Charity registration number 1072081 Company regislralion number 03454386 (England and Wales) INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) LEGAL AND ADMINISTRATIVE INFORMATION Trustees S Bin Mahfouz A Bin Mahfouz A Bin Mahfouz W Bin Mahfouz Mr F S Murad Secretary A Bin Mahfouz Charity number 1072081 Company number 03454386 Principal address 3rrJ Floor 12 Stanhope Gate London W1K1AW Registered office 3rd Floor 12 Stanhope Gate London W1K 1AW Accountants Gravita111 LLP Aldgate Tower 2 Leman Street London E18FA Bankors Rayan Bank St James Court 24-26 Calthorpe Road Bimiingham B15 1RP
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) CONTENTS Page Tnjstees, report Accountants, report Slatem8nt of finanal activities Balance Sheet Notes to the financial statements 7-11
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and fiTranal statements for the year ended 31 Dember 2023. The accounts have been prepared in accordan with the accounting policies set out in note 110 Ihe accounts and comply wtth the charivs trust deed, the Companies Act 2006 and °Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Slandard appIlble in the UK and Republic of Ireland (FRS 102). {as amended for accounting periods commencing from 1 January 2016}. Objectives and activtties The charity's objectives are that it may in tts discretion. in accordan with the Islamic laws. provide the following, parbcularfy in developing countries= (1) relieving povety and suffering {2) providing medical care {3} promoting family values (41 caring for orphans, aged people and all in need 15) providing all levels of education and vocational training and {6) promoting the Islamic religion The Trustees have paid due regard to guidance issued by the Charity Commission in deGiding what activities the charity should undertake. Grant maklng policy: 1. Requests for donalions are forwarded to the charivs Distribution Committee. 2. Upon receipt of the requests, the appropriate due diligence of the requesling paty is perfomied as the Committee deems fit. 3. The Distribution Committee discusses the mertts of the requests in the light of the reports and makes decisions as it may think fit. 4. The Distributton Committee's decision is unanirnou5. Public Benefit The trustees have considered the guidance produced ty the Charity Commission on the provisions of public benefit and they confimi that Public benefft has been provided by supporttng other charities in the UK and overseas. The trustees always ensure that the progr8mmes undertaken are in line with their objecttves and aims set out above.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfornian¢e Financial revlew Inlemational Development Foundation's affairs and activtbes for the year are presented in the attached financial statements which show a deficit of expenditure over income of £75,084 12022: £95.352). The balance of the unrestricted funds was £101,502 at 31st December 2023 {2022: £176.586). The charitable expenditure during the year has been made in accordan the key objectives of the charity. It remains the trustees ultimate policy to hold undistrtbuted funds to ensure sufficient reserves for 3-6 months osts of the Charity. However. in the last few years there have been some unexpected events which have resulted in the charlty holding more than the Twstees would have envisaged. These events being.. A few years ago there was a large investment disposal resulting in the charity having more funds than the Trustees were expecting to spend on charitable causes 2. The COVID 19 pandemic meant that there were less meetings held by the Trustees due to travel restrictions 3. The pandemic also meant that many of the charttable wotks which were planned pre COVID were postponed and the Trustees needed to research other projects in that time Charitsble donations by IDF have continued in 2023 and the Trustees expect the unrestricted funds to be used in the futLJre with only 3-6 months being held in reserve from them on. Risk Management The Trustees has assessed the major rtsks to which the charity is exposed. and are satisfied that system5 are in place to mikngate exposure lo the major risks. Future Plans and Projections The trustees, fvture plans is to (3ry on giving donations to the Islamic Foundation during the 2023 as per prior years. Structure. govemance and management Governing document The charity is controlled by its goveming document and constitutes a limited cornpany. limited by guarantee, as defined by the Companies Act 2006. Trustee directors and their interests The Trustees, who are also the directors for the purpose of company law. and who sejved during the year were: S Bin Mahfouz A Bin Mahfouz A Bin Mahfouz W Bin Mahfouz Mr F S Murad There are three founding directors (all members of the Bin Mahftiuz family) who are pemianent trustees of the charity. The remaining directors are re*lected annually to the board of Truslees. by agreement of the board at theAGM. None of the Trustees have any beneficial interest in the company. Afi of the Trustees are members of the company and guarantee trj contrtbule £1 in the event of a wnding up.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Organisational struclure International Development Foundation {IDF) is a registered chartty and a company limrted by guardntee. which does not have a share capital. Except where disclosed, the trustees do not have any financial interest in the cornpany or significant contracts in which there is a material interest. The directors who are also trustees meet regularly to asse55 and approve grant applicattons through Distribution Committee, which has been established to supeTVtse donations by the charity. The directors do not recommend payment of final dividend. The trustees. report was approved by the Board of Trustees. A Bin Mahfouz Trustee Dated.. 25 November 2024
