El-Farouq Foundation
Company Number 3257151 (England and Wales) Charity Number 1061598
Annual Report for the year ended 31 December 2024
1
El-Farouq Foundation Annual report For the year ended 31 December 2024
| 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 |
2
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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El-Farouq Foundation Report of the Trustees Year Ended 31 December 2024
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 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in October 2019, 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 31 January 2025 for a ten year period with a five year break option.
Transactions and financial position
The Foundation is continuing its activities to provide financial assistance to successful candidates for university education. An amount of £64,909 (2023 £50,497) was generated from its investments. The net surplus for the year amounted to £11,424 (2023: £29,207).
Reserves
In accordance with its accounting policy, the net surplus amounting to £11,424 was added to the accumulated fund of £1,096,898 brought forward. The total fund carried forward at 31 December 2024 amounted to £1,108,322. 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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El-Farouq Foundation Report of the Trustees Year Ended 31 December 2024
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:
-
Select the suitable accounting policies and apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
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.
5
El-Farouq Foundation Report of the Trustees Year Ended 31 December 2024
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:
Hazem Megerisi.
H Megerisi Secretary/Trustee
Date: 18 July 2025
6
El-Farouq Foundation Statement of Financial Activities Year Ended 31 December 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Incoming Resources | |||
| Interest receivable | 20,962 | 12,447 | |
| Rent and other income receivable | 43,947 | 38,050 | |
| Total income | 64,909 | 50,497 | |
| Resources expended | |||
| Charitable expenditure | 2 | 58,509 | 55,728 |
| Management and administration | 3 | (5,024) | 23,976 |
| Total expenditure | 53,485 | 79,704 | |
| Net surplus/(deficit) for the year | 11,424 | (29,207) | |
| ======= | ======= | ||
| Statement of unrestricted funds and other | |||
| recognised gains | |||
| Net surplus/(deficit) for the year | 11,424 | (29,207) | |
| Balance brought forward | 1,096,898 | 1,126,105 | |
| Balance carried forward | 1,108,322 | 1,096,898 | |
| ======== | ======== |
The notes on pages 8,9 & 10 form part of these accounts
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El-Farouq Foundation Balance Sheet Year Ended 31 December 2024
| Notes Fixed Assets Investment property 4 Investments Investments 5 Debtors 6 Bank current Bank deposits Creditors Amount falling due within one year 7 Funds Income and expenditure account |
£ 26,893 500 559,505 |
|
|---|---|---|
The notes on pages 9 & 10 form part of these accounts
For the year ended 31 December 2024 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:
Hazem Megerisi.
Hazem Megerisi Trustee Date: 18 July 2025
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El-Farouq Foundation Notes to the Accounts for the Year Ended 31 December 2024
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 October 2019, 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 |
£ 2024 58,509 - 58,509 ====== |
2023 55,728 - 55,728 ====== |
|---|---|---|
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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El-Farouq Foundation
Notes to the Accounts for the Year Ended 31 December 2024
3. Administration expenditure including VAT
| 3. | Administration expenditure including VAT | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank charges | 184 | 111 | |
| Legal and professional fees | 15,968 | 0 | |
| Printing, postage and stationery | 0 | 0 | |
| Security –R & R | 0 | (53) | |
| Business Rates | 0 | 0 | |
| Travel and subsistence | 113 | 0 | |
| Subscription | 166 | 207 | |
| Bad and doubtful debts | (22,800) |
22,800 | |
| Insurance | 4 | 4 | |
| Accountancy fees | 1,350 | 900 | |
| ===== | ===== | ||
| (5,024) | 23,976 | ||
| ===== | ===== | ||
| 4. | Fixed assets – investment policy | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Market value as of 1stJanuary & 31 December 2024 | 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 2024 there was a further investment in: | ||
|---|---|---|---|
| Fearn & Rosie Limited | 95,640 | 81,228 | |
| **6. ** | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade Debtors | 26,495 | 23,560 | |
| Provision for bad debts | 0 | (22,800) | |
| Prepayments | 398 | 375 | |
| - | |||
| 26,893 | 1,135 | ||
| === | === | ||
| **7. ** | Creditors | ||
| 2024 | 2023 | ||
| Amount falling due within one year: | £ | £ | |
| Advance income | 11,400 | 11,400 | |
| Other Creditors | 3,295 | 2,428 | |
| Accruals | 1,200 | 1,200 | |
| Accounts Payable | 16,065 | 353 | |
| Sundry Creditors | 398 | 380 | |
| VAT | 390 |
1,892 | |
| 32,678 | 17,653 | ||
| ==== | ==== |
8. Trustees
No remuneration was paid to trustees in the year, nor were any expenses reimbursed to them.
