*tsm¢nt of FtnIn¢l Aetivltl 31 to 32
AN00R FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the charity for the purposes of Ihe Companies Act 2(J16, present their rcport with the fllLgn¢ial $tstement8 of the charity for the ycaT cnded 31 December 2023. The trustees have adopt1 th¢ provisions of Acwunting and Reporting by Cbarities: Stst¢m¢nt of Recommended PCtice applicable to clwities preparing their accounts in accordance with the Financial R¢porting Standard appftirnble in thc UK and Republic of Ir¢land (FRS 102) (effective l January 2019). OBJECllVES AND ACTIVITIES Publlc bettfit Tr Trust8 confirni that they have complied with the duty in section 4 of the Charities Ad 2011 lo have due rcgard to public bcncfit guidance published by the Commission in deternining the aciivilie8 undertaken by the Clwity. STRucfuRE, GOVERNANCE AIYD MANAGEMENT GovernlDg document The charity is controlled by its governing dUllt. the Articles of Association. and constitute8 a limited company, limited by guarantee, as defined by the Companies Acl 2006. OryaDl$atloDal strncturn The existing trustees are responsible for the recruitment of new trustees. In selecting new trustees, we seek to identify pP]e who are committed individuals whose views are align¢d to the charItS vision in addilion to being able to offer relevant skills and experience. Potential trustees are invited to atld tru8ttt8' meetings lo mcel the tritt8 and have an infornial interview and are given more details about the charit8 aims and activitie8 and, if all agreA they are then prop08ed a8 new trust¢¢s as the subsequent trustees, meeting. This process allow8 duc consideration of the person's eligibility, personal comwenc4 8peciali8t l¥wIedge and skills. REFERENCE AND ADMINISTRATIVE DETAILS Reglst¢red CompaDy Dumber 03303521 (England and Wales) Reglstered Charlty Dumber 1061120 Registered office Newton Industrial Estale Eastern Avenue Romford Essex RM6 SSD Page I
NOOR FOUNDATION LIED REPORT OF THE TRUSTEES Our Vision: ¥IDdividual4 faJnllle• and ¢omMunitI that truly understAnd and accept thelr puryoR of bejng thls Worl cOnfentlY Mve And work togelher for a Jusl responsible and ¢ompa88ion&te 80deW. Al.Noor Foundatiou was laun¢h¢d in 1998 with a vision of rnaking a positive change in our comrrity. AS local residents growin8 up in IA}nd0 w¢ wanted to give SonthIngbackto our ¢onJmunity. Wc wanted to make a p05itivc chang¢, to invest in our futur¢ generation by imb&MiDg core values such as knndnes4 resrt compassion and g(x)d cl)aracter alongside developing God COJLqciousness. Ow strategy is to Unlock the amazing potential within po)ple, sthrting at thc younge8t of a8e8, Al. Noor Independent and Al Noor Voluntary AAd¢d Primary SchLK)l. We b¢Ji¢v¢ our balanc¢d education of primaTily good ¢lJara¢ter. along with deMiC excellen¢4 deLiveArd against the backdrop of & strong Isjamic ethos provides a holistic aucation for the future citix¢ns of our con)muJ)ity. Our Misslon Al-Noor works with young pwle and or8aDi8ation8 to h1¢Ye ih¢ir potential with kDowled8e. 8ki118 and expuience8 through its ¢du¢ation programes and service8 to cat¢ a p08itsv¢ ¢han8e. Four value• of Al-Noor: tegrfty We believe inteIty. boDe8ty, tran8p8rency and truthfulne88 18 the corner8tone of ourproject aud th¢ mantle froth which all tlriving comMtieS Should be built. We believe that all involve4J in Al-Noor should strive to have inteIty in their FYivat¢ and profcssional life. Thi8 will allow our community to confidently liv¢ and work togdher. Contlnuoui Improvejnent W¢ believe to create leadff8 in the Community. we musl be a people that eontinuously ImproY¢. W¢ must improve in our charn¢t. our professionalis workingpra¢tic¢s and most importantly our dcyotionto Goll Valulng Peopk We believe that Individua16 make families, families make communities and con)munities make the wod It is foT this reason that 'valuing people, 18 central to our organisati(m. Witbout people our eAaucation programme8 arc bricks and mortar. Poslllve ehnge We believe that as a t¢8m we must aspire and Inspi Positiv¢ ¢haDge in the world around us. We believe that ourproj¢cts will THuIt ia a positive cbange in thc ¢olluDunity and act as a CaySt for a ju6L rc5pon8llC and cornpa88ionate society. Our aim 18 to establi nuintsin and conduct SCI15 for the alucation (including 80¢ial physical training) of boys and giTI8, (in which religious instroclioJ]8 in a¢¢ordance with the doctrines and principles of the tslamic faith are given), w as to be a school within thc m¢alli of that exp810 as defin An The EducatiOD Act. Page 2
AL- NOOR FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECIMBER 2023 Our objectives Our s¢hool objcctives are to providc moral and academic excelleDcc in a caring and secure cnvironment. We belicvc that througb the partnctship of good goveruance. caring and professional staff and dcdicated parents we can provide a balanced opportunity for the realisation of our cbildren'8 fv11 potential. Our values prevail through wtbin8 we do: in the moral. the academic and the professional. These values f(ts a responsible and caring attitude in our pupils, towards the fellow members of our cornmunity and 80ciety at large. This includes good rnann and bebaviour towards parents, the elderly and neigbbour8, well as a deep respect and a sense of duty towards the world we inhabit including the resources from which wc all b¢n¢fiL Our schools provide a sound Islamic education together with the National Cuuiculum. Our cuniculum aims to equip children with a solid foundation to preparc them for both secondary school education and their lives ahead. Our school welcomes pupils from all background8. An individual's economic Stat 8¢ndw, ethnicity, race do not forni part of our as8¢8smcnt processe8. The school is committed to 8afeguanling and promotiDB the