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← The Cosaraf Charitable Foundation

2024-04-05-accounts

Charity Registration No. 1118481

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

CHAIR OF TRUSTEES’ STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

Page

Chair of trustees’ statement
 2-3

Trustees' report
 4-31

Statement of trustees' responsibilities
 32

Independent auditor's report
 33-35

Statement of financial activities
 36

Balance sheet
 37

Statement of cash flows
 38

Notes to the financial statements		 39-48

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481 1 3AA—

CHAIR OF TRUSTEES’ STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

What a monumental year it has been for us all - in the UK, around the world, and for the Foundation. Significant changes in our monarchy, government and international crises have made this a year to remember. Throughout though, we have remained steadfast at the COSARAF Foundation, ensuring we are meeting our aims and objectives, funding charitable work globally, impacting over 60,000 people and creating a world where all people have the opportunity to thrive.

Our strategy remains focussed on our three key priorities: building sustainable communities; enabling young people to realise their potential; and empowering women and girls. The UK, Pakistan and Kenya are still our core countries in which we fund delivery but our support for smaller projects in other countries in East Africa and South Asia also continues. Since our impact reporting began in 2018, the Foundation has cumulatively supported almost 1.4million people.

Following a benchmark year last year, we continue to collaborate with our key partners delivering their services, whether it’s meeting basic needs providing food and nutrition through regular feeding programmes in Kenya and Pakistan, resulting in over 4.1 million meals being served to the needy, or by supporting transformational change through learning and upskilling, in the UK and internationally. This year, we have focused our work, not only on handouts, but to lending a helping hand, to pull others up and to support many to help themselves, ensuring sustainable change is achieved.

A fundamental mechanism for this is by inspiring and encouraging enterprise. Both myself and my brother, Farouq, are entrepreneurs. As founders of our company, CareTech Ltd, and the COSARAF Foundation, we truly value entrepreneurship and support others into enterprise. As a result of this passion, the next generation of our trustees have risen to the challenge and sought out new partners which amplify our interests. Our new partnership with GEAR Trust delivers innovative micro-finance services to support Pakistani women into self-employment. Our substantial grant has helped over 230 women provide for their families and has impacted a further 400 people indirectly. In the UK, we have supported the King’s Trust Enterprise programme for young people for over 10 years, directly providing business start up grants to many fresh entrepreneurs. Our drive for enterprise has seen over 240 businesses launched this year alone.

We have also grown our Sheikh Family Scholarships Programme and within the growing alumni of 23 scholars are proud to have award-winning journalists, Oxbridge-trained medics and faith leaders within the Muslim community. All these bright, excelling scholars, with the Foundation’s help, are making a wider positive impact on the communities they live in and serve.

This year, we saw a record number of over 439,000 meals served during Ramadan, not only through our dedicated delivery partners internationally but also hosted at our many community partners in the UK. We are delighted to see this fund’s reach grow year on year.

In Pakistan, we have impacted over 40,000 lives through supporting a diverse portfolio of projects. We are excited to have been able to provide funds to our flagship partner the Fahmida Begum Foundation for them to secure land this year to build a permanent centre. Delivering vital services to the deprived community in Mehran Town, Karachi, the new centre will include a school, clinic, training centre and wider facilities for the local community. Currently FBF annually work with over 16,000 individuals and with the new centre we hope to reach many more people in need with enhanced technical services and facilities. The centre will also have additional provision for the exciting Pakistan Special Education Initiative being developed by the CareTech Foundation, which we are pleased to be supporting, to implement positive curriculum changes for the education of children with special needs in the country.

Finally, this year, we held our second annual COSARAF Foundation Open Iftar, in partnership with the Ramadan Tent Project. Over 200 people attended the evening at SOAS University of London, and our trustees met with partners, scholars and public guests for an engaging evening with religious reflection for all. We look forward to hosting another next year.

As the year has drawn to an end, I would like to give thanks to my colleagues, trustees, our supporters and our hardworking staff team; please read on for the impact we have been able to make together.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481 2 3?—iAA

CHAIR OF TRUSTEES’ STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

Haroon Sheikh Chair of trustees Besant

27.01.2025 Dated: .........................

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481 3 ZO —BAA

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

OBJECTIVES AND ACTIVITIES

Our purposes

The following 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 at https://www.gov.uk/find-charity-information.

What

Who

How

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make sustainable livings, ion to those without access to

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees recognise that these objectives will often require the provision of health, education, basic needs and other related provision to those without access to such.

The trustees have further confirmed that the Foundation’s support should be prioritised to supporting those in need in the UK and in developing countries overseas, particularly Africa (especially East Africa) and Southeast Asia.

Our strategies for achieving our aims and objectives

The Foundation delivers its key objectives through the following grant-making vehicles:

The Foundation’s Grant-Making Policy sets out the approach and procedures by which trustees will assess all applications for grants, received via an online application process. The most significant of the Foundation’s grants (in terms of both spend and complexity) are its Major Grants. The Grant-Making Policy establishes that when the Foundation considers supporting a third party through its Major Grants programme, the following met:

oping sustainable change or business models.

ging wider support; and,

Hardship grants are available for residents in the UK only and are available to individuals who can demonstrate that they are suffering clear financial hardship or do not have the financial means for essential expenditure. Trustees prioritise:

The Foundation administers both Zakat and non-Zakat funds, in line with the trustees’ Grant-Making Policy and tion Policy. Zakat funds are those donations made in line with Islamic obligations for charitable

nd Review

RAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG —S=e_ Registered charity no. 11184 ma _S=SS>~""

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Each year the Foundation conducts an audit and review of its 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 to:

The results of the 2023/24 Audit indicate that, overall, the design and operational effectiveness of Zakat controls. are adequately in place.

