Iqra Foundation UK
Trustees’ report and Financial Statements
For the year ended 30June 2024
64 The Fairway London N14 4NU Registered charity no: 1124166
CONTENT
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Structure: Governance and Management | 2 |
| Independent Examiner’s Report to the | |
| Board of Trustees of Iqra Foundation UK | 4 |
| Statement of Financial Activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
LEGAL AND ADMINISTRATIVE INFORMATION
Status
Charity registered with the Charity Commission of England and Wales
Charity Registration Number: 1124166
Trustees
MOHAMMED MOINUL HAQUE CHOUDHURY JAMIR UDDIN MOHAMMAD SULAIMAN SADEKUR RAHMAN KOYES AHMED
Registered Office
64 The Fairway London N14 4NU
Charity Address
64 The Fairway London N14 4NU
Banker
HSBC Al Rayan Bank
Accountant
Alamgir Hossain, ACCA
Page 1 of 9
STRUCTURE: GOVERNANCE AND MANAGEMENT
Governing Document
Iqra Foundation UK is established as a registered charitable organisation with the Charity Commission of England and Wales and is governed by a constitution.
The organisation received its charity status from the Charity Commission on the 5[th] Dec 2007. The organisation is run by a board of five trustees who also serve as Chairman, Secretary and Treasurer
The trustees are responsible for the smooth and efficient running of the organisation, and there are no employees.
Our Aims and Objectives
To promote any charitable purpose for the benefit of the Islamic faith community in UK and in Bangladesh, and in particular for those inhabitants who are of Islamic faith origin and in particular for the following purposes:
(i) To advance Islamic education among members of Islamic faith communities within the UK and in Bangladesh by the provision of establishing institutions and financial support, mainly including "Jamia Madaniya Anugua Muhammad Pur"
(ii) The provision in the interest of social welfare of facilities for recreation or other leisure time occupation among members of Islamic Faith communities within the UK & Bangladesh, including the students of "Jamiah Madaniyah Angura" & their affiliated institution
(iii) The relief of poverty, hardship and distress, and the preservation and protection of good health both in UK and Bangladesh especially the serving
community of eight villages of " Jamiah Madaniyah Angura Muhammad Pur" and their surrounding by such exclusively charitable means as the executive committee shall from time - to -time determine
Public Benefit
The Trustees have considered the general guideline issued by the Charity Commission in connection with Public Benefit in setting the aims and objectives of the Charity.
Achievements and Performance
The charity has had a successful year, thanks to strong community support and positive developments across its key initiatives. A total of £64k was raised through donations and fundraising, while £34k was generated in rental income from two existing charity-owned properties. This reliable income has provided essential stability for ongoing operations.
Encouraged by this financial progress, the charity is now considering the purchase of a third rental property. This new asset is expected to enhance the organisation’s financial resilience and enable greater support for its charitable activities moving forward.
A primary focus remains the educational partnership with Jamia Angura in Sylhet, Bangladesh. This year, over 1,000 students benefited from educational support and basic necessities. As demand grows, the charity hopes that increased income from a third property will allow it to reach even more children. The organisation extends sincere thanks to all supporters whose generosity has made this progress possible.
Page 2 of 9
Risk Management
The Trustees will identify any risks which the Charity might be exposed to, including risks to the Charity's financial position and reputation. Once identified these are reviewed and systems will be established to address these risks. The Trustees, will going forward, review risk management on a regular basis.
The trustees are responsible to maintain proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the financial statement comply with the charities act. The trustees are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection or fraud and other irregularities.
Future Plan
The Trustees are continuously looking at new ways of generating funds and expanding the organisation. We are exploring the possibility of acquiring another new property to generate rental income for the charity, and also planning to get as many people as possible to sign up for monthly standing orders
These Accounts have been delivered in accordance with the provisions applicable to charities.
