AL-ZAHRA FOUNDATION
REGISTERED CHARITY NUMBER 1122126
FINANCIAL STATEMENT FOR THE YEAR ENDED 5TH APRIL 2024
Solutions Accountants & Financial Services Ltd
149 Radford Road, Nottingham NG7 5EH, Tel/Fax 0115 8224993 www.solutionsaccountants.co.uk, e-mail info@solutionsaccountants.co.uk
AL-ZAHRA FOUNDATION FINANCIAL STATEMENT FOR THE YEAR ENDED 5TH APRIL 2024
| CONTENTS | PAGE |
|---|---|
| GENERAL INFORMATION | 1 |
| TRUSTEES ANNUAL REPORT | 2,3 |
| INDEPENDENT EXAMINATION REPORT | 4 |
| INCOME & EXPENDITURE ACCOUNT | 5 |
| BALANCE SHEET | 6 |
| NOTES FORMING PARTS OF FINANCIAL STATEMENTS | 7,8,9 |
AL-ZAHRA FOUNDATION
FOR THE YEAR ENDED 5TH APRIL 2024
Trustees
Dr. Muhammed Al-Asadi Mr. Asrar Shabbiri Dr. Latif Imran Jalil Mr. Ghulam Abbas Mr. Wahid Hesari
Charity registration Number
1122126
Registered Office
Al-zahra Foundation Former Edna G Olds Nursery Unit 15 Osmaston Street LentonBoulevard Nottingham NG7 2ET
Bankers
LloydsTsbBankPlc MarketSquareHouse Old Market Square Nottingham NG1 6FD
Independent Examiners
Solutions Accountants & Financial Services Ltd 149 Radford Road Nottingham NG7 5EH www.solutionsaccountants.co.uk
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AL-ZAHRA FOUNDATION
FOR THE YEAR ENDED 5TH APRIL 2024 TRUSTEE'S ANNUAL REPORT
The trustees present their report and accounts for the year ended 5th April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document the Charities Act 2011 and the Statement of Recommended Practice:Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard FRS 102 issued in 2014.
Principal activities
The organisation has a charitable status, and provide, religious, recreational, & Social facilities in particular but not exclusively to Shia Ithnaasheri Community and people with disabilities in the interest of social welfare with the aim of improving the conditions of life of such people.
Tax status
Al-Zahra is a registered charity and exempt from any corporation Taxes or income tax.
Recruitment and training of Trustees
The Board of Trustees consists of six members who are recruited from within the community. Role descriptions are issued to each trustee and a full induction is given setting out the obligations of a trustee. All the trustees are issued with a copy of the Charity Commission's guide 'The Essential Trustee'.
Organisational structure
The Charity is principally UK based, and its registered office is in Nottingham. The Charity has no partner organisations with whom it delivers its programmes in Nottingham
New ventures and Projects
A. The charity hire out the hall premises to local non member Shia Community of Nottingham.
B. We have started providing the sports facility to the community i.e badminton facility to adults Male and female and Kick boxing to children.
Financial review
Principal sources of funding
The principal source of funding for the Charity is Donations and Khums from the community.
Reserves policy
The Trustees have established a policy whereby, given the charity's present level and nature of activities, the restricted funds not committed or invested in intangible and tangible fixed assets ("the free reserves") held by the Charity. At this level the Trustees feel that they would be able to continue the current activities the current activities of the Charity in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced as activities changed.
The level of free reserves (if any) will be held at the balance sheet which reflects the funds received by donors or other funders shortly before the year end which were utilised early in the new year. In addition, these donations are retained and utilised systematically to support necessary projects during the next twelve Months.
Conti..
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AL-ZAHRA FOUNDATION
FOR THE YEAR ENDED 5TH APRIL 2024
Statement of Trustees' responsibilities
The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these financial statements, the trustees are required to:
· select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent;
· state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
----------------------------------------------26/11/2024 GHULAM ABBAS TRUSTEE On the behalf of all Trustees
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AL-ZAHRA FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report on the accounts of the charity, which are set out on page 5 & 6.
