Charity registration number 1072081 (England and Wales) Company registration number 03454386 INTERNATIONAL DEVELOPMENT FOUNDATION {IDF) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 {England and Wales) 1072081 Company number 03454386 Prin¢lpal address 3rd Floor 12 Stanhope Gate London W1K 1AW Registered office 3rd Floor 12 Stanhope Gate London W1K 1AW A¢¢ountants Gravita 111 LLP Aldgate Tower 2 Leman Street London United Kingdo E1 8FA Bankers Al Rayan Bank St James Court 24-26 Calthorpe Road Bimiingham B15 1RP INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) CONTENTS Page Trustees, report Accountants. report Statement of financial activities Balance sheet Notes to the finanaal statements 7-11 INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT} FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial slatements for the year ended 31 December 2024. The accounts have been prepared in accordance wtth Ihe accounting policies set out in note 1 to the accounts and comply with the charity's trust deed. the Companies Act 2006 and -Accounting and Reporting by Charities= Statement of Recommended Prdclice applicable to charities prepartng their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102)" (as amended for accounting periods commencing from 1 January 2016). Obje¢tiv¢s and activities The charity's objectives are that it may in its discretion. in accordanr£ the Islamic laws, provide the following, particularEy in developing countries.. {11 relieving poverty and SLJffering {21 providing medical care {31 promoting family values (41 caring for orphans. aged people and all in need 151 providing all levels of education and vocational training and 161 promoting the Islamic religion The Trustees have paid due regard to guidance issued by the Charity Commission in de￿dIng what activities the charity Should undertake. Grant making policy: 1. Requests for donations are forwarded to the charitys Distribution Committee. 2. Upon receipt of the requests. the appropriate due diligence of the requesting paty is perfomied as the Committee deems fit. 3. The Distribution Committee discusses the merits of the requests in the light of the reports and makes decisions as it may think fit. 4. The Distribution Committee's decision is unanimous. Public Benefft The trustees have considered the guidance produced by the Charity Commission on the provisions of public benefit and they confirm that Public benefit has been provided by supporting other charities in the UK and overseas. The trustees always ensure that the programmes undertaken are in line wth their objectlves and aims set out above. INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES. REPORT {CONTINUED)IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Financial review International Development Foundation's affairs and activities for the year are presented in the attached financial statements which show a deficit of expenditure over income of £60,003 (2023." £75,084). The balance of the unrestricted funds was £41,499 at 31st December 2024 (2023= £101.502). The charitable expenditure during the year has been made in accordance with the key objectives of the charity. It remains the truslees ullimate policy to hold undistributed funds to ensure sufficient reserves for 3-6 months costs of the Chanty. However, in the last few years there have been some unexpected events which have resulted in the charity holding more than the Trustees would have enwsaged. 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 charttable c2uses 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 charitsble Works which were planned pre COVID were postponed and the Tnjstees needed lo research other projects in that time Charitable donations by IDF have continued in 2023 and Ihe Trustees expect the unrestricted funds to be used in the future with only 3-6 months being held in reserve from them on. Risk Management The Trustees has assessed the major risks to which the charity is exposed. and are salisfied thal systems are in place lo mitigate exposure to the major risks. Future Plans and Projections The trustees, future plans is lo cary on giving donations to the Tropical Health & EducAtion Trust during the 2024 as per prior years. Structure, governance and management Governing document The charity is controlled by its goveming document and constitutes a limited company, 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 served 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 Mahfouz family) who are pemianenl trustees of the charity. The remaining directors are re*leGted annually to the board of Trustees, by agreement of the board at the AGM. None of the Trustees have any benefiaal interest in the company. Al of the Trustees are members of the company and guarantee to contribute £1 in the event of a wnding up. INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational structure International Development Foundation IIDFI is a registeied charity and a company limited by guarantee. which does not have a share capital. Except where disdosed. the trustees do not have any financial interest in the company or significant contracts in which there is a material interest. The directors who are also trustees meet regulady to assess and approve gTrnt applications through Distribution Committee, which has been established to supervise donations by the charity- The directors do not ￿¢0Mmend payment of final dividend. The trustees, report was approved by the Board of Trustees. A Bin Mahfouz Trustee Dated.. 