w¢lfare of our pupils and expects all stsff and volunteers to share thi8 comrnithient. Parcnts are given regular infOrntion about th¢ir children's social and academic progress throusb parent evenings in addition to the end of tcrm and end of year reports. The school has regular weekly updates commuDicated about the activitie8 of the school with parents. Our Eth05 *nd Strategy The Al-Noor Foundation beli¢v¢s that the 8ucce88 of our community inherently lies in th¢ achi¢vement of our children coupled with a strnng family unit. W¢ feel strongly that real academic progress is founded a plalforni of an all.round healthy development and aided by po8ltiv¢ rol¢ mod¢l8 VA embody the values we aspire for our Childr to have. This alkround development includes both th¢ Intellectu and Ph1¢81 aspect of emotional and spiritual development. We believe promoting th¢sc aspects of humanity will catalyK community rA)hes1O helping to create and 8UStain communities where all members are valued and WO together for the common good. Our aim is to promote a carin& sccure and nurturing environment - instilling a 8trong 8cnse of awareness of the universality of the 181amic faith. Our contributioll to society 8nd social cohe8iOD 18 w¢ll recognised due to our 8uccessfid WO with th¢ l(Kal authority, IC scboob and Ial COD)munity group& Page 3
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NOOR FOUNDATION REPORT OF THE TRusrwEs FOR THE YEAR ENDED 31 DECEMBER 2023 2vlgats- Ibe eharaeter development currlculuDL Navigate continue8 to Ix a crucial priority of our school. stsff membus are given training and support to implement NaTri8ate and new staff members are inductcd. He th¢ charadlStiCS develop ID thi8 p8rme. Ilecc[)ti Sincerity Patience Sincerity Honesty Eliqte$ I'eRr 2 Empathy Etiquth$ Creatimty Etiquette Sincerity Con)municator Fliquett¢J Mod¢sty Etiquett¢s I'cal. 6 Sincgrity VisioD8ry Conlributor Etiquette8 delivAy 18 Orn1]Y througb the introdud1 of half tenll drop4lown day8 when the rest of the urrAculuth and tinxtsbl¢ 18 8¢t asid¢ to focus on dev¢lopment of the key characlffi8tic8 throug planned activities on alld off 8ik including through th¢ use of the outdoorn. The 8ch(K)I continue810 to ¢xude these value8 through all and every l¢arniDg eXPUAeDce to refor these ¢rucial ch8ractsristic8. AkNoDr Volllnt4ry Alded Sehool jn 2018, Al.Noor Voluntary aitsl wimary h0o1 to 120 8tud¢nts. Since then. we have wntinueAI to and currendy l)ave a compl¢t¢ coho¢ from Reception to Y¢ar 6. with a tolaj of 420 stud¢nts. D¢rnand for the thol 18 exc4tionally higb. demonstsating the immethatc bi8b quality and 8tandards of education the wimary school Iw brnu8bl over from th¢ intid¢nt sector. Irtt8:lAYwW.miyr0r.0O._UUneWluk-neW6I1Ie[actiVc-rnaph_0WS-l1L0stjVSUbIb¢d-3I884418 "Offieial dats ihows nearly three thfourparents didn'l gei thelrfvsi Cholce ofaplace at England s oversuhvcrlbedprimary school. Al-Noor YolHnthry Aided Mwllm Pri7Aary School in Redbridge It year. In ihe last rotmd ofapplicaxiopu. 217parentspui ihe Jcknl as Ihelrfvst cknlce ofpripxary... The leadeTrbip of the School continuex to grow to match the vApansion of the pupil numkn and we bave attrarted a brilliart aTray of staff to join th¢ 8chcM)l. comrnuty Mllestone This yw's Al-NoorFamily Festsval was a bighiL Thi8 uniqueevent fortheRedbTidge Community attract&l over 7,51XI+ attende for a fun weekend with rid stalls and a fty)d village all in the heart of Rlbridg¢. Page 7
NOOR FOIINDATION LIMrrED REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 DECEMBER 2023 Our other fiag8hip cvenL the AI.NO( Boat Rac4 resulted in abno8t 60 dragon boats tsking pa This year's ¢vent supported chiti in rrising ov¢r fA62J47 for Jwble aThl vitsl Ca. both local and widff afickl such &8 orphan4 hungry Child Wome,8 8UPPOrt Up$, sclwl proj ma8iid building8. cancer patient4 hom¢le88 aDd Foor familio buildin8 water wells and BO much more. Stru¢tur4 Governance and Management The Thut¢e$ of Al.Noor Foundatiojk hold overall r¢sponsAbility llnd the ne8 for controlling t nllag and athninithlion of the cbarity. Al.Noor Founthtion Ltd 18 a company limited by 8uara and registu with Companie6 Hou8e. Trus are noMited and appointed by th¢ Board of Thtstee8. To be eliwl)le. the Board of Tntee$ WAJI look for those who regulaTly attend events and function8 or88ni8ed by th¢ Foundation and show an ititotst In and voluDteerto bclp out dwing activiti¢s. TTUStces a a valuable a8s¢A forth¢ thrity becau8c th¢y lD8 an outside viewpoint and a wealth of experience and knowledg¢ in comrrity work Th¢ trurtees are ltidet indivAdu818 who biyDg their knowledge, skills and expertise forlhe b¢n¢fit of the chfirity. Th¢y as a watclthg over th¢ C]JArity8 a¢tiviti¢8 and provide collstructivc advice. The mgement of th¢ organisatson is the re881b11llty of the trn8tw who meet fonnally on regular int¢rval4 u8ually monthly. The day404ay managemcth of different dcpartnient4 8ucb as the tndq)endent ScknL 18 th¢n del¢gated lo the re8pe¢tiV¢ DJana8erg Swrtal by Senior teA¢hers and admini8trative staff. Organlsatlonal MAn*gement Tr trustc¢s ovase¢ th¢ ¢barity aDd its widtr obie4tiV¢8 of acbicvlD8 its vi8ion. In thi8 area tkn board ha8 a) Th¢ firBt Voluntary Aid¢d Mu81im PrAmary h0o1 ID Re41brid8e. Thi8 landrna achievement opened in September 2018 with a n¢w School lD8 built, I61ng the Capacity from 180 students to 420 8tudents. We contitiue to eXP8n and at the 8ame time ensure very high 8tandard8 for th¢ 8ohool. Page 8