Signature:
Trustees' Responsibilities in relation to the Financial Statements
Company law requires the trustees to prepare Financial Statements which give a true and fair view of the state of affairs of the Charity's at the end of the financial year and of its surplus or deficit for the financial period. In doing so, the trustees are required to;
- Select suitable accounting policies and apply consistently;
MOHAMMED MOINUL HAQUE CHOUDHURY Date: 16.04.2025
Signature: JAMIR UDDIN Date: 16.04.2025
Signature: MOHAMMAD SULAIMAN Date: 16.04.2025
-
Make judgments and estimates that are reasonable and prudent;
-
State whether applicable accounting standard have been followed, subject to any material departure disclosed and explained in the financial statements; and
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Prepare the financial statements are on a going concern basis unless it is inappropriate to presume that the charity will continue to operate. We have budget in operation for the next year and hope to achieve expected target.
Signature: SADEKUR RAHMAN Date: 16.04.2025
Signature: KOYES AHMED Date: 16.04.2025
Page 3 of 9
INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF TRUSTEES OF IQRA FOUNDATION UK
I report on the accounts of the Iqra Foundation UK for the year ended 30[th] June 2024, which are set out on pages 5 to 9.
Respective responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(1) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in, any material respect, the requirements: 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
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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.
Basis of independent examiner’s report
My examination was carried out in accordance with general Directions given by the Charity Commission.
- This report is prepared for the internal use of Iqra Foundation UK only. No responsibility is assumed to any other person.
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 any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and
Alamgir Hossain, ACCA London
Date: 17.04.2025
Page 4 of 9
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 June 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| INCOME | |||||
| Voluntary income: | |||||
| Donations | 2 | 64,625 | - | 64,625 | 46,721 |
| Income from charitable activities | |||||
| Rent income | 34,600 | - | 34,600 | 29,200 | |
| TOTAL INCOME | 99,225 | - | 99,225 | 75,921 | |
| EXPENDITURE | |||||
| Costs of raising funds: | |||||
| Fundraising cost | 289 | - | 289 | 5,590 | |
| Expenditure on charitable activities: | |||||
| Programme expenditure | 62,852 | - | 62,852 | 46,026 | |
| TOTAL EXPENDITURE | 3 | 63,141 | - | 63,141 | 51,616 |
| Net income/(expenditure) and net | |||||
| movement in funds for the year | 36,084 | - | 36,084 | 24,305 | |
| Reconciliation of funds: | |||||
| Total Funds brought forward | 4 | 387,526 | - | 387,526 | 363,221 |
| Total funds carried forward | 423,610 | - | 423,610 | 387,526 |
The results for the year shown above all derive from continuing operations.
All recognised gains and losses are reflected in the Statement of Financial Activities and therefore no separate statement of total recognised gains and losses has been presented.
The notes on pages 7 to 9 form an integral part of these financial statements.
Page 5 of 9
BALANCE SHEET
| Notes Fixed assets Tangible assets 5 Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets The funds of the charity: Unrestricted income funds - General fund 4 - Designated fund 4 Restricted income funds Total charity funds |
As at 30 June 2024 2024 2023 £ £ 300,112 279,251 300,112 279,251 - - 123,998 109,275 123,998 109,275 (500) (1,000) 423,610 387,526 - - 423,610 387,526 123,498 108,275 300,112 279,251 - - 423,610 387,526 |
As at 30 June 2024 2024 2023 £ £ 300,112 279,251 300,112 279,251 - - 123,998 109,275 123,998 109,275 (500) (1,000) 423,610 387,526 - - 423,610 387,526 123,498 108,275 300,112 279,251 - - 423,610 387,526 |
|---|---|---|
| 279,251 - 109,275 |
||
| 109,275 (1,000) |
||
| 387,526 - |
||
| 387,526 | ||
| 108,275 279,251 - |
||
| 387,526 |
The financial statements were approved on 16 April 2025 by the Trustees and signed on its behalf by:
MOHAMMED MOINUL HAQUE CHOUDHURY
JAMIR UDDIN
MOHAMMAD SULAIMAN
SADEKUR RAHMAN
KOYES AHMED
The accompanying notes on pages 7 to 9 form an integral part of these Financial Statements.
