Reglstered number: 04984474 Charity number: 1101413 World Memon Organisation Charitsble Foundation AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 World Memon Organisation Charitable Foundation CONTENTS Page Refvrence and Admlnistrative Detalls of tho Charfty, Its Trustees and Advlsers Trustees. Report IndependentAudltors' Report on the Flnanclal Statements 8-11 statement of Flnanclal Actlvltles 12 Balance Shoet 13 statement of Cash Flow$ 14 Notes to tho Flnanclal Statements 15-28 World Memon Organlsalion Charitable Foundation CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees AshrafAbdul Sattar Mahmood Shaikhani Mohammad Salman Iqbal Muhammad Shoaib Ismail Bashir Sallar Nowsad Abdul Ghani Haroon Karim (resigned 8 March 2024) Company registered numbor 04984474 Charlty registered number 1101413 Reglstered offlce 3 Welr Road London SW12 OLT Company 8ecretary Bash￿ Sattar Bankers Habib Bank plc 264 Upper Tooling Road London SW17 ODP Page 1 World Mernon Organisation Charitable Foundation TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslaes presenl their annual report together with the audited financial statemenls of the Charity for the year 1 JanLFary 2024 10 31 December 2024. The Annual Report seNes ihe purposes of both a Truslees, report and a directors, report under company law. The Truslees confirm Ihal Ihe Annual Report and financial slalemenls of Ihe charilable company comply with the current stalulory requirements, the requirements of the chari18ble company's governlng document and the provisions of the Statement of Recommended Practice {SORP) applicable to charillès preparing their accounts in accordance with the Finandal Reportlng Standard appllcaNe In the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Since the Charity quallfies as small under section 382 of the Companles Act 2006, the Strategic Report required of medium and larg8 companies under the Companies Acl 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omilled. Objectives and activities Policies and objectlves Assisting and promoting the religlous. technical and prolessional. general and further educ8tion of Memons including education concerning the cultural and religious idenlily, customs and language of the worldwide Memon community. The relief of poverty, sickness. distress and suffering of any persons who are in need irrespective of their race, caste, natlonality and creed. The provision of recreational facilities and activities in the interests of social welfare with Ihe object of improving the conditions of life for those Memons and non-memons in need of such facilities. In selling objectives and planning for aclivilies, Ihe Tru$leo$ have given due ¢onsidoration lo genoral guidance publlshed by th8 Charity Commission relating lo public benefit. including ihe guidance 'Public benefit: running a charity {PB2>'. Achlevements and performance a. Main achlevements of the Charity During the year ended 31 December 2024, the organisalion contlnued to deliver on its charitable objectives by extending meanlngful support lo individuals in need. The principal areas of focus included. Educational Assistance.. $70,346 - Providing financial support and resources to Improve access to leaming. li. Houslng and Rehabilitation- $25,693 - Assisting beneficiaries with safe housing and recovery programmes. ill. Dlsasler Rellef.. $25,302- Delivering urgent assistance and supplies in response lo crises. iv. Specific Zakat Projects.. $32.039 - Disbursing Zakat funds in accordance wilh established guidelines. To enhance donor engagement and facilitate contributions. the Trustees are planning lo launch a new website Ihal wll offer an onlina donation facility. This inilialNe is in line vith efforts lo improve transparency and broaden accessibilily for supporters. The Trustees are encouraged by the positive reception of the organisation's initialives and remain commilted to sustaining and expanding these efforts with the continued backing of donors and volunleers. Page 2 Worfd Memon Organisation Charitable Foundation TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review . Going concern The Trustees have considered the funding w)sition and risk to which the organisation is exposed. The Trus160S have a reasonable expectation th81 Ihe Charity has adequate resources lo continue In exlslence for the foreseeable future and they believe Ihal there are no material uncertainties which call into doubl the Charily's ability lo continue as a going concern. The finanGial slatements have therefore been prepared on the b8618 that Ihe Charity is a going concem. b. Reserves pollcy In line with Charity Commisslon guidance, free reseNe8 ￿fer lo unreslricled and uncommitted funds that are readily avallable for use. These exclude reslricled and designaled funds as well as any amounls invested in langlble fixed assets. Designated funds represent unrestricted reserves that the Trustees have earmarked for specific purposes, while reslrlcled funds are sublecl lo donor-lmposed condltions or appeal-specific terms and may only be utlllsed for designaled aclfvitses. The organisation relies exclusively on voluntary income, which