NOOR FOUNDATION LIM REPORT OF TRUSTEES Fomlly l Advisory l Board QiJranAc368w QUrTr Story CEO A Schooli Youth Hub I Careers Str¢ondary 8¢hool Admin lolunte21 takn8 forward our strategy we: • Ensure the Trision and valv08 of our organi8&tion 18 Tcflected in our primary 8choo18 Review And benGhmth th¢ Sch(1&. Curricul t¢achin8 practices and exathioth re&ts Fwur¢ the s)18 are mpliatit to the School Standard gUlatIonS El¢ the range of cowcu1Clljar actiVAties available to our pupi18 1$ JtimulatiDg and challffl8ing Invest in re80um and tIL¢ infra8tru¢tUTe of our Sch(K>l8 Thc Board determi the gencrnl policy of the Schools. lkn day-t04Jay n]J)ning of the 8chool i8 d¢l¢gal to the H¢ad8, 8UPPWted by 8enior Staff. The Head teacher UndtakeS the key lead¢rnhip Tol¢ over]ng educational, pa8toral and admini81rati fimclion8 in con8ultation with the 8enior staff. Th¢ day lo day admini8tralion of th¢ h0o1 is undertak¢D wxthin the policies and procedures approved by the Board whi provide for ODIY 8ignific8nt cxpenditure decisioJL8 and major capilal PToject8 to be rcfczred to th¢Boord for Prior approval. trustees are abL1th¢]ribi11ty ofov¢r8eeing the safeguarding of children witbiD the school. Trngtees have attended level I safeguarding training and bav¢ attendal workshops to raise awareness of Prevent (Wrap). At.Noor Fouttdation 18 comnlltted to building r¢8ili¢nce to all fornts of rndi¢aligation and All are anniwlty re4uittd to sign a dcclaration of iDtcttst forni to detlare affiliation to any ier or8ani8ation or political party. All truste give of Iheir tim¢ frKly and no rewullcrntion was paid in the Page 9
NOOR FOIINDATKOIY LItriED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2013 Risk Management TheTnteu &88ess all major risks tu which thc chafity is exposed to &ndreview the systems and procedures establi811 to manage those risks. Thc major risks are ¢onsidcred to be.. The cthos and vi8ion of the orgonisation OS WC WW. Sustaining the 18lamic & Qur'anic Studies depart in thc VA Primary School SucGe88fid d¢veknpm¢nt and delivery of the Newton Jnth]strial E81at¢ development Use of volunteers Volunteets are an important resour in both our faith and cotnmunity work V0knitts 8re Involv in most ofour faithaDd coJJ]munity activities and wo have S¢8 Ordl¢atplC giviti8 theirtime tOW8Td8 our actiVAti¢8. We are gratefill to all our voluntttr4 who are the backbolle of our Succe Boat Race and Family Festival. Public Benefit ststemeDt The tn ¢onfirm that th¢y have wmplicd with the duty under the awitA08 Act 2011 to have due regard to the Charity COMMs1on'8 8uidanc¢ on public b¢fit. Thi8 I been consldued revicwing the aim8 and obje4tiV¢8 of Al.Nwr Foundation and ID pl8Dniog activitics for the firture. In particular. thc tn1¢¢9 Consid how p1allE a¢tivities will contsibute to th¢ clwitabk objtiveS th¢y have 8eL SpecAfic d¢tsils of how Al.Noor meets th¢8e r¢qll1 are aet out below. The Thutea have CODiidtted thi8 nMttez and concludal: Thai the alti and objectives of the dwity continue to bc charitable. That the aims and the wod£ done givc id¢ntifiablc benefits to tbe cknitable 8¢Ctor and both directty and indI¢t[Y to indkviduals in need; That the benefits are for the public and arn not )r¢aSfyrethl¢t¢d in aoy way and thatthere 18 no detiin)entor harm arising from th¢ aims or activities. ovall. the trustee8 ¢on8Aderth¢ 8traW aim8 and aLXivilie8 of the Charity to bo forthe pub]ic be¢fil. Fjnanclal r¢vlew PrlndpAI tsndlng sovrces Th¢ fllmncial stat¢llnts sluNv net expenditurn for th¢ yw of fAI 8.461 (2022: incomin8 re8oiiTces 064962). by donationB. activities and a880ciated Gift Aid. Incon)¢ 4Ti8ing from school fees represents only 19Yo of totsl income. The8e funds are rADg fenced and u8ed eDtirely to support the rutining of tbe ]ndcp¢ndent pIimary 8chool. H(eVer. this incoAti¢ has now c¢93ed following nClusion of the Independent School in August 2023. Anot1 significant 80urce of income isThe NevAon ]ndustrAal E8tate. OrlnallY purchased for fA.4m WAth the help of ititerest.frce loan8 from the community. Tr Board tqjok the decision in 2022 to sourc¢ a partner to purchase 500h of the N¢wton Indu6tsial Est&t¢ site. This Ewtnership. now c4)mplthL has 6llabl Al. Noor to have Bufficient funds to 1$1 to pay back its loans, wbicb now stand at approximately £2.3 and ¢r¢at¢ an impaLIM revenue stream (waqg for Al.Noor foundation by looknnB at converting the Ngwtoll Page 10
Ab NOOR FOIJNDATION LthfrrED REPORT OF ThE TRUSTEES OR THEYEAR ENDED 31 DECEMBER2023 We bave COlnUed to ensure that hav¢ maintained rcpaymeth rwsts from those who hftve given us interest fre¢ loaDS. In additio duTill8 the reporting year. the Board ad to Support East London Mo with their renovation prngrdmll with a short-tem) loan of £lllL The loan wa8 interest free and 8ured Tr Newton Industrial Fstat¢ partner8bip currently genezates rntsl income for the Foutidatio helplng with th¢ d¢liv¢ry of th¢ dill and obiethives. Reserves The Trustees note that 2022 was an exceptlonal year, In that Incomlng resources were £2,064,962 followin8 the part dlsposal of Newton Industrlal £stste. The Trustees antlclpated that In addition to potentlal investment actfvlties, they would utllise reserves to meet their charltable objectfves In future years. Whllst many projects £enernte net surplus Incr•me, the Trustees Identlfied projects such as the Careers ProJecL Quran Story Tlme and costs a550clated with the Islamlc Studles department of the VA school as pro]ects they wlsh to contlnue to support In thls way. Tbercfor4 of thc ll¢t expenditurc for 2023 of £XI&461, £170,535 represented depreciation on fixed a$8ets with the baloncc of £247,926 [[C4¢UtIng GxpAdith oll pojccts from brnu8bt forward mentioned above, Plans for future perlod AI.NoDr Foundation inten& to focuB upon th¢ breadth and dth of its ethic4tion of young p¢ople. We a tbi8 year to upon our three major ptojeth that impact the conununity, fulfilling upon our mission wher¢ young people and organisationg achi¢v¢ their potential with kllowledge. 8kills and experientt8 througb its education prOUll and 8¢rvic¢8 to cJEate a positive clwi8e. Our four prnieets a, l. Al.Noor VA Primary 8chool - To continue to 8UPPOrt its gr and to 8tren8then the 8¢hool to decll its impact morllly, athi¢ally and ¢8p¢oally 8Pilltually. 2. To expand and d¢v¢lop the Al.N(x)r career8 project, tnakntig a real impact in young people'8 3. To develop the Al.Noor Youth projert 80 that we can impact young pwple navigating througb th¢ t¢¢D8 aDd early thlth(K)d 4. L4>0k at developing a long.term revenue g¢nerntion project to the longevity of Al.N(K Trustees l) Mr hnrnn Hafiz . Chair 2) Mr Imran Khan 3) Mr Mubammed llyas Mir7A 4) Mr Sadiq Yakub Kotbia . Deputy Chair 5) Mr Abmed Zulfiqar All tho tnte ale a180 dtre¢tor8 of the Ch•ity. Page 11