How we measure success

With the support of Bean Research, the Foundation continues to use our established Theory of Change and accompanying Impact Assessment Framework. A Theory of Change is a powerful tool, particularly for social impact organisations, to describe the need an organisation is trying to address, the changes it wants to realise and the activities that it will deliver to create these changes. Ours provides a clear and succinct encapsulation of the purpose of our organisation and how every aspect of its work contributes to delivering our vision. Crucially, our Theory of Change underpins our robust impact assessment methodology.

Our Theory of Change is set out in the schematic below, which seeks to articulate the value that the Foundation can provide in supporting “A world where all people have the opportunity to thrive.”

Sitting below the Theory of Change is the Foundation’s 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 to assess the impact of the work we are funding through our Major Partnerships grants. The diagram below depicts the approach the Foundation takes to measuring impact and the basket of measures we use to judge the extent to which we are meeting our objectives.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Charity C The Trust to guidan trustees o

4 of the Charities Act 2011 to have due regard blic Benefit, a copy of which is provided to all

ACHIEV

The year This repo across th continuin our work

We have immediat services

rch 2024. This year saw monumental changes economic challenges, and, internationally, the all influenced our priorities and the delivery of

hips with international partners, delivering vital ken communities, hand in hand with providing ative change.

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kes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 11184

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees have focused their vision, applying our policies stringently, to ensure those of the highest need are supported through our funding. Year on year, the trustees have donated more zakat and sadaqah funds to meet the growing needs of the communities around them and abroad, and we can share with you the key impact made.

Our objectives for this year

Trustees agreed a set of key objectives for this reporting year, the most notable of which were as follows:

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FOR THE YEAR ENDED 5 APRIL 2024

Dedicated partners are delivering education, skills development and empowerment to individuals and families, focusing in our key areas of Pakistan, Kenya and the UK. In the UK, our Sheikh Family Scholarships Programme has grown as we welcomed four new scholars and increased our support, offering new spotlight seminars online to aid them in their development. Our Hardship Fund continues to support those living in extreme hardship in the UK, and having received over 1,200 applications this year, the Foundation has supported over 230 individuals/families with grants.

The small grants fund has relaunched and allowed the Foundation to support several small, but hugely impactful initiatives, including the delivery of a Domestic Abuse Helpline in the local Hertfordshire Community, providing localised hardship fund for children in the county and providing urgent humanitarian support to Sudan and Palestine.

The new SEN support project in Pakistan, Pakistan Special Education Initiative (PSEI) in partnership with the lead, CareTech Foundation, is making strides and key school and strategic partners are on board. This will have a huge impact on the SEN curriculum in the country and we hope will make a massive difference to the lives of the children with SEN in the country with the vital resources and expertise from the CareTech Group.

The Fahmida Begum Foundation has managed to secure plots for the build of the new permanent community centre to deliver their growing range of services. Alongside this, the Fahmida Begum Foundation continues to increase their diverse portfolio of services,

including key partnerships, such as the United Nations Development Programme, that has led to the further empowerment of women in their community and overseeing the development of community development work, with the Mehran Welfare Trust and the new mosque and model village for those displaced by the devastating Pakistan floods of 2022.

Finally, a new micro-finance project with GEAR Trust in Pakistan, has helped launch over 230 women into self-employment. This is targeting women in Mehran Town to complement the services provided by our flagship, FBF and increasing collaboration across our network of partners.

As set out in this Report, trustees are pleased with the progress made against these objectives and are excited for the ongoing developments for the future.

This impact report documents the COSARAF Foundation’s activities from April 2023 to March 2024,

COSARAF Foundation IMPACT REPORT 2023/24

The Spectrum of Impact

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG ————SxX=—_ _ Registered charity no. 1118481

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The COSARAF Foundation has been working with Bean Research since 2019 to assess and report its impact. This report looks at the depth and breadth of the Foundation’s activities and the impact of people benefitting, teachers trained, and sustained change in communities, against its central aims of:

This impact report documents the COSARAF Foundation’s activities from April 2023 to March 2024.

Projects funded by the COSARAF Foundation are deliberately selected to have a wide-ranging scale of reach and impact – offering immediate relief to people in need, as well as long-term transformational changes to peoples’ lives and develop sustainable communities.

From funding 4,623,690 meals to empowering the launch of 233 small businesses in local communities, the COSARAF Foundation delivers support at all levels and provides value at every stage along the continuum of impact.

Summary of impact

Since 2018, the COSARAF Foundation has supported 1,369,340 people across the UK, Asia and Africa. From emergency responses in Gaza and the Sudan to the support of entrepreneurs, the COSARAF Foundation has built a network of dedicated partners and innovative projects to address critical issues for individuals and communities. Funding now reaches people in eight different countries, spanning three continents, through more than 35 partner and charitable organisations, with 14 new funding relationships this year alone.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG —S=e—_ Registered charity no. 1118481 a 10 —>

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The COSARAF Foundation has directly supported 60,465 people this year by funding feeding, education and building projects.