can vary from year to year. To safeguard the continuity of its operations, th6 Trustees have adopted a reserves policy aimed at m8intaining sufficienl free reserves lo cover routlne expenditure, exdusive of planned grants or disbursemenls from reslricled funds. Unrestricted funds Total unr8Strlcted funds held by the Charity are In a deficit position of $65,756 (2023.. $65,568). The Trustees remaln focused on reversing this Irend and will continue to prioritise efforts lo generate general donations and rebulld unrestrlcled reserves. In Ilne wlth the establlshed policy, the Board of Trustees reviewed and reaffirmed the goal of malntainlng rese￿eS equivalent to six months of core operating costs. Unreslricled resetves are currently in deflcit,. however, Ihoy ar8 supported by Trustee funds amounting lo $ 2,505,800 (GBP 2,000.0001 invested al an annual return of 5 % . Allhough the TTUStee funds are classrfied as reslricled, the incom8 generated from this inve51menl is treated as unreslricled and may be applled toward general operational needs. The Trustees will continue to monitor Ihis investment and may allocate proceeds lo help address the shortfall in unreslricled reserves. Restricted funds Restricted funds totalled $2,740,215 as at year-end. reflecting donor contributions and Trustee allocations earmarked for specific charitable purposes. These funds are subject to exlernally imposed condillons or appea specific terms and may only be ulilised for designated activities in line with donor intent. The Zakat restricted fund, which supports eliglble beneficiarles in accordance with Islamic charitable principles, retained a balance of $125,413 following largeled distributions. This fund continues lo be managed wllh strict adherence to religious and elhi¢al guidelines, ensuring transparency and compliance. The remaining balance of $2,614,802 represents Truslees fund designated for inveslmenl to generato income to support the organisalion's core operations. Ongoing review Given prevailing economic uncertainties. Ihe Truslees have conducted a regular review of the organisation's reserves in the conlexl of Ihe exisling policy. This exercise aims lo ensure the organisation remalns well- posllioned to deliver on its charitable objectives and respond to emerging needs effeclively, Page 3 World Mgmon Organlsatlon Charitable Foundatlon TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management a. Governing Documen18 The Charity is controlled by its govèrning d0￿MentS giv8n below: 1. Conslilulion of World Memon Organisalion Charitable Foundation. including amended Articles 2. Standing Orders to the Conslilution b. Management and Recrultmont of Trustees In accordance wilh the Constitution of the World Memon Organis81ion Charitable Foundation (WMOCF), the following criteria musl bo fulfilled for an individual to be appointed as a Trustee.. Subscription requlrement Any indlvidual of Memon origin who contributes a Trustees Lif8 Subscription of US$100,000 for males or US$50,000 for females lo the WMOCF shall be ellgible for appointment as a Trustee. Upon meeting this r8qulrement, the individual shall be designated as a Member of the Board of Tnjstees {BOT>, the Management Committee (MCI, and the Regional Managemenl Commillee (RMC) of the respeclive regK)n, subjecl to the conditions outlined below. Eligibility condStions i. The individual musl be al least 25 years of 8g6. ii. The Individual mu81 not be an undis¢harged bankrupl. ¢onvi¢led of a serious crimlnal offen¢e, or declared of unsound mind. 111. The individual musl complete the Know Your Truslee (KYT) form. and receNe approval from the deslgnated Office Bearers. There are no exlemal enlilies or bodies that hold Ihe authority to appoint Trustees lo Ihe WMOCF. AII appointments are governed strictly by the provisions set forth In the Foundalion's Conslitulion. c. Staff and volunteers As a small and dedicated organisation, every member of our leam plays a direct role in deliveiing meaningful Impacl lo the families we support, Al year-end. OUT operational capacily included two professional consullanls and five freelance consullanls, each contributing spe¢i81ised expertise to advance our ch8rilable objectives. In addition, we are supported by approximately len regular volunteers who asslsl with service dellvery al the Charity office and actNely participate in comTnunily engagement efforts, including awarenes5 campaigns and fundraising initiatives. d, Diversity and inclusion We are committed lo promoting diversity and inclusion Ihrough the provision of recrealional facilities and aclFvilies Ihal serve Ihe interests of social welfare. Our objective is lo enhance the qualily of life for individuals in need-bolh Memons 2nd non-memons-by ensuring equitable access lo supportive and enriching opportunities within the community. Page 4 World Memon Organlsatlon Charftable Foundatlon TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management (continued) e. Financlal pollcy The Charity operales under a formal financial policy that outlines the procedures for the effecllve day-to-day management of its financial activities. This pollcy is