22 May 2025 INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INTERNATIONAL DEVELOPMENT FOUNDATION {IDF) FOR THE YEAR ENDED 31 DECEMBER 2024 In order to assisl you to fulfil your duties under the Companies Act 2006. we have prepared for your approval the financial statements of International Development Foundation {IDF} for the year ended 31 December 2023, set out on pages 5 ta 11 from the charity's accounling records and from information and explanations you have given us. As a praclising member firm of the Institute of Chartered Accountants in England and Wales, we are subject lo its ethical and other professional requirements which are detsiled at http=/￿.1caeW.cOM]en1MeMberslregUlaIiOns- slandards-and-guidancel This report is made to the charity's Trustees, as a body, in accordance 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 Inlemalional Development Foundation {IDFI and state those matters that we have agreed to state lo the charills Trustees, as a body, in this report in actnrdan¢e wtth ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than Intemational Development Foundation IIDF) and Ihe eh2ritys Trustees as a body, for our wot1( or for this report. It is your duty lo ensure that the charity has kept adequate a(rounting records and to prepare statutory accounts that give a true and fair view under the Companies Act 2006. You consider that the charity is exempl from the statutory audit requirement for the year, and is not required to obtain an independent examinerfs report. We have not been inslructed to r2ry out an audit or a review of the finanaal ststements of International Development Foundation IIDF). For this reason, we have nol verified the accuracy or completeness of the accounting records or information 8nd explanations you have given to us and we do not. therefore, express any opinion on the statutory financial statements. Gravita 111 LLP Chartered Ac¢oLtntants Aldgate Tower 2 Leman Streel London E1 8FA United Kingdom 22 May 2025 INTERNATIONAL DEVELOPMENT FOUNDATION {IDF) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes enditure on: Charitable activities 60,003 75,084 Net expenditure for the yearl Net movement in funds (60,003) {75.084) Fund balan￿ at 1 January 2024 101,502 176,586 Fund balances at 31 December 2024 41.499 101,502 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies wtth the ￿quIrernents for an income and expenditure account under the Companies Act 2006. INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Current assets Cash at bank and in hand 62,573 111.970 Creditors: amounts falling due within one year (21,074) {10,468) Net current assets 41,499 101.502 The funds of the charity Unrestricted funds 10 41.499 101,502 41,499 101,502 The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 th respect to accounting records and Ihe preparation of financial statements. The members have not required the company to obtain an audit of tts financial statements for the year in question in accordance with section 476. These financial slalements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies regime. The financial ststemenls were approved by the Trustees on 22 May 2025 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 2024 Accounting policies Charity information Intemalional Development Foundation {IDFI is a private company limiled by guaranlee incorporated in England and Wales. The registered office is 3rd Floor, 12 Stanhope Gate. London. W1 K 1AW. 1.1 Accounting convention The accounts have been prepared in accordan￿ with the charitys trust deed, the Companies Acl 2006 and 'Accounting and Reporting by Charities-. Statement of Recomrnended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {as amended for accounting pertods commencing from 1 January 20161. The Charity is a Public Benefit Entity as defined by FRS 102. The charity h8S taken advantage of the provisions in the SORP for tharities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flow5. The financial statements are prepared in sterling. which is the functional cuThency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the histori¢xl c05t convenlion. The principal accounting policies adopted are set out below. 1.2 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran￿ of their charitable objectives. 1.3 Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the chat7ty to the expenditure. All expenditure is a￿oUnted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Costs of generating funds are the costs assocrated with aitracting voluntary income. Charitable expenditure comprises those costs inojrred by the charity in the delivery of its activits'es and services for its beneficiaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants payable are payments made to third par￿eS in the furtheran￿ of the charitable objectives. Where the charity gives a grant wlh conditions tor 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 o)ntrol of the charity. Prowsions for the grdnls are made when the intenbon lo make a grant has been communicated to the recipient but there is uncertainty about whether the timing of the grant or the amount of grant payable. Governance costs Govemance costs include costs of the preparation and examination of the statutory accounts, the c()sts of trustee meetings and the cosl of any legal advice to tnjstees on govemance or constitutional matters. 