Charity Registration No. 1118481 c saraf {((( ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
c, saraf c.Al-.&BLF FOUNTrATIO CONTENTS Page Chair of Iruslees, s¢alemenl Trustees, report 2-18 Statement of trustees. responsibilities Independonl auditor's report 20-22 Slalemenl of financial activities 23 Balance sheet 24 Statement of cash flows 25 Notes to the financi81 stslemenls 26-35 The COSARAF Charitable Foundation. Metropolitan House. 3 Darkes L6ne, Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c saraf nATIO CHAIR OF TRUSTEES, STATEMENT FOR THE YEAR ENDED 5 APRIL 2022 Whilst we all hoped that COVID-19 would be behind us, this was sadly nol the case and this year saw the countries and communities that the COSARAF Foundation focuses ils effort continue to struggle with the impacts of the pandemic. In addition lo the tragic impacts on the physical and mental health of the pandemic, this last year also saw the significant economic impacts wreaked by COVID-19 across the world. The demand on the Foundation's reSoUrS were sttched yel again as a result. Thanks lo the generosity of our donors and the commitment of our Iruslees and staff, the Foundation was well-placed lo play our part in providing not just immediate relief lo communities and individuals, but also lo long-lerm commitments lo build resilience and sustainable development in those communilies all loo often facing the very sharp end of these global challenges. Across our three priorities - promoting strong and cohesive communities, enabling young people lo realise their polenlial, empowering women and girls we deliberately seek lo provide a mix of inlervenlions, from high- volume and immediate relief through lo focused long-lerm relief. In 2020121, our focused strategic approach and portfolio of fantastic partners enabled us to directly support 599,297 people through COSARAF Foundation-funded projects. This represents an increase of 1020/. from 2019120 when we introduced our new strategic approach and impact framework. 18,930 people received immediate relief through the provision of food during Ramadan, up 5 10/, from 2019120. 219 people received Hardship Fund grants. A further 484 facililalors Ileachers. coaches, mentors) were trained and supported, up 170kn on 2019120. This training improves the longevity and impact of the funding, improving the skills and talents of those delivering the Foundation's Partner Programmes. I was delighted lo welcome two new- youngerl Iruslees lo the Foundation this year, who have already played an active role in the development of our work. Their addition to the board will ensure that we continue to reflect upon our approach and ensure that we are making the best possible use of the funds al the Foundation's disposal, as well as ensuring the long-term strength and suslainabilily of ils work. As ever, l am indebted lo my colleague Iruslees, our supporters and the efforts of our hard-working staff team without whom none of the Foundation's achievements would be possible. As sel out in the headline figures above, but also in the many examples throughout this Report, the need for the Foundation's work is as strong as ever. 11 is an honour and a privilege for all of us involved in the Foundation's work lo be able to help communities and individuals whose need is greatest. Haroon Shelkh Chair of trustees Dated.. 8th December 2022 The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Poiters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c, saraf E FOUNUAYIO TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 The trustees present their report and financial slalemenls for the year ended 5 April 2022. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply with the Charity's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" OBJECTIVES AND ACTIVITIES Our ur oses The followsng is a summary of the Foundation's purposes as set out in full in its governing document and as available on the Charity Commission register al hll s".Ilwww. ov.ukllind-charil -information. What Educalionllraining The advancement of health or saving of lives Overseas ai(tllamine relief Religious activities Who Childrenlyoung people Elderlylold people People with disabilities The general publiclmankind How Makes grants lo individuals Makes grants lo organisalions Our aims and the difference we seek lo make The trLJStees have determined that the Foundation's work by which lo deliver public benefit in relation to ils Objects should be focused on the following three key objectives.. Promoting strong and cohesive communities Supporting projecis that protnole equality and integration within society. Supporting individualslorganisalions that encourage religious tolerance and freedom to praclise religious beliefs. Enabling young pgople to realise their potential Supporting those that cannot afford an education and encouraging entrepreneurship amongst young people from disadvantaged backgrounds Sijpporting young people lo develop their skills and lake advantage of opporlunilies that would not be available lo them otherwise due lo their backgrounds Supporting orphans and those growing up wilhoul parental support. Empowering women and girls Supporting women and girls through skills development Supporting women and girls facing abuse, discrimination and disadvantage Supporting widows and the bereaved in hardship The Iruslees recognise that these objectives will often require the provision of health, education, basic needs and other related pslon to those without 8CCèSS to such. /The COSARAF Ch3ritable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c, saraf ChARITABLF FOdN'I)4TIQ TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 The Iruslees have further confirmed that the Foundation's support should be devoted lo supporting those in need in the UK and in developing countries overseas, particularly Africa lespecially East Africa) and South East Asia. Our slrale ies for achievin our aims and ob'eclives The Foundation delivers ils key objectives through the following granl-making vehicles.. Major Grants. In considering the Foundation's oper81ion81 model, the Iruslees acknowledge the value of working with trusted third parties lo deliver projects in line with ils priorities to maximise the impact of ils support and where other organisalions have greater expertise. Hardship Grants. The Foundation administers a small granis and donations programme lo support individuals in need. Small Grants. The trustees will. from lime lo lime, choose lo make small grants - normally one-off to trusted third parties by which lo further the Foundation's Objects. Scholars, Fund. Small grants for undergraduate Muslim home students in significant financial need. Ramadan Projects. In line with the Islamic values of the Foundation's Iruslees, a separate funding pol has been established for distribution lo projects during the holy month of Ramadan. The Foundation's Granl-making Policy sets out the approach and procedures by which Iruslees will assess all applications for grants, which are received via an open online application process. The most significant of the Foundation's gfanls lin terms of both spend and complexilyl are its Major Grants. The Granl-making Policy establishes that when the Foundation considers supporting a third party IhroLJgh its Major Grants programme, the following criteria should be mel.. dislinclive and innovative projects where the Foundation is driving long-term change lo deliver one or more of the Foundation's strategic objectives., developing sustainable change or business models., leveraging wider support., and, clear recognition for the Foundation's role in order to support its wider strategi¢ priorities and vision. Hardship grants are available for UK residents only and are available lo Individuals who can demonstrate that they are suffering clear financial hardship or do not have the financial means for essential expenditure. Trustees priorilise.. families over individuals., the most financially excluded people., and. items that will make the most difference. The Foundation administers both Zakat and non-Zak8t funds, in line with the trustees, Grant-making Policy and Zakat Distribution Policy. Zakat funds are those donations made in line with Islamic obligations for charitable giving. Zakat Audit and Review Each year the Foundalion conducts an audit and review of ils Zakat grants which is carried out independently by Mufti Faraz of Amanah Advisors, Global Islamic Finance and Fintech Services. The main objectives of the audit are lo.. Evaluate the adequacy and effectiveness of the implemenlalion of the Foundation's Zakat Policy by the Foundation., and Conduct a review of 8118greemenls lo ensure Zakat principles are adhered lo. Assess and hlghlight any Zakat non-comlance risks in the current projects. The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar. Hertfordshire, EN6 IAG ReEi5tered charity no. 1118481