revlewed biennially lo ensure continued relevance, compliance, and alignment with best practices in financial govemancè. f. Flnanclal rlsk management The Trustees have undertaken a comprehensive assessment of the principal rlsks faclng the Charlly, wllh particular focus on operattonal and financial exposures. They are satisfied that appropriate systems and conlrols are in plaGe to effectively miligale these risks and safeguard the organisalion's long-leTm sustainability. Plans for future pèrlods In 2024, the Charity launched an ambitious Ihree-year stralegy aimed al expanding the scope of ils serwices, enhancing organisalional capaclly and broadening ils geographical reach. This inilialive is driven by the vlslon that every Memon should be part ofWMOCF-whelher as a donor, a member. or a beneficjary. As part of Ihls slrat8glc dlrection, the Charity's priorities for 2024125 and beyond wlll include the followlng., Membershlp Growth & Engagement Expand ordinary membership with the goal of reathing 20,000 members globally by 2027. strengthen t18s wilh Memon Jamaats and institutions worldbwd8, ensuring Ih61f aclive participation in WMOCF initiallves. Launch largeled oulreach and awareness campaigns to encourage broader participation across all age groups and regions. Youth & Leadership Development Strengthen the participation and performance of the Gk)bal Youth Wing ihrough 18adeiship training, skills development, and global neiworking opportunities. Establish mentorship programmes linking youth with established professionals and business leaders in the Memon community. Empowerment of Women Support and scale the Global Ladies Wing projects, fostering greater participation of Memon women Worldwide. ovelop initiatives focused on women's entrepreneurship, leadeiship, and education. Communlty Data & Connectivlty Conduct a Global Memon Census lo create a comprehensive database of Memons worldwide. Use this data lo beller connect members. assess needs. and deliver largeted suppori programmes. Educatlon & Llteracy Conlinue expanding educational assistance schemes, aiming to increase Ihe number of children and students supported each year. Work towards the long-lerm goal of achieving 11Xi¥o literacy wilhin Ihe Memon community. Establish scholarship funds and partnerships with universities for higher education opportunities. Housing & Soclal Welfare Scale up housing projecls in the subcontinent, ensuring safe and dignified homes for vulnerable families. Conlinue to expand medical assistance programmes, prioritising access for the most underprivileged. Introduce welfare initiatives focused on senior cilizens and widows to ensure their dignity and care. Page 5 Worfd Memon Organisation Charitable Foundation TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future perlods Icontlnued) Disaster Rellef & Humanltarlan Support Maintain readiness lo participate in global disaster re￿8f missions. offering aid wherever needed. Expand humanitarian prolects beyond the Memon community to S8rve wlder society, in line with our values. Ramadan & Falth.Based Programmes Continue impactful projects durlng the holy month of Ramadan. includlng food distribution and support for lh8 deseNing. Explore new ways lo allgn charitable giving with spirilual obseNances to maximize Impact. Organisational Development Review and slrenglhen the structure and governance of WMOCF chapters, ensuring Ihey have the resources, systems, and support needed to deliver impaclful humanitarian projects. Invesl Sn leadership training and capacity-buikling programmes for WMOCF leaders and volunteers. Branding & Digital Transformatlon Develop and strengthen the WMOCF brand and digital presence to showcase our work, bulld awareness, and allract new stakeholders. Launch digilal platforms for donations, volunteer engagement, and proj8Ct tracking to improve transparency and community involvement. SustalnabllSty & Partner8hlp8 Establish slralegic partnerships with NGOS. govemmenls, and corporate enlilies to expand lrnpact and resource mobilizalion. Develop long-lerm endowment funds and legacylwaqf inilialives lo ensure finan¢lal sustainability. Introduce envlronmenlally sustainable pr8Ctlces across WMOCF projecls, 811gnlng wilh global sustainability goals. Mèmber8. Ilability The Members of the Charity guarantee to contribute an amount not ex¢eedlng $110 the assets of the Charity in the event of winding up. Page 6 World Memon Organlsation Charitable Foundatlon TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 statement of Trustees, r05ponsibilltles The Trustees (who are also the directors of the Charily for the purposes of company law) are responsible for preparlng the Truslees, Report and the financlal statements in accordance with applicable law and United Kingdom Accounllng Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requlras the Trustees to prepare financial slalemenls for each financlal y8ar. U nder company law, the Trustees musl nol approve Ihe financial slalemenls unless they are satisfied Ihal they give a true and fair view of the slal8 of affairs of the Charily and of its incoming resources and application of