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCtAL STATEMENTS OF INTERNATIONAL DEVELOPMENT FOUNDATION IIDF) FOR THE YEAR ENDED 31 DECEMBER 2023 In order to assist you to fulfil your dubes under the Companies Act 2006. we have prepared for your approval the financial statements of Inlemational Development Foundation IIDF) for the year ended 31 December 2023. set out on pages 5 to 11 from the charitys accounting re(x)rds and from infoThation and explanations you have grven us. As a practising member firni of the Institute of Chartered A(Ountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http.11wv.ICaew.C0mlen1meber5lregU1at1Ons- slandards-and-guidancel This report is made to the charitys Trustees. as a body. in ac(x)rdance with the temis of our engagement letter dated 13 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Inlemational Development Foundation (IDF) and state those matters that we have agreed to state to the charity's Trustees, as a body. in this report in accordance with ICAEW Tethnical Release 07116 AAF. To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than Inlemational Development Foundation IIDF) and the charity's Tnjstees as a body, for our worf( or for this retK)rl. It is your duty to ensure that the charity has kept adequate ac(x)unting records and to prepare statLrtory accounts that give a true and fair view under the Companies Act 2006. You consider that the charity is exempt from the statutory audit requirement for the year. and is not required to obtain an independent examinerfs report. We have not been instructed to cary out an audit or a review of the financial statements of Intemational Development Foundation (IDF). For this reason. we have not vertfied the accuracy or completeness of the accounting records or infomation and explanations you have given to Us and we do not. therefore. express any opinion on the statutory financial statements. Gravita 111 LLP 2 December 2024 Chartered Accountants Aldgate Tower 2 Leman Street London EI 8FA
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes enditure on: Charitable activtlies 75.084 95,352 Net expenditure for the yearf Net movement In funds (75,084) (95,3521 Fund balances at 1 January 2023 176.586 271,938 Fund balances at 31 December 2023 101,502 176,586 The statement of fin8nci81 activities includes all gains and losses recognised in the year. All income and expenditure derive from (xjnlinuing acliviknes. The statement of financial activities also complies with the requirnents for an income and expenditure account under the Companies Act 2006.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Current assets Cash at bank and in hand 111.970 187,092 Credltors: amounts falllng due wlthln one year (10,468) {10.506) Net current assets 101.502 176.586 Net assets excluding pension liability 101,502 176,586 The funds of the charlty Unrestricted funds 101,502 176,586 101,502 176,586 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibiltties for ojmplying 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 a(xordan(% Vth the provision5 applicable to companies subject to the small companies regime. The financial statements were approved by the Truslees on 25 November 2024 A Bin Mahfouz Trustee Company registration number 03454386 {England and Wales)
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies ChaTity information Intemational Development Foundation (IDF) is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor. 12 Stanhope Gate, London, W1 K 1AW. 1.1 Accounting conventlon The accounts have been prepared in accordan wth the chartty's twst deed. the Companies Acl 2006 and 'Accounting and Reporbng by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wtth the Financial Reporttng Standard applicable in the UK and Republic of Ireland {FRS 102)" las amended for accounting periods commencing from 1 January 2016}. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not tr) prepare a Slatement of Cash Flow5. The financial statements are prepared in sterling. whith is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopled are set out below. 1.2 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charit8ble objectives. 1.3 Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Ml expenditure is accounted for on an accruals basis and has been dassified under the headings that aggregate all costs related to the calegory. Costs of generating funds are the (x)sts associated ¥th attracttng voluntsry income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activtties and services for ils beneficiaries. It includes both costs that can be allocated direcuy to such activities and those costs of an indirect nature necessary to support them. Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being specific level of service or output to be provided, such grants are only recognised in the SOFA On the recipient in the control of the charity. Provisions for the grants are made when the intention to make a grant has been communicated to the recipient but there is UnrtaInty about whether the timing of the grant or the amount of grant payable. Govemance costs Govemance costs include costs of the preparation and examin2tion of the ststutory accounts, the costs of trustee meetings and the cx)st of any legal adwce to trustees on governan or constttutional matters. 