A NOOR FOUNDATION LIMTfED IIEPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Company Secrdary Chief ttlIVe Officer Mr Akhter Raouf Senior Stallltory Audftor Anwer Patel BA(HonsA BFP, FCA Auditor8 364 . 368 Cranbmok Road IG2 6HY Statemeth of tru6te¢s' responslbilltie8 The tr118te¢8 {who ar¢ abo the directixs of Al-Noor Foundation Limit&4 for the yllposes of CODInY law) ar¢ respOk for wyriDg the Report of the ThIce9 and ts financial statancnts in accordance WAth appli law and United Kingdom AOuntIng Standards (Unitcd Kingdom G¢ncrally Acc¢pt¢d Accounting Pra(*1) IlUding Financial Reporting Stallda 102 Th¢ Financial R¢porting Staard applicable in th¢ UK and RUblIC of Jreland.. Company law rniuires the trnstees to prepar¢ fLnanci81 sLitements for ¢ath fmancial year which give a true and fair view ofthe stat¢ of affairs of th¢ ¢haritsbl¢ company and of the incomin8 resourcu and application of re80ll ]lUdIng the income and expenditur4 of the ¢lMitable for that perio(L 8¢1¢ct $uitabk accounting policies and then apply ¢wi8tently, observe the mdhods and prlnciplcs in the Charity SORP; . prepgTr th¢ fjnancial 8tatents on the going concern basis unle88 It Is Inapp1• to PrnBUllK thal ¢hwitable MpanY will crnliiiue in bu8ine88. accurncy at any tinw the financial position of the charitsble company and to enabk them to ¢U[C that the stat¢m¢nts mply with the Companie8 Act 2006. They are a]80 responsil)le for gafeguain8 the a&8ets of the charitable company and hence for taking reOnable 8teps for the PTevention and detecti of fraud and Oth inygutsrities. ststement ai to (bidllre of IDfornath)n to audltor8 So far as the tnjstees are aware, thffe is no rd¢vant informatlon (a8 defincd by kntion 418 of the Companies Act 2006) of wbith the clwitsble compa8 auditors are unaware. and each trn8tee Iw taken all thc steps that they ougbt to l)ave taken as a tn¢¢ in OTd¢T to make them awffle of any audit ]nforntiOn and to establisb that th¢ dwitablc Company audilor8 are avmre of that infomtio Page 12
NOOR FOUNDATIOP4 LIKITED IIEPORT OF TIiUSTEES FOR THE YEAR ENDED 31 DECEMBER 20LI Audllor 26 September 2024 Approved by order of the board of trnstees on........... . .............................. and signed on its behalf by.. Imran Hafiz (Sep 26, 024 12:18 GMT+il Hafiz (Char) fD if IcEg¥- September 2024 Page 13
REPORT OF THE INDEPENDENf AUDITORS TO THE MEMBERS OF A00R UNDATION LINfffED Opinion We audital the financial statcments of Al-Noor Foundation Limi*d (th¢ '¢haritable COMy for the year ended 31 De¢¢mber2023 which comprise the Slatem¢nt of FitWAcial Activiti¢s. the Statement of Financial Position and notes to the financial statement& including a sun]w of significant accounting policie8. The financial Tewrting fram¢work that has Ixej) apph.ed in tbeir preparation is applicable law and illcluding Financial R¢porting Standard 102 The Financial Reporti StsDdard app]icabl¢ in the UK and Republic of TTeland'. give a tn and fair vi¢w of the stat¢ of th¢ charitsbl¢ WmPan8 affaiTh a8 at 31 December 2023 and of its PractiK includin8 Financial Rwrting Slandanl 102 Tr Financial Rwting stalld applicabk in the UK and Ryblic of Jttland,: and Bath for oplnlo We conducted our audit in accorda with International Stat¥larth on Auditing (UK) (ISA8 (UK)) and applicable law, Our r¢8ponsibiliti¢s unth thos¢ Standards ar¢ further ¢kscribed iti the Auditors, r¢sponsibilities for the audit of the finallci statcmcnts 8tIOn of our report. We indepondent of th¢ ¢baTitsble company in aLYordan¢e with th¢ Cth1 rquirement8 that are r¢l¢vant to our audit of lh¢ fillandal Statements in the UK incluthn8 th¢ FRC'fj Ethi1 Standrf and w¢ have fulfilled ow other ethica] IB Sufficient and approprith to pmvide a ba818 for our opinion. Condu¥loni re]81 to concern In auditing the financial statements, we Imve conchthd that th¢ tru8ttt8' U8¢ of th¢ Boing ooJK¢rn basis of Ba8ed on the WO we have Fonned, we have not Identifi any material uncertainti¢& relating to events or conditions that, individually or wllectively, may ca8t Si8Dificant doubt on the clIable ¢ompanYs ability to ntinu¢ 48 a going ¢oncern f a period of at le48t twelve months from when the financial 8t4temts are authorlsed for i&8ue. Our n8POn8ibilitie8 and the rw1bi1iti of tha tN8teeB with res to 80ing Lx)n¢¢rn 4r¢ deS¢noI in the levant 8¢¢tions of ibis rwt. Other Infonnatlon The tTUSt¢¢s ate r¢sp)n8ibl¢ for the other info[moll. Th¢ othry infoTmatson compri& the infOrntiOn in¢lud¢d in the Annual Rep)rt. other than the fiDaDC1 8tstan¢nts attd our Rqjort of the jndependent Auditors thereon. Our opinion on the fmancial statements does not cover th¢ other inforniation ond, except to the ¢xt¢Dt otherwAse explicitly stated in our report, we do not exprGq$ any forni of assuranL% conclusion th¢reon. connection with our audit of the financial ststements. our responsibxlity 18 to the Oth infonnation and in doing 80, consider whethcr thc othcr infornlation is materially incomstellt with the financial stat¢mcnts or our knowledge obtained in the audit or otherwise appear8 to k llMtcrially misstatcd. Jf w¢ rquiird to rert that fact. We Ive notbing to report in this regaTd. Page 14