c; saraf CHAfiITAHI t}nA TIC)N' TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 The results of the 2021122 Audit show that, the Foundation's Zakat application process is thorough, that grants are very clearly focused and there is a clear impact analysis and focus on transforming individuals, lives. The audit showed some steps to be taken lo further improve our systems lo provide greater clarity, which have since been adopted. How we measure success With the support of Bean Research, the Foundation established ils Theory of Change last year and accompanying Impact Assessment Framework. A Theory of Change is 8 powerful tool, particularly for social impact organisalions, lo describe the need an organisalion is trying to address, the changes il wants to realise and the activities that il will deliver lo create these changes. A good Theory of Change can provide a clear and succinct encapsulation of the purpose of the organisalion and how every aspect of ils work conlribules to delivering ils vision. Crucially, a Theory of Change should underpin a robust impact assessment methodology. Our Theory of Change is sel out in the schematic below, which seeks lo articulate the value that the Foundation can provide in supporting "A world where all people have the opportunity to thrive. Our Theory of Change c" saraf Thè Fouiid31ion creaIeS O)POrtun.-Eieslor Ind4widJali3nd &Ormmunities to do extracrdinar'i thines tyv. Prornotln8 strong and Enablln8 young people to Empowertn8 women and cOhese Communllles reallse potentlal Partner5hip5 Direct Delivery frtardshlp Ramadè MTrtafjn efflcl•ncy& effettNene55 Fanuhtmember5 BtneficSèrles eni¥ed Facllitators engaged End BeneficJar6es Aelleflenwet Attitudinèl Fadlltstors Wlder So¢iety Orpftisiohal outcrn approathos ih cntres/communlties TAlnedlSUprtd Peha¥iouTrlthry: T•it 5usialnedthahy: EETI Opportunity to thrive Sitting below the Theory of Change is the Foundation's new Impact Assessment Methodology, which provides a common set of indicators by which we assess the impact of the Foundation's work. This includes a sub-set of common indicators that are used lo assess the impact of the work we are funding through our Major Partnerships grants. The diagram below depicts the approach the Foundation takes lo measuring impact and the basket of measures we use lo judge the extent to which we are meeting our objectives. • The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane. Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c, saraf c.ARlTABLF FOUNTrATpON TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 Impact Assessment Framework c. saraf Effidonry lY•crd•lhry& Hard5hlp• R•m•d•Tr Funds MrcHAf4lSV.S FKilil8tws Rf4CH BREAi)IH ourcoMIS DfpTH Opportunity to thrive The Foundation published its third Impact Report based on our Theory of Change in June 2020 (see hll s'.IIwww.cos8raf.or Iw -contentlu loads120221071COSARAF-Annual-Im acl-Reort-2021-FINAL. dll. Below we sel out some of the highlights of the Impact Report. Charil Commission uidance on ublic benefit The Trustees have wmplied with their duly pursuant lo Section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission regarding PLJblic Benefit, a copy of which is provided to 811 Iruslees on appointment and on an annual basis thereafter. ACHIEVEMENTS AND PERFORMANCE The year in context This report Covers the period up lo the start of April 2022, a period in which the COVID-19 panclemic was still causing significant challenges in communities across the world. Compounding these issues, the continuing health crisis impacted very negatively on Ihe global economic situation. Sadly but unremarkably, these challenges bil hardest on the poorest countries and communities. Lives and communities already struggling often lipped in lo chaos as a result ol the buffeting from these unprecedented crises. All of this meant that the calls on the Foundation's support, across all areas of our operations, were greater in scale and priority than ever. As is reflected in this report, Iruslees felt privileged lo be able to increase the support the Foundation was able to help. Whilst relatively modest, especially in the conlexl of the scale of demands on communities, the Foundation was able lo apply ils resources in a focussed manner lo ensure that il could deliver much-needed immediate relief as well as longer-term capacily-building and development. Thé COSARAF Charitable Foundation. Metropolitan House, 3 Darkes Lane, Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481
c" saraf ChARlIAIILF FililNBATiQN TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 Our ob'eclives for this ear Trustees agreed a sel of key objectives for this reporting year, the most notable of which were as follows.. To drive significant improvements across our Pakistan portfolio, using the Foundation's investment in the Fahmida Begum Foundation as the lynchpin for wider sustained development of our objectives. Key developments for the Fahmida 8egum Foundation will include.. securing a suitable plot for the long-term development of the Foundation's centre as a centre of excellence extending the range services provided, developing programmes around women empowerment, vocational training, enhanced medical provision and special needs education developing efficient systems, processes and controls al the Fahmida Begum Foundation lo deliver more services and achieve value for money developing a susl8inabilily plan for the Foundation's services, which are currently over-reliant on a small number of individuals. formalising a cross-learning program with The Noor Project so that FBF staff can gain valuable experience. To identify new additions lo our Pakistan portfolio when COSARAF can add expertise as well as funding, in line with our strategic objectives. with an emphasis on.. Vocational Training Enterprise Development Special Needs Education To confirm the long-lerrn nature of our partnership with The Noor Project. ensuring a clear, shared vision for the charity's growth and the Foundation's funding commitment. To support the growth of the Deaf Reach School with the opening of ils new Lahore campus. where we will fund 25 students, as well as maintaining support for students in Karachi. To discuss with British Asian Trust how they intend lo progress the mental health programme going forwards, especially how lo capilalize on the current project's itnpacl. To undertake a strategic review ol our partnerships in Kenya and the Foundation's capacity lo support our portfolio effectively, learning from the positive developments supported in Pakistan resulting from the investment in a country director. To begin a relationship with the World Association of Girl Guides in Kenya lo tackle violence against women and girls To work with Plan International UK on the development of their new Livelihoods for All programme, building on the success of their Enterprise for Change programme. To consider options by which lo provide hardship grants lor individuals in Pakistan and Kenya. To complete the third annual review of the three granl-making schemes as part of a process of continuous improvement, using Ihe new Impact Assessment Framework To continue lo drive greater focus in our work through the development of a smaller number of 'flagship' programmes to maximise the Foundalion's impact, including creating an additional flagship programme for the UK Icomplemenling the Sheikh Family Scholarships and the Hardship Fund). As sel out in this Report, trustees are pleased with the progress that has been made against these objectives, although noting that COVID-19 exigencies have inevitably delayed progress on some of these. Main achievements Since ils eslablishmenl in 2007, the Foundation has invested in a powerful sel of programmes, in the UK and overseas, through which lo deliver the Foundation's charitable purpose The Foundation has sought lo work with a diverse mix of partners, from household names such as The Prince's Trust in the UK lo small community- based organisalions such as the excellenl Join Hands Trust in India. The Foundation has also invested in a number of innovative new organisations driven directly with the hands-on involvement of Iruslees themselves, such as the Fahmida Begum Foundation in Pakistan. The C05ARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481
