Charity Registration No. 1118481
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ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022

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c￿.A￿l-.&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

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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 reSoUr￿S were st￿tched 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

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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 p￿slon to those without 8CCèSS to such.
/The COSARAF Ch3ritable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar, Hertfordshire, EN6 IAG
Registered charity no. 1118481

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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-com￿lance risks in the current projects.
The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane. Potters Bar. Hertfordshire, EN6 IAG
ReEi5tered charity no. 1118481

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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
cOhes￿e Communllles
reallse potentlal
Partner5hip5
Direct Delivery
frtardshlp
Ramadè
M*Trtafjn efflcl•ncy&
effettNene55
Fanuhtmember5
BtneficSèrles
eni¥ed
Facllitators
engaged
End BeneficJar6es
Aelleflenwe￿t
Attitudinèl
Fadlltstors
Wlder So¢iety
Orpftis*iohal outcrn
approathos ih
c*ntres/communlties
TAlnedlSUp￿rt￿d
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

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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

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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

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¢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

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(￿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

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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 di￿GI 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

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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 suc￿sSful 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

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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

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ch￿RITABL 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

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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

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ChA*ITARLF FOJN'l*ATION
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

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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
A￿OuntIng 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 reSoU￿S 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

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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

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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 refer￿d 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

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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

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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

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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

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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 prepa￿d in a￿ordance 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

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I 14AkyT ARI F pOlJ￿,1j￿T1ul¥
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 balan￿s, 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

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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 serVI￿S 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

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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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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

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cHA*lTA￿LE 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

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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

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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