OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Iraqi Orphan Foundation

2024-07-31-accounts

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

Charity registration number 1115346 (England and Wales)

IRAQI ORPHAN FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Taqwa Jawad Firdous Yaseen Mahdi Ofran Almossawi Amal Al-Hussaini

Charity number (England and Wales) 1115346 Principal address Office 203 11 Courtenay Road East Lane Business Park Wembley HA9 7ND Independent examiner Deitch Cooper LLP 3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The objects of the charity are:

  1. to relieve the poverty, sickness and distress of orphans in Iraq in particular through the provision of accommodation, food, medicine and other forms of humanitarian and rehabilitation programmes and legal assistance.

  2. to advance the education of such orphans through the provision of tuition, education materials and grants and

  3. to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

During the year, the charity continued to make donations to the orphans in Iraq and also supported disabled people by providing medical assistances.

Financial review

The Trustees are pleased with the financial performance and staff support during the year. The income generated by the charity and how it has been applied are shown on the Statement of Financial Activities and in the related notes.

Total donation income of the charity for the year was £355,060 (2023: £372,786). Out of which, £150,240 has been expended on charitable activities during the year. Total expenditure for the year was £167,125 (2023: £406,810).

Total funds carried forward amounted to £218,327 (2023: £30,392)

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The Charity is an unincorporated charity formed under a constitution under a deed dated 14 June 2006 and amended by a supplemental deed of amendments dated 20 November 2006 and 8 February 2019. It has been registered with the Charity Commission under reference 1115346.

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The Trustees who served during the year and up to the date of signature of the financial statements were: Taqwa Jawad Firdous Yaseen Mahdi Ofran Almossawi Amal Al-Hussaini Kariemah Mahdi (Resigned 1 October 2024)

Recruitment and appointment of trustees

Trustees are recruited and appointed by the existing Board of Trustees, who follow the provisions in the Charity's governing document.

The Trustees' report was approved by the Board of Trustees.

Amal Al-Hussaini

Trustee

28 May 2025

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IRAQI ORPHAN FOUNDATION

I report to the Trustees on my examination of the financial statements of Iraqi Orphan Foundation (the Charity) for the year ended 31 July 2024.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Deitch Cooper LLP

3 Hobbs House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX 28 May 2025

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Restricted Restricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 355,060 372,786
Total income 355,060 372,786
Expenditure on:
Charitable activities 4 167,125 406,810
Total expenditure 167,125 406,810
Net income/(expenditure) and movement in funds 187,935 (34,024)
Reconciliation of funds:
Fund balances at 1 August 2023 30,392 64,416
Fund balances at 31 July 2024 218,327 30,392

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

BALANCE SHEET

AS AT 31 JULY 2024

Notes
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
The funds of the Charity
Restricted income funds
11		 2024
£
2,429
217,758
220,187
(1,860)		 £
218,327
218,327
218,327		 2023
£
2,429
29,823
32,252
(1,860)		 £
30,392
30,392
30,392

The financial statements were approved by the Trustees on 28 May 2025

Amal Al-Hussaini Trustee

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

Iraqi Orphan Foundation is an unincorporated UK registered charity, formed under s trust deed, The charity is a public benefit entity. The Charity's address is Unit 2F, 289 Crusader House, Cricklewood Broadway, London, NW2 6NX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Restricted Restricted
funds funds
2024 2023
£ £
Donations and gifts 355,060 372,786

4 Expenditure on charitable activities

Charitable Charitable
activities activities
2024 2023
£ £
Direct costs
Donations 150,240 390,920
Share of support and governance costs (see note 5)
Support 14,264 13,630
Governance 2,621 2,260
167,125 406,810
Analysis by fund
Restricted funds 167,125 406,810

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

5 Support costs allocated to activities

Rent and Rates
Bank charges
Telephone and Internet
Postage and Staionery
Sundries
Renewals
Software cost
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Legal and professional
Independent Examination		 2024
£
8,983
111
783
275
48
59
4,005
2,621
16,885
16,885
2024
£
361
2,260
2,621		 2023
£
8,988
191
686
323
-
31
3,411
2,260
15,890
15,890
2023
£
-
2,260
2,260

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

7 Employees

The average monthly number of employees (excluding the trustees) during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

8 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9 Debtors

9
Debtors
Amounts falling due within one year:
Other debtors
10
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
2,429
2024
£
1,860		 2023
£
2,429
2023
£
1,860

11 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August Incoming Resources At 31 July
2023 resources expended 2024
£ £ £ £
Iraqi Orphan Funds 30,392 355,060 (167,125) 218,327
Previous year: At 1 August Incoming Resources At 31 July
2022 resources expended 2023
£ £ £ £
Iraqi Orphan Funds 64,416 372,786 (406,810) 30,392

12 Analysis of net assets between funds

Restricted
funds
2024
£
At 31 July 2024:
Current assets/(liabilities) 218,327
218,327

Docusign Envelope ID: 6811B1C5-1821-46BC-BABB-06C6B08725A5

IRAQI ORPHAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

12 Analysis of net assets between funds (Continued)
Restricted
funds
2023
£
At 31 July 2023:
Current assets/(liabilities) 30,392
30,392

13 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).