c," saraf ¢hARITARI F FOUNI)A-,fON TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 Increasingly, the Foundation is looking to focus ils efforts on key flagship programmes to maximise its impact and lo ensure close and effective engagement with ils partners. Major Grants The Foundation continues lo support projects that will deliver long-lerm impact in the three focus areas of the Foundation's work. This portfolio includes programmes with which the Foundation has built long-standing relationships as well as a range of exciting new initiatives. Key new projects on which the Iruslees have provided support over this reporting year include.. orlin oun eo le lo realise their olenlial In 2021122, 4,630 young people benefilled from COSARAF Foundalion-funded programmes enabling and empowering them lo reach their polenlial, with 230/0 achieving substantive change. 12 students were supported through the Foundation's Sheikh Family Scholarships across a range of subjects al Cambricsge, Oxford, City London and Warwick Universities. The scholarships support young British Muslims from disadvantaged backgroLJnds, directly benefilling the students and their families, allowing them to 'lean into their dreams., This also generates a positive community impact through the engagement of hard-lo- reach communities, inspiring 8nd widening access lo educational opportunities. "Beyond academics, I ve tried lo do as much access & outreach work 8s possible to give back and g8t involved with events similar lo the work Ihg COSARAF Foundation does for students of disadvantaged backgrounds," Sheikh Family Scholar The Foundation continues lo be a major funder for the Enterprise Challenge Pakistan programme run by Prince's Trust International. The Enterprise Challenge Pakistan 2022 resumed a face-lo-face fomial and sessions for students began in January 2022. Schools were requested to conduct sessions over the course of six hours spread over two lo three weeks. Teachers facilitated the first four hours of the programme. where they laughl students about key entrepreneurial concepts and encouraged students lo develop social enterprise ideas. Mentors were invited lo Ihe last two hours of the programme where they trained students on business pitching. The programme received 2500+ applications across five cities - Islamabad, Lahore, Mullan, Karach and Hyderabad. A total of 715 students were inducted from amongst the 48 schools a mixture of tier 1 and tier 2 schools that registered for the programme. The programme also trained 113 mentors and teachers. The National Finals were held online on 111h March 2022 where 10 lop teams participated and presented their business ideas lo a panel of judges and the audience. This year COSARAF Foundation's Trustee and Pakistsn Chair, Hamza Sheikh. was one of the judges al the national finals. The Foundation continued lo supporl the education of 50 deaf girls at the Deaf Reach School in Karachi, through the Family Educational Servicos Foundatlon. Recently, the Foundation has also signed a new grant agreement and now provides educational support lo 25 deaf girls in Karachi and 25 in Lahore. "Shahida is grateful that her daughter has th& same opportunities as hearing children at Deaf Reach. learning academic and communication skills to help her become self-reliant." Farnily Educational Setvices Foundation Promolin stron and cohesive communities As part of the Foundation's aim lo promote equality. inlegralion, and religious tolerance, many Partnership programmes are based on building cohesive communities. To dale, these projects have trained 167 teachers or coaches who have helped lo improve the lives of 580,192 people both al home and abroad. Of these, 29,203 have achieved subslanlive change. while 77 individual lives have benefilled from positive transformational hange. The COSARAF Charitable Foundation. Metropolitan House. 3 Darkes Lane, Potter5 Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c: saraf (AkFrARl.fr TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 The Foundation provided funding for Herts Wel¢ome¥ Refugees, enabling them lo assist and support refugees and asylum seekers. In 2021, the funding helped lo establish an Arabic School lo help meet the needs of Syrian families, directly benefitling 45 children in learning Arabic and 6 Syrian women in training to become volunteer teachers. .1 really want lo learn ArabiG because its my language" Mohammed, 7 years old. "I have really improved my skills and l am looking forward lo becoming & full Arabic le8cher. We are really looking fornard lo developing and extending the school. Arwa, volunteer teacher. As a result of funding from the Foundation, the East Africa Character Development Trust helped lo improve the lives of 3,803 young people in Kenya, through sport and character development education, against 8 largel of 2,500. Of these 3,736 enjoy indirect benefits through community outreach schemes, such as food relief. A total 01760 young people benelitted from subslanlive change and 87 facilitators have been trained lo coach basic cricket skills and support character development. 'Through his love of sports, lan has blossomed from a shy boy to a confident young character ambassador, developing leadership skills and resilience. He now mentors his peers and pupils in Nairobi and is training to become a car mechanic.. East Africa Character Trust owerin Women & Girls In 2020121, 11,319 women and girls benefilled from COSARAF Foundalion-funded programmes inspiring. enabling and empowering them to beller life outcomes. With 49 beneficiaries, the Home Start-croydon Mum's Sp8ce programme has now helped 112 young Muslim mothers improve their confidence, their engagement with the community, their career prospects, mental health and wellbeing. The biggest achievement of 2021, was the growth in entrepreneurship, leading lo six mums setting up businesses, effecting a positive Iransformalional change in their lives. "One Nsolated and anxious mun7 began to share her love of plants with the group. earning the title, Our Plant Lady. The engagement and feedback were sts positive, her confidence and s8lf-beligf flourishgd, and she has now set up a plant business, ee1VIng a Business in Croydon award." Mum's Space praclilioner The Foundation's flagship project in Karachi, Fahmida Begum Foundation, is steadily increasing ils operations in Mehran Town and working tog8th8r with the comrnunily lo improve their qualily of life and providè a bètter future for their children. The Fahmida Begum Foundation this year relocated lo a new building which has increased 115 operational and delivery capacity. New initiatives were aSso initiated and the Foundation provided vocational training lo five females as Beauty Therapist. This being a success, the foundation plans lo work on developing ils own vocational training capacity lal ils premises) along with working on basic literacy and entrepreneurship programs for the wotnen of the area. The Fahmida Begum Foundation provided school education lo 110 students and supported 200 300 patients per week al its medical centre where free medical checks and medications are provided. The Foundation also started operating a morning clinic, which has more than doubled ils medical beneficiaries. Every day, the Foundation provided 600 meals lo the locals and students. Special iflaaris was provided in Ramadan along with the distribution of food ration packs lo 5,000 beneficiaries. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane. Potters Bar, Hertfordshire: EN6 IAG Registered charity no. 1118481
