CHARITY REGISTRATION NUMBER: 1085713 ALULBAYT FOUNDATION Unaudited Financial Statements 31 March 2024 FAIRMAN DAVIS Chartered accountants 3 Exhibition House Addison Bridge Place London W14 8XP
ALULBAYT FOUNDATION Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
ALULBAYT FOUNDATION Trustees, Annual Report Year ended 31 March 2024 The trustees present their report and the unaudtied financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name ALULBAYf FOUNDATION Charity registration number 1085713 Prln¢ipal office 75 Brondesbury Park London NW6 7AX The trustees Mr Fadhil Mehdi Mr Mohsen Mousavi Mr Hamid Asmail Independent examiner Faimian Davis 3 Exhibition House Addison Bridge Pla London W14 8XP Structure, governance and management Governing Documents The organisation was registered as charity on 21 st March 2001 and is governed by its Trust Deed dated 19th March 2000. Organisation Structure Alulbayt Foundation has a Management Committee which meets quarterfy and is responsible for the strategic direction and policy of the charity. Risk Management The Managemenl Committee has conducted a review of the major risks to which the charity is exposed to and continues to monitor this on an ongoing basis. Where appropriate. systems or procedures have been established to mitigate the risks the charity faces. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety off volunteers, clients and visitors lo the centre. The procedures are periodically reviewed to ensure that they continue to meet the needs of the charily. Objectives and activities The charity's objective and its principal activty continue to be that of providing relief of povety, sickness. distress and the advancement of education in particular amongst people who are of Islamic Faith.
ALULBAYT FOUNDATION Trustees. Annual Report (ContInu) Year ended 31 March 2024 Achievements and perforniance The Trustees consider that the perfomiance of the charity this year has been satisfactory. Financial review Against the backdrop of limited resources the charty has continued to plan or develop its services. With the aid of sound financial management and the support of both its staff and volunteers, the Gharity has achieved a satisfactory outcome for the year, with sufficienl resources to continue its normal activities in the forthcoming years. Plans for future periods The charity intends to continue its activilies in pursuance of its defined objectives. The trustees. annual report was approved on 27 September 2024 and signed on behalf of the board of trustees by: Mr Mohsen Mousavi Trustee
ALULBAYT FOUNDATION Independent Examiner's Report to the Trustees of ALULBAYf FOUNDATION Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of ALULBAYT FOUNDATION ('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 Ihe financial statements in accordance with the requirements of the Charilies Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlnerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm Ihat l am qualified to undertake the examination because l am a member ofthe Institute of Chartered Accountants in England and Wales (ICAEW), which is one ofthe listed bodies. I have completed my examination. I confirm that no material matters have Gome 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 Gharity as required by section 130 of the A¢t- or the financial statements do not accord wrth those records. or the financial statemenls do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) RegLJlations 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. Fairman Davis Independenl Examiner 3 Exhibilion House Addison Bridge Place London W14 8XP
ALULBAYT FOUNDATION Statement of Financial Activities Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Tolal funds Note Income and endowments Donations and legacies Total income 265.905 217,762 483,667 422,950 265,905 217,762 483,667 422.950 Expenditure Expendilure on charilable activities Total expenditure 348.588 217,762 566,351 517,820 348,588 217,762 566,351 517.820 Net expenditure and net movement in funds (82.683) (82,684) 194,870) Reconciliation of funds Total funds broughl forward Total funds carried forward 208.585 208,585 303,454 125,902 125,902 208.584 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 6 to 13 fomi part of these financlal statements.
ALULBAYT FOUNDATION Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Tangible fixed assets 12 55,758 106,040 Current assets Debtors Cash at bank and in hand 13 29,742 46,221 32,957 74,555 75.963 107,512 Creditors: amounts falling due within one year Net current assets 14 5,820 4,968 70.143 102,544 Total assets less current liabilities 125,901 208,584 Net assets 125,901 208.584 Funds of the charity Unrestricted funds 126,021 208,584 Total charity funds 17 126,021 208,584 These financial statements were approved by the board of trustees and authorised for issue on 27 September 2024, and are signed on behaff of the board by: sen Mousavi Trustee The notes on pages 6 to 13 forni part of these financial statements.
ALULBAYT FOUNDATION Notes to the Financial Statements Year ended 31 March 2024 General Infomiation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 75 Brondesbury Park, London. NW6 7AX. Statement of compliance These financial slaternents have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in Ihe 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 IFRS 102} (Charities SORP (FRS 102}) and the Charities Act 2011. 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 Ihrough income or expenditure. The financial statements are prepared in sterling, which is the functional GUenCY of the entity. Going concern There are no material uncertainties about the charity's abilty to continue. Fund accounting Unrestricted funds are available for use al 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.
ALULBAYT FOUNDATION Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies iconllnu•d) Incoming resources All incoming resources are included in the statement of financial activities when enlitlement has passed to the charity.. it is probable Ihat the economic benefits associaled with the Iransaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is cOgnised when there is eviden of entitlement to the gift, receipt is probable and rts amount can be measured reliably. legacy income is recognised when receipt is probable and enlillement is established. 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 rf the value can be reliably Measured. No amounts are included for Ihe contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of Ihe contracted service. This is classified as unreslricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It included both costs that can be allocaled directly to such aclivities and those costs of an indirect nature necessary to support them. Govemance costs include those costs associated with meeling the charity's constitutional and statutory requirements as well as costs linked to Ihe strategic management of the charty. Tangible assets All fixed assets are initially recorded at cost. 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- Property improvements Fixtures & Fittings Motor Vehicles Equipment 1 OYO Straight line 25 % straight line 25 /• Straight line 25 % slraighl line Impairment of fixed assets A review for indicators of impairrnent is carried out at each reporting dale, 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.