Page 6 of 9
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024
1 Accounting policies
a) Basis of accounting
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounting policies below have been adopted for material items.
b) Incoming resources
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when Iqra Foundation UK is entitled to the receipt and the amount can be measured with reasonable certainty. Any Gifts in Kind for which Iqra Foundation UK accepts full responsibility for distribution will be included in income at their market value when it is distributed and under Charitable Activities at the same value and time. Any value of services provided by volunteers has not been included.
Grants, including grants for the purchase of fixed assets, are recognized in full in the Statement of Financial Activities in the year in which they are receivable.
c) Resources expended
Resources expended are recognized in the year in which they are incurred.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
d) Tangible fixed assets and depreciation Non-programme expenditure of more than £100 per item for buildings, equipment and leasehold improvements is capitalised at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
| Leasehold properties | Straight line over |
|---|---|
| the life of the lease | |
| Freehold properties | 5% straight line |
| Computers and software | 25% straight line |
| Fixtures and fittings | 15% straight line |
| Office equipment | 15% straight line |
| Motor vehicles | 15% straight line |
e) Funds
General funds are unrestricted funds which are necessary for the proper functioning of the charity and other funds available for use at the discretion of the trustees in furtherance of the charity’s objectives.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds are funds which are subject to specific restrictions as imposed by the donor or nature of the appeal.
f) Taxation
As a registered charity, Iqra Foundation UK is exempt from taxation of income and gains to the extent these are applied to charitable objectives.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Page 7 of 9
| Unrestricted Funds 2 Donations £ General Donation 64,625 Zakah Income - 64,625 3 Analysis of expenditure on charitable activities Direct Staff costs costs £ £ Cost of generating funds 252 - Charitable activities Education project 54,878 Total Charitable activities 54,878 - Total expenditure 55,130 - |
Restricted Funds £ - - - Support costs £ 37 7,974 7,974 8,011 |
Total 2024 £ 64,625 - 64,625 2024 Total costs £ 289 62,852 62,852 63,141 |
Total 2023 £ 46,721 - |
|---|---|---|---|
| 46,721 | |||
| 2023 Total costs £ 5,590 46,026 |
|||
| 46,026 | |||
| 51,616 |
3.1 Analysis of governance and support costs
| Governance cost Accounting fee Support costs Legal And Professional Fees Depreciation Office expenses |
2024 £ 900 900 - 7,043 68 7,111 8,011 |
2023 £ 500 |
|---|---|---|
| 500 - 4,253 69 |
||
| 4,322 | ||
| 4,822 |
Page 8 of 9
| 3.2 Employment costs Gross Pay Employer's national insurance |
2024 £ - - - |
2023 £ - - |
|---|---|---|
| - |
No employee earned more than £60,000 during the year (2021: None).
4 Movement of funds
| 4 Movement of funds |
||||
|---|---|---|---|---|
| As at 01 July 2023 Unrestricted funds £ General fund 108,275 Designated fund (Fixed assets) 279,251 Total unrestricted funds 387,526 Restricted funds - Total restricted funds - TOTAL 387,526 5 Tangible fixed assets Cost At 01 July 2023 Additions As at 30 June 2024 Depreciation At 01 July 2023 Charge for the year As at 30 June 2024 Net book values At 30 June 2024 NBV at 30 June 2023 6 Creditors: amounts falling due within one year Other Creditor |
Incoming Resources £ 99,225 - 99,225 - - 99,225 |
Resources Expended £ (63,141) - (63,141) - - (63,141) Land and Building £ 290,547 - 290,547 17,401 2,905 20,306 270,241 273,146 |
Transfers £ (20,861) 20,861 - - - - Property Improvement £ 13,475 27,904 41,379 7,370 4,138 11,508 29,871 6,105 2024 £ 500 500 |
As at 30 June 2024 £ 123,498 300,112 |
| 423,610 | ||||
| - | ||||
| - | ||||
| 423,610 | ||||
| Total | ||||
| £ 304,022 27,904 |
||||
| 331,926 | ||||
| 24,771 7,043 |
||||
| 31,814 | ||||
| 300,112 | ||||
| 279,251 | ||||
| 2023 £ 1,000 |
||||
| 1,000 |
Page 9 of 9