WORLD MEMON ORGANISATION CHARITABLE FOUNDATION Audited Financial Statements
For the year ended 31 December 2021
Charity registration number: 1101413 Company registration number: 04984474
World Memon Organisation Charitable Foundation Audited Financial Statements For the year ended 31 December 2021
| Contents | Page |
|---|---|
| Charity Reference and Administrative Details | 02 |
| Trustees’ Annual Report (Including Directors’ Report and Strategic Report) | 03 |
| Independent Auditor’s Report | 07 |
| Statement of Financial Activities (Including Income and Expenditure Account) | 09 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 |
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World Memon Organisation Charitable Foundation
Charity Reference and Administrative Details For the Year ended 31 December 2021
| Charity registration | 1101413 |
|---|---|
| number | |
| Company registration | 04984474 |
| number | |
| Trustees | Nowsad Abdul Gani |
| Bashir Sattar | |
| Haroon Karim | |
| Dr Esmail Fakirmohamed Harunani | |
| Ashraf Abdul Sattar | |
| Mohamed Salman Iqbal | |
| Mahmood Shaikhani | |
| Muhammad Shoaib Ismail | |
| Registered office | 3 Weir Road |
| Balham | |
| London | |
| SW12 0LT | |
| Auditor | KWSR & Co, Chartered Accountants & Registered |
| Auditors | |
| 136 Merton High Street | |
| London SW19 1BA | |
| Bankers | Habib Bank plc |
| 264 Upper Tooting Road | |
| London SW17 0DP |
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World Memon Organisation Charitable Foundation
Trustees’ Annual Report (Including Strategic Report) For the year ended 31 December 2021
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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 published in October 2019.
Trustees of the charity
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:
Nowsad Abdul Gani Bashir Sattar Haroon Karim Dr Esmail Fakirmohamed Harunani Ashraf Abdul Sattar Mohamed Salman Iqbal Mahmood Shaikhani Muhammad Shoaib Ismail
Objectives and activities
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Assisting and promoting the religious, technical, and professional, general, and further education of Memons including education concerning the cultural and religious identity, customs, and language of the worldwide Memon community.
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The relief of poverty, sickness, distress and suffering of any persons who are in need irrespective of their race, caste, nationality, and creed,
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The provision of recreational facilities and activities in the interests of social welfare with the object of improving the conditions of life for those Memons and non-Memons in need of such facilities
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World Memon Organisation Charitable Foundation
Trustees’ Annual Report (Including Strategic Report) For the year ended 31 December 2021
Strategic Report
Structure, governance, and management
Governing document
The charity is controlled by its governing documents given below.
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Constitution of World Memon Organization Charitable Foundation, including amended Articles
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Standing Orders to the Constitution
Trustees
The charity’s trustees are not remunerated, and they spend out of pocket even though they are allowed to reimburse their expenses in accordance with WMOCF expenses policy. Trustees are registered and appointed after they obtain the trustee membership from the charity, and it is a voluntary service-oriented appointment.
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Mr. Nowsad Abdul Gani
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Mr Bashir Sattar
-
Mr. Haroon Karim
-
Dr Esmail Harunani
-
Ashraf Abdul Sattar
-
Mohamed Salman Iqbal
-
Mahmood Shaikhani
-
Muhammad Shoaib Ismail
Staff and Volunteers
Our team shares a huge passion for the work we do, and as we are a small organization every team member sees first-hand the difference we make to families. At the year end, we have 2 professional consultants and 5 freelance consultants.
We also have around 10 regular volunteers who assist with service delivery in the charity office or helping us to raise awareness and funds in the local community.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Financial policy
The charity has a written financial policy that sets out the procedures for the day-to-day management of the charity’s finances. This is reviewed once in 2 years.
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World Memon Organisation Charitable Foundation
Trustees’ Annual Report (Including Strategic Report) For the year ended 31 December 2021
Safeguarding
The charity is fully committed to safeguarding and promoting the welfare of all communities receive our welfare The policy is reviewed and updated bi-annually.
Diversity and inclusion
The provision of recreational facilities and activities in the interests of social welfare with the object of improving the conditions of life for those Memons and non-Memons in need of such facilities.