REPORT OF THE IIYDEPENDEIYT AUDrroRS TO THE MELVIBERS OF A00R FOUNDATION LIMITED Oplnlons on other mvdtters prescrlbed by the Companles Act 2006 Tn our opinion. baged on the WO und¢rtaken in the course of the audit: th¢ infoTmation given in the Report of the Trn8tees for the financial year for which the fiDancial statements are preparnl 18 consistent with the fwncial stalem¢nts' and - the of th¢ Trust¢cs has been pryared in a¢Wra with appJicabl¢ lesal rcquircm Matter8 on whlch we are rtqulred to report by eiceptloo In thc ligbt of the knowledge and understanding of the cljaritable Company and its envirotllnent obtained in the course of the audit, wc have not identified material misstatements in the Report of the TrUstS. We have nothing to Teport in resp1 of the following matters where the Companie8 Act 2006 r¢quire8 U8 to report to you if, in our opinion: adequate accountillg rccoxd8 have not been kept or returns adequate for our audit have Dot been received from branches not Visited by u8; or - the financial statements not in al with the a¢¢ountitig records and fftlln; or cettiin disclosures of tte¢S, remuneration specified by law are not made; or we have not recLived all the inforniatAon and explanations we require for our audit: or the trustee8 were not entitled to take advanlage of th¢ 8mall c4)mpanies exemption from the requir1 to pr¢par¢ a Strategic Report or in prepajing the Rert of the Trustees. The trn8te¢8' w¢r¢ not ¢ntitled to prepare the financial statements in accordance with the small compani regimc and toke adv3ntA8e of the small companic8' a¢mption8 in prepaTiIiB the tru8t¢¢s' report and from the requircment lo prrpare a BtrateBiC report Re8POn8lbllltlei of trurtee• As ¢xplained more fully in the Statement of Trustees, Responsil)ilities, the trustees (who arc'also the dlrectors of the charitable company for the pU08¢S of ¢onwany law) are r¢spon8ibl¢ for the preparation of the financial statements and for bein8 satisfied thal th¢y give a true and fair view, and for 8ucb internal control as the truste¢5 determine 18 necessary to enable the preparaiion of financial statements that are free from matcrial migststement, Wheth due to fraud or ejror. Tn preparing the financial Statements the tnte¢S ar¢ r¢8pon8ible for a88e88ing the charitable compan$ ability to continuc as a going Conce diAclosin& as applicable, mattm related to going Concern and usin8 th¢ going wnexrn ba818 of accountill8 UDle8$ th¢ tru8tee8 either intend to liquidate the Chitable company or to c¢a8¢ op¢rationg, or have realistic alternative but to do 80. Our responslbllldu for the •udh of the Ilnanthl Statements Our objective8 are to obtain rcasoDable assurance about wh¢th¢r the financial statements as a whole ar¢ fitt from Dt¢rI&l mi$stat¢ment, wbether due to fizud or error, and to isgue a Rewt of the Jndepenthl Auditor8 that includes our opinion. Reasonable assuTance is a high level of a8surancc, but 15 not a guarantee that an audit Conduct in a¢wrdance with ISAS (UK) will always detect a materAal misstatement when it exists. Mi&8tatement8 ¢an arisc from fraud or enor al are CODsidered material if. individually or in the aggregate, they could reasonably be expected to influence the eco11c decisions of users taken on the basi8 of th¢ financial statements. The ¢xtcnt to which ourproc¢dutts capable of detecting irryularities. including fraud 18 dctsilcd bclow: We obtsineA an understanding of tbc legal and regatory framewo applicabl¢ to the entity and how tbe entity is Complying with that framework by discussing with management and checking compliance with A furtTrKr de8criplion of our rest1]iC$ for the audit of the financi81 statements 18 locat on the Financial Reporting Council's website at www.frc.or&uwauditorsrpon8ibl1itsgS. Thi8 deSIptIon forn part of our Report of th¢ Ind¢pend¢nt Auditors. Pase 15
REPORT OF THE INDEPEND AUDITORS TO THE MEMBERS OF AL-NOOR FOUNDATION LIMfTED Ule of ollr report This report is made solely to the ch]ble compan* membry as a body, in accordance with Chamff 3 of Part 16 of the Conycs Act 211)6. Our audit work has been undertaken 80 that wc might stste to the haritabl¢ Corn8 memkn tknse matters w¢ ar¢ wuired to 8tat¢ to them in an auditors, report and for no other puryoK. To th¢ full¢st extent pennitted by Jaw, we do not accept or assume re8pon8ibility to anyone other than the cbaritsbk company and tbe clwitable Lmpany8 m¢mbeTh as a body. for our audit worK for Anwer Pat¢1 BA(Hon8X BFP, FCA (Senior Slatutory Auditor) for and on Ialf of Presto] & Jathon8 Parin¢r8bip LLP Statstory Audito 364 - 368 Cranbrook Road nford IQ2 6HY Pa8e 16
A00R FOUNDATION LIMTTED STATKMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Period to 31n2r22 Total 31111123 Unrestricted RestrACted Total fimd fund fund$ Nole8 INCOME FROM 154,869 154J69 45,025 Charit•ble aetlvll Education 81043 81 275.155 (AberCh1tabk Activiti¢8 13&083 53.700 138,085 51700 260,597 238,501 Totsl 97 3 303 921 003 13A003 101,451 Cbarfitable Acthrfdei Foundation Education Other CrItable Project$ 3&1,872 253,864 363,872 253,864 93 593,405 544,103 Total ET ll¥COMFJ(EXPEfADrnJRE) (41&461) {41V61) 1064.962 RECONCILIATION OF FIINI)S Total funds brou8bt forward J1,835378 11034278 9.770,316 TOTAL FIJIIDS CARRIED FORWARD 16 817 11416 817 11835278 The notes form part of these financial statements Page 17
AbNOOR FOIJNDATION LIMITED STATEMENT OF FtNANCIAL POSITION 31 DECEMBER 2023 31.12.23 31.12.22 Note8 FIXED ASSETS TaDgible assets 11 12 &054,892 8225,427 000 3.750,IMXI 11,954.892 11,975.427 CURRENT ASSETS 13 1.13Q429 232,159 3 026 127 Ca8h at baDk and in band 1943,719 3258286 14 (2A81.794) (3.398,435) NEf CURRE ASSETS $38 075) 140 149) TOTAL ASSETS LESS CURRENr 11,41fj817 11.835278 NET ASSETS 17 11835 FUNDS Unrestricted fuDth l6 11 17 I l 835278 11 16 L17 11835,278 The notes forni part of these financial statan¢nts Page 18 (x)ntinued...