1.4 Cash and ¢ash equlvalents Cash and cash equivalents indude sh in hand and deposits held at call with banks.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Financial instruments The charity has elected to appty the provisions of Section 11 'Basic Financial Instruments. and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the thaTiVs balan sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, Vth the net amounts presented in the financial statements. when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liabilty simultaneously. 8a5ic financlal assets Basic financial assets. which include bank balances. are initially measured at transaction price including transaction costs and are subsequenlty Caje at amortised (x)s1 using the effective interest method. Financial assets classified as re1vable wtthin one year 8re not amortised. Impaim7ent of financial assets Financial assets, other than those held at fair value through income and expenditure. are assessed for indicators of impairment at each reporting date. Finanaal assets are impaired where there is objective evidence that, as a result of one or more events that occajrred after the initial recognttson of the financtal asset. the estimated future cash flows have been affected. If an asset is impaired. the impaient loss is the difference beiween the carying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impaimient Iciss is recognised in net incom{eXpenditUre) for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carying amount does not exceed what the carying amount would have been. had the impaimient not previously been recognised. The impainnent reversal is recognised in net incomel(expenditure) for the year. Derecognition of financial assets Financial assets are derecognised only when Ihe contractual Tights to the cash flows from the asset expire or are settled, or when the charity Irdnsfers the financial asset and substantially all the risks and rewards of ownership to anolher entity. or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities Basic financi81 liabilities. including creditors are initially recognised at transaction price unless the arrangement constitLrtes a financing transaction. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as nOn-cUenI liabilities. Trade creditors are recognised initially al transaction price and subsequently measured At amortised (x)st using the effective interest method. Derecognition of financlal Ilabilities Financial liabilities are derecognised when the chariVs contractual obligations expire or are discharged or cancelled.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTJNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Grants payable 2023 Grants payable 2022 Grant funding of activities (see note 3) Share of govemance c4)sts (see note 4) 65,000 10,084 85.020 10,332 75,084 95,352 Grants payable 2023 35,000 2022 70,020 15,000 Islamic Foundation Disasters Emergency committee Islamic Relief Medical Aid for Palestinrans 15,000 15,000 65,000 85,020 Support costs allocated to activities 2023 2022 Govemance (xjsts 10.084 10,332 Anatysed belween: Charitable activities 10.084 10,332 2023 2022 Governance costs comprise: Accountancy fee Sundry expenses Management fee 3,463 90 6,531 3.763 38 6,531 10.084 10,332 Trustees None of the Trustees (or any persons (x)nnected wtlh them) re[Ved any remuneration during the year, and none of them were reimbursed any expenses (2022- £Nill.
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Total The were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel Taxation The company is a registered chartty and is. therefore, exempt from taxation. Financial instruments 2023 2022 Carrying amount of financial liabilities Measured at amortised cost 10,468 10,506 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 10,468 10.506 10 Unrestricted funds The unrestricted funds of the charity compTise the unexpended balances of donations and grants which are not subject to specific condttions by donors and grdntors as to how they may be used. These indude designated fijnds which have been set aside out of unrestricted funds by the trustees for speciffc purposes. At 1 January Resources 2023 expended At31 December 2023 General funds 176,586 (75,084) 101,502 Previous year: At 1 January Resources 2022 expended At31 December 2022 General funds 271,938 (95.3521 176,586 10-
INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Analysis of net assets between funds Unrestricted funds 2023 At 31 December 2023: Current assetsllliabilities) 101.502 101.502 Unrestri¢ted funds 2022 At 31 De¢ember2022". Current assetsl(liabilities) 176.586 176,586 12 Related party transactions Controlling entity The charity is controlled by the trustees who are all directors of the company. Related party transactlons During the year, Sedco Servic8s Limited. a company incorporated in England, provided accoLtnling services to the value of £6.531 {2022= £6.531). The trustees, A S Bin Mahfouz and W Bin Mahfouz are also shareholders of Sedco Services Limited. Al the balance sheet date the amount of £6.531 (2022.. £6,531} was outstsnding and the services were prowded at amis length with the approval of the non-conflicted trustees following detailed evaluation. 11