resour¢os, including ils Income and 6xpenditLEre, for that period. In preparing Ihese flnancial Slalemenls, the Trustees are requlred to- select suilable 8ccountlng policies and then apply Ihem consistently., obseNe Ihe methods and principles of the Charities SORP IFRS 102); make judgments and accounting estimates Ihal are reasonable and prud8nl', state whelher applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial slalemenls- prepare Ihe financial statements on the going concern basis unless It is inappropriate to pTe8ume that the Charity will Continue in business. The Trustees are r8sponsible for keeping adequale accounting records that are sufficient lo show and explain the Charity's transactions and disdose wilh reasonable accuracy al any lime the flnanclal position of Ihe Charity and enable them lo ensure that the financial statements comply with the Companles Act 2006. They are also responsiblé for safeguarding the assets of Ihe Charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularilles. Dlsclosure of Information to auditor8 Each of the persons who are Trustees at Ihe time when this Trustees, Report is approved has confirrned Ihal.. so far as that TruBtee is aware, there is no relevant audil Informalion of which the charitls auditors are unaware, and that Trustee has taken all lh8 steps that ought to have been taken as a Tru51ee in ord8r to be awar8 of any relevant audit infomalion and lo establish that the Gharitrfs auditors are aware of thal Infom181ion. Audltors The auditors, Sidikies, have indicated their willingness to continue In office. The designated Trustees will propose a motion T8appointing the audilors al a meeting of tho Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by. ahmo Ivs Shalkhanl uste6) Date.. 26 September 2025 Page 7 World Memon Organlsatlon Charitable Foundatlon INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF Oplnlon We have audlled Ihe financial statements of World Memon Organisation Charitable Foundation (the 'charitable charity'l for the year ended 31 December 2024 which comprise the Slalem8nt of Financial Aclivlties, the Balance Sheet, the Slatement of Cash Flows and the related notes, including a summary of significanl accounting policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financi81 Reporting Standard 102 The Financial Reporting Standard applic3b18 In the UK and Republlc of Ireland, Iuniled Kingdom Generally Accepted Accounting Practice). In our oplnion the financial stalernenls.. give a true and fair view of Ihe slate of thé charitable company's affairs as al 31 December 2024 and of ils incoming resour¢es and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and h8ve been prepared in accordance with the requirements of the Companies Acl 2006. Ba818 for oplnion We condu¢led our audit in accordance with Inlernalional Slandards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Audllors, responsibilities for the audit of the financial slaleinents section of our report. We are independent of the charitable company in accordance wSlh the ethical requlremonts that are relevanl lo our audit of Ihe financial slatemenls in the Uniled Klngdom, includlng the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilltles In a¢¢ordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Concluslon8 rolatlng to going concern In auditing the financial slalemenls, we have concluded that Ihe TNstees' use of the going concern basis of accounling In the preparalion of Ihe financial statements Is appropriate. B88ed on the work we have perfomied, we have nol identified any material uncertainlies relating to evenls Of conditions Ihat, individually or collectively. may cast significant doubt on Ihe charitable company's ability to continue as a going concern for a period of at least twelve months from when Ihe financial slatemenls are aulhorised for Issue. Our re5ponsibililies and the responsibililies of the Trustees w¢lh respect to going concern are described In the relevant sections of this report. Page 8 World Memon Organisation Charitable Foundallon INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF (CONTINUED) Other Informatlon The other information comprises the informalion inclLKled in the Annual Report other than Ihe financlal slalemenls and our Auditors. Reporl thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statemanls does not cover the other information and, oxcepl lo the extent otherwise explicitly slated in our report, we do not exprèss any form of assurance concluslon Ihereon. Our responsibility is to read the other informalion and. in doing so, consider whether Ihe other information Is materially inconsistent with the financial slatements or our knowledge obtained In the Course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsisl8ncies or apparent material misslalemenls, we are required lo delermine whether this gives rise lo a material mlsslatement in the financial slatemenls themselves. If, based on the work we have performed, w8 conclude that there 15 a malerial mlsstalemenl of this other Infomialion, we are required to report that fact. W8 have nothing lo report in this regard. OpSnlon on other