COMPANY REGISTRATION NUMBER: 09916296 CHARITY REGISTRATION NUMBER: 1075203
Iqra International Company Limited by Guarantee Unaudited Financial Statements
30 June 2022
M.R ACCOUNTANTS & TAX ADVISERS
Chartered Certified Accountants 50 Brian Road Romford Essex RM6 5BX
Iqra International
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Iqra International
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2022.
Reference and administrative details
Registered charity name Iqra International Charity registration number 1075203 Company registration number 09916296 Principal office and registered Unit 3 office 214 Whitechapel Road London E1 1BJ
The trustees
Mr. M Ahmed Mr. M Badruzzaman Mr. M Sayeed Mrs. R Khatun Mr. M A Latif Mr. S R Rahman Mr. A H Habib Independent examiner M Rafiq FCCA 50 Brian Road Romford Essex RM6 5BX
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Iqra International
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2022
Structure, governance and management
Governing document
Iqra International is a UK registered charity (1075203) with the charity commission. It is a trust, registered with the Charity Commission on 22 April 1999.
Recruitment and appointment of new trustees
The board of trustees have overall responsibility to recruit new trustees and volunteers.
In selecting volunteers, we take on-board experience, and skill-sets, that will contribute towards success in the particular area, the person is being selected for. Formal interviews are performed.
Risk management
The Trustees have assessed the major risks to which the charity can be exposed to, with those relating to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to the major risks. Decisions are reached through quarterly Trustee meetings.
Public benefit
The Trustees confirm that they abide by the Charity Commission guidance on public benefit in complying with Section 17 of the Charities Act 2011, to have due regard to public benefit in meeting its objectives and activities.
Objectives and activities
Iqra International is a UK registered non-profit humanitarian charity organisation whose mission is to help restore dignity to the millions of disabled people in developing countries. For the past 22 years, we have not only provided essential medical support and aid to thousands of disabled children and adults around the world who are unable to afford it, but have also raised much needed awareness of the plight of disabled people in developing countries who face daily neglect and discrimination.
In countries such as Bangladesh, iQra International has pushed to change public perception of disability and has highlighted the rights of disabled people for many years.
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Iqra International
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2022
Achievements and performance
The charity to date has carried out a wide range of activities in pursuance of its charitable aims. The Trustees consider that these activities can be summarised below:
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Helped over 50,000 people in getting access to clean water through installing tube wells- Distributed Fresh meat to over 100,000 during Eid-ul-Adha celebrations- Over 20,000 beneficiaries received help from free medical camps
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Supported over 3000 orphans
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Supported over 2000 disabled people through providing wheelchairs, crutches and access to education - Provided cataracts operation to approximately 1000 patients- Distributed study material to over 2000 students
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Over 200 sewing machines distributed to empower women through income generation projects
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Approximately 1000 beneficiaries from a flagship micro-finance scheme
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Built tinned roof houses for over 100 homeless people
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The charity has focussed its main resources in establishing a free disabled children's hospital in Sylhet, Bangladesh.
Financial review
The committee would report that the income of the charitable company in respect of unrestricted funds was £235,203. The income in respect of restricted funds was £19,222. The statements of financial activities show the total resources of £323,732.
