Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation
Company Number 3257151 (England and Wales) Charity Number 1061598
Annual Report for the year ended 31 December 2023
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Annual report For the year ended 31 December 2023
| Contents | Pages |
|---|---|
| Trustees, officers and professional advisers | 3 |
| Report of the Trustees | 4-6 |
| Statement of Financial Activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9/10 |
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Trustees, Officers and Professional Advisers
Trustees Mr. Omar Megerisi (Chairman) Mr. Abubaker Megerisi Mr. Hazem Megerisi Secretary Mr. Hazem Megerisi Registered Office Suite 201 Stanmore Business Centre, London, HA7 1BT. Bankers NatWest Plc Company Number 3257151 Charity Number 1061598
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Report of the Trustees Year Ended 31 December 2023
The trustees, who are also directors of the charity for the purpose of the Companies Act, present their annual report and the audited financial statements for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2006, and charities (Accounts and reports) regulations 2000 and the Charities Act 1993 and the Companies Act 2006, and company’s Memorandum and Articles of Association, in preparing the annual report and financial statements of charity.
Objects of the charity, principal activities and organisation of our work
El-Farouq Foundation, a charity registered with the Charities Commission, is a private company limited by guarantee under the Companies Act 2006. The main object of the charity is to provide financial assistance to students doing postgraduate studies at university by paying their tuition fees and expenses. The charity also makes donations to other charitable institutions. Its main sources of income are interest earned on deposits and rental income from property. Its assets are freehold commercial investment property and bank deposits.
The trustees meet at least twice a year to generally manage the affairs of the charity, and two trustees meet regularly to review and approve the applications for tuition fees and expenses.
Investment policy
In accordance with the powers contained in the Memorandum and Articles of Association of the charity, trustees have decided, due to prevailing uncertainty in the market, not to invest surplus funds in stocks and shares for the time being. However, they are continuing to look for investment in income producing commercial properties in sought after locations. Any surplus funds that are not so invested will be placed in one-month fixed deposits in London money market. In the opinion of trustees this will generate both the adequate income and capital growth.
The Foundation’s only property was relet on 29 November 2021 for a five year period.
Transactions and financial position
The Foundation is continuing its activities to provide financial assistance to successful candidates for university education. An amount of £50,497 (2022 £27,958) was generated from its investments. The net deficit for the year amounted to £29,207 (2022: £5,387).
Reserves
In accordance with its accounting policy, the net deficit amounting to £29,207 was added to the accumulated fund of £1,126,105 brought forward. The total fund carried forward at 31 December 2023 amounted to £1,096,898. The present level of funding is adequate to support the continuation of our future activities, and fulfil the objectives of the charity.
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Report of the Trustees Year Ended 31 December 2023
Achievements
Trustees report that during the year three postgraduate students were assisted financially; all at master degree level.
Major Risks
In the opinion of the trustees there are no major risks.
Going Concern
In the opinion of trustees there are sufficient funds available to continue the Trust’ present activities for foreseeable future and meet all the commitments arising there from. The financial statements of the charity have therefore been prepared on going concern basis.
Directors and Trustees
The following were directors and trustees of the charity during the year:
Mr Omar Megerisi Mr Abubaker Megerisi Mr. Hazem Megerisi
Statement of Trustees responsibilities
Company law requires the trustees to prepare financial statements for each financial year which give true and fair view of the state of the company’s affairs and of the profit and loss for that period. In preparing those financial statements the directors are required to:
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Select the suitable accounting policies and apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and to enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention of fraud and other irregularities.
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Report of the Trustees Year Ended 31 December 2023
Auditors
As permitted by the Companies Act 2006, no auditors have been appointed as the company is exempt from the requirements to produce audited accounts.
Basis of Preparation
In the preparation of this report, the directors have taken advantage of the special provisions applicable to small companies afforded by the Companies Act 2006.
