2022-12-31-accounts

Masters Foundation

Financial Statements

Year ended 31 December 2022 @

Charity Registration Number: 1128681

MASTERS FOUNDATION

CONTENTS

	Page
Charity reference and administrative details
Trustees’ annual report	2-4
Independent auditor’s report	5-7
Statement offinancial activities	8
Statement offinancial position	9
Notestothefinancialstatements	10-18

MASTERS FOUNDATION

CHARITY REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr Mussadiq Master Mr Murtaza Roshanali Master Mr Suhail Mohamed Valji Mr Minhal Master Registered office 109 Percy Road Sparkhill Birmingham BII 3NQ Charity registration number 1128681

Auditors Baxters Limited Chartered Accountants and Statutory Auditor 3 Nightingale Place Pendeford Business Park Wobaston Road Wolverhampton WV9 SHF

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MASTERS FOUNDATION

TRUSTEES’ ANNUAL REPORT

The trustees present their report and the audited financial statements of the charity for the year ended 3 | December 2022.

The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements ofthe charity.

Structure, governance and management

The charity is unincorporated charity, formed under the constitution 16 December 2008. It has been registered with charity commission. registration number 1128681. The constitution has been revised by resolutions dated | January 2009 and 7 March 2009.

Objectives and activities

The objects of the charity are as follows:

To relieve sickness and financial hardship and to preserve and protect good health anywhere in the world as the trustees think fit.

The reliefof financial need and suffering among victims of natural or other kinds of[disaster][in][the][form] of money (or other means deemed suitable) for persons, bodies, organisations and/or countries affected including the provision of medical aid.

The advance religion in particular the Shia Ithna-Asheri Muslim faith anywhere in the world as the trustees think fit.

To advance education anywhere in the world as the trustees think fit.

To further such exclusively charitable purposes as determined by the law of England and Wales for the benefit of the public as the trustees think fit.

Achievements and performance

The trustees have considered the Charity Commission’s guidance on public benefit. Including in the charitable activities which benefited the public are the following:

Financial help for the hardship and needy was paid during the year amounted to £1,780 (2021 - £1,600).

£Nil (2021 - ENil) were given to building projects in United Kingdom.

Other donations and grants to other institutions £351,335 (2021 - £121,850).

MASTERS FOUNDATION

TRUSTEES’ ANNUAL REPORT

(Continued)

Financial review

The charity received gross donation of £1,714,748 (2021 - 257,944) and expended £337,624 (2021 - £229,990) during the year, leaving a surplus of £1,377,124 and was carried forward to the following year.

The charity made hardship loans to individuals amounting to £4,500 in the year ended 3 | December 2022 which will be repaid back as per agreement between the individuals and the charity.

Trustees

The present trustees of the charity are set out on page I.

Trustees’ responsibilities statement

The trustees are responsible for preparing the Trustees’ Annual 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/Northern Ireland) 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 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 2019 (FRS 102):

• © make judgements and 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 proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008 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.

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MASTERS FOUNDATION

TRUSTEES’ ANNUAL REPORT

(Continued)

Disclosure of information to auditors

We, the trustees of the charity who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

• e there is no relevant audit information of which the company’s auditor is unaware; and

• @ we have taken all steps that they ought to have taken as a trustee to make ourselves aware of any relevant audit information and to establish that the charity’s auditor is aware of[that][information.]

The trustees’ annual report was approved on 20 September 2023 and signed on behalf of the board of trustees by:

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Mr Mussadiq Master Trustee

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MASTERS FOUNDATION

Opinion

We have audited the financial statements of Masters Foundation (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountings 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:

• e give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ® have been prepared in accordance with the requirements of the Charities Act 2011.

Basis of 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 ofthe 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 FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other matter

The financial statements for 2021 did not require an audit and hence the comparative figures in these financial statements are unaudited. .

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MASTERS FOUNDATION (Continued)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit ofthe financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identity such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required[to] report[that][fact.]

We have nothing to report in this regard.

Opinions on other matters prescribed by the Charities Act 2011 In our opinion, based on the work undertaken in the course of[the][audit:]

• ® the information given in the trustees” report for the financial year for which the financial statements are prepared is consistent with the financial statements: and

• e the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding ofthe[charity] and[its] environment obtained[in][the] course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 201 | requires us to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns: or

• e certain disclosures oftrustees’ remuneration specified by law are not made: or

• e we have not received all the information and explanations we require for our audit: or

• ® the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

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| || MASTERSINDEPENDENTFOUNDATIONAUDITOR’S(Continued)REPORT TO THE MEMBERS OF

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation ofthe 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the FRC’s website at: https://www. fre.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

4 4 A G Baxter (Senior statutory auditor) for and on behalf of Baxters Limited Statutory Auditor 3 Nightingale Place Pendeford Business Park Wobaston Road Wolverhampton WV9 5HF

20 September 2023

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MASTERS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 December 2022

	Note	2022	2021
		Total funds	Total funds
		£	£
Income and endowments
Donations and legacies	4	1,714,748	257,944
Total income		1,714,748	257,944
Expenditure
Expenditure on charitable activities	5	337,624	229,700
Other expenditure	6	-	290
Total expenditure		337,624	229,990
Net income		1,377,124	27,954
Reconciliation offunds
Total funds brought forward		1,210,209	1,182,256
Totalfundscarriedforward		2,587,333	1,210,209

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form part of these financial statements.

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MASTERS FOUNDATION

STATEMENT OF FINANCIAL POSITION

31 December 2022

	Note	2022	2021
		£	£
Fixed assets
Tangible assets	1]	151,390	124,140
Investments	12	229,242	-
		380,632	124,140
Current assets
Debtors	13	657,432	291,236
Cash at bank and in hand		1,552,719	795 233
		2,210,151	1,086,469
Creditors: Amounts fallingdue within one year	14	(3,450)	(400)
Net current assets		2,206,701	1.086,069
Total assets less current liabilities		2,587,333	1,210,209
Net assets		2,587,333	1,210,209
Funds ofthe charity
Restricted funds		-	3,325
Unrestricted funds		2,587,333	1,206,884
Totalcharityfunds	15	2,587,333	1,210,209

These financial statements were approved by the board of trustees and authorised for issue on 20 September 2023, and signed on behalf of the board by:

Mr Mussadiq Master ; Trustee

The notes on pages 10 to 18 form part ofthese financial statements.

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address ofthe principal office is 109 Percy Road, Sparkhill, Birmingham, BI1 3NQ.

pan STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with of FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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 | 02) (Charities SORP (FRS 102)) and the Charities Act 2011.

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of[certain][financial][assets][and][liabilities][and][investment][properties][measured][at][fair] value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currencyofthe entity.

Going concern

There are no material uncertainties about the charity’s ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of[financial][activities][when][entitlement][has] passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured: The following specific policies are applied to particular categories of income:

® income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

@ legacy income is recognised when receipt is probable and entitlement is established.

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

1. ACCOUNTING POLICIES (continued)

2. © income from donations or grants is measured at the fair value of goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contributions of general volunteers.

3. @ income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned tf unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• @ expenditure on raising funds includes the costs ofall[fundraising][activities,][events,] noncharitable trading activities, and the sale of donated goods.

• @ expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• ® other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment loss.

An increase in the carrying amount of an asset as a result ofa revaluation, 1s recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of[financial][activities.][A][ decrease][in][the][ carrying] amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

1. ACCOUNTING POLICIES (continued)

Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments” in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings

• over 50 years

