**REGISTERED CHARITY NUMBER: 1115346** **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 July 2023** **for** **Iraqi Orphan Foundation** Walji & Associates 336 Pinner Road Harrow HA1 4LB **Iraqi Orphan Foundation** **Contents of the Financial Statements for the Year Ended 31 July 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**||1|| |**Independent Examiner's Report**||2|| |**Statement of Financial Activities**||3|| |**Balance Sheet**||4|| |**Cash Flow Statement**||5|| |**Notes to the Cash Flow Statement**||6|| |**Notes to the Financial Statements**|7|to|10| |**Detailed Statement of Financial Activities**||11|| **Iraqi Orphan Foundation** ## **Report of the Trustees for the Year Ended 31 July 2023** The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1115346 ## **Principal address** Unit 2F, 289 Crusader House Cricklewood Broadway London NW2 6NX ## **Trustees** O Almossawi K Mahdi A Al Hussaini T Jawad F Y Mahdi ## **Independent Examiner** Walji & Associates 336 Pinner Road Harrow HA1 4LB Approved by order of the board of trustees on 23 April 2024 and signed on its behalf by: A Al Hussaini - Trustee Page 1 **Independent Examiner's Report to the Trustees of Iraqi Orphan Foundation** ## **Independent examiner's report to the trustees of Iraqi Orphan Foundation** I report to the charity trustees on my examination of the accounts of Iraqi Orphan Foundation (the Trust) for the year ended 31 July 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Financial Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair 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. Mustafa Walji Walji & Associates 336 Pinner Road Harrow HA1 4LB 23 April 2024 Page 2 **Iraqi Orphan Foundation** ## **Statement of Financial Activities** ## **for the Year Ended 31 July 2023** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**-**
Other income
**-**
**Total**
**-**
**EXPENDITURE ON**
**Charitable activities**
3
Charitable activities
**-**
Other
**-**
**Total**
**-**
**NET INCOME/(EXPENDITURE)**
**-**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**-**
**TOTAL FUNDS CARRIED FORWARD**
**-**|Restricted
fund
£
**372,786**
**-**
**372,786**
**390,920**
**15,890**
**406,810**
**(34,024)**
**64,416**
**30,392**|**31.7.23**
**Total**
**funds**
**£**
**372,786**
**-**
**372,786**
**390,920**
**15,890**
**406,810**
**(34,024)**
**64,416**
**30,392**|31.7.22
Total
funds
£
466,729
856| |---|---|---|---| ||||467,585| ||||484,239
16,047| ||||500,286| ||||(32,701)
97,117| ||||64,416| The notes form part of these financial statements Page 3 **Iraqi Orphan Foundation** ## **Balance Sheet** ## **31 July 2023** |||||**31.7.23**|31.7.22| |---|---|---|---|---|---| |||Unrestricted|Restricted|**Total**|Total| |||fund|fund|**funds**|funds| ||Notes|£|£|**£**|£| |**CURRENT ASSETS**|||||| |Debtors|7|**-**|**2,429**|**2,429**|2,429| |Cash at bank and in hand||**-**|**29,823**|**29,823**|63,787| |||**-**|**32,252**|**32,252**|66,216| |**CREDITORS**|||||| |Amounts falling due within one year|8|**-**|**(1,860)**|**(1,860)**|(1,800)| |**NET CURRENT ASSETS**||**-**|**30,392**|**30,392**|64,416| |**TOTAL ASSETS LESS CURRENT**|||||| |**LIABILITIES**||**-**|**30,392**|**30,392**|64,416| |**NET ASSETS**||**-**|**30,392**|**30,392**|64,416| |**FUNDS**|9||||| |Restricted funds||||**30,392**|64,416| |**TOTAL FUNDS**||||**30,392**|64,416| The financial statements were approved by the Board of Trustees and authorised for issue on 23 April 2024 and were signed on its behalf by: A Al Hussaini - Trustee The notes form part of these financial statements Page 4 **Iraqi Orphan Foundation** ## **Cash Flow Statement for the Year Ended 31 July 2023** |||**31.7.23**|31.7.22| |---|---|---|---| ||Notes|**£**|£| |**Cash flows from operating activities**|||| |Cash generated from operations|1|**(33,964)**|(32,701)| |Net cash used in operating activities||**(33,964)**|(32,701)| ||||| |**Change in cash and cash equivalents in**|||| |**the reporting period**||**(33,964)**|(32,701)| |**Cash and cash equivalents at the**|||| |**beginning of the reporting period**||**63,787**|96,488| |**Cash and cash equivalents at the end of**|||| |**the reporting period**||**29,823**|63,787| The notes form part of these financial statements Page 5 **Iraqi Orphan Foundation** ## **Notes to the Cash Flow Statement for the Year Ended 31 July 2023** ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**ACTIVITIES**|||| |---|---|---|---| |||**31.7.23**|31.7.22| |||**£**|£| |**Net