Respective responsibilities of trustees and Examiner
The trustees of Al-Zahra Foundation are responsible for the preparation of the accounts, the trustees consider that an Audit is not required for this year under section 144(2) of the Charities Act 2011 and that an Independent examination is needed.
It is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act
-
Follow the procedure laid down in the general direction given by the charity commissioners under section 145(5)(b) of the 2011 Act; and
State whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the charity commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning and such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether matters set out in the statement below.
Our work was conducted in accordance with the statement of standards of reporting accountants, and so our procedures consisted of comparing the accounts with the accounting records kept by the charity, and making such limited enquires of the officers of the charity as we considered necessary for the purpose of the reporting. These procedures provided only the assurance expressed in our opinion.
In connection with my examination, no other matters has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirement: . to keep accounting records in accordance with section 130 of the 2011 Act and . to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
QAZI NAVEED
26/11/2024
Qazi Naveed Arshad Solutions Accountants & Financial Services Ltd 149 Radford Road Nottingham NG7 5EH
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AL-ZAHRA FOUNDATION
Registered Charity Number 1122126 FOR THE YEAR ENDED 5TH APRIL 2024 INCOME & EXPENDITURE ACCOUNT
| Note INCOME AND ENDOWMENTS FROM Donation, Friday collections & similar Income Government Grant HMRC Gift Aid Khums Total Incoming Resources EXPENDITURE ON Cost of generating funds Charitable activities 1 Governance costs 2 TOTAL NET ( EXPENDITURE) Investment (deficits)/surpluses Net Movement in funds before Transfers Gross Transfers between funds Net ( Expenditure for the year ) Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total funds Funds Funds 2024 £ £ £ 50,645 6,217 56,862 10,070 10,070 900 900 |
Total Funds 2023 £ 98,937 28,766 5,890 |
|---|---|---|
| 61,615 6,217 67,832 |
133,593 | |
| 38,961 4,785 43,746 28,435 28,435 |
60,566 43,285 |
|
| 67,396 4,785 72,181 |
103,851 | |
| 5,781 - 1,432 4,349 - |
29,742 | |
| - - - - - - - - 4,349 - - - 340,014 |
||
| - | ||
| 29,742 310,272 |
||
| - - 335,665 |
340,014 |
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AL-ZAHRA FOUNDATION
BALANCE SHEET Registered Charity Number 1122126
FOR THE YEAR ENDED 5TH APRIL 2024
| Notes 2024 £ Fixed Assets Freehold Property 2A 316,100 Fixture & Furniture 2A 5,806 Computer & Television 2A 4,120 326,026 Current Assets Debtors 10,070 Cash at Banks and in hand 5 10,194 Total Assets 20,264 Creditors: Amounts Falling due 6 625 within one year Total Assets less current liabilities Long Term Liabilities 4 Net Assets: Total Assets less Total Liabilities FUNDS Accumulated Surplus Account 3 TOTAL FUNDS |
Notes | 2024 | 2024 £ 345,665 345,665 10,000 335,665 335,665 335,665 |
2023 | |
|---|---|---|---|---|---|
| £ 316,100 5,806 4,120 |
£ 316,100 3,844 5,024 |
||||
| 326,026 | 324,967 | ||||
| 10,070 10,194 |
- 30,627 |
||||
| 20,264 | 30,627 | ||||
| 1,580 354,014 354,014 14,000 |
|||||
| 340,014 | |||||
| 340,014 | |||||
| 340,014 |
EXEMPTION STATEMENT
The trustees of Al-Zahra Foundation are responsible for the preparation of the accounts, the trustees consider that an Audit is not required for this year under section 144(2) of the Charities Act 2011 and that an Independent examination is needed.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime set out in Part 15 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 and Charities Act 2011 with respect to accounting records and preparation of accounts. These financial statements were approved by the Board of Trustees and are signed on their behalf by:
GHULAM ABBAS TRUSTEE 26/11/2024
The notes on page 7,8,9 form part of this financial statement.
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AL-ZAHRA FOUNDATION Notes forming part of these financial statements FOR THE YEAR ENDED 5TH APRIL 2024
Notes
ACCOUNTING POLICIES
1 Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland FRS102 issued in 2014( as updated through Update Bulletin 1 published on 2 Feburary 2016, and the Charities Act 2011. The company is exempt from preparing a Cash Flow Statement because it is a small entity as defined by Charities SORP (FRS102).