Headline statistics

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481

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1. Supplying basic needs

UK Hardship Grants

The Foundation distributes both Zakat and Sadaqah Hardship Fund Grants to those living in the UK.

This year, 238 grants helped desperate families in hardship. 23% of grantees were struggling with the basic cost of living, and 31% of applicants declared mental health problems. 23% of grants were spent on basic needs such as food and clothing, while 26% of grants were spent on paying on paying off debt. 20% of grants went towards essential household furniture and appliances.

—— _— The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG ————————— Registered charity no. 1118481

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

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This year, the COSARAF Foundation has responded to communities in terrible crisis, supported the hungry throughout the year, as well as in Ramadan, and awarded grants to families in need. Funding has supported communities in Gaza and Sudan, as well as Asia, Africa and the UK.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481 ma —————

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TRUSTEES' REPORT

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Immediate Relief

The COSARAF Foundation supported the basic needs of 31,653 people this year, including agile emergency responses to those in crisis, funding food boxes and cash vouchers in war-torn Sudan and Gaza .

Cash Vouchers in Sudan

Working in coordination with local governments and other aid agencies, Plan International launched an immediate response to support those fleeing violence in Sudan . The primary aim has been to deliver life-saving assistance to children, especially girls, whose lives have been devastated by the crisis. The COSARAF Foundation funded cash vouchers assistance to 57 families (285 people)

Ramadan Initiatives

The COSARAF Foundation’s Ramadan projects focus on the provision of food to those in need. The Foundation also uses Ramadan activities to promote the celebration and community aspects of this important time in the Islamic calendar, particularly encouraging interfaith events and learning experiences for all those interested in the faith.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG ————SxX=— _ Registered charity no. 1118481 a —

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In 2024, the COSARAF Foundation’s funding provided 439,535 Ramadan meals to 15,235 people across three continents.

Ramadan Food Parcels

Ayesha, a resilient mother of four from Mehran Town, has been a recipient of the Fahmida Begum Foundation's various services for the past eight years. The high cost of living and limited income makes it difficult for her to make ends meet, particularly during the holy month of Ramadan, when the demand for food and essential supplies increases. "Due to the support, I get in Ramadan with these parcels, my whole Ramadan month is spent easily without worrying about arranging food for my family." This support not only alleviates her immediate concerns about food security but also allows her to focus on the spiritual aspects of Ramadan, free from the stress of financial hardship.

Khalida, a devoted mother of eight, resides in Mehran Town and faces significant financial chal Ramadan Food Parcels from the pport system for her family. Duri nd for food and essentials incr s, pay house rent, and cover the

————————————__ — T kes Lane, Potters Bar, Hertfordshire, EN6 1AG ————S_S="-x- 184 ma 15 eee e_ |

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

2. Transforming Lives

From enabling a scholar to attend university to funding a small business startup, the COSARAF Foundation has given a helping hand up to 1,301 individuals who have been reported as experiencing transformational change in their lives. This is achieved through funding vocational training, providing support to small businesses and giving disadvantaged young people access to education.

Headline statistics

Small business support

The COSARAF Foundation has empowered 1,214 entrepreneurs in partnerships with GEAR, The Imrah Project, SEED Ventures, The Noor Project, Fahmida Begum Foundation and The King’s Trust.

The King’s Trust: Enterprise UK

As a result of the COSARAF Foundation’s support, 15 young people have been given the tools and confidence they need to launch a business through the King’s Trust’s Enterprise programme. 78% of the programme’s participants have positive outcomes , either entering employment, training, education, volunteering or an apprenticeship.

Laura founded Wild Spirit Canines , training 600 assistance dogs for clients with physical and learning disabilities. Laura employs three staff members, all of whom have assistance dogs and disabilities. Laura credits the King’s Trust for helping turn her passion into reality.

a _ The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG ————SxX=—_ Registered charity no. 1118481

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Ashleigh, 27, has triumphed over numerous mental health challenges and is dedicated to aiding others facing similar struggles. Her own experiences revealed the lack of proper training among those who supported her. With the support of the King’s Trust, she launched a business providing mental health training to frontline workers. Ashleigh credits The King’s Trust for transforming her life from despair to one filled with hope and potential.

Generating Employment Alternatives for Self-Reliance (GEAR Trust)

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Working with communities in Pakistan, GEAR Trust focuses on creating innovative models of ‘social businesses for low-income households. he Women Self-Employment Program is creating and supporting self-employment opportunities for women through the provision of interest-free micro loans and support and advice from dedicated field officers.

Sadaf, a widow and mother, set up ‘Sadaf’s Kitchen’ with a zakat loan of PKR40,000. She now earns PKR10,000 -15,000 monthly, with 15 catering customers on her books and growing.

Aami, a widow with four daughters, was a maid in Badin Village. Her GEAR micro-loan of PKR 35,000 enabled her to start a Ralli (Quilt making) business. She now earns around PKR15,000 each month and is working with her daughters to grow the business. (al| @

The Imrah Project: Empowering Women with SEED Ventures

• As a result, seven women have successfully secured positions in a textile machine operator course.