Reserve policy
In accordance with Charity Commission guidance, free reserves are uncommitted reserves freely available, which exclude restricted and designated funds and amounts invested in tangible fixed assets. Designated funds arise when the Trustees set aside unrestricted funds for specific purposes. Restricted funds arise when conditions are imposed by the donor, or by the specific terms of appeal, and can only be spent on the activities specified.
World Memon Organization relies entirely on voluntary income, which is subject to fluctuation. To ensure the continuance of the charity’s day-to-day activities, the Trustees have established a policy to hold free reserves, excluding grants and expenditure from restricted funds planned for the year ahead.
Unrestricted funds: Unrestricted funds amounted to $654,388 of which were of Investment in properties and cash reserves. The Board of Trustees had reviewed the charity’s reserves policy and agreed to maintain six months expenditure to cover essential operating costs.
Restricted funds: Restricted funds amounted to $320,709 of which the Zakat Restricted fund balance remained at $59,683 after the current year disbursements. The remaining $261,026 is the trustee fund balance.
Regular review: The Trustees take responsibility for reviewing the reserve policy to actual reserves during 2021, to actively consider the evolving situation with Covid-19 and the impact it may have on reserves, the potential need to build reserves given the uncertain economic outlook, and WMO’s ability to meet its charitable objectives.
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World Memon Organisation Charitable Foundation
Trustees’ Annual Report (Including Strategic Report) For the year ended 31 December 2021
Looking forward
In May 2022 a strategic review was conducted by Trustees & Office Bearer’s. The following keys points were identified for further appropriate approval and actioning;
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To conduct a global Census of Memon’s
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To work towards ensuring that all Memon’s are able to join the WMOCF
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Strengthen the participation and performance of the Global Youth wing
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Conclude and formalize the formation and set-up of the Global Ladies Wing
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Increase participation of Memon Jamaats around the globe
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Increase participation of other Memon institutions and organizations around the globe
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Continue to provide Education assistance and increase the number of students/children supported and work towards 100% literacy in the community
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Continue and expand the Housing projects for Memon’s in the sub-continent
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Continue to increase and provide medical assistance to those most in need
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Review the structure of the chapters of the WMO and ensure they have sufficient support to meet and deliver Humanitarian projects of value to society
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Participate in disaster relief missions as required from time to time around the world
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Conduct projects during the holy month of Ramadan to support the deserving
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Develop the WMO brand and digital presence to better showcase our work, build awareness of the charity and engage new stakeholders.
Trustees’ responsibilities
Disclosure of information to the auditors
We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
-
there is no relevant audit information of which the company’s auditors are unaware; and
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we have taken all the steps that we ought to have taken as directors to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
In approving the Trustees’ Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.
On behalf of the board
Bashir Sattar (Sep 1, 2022, 6:52pm) Bashir Sattar Trustee
Haroon Karim
~~Haroon Karim~~ Haroon Karim (Sep 2, 2022, 7:29am) Trustee
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World Memon Organisation Charitable Foundation
Independent Auditor’s Report to the Trustees / Members of World Memon Organisation Charitable Foundation
For the year ended 31 December 2021
We have audited the financials statements of the World Memon Organisation Charitable Foundation for the year ended 31[st] December 2021 which comprise a statement of financial activities, Balance Sheet and related notes. The financial reporting framework that has been applied in their preparation is the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting standard 102.
Respective Responsibilities of Trustees and Auditor
The trustees are responsible for preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the Audit
An audit involves obtaining evidence about the number of disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. This includes as assessment of whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements.
Opinion on the Financial Statements
In our opinion the financial statements:
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give a true and fair view of the state of the Charity’s profit or loss for the year ended 31 December 2021.
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the charities Act 2011
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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World Memon Organisation Charitable Foundation
Independent Auditor’s Report to the Trustees / Members of World Memon Organisation Charitable Foundation
For the year ended 31 December 2021
Matters on which we are required to Report by Exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us following report to you if, in our opinion:
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Adequate accounting records have not been kept; or
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certain disclosures of trustee’s remuneration specified by law are not made; or
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We have not received all the information and explanations we require for our audit; or
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returns adequate for our audit have not been received from branches not visited by us; or
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the company financial statements are not in agreement with the accounting records and returns.