AL-NOOR FOUNDATION LIMITED STATEMENT OF FINANCIAL POSITIOIY - continued 31 DECEMBER 2023 These financial Statements have been prepared in accordance with the provisions appli¢abk to ¢haritabk companies subjcct to thc Small companics regime. The financial statements were approved by the Board of Tru8tee8 and autbori5ed for issue on 26 September 2024 . and were signed on its behalf by. Imran Hafiz (Sep 26, 20 4 12:18 GMT+ll Imran Khan (Sep 26, 2024 15:07 GMT+31 Th¢ notes form part of these financial ststements Page 19
A400R )UNDATIoN LIMED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOIJNTING POLICJES BaBI8 of preparlDg the knlal statements The fin8ncial ststements of the cbarithble ConWy. wbich 18 a public benefit entity ullts FRS 101 have beo pwftred in accordall with the Charities SORP (FRS 102) 'Accovnt2n8 and Reporting by Charitie3: Ststement of ReComcd Pmtice applicable to charitie8 pryin8 their ac<x)unt8 ill accoTdanG¢ wilh the Financial Reporting Standard applicable in the UK and Republic of Irdand (FRS 102) (effectiv¢ l Jauuary 2019),, Financial R¢porting Standard 102 The FiJwi¢ial Rerting Standatd applicable in th¢ UK and Republic of bEland' and the Compari Act 2006. The fmancial 8tatsrn¢nts Golng ¢oncern polky harity'8 opcrations for the next twelve month8. At the Balance Shrtt date, the chlty bas n¢t Jiabibtie8 of arDuTxI £538,000 (2022., £140,000). Th8 18 because of Qardh Hasana. interest free loall8. have been ]lUd in ¢reditor8 within on¢ y¢ar. In¢oyDe All income 18 recogni8ed in th¢ Statement of Finan¢ial Activities once the chatity bas entitl¢mcnt to the fimd8. it is probable that the income will be rwxived and the aDWUllt can be mca8ured reliably. Income from 8ov¢rnm¢nt and other grants. whthr '¢apit81' or r¢vellue" grant8, 18 rttogni8eAI when the ch&ity ha8 entitlement to the fi)lld any wforn)aace conditions attached to the grants have been mel it is probable that the income will bo rerxived and the amount can be mllr¢d reliabty and is not defeTh. Jn¢ome rettived in advancx 18 deferred unlil the Criteria for lyKOn r0£nItion are met. Donated facilili¢8 18 tw)8nis&4 at its esliDMted math¢t valu lllwm¢ frotll s¢101 Fees 18 r¢cogoi8¢d on all acoual ba818. Rentsl incomc IB a¢wunt¢d for on a rvKivable basis. Liabilities aT¢ reco8ni8ed as expenditu a8 800n a8 the 18 a legal or Collstruclive obligation committing the ¢hariiy to that exndIre. it is probable that a trfer of economic benefits will b¢ required in 8ettlement and the amount of th¢ obligation can be measured rdiably. Expenditure . aceounted for on an acwuth basis and ha8 classified under heading8 that awegate all Lx)st lateAI to the tegOry. Wh¢re cogts camM)t be directty attrilted to wtiodar headings they have been allocated to activitiea on a b88is con8iststh with the use of re%)ll. Allo0 and •pportfionrnent of eo8ts and irr#overabk vat In particular the policy for including ilem8 wAthiD sts of 8eneratin8 funds, charitable activitie8 and CharhAble aelivili Charitsble expenditllre 6hall include all dlrertly rdaied to the obj'octs of the charity. Page 20 Lx)ntim]ed..