The ‘Imarah’ Project supports women living in Mehran Town, Karachi launched by SEED Ventures, with support from COSARAF Foundation, Fahmida Begum Foundation and Tee Square.

“ Imarah is a great platform for people who have never had a chance to study like me ” - Anum Ali Nawaz

Holistic education and community integration The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG ee =— . Registered charity no. 1118481 ma ===

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The Foundation continues to support Deaf Reach, Pakistan, which enables the ongoing education and Deaf Reach academic progress of 50 female deaf students . This Schools | Training Centers | Colleges long-term commitment has transformed the lives of these girls and their families, enabling them to play a full part in their communities. Through the provision of Pakistan Sign Language classes to 200 parents & siblings, the funding also supports the development of a safe and inclusive environment outside of school where deaf members of the community can communicate freely and easily.

Further Education Access

The COSARAF Foundation greatly values the transformative impact of further education, enabling young people to achieve their potential. Through scholarships and studentships, this year 12 students have been supported to achieve their educational goals:

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Ali Ahmed,

MPhil in Development Studies, University of Oxford.

Ali’s research relates to mental health of displaced populations, focusing on the Syrian refugee population within the Lebanese context. COSARAF Foundation funding covered living costs and allowed Ali to extend his research fieldwork stay in Lebanon, and more comprehensively explore mental health issues of Syrian refugees and the responses provided by humanitarian organisations in Lebanon.

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Moosa Muzaffar Waraich, MSc in Social Anthropology, University of Oxford.

Moosa is exploring the history, politics, and day-to-day lived realities of the AfroPakistani community. With the generous funding as part of the OPP studentship, he was able to cover living costs at Oxford and conduct research fieldwork in Pakistan and incorporate archival research from the Sindh Archives.

“The support the COSARAF Foundation has provided has been essential to my success at Oxford as it allowed me to successfully complete my MSc this August.”

Sheikh Family Scholar: Jamelia Hashi, BA History, St Anne’s College, Oxford

In her second year at St Anne’s, Jamelia is flourishing academically, focusing her studies on African History and Somalia. She’s involved in numerous societal and University wide opportunities, including Access and Outreach opportunities and was President of the Oxford Somali Society. In this role, she has fostered a tight-knit Somali community and organised the inaugural Oxford Somali Access Conference, welcoming over fifty Somali students from across the country to Exeter College. With COSARAF Foundation’s support, Jamelia will also be completing an internship Home-Start Croydon.

“The scholarship has not only benefitted me financially, but further propelled me to foster the values the COSARAF Foundation embodies – it was very important that I used my position to help disadvantaged students overcome socioeconomic barriers.”

Sheikh Family Scholar: Mohammed Yahya Mahmed Sidyot, Warwick MA Islamic Education

Currently completing the final module in his programme and preparing for his MA graduation thesis, Mohammed is a young British Muslim Seminary graduate. He continues to teach at his local Maktab and is highly motivated to engage with personal and professional development opportunities and become an agent of positive change within his local community.

“Thanks to the COSARAF Foundation’s financial assistance, I am now able to pursue academic study and so far, the course has been very helpful in enhancing my skills in educational leadership. ”

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481

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3. Building Communities

The COSARAF Foundation has a commitment to developing and strengthening communities through long-term dedication to supporting people, innovative funding, strong relationships with partners and capital investment. This year, in partnership with a range of organisations, the COSARAF Foundation has amplified its commitment to this area in Africa, Asia and the UK.

Headline statistics

Innovative approaches

COSARAF Foundation funding is supporting new ways to approach long-standing issues, putting communities at the heart of delivering much-needed services.

Women & Children First

Carer’s Worldwide

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Carers Worldwide and local charity partner CDD opened a community caring centre in the village. Juthi was enrolled in the centre and Monowara applied for a small loan from the carers group.

Now, Monowara runs a successful roadside café selling snacks and tea, while Juthi attends the centre and follows a bespoke programme of education and therapy. The café is doing so well that Monowara’s husband has been able to give up his job as a rickshaw puller and join her working in the café. The centre has transformed this family’s life.

Supporting people and relationships within communities

The COSARAF Foundation has made two new grants dedicated to helping strengthen and support communities in the UK.

Investment in physical buildings

Understanding that communities need places to come together, COSARAF Foundation have funded capital investment projects in Pakistan and UK creating a legacy in their communities.

Long-term commitment

The COSARAF Foundation has always sought to support communities over the long-term. Working with two key partners in Karachi and Lahore, the Noor Project and Fahmida Begum Foundation, speaks to

this ambition. Together, the long-term work they do in the areas of food provision, medical care, education and vocational training, is alleviating hunger in the short term and systematically breaking the cycle of poverty in the long-term.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG — = —_ Ft Registered charity no. 1118481 Z- —=——

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With COSARAF Foundation’s support in 2023/24 these two Partners have:







Total
People
Supported
16,714
Immediate Relief
15,334
stantive
rovement
1,317
Transformational
Change
25
Meals Provided
77,207total meals provided
8,153
supported
on
the
feeding programme:
•
7,356people provide
with lunch daily
•
50
monthly
ration
packs provided
idence & Care
12supported in the Shelter
Home
Children Educated
1,070
Students,
including
Foundation Assisted, School
Students,
Deaf
Reach
&
Literacy Club Students
ational
Training
rse
247(including50training with
Artistic Milliners in a women
empowerment activity)
Medical
Centre
Patients
4,687patients seen,12,449
appointments
we—
“om
a
Neente
O

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172 Hardship grants, financial Other assistance 1,037 Ramadan Food Parcels Ramadan fed 5,200 people

Other

The COSARAF Foundation’s long-term commitment also creates depth of impact by facilitating collaboration and partnerships between organisations . In Mehran Town, the work of COSARAF’s flagship partner the Fahmida Begum Foundation is amplified by COSARAF Foundation funding of GEAR, SEED Ventures, and Mehran Welfare Trust, which have contributed micro-financing projects, employability training and physical buildings to the local community.

----- Start of picture text -----
Total People
17,550
Supported
Immediate Relief 14,752
Substantive
1,798
Improvement
Transformational
1,000
Change
• 4,158 ration packs
provided to 693
families
• 349,448 meals provide
at the feeding centre,
Meals Provided to approximately
2,100 individuals
• 7,200,000 Roti provided
by 1000 Tandoors (2
per person) =
3,600,000 meals
Residence &
78 children in the orphanage
Care
Children 662 children at Noor Grammar
Educated School.
Vocational 2,000 women - 1,000 into
Training Course employment
Medical Centre 12,652 patients at the health &
Patients dental clinics.
Legal Aid: 58 women supported
Other
----- End of picture text -----

Legal Aid: 58 women supported in court.

An example of collaboration in action

COSARAF Foundation funding facilitates relationships between Deaf Reach, SEED Ventures & The King’s Trust International. The impact on individuals has been multiplied by the collaboration of these partners.

Seed Ventures the delivery partner for Enterprise Challenge Pakistan for King’s Trust International, has worked with Deaf Reach schools. A team from a Deaf Reach School made it to the National Finals event last year and for the first time Enterprise Challenge had a team use sign language to deliver their pitch.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG S———————SYS»e— — Registered charity no. 1118481

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Our commitment to Diversity Equity and Inclusion

The Foundation is fully committed to promoting Diversity, Equity and Inclusion across all aspects of its work:

The Foundation has published its Diversity Equity and Inclusion Statement on its website (see Diversity, Equity and Inclusion Statement - COSARAF). In line with the approach set out in this Statement, we implemented a new monitoring information approach for all grant applications in 2019. Trustees keep this prominent issue under regular review and will consider the need for further action.

Our fundraising and investment performance

The Foundation remains indebted to the generosity of the Sheikh family for choosing to use the Foundation as their preferred vehicle by which to support their philanthropic endeavours. The Foundation is also grateful for the very generous support of Grosvenor UK for both its direct financial support of our work and its wider in-kind support.

During the year, trustees have continued to consider the means by which the Foundation might develop a longterm financial asset to enhance the Foundation’s long-term sustainability. Whilst trustees remain keen to develop such an asset in the medium- to long-term, they have chosen to use the Foundation’s assets currently to support charitable endeavours through the use of social loans to charities to support projects in line with the Foundation’s Objects.

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TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The COSARAF Charitable Foundation was established as an unincorporated body, registered with the Charity Commission, by Deed of Trust dated 31st 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.

PLANS FOR FUTURE PERIODS

We have ended year one of the current three-year strategy. the three strategic aims remain:

For the year ahead, trustees have identified the following key new objectives:

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The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG 2 >= _ Registered charity no. 1118481

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• FINANCIAL REVIEW

Our financial position

As set out below in the Accounts, the Foundation continues to enjoy a strong financial position. As a result, the Foundation is well-placed financially to deliver its long-term objectives.

The Foundation has long-term donation agreements with the Sheikh family, whose members have opted to use the Foundation as their primary vehicle for their charitable endeavours. In addition, the Foundation benefits from long-term support from Grosvenor (UK) Limited, both through direct donations and wider in-kind support. In this reporting year, this in-kind support has been valued at £107,841 (2023: £91,431).

At the current time, the Foundation expects to continue to be in the fortunate position of being able to rely on continued strong income from its primary donors.

At the end of the financial year, there remains one social loan with an outstanding balance, but trustees 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 trustees 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 Senior Strategic Adviser’s regular report and further scrutiny is undertaken regularly by the Board of trustees.

Our Reserves Policy

The Foundation maintains free unrestricted reserves:

Other financial matters

The Foundation has no material pension liability.

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG —S=e_ Registered charity no. 11184 ma _S=SS>~""

28

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Our governing document

The Foundation’s governing documents are its 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-making processes and those decisions delegated to staff

Trustees are responsible for establishing the strategic direction of the Foundation and for all key decisions as to 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 at Board meetings for normal business is three members.

The Board of Trustees has established a Hardship Fund Committee that has delegated authority, as set out in its Terms of Reference, for:

The trustees have delegated day-to-day management and administration of the Foundation to the Foundation Manager and their support team. Specific delegated authority in respect of the award of grants and other spending commitments are set out in the Foundation’s Financial Handling Manual.