Approval
The report was approved by the board of directors/trustees and signed on its behalf by:
-
[Megerisi]
-
|[Hazen] DocuSigned by:
H Megerisi Secretary/Trustee
Date: 17 September 2024
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Statement of Financial Activities Year Ended 31 December 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Incoming Resources | |||
| Interest receivable | 12,447 | 1,936 | |
| Rent receivable | 38,050 | 26,022 | |
| Total income | 50,497 | 27,958 | |
| Resources expended | |||
| Charitable expenditure | 2 | 55,728 | 21,145 |
| Management and administration | 3 | 23,976 | 1,432 |
| Total expenditure | 79,704 | 22,577 | |
| Net surplus/(deficit) for the year | (29,207) | 5,381 | |
| ======= | ======= | ||
| Statement of unrestricted funds and other | |||
| recognised gains | |||
| Net surplus/(deficit) for the year | (29,207) | 5,381 | |
| Balance brought forward | 1,126,105 | 1,120,724 | |
| Balance carried forward | 1,096,898 | 1,126,105 | |
| ======== | ======== |
The notes on pages 8,9 & 10 form part of these accounts
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Balance Sheet Year Ended 31 December 2023
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Investment property | 4 | 458,462 | 458,462 | ||
| Investments | |||||
| Investments | 5 | 81,228 | 56,125 | ||
| Debtors | 6 | 1,135 | 1,048 | ||
| Bank current | 500 | 500 | 500 | ||
| Bank deposits | Bank deposits | 573,225 | 574,860 | 627,583 | 629,131 |
| Creditors | |||||
| Amount falling due within one year | 7 | 17,653 | 17,613 | ||
| 557,208 | 611,518 | ||||
| 1,096,898 | 1,126,105 | ||||
| ======= | ======= | ||||
| Funds | |||||
| Income and expenditure account | 1,096,898 | 1,126,105 | |||
| ======= | ======= |
The notes on pages 9 & 10 form part of these accounts
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ statement:
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(a) the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, and
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(b) the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements on pages 7 & 8 were approved by the board of directors/trustees and were signed on its behalf by:
[Megerisi] |[Hazen] DocuSigned by: 20A352A7A0F5442... Hazem Megerisi Trustee Date: 17 September 2024
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation Notes to the Accounts for the Year Ended 31 December 2023
1. Accounting Policies
Basis of preparation of accounts
The financial statements are prepared under historical cost convention, with the exception of investment property which is included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) “Accounting and reporting by Charities” issued in March 2005, and the charities (Accounts and reports) regulations 2000 and the Charities Act 1993 and the Companies Act 2006.
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date. The translation differences are dealt with in the income and expenditure account.
Depreciation
No depreciation has been provided on freehold investment property and none is considered necessary. In this connection see note 4 regarding departure from the requirement of the Companies Act 2006.
Income
Interest received (gross) on deposits with bank, and rental income excluding VAT, are credited to income. Donations are brought in to income on received basis at gross value.
Expenditure on management and administration of the charity
Administration expenditure includes all expenses not directly related to charitable activity. This includes rent and service charge, telephone, postage and printing, bank charges, legal & professional fee.
Cash flow
No cash flow statement has been prepared on the grounds that this is a small charity.
2. Charitable expenditure
| £ Students grants |
£ 2023 55,728 - 55,728 ====== |
2022 21,145 - 21,145 ====== |
|---|---|---|
In the opinion of trustees, the donations paid to students for their tuition fee and expenses are no more than provision of financial assistance. These donations are not conditional to achieving any defined goals.
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
El-Farouq Foundation
Notes to the Accounts for the Year Ended 31 December 2023
3. Administration expenditure including VAT
| 3. | Administration expenditure including VAT | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Bank charges | 111 | 332 | |
| Legal and professional fees | 0 | 0 | |
| Printing, postage and stationery | 0 | 0 | |
| Security –R & R | (53) | 147 | |
| Business Rates | 0 | 0 | |
| Utilities-gas & electricity | 0 | 0 | |
| Subscription | 207 | 129 | |
| Bad and doubtful debts | 22,800 |
0 | |
| Insurance | 4 | (76) | |
| Accountancy fees | 900 | 900 | |
| ===== | ===== | ||
| 23,976 | 1,432 | ||
| ===== | ===== | ||
| 4. | Fixed assets – investment policy | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Market value as of 1stJanuary & 31 December 2023 | 458,462 | 458,462 | |
| ====== | ====== |
In the opinion of the trustees the year end value was not materially different from the market value prevailing at the time.