c: saraf CPA-.TARI.f FOUNI)IITItsN TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 The Foundation has applied lo adopt the Government School Ibrahim Goth which currently has 70 students as is located close lo ils own school. Whilst the application is awaiting gppoval by the government, Fahmida Begum Foundation has been provided regular lunches to the school children and look fonNard lo adopting the school and expanding ils education services. The Foundation worked closely with the World Association of Girl Guides and Glrl Scouts. To help young girls understand and combat gender-based violence and abuse, COSARAF funding has trained 34 leaders who have worked with 1,100 Kenyan Girl Guides lo recognise and address abuse in their community. They are now being encouraged to develop community projects lo raise awareness of violence against women. This project is ongoing, yet 860A already say they would now speak out publicly about gender discrimination and violence. "This training has gquipped me with the knowledge of where lo seek help in case one is being abused. and to help girls understand what is not accgptable. Young Leader COSARAF Foundation has supported Rahin8tu, a young Muslim Ghanaian student lo allend the Africa Science Academy through Ihe African Gifted Foundation. Rahinalu was working in a local market seven days a week to support her family before she was awarded a scholarship lo ASA. Unable lo continue her studies, Rahinalu describèd the news of the scholarship as 'God's diGI response lo myprayers" In October 2021, Rahinalu sal her AS Level exams, after studying the AS Level programme for just three months and achieved an A in both exams Ilhe highest possible grade al AS Level). She is now in a great position lo work towards A's in her A- Level exams and has been applying lo prestigious universities around the world. COSARAF Foundation continues lo fund The Noor Project, based in Lahore, is providing an all-inclusive service lo the people of Khaliqabad, Lahore and has a centre providing school, medical and dental services, vocational training, elderly care and food Iralions ancs daily feedingl. The Noor Project has this year opened ils purpose-buill school for 600 students, providing them with lop class facilities to lean and develop. They have their own orphanage where they look after 70 girls. In addition lo that, the Noor Project provided vocational training to around 500 individuals and health and dental services lo aroLJnd 10,000 and 1,400 patients respectively. They also provided 1,500 meals daily to those in need locally. Hardship Fund COSARAF Foundation provides Hardship Grants directly lo individuals in genuine financial need. In 2021122. COSARAF Foundation provided 291 hardship grants, worth £81,524. Mental health was a significant driver of financial hardship. along with an inability lo work caused by immigration status and caring dLJti&s. Thè t8ble below provides an overview of the main reasons that applicants wèr8 seeking help through the Fund.. The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar. Hertftsrdshire, EN6 IAG Registered charity no. 1118481
c:- saraf ChAk1YAALF kOLJNtrAYin TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 Need help with debts, SQ UiieKpectecl finaiic 131 liafdship, 6/ Slruggliiig willi l)asic costs of Iivili8. 430/. Fle.eing Abuse, 150A Refiigee/AsyliJm Seeker, 17Yo Around a third of applicants needed help paying off debt, more specifically lo cover rent and ulilily bill arrears. A further third used the grants lo help with the basic costs of living, particularly food and clothing costs, while furniture poverty was also evident. Grants ranged from £50 to help 8 family with school expenses, food, and clothing. up to £500 to help those with debt arrears or lo pay the costs of passport, immigration, and citizenship fees. 'Jusl wanted to let you know that the application for citizenship for X's son was sucsSful and just in lime forhim lo go lo unil Thanks so so much, the family are incredibly grateful foryour support. D8spite being born in the UK and having never left ,he has been undocumented for all of his life until now, so your hglp has been absolutely crucial." Immigration Advice and Advocacy Worker, ASIRT 'ljust wanted to Say an absolutely huge thank you to you and your team for awarding me a Grant of £250 to purchase a new Microwave, get some clothing and for f(iodlll My bank balance currently stands at zero and I've been really struggling, l in so grateful, I can now go out and purchase some food and clothes, the difference you have to m8 is massive." Hardship Grantee "She is so grateful. I was just on the phone lo her, and she asked me lo convey her thanks. She has been sleeping on the floor, on a thin mal, and as a result has been sleeping very badly. rhe COSARAF grant will make a huge difference to her quality of life. Islinglon Mind Ramadan Pmjects In line with the Islamic values of the Foundation's trLJStees. a separate fund has been established for distribution lo projects during the holy month of Ramadan. Throughout Ramadan 2021, the Foundation supported multiple Charities both in the UK and Inlernalionally. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane. Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481 10
c: saraf CHAQbTARI. UTr%l?A*in TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 The COSARAF Foundation supported 18,930 people during the holy month of Ramadan in 2021. Feeding programmes took place al.. Pakistan.. Fahmida Begum Foundation Fahmicla Be um Foundation gave Ramadan food parcels to 1,000 families15,000 beneficiaries) in Mehran Town, Karachi. UK: Harrow Weald Mosque The Foundation provided support to Harrow Weald Mos ue lo provide daily Iftar parcels for up lo 400 elderly, vulnerable and other community members in difficulty. Pakistan.. The Noor Project- Lahore Rations were provided during Ramadan to enable families lo mark the most holy of months in the Islamic calendar. In total The Noor Project delivered 600 food packs to the most deprived families in Lahore. India.. Join Hands Trust The Foundation provided a grant lo the Join Hands Trust lo distribute 185 food packages to the poorest families in Madurai, India during Ramadan. Each pack includes food for the 30 days of prayer and fasting. Kenya: Shamakha Foundation In rural communities around Mombasa in Kenya, the Shamakh8 Foundation distributed up lo 1500 food packs. With each food pack sufficient for a family of five. some 7500 individuals in deprived communities received support over Ramadan. UK: The RAW (Refugees Asylum-seeker Welcome) Project, London Supplied Suhoor and Illar to 450 refugees living in the Crown Hotel near Heathrow, throughout Ramadan. UK: London's Communlty Kitchen, Harrow A donation towards fresh fruit and vegetables to weekly grocery packs for families in Harrow and Wembley. UK- City Harvest A donation of £1,000 helped London-based City Harvest lo deliver 4,000 culturally appropriate meals, through their partner charities to those in need during Ramadan 2021. This saved the charities £8,000 in food costs. City Harvest rescue f(iod deslined for landfill. offering a sustainable solution for food waste, helping both the people and the planet. Other giving included.. India: Carers Worldwide A grant was made towards the COVID India Emergency Appeal. Providing emergency food relief, medicines and transport lo vaccination centres for people with disabilities and long-lerm health conditions and their family carers in India. India: The Brltlsh Asian Trust COSARAF funded six High-Flow Oxygen Concentrators for the India COVID-19 Crisis appeal. UK: Hertfordshire Communit Foundation's Children's Fund to provide hardship SLJPPOrt for local families. UK: Herts Welcomes Refu ees lo fund the school rental fees lo enable the charity lo run an Arabic School for their seNice users. Sri Lanka.. Thg Little Sisters for the Poor Home for the Aged £2,500 grant towards medical fees for 40 residents al the home. UK- Utrujj Foundation A grant towards curriculum development lo sustain the work for the Utrujj Foundation UK.. 13 Rivers Trust supports.ng fvneral and bu¥ial costs for n8&dy Muslim families in Hertfordshire The C05ARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potters Bar. Hertfordshire, EN6 IAG Registered charity no. 1118481