Susan Rahman (Sep 2, 2022, 9:34am)
Susan Rahman BSc FCA (Senior Statutory Auditor)
KWSR & Co. Chartered Accountants & Registered Auditors 136 Merton High Street, London SW19 1BA
4[th] August 2022
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World Memon Organisation Charitable Foundation
Statement of Financial Activities
For the year ended 31 December 2021
| Note Income and endowments from: Donations and legacies 2 Charitable Activities Investment & Other 3 Total income and endowments Expenditure on: Charitable activities 4 Governance Cost 5 Total expenditure Net Exchange gains / (losses) Net income / (expenditure) Transfers between funds Surplus / (Deficit) in funds 9 Reconciliation of funds: Total funds brought forward Prior Year adjustment 9 10 B/F General/Zakat/Trustee Fund Utilisation Fund transfer to Unrestricted fund Excess fund received during the year Total funds carried forward 9 |
2021 | 2020 | |
|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total Total |
|
| $ - - 69,125 |
$ 864,520 - - |
$ $ 864,520 779,830 - - 69,125 85,900 |
|
| 69,125 - 83,084 |
864,520 914,901 - |
933,645 865,730 914,901 721,512 83,084 89,987 |
|
| 83,084 8,617 |
914,901 - |
997,985 811,499 8,617 - |
|
| (5,342) (50,381) |
(50,381) 50,381 |
(55,723) 54,231 - - |
|
| (55,723) | - | (55,723) 54,231 |
|
| 732,027 (21,916) - - - |
93,022 - (14,622) (69,125) 311,434 |
825,049 (21,916) 1,199,801 - (14,622) (69,125) 311,434 (428,983) - - |
|
| 654,388 | 320,709 | 975,097 825,049 |
All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.
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World Memon Organisation Charitable Foundation
Balance Sheet
For the year 31 December 2021
| Note Fixed assets Tangible assets 6 Investments Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current Assets / (liabilities) Total assets less current liabilities Charity Funds Restricted funds 9 Unrestricted funds 9 Total charity funds |
2021 $ 500,000 7,397 507,397 - 481,384 481,384 13,684 467,700 975,097 320,709 654,388 |
2020 $ 500,000 7,397 |
|---|---|---|
| 507,397 84,128 302,796 |
||
| 386,924 69,272 |
||
| 317,652 | ||
| 825,049 | ||
| 93,023 732,026 |
||
| 975,097 | 825,049 |
The financial statements were approved and authorised for issue by the Board on 4[th] August 2022.
Signed on behalf of the board of trustees
Bashir Sattar (Sep 1, 2022, 6:52pm) Bashir Sattar,
Trustee
Date[4th August 2022]
The notes on pages 12 to 22 form part of these financial statements.
Company registration number: 04984474
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World Memon Organisation Charitable Foundation
Cash Flow Statement
For the year ended 31 December 2021
| Note Cash flow from operating activities 11 Bank profits Received / paid Net cash flow from operating activities Cash flow from investing activities Rents received from investment properties Net cash flow from investing activities Cash flow from financing activities Receipts from issue of new long-term loans Repayment of long-term loans Zakat/Trustee Liabilities Received Zakat/Trustee Liabilities Paid Net cash flow from financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash and cash equivalents consist of: Cash at bank and in hand Short term deposits Cash and cash equivalents at end date 31 Dec 2021 |
2021 $ 178,588 178,588 - - - - 178,588 178,588 302,796 481,384 481,384 - 481,384 |
2020 $ (319,338) |
|---|---|---|
| (319,338) | ||
| - | ||
| - | ||
| - - |
||
| (319,338) | ||
| (319,338) 622,134 302,796 302,796 - 302,796 |
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
9 Summary of significant accounting policies
(9) General information and basis of preparation
World Memon Organisation Charitable Foundation is a company registered by guarantee in England / Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to $1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are.
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Assisting and promoting the religious, technical, and professional, general, and further education of Memons including education concerning the cultural and religious identity, customs, and language of the worldwide Memon community.
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The relief of poverty, sickness, distress and suffering of any persons who are in need irrespective of their race, caste, nationality, and creed,
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The provision of recreational facilities and activities in the interests of social welfare with the object of improving the conditions of life for those Memons and non-Memons in need of such facilities
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Accounting Practice.
[The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in United States Dollar ($) which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds 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.
Designated funds comprise unrestricted funds that have been set aside by the trustees for purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
® Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined based on the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed, and an equivalent amount recognised as charitable expenditure.
Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and ‘Income from other trading activities. Upon sale, the value of the stock is charged against ‘Income from other trading activities and the proceeds are recognised as ‘Income from other trading activities. Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services to raise funds and is recognised when entitlement has occurred.
Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest, and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
(c) Income recognition (continued)
Other income includes the conversion of endowment funds into income which arises when capital funds are released to an income fund from expendable endowments or when a charity has authority to adopt a total return approach to its permanent endowment fund. It also includes other income such as gains on disposals of tangible fixed assets.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising funds includes of overheads and professional fee.
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Expenditure on charitable activities includes Zakat and Non-Zakat donation made to the various projects; and
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Other expenditure represents those items not falling into the categories above.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
(g) Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.
Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.
Acquisitions only arise when donated to the charity or if it is believed that they will further the charity’s objectives. Once acquired they will be preserved by the charity to keep their historical, artistic, scientific, technological, geophysical, or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.
(h) Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.
(i) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
(j) Debtors and creditors receivable / payable within one year
Debtors and creditors and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
(k) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
(l) Concessionary loans
Concessionary loans include those receivables which are interest free and are made to advance charitable purposes. All loans are / Where the loan is repayable on demand within two years, the loan is measured at cost, less impairment.
(m) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated, and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(n) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date because of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
(o) Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
(p) Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
(q) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
(r) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.
2 Income from donations and legacies
| Donation / Lillah Zakat Donations Fees and Subscription from Members |
Unrestricted Restricted 2021 2020 Funds $ Funds $ Total $ Total $ - 82,939 82,939 56,885 - 781,581 781,581 720,228 - - - 2,717 |
|---|---|
| - 864,520 864,520 779,830 |
Income from donations and legacies was $ 864,520 (2020 - $ 779,830) of which $864,520 (2020 - $ 722,945) was attributable to restricted and $ Nil (2020 - $56,885) was attributable to unrestricted funds.
3
| Income from Investments & Other Profit on sale of programme related investment Other |
Unrestricted Restricted 2021 2020 Funds $ Funds $ Total $ Total $ - - - - 69,125 - 69,125 85,900 |
|---|---|
| 69,125 - 69,125 85,900 |
Other income is $69,125 (2020 - $ 85,900) which was transferred from restricted (trustees’) funds available for chapter expenses as there is no sufficient general donation or voluntary income collected by the chapter.
4 Charitable activities
| Educational Assistance Housing Assistance/Community Rehab Other Specific Zakat Projects Donation to NIC Office COVID & Disaster Relief |
Unrestricted Restricted 2021 2020 Funds $ Funds $ Total $ Total $ - - - 250,000 - - - 120,000 - 781,581 781,581 120,000 - 85,284 85,284 - - 48,036 48,036 231,512 |
|---|---|
| - 914,901 914,901 721,512 |
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
5 Governance costs
| Governance costs | |||
|---|---|---|---|
| Unrestricted Restricted Funds $ Funds $ Trustee Remuneration - - IT, & Communication - - Consultancy & HR 64,111 - Depreciation & Amortization - - Legal, Professional 5,599 - Office costs (incl. rental) - - Advertising & Promotion 2,171 - Auditors Remuneration 7,841 - Finance 1,594 - Other 1,768 - 83,084 - Auditor’s remuneration Fees payable to the charity’s auditor for the audit of the charity’s annual accounts Corporate finance transactions Other services |
Unrestricted Restricted Funds $ Funds $ - - - - 64,111 - - - 5,599 - - - 2,171 - 7,841 - 1,594 - 1,768 - |
2021 Total $ - - 64,111 - 5,599 - 2,171 7,841 1,594 1,768 |
2020 Total $ - 3,400 63,903 - 1,097 12,000 - 7,020 1,762 805 |
| 83,084 - |
83,084 | 89,987 | |
| 2021 $ 7,800 - |
2020 $ 7,000 |
||
| 20 | |||
| 7,800 | 7,020 |
Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2020: $Nil)
Staff costs and employee benefits
WMOCF does not have recruited permanent employees. We have 2 consultants based in Sri Lanka to assist on the functions and record keeping of the charity. No employees or consultants received total fees of more than $60,000.