ALULBAYT FOUNDATION Notes to the Financial Statements (Gontinued) Year ended 31 March 2024 A¢¢ounting policies (¢ontInu) Impairmen* of fixed assets (continued) 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 Ihat 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 lo each of the cash-generatin9 units that are expected lo benefit from the synergies of the combination, irrespective of whelher olher assets or liabilities of the charity are assigned to those units. Government grants Government grants are recognised at the fair value ofthe asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future perfonnance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specrfied future performance-related conditions on the recipient. it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria. they are recognised as a liability. Financial instruments A financial asset or a financial liability is recognised only vthen the charity becomes a party to the conlraclual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assels and current liabilities are subsequentty measured at the cash or other consideration expected to be paid or received and not discounted. Debl instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otheiSe 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 cosl less impairment. Other financial instruments. including derivattves, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business tenns or financed at a rate of interest that is not a market rate. in which case the asset is measured at the presenl value of the future payments discounted at a market rate of interesl for a similar debt instrument. Olherfinancial instruments are subsequently measured al fair value, with any changes recognised in the statement of financial aGtivities. with Ihe exception of hedging instruments in a designated hedging relalionship.
ALULBAYT FOUNDATION Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlftu•dJ Financial instruments (continued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. 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 assels that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed Individual 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 impairmenl not previously been recognised. Defined contribution plans Contributions to defined contributton plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are nol expected to be settled wholly within 12 months of the end of Ihe reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Donations and legacies Unrestricted Funds Restricted Tolal Funds Funds 2024 Donalions Donations 263.105 217.762 480,867 Grants Government grant income 2,800 2,800 265,905 217,762 483,667 Unreslricted Funds Restricted Total Funds Funds 2023 Donations Donations 129,014 272.166 401.180 Grants Government grant income 21.770 21,770 150,784 272,166 422,950
ALULBAYT FOUNDATION Notes to the Financial Statements (continued) Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable activity Support costs 180,128 168,460 217.762 397,890 168,461 348,588 217.762 566,351 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activity Support costs 76,703 162,216 278,901 355,604 162,216 238.919 278,901 517,820 Expendilure on charitable activities by activity type Activities undertaken direct Support Total funds costs 2024 Total fund 2023 Charitable activty Govemance costs 397,890 165,981 2,480 563,871 2.480 515,593 2,227 397.890 168.461 566,351 517,820 Analysis of support Costs Analysis of support costs actbvity 1 Total 2024 Total 2023 Staff costs Premises General office Governance costs 93,498 65.764 6,838 2.240 93.498 65.764 6,838 2,240 86,772 66,408 6,810 1,920 168,340 168.340 161,910 Net expenditure Net expenditure is ststed after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 50,282 50.283 10
ALULBAYT FOUNDATION Notes to the Financial Statements (continued) Year ended 31 March 2024 Independent examination fees 2024 2023 Fees payable lo the independent examiner for.. Independent examination of the financial statements 1,920 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 91,741 668 1,089 84.871 490 1,410 93,498 86,771 The average head count of employees during the year was 6 (2023: 5). No employee received employee benefits of more than £60.000 during the year (2023-. Nil}. 11. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 12. Tangible fixed assets Land and Fixtures and buildings fittings Molor vehicles Equipment Total Cost At 1 April 2023 and 31 March 2024 489,877 3.948 5,900 21.043 520,768 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 386.043 48.987 3,946 5.899 18,840 1,295 414.728 50.282 435,030 3.946 5,899 20.135 465,010 Carrying amount At 31 March 2024 54,847 908 55.758 At 31 March 2023 103,834 2,203 106,040 13. Debtors 2024 2023 Other debtors 29.742 32,957 11
ALULBAYT FOUNDATION Notes to the Financial Statements (wntinued) Year ended 31 March 2024 14. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes Other creditors 2,160 3,201 459 1,920 2,689 359 5.820 4,968 15. Penslons and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,089 {2023= £1,410). 16. Government grants The amounts recognised in the financial statements for govemment grants are as follows.. 2024 2023 Recognised in income from donations and legacies. Government grants income 2,800 21.770 17. Analysis of charitable funds Unrestricted funds At 31 March 20 24 At 1 April 2023 Income Expendrture General funds 208.585 265,905 1348.588) 125,902 At 31 March 20 23 At 1 April 2022 Income Expenditure General funds 296.719 150,784 (238,919) 208,584 Restricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Restricted Funds 217.762 (217,762) At 31 March 20 23 At 1 April 2022 Income Expenditure Restricted Funds 6.735 272,166 {278,901) 12
ALULBAYT FOUNDATION Notes to the Financial Statements (Conlinued) Year ended 31 March 2024 18. Analysls of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 55.758 75.963 (5.820) 125,901 55,758 75.963 (5,820) 125.901 Unrestricted Total Funds Funds 2023 Tangible fixed assets Currenl assets Creditors less than 1 year Net assets 106,040 107.512 (4.968) 208,584 106.040 107,512 (4,968} 208,584 13