AbNOOR FOUNDATIOIY LIMITED NOTES TO THE FINANCIAL sfATEMENTS. Continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOu1NG POLICIES- conthiued Allocatlon •pportlonmcDt of costs And irrecoverable vat overnancx costs shall include all eXpendIre directly lated to th¢ adtninI1Oll of th¢ d]aTity including expenditsire incurred in the management of the charity8 assets. OTgaDisational adminOn and compliance with charitable and 8tathtory requirenjents. AllocAtEon of costs witlthi types of re8our¢eB expended The methods and principles for the allc¢ation alld apportionment of all costs behveen th¢ diffu¢nt activity Categori of rourCeS set oth above are based on th¢ tC6t of whdher a cost directly ontributcs to the particular related Source of in¢om¢. Swh identifiable costs are apportioned to the sp]fiC activity, whereas all other costs ar¢ all(ated to support CA)Sts of clwitablc activities. Resources expended include ettsibutsble VAT whith caDnot be rccovcre Tnble fjxed 188ets Dq1ciallrn is provided at the following annual ra in order to vnite off each a8S¢t over its e8tirnated useful lif¢. Freehold propcrty Fixtu9 and fittitiB8 20A on cost 250/0 on reducitig b8lallL Ialld is not deprKiated and No depreciation 18 charged in thc Y of acqui8ition. Tangibl¢ fixd 8s8ets ue 8tated at historical cost less accumulated depreciation and any a¢¢umylatrd impairnient losses. 'StOrical cost includes expenditure that is directly attributabl¢ to brAnging the a88¢t to the location alld condition necessary for it to be capable of operatin8 in the manner intendrAI by nwiagement. Depreciation 18 charged so as to allocate the costs of assets kss their residual value over their estinwt¢d u8eM live8, using either 8 Strwgbt line or redu¢ing balan¢¢ m¢thod, 88 indicat¢d below. Donated f•¢llltlM capltaltsed ai Tinglble fixed a8ts FllItiC and S¢rvices donated for on-going by a charity in carrying out its activiti¢8 are gnis¢d as taD8ible fix¢d as8¢tB with the COJTesponding gain r08n15¢a a¥ inm¢ from donation8 within the SOFA. IDveitment property Investmeni property is stated at its fair valuation. Any aggregat¢ surplus or deficit arising from changes in fair value is traDsfenThd to an Unrea r¢valuation gain. Taxatlon The clwity IB Cxmpt from tax on income and gains falling witbin 8tIOn 505 of the Taxes A¢t 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that the8e are applied to its charitable objcct8. FuDd accounthiE Utirestrictsd fillmls can be used in accordw with the cIlIable obie£tives ai the dimtion of the R¢8tricted fund8 can onLy b¢ us&1 for partI(lar r¢8tri¢t¢d puryoses within the ObJts of the charity. Restiictions arise whcn sp¢¢ifi¢d by the donor or wb¢n funds are raised for particular r¢8triL*ed Page 21
AbNOOR FOIINDATION LIMITED NOTES TO THK FINANCIAL STATEMENTS- conthiued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- conthiued aeeountlng Further explanation of tbe natur¢ and purpw of each fimd is iocluded in th¢ not¢s to the financial Debto Trade and other debtors are TeKogDi8ed at the settlement amount due aft ally di8COUllt offered. Prepaymcnts atv valued at the amount paid n¢t of any discounts due. Credlto Cr¢ditorn and pmvi8ion8 aft recogni1 wlwe the charity Iw o present obligation resulting from a past ¢Yent that will probably r¢sult in th¢ ttatssfer of fund8 to a third paty and the amount to settle the obligation Can be Meas or ¢8timated reliably. CreditOTS and provisions are norn]ally Penslon ¢oit• And other post-eMent benefits The ¢h8tilable company operates a defined contrlbution pension sGheme. Contributions payable to the cJwitabl¢ pen8i¢)n 8ch¢m¢ aT¢ ¢harga1 to the Statement of FiDaDaial Activilics in th¢ paiod to whith they relate. Donated good4 faell1d And servlcu. Donated facilitics Nnd 8¢rvic¢s ar¢ recOlsea 88 incom¢ when Control over the expected economic b¢nefits that flow from the donation h88 passed to the charity and any wfOn¢t-re1ated conditions attac]Kd have bll llY mc( it 18 mor¢ likely that the econL)mic befits associated with the dowted item has flown to the clwity and th¢ fair value cafj be measured reliably. WlndiDg up or dl8iolutlon of the ¢harlty If upon winding up or dissolution of the cknity thcr¢ remain any a#8ets, after the 8ati8faction of all debt8 and liabiJitie$, the assets represented by the accumulatcd fund sball b¢ tran8fezrcd to some other ¢harAtablo body or bodieB having 8imihr Obj15 to th¢ chaTity. Qardh Qatdh Hasana . Th¢80 8r¢ intere8t free loaDS proKd¢d by thc community MI 8UPPOrta7 of the Chity. Whi18t extcndcd payment t¢rm8 be agrerf they repayabl¢ on dellAd. IAing Term Investment Img Terni Investment is Bhown at fair value. Pag¢ 22
AN00R FOtJF4DATION LIMITED NOTES TO THE FINANCIAL STATEMENTS. conthiued FOR THE YEAR EIYDED 31 DECEMBER 2023 I)OP4ATIONS Period ir2] Year Ended 31112123 3111 Foulldatii)n In¢om¢ OTHER CHARITABLE ACTIVITJES Period 119121 YeAr Ended 31112123 3111Y22 135,501 255,432 Gift aid from HMRC 260,597 PerAod J19t21 Year Ended 31112123 31112122 Rents receivable Other participating intereBts (1OS8) 238,501 238 501 Page 23
AL-NOOR FOUNDATION L[ED NOTES TO THE FINANCIAL STATEMENfs. continued FOR THE YEAR ENDED 31 DECEMBER 2023 119r21 to 31112122 Ye8r End 31112nJ Prirn School Tncome Fee8 Re1vable 21,943 59 31,480 Education 275 155 NET INCOMFJ(IXPENDITURE) Net incomel(¢xpendItu) is stated aft¢r charginty(¢reditin8): Year Ended 31112123 31112122 Audttors, remunerntlon AuditOT8' r¢muneration for non audit work Depr¢ciation- Owll assets Surplu8 on disposal of fixed a6S¢tJ 000 891 170,535 7JiKJ 1.031 227,739 (2,484,643) The 8ain on digp08al of fix a6sets reprt the gain on tbc sale of Newton Tndustrial Fatstc to ncw partntt8hip which Al Noor Foundation Limit¢d h08 a 50Q/o equity 8har¢, TRUSTEES? REMUNERATION AND BEI¥EFITS There wer¢ no trustees, remuneration or otb¢r bfits for the y¢aT ended 31 Deceml)er 2023 nor for the period ejthd 31 December 2022. P¢riod 119121 Year Ended 31112123 31112122 Page 24 c11ntinuI...