Management 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 Foundation’s Risk Register were:

Recruitment and support of trustees

In selecting individuals for appointment as trustees, the trustees are required by virtue of the Deed of Trust to have regard to 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 trustees.

All new trustees receive a full induction programme, provided by the staff team, familiarising new trustees with the work of the Foundation, the policies and procedures in place, introductions to key stakeholders. This programme is also used to ascertain any training and development needs which feed into a wider trustee learning and development programme.

———————————— _ The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG —S=eRegistered charity no. 11184 29 YG =—=——

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Our organisational structure

T ar, Hertfordshire, EN6 1AG —S=e_ ma 30 _S=SS>~""

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Name of charity

COSARAF Charitable Foundation

Any other name used COSARAF Foundation

Charity registration and company registration numbers Charity number 1118481

Address of principal office Metropolitan House 3 Darkes Lane Potters Bar Hertfordshire EN6 1AG

Trustees who served during the reporting period

Nam Haro uration Faro uration Naur y 2015 Rukh 018 Saba uration Seem uration Akba y 2015 Ham 2022 Yusuf ber 2019 Ali S 2022

Orga Banki Coutt 440 Lond WC2

Solici Bates 10 Q Lond EC4

Acco Moor East Goffs

EN7 ———————————— T —S=e31 YG

_ ar, Hertfordshire, EN6 1AG =—=——

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The tr time t Chari are a preve

ith reasonable accuracy at any ial statements comply with the visions of the trust deed. They king reasonable steps for the

T ar, Hertfordshire, EN6 1AG —S=e_ ma 32 _S=SS>~""

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE COSARAF CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The COSARAF Charitable Foundation (the ‘charity’) for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and uirements. We believe that the

uirements. We believe that the ur opinion.

—S=e_ ma _S=SS>~"" audit ur opinion. Conc In au ing concern basis of accounting in the Base ertainties relating to events or condi s ability to continue as a going conce authorised for issue. Our r rn are described in the relevant sectio Other The t ises the information included in the a n. Our opinion on the financial state ssurance conclusion thereon. In co other information and, in doing so, c l statements or our knowledge obtai uch material inconsistencies or appar a material misstatement in the finan n the work we have performed, we co quired to report that fact. We h T ar, Hertfordshire, EN6 1AG 33

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 matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Audit

Our o from opini accor from expe Irreg in lin inclu detail

tatements as a whole are free itor's report that includes our ee that an audit conducted in ists. Misstatements can arise te, they could reasonably be e financial statements.

lations. We design procedures ts in respect of irregularities, egularities, including fraud, is

Expla

egularities, including fraud

The o financ mater risks; prima gover Our a

of material misstatement of the garding the assessed risks of e responses to those assessed during the audit. However, the ement and those charged with

•

applicable to the charity and al reporting standards as issued

•

T ————————— ma

uirements by discussions with ar, Hertfordshire, EN6 1AG _ _S=SS>~""

34

c•saraf CHARITAEIIE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE COSARAF CHARITABLE FOUNDATION We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how il might occur, by holding discussions wilh management and those charged with governan￿. We Inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-complian￿ with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instan￿$ of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroboratlV6 evidence as required. A fLtrther d8scrlplion of our responslbllilles Is available on the FinancS8l Rèportlng Councll's websile at.. hltps:IlwMv.frc.org.uklaudilorsresponsibilities. This description forms part of our auditofs report. other matters Your attention is drawn lo the fact that Ihe charity has prepared finanGial statements in accordance wilh 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" (as amended) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice Issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial slatemenls lo provide a true and falr view in accordance with current Generally Accepted Accounting Practi￿. Use of our report Thls report Is madé solèly to th8 charity's trustees. as a body. In accordanc8 wllh Chapler 3 of Part 8 of the Charltles 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 trustees those mallers we are required lo slate to them In an audilor's report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibilily lo anyone other than the charily and its trustees as body, for our audil work. for this report, or for the opinions we have formed. éc. Franci for an rbishley (Senlor Statutory Auditor) on behalf of Moore NHC Audit Limited 01 Chartere Accountant8 statutory Audltor East Wing. Goffs Oak House Goffs Lane Goffs Oak Hertfordshire EN7 5GE he COSARAF Charitable Foundation, Metropolitan House. 3 Darkes Lane, Potters Bar. Hertfordshire, EN6 IAG Registered charity no. 1118481." 35

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Restricted Total Unrestricted Total Unrestricted Restricted Total
funds
**funds **		 funds funds
2024
2024		 2024 2023 2023 2023
Notes £
£		 £ £ £ £
Income from:
Donations and legacies Donations and legacies
2		 1,556,168 1,556,168
685,915		 2,242,083 1,833,250 100,343 1,933,593
Expenditure on:
Charitable activities 3 1,062,311 311
375,207		 1,437,518 2,328,512 125,213 2,453,725

Net gains/(losses) on
investments 9 (229,653) (229,653)
-		 (229,653) 43,810 - 43,810

Net movement in funds
264,204 264,204
310,708		 574,912 (451,452) 574,912 (451,452) (24,870) (476,322)

Fund balances at 6
April 833 28,358 2,222,192
Fund
April 381 3,488 1,745,868

The s		 ar.