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World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
6 Tangible fixed assets
| Investment properties Land and buildings Plant and machinery Fixtures and fittings Motor vehicles $ $ $ $ $ Cost or valuation: At 1 Jan 2021 500,000 - - - - Additions - - - Disposals - - - - Revaluation - - - - At 31 Dec 2021 500,000 Depreciation: At 1 Jan 2021 - Charge for the year - Impairment - Revaluation - At 31 Dec 2021 - Net book value: At 31 Dec 2020 500,000 At 31 Dec 2021 500,000 The net book value of land and buildings comprised. 2021 $ Investment properties: Freehold 500,000 Long leasehold - Short leasehold - 500,000 Land and buildings: Freehold - Long leasehold - Short leasehold - - 500,000 |
Investment properties Land and buildings Plant and machinery Fixtures and fittings Motor vehicles $ $ $ $ $ 500,000 - - - - - - - - - - - - - - - |
Investment properties Land and buildings Plant and machinery Fixtures and fittings Motor vehicles $ $ $ $ $ 500,000 - - - - - - - - - - - - - - - |
Total $ 500,000 - - - |
|---|---|---|---|
| 500,000 | 500,000 | ||
| - - - - |
- | ||
| - | - | ||
| 500,000 | 500,000 | ||
| 500,000 | 500,000 | ||
| 2021 $ 500,000 - - 500,000 - - - - |
2020 $ 500,000 - - |
||
| 500,000 - - - |
|||
| - | |||
| 500,000 | 500,000 |
19 | P a g e
World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
| 7 Debtors Trade debtors Amounts owed by group undertakings Prepayments and accrued income Concessionary loans receivable 8 Creditors: amounts falling due within one year Payments on account for contracts or performance related contracts Amounts owed to group undertakings Accruals for grants payable Accruals Other Creditors |
2021 $ - - - - |
2020 $ 84,128 - - |
|---|---|---|
| - | 84,128 | |
| 2021 $ - - - 13,684 - 13,684 |
2020 $ - 55,288 - 13,984 - |
|
| 69,272 |
| 9 Fund reconciliation |
|||||||
|---|---|---|---|---|---|---|---|
| Brought | Funds | ||||||
| forward Bal | Received | Utilized | Balance | ||||
| as at | During | During the | Exchange | Prior Year | as at | ||
| 01/01/2021 | the year | year | Transfers | Gain | adjustment | 31/12/21 | |
| Un restricted funds | |||||||
| General Fund | 176,426 | - | (83,084) | 44,125 | 8,617 | (21,916) | 124,168 |
| - | - | ||||||
| Investment Funds | 500,000 | - | 500,000 | ||||
| Other Funds | 55,601 | - | - | (25,381) | 30,220 | ||
| Restricted Funds | |||||||
| Others | - | 82,939 | (133,320) | 50,381 | - | ||
| Zakat Fund | 74,305 | 766,959 | (781,581) | - | 59,683 | ||
| Trustee Funds | 18,717 | 311,434 | - |
(69,125) | 261,026 | ||
| Total | 825,049 | 1,161,332 | (997,985) | - | 8,617 | (21,916) | 975,097 |
20 | P a g e
World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
Fund descriptions
a) Unrestricted fund
This includes the membership fee collected from general members and the general donations given by donors for the usage of any activities of WMO
c) Restricted fund
This includes the Trustee funds (mainly formed with the accumulated trustee fees of the WMO) and the Zakat collections. Zakat is of specific nature and could only be paid to specific projects and beneficiaries based on the donors’ discretion.
10 Prior year adjustment
The following bank balances have been written off after having obtained the bank confirmation by the organisation and with the consent of the management as accounting errors related to previous years.