c- saraf IP.AklTABLF FOUNUATIC)N TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 UK., St Mungo's To establish a loan library across the three St Mungo's hostels in Camden, London. Items funded included five lablels and three Wi-Fi dongles, intended lo support residents lo engage in employment and training opportunities Additionally, a number of smaller grants were made lo charities and individuals. act Re ort The Foundation's third Impact Report showed that in the calendar year 2021, 618,518 people benefilled from COSARAF-fundèd projects. Of these, 31,568 experienced Subslanlive Change 447 experienced Iransformalional and sustained positive change in their lives 291 individuals received Hardship grants Through the Foundation's Ramadan Fund, an amazing 18,930 individuals benefitted from food parcels that were distributed in Pakistan, Kenya, Bangladesh & India. Our res onse to COVID-19 As noted in detail in last year's Annual Report, we recognised quickly that responding lo the challenges of COVID-19 had lo be our top priority. Our approach covered three key areas.. Supporting our grantee partners Identifying new funding opporlunilies lo address the challenges Ensuring conlinuily of our own operations The key ways in which we responded lo these challenges included.. Signing up lo the commitments to our grant beneficiaries set out by London Funders {see hll '.Ilcovid19funders.or .ukl and working with all the Partnership Fund grantees lo agree the most appropriate support we could provide. Supporting a number of Charities with funding to specifically address the COVID-19 crisis. Support grantees lo move their operations online. Ensuring conlinuily of our own operations Ensuring the health and safely of the Foundation's staff, particularly those with caring responsibilities. Our commitment lo Diversit E uit and Inclusion The Foundation is fully committed to promoting Diversity, Equity 8nd Inclusion across all aspects of ils work.. The Foundation recognises that people from different backgrounds bring fresh ideas and a different approach that makes the way we work and learn more fun, more creative, more efficient and more nnovative. bringing benefits lo the organisalion. The Foundation actively seeks lo recognise, value and take account of individuals, different backgrounds. knowledge, skills and experience lo create a more productive and effective organisalion. The Foundation seeks lo ensure that all who work for and deal with us feel valued and welcome. The Foundation strives lo ensure that everyone has access to the same opportunities in their dealings with the Foundation bul recognizes that advantages and barriers exist for different individuals. The Foundation recognises that individuals have unequal starting places and that we musl make efforts lo correct and address such imbalance. The COSARAF Charitable Foundation. Metrtspolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire. EN6 IAG Registered charity no. 1118481
c: saraf CHAkpTAAI UNDATIOY TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 The Foundation has published ils Diversity Equity and Inclusion Slalemenl on its website Isee www.carelechloundalion.or .uklaboul-usldiversil l. In line with the approach set out in this Slalement, we implemented a new monitoring information approach lor all grant applications in 2019. With the benefit of a full year of information, we have assessed the successes or otherwise of our approach. Trustees keep this important issue under regular review and will consider the need for further action. Our fundraising and investment performance The Foundation remains indebted lo the generosity of the Sheikh family for choosing lo use the Foundation as their preferred vehicle by which lo support their philanthropic endeavours. The Foundation is also grateful for the very generous support of Grosvenor UK for both ils direct financial support of our work and ils wider in kind support. During the year, trustees have continued lo consider the means by which the Foundation might develop a long- term financial asset to enhance the Foundation's long-term suslainabilily. Whilst Iruslees remain keen to develop such an asset in the medium- lo long-lerm, they have chosen lo use the Foundation's assets at this time lo support charitable endeavours through the use of social loans lo charities lo support projects in line with the Foundation's Obiecls. Legal status The COSARAF Charitable Foundation was established as an unincorporated body, registered with the Charity Commission, by Deed of Trust dated 31$1 January 2007. The Foundation was incorporated as a body corporate on 27th April 2016 by the Charity Commission of England and Wales under the power given in s251 of the Charities Act 2011. The COSARAF Charitable Foundation. Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c saraf ChARIT AFII. E FOUP&Di4T1014 TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 PLANS FOR FUTURE PERIODS Trustees remain confident that the strategic aims estsblished in the Foundation's Strategic Plan 2018-2023 still hold good. These three strategic aims are.. To deliver a powerful focused portfolio of projects, delivering significant and sustainable impact in line with ils strategic priorities. To ensure the Foundation is well-resourced, with a strong staff team supporting a highly effective and engaged Board of trustees and wider family members. To develop a Foundation that is respected as providing a positive and powerful example, in partnership with other similar foundations, of the contribution of British Muslims lo wider society. Plans for the future For the year ahead, Iruslees have identified the following key new objectives.. To continue to drive significant improvements across our Pakistan portfolio, using the Foundation's investment in the F8hmida Begum Foundation as the lynchpin for wider sustained development of our objectives. To identify new additions lo our Pakistan portfolio when the Foundation can add expertise as well as funding, in line with our strategic obieclives. with an emphasis on Enterprise Development and Special Needs Education. To undertake a strategic review of our partnerships in Kenya and the Foundation's capacity lo support our portfolio effectively, learning from the positive clevelopmenls supported in Pakisian resulting from the investment in a country director. To continue to drive greater focus in our work through the development of a smaller number of 'flagship' programmes to maximise the Foundation's impact, including creating an additional flagship programme for the UK lcomplemenling the Sheikh Family Scholarships and the Hardship Fundl. To work in a pragmatic and flexible way lo support our partnerships to manage the ongoing challenges of the Coronavirus pandemic lo both finances and operations To support grantees lo strengthen their delivery, especially where adaptations and new ways ofworking have been implemented to continuing delivering through the coronavirLJS pandemic. To confirm leadership roles for trustees and lo build committee structures for devolved decision- making, enabling the full Board of Trustees lo focus on strategic management issues. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane. Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481 14