All inc

—————— _— T ar, Hertfordshire, EN6 1AG —S=e36 an =—

BALANCE SHEET

AS AT 5 APRIL 2024

2024
2023
Notes £
£		 £ £

Fixed assets
Investments 10
1,540,344 1,769,997

Current assets
Debtors 11 200,000 - -
Cash at bank and in hand
414,806 414,806 34,908 34,908
Accrued income
 212,735 212,735 -
827,541 827,541 34,908 34,908
Creditors: amounts falling due within
one year 12 (47,104) (59,036)
Net current (liabilities)\assets 780,437 (24.128)
Total assets less current liabilities 2,320,781 1,745,869

Income funds
Restricted funds 13
314,196 3,488
Unrestricted funds 2,006,585 1,742,381
2,320,781 1,745,869

27.01.2025

The financial statements were approved by the Trustees on .........................

festa .............................. / Mr H R Sheikh

Trustee

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG —S=e_ Registered charity no. 11184 Za =—

37

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £ £ £ **£ **

Cash flows from operating activities

Cash generated / absorbed by operations
16
379,898
(511,492)

Investing activities

Loans repaid by charitable foundations
- -
 120,000
Net cash generated from investing
activities 120,000

Net cash used in financing activities
- -
Net (decrease)/increase in cash and cash
equivalents 379,898 (391,492)

Cash		 426,400
Cash 34,908

T ar, Hertfordshire, EN6 1AG —S=e_ ma 38 _S=SS>~""

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The COSARAF Charitable Foundation is incorporated as a body corporate whose principal address is Metropolitan House, 3 Darkes Lane, Potters Bar, EN6 1AG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Deed of Trust, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". 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 required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.

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

tion, modified to include certain set out below.

1.2

ble expectation that the charity able future. Thus, the trustees ial statements.

1.3

furtherance of their charitable

ay be used. The purposes and

st be maintained by the charity.

1.4

nce conditions have been met, ceived.

ce the charity has been notified nt. Income tax recoverable in d at the time of the donation.

T ar, Hertfordshire, EN6 1AG ————————— _ ma _S=SS>~""

39

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies (continued)

Legacies 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 treated as a contingent asset.

1.5 Resources expended

Expenditure is recognised in the statement of financial activities on an accrual basis as a liability is incurred. Expenditure includes 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 its beneficiaries.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7

banks, other short-term liquid fts. Bank overdrafts are shown

1.8

truments’ and Section 12 ‘Other

charity becomes party to the

inancial statements, when there ntention to settle on a net basis

initially measured at transaction ost using the effective interest transaction is measured at the Financial assets classified as

T ar, Hertfordshire, EN6 1AG ————————— _ ma _S=SS>~""

40

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

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

rity is demonstrably committed

2

ted **Restricted ** **Total **
ds **funds **
023 **2023 ** **2023 **
£ **£ ** **£ **
250 100,343 1,933,593
500 8,912 1,713,412
750 91,431 220,181
250 100,343 1,933,593

———————————— _ T ar, Hertfordshire, EN6 1AG —S=e41 YG =—=——

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

3 Charitable activities

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2024 funds funds 2023
2024 **2024 ** 2023 **2023 **
£ £ £ £ £ £
Staff costs - 55,762 55,762 5,000 50,490 55,490

Consulting fees		 - 44,119 44,119 - 43,011 43,011
- 99,881 99,881 5,000 93,501 98,501
Grant funding of activities
(see note 4) 1,015,317 275,327 1,290,643 2,309,420 31,712 2,341,132
Share of governance
costs (see note 5) 46,994 - 46,994 14,092 - 14,092
12 125,213 12 125,213 2,453,725

———————————— _ T ar, Hertfordshire, EN6 1AG —S=e42 YG =—=——

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

4
Grants payable

Unrestricted Restricted Total Unrestricted Restricted Total

Funds
2024
£		 Funds
2024
£		 2024
£		 Funds
2023
£		 Funds
2023
£		 2023
£


Grants to institutions:

African Gifted Foundation

Bright Futures

Carers Worldwide

Community Projects and Places of Worship

Deaf Reach

East Africa Character Development Trust

Fahmida Begum Foundation

Family Educational Services foundation

For the Needy & Hungry Foundation

Gear Trust

Hatcliffe Extension Charitable Trust

Home Start UK

Humanitarian
-
5,000
-
138,746
-
20,000
360,048
-
54,553

-
-
40,000		 12,000
-
-
-
18,000
-
-
6,000
48,000
25,000
-
-
-		 12,000
5,000
-
138,746
18,000
20,000
360,048
6,000
102,553
25,000
-
-
40,000		 -
5,000
9,601
1,505,000
11,700
20,000
151,180
-
137,078
-
10,000
6,022
-		 -
-
-
-
-
-
-
-
-
-
-
-
31,712		 -
5,000
9,601
1,505,000
11,700
20,000
151,180
-
137,078
-
10,000
6,022
31,712

Mehran Welfare Trust

The Naz Legacy Foundation

Prince's Trust - Enterprise Fellowship

Prince's Trust International

Read Foundation		 41,000
5,000
25,000
25,000
100,000		 -
-
-
-
-		 41,000
5,000
25,000
25,000
100,000		 9,883
11,475
18,750
18,460
 -
-
-
-
 9,883
11,475
18,750
18,460

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481

43

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024



SEED Ventures
Shamakha Foundation
St John’s School Northwood
UniversityScholarships
Victoria and Albert Museum
Totals

Projects and donations:
Ramadan projects and grants
Donations to organisations - Small Grants Fund
Other donations
Totals

Individual grants:
Grants to individuals - Hardship Fund
Grants to individuals – Ramadan Fund
Totals

GRAND TOTAL
 Unrestricted
2024
£

16,683
32,400
25,000
5,000
-
893,430


50,154
-
16,231
66,385
55,501
-
55,501
1,015,316		 Unrestricted
Restricted
2024
2024
£
£


683
-
400

5,000

5,000
85,000
-
-
430
194,000




154
64,542
-
-
16,231
-
66,385
64,542


55,501
16,785
-
-
55,501
16,785

1,015,316
275,327
 Restricted
Total
2024
2024
£
£

-
16,683

32,400

25,000
000
90,000

-
194,000
1,087,430


64,542
114,696
-
-
-
16,231
64,542
130,927


16,785
72,287
- -

72,287

275,327
1,290,643
 Total
Unrestricted
2024
2023
£

16,683
8,334
32,400
57,203
25,000

90,000
70,000
20,000
2,069,686


114,696
88,553
-
3,000
16,231
15,610
130,927
107,163
120,318
12,253
132,571
1,290,643
2,309,420		 Unrestricted
Restricted
2023
2023

£


334
-
57,203
-


70,000
-
20,000
-
686
31,712




553
-
3,000
-
15,610
-
107,163


120,318
-
12,253
-
132,571

2,309,420
31,712
 Restricted
Total
2023
2023

£



8,334
-
57,203


-
70,000
-
20,000
31,712
2,101,398





88,553
-
3,000
-
15,610

107,163


-
120,318
-
12,253

132,571

31,712
2,341,132
 Total
2023


8,334
57,203

70,000

398


553
3,000
610
107,163


120,318
12,253
132,571

2,341,132

The COSARAF Charitable Foundation, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG Registered charity no. 1118481

44

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

5 Support and governance costs Support and governance costs
Support Support
Governance		 2024 Support Governance 2023
costs
costs		 costs **costs **
£
£		 £ £ **£ ** **£ **
Office sundries -
4,678		 4,678 - 2,614 2,614

Audit fees -
6,560		 6,560 - 5,990 5,990
Legal and professional -
15,700		 15,700 - 1,500 1,500
Bank charges -
3,167		 3,167 - 2,167 2,167
Travel and training - -
-		 - - 885 885
Insurance -
1,664		 1,664 - - -
Design and branding -
15,225		 15,225 - 936 936

46,994		 46,994 14,092 14,092
Allocated to:
Charitable activities -
46,994		 46,994 - 14,092 14,092

6		 Auditor's remuneration

7

2024 2023
£ £
6,560 5,990
uneration or benefits from the uneration or benefits from the

8

2024 2023
Number Number
1 1
2024 2023
£ £
55,762 55,490

———————————— _ T ar, Hertfordshire, EN6 1AG —S=e45 YG =—=——

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

8 Employees

All wages and salaries 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.

9 Net gains/(losses) on investments

Revaluation of investments

----- Start of picture text -----
||| |---|---| |Unrestricted|Unrestricted| |funds|funds| |2024|2023| |£|£| |(229,653)|43,810|

----- End of picture text -----

Unlisted investments £ 1,769,997 (229,653) 1,540,344 1,540,344 1,769,997 up (Investments) Limited. The

11

----- Start of picture text -----
||| |---|---| |2024|2023| |£|£| |-| |00,000|

----- End of picture text -----

T ar, Hertfordshire, EN6 1AG —S=e_ ma 46 _S=SS>~""

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors
5,000		 5,000
Accruals and deferred income
42,104		 54,036
47,104 59,036

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Movement in funds
Movement in funds
Movement in funds
6 April Balance at
**6 April 2023 **		 Incoming
resources		 Resources
expended		 Balance at
5 April 2024		 Incoming
resources		 Resources
expended		 Balance at
5 April 2024
£ £ £ £ £ £ £
915 (375,207) 915 (375,207) 314,196

14

ble giving. ble giving.
ed Restricted
**Total **
ds Funds
23 2023 **2023 **
£ £ **£ **
97 - 1,769,997
6) 3,488 (24,128)
81 3,488 1,745,869

15

related parties or was gift aid nsactions during the year (2023

———————————— _ ——=ex-_ YO =——— T ar, Hertfordshire, EN6 1AG 47

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

16 Cash generated from/(absorbed by) operations 2024 **2023 **
£ **£ **

Surplus/(Deficit) for the year
574,912		 (476,322)

Adjustments for:
Fair value gains and losses on investments 229,653 (43,810)

Movements in working capital:
Increase/(decrease) in creditors
(11,932) 8,640		 8,640
(Increase)/decrease in debtors (412,735) - (Increase)/decrease in debtors (412,735) - (Increase)/decrease in debtors (412,735) - (Increase)/decrease in debtors (412,735) -
Cash (absorbed by) operations
379,898		 (511,492)

17 Analysis of changes in net funds

The charity had no debt during the year.

T ar, Hertfordshire, EN6 1AG —S=e_ ma 48 _S=SS>~""