| 5. | In 2023 there was a further investment in: | ||
|---|---|---|---|
| Fearn & Rosie Limited | 81,228 | 32,125 | |
| **6. ** | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade Debtors | 23,560 | 702 | |
| Provision for bad debts | (22,800) | 0 | |
| Prepayments | 375 | 346 | |
| - | |||
| 1,135 | 1,048 | ||
| === | === | ||
| **7. ** | Creditors | ||
| 2023 | 2022 | ||
| Amount falling due within one year: | £ | £ | |
| Advance income | 11,400 | 11,400 | |
| Other Creditors | 2,428 | 2,478 | |
| Accruals | 1,200 | 1,200 | |
| Accounts Payable | 353 | 300 | |
| Sundry Creditors | 380 | 346 | |
| VAT | 1,892 |
1,889 | |
| 17,653 | 17,613 | ||
| ==== | ==== |
8. Trustees
No remuneration was paid to trustees in the year, nor were any expenses reimbursed to them.
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
Company registration number 03257151 (England and Wales)
EL-FAROUQ FOUNDATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
CONTENTS
| Page | |
|---|---|
| Income and expenditure account | 1 |
| Balance sheet and notes to the financial statements | 2 - 3 |
Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Incoming Resources | 38,050 | 26,022 |
| Other income | 12,447 | 1,936 |
| Resources expended | (55,728) | (21,145) |
| Management and administration | (23,976) | (1,432) |
| (Deficit)/surplus | (29,207) | 5,381 |
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | 539,690 | 514,587 | |||
| Current assets | 574,486 | 628,785 | |||
| Prepayments and accrued income | 375 | 346 | |||
| Creditors: amounts falling due within one year | (17,653) | (17,613) | |||
| Net current assets | 557,208 | 611,518 | |||
| Total assets less current liabilities | 1,096,898 | 1,126,105 | |||
| Net assets | 1,096,898 | 1,126,105 | |||
| Reserves | 1,096,898 | 1,126,105 | |||
| Notes to the financial statements | |||||
| 1 Employees |
|||||
| The average number of persons, including | directors, employed by the company | during the year was as | |||
| follows: | |||||
| 2023 | 2022 | ||||
| Number | Number | ||||
| Employees | - | - |
The average number of persons, including directors, employed by the company during the year was as follows:
El-Farouq Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 201, Stanmore Business & Innovation Centre, Howard Road, Stanmore, HA7 1BT.
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the micro-entity provisions and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime' and the provisions applicable to companies subject to the small companies regime.
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr. Hazem Megerisi Director
Company registration number 03257151 (England and Wales)
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Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID: F187CDC2-CFA6-4FB6-B5B0-27740BF0A92B
EL-FAROUQ FOUNDATION
DETAILED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Turnover Rent received Other income Bank interest received Cost of raw materials and consumables Student educational grants Other charges Security costs Insurance Travelling expenses Subscriptions Accountancy Bank charges Bad and doubtful debts (Deficit)/surplus for the year |
2023 £ £ 38,050 12,447 12,447 55,728 (55,728) (53) 4 7 207 900 111 22,800 (23,976) (29,207) |
2022 £ £ 26,022 1,936 1,936 21,145 (21,145) 147 (76) - 129 900 332 - (1,432) 5,381 |
|---|---|---|
15,001 EL- FAROU FOUNDATION INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31 2023 I report on the accounts of the above for the year ended 31 December 2023, which are set out on pages 4 to 6. Res ective res onsibilities of trustees and examiner 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 ¢tion 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 201 l Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act to state whether particular matters have come to my attention Basis of inde endent examiner's re ort My examination was Caled oul in accordance with the general directions given by the Charit}. Commission. An examination includes a reviem, of the accounting 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 seeking explanations from you as 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 fair view, and the report is limited to those matters set out in the statement below. Inde endent examiner's statement In connection with my examination. no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance 'ith section 130 of the 2011 Act to prepare accounts which accord with the accounting records and comply with the accounting r¢quircments of the 201 l Act. Name: M. Omair Ahmed Professional ualification or bod . MAAT BUSH & COMPANY Account&lnts Date: September 09. 2024 0208 556 0702