1.4 Cash and cash equNalents Cash and cash equivalents indude cash in hand and deposits held at call wlth banks. INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Conttnuedl 1.5 Financial instruments The charity has elected lo apply the provisions of Secti(m 11 'Basic Financial Instruments. and Section 12 'Other Financial Instrumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the tharity becomes party to the contractual provisions of the instrument. Finanaal assets and liabilities are offsel, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include bank balances. are inibally measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest method. Financial assets classified as receivable wtthin one year are not amortised. Impainnent of financlal assets Financial assets, other than those held at fair value through income and expendilure, are assessed for indicators of impaimient al each reporting date. Financial assets are impaired where there is objective eviden￿ that. as a result of one or more events that occurred after the initial recognitton of the financial asset, the estimated future cash ftows have been affected. If an asset is impaired, the impaimient loss is the differen￿ between the carying amount and the present Value of the estirnated ￿sh flows discounted al the asset's original effective interest rate. The impaimient loss is recognised in net incomel(expenditure) for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised. the impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had ihe impaimienl not previously been recognised. The impaimient reversal is recognised in net incomellexpenditurel for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Gharity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if sorne signtficant risks and rewards of ownership are retained but ￿ntrol of the asset has transferred to another paty that is able lo sell the asset in its entirety to an unrelated third paty- Basic financial liabilities Basic financial liabilities, including creditors are initially recognised al transaction price unless the arrangement constitutes 8 financing transaction. Financial liabilities classthed as payable within one year are Not amortised. Trade creditors are obligations to pay for goods or semces that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as n0n-cu￿ent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognitlon of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. INTERNATIONAL DEVELOPMENT FOUNDATION (IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Grants payable 2024 Grants payable 2023 Grant funding of adivities {see note 3) Share of govemance costs (see note 4) 50,000 10.003 65,000 10,084 60.003 75,084 Grants payable 2024 2023 35,000 15.000 15,000 Islamic Foundation Islamic Relief Medical Aid for Palestinians Medical Aid for Somaliland and Mayanmar 50,000 50,000 65,000 Support costs allocated to activities 2024 2023 Govemance costs 10,003 10,084 Analysed between: Charitable activities 10,003 10,084 2024 2023 Governance costs comprise: Accountancy fee Sundry expenses Management fee 3,334 135 6,534 3.463 90 6,531 10.003 10,084 Trustees None of the Trustees {or any persons connected wth them) r￿1Ved any remuneration during the year, and none of them were reimbursed any expenses {202& £Nill. INTERNATIONAL DEVELOPMENT FOUNDATION {IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration vras more than £60.000. Remuneration of key management personnel Taxation The company is a registered charity and is. therefore. exempt from taxation. Flnancial instruments 2024 2023 Carrying amount of financial liabillties Measured at amortised cost 21,074 10.468 Creditors: amounts falling due within one year 2024 2023 Amounts owed to fellow group undertakings Accruals 7.269 13,805 10,468 21.074 10.468 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of un￿Stricted funds by the Injslees for specific purposes. At 1 January 2024 Resources expended At31 December 2024 General funds 101,502 {60,0031 41,499 Previous year: At 1 January 2023 Resources expended At31 December 2023 General funds 176,586 {75,084) 101,502 10- INTERNATIONAL DEVELOPMENT FOUNDATION {IDF) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Analysis of net assets between funds Unrestricted funds 2024 At 31 December 2024: Current asselsl(liabililiesl 41,499 41.499 Unrestricted funds 2023 Al 31 December 2023: Current assetsl(liabilities) 101,502 101.502 12 Related party transactions Controlling enlity The charity is controlled by the trustees who are all directo[5 of the company. Related party transactions During the year, Sedco Semces Limited. a company incorporated in England, provided accounting services lo the value of £6,53412023= £6.5311. 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 £13,803 {2023.. £6,531 owed lo Sedco) owed from Sedco and the Se￿iceS were provided at arns length wtlh the approval of the non-conflicled Iruslees following detailed evaluation. 11