expenditure for the reporting period (as per the Statement of**|||| |**Financial Activities)**||**(34,024)**|(32,701)| |**Adjustments for:**|||| |Increase in creditors||**60**|-| |**Net cash used in operations**||**(33,964)**|(32,701)| |**ANALYSIS OF CHANGES IN NET FUNDS**|||| |At|1.8.22|Cash flow|**At 31.7.23**| ||£|£|**£**| |**Net cash**|||| |Cash at bank and in hand|**63,787**|**(33,964)**|**29,823**| ||**63,787**|**(33,964)**|**29,823**| |**Total**|**63,787**|**(33,964)**|**29,823**| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** The notes form part of these financial statements Page 6 **Iraqi Orphan Foundation** **Notes to the Financial Statements for the Year Ended 31 July 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid|**31.7.23**
**£**
**372,786**
**-**
**372,786**|31.7.22
£
431,241
35,488| |---|---|---| |||466,729| continued... Page 7 **Iraqi Orphan Foundation** **Notes to the Financial Statements - continued for the Year Ended 31 July 2023** ## **3. CHARITABLE ACTIVITIES COSTS** ## **4.** |Charitable activities
**SUPPORT COSTS**
Management
Finance
Other
£
£
£
Other resources expended
**8,988**
**191**
**6,711**|Direct
Costs
£
**390,920**| |---|---| ||Totals
£
**15,890**| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
Other income
-
**Total**
-
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
-
Other
-
**Total**
-
**NET INCOME/(EXPENDITURE)**
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
-
**TOTAL FUNDS CARRIED FORWARD**
-|Restricted
fund
£
466,729
856
467,585
484,239
16,047
500,286
(32,701)
97,117
64,416|Total
funds
£
466,729
856| |---|---|---| |||467,585| |||484,239
16,047| |||500,286| |||(32,701)
97,117| |||64,416| continued... Page 8 **Iraqi Orphan Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31 July 2023** |**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
At 1.8.22
£
**Restricted funds**
Restricted Funds
**64,416**
**TOTAL FUNDS**
**64,416**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Restricted funds**
Restricted Funds
**372,786**
**TOTAL FUNDS**
**372,786**
**Comparatives for movement in funds**
At 1.8.21
£
**Restricted funds**
Restricted Funds
97,117
**TOTAL FUNDS**
97,117|**31.7.23**
31.7.22
**£**
£
**2,429**
2,429
**31.7.23**
31.7.22
**£**
£
**1,860**
1,800
Net
movement
At
in funds
31.7.23
£
£
**(34,024)**
**30,392**
**(34,024)**
**30,392**
Resources
Movement
expended
in funds
£
£
**(406,810)**
**(34,024)**
**(406,810)**
**(34,024)**
Net
movement
At
in funds
31.7.22
£
£
(32,701)
64,416
(32,701)
64,416| |---|---| continued... Page 9 **Iraqi Orphan Foundation** **Notes to the Financial Statements - continued for the Year Ended 31 July 2023** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Restricted funds**
Restricted Funds
**TOTAL FUNDS**|Incoming
resources
£
467,585
467,585|Resources
Movement
expended
in funds
£
£
(500,286)
(32,701)
(500,286)
(32,701)| |---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.8.21|in funds|31.7.23| ||£|£|£| |**Restricted funds**|||| |Restricted Funds|97,117|(66,725)|30,392| |**TOTAL FUNDS**|97,117|(66,725)|30,392| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Restricted funds**
Restricted Funds
**TOTAL FUNDS**|Incoming
resources
£
840,371
840,371|Resources
Movement
expended
in funds
£
£
(907,096)
(66,725)
(907,096)
(66,725)| |---|---|---| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 July 2023. Page 10 **Iraqi Orphan Foundation** ## **Detailed Statement of Financial Activities for the Year Ended 31 July 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31 July 2023**||| |---|---|---| ||31.7.23|31.7.22| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|**372,786**|431,241| |Gift aid|**-**|35,488| ||**372,786**|466,729| |**Other income**||| |Exchange Gain|**-**|856| |**Total incoming resources**|**372,786**|467,585| |**EXPENDITURE**||| |**Charitable activities**||| |Donations paid|**390,920**|484,239| |**Support costs**||| |**Management**||| |Rent and rates|**8,988**|9,072| |**Finance**||| |Bank charges|**191**|240| |**Other**||| |Telephone & Internet|**686**|837| |Postage and stationery|**323**|317| |Sundries|**-**|33| |Renewals|**31**|66| |Accountancy|**2,260**|2,200| |Software|**3,411**|3,282| ||**6,711**|6,735| |Total resources expended|**406,810**|500,286| |**Net expenditure**|**(34,024)**|(32,701)| This page does not form part of the statutory financial statements Page 11