Habib bank (402-102092) £ 19,484.18 Habib bank (402-102895) £ 2,432.53 £ 21,916.71
11 Reconciliation of net income / (expenditure) to net cash flow from operating activities
| 2021 | 2020 | |
|---|---|---|
| $ | $ | |
| Net income / (expenditure) for the year | (55,723) | 54,231 |
| Prior year adjustment | (21,916) | |
| Dividends received | - | - |
| Depreciation and impairment of tangible fixed assets | - | - |
| (Gains) / losses on exchange rates | - | - |
| (Profit) / loss on disposal of tangible fixed assets | - | - |
| (Profit) / loss on disposal of fixed asset investments | - | - |
21 | P a g e
World Memon Organisation Charitable Foundation
Notes to the Financial Statements
For the year ended 31 December 2021
| Excess receipts of fund B/fwd fund utilised Provisions less payments (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash flow from operating activities |
311,434 (83,747) - 84,128 (55,588) 178,588 |
(428,983) - 54,865 549 |
|---|---|---|
| (319,338) |
12 Events after the end of the period
No material events occurred after the balance sheet date
13 Off-balance sheet arrangements
No off-balance sheet arrangements made for this charity
14 Related party transactions
There are no related party transactions during the period (2020: $ Nil)
22 | P a g e
Issuer
KWSR and Co LTD
Document generated Thu, 1st Sep 2022 16:36:47 BST
Document fingerprint 24733f81471d5e0fcbe15227badd4676
Parties involved with this document
Document processed
Party + Fingerprint
Thu, 1st Sep 2022 18:52:07 BST Fri, 2nd Sep 2022 7:29:41 BST Fri, 2nd Sep 2022 9:34:07 BST
Bashir Sattar - Signer (08b99a4e7c41bc6512d9578570d8b681) Haroon Karim - Signer (136b1a89df1042db3fcedf7af1201366) Susan Rahman - Signer (dfa38222cca3c33ff39766a905e3da7c)
Audit history log
Date
Action
Fri, 2nd Sep 2022 9:34:07 BST Fri, 2nd Sep 2022 9:34:07 BST Fri, 2nd Sep 2022 9:31:04 BST Fri, 2nd Sep 2022 9:30:58 BST Fri, 2nd Sep 2022 9:29:32 BST Fri, 2nd Sep 2022 7:29:43 BST Fri, 2nd Sep 2022 7:29:41 BST Fri, 2nd Sep 2022 7:29:41 BST
Fri, 2nd Sep 2022 7:29:41 BST Fri, 2nd Sep 2022 7:27:29 BST Fri, 2nd Sep 2022 7:27:21 BST Thu, 1st Sep 2022 18:52:09 BST Thu, 1st Sep 2022 18:52:08 BST Thu, 1st Sep 2022 18:52:07 BST
Thu, 1st Sep 2022 18:52:07 BST Thu, 1st Sep 2022 18:50:24 BST Thu, 1st Sep 2022 18:50:09 BST
The envelope has been signed by all parties. (35.179.60.205) Susan Rahman signed the envelope. (35.179.60.205) Susan Rahman viewed the envelope. (35.179.60.205) Susan Rahman opened the document email. (77.97.36.117) Susan Rahman opened the document email. (77.97.36.117) Haroon Karim viewed the envelope. (35.179.60.205) Document emailed to hello@kwsr.co.uk (13.42.11.191) Sent the envelope to Susan Rahman (hello@kwsr.co.uk) for signing. (35.179.60.205)
Haroon Karim signed the envelope. (35.179.60.205) Haroon Karim viewed the envelope. (35.179.60.205) Haroon Karim opened the document email. (87.248.116.147) Bashir Sattar viewed the envelope. (35.179.60.205) Document emailed to haroonkarim@aol.co.uk (18.170.55.89) Sent the envelope to Haroon Karim (haroonkarim@aol.co.uk) for signing. (35.179.60.205)
Bashir Sattar signed the envelope. (35.179.60.205) Bashir Sattar viewed the envelope. (35.179.60.205) Bashir Sattar opened the document email. (104.28.89.69)
Thu, 1st Sep 2022 16:40:13 BST Thu, 1st Sep 2022 16:40:13 BST
Thu, 1st Sep 2022 16:38:22 BST Thu, 1st Sep 2022 16:38:22 BST Thu, 1st Sep 2022 16:38:22 BST Thu, 1st Sep 2022 16:37:10 BST
Thu, 1st Sep 2022 16:36:47 BST
Document emailed to bashir@mychoice.co.uk (18.132.67.82) Sent the envelope to Bashir Sattar (bashir@mychoice.co.uk) for signing. (77.97.36.117) Susan Rahman has been assigned to this envelope (77.97.36.117) Haroon Karim has been assigned to this envelope (77.97.36.117) Bashir Sattar has been assigned to this envelope (77.97.36.117) Document generated with fingerprint 24733f81471d5e0fcbe15227badd4676 (77.97.36.117) Envelope generated by Susan (77.97.36.117)