matters prescribed by the Companles Act 2006 In our oplnlon, based on Ihe work underiaken in Ihe course of the audit.. th8 information giv8n In th8 Trust8es' Report for th8 financial year for whlch the financial statements are prepared is consislenl with the financial slalements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception I n Ihe Ilght of our knowledge and underslanding of Ihe ¢h8rilable company and Ils environment obtained In the course of Ihe audit, we have not identified material misslalements in the Trustees, Report. We have nothing lo report in respect of the following matlers in relation to which Companles Act 2006 require8 U8 to reporl lo you if, in our opinion.. adequate accounting records have not been kepl, or returns adequate for our audil have not been received from branches nol visited by us: or the financial slalemenls are nol in agieemenl with the accounling records and returns.. or certain dlsclosures of Truslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our 8udil', o the Trustees were not entitled lo prepare the financial slatemenls in accordance w¢th the small companies regime and take advantage of the small CAimpanies' exemplions in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Page 9 World Mèmon Organisatlon Chafitable Foundation INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF (CONTINUEDI Rosponsibilltlos of trustees As explained more fully in Ihe Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitablè company for the purposes of company law) are responslble for the preparation of the financial slalements and for being satisfied thal they give a true and fair view, and for such int8rnal control as the Trustees determine 15 necessary to enable the pieparalion of financia5 statements that are free from materlal misslatemenl, whelher due to fraud or error. In preparlng the financial statements, the Truslee5 are responsible for assessing the charitable ¢ompanYs ability to conlinue as a going concèrn, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Audltors, regpon8lbllltles for the audlt of the flnan¢lal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material mlsslatemenl, whether due to fraud or error. and to issue an Audllors, Report Ihal includes our oplnion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audlt conducted in accordance with ISAS (UK) will always delect a material mlsslalemenl when il exisls. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, Ihey could reasonably be expect9d lo influence Ihe economlc decisions of u88rs taken on the basis of these financial stsl8ments. Irregularities, Including fraud, arg instances of non-￿mPli8nce with laws and regulations. We deslgn procedures in line with our r8sponsibililies, outlined above. to deted material misstatements in respect of irragularilies, including fraud. The extent to which our procedures are capable of detecting Irregu18rilies, includlng fraud is det8118d below.. I, We held discusslons with management lo understand the Charills approach lo compliance and fraud risk management. These discussions included reviewing relevant documentation and obtalning insighls into any known OT suspected irregularities. ii. We inspected minules from meelings of those charged with govemance to Identify any concerns raised regarding legal compllance, fraud, or internal control weaknesses. iii We developed an under8tanding of the legal and regulatory envlronmenl in whlch the Charity operates, focusing on laws and regulations that could materially impact the financial statements or the Charity's operallons. Iv. We evaluated the Charity's procedures for detecting and responding lo fraud. including Snquiries inlo any actual. suspected, or alleged inudenls. We also assessed the design and implemenlalion of internal controls aimed at miligaling fralsd risk. v. We revlewed Ihe Charil￿S processes for moniloring and accounting for funds distributed lo overseas partner organlsalions, including monthly financial reporting and Ihe results of local external audits. vi. We communicated relevant legal and regulalory considerations across the audit team lo ensure awareness throughoul the engagement and remained alert to any indications of non-compliance or fraud during the audit process. vii.we examined any reports submitted to regulators and tested ￿nancIal slalemenl disclosures against supporting documanlation to assess compliance with applicable laws and regulations. viii. We performed analyiical procedures to idenlify unusual or unexpected relalionships in the financial dala that could indicate a risk of material misstatement due lo fraud. Page 10 World Memon Organlsation Charitable Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF (CONTINUED) ix. We addressed the risk of managemenl override by lesling the approprialeness of journal entries and olh8r adjuslmenls, evaluating accounting eslimales for potential bias. and reviewing significant or non-routine Iransaclions for legitimacy and proper aulhorizalion. Because of th8 inherent limitations of an audit, Ihere is a risk that we will not detect all irregularities, including those leading lo a material