c: saraf chRITABL F FOdWTr4rio TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 FINANCIAL REVIEW Our financial osilion As set out below in the Accounts, the Founclalion continues lo enjoy a strong financial position. As a result, the Foundation is well-placod financially lo deliver its long-lerm objectives. The Foundation has long-term donation agreements with the Sheikh family, whose members have opted lo use the Foundation as their primary vehicle for their charitable endeavours. In addition, the Foundation benefits from long-lerm support from Grosvenor IUKI Limited, both through direct donations and wider in kind support. In this reporting year, this in-kind support has been valued al £95,47512021'. £95,934). At the current lime, the Foundation expects lo continue lo be in the fortunate position of being able to rely on continued strong income from its primary donors. As noted in last year's Annual Report, Iruslees were aware that the repayment lo the Foundation of some of its social loan commitments made in previous years lo charity partners were likely to be impacted in the year ahead. Al the end of the financial year, there remains one social loan with an oulslanding balance bul Iruslees remain confident that this will be fully recouped in the early part of the next financial year. A formal budgeting process, scrutinised by the full board of trustees, is in place. The Foundation benefits from accounting support provided pro bono by Grosvenor UK to manage the Foundation's finances and monitor performance against budget. The Iruslees have also approved a Financial Handling Manual that sets out all necessary financial systems for the Foundation. Trustees are provided with a monthly financial report as part of the CEO'S regular report and further scrutiny is undertaken regularly by the Board of Iruslees. Our Reserves Polic The Foundation maintains free unrestricted reserves.. to provide a level of working capital that protects the conlinuily of its core work., lo provide a level of funding for unexpected opportunities.. and, to provide cover for risks such as unforeseen expenditure or unanlicipaled loss of income. Trustees budgeted for a surplus of £1,747,556 for the full year ending 5th April 2023 to allow for unforeseen expenditure. At the end of this Financial Year, the Foundation held £2,193,833 of free reserves. Other financial ma rs The Foundation has no material pension liability. Th8 COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c: saraf CP.APITA8LF FOUNI)Afi¢)N TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT Our overnin document The Foundation's goveming documents are ils Deed of Trust of 31 January 2007 How we are constituted The Foundation was incorporated as body corporate on 27 April 2016 by the Charity Commission of England and Wales under the power given in s251 of the Charities Act 2011. Our decision-makin rocesses and those decisions dele ated to staff Trustees are responsible for establishing the strategic direction ol the Foundation and for all key decisions as lo its operations. These decisions are made by the full board of trustees as provided for in the Trustees, Terms of Reference in line with their overall duty "To provide direction and stewardship for the COSARAF Charitable Foundation for the benefit of current and future beneficiaries" The quorum for decision-making al Board meetings for normal business is three members. The Board of Trustees has eslabSished a Hardship Fund Committee that has delegated aulhorily. as set out in its Terms of Reference, for.. the operation of the Foundation's Hardship Grants Fund., decisions in respect of applications for Small Grants up lo a value of £5,000., and, first round consideration of applications lo the Major Grants Fund. The trustees have delegated day-lo-day management and adminislralion of the Foundation to the Chief Executive Officer and their staff team. Specific delegated authority in respect of the award of grants and other spending commitments are sel out in the Foundation's Financial Handling Manual. Mana emenl of Risks A Management of Risks Policy is in place and the Board of Trustees provides detailed oversight of the effective management of risk. The principal risks recognised over this period in the Founcsalion's Risk Register were.. poor delivery of granl-funded programmes., unexpected delivery risks due lo international factors i.e. transferring funds in lo other countries, different operating mechanisms., and, Default on social loan repayment. Recruilmenl and su ort of trustees In selecting individuals for appointment as trustees, the Iruslees are required by virtue of the Deed of TrLJSt to have regard lo the skills, knowledge and experience needed for the effective management of the Foundation. Terms of Reference for the Board of Trustees are in place as well as Role Descriptions for the Chair, Treasurer and all trLJStees. All new trustees receive a full induction programme, provided by the staff team, familiarising new Iruslees with the work of the Foundation, the policies and procedures in place, introductions lo key stakeholders. This programme is also used lo ascertain any training and development needs which feed in to a wider Iruslee learning and development programme. Al the end of the reporting year, the Foundation welcomed two new Iruslees.. Ali Sheikh and Hamza Sheikh. The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar. HÉrtfordshire, EN6 IAG Re8lStered charity no. 1118481 16
c;- saraf ChARIIAOI tr FOUNtsArits TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 Our or anisalional structure The Foundation has a small team responsible for supporting the Iruslees on the managemenl of its business. Over this reporting period, the team comprised the following individuals, seconded from Grosvenor IUKI Ltd. Michelle O'Brien - Foundalion Manager., and, Ahmer Arif - Pakistan Director Jonalhan Freeman - Senior Strategic Adviser The COSARAF Charitable Ftsundation. Metropolitan House, 3 Oarkes Lane, Potters Bar, Hertfordshire, EN6 IAG Re@1Stered chèrity no. 1118481 17
c," saraf ChAITARLF FOJN'lATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 REFERENCE AND ADMINISTRATIVE DETAILS Name of charil COSARAF Charitable Foundation An other name used COSARAF Foundation Charil re islralion and com an Charity number 1118481 re istralion numbers Address of al office Melropolilan House 3 Darkes Lane Pollers Bar Herttordshire EN6 1AG Trustees who served durin the re ortin eriod Name Haroon Sheikh Akbar Sheikh Ali Sheikh Farouq Sheikh Hamza Sheikh Naureen Sheikh Saba Sheikh Seema Sheikh Rukhsana Sheikh Yusuf Sheikh Offlce Chair Treasurer Dates of appolntment Appointed al trust inauguration Appointed on 9 February 2015 Appointed on 10 March 2022 Appointed al trust inauguration Appointed on 10 March 2022 Appointed on 9 February 2015 Appointed al trust inauguration Appointed al trust inauguration Appointed on 10 May 2018 Appointed on 16 September 2019 Safeguarding anisations or 8anking Coulls & Co 440 Strand London WC2R OQSI. ersons rovidin bankin services or rofessional advice SoliGltors Bales Wells 10 Queen Street Place London EC4R 1BE Accounlanls and Auditors Moore NHC Audit Limited Nicholas House, River Front Enfield EN1 3FG The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481
c, saraf CHAaifAfiLF FOUNI)ATif)N STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2022 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Sland8rds (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the trustees to prepare financial statements for each fin8ncial year which give a true and fair view of the slate of affairs ol the charity and of the incoming resources and application of resources of the charity for that ye8r. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them ¢onsislenlly'. observe the methods and principles in the Charities SORP., make judgements and estimates Ihal are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any lime the financial position of th& charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity IA¢counls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safegLJarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar. Hertfordshire, EN6 IAG Registered charity no. 1118481 19