AN00R FOIINDATION LIMITKD OTES TO THE FINANCIAL STATEMENfs . eonthilled FOR YEAR ENDED 31 DECEMBER 2023 STAFF COSY3 Period Year Ended 3111x123 3111W22 Wag¢8 and Salaries Otbcr pension co8ts 163,707 349.740 4,295 166 354 035 The avffage monthly nwnber of employee8 during the year was as follow8: Period 119121 YeAr Ended 31111r23 15 3111Y22 28 Bngag¢d on Charitsble A¢tiviti¢$ Engagcd on Management 16 29 No employee8 re¢¢ived emoluments in ex¢e&g of £60,000. COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcfIviTIES 31.1222 Unrestricted Restricted Total INCOMK FROM Donation8 45.025 45,025 CbArltAbl• aelfvld Education 275.155 275,153 Oth¢r Charitsble Activities Investment income 260,597 238,501 2 484.643 260,597 238,501 Total 3203,921 3.303.921 EXPENDITURE OF4 101.451 101,451 Charltable VIl Foundation Education 571553 544,103 20.852 593,405 544,103 1218,107 20,852 1.238.959 Page 25 continucd...
A00R FOUIYDATION LIMrrED NOTES TO THE FINANCIAL STATEMENTS. eonthiued FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEM OF FllYANCIAL A1lEs 31.1222. Unr¢stricteAI R&8tiict¢d Totsj fimd fLmd 2,085.814 330) (20.852) 2.064,962 330 Tran8fen between fundi Net nrnenl In fund• 2,085,484 (20,522) 2.(W.962 RECOIYCIUATION OF FtJNDS Total brought forward 9,749.794 20,522 9,770,316 FORWARD 11835278 10. KEY MANAGEMENf PERSONNEL The Nljnagement Personnel compri8cs of the Board of Tru5tces and the Chief Bxeeutive Officer wb08¢ remutieration amount¢d to £57,502 for the year ended 31st Dec 2023. (2022: £73,333 - 16 month8) 11. TANGIBLE FJXED ASSETS Fixture8 Freehold propety fittings Totals cosr Al l January 2023 alld 31 Decemb 2023 DEPRECIATIO l January 2023 73Q667 169 SA80 741147 170 At 31 Deccllkn 2023 NET BOOK VALUE At 31 Dber 2023 At 31 Dmber 2022 8 225,427 Donated Facilities measur¢d at their fair Yakn which was th1v] from the c08t of cOD5ton of the building &t £8.5 million. Page 20
AL-NOOR FOUNDATION LIMTfED NOTES TO THE FJNANCIAL STATEMENTS. Continued FOR THE YEAR EIYDED 31 DECEMBER 2023 12. OTHERnEsTmEN13 related uity FAIRVALUE At l January 2023 Long Trn IDv¢slment 3,750,0 At 31 De<¢mber 2023 NET BOOK VALTJE At 31 December 2023 At 31 DeLember 2022 13. DEORs. AMOUNTS FALLING DUE TllIN ONE YEAR 31.1223 31.1222 Trad¢ d¢btor8 38,135 188,171 94 43,988 232 159 14. CREDITORS: AMouNfs FALLINC DUE WITlllTh ONE YEAR 31.1123 31.12.22 Trade creditors Social aUrIty alld otkw tsxc8 VAT 264,324 6,869 16,933 2.995,989 54,130 60,190 3.185 12,971 2J75J67 Accrua18 and dderrryl income (her Creditor8 included lle&s1Onary Jntete5t FrK Loan8 of £2,340,897 (2022: £2.931 J97) al Al80, included as part of Other crI w¢x¢ fUndab1e student deposit5 of U,000 (2022: £32,000). Page 27 continued...
AbNOOR FOUNDATION LIMITED NOTES TO THE FllYANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2023 IS. ANALYSIS OF NET Assrn BETWEEN FUNDS 31.12.23 Total 31.1222 Total UnrestriL*d Restricted fund Fixd a$8ets Inv¢stmellts 8,054092 3900,OIKI 1943,719 8,054,892 3JOOO00 1,943,719 2 481794) 8,225.427 3.750,000 3258286 3 398 435) Current liabilities 16 11 16 17 11835 16. MOVEMEKf ]F4 FUNDS N¢t movement in fimds At 31112123 At 111123 Unrethcted fundi 11035J78 (418061) 11,416017 TOTAL FUNDS 11 461 11416 817 Nct llLovement in fullds, ]luded in the Above are as follows: tncorning Resou Movernent re8ource8 cxp¢nd¢d in funds General fund 428.497 (958) (418061) Page 28 (x>ntiDUal...
AbNOOR FDUNDATION LThfITED NOTES TO THE FJF4ANCIAL sTATEm- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 I& MOVEMENT lly FUNDS. eontlnued ComparAdve8 for mov¢m¢nt In fun Transfers movement between in funds funds At 31/12122 At 119r21 Unrethed fund8 Genera] fund 9,749,794 2,085,814 (330) 11,835.278 Re8trieted fund8 Restrictcd Fund8 20J22 (20.852) 330 TOTAL FtJNDS 9.770.316 2.064,962 11835 278 Comparative net movernt ill funds. Includ in the above are a8 follow5: tncomin8 ReBourcxs Mov¢Jn¢nt resources expended in fimd8 UnreBtrlcted thnd• General fill 3,303.921 (1218.107) 2.085.814 Restrletsd fundi RcBtrict¢d Fund8 (20.852) (20,852) TOTAL FUNDS 1238.959) 2 064,962 Movement In the yur- Defi¢lt of £418,461 (2022: Sllrpl - £2,064,962) The charity had net eXpenditse of £418,461 of which £170,535 ryresented deplatIOn on fixrAI a88¢ts and the balance of £247,926 represent8 expenditure on their chAritsble obje¢tive8 met from reserves brought forward Page 29 continucd...
AbNOOR FOUNDATtON LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 17. REIATED PARTY DISCLOSlnlES A8 at Balance Sheet date, the con)pany has intffe8t free 108ns tolalling £269,568 (2022: £240,118) from rclatcd moDbcr8 of the Boar The pwpose of the loan8 wa8 to aid in the runnin8 of the c]Jaritabk aclivitie8 caTrieA out by the 4>£nY. 18. SHARE CAPAL The ch8rity 18 incoryorat&l under the CompaDies Act8 and 18 limited by 8uarantee, each mcmb havAng undertaken to contribute such amowits tt exce¢thn8 ten Ulld as may bc required in the ent ofthe conwany being wound up wbil8t he or She is Ill a manber or within one year thoTaftw, Page 30