misstalemenl in the financial slalements or non-compliance with regulation. This risk increases the more Ihal compliance wilh a law or regulation is removed from Ihe events and Iransactions r&fl8Cted in the financial slalemenls, as we will be less likely lo become aware of inslances of non-compliance. The rlsk is also greater regarding irregulayilies occurring due lo fraud rather than error, as fraud involv8S Inlenllonal concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of Ihe financial stalem6nls is located on the Flnanclal Reporiing Council's website at.. www.frc.or .uklaudilorsres nsibilities. This descripiion forms part of our Auditors, Report, Use of our report This report Is made solely to the charitable company's members, 88 a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that W8 rnighl slate to the charitable ¢ompanVs membeTS those mallers we are requlred 10 Stale lo them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyon6 other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Amlr Slddlqi FCCA FCA (Senlor Statutory Audltor) For and on behalf of Sidikies Chartered Accountants and Statutory Audilor 1 Sun Street Finsbury Square London EC2A 2EP 26 September 2025 Page 11 World Memon Oryanlsation Charitable Foundation STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 As r8sta16d Total funds 2023 Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Nots Income from.. Donalions and legacles Other activities Inveslmenls 2,917 33.496 165,137 284,416 287,333 33,496 165,137 455.744 44, 779 Total Income 201,550 284,416 485,966 500,523 Expendlturo on: Raising funds Charitable activilies 27,364 174,374 27,364 327,754 153,380 707,361 Total expenditure 201,738 153,380 355,11B 707,361 Net lexpenditurellincome Prior yegr adluslmenl 1188) 131,036 130,848 (206,838J (30,049) 15 Total adjustment8 (30,049) Net movement in funds (188) 131,036 130,848 (236, 887J Reconclllatlon of funds: Tolal funds brought forward Nel movement in funds (65.568) {188) 2,609,179 131,036 2,543,611 130,848 2, 780, 498 (236, 887J Total funds ¢arrled forward {65,756) 2,740,215 2,674,459 2,543,611 The Statement of Financi81 Activities indudes all gains and losses recconised in the year. The noles on pages 1510 28 fomi part of those financial statements. Page 12 World Memon Organisation Charitable Foundalion REGISTERED NUMBER: 04984474 BALANCE SHEET AS AT 31 DECEMBER 2024 AS restated 2023 2024 Note Current assetg Debtors 12 12,254 2,505,800 179,509 Investments Cash al bank and in hand 13 2,457.066 99, 295 2,697,563 2.556,361 Credilors.. amounls falling due viithin one year 14 123,104) {12,750) Net ¢urrent assets 2,674,459 2,543,611 Total asset8 le8s current Ilabilitie8 2,674,459 2,543,611 Net asgetg excludlng pen81on asset 2,674,459 2,543,611 Total net assets 2,674,459 2,543,611 Charlty funds Reslricled funds Unrestricted funds 15 15 2,740,215 (65,7561 2,609, 179 (65, 568) Total funds 2,674,459 2,543,611 The Trustees acknowledge their rosponsibililies for complying with the requiremenls of the Act with respect to accounting record5 and preparation of financial statements. The financial statements have been prepared In accordance with Ihe provisions appllcable to enlities subject to the small companies regime. The financial stalemenls were approved and authorised for issue by the Trusle8s on 26 September 2025 and slgned on their behalf by.. Bas dthaikhani ee) (rruslee) The notes on pages 15 to 28 form part of these financial statements. Page 13 World Memon Organisation Charttable Foundation STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 As re8tated 2023 2024 Cash flows from operatlng activities Nel cash used in operating activities 80,214 (207, 772) Cash flows from investlng actlvltles Net cash provided by Invostlng activities Cash flows from financing actlvltles Short-term investment (made) I redeemed {2,457,066) Net ca8h provlded byllused in) flnanclng actlvSlle8 12,457,066) Change in cash and cash oquivalents In the year Cash and cash equivaienls al the beginning of the year Chang8 In cash and cash equlvalents due to exchange rale movements 80,214 12,864,838) 99,295 2, 794, 182 (30, 049) Cash and cash equlvalonts at the end of the year 179,509 99,295 The notes on pages 1510 28 form part of Ihese financial statements Page 14 World Memon Organlsallon Charltable Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Information World Memon Organisalion Charitable Foundalion IWMOCF) is incorporated In the United Kingdom (company number.. 04984474) and is a registered charity in England and Wales and is a public benefit entity. WMOCF'S registered office and operational address is 3 Weir Road, London, England, SW12 OLT. Accountlng pollcles 2.1 Basis of preparation of flnanclal stalements The financlal statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounllng and Reporting by Charities: Slalemenl of Recommended Practicè applicab16 to charities preparing thelr accounts in accordance with the Financial Reporting Standard appllcable In Ihe UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) and the Companies Act 2006. The Charity meels the definition of a public benefit entity under FRS 102. Assets and liabilities are inilially recognised al hlstorical cost or transaction value unless olherwise slated in the rel8vant accounting policy. 