c, saraf ChAR,'TABLE FOUNLATI INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE COSARAF CHARITABLE FOUNDATION Opinion We have audited the financial slalemenls of The Cosaraf Charitable Foundation Ilhe 'charily'i for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes lo the financial slalements, including significant accoLJnting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reportin9 Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted AOuntIng Praclicel. In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2022 and of its incoming reSoUS and application of resource5, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with Ihe requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlernational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report We are independent of the charity in accordance with the ethical requirernenls that are relevant lo our audit ol the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusion5 relating to going concarn In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financi81 statements is appropriate. 8ased on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelv& months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial stslemenls and our auditor's report Ihereon. Our opinion on the financial slat¢menls does not cover the other information and we do not ¢xprgss any form of assurance conclusion thereon. In connection wilh our audit of the financial slalemenls. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial slalements Dr our knowledge obtained in the audit or otherwise appears to be materially miss18led. If we identify such material incDnsislencies or apparent material misstatements, we are required lo detèrmine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We h8ve nothing lo report in this regard. The COSARAF Charitable Foundation. Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire. EN6 IAG Registered charity no. 1118481 20
c, saraf INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE COSARAF CHARITABLE FOUNDATION Matters on which we are required to report by exception We have nothing to report in respect of the following mallers where the Charities Act 2011 requires LJS lo report lo you if. in our opinion.. sufficient accounting rècords have not been kept,. or the financial slalemenls are not in agreement with the awounling records., or certain disclosures of IrLJStees' remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibililigs of trustees As explained more fully in the statement of Iruslees. responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they givè a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalement, whelher due lo fraud or error. In preparing the financial statements, the Iruslees a responsible for assessing the charity's ability to continue as 8 going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of 8wounling unless the Iruslees either intend lo cease operations, or have no realistic allernalive bul lo do so. Audltorfs responslbilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit condLJCted in accordance wilh ISAS (UK} will always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and re9ulalions. We design procedures in line with our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud, is detailed below. Explanatlon a$ to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respe¢l of fraud, are,. lo identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, Ihrough designing and implementing appropriate responses to those assessed risks,. and lo respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those Charged with govemance of the charity. Our approach was as follows.. We oblain&d an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charitie5 Act 2011 and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane. Potters Bar, Hertford5hire, EN6 IAG Registered charity no. 1118481
c, saraf INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE TRUSTEES OF THE COSARAF CHARITABLE FOUNDATION We assessed the risk of material misstatement of the financial stalem8nts, including the risk of material misstatement due to fraud and how il might occur, by holding discussions with management and those charged with governance. We Inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this Ljnderstanding, we designed specific appropriate audit procedures lo identify instances of non- compliance with laws and regulations. This included making enquiries of management and those Charged with govemance and obtaining additional corroborative eviden as required. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https.'Ilwww.fi¢.org.uklaudilorsresponsibililies. This description forms part of our 8udilo¢s report. Other matters Your attention is drawn to the fact that the ¢harily has prepared financial statements in ac¢ordan¢e with "A¢coLJnting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended) in preference lo th& Accounting and Reporting by Chaiilies." Slalemenl ol Recommended Practice issued on l April 2005 which is referd lo in the exlanl regulalitsns but has now been withdrawn. This has been done in order for the financial stslements lo provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Uso of our report This report is made solely lo the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl perrllilled by law, we do not accept or assume responsibility lo anyone other than the charity and its Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Francis Corbishley (Senior Statutory Auditor) for and on behalf of Moore NHC Audit Limited Chartèr&d Accountant$ statutory Auditor Nicholas House River Front Enfield Middlesex EN1 3FG 0410112023 The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potter5 Bar, Hertfordshire, EN6 IAG Re8iStered charity no. 1118481 22
c: saraf STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted Restricted funds funds 2022 2022 Totsl Unrestrictèd Restricted funds funds 2021 2021 Totsl 2022 2021 Notes Income from- Donation5 and legacies 646,829 244,585 891,414 575,402 374,915 950,317 enditure on.. Charitable activities 879,022 301,600 1,180,622 S91,223 451,806 1,043,029 Net gainslllossesl on investments 140,433 140.433 195.155 195.155 Net movement in funds 191,7601 157,0151 1148,7751 179,334 176.8911 102,443 Fund balances at 6 April 2021 2,285,593 85,373 2,370,966 2,106,259 162,264 2,268,523 Fund balances at 5 April 2022 2,193,833 28.358 2,222,191 2,285,593 85,373 2,370,966 The slalemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potters Bar. Hertford5hire. EN6 IAG Registered charity no. 1118481 23
c saraf C.*ARIT&Tr31 iJNOA TIC) BALANCE SHEET AS A T 5 APRIL 2022 2022 2021 Notes Fixed assets Investments 10 1,726,187 1,585,754 Current assets Debtors Cash al bank and in hand 120,000 426,400 175,000 683,160 546,400 858,160 Creditors: amounts falling due within one year 12 150,3961 172,9481 Nel current assets 496,004 785,212 Total a$$$t$ 19$$ current liabilities 2,222,191 2.370,966 Income funds Reslricled funds Unrestricted funds 13 28.358 2.193.833 85,373 2,285,593 2,222,191 2,370,966 The financial statements were approved by the Trustees on 81h December 2022. r H R Sheikh Trustee The COSARAF Charitable Foundation. Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire. EN6 IAG Registered charity no. 1118481 24
c" saraf r FaJNnMTION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 Notgs Cash flows from operating activitie$ Cash absorbed by operations 16 1311,760} 1101,S761 Investing activities Loans repaid by Charitable foundations 55,000 350,785 Net cash g&nerated from inv8stlng activities 55.000 350,785 Net cash used in financing activities Net Idecreasellincrease in cash and cash equivalants 1256,7601 249.209 Cash and cash equivalents at beginning of year 683,160 433.951 Cash and cash equivalonts at ènd of yoar 426,400 683,160 The COSARAF Charitable Foundation, Metropolitan House, 3 Darke5 Lane, Potter5 Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481 25
c, saraf NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accounting policies Charity information The Cosaraf Charitable Foundation is incorporated as a body corporate whose principal address is Melropolilan House. 3 Darkes Lane, Potters Bar, EN6 1AG. 1.1 Accountlng convention The financial slalements have been prepad in aordance with the ¢haritls Deed of Trust, th& Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent reqLJired lo 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 lo 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 slalements have been prepared under the historical cost convention, modified lo include certain financial instruments at fair value. The princip81 accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial statements, the Irusltres have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thu5 the Iruslees continue lo adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charitablo fund$ Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subje¢l lo specific Conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial statements. Endowment funds are s(Jbject to spgcific Conditions by donors that the capit81 must be maintained by the charity. 1.4 Incoming resources Income is re¢ognised when the charity is legally entitled to it after any performance conditions have been mel, 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 covenanl is recognised at the lime of the donation. The COSARAF Charitable Found3tion, Metropolitan House, 3 Darkes Lane. Potters Bar. Hertford5hire, EN6 IAG Re8lStered charity no. 1118481 26
