Charity number: 1072836 DOCTOR MUNSHI FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
DOCTOR MUNSHI FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-16
DOCTOR MUNSHI FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Paul Mauri Samad Munshi Zaibie Munshi Charity registered number 1072836 Principal office 1 Poplar Pla London W2 4AS Independent examiner Edward Passmore FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Naest POBox1936 46 Notting Hill Gate London W113HZ Page 1
DOCTOR MUNSHI FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31 March 2024. Objectives and activities a. Policies and objectives The object of the trust is to support the activities carrted out by institutions in the entire world in connection with the relief of povety and sickness and the promotion of medical research by the provision of grants to such charitable institutions or institutions as the trustees at their discretion shall decide. There have been no changes to these objectives during the year. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {PB2}'. b. Strategies for achieving objectives The Trustees raise funds through the charities investments and then distribute those fijnds to institutions of a charitable nature. c. Activities undertaken to achieve objectives The charity donates its income to institutions of a charitable nature. d. Main activities undertaken to further the Charity's purposes for the public benefit The charity distributes its funds to institutions of a charitable nature who then themselves use the funds to engage in activities which directly contribute to the public benefit. Achievements and performance a. Main achievements of the Charity During the year the trust paid grants of £2.510 (2023.. £3,667) to charitable institutions which have objects in line with those of the trust. b. Review of activities The charity earned income of £26,908 (2023 . £26,295) from its investments in the year and donated £2,510 (2023.. £3,667) of that income to institutions of a charitable nature. The charity now has £745,482 (2023.. £722,315) in its reserves which it will be able to donate in frjture years. Page 2
DOCTOR MUNSHI FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust's current activities while consideration is given to ways in which additional funds may be raised. The level of reserves has been maintained throughout the year. Structure, governance and management a. Constitution Doctor Munshi Foundation is a registered charity, number 1072836, and is constituted under a Trust deed. b. Methods of appointment or election of Trustees When vacancies occur on the Board of Trustees, new trustees are recruited locally and through advertising, stating skills that are needed on the Board of Trustees. Page 3
DOCTOR MUNSHI FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistentty., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Samad Munshi Trustee Date: 2110112025 Page 4
DOCTOR MUNSHI FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examinerfs Report to the Trustees of Doctor Munshi Foundation ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. for my work or for this report. Signed.. Dated: 22101/2025 Edward Passmore FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
DOCTOR MUNSHI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 26,908 26,908 26,295 Total income 26,908 26,908 26,295 Expenditure on: Charitable activities 3,741 3,741 933 Total expenditure 3,741 3,741 933 Net movement in funds 23,167 23,167 25,362 Reconciliation of funds: Total funds brought fomard Net movement in funds 722,315 23,167 722,315 23,167 696, 953 25,362 Total funds carried forward 745,482 745,482 722,315 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part of these financial statements. Page 6
DOCTOR MUNSHI FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investment propety 450,000 450,000 450,000 450,000 Current assets Debtors Cash at bank and in hand 10 15.014 288.572 12,847 267,067 303,586 279,914 Creditors.. amounts falling due within one year (8,104) (7, 599) Net current assets 295,482 272,315 Total net assets 745,482 722,315 Charity funds Unrestricted funds 12 745,482 722,315 Total funds 745,482 722,315 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mw1ffjki Samad Munshi Trustee Date: 2110112025 The notes on pages 8 to 16 form part of these financial statements. Page 7
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Doctor Munshi Foundation was established by a charitable trust deed on 11th November 1998. The registered office is 1 Poplar Pla, London, W2 4AS. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Doctor Munshi Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated diredy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 8
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2A Investments Fixed asset investments are a fomi of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of financial activities. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.8 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 9
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Rental income Interest re1vable 26,000 908 26,000 908 26,908 26.908 Unrestricted funds 2023 Total funds 2023 Rental income 25,999 296 25,999 296 Interest re1vable 26, 295 26,295 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Supporting good causes 2,510 2.510 Grants to Institutions 2023 Total funds 2023 Supporting good causes 3,667 3,667 The Charity has made the following material grants to institutions during the year.. Page10
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of grants (continued) 2024 2023 Name of institution Royal National Institute of Blind People Islamic Aid 2,000 160 3,000 300 British Red Cross 300 250 Guide Dogs Save the Children 117 50 2.510 3,667 Anatysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2024 Total 2024 Supporting good causes 3,741 3,741 Unrestricted funds 2023 Total 2023 Supporting good causes 933 933 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting good causes 2,510 1,231 3,741 Page11
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of expenditure by activities (continued) Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting good causes 3.667 (2, 734) 933 Anatysis of support costs Supporting good causes 2024 Total funds 2024 Governan costs 760 760 Insurance 471 471 Governan costs are comprised entirely of the Independent Examination fee for the year. Supporting good causes 2023 Total funds 2023 Governance costs Write-back on accrual 727 (3, 879) 418 727 (3, 879) 418 Insuran (2, 734) (2, 734) Governan costs in the prior year were comprised entirely of the Independent Examination fee. Independent examiner's remuneration 2024 2023 Fees payable to the Charity's independent examiner for the preparation and independent examination of the Charitys annual accounts 750 727 Page 12
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). Page13
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment property Freehold investment property Valuation At 1 April 2023 450,000 At 31 March 2024 450,000 The property is situated in 54 High Street, Acton and was a gift by the settlor. The property was valued on the 31 st March 2017 by the Trustees. It is the opinion of the Trustees, based on the current rent and yield of the property, that the value of the property has remained unchanged Sin the previous valuation. 10. Debtors 2024 2023 Due within one year Trade debtors 12,847 2,167 12,847 Prepayments and accrued income 15,014 12,847 11. Creditors: Amounts falling due within one year 2024 2023 Trade creditors other creditors 1,344 6.000 760 873 6, 000 726 Accruals and deferred income 8.104 7,599 Page 14
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds- all fijnds 722,315 26.908 (3,741) 745,482 Statement of funds - prior year Balance at 31 March 2023 Balan at 1 April 2022 Income Expenditure Unrestricted funds General Funds- all funds 696, 953 26,295 (933) 722,315 Page15
DOCTOR MUNSHI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis of net assets between funds Anatysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Investment property Current assets 450,000 303,586 (8,104) 450.000 303,586 18.104) Creditors due within one year Total 745,482 745.482 Anatysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Investment propety Current assets Creditors due within one year 450, 000 279,914 (7, 599) 450, 000 279,914 (7, 599) Total 722,315 722,315 14. Related party transactions Safaza Investments Limited and The Doctor Munshi Foundation are related parties due to the existen of a common Directorffrustee (Samad Munshi). The related paty transactions in the year are as follows: The Doctor Munshi Foundation has an outstanding creditor balan with Safaza Investments Limited to the sum of £1,344 (2023.. £873). with insurance expenses charged from Safaza Investments Limited to the sum of £471 (2023: £418). Page 16