The trustees' annual report and the behalf of the board of trustees by:
were approved on 8 March 2023 and signed on
Mr. M Ahmed Trustee
Mr. S R Rahman Trustee
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Iqra International
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Iqra International
Year ended 30 June 2022
I report to the trustees on my examination of the financial statements of Iqra International ('the charity') for the year ended 30 June 2022.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
M Rafiq FCCA Independent Examiner
50 Brian Road Romford Essex RM6 5BX
8 March 2023
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Iqra International
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 146,900 | 146,900 | 254,425 |
| Investment income | 6 | 20 | 20 | 8 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 146,920 | 146,920 | 254,433 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 7 | 178,895 | 178,895 | 151,787 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 178,895 | 178,895 | 151,787 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (31,975) | (31,975) | 102,646 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 323,733 | 323,733 | 221,087 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 291,758 | 291,758 | 323,732 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
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Iqra International
Company Limited by Guarantee
Statement of Financial Position
30 June 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 11 | 185,052 | 185,052 | |
| Current assets | ||||
| Cash at bank and in hand | 108,106 | 204,528 | ||
| Creditors: amounts falling due within one year | 12 | 1,400 | 65,847 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 106,706 | 138,681 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 291,758 | 323,733 | ||
| -------------------------------- | -------------------------------- | |||
| Net assets | 291,758 | 323,733 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 291,758 | 323,732 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 13 | 291,758 | 323,732 | |
| ================================ | ================================ |
For the year ending 30 June 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 8 March 2023, and are signed on behalf of the board by:
Mr. M Ahmed Trustee
Mr. S R Rahman Trustee
The notes on pages 7 to 12 form part of these financial statements.
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 3, 214 Whitechapel Road, London, E1 1BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2022
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2022
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is registered charity and limited by guarantee.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 136,053 | – | 136,053 |
| Gift aid | 10,847 | – | 10,847 |
| Grants | |||
| Grants receivable type 1 | – | – | – |
| -------------------------------- | -------------- | -------------------------------- | |
| 146,900 | – | 146,900 | |
| ================================ | ============== | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 229,118 | 19,222 | 248,340 |
| Gift aid | 1,085 | – | 1,085 |
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2022
| 5. | Donations and legacies (continued) | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Grants | |||||
| Grants receivable type 1 | 5,000 | – | 5,000 | ||
| -------------------------------- | --------------------------- | -------------------------------- | |||
| 235,203 | 19,222 | 254,425 | |||
| ================================ | =========================== | ================================ | |||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable type 1 | 20 | 20 | 8 | 8 | |
| ============== | ============== | ============== | ============== | ||
| 7. | Costs of raising donations and legacies | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Costs of raising donations and legacies - Other type | |||||
| 1 | 178,895 | – | 178,895 | ||
| ================================ | ============== | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Costs of raising donations and legacies - Other type | |||||
| 1 | 132,566 | 19,222 | 151,787 | ||
| ================================ | =========================== | ================================ | |||
| 8. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,400 | – | |||
| ======================= | ============== | ||||
| 9. | Staff costs | ||||
| The average head count of employees during | the year was 3 (2021: | 3). The average number of | |||
| full-time equivalent employees during the year | is analysed as follows: | ||||
| 2022 | 2021 | ||||
| No. | No. | ||||
| Number of staff - type 1 | 3 | 3 | |||
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
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Iqra International
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2022
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
11. Tangible fixed assets
| Land and | ||
|---|---|---|
| buildings | ||
| £ | ||
| Cost | ||
| At 1 July 2021 and 30 June 2022 | 185,719 | |
| ================================ | ||
| Depreciation | ||
| At 1 July 2021 and 30 June 2022 | 667 | |
| ================================ | ||
| Carrying amount | ||
| At 30 June 2022 | 185,052 | |
| ================================ | ||
| At 30 June 2021 | 185,052 | |
| ================================ | ||
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | – | 64,447 |
| Accruals and deferred income | 1,400 | 1,400 |
| ----------------------- | --------------------------- | |
| 1,400 | 65,847 | |
| ======================= | =========================== |
12. Creditors: amounts falling due within one year
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 30 June 202 | ||||
| 1 | July 2021 | Income | Expenditure | 2 | |
| £ | £ | £ | £ | ||
| General funds | 323,733 | 146,920 | (178,895) | 291,758 |
|
| ================================ | ================================ | ================================ | ================================ | ||
| At | At | ||||
| 1 | July 2020 | Income | Expenditure | 30 June 2021 | |
| £ | £ | £ | £ | ||
| General funds | 221,087 | 235,211 | (132,566) | 323,732 |
|
| ================================ | ================================ | ================================ | ================================ |
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