c," saraf I 14AkyT ARI F pOlJ,1jT1ul¥ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Accounting policles Icontlnuedl L8g8¢ies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conlingenl asset. 1.5 R¢$ource5 expended Expenditure is reco9nised in the statement of financial activities on an accrual basis as a liability is incurred. Expenditure in¢ludes any VAT which cannot be fully recovered. Costs of generating funds comprise the Costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. 1.6 Flxed asset investments Fixed asset investmenis are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. dep0511s held at call with banks, other short-lerm liquid investments with origin81 malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charills balance sheet when Ihe charity becomes party lo 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 8 nel basis or lo realis& the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured al transaction price including transaction costs and are subseouently carried al amortised cost using the effe¢live interest method unless the arrangement constitutes 8 financing transaction, where the transaction is measLJred at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481 _ 27
c" saraf NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Basi¢ financial liabilities 8asic financial liabilities, including creditors and bank loans are initially recognised al transaction pri unless the arrangement constitutes a financing Iransaclion. where the debt instrument is measured al the present value ol the lulure payments discounted at a market rale 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 ¢redilors 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 (SLJe within one year or less. If not, they are presented as non-¢urrenl liabilities. Trade creditors are recognised inilially at transaction price and subsequently measured at amortised Cost using the trffe¢tive interest Tnelhod. Derocognition of financial liabililies Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or cancelled. 1.9 Employèè b&nefits The cost of any unused holiday enlillement is recognised in the period in which the employee's serVIS are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. Donatlons and legacies Unrestricted funds 2022 Restricted funds 2022 ToLIl Unr&strl¢ted Restricted funds funds 2021 2021 Total 2022 2021 Donations and gifts 646,829 244,585 891,414 575.402 374,91 S 950,317 Don?tion$ and gifts Gift aid donations Igrossl Other donations 646,829 150,000 94,585 796,829 94,585 413,950 161,452 278.860 96,055 692,810 257,507 646,829 244,585 891,414 575,402 374.915 950,317 The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertford5hire. EN6 IAG Registered charity no. 1118481 28
c saraf NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Charitable activities Unrestricted Restri¢ted funds funds 2022 2022 Total Unr&strl¢ted Restrl¢ted 2022 funds funds 2021 2021 Total 2021 Stsff costs 43.515 43.515 38,591 38,591 Consulting fees 51,960 51,960 S7,343 57,343 95,475 95,47S 95,934 95,934 Grant funding of activities Isee note 41 Share of govamance costs (see note 51 855,093 206,125 1,061,218 567.342 3S5,872 923,214 23,929 23,929 23.881 23,881 879,022 301,600 1,180,622 591.223 451,806 1.043,029 The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481 29
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c, saraf CHl4ttlTA8I F FaiJNnATior4 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Support and governanca costs Support Governance costs costs 2022 SupportGovemance costs cost$ 2021 Office sundries 2,815 2.815 2,451 2,451 Audit fees Legal and professional Bank charges Travel and training Insurance Design and branding 5,114 9,395 2,131 330 3.028 1.116 5,114 9,395 2,131 330 3,028 1,116 5,330 8,270 443 5,330 8,270 443 908 6,479 908 6,479 23,929 23,929 23,881 23,881 Allo¢ated lo.. Charitable activities 23,929 23,929 23.881 23,881 Auditorfs remuneratlon Th6 analysis of aLJditor's remuneration is as follows.. Fees payable lo the charills auditor 2022 2021 Audit of the charity's annual accounts 5,114 5,330 Twstees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The avèrage monthly number of employees during the year was.. 2022 Number 2021 Number Management Employment costs 2022 2021 Wages and salaries 43,515 38,591 The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481 32
c" saraf cHA*lTALE FOUblDAT1tsN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Employaos All wages and salarie5 for the year are in the form of gifts in kind and so do not represent the cost of staff directly employed by the charity. There are no employees whose annual remuneration was £60,000 or more. Net gainslllossesl on investmènts Total Unrostri¢ted funds 2022 2021 Revaluation of investmènts 140.433 195,155 10 Fixed assat investments Unlisted investments Cost or valuation At 6 April 2021 Valuation changes 1,585.754 140,433 At 5 April 2022 1,726,187 Carrying amount At 5 April 2022 1,726,187 Al 5 April 2021 1,585,754 Fixed asset investments consist of 100 ordinary shares in Sheikh Holdings Group Ilnvestmentsl Limited. The investments are part of the Charity'5 unreslricled funds. 11 Debtors 2022 2021 Amounts falling duo within one year.. Other debtors 120,000 175,000 Included in other debtors is a balance of £45,000 due from Melropolilan House Investments IUKI Limited. The COSARAF Charitable Foundation, Metropolitan House. 3 Oarkes Lane. Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481 33
c saraf NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 12 Credltors.. amounts falling dug within one year 2022 2021 Trade creditors Accruals and deferred income 5,000 45,396 s,000 67,948 50,396 72,948 13 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on tru51 for specific purposes.. Movèment in funds Incoming Resources Balance at resources ¢xpended 6 Aprll 2021 Movement in funds Incoming Resources Balance at resources expended S Aprll 2022 8alanc8 at 6 April 2020 Zakat funds 162,264 374,915 1451,8061 85,373 244.585 1301,6001 28,358 Zakat funds Zakat funds are those donations made in line with 1$18mic obligations for charitable giving. 14 Analysis of net ass&ts between funds Unrestrictgd R¢strlcted Funds Funds 2022 2022 Total Unrestricted Restricted Funds Funds 2021 2021 Total 2022 2021 Fund balances al 5 April 2022 are represented by.. Investments 1,726,187 1,726,187 1.585,754 1,585,754 Current assetsllliabilitiesl 467,646 28,358 496,004 699,839 85,373 785,212 2,193,833 28.358 2,222,191 2,285,593 85,373 2,370,966 15 Rèlated party transactions All of the income in the current year and comparative year was donated from related parties or was gift aid received on such donations. There were no other disclosable related party transactions during the year12021 nonel- The COSARAF Charitable Foundation. Metropolitan House, 3 Oarkes Lane. Potters Bar, Hertfordshire, EN6 IAG Registered charity no. 1118481 34
c," saraf NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 16 Cash gentrratod fromllabsorbed byl operations 2022 2021 (Deficilllsurplus for the year 1148,7751 102.443 AdjLJStments for.. Fair value gains and losses on investments 1140.4331 1195.1551 Movements in working capital= (Decrease) in creditors 122,5521 18.8641 Cash (absorbed by) operations 1311,7601 1101,5761 17 Analysis of changes in n81 funds The charity had no debt during the year. The COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potters Bar. Hertfordshire. EN6 IAG Registered charity no. 1118481 35