2.2 Golng concern In preparing Ihese financial statements, the Truslees have assessed whether there are any material uncertainties Telated lo events or conditions thal cast significant doubl upon the Charit¥s ability lo continue as a going concern. As at the year-8nd. Ihe Charity reported a deficil of $65,756 in unrestricted funds, while restricted fijnds refiected a surplus of S2,740,215. Of this amount, $2,614,802 relaling to Trustee Funds has beèn invested in short-lerm inslruments. Although the Trustee funds are classlfled as restricted. the income generated from this investment is treated as unreslricled and may be applled toward general operational needs. The Trustees will oonlinue lo monitor this investment and may allocale proceeds to help address the shortfall in unrestricted reserves. Based on these available reSoU￿s. Ihe Trustees have reasonable assurance Ihat the Charity has adequale resources lo continue ils aclivitlgs and m801 its obligations for the foreseeable future. Accordingly, the financial statemenls have been prepared on a going concern basis. Page 15 World Memon Oryanlsation Charitable Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Icontinuedl 2.3 Income All Income is recognlsed once the Charity has entitlement to the income, it 18 probable that the income will be receNed and the 8mounl of income receivable can be measured reliably. The recognition of Income from legacies is dependent on establlshlng entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entillemenl to 8 legacy exists when the Charity has sufficient evidence Ihal a gift has been left lo them (throLtgh knowledge of the exlstence of a valid will and the death of the benefactor) and the executor Is satisfied Ihal the property in question will nol be required lo satisfy claims in thé eslale. Receipt of a legacy musl be rocognised when il is probable Ih8l it will be received and the fair value of the amounl receivable, which will generally be the expected cash amount to be distributed lo th8 Charlty, can be reliably measured. Grants are included In th8 Slalemenl of Financial Activities on a receivable basis. The balance of income received for specific purposes bul nol expended during the persod is shown In the relev8nt funds on the Balance Sheel. Where income is received In advance of entitlement of receipt, Its recognition Is deferred and induded in creditors as deferred income. Where entillement occurs befor8 incom8 is received. the income is accrued. Gifts Sn kind donated for distribution are included al valualion and recognised as income when they are distributed to the prolects. Gifls donated for resale are includ8d as income when they are sold. Where the donaled good Is a fixed asset, It is measured al fair value, unless il 1$ impracllcal lo measure this reliably. in which case Ihe cost of the ttem to the donor should be used. The gain Is r&cognised as income from donations and a corresponding amount Is included in th8 appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charlty's accounting policles. On receipt, donaled professional services and facilities are recognised on the basis of the value of the gift lo the Charity which is the amount il would have been willing lo pay lo obtain services or facilities of equlvalenl economic benefit on Ihe open markg1,' a corresponding amount Is then recognised in exp8ndilure in the perlod of receipt. Income tax recoverable in relation to donalions receNed under Gift Aid or deeds of covenant Is recognlséd at the time of the donalion. Income tax recoverable in relalion to investment income is recognlsed at the lime the Investment income is receivable. 2.4 Expendlture Expenditure is recognised once there is a legal or conslruclive obligalion lo transfer economlc benefit lo a Ihird party, it is probable Ihal a transfer of economic benefits will be required in setllement 8nd Ihe amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs of each activity are made up of the lotal of direct cosls and shared cosls. Including suppori costs involved in undertaking each activity. Direct costs attributable 10 2 single aclivily are allocated directly to that actlvily. Shared costs which conlribute lo more than one activity and support costs which are nol attributable to a single aclwity are apportioned between those activities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Page 16 World Memon OTganlsatlon Charitable Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Icontlnuedl 2.4 Expendlture (continued) Expendiluré on raising funds includes all expenditure incurred by the Charlty to raise funds for its charitable purposes and includes costs of all fundraising activities evenls and non-charilable tr8ding. Expenditure on charitable acllvities is incurred on directly undertaking the activities which further Ihe Charills objectives. as well as any associated support costs. Support Costs have been allocated lo charllable activities on a basis consistent with Ihe level of aclivbty. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and th8 amount can b8 measured reliably by the Charity., this is normally upon notification of Ihe Inleresi paid or payable by the institution with whom the funds are deposited. 2.6 Forelgn currencies Monetary assets and liabllltles denominated in foreign currencies aro translated Into dollars at rates of exchange ruling at the reportlng dale. Transacllon8 In forelgn currencies are translated into dollars at the r8te rullng on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Aclivllies. 2.7 Taxatlon The Charity Is considered to pass the tesls sel oul In Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore 11 rneels the definition of a charitable ￿MpanY for UK corporation lax purposes. Accordingly, the Charily is polentially exempt from laxalion In respecl of income or capital gains received within categories covered by Chapter 3 Pari 11 of the Corporatlon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent Ihat such income or gains are applied exclusively to charitable purposes. 2.8 Investments Fixed asset Investments are a form of financial inslrumenl and are initially recognised at Ihelr transaction cosl and subsequenlly measured al fair value al thè Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impaimient. Investmenl gains and losses, whether realised or unrealised, are combined and presented as 'Gains1{Lossesl on investments, In th8 Statement of Financial Activities. 2.9 Debtors Trade and other debtors are recognised at the setllemenl amount after any tradg discount offered, Prepayments are valued at the amount prepaid net of any Irade discounts due. Page 17 World Memon Organisatlon Charilable Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments wlth a short maturily of three months or less from the date of acquisition or opening of Ihe deposil or similar account. 2.11 Llabilitles and provisions L18bilities are recognised when there is an obllgation al the Balance Sheel date as a result of a past event, il is probable that a transfer of economic benefit will be requirèd in settlement, and the arnount of the settlement can be estimated reliably. Liabilities are recognised 81 the amount that Ihe Charity anticipates it will pay lo settle the d&bt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured 81 Ihe besl estimate of the amounts requlred to settle the obllgatSon. Where the effect of Ihe time value of money is matenal, Ihe provision is based on the presenl value of thos8 amounts, discounted at the pre-tax discount rale that reflecls the risks specific lo the liabS1Sly. The unwinding of the diacounl is recognlsed in th8 Slalement of Financial Activities as a finance cost. 2.12 Flnanclal Instrument8 The Charity only has financial assels and financlal liabilitie5 of a klnd that qualify as basic financial Inslrumenls. Financial assets comprise cash al bank, short temi dep0511s and other debtor8. Financial liabilities include other creditors. Basic financial instrumenls are initially recognised at Iransaclion va5ue and subsequently measured at their settlement value. Delails and carrying value of these financial assets and labilities are given in the notes lo the aoGounts. 2.13 Fund accountlng General funds are unrestricted fur)ds which are available for use at the discretion of the Trustees in furtherance of th8 general I￿lect￿￿5 of the Charity and which have nol been designated for olher purposes. Resldcled funds are funds which are to be used in accordance wilh specific reslrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administerlng such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Ihe notes lo the fina￿la1 statements, Inveslment income is Iransferred to unreslricted funds for general use as per Truslees d15crelion. Page 18 World Memon Organlsation Charitsble Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Prior year adjustment and restatement of comparatlvo figureg During Ihe year, the Tfuslees identified material prior period errors in the classification and presentalion of certain items in the financial statements. These errors have been corrected by restating the comparatives figures presented in the current years financial slatem8nts prnvIou51y stated As reslated 2023 2023 Income from: Donallons and legacies Inveslment 582.176 98,252 455, 744 44, 779 Total income Expenditure on: 680,428 500,523 Charitable aclivllles Raising funds 584,036 114,758 707,367 Total expendlturè 698,794 707,361 Net (expendilure)lincon Prior year movement (18,3661 (30,0491 (206.838) (30,049) Net movemant in funds Reconclllation of funds: {48,415) (236,887) Total funds brought forward Nel movement In funds 2,780,498 148.4151 2, 780,498 (236, 887) Total funds carried forward 2,732,083 2,543,611 Page 19 World Memon Organlsatlon Charitable Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income adjustments In previous years, the Charlty adopted a pollcy of recognising zakat donations and conlributions from Truslees direGtly within the restricted reseNe, subsequently transferring these amounls to the Statement of Financial Acllvities upon disbursement. This approach was not compliant wilh the Charities SORP