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Registered number: 03257151
EL-FAROUQ FOUNDATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
El-Farouq Foundation Contents
| Page | |
|---|---|
| Company Information | 1 |
| Income and Expenditure Account | 2 |
| Balance Sheet | 3 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 4 |
El-Farouq Foundation Company Information For The Year Ended 31 December 2024
| Directors | Mr Hazem Megerisi |
|---|---|
| Mr Omar Megerisi | |
| Mr Abubaker Megerisi | |
| Secretary | Mr Hazem Megerisi |
| Company Number | 03257151 |
| Registered Office | Suite 201, Stanmore Business Centre |
| Howard Road | |
| Stanmore | |
| Middlesex | |
| HA7 1BT | |
| Accountants | Ash K Associates Ltd |
| 21 Bullhead Road | |
| Borehamwood | |
| Hertfordshire | |
| WD6 1HW |
Page 1
El-Farouq Foundation Income and Expenditure Account For The Year Ended 31 December 2024
| Incoming Resources Other income NET SURPLUS/(DEFICIT) Resources expended Management and administration |
2024 £ 37,447 27,462 (58,509) 5,024 11,424 |
2023 £ 38,050 12,447 (55,728) (23,976) |
|---|---|---|
| (29,207) |
Page 2
El-Farouq Foundation Balance Sheet As At 31 December 2024
| Fixed assets Current assets Prepayments and accrued income Creditors: Amounts Falling Due Within One Year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Accruals and deferred income NET ASSETS RESERVES |
2024 £ 554,102 586,500 398 (28,183) |
2023 £ 539,690 574,486 375 (14,025) |
|---|---|---|
| 558,715 | 560,836 | |
| 1,112,817 | 1,100,526 | |
| (4,495) | (3,628) | |
| 1,108,322 | 1,096,898 | |
| 1,108,322 | 1,096,898 |
Notes
1. General Information
El-Farouq Foundation is a private company, limited by guarantee, incorporated in England & Wales, registered number 03257151. The registered office is Suite 201, Stanmore Business Centre, Howard Road, Stanmore, Middlesex, HA7 1BT.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
- Company limited by guarantee
The company is limited by guarantee and has no share capital.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the micro-entity provisions.
On behalf of the board
Hazem Megerisi. Mr Hazem Megerisi
Director 18/07/2025
Page 3
El-Farouq Foundation Detailed Income and Expenditure Account For The Year Ended 31 December 2024
| TURNOVER Rent received OTHER INCOME Other income STAFF COSTS Student educational grants OTHER CHARGES Security costs Insurance Travelling expenses Accountancy fees Lega and professionall fees Subscriptions Bank charges Bad and doubtful debts NET SURPLUS/(DEFICIT) Bank interest received |
2024 £ £ 37,447 6,500 20,962 27,462 64,909 58,509 (58,509) - (4) 113 1,350 15,968 166 183 (22,800) 5,024 11,424 |
2024 £ £ 37,447 6,500 20,962 27,462 64,909 58,509 (58,509) - (4) 113 1,350 15,968 166 183 (22,800) 5,024 11,424 |
2023 £ £ 38,050 - 12,447 12,447 50,497 55,728 (55,728) (53) 4 7 900 - 207 111 22,800 (23,976) (29,207) |
2023 £ £ 38,050 - 12,447 12,447 50,497 55,728 (55,728) (53) 4 7 900 - 207 111 22,800 (23,976) (29,207) |
|---|---|---|---|---|
| 58,509 - (4) 113 1,350 15,968 166 183 (22,800) |
55,728 (53) 4 7 900 - 207 111 22,800 |
|||
| 64,909 (58,509) 5,024 |
50,497 (55,728) (23,976) |
|||
| 11,424 | (29,207) |
Page 4
Issuer Ash K Associates Ltd Document generated Fri, 18th Jul 2025 9:27:39 BST Document fingerprint 2d2d41a6d713c9f3f8a348f86106ba70
Parties involved with this document
Document processed Party + Fingerprint Fri, 18th Jul 2025 21:50:56 BST Mr Hazem Omar Megerisi - Signer (318de52b9686b0acd1e5331cba0ca74e) Fri, 18th Jul 2025 21:50:57 BST Asher Kaye - Copied In (6b5a7600c1c6647d2b7d391d41187a47) Audit history log Date Action Fri, 18th Jul 2025 9:27:39 BST Envelope generated with fingerprint 020379462a24b373ae70ccce728b7074 (18.133.63.166) Fri, 18th Jul 2025 9:27:39 BST Document generated with fingerprint 2d2d41a6d713c9f3f8a348f86106ba70. (18.133.63.166) Fri, 18th Jul 2025 9:27:39 BST Document generated with fingerprint 5c2e7f216d484952fbe246a9789f6fca. (18.133.63.166) Fri, 18th Jul 2025 9:27:39 BST Mr Hazem Omar Megerisi has been assigned to this envelope. (18.133.63.166) Fri, 18th Jul 2025 9:27:39 BST Asher Kaye has been assigned to this envelope. (18.133.63.166) Fri, 18th Jul 2025 9:27:39 BST Envelope has been set to automatically remind the active signer every 5 day(s). (18.133.63.166) Fri, 18th Jul 2025 9:27:44 BST Envelope generated Fri, 18th Jul 2025 9:27:44 BST Sent the envelope to Mr Hazem Omar Megerisi for signing Fri, 18th Jul 2025 9:27:44 BST Document emailed to party email Fri, 18th Jul 2025 21:41:00 BST Mr Hazem Omar Megerisi viewed the envelope (146.66.98.173) Fri, 18th Jul 2025 21:50:56 BST Mr Hazem Omar Megerisi signed the envelope (146.66.98.173) Fri, 18th Jul 2025 21:50:57 BST Sent the envelope to Asher Kaye for signing (146.66.98.173) Fri, 18th Jul 2025 21:50:57 BST This envelope has been signed by all parties (146.66.98.173) Fri, 18th Jul 2025 21:50:58 BST Document emailed to party email
15,001 EL- FAROU FOUNDATION INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31 2024 I report on the accounts of the above for the year ended 31 December 2024, 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 ot.the accounts. The charity s trustees consider that an audit is not required for this y'ear under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination is needed. It is my responsibility to- examine the accounts under section 145 orth¢ 2011 Act to follow the procedures laid domm 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 carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison ot. the accounts presented with thosc records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such mattcrs. 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 believ'e that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act to prepare accounts which accord '1th the accounting records and comply with the accounting requirements of the 2011 Act. Name: M. Omair Ahmed Professional ualification or bod . MAAT BUSH & COMPANY Accviiiitilllts Date: August 08. 2025 0208 556 0702