Tax status
Al-Zahra Foundation has a charitable status hence do not attract any Taxes.
Trustees remuneration
None of the trustee are paid wages or any benefit in kind.
Funds structure
The charity has restricted and unrestricted funds. Restricted funds are categorised as restricted based on the donors’ restrictions on the projects for which they must be used.
Income recognition
All income is recognised once the charity has received the funds. The Trustees consider this to be the appropriate and prudent principle.
Expenditure recognition
Expenditure is recognised when the funds have been disbursed. The charity follows a strict evaluation and approval procedure for charitable expenditure and funds are disbursed immediately upon approval.
Income and endowments
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.
-
. HMRC Gift aid has been claimed .
Depreciation
Depreciation is has been charged on reducing balance method
The following rates has been used to write-off the asses:-
Fixtures & fittings 6% per annum
Computer & LCD 18% per annum
Information regarding trustees and employees remuneration
The trustees received no remuneration in the year (2023 - 24). The average number of people employed by the charity during the year was nil (2023-24).
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Notes forming part of these financial statements FOR THE YEAR ENDED 5TH APRIL 2024
Notes
| otes | ||
|---|---|---|
| Net incoming resources Net incoming resources are stated after charging: 1 Charitable activities Food provided at Al-Zahra foundation Ramdan and Muharram Programme,SWD Flood Appeal Travel Others Funeral Services 2 Governance cost Mortgage Interest Heat & Light, Telephone Repair & Maintenance Water, Rates & waste collection Bank Charges BBL Interest Insurance Miscellaneous Paye Wages & Subcontracts Computer Expenses Travel Depreciation Professional & Accountancy |
£ £ £ Un-restricted Restricted |
|
| 2024 2024 14,855 - 435 - 1,935 350 22,172 4,000 |
2023 8,246 17,017 12,843 1,860 20,600 |
|
| 38,961 4,785 |
60,566 | |
| 2024 2023 4,690 5,293 6,443 1,981 7,491 1,486 1,430 - 70 306 405 1,778 1,632 - 1,714 - - 15,130 14,400 209 144 457 1,589 1,169 962 625 2,315 28,435 43,285 |
2A FIXED ASSETS
| COST 06/04/2023 Additions / Disposal 05/04/2024 Depreciation Accumulated Charge for the Year as at 05/04/2024 Net Book Value 05/04/2024 06/04/2023 |
Fixture & Free Hold Computers & TV Furniture Property |
TOTAL |
|---|---|---|
| 14,395 316,100 6,732 2,227 - - |
337,227 2,227 |
|
| 16,622 316,100 6,732 |
339,454 | |
| 10,551 1,708 265 904 |
12,259 1,169 |
|
| 10,816 2,612 |
13,428 | |
| 5,806 316,100 4,120 |
326,026 | |
| 3,844 316,100 5,024 |
324,967 |
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Notes forming part of these financial statements FOR THE YEAR ENDED 5TH APRIL 2024
| Notes 3 Accumulated Surplus Account Opening Balance 06/04/2023 Deficit/Surplus 05/04/2024 Balance 4 Long term Liabilities Opening Balance (Zohra Shabiri) Paid back Closing Balance (Zohra Shabiri) Add : BBL LOAN Total Long Term Liabilities 5 Closing Balance current a/c Saving Account Urdu Committee Arabic Community Star Academy Persian Community Ladies Committee Cash 6 Short term liabilites Accountancy Other Creditors/ Utilities Total s/t liabilites |
2024 2023 |
|---|---|
| 340,014 310,272 4,349 - 29,742 |
|
| 335,665 340,014 |
|
| - 39,360 (39,360) - - |
|
| 10,000 14,000 |
|
| 10,000 14,000 |
|
| 1,826 21,191 2,196 3,801 1,166 641 645 645 2,407 2,407 89 89 1,865 1,113 - 740 |
|
| 10,194 30,627 |
|
| 625 1,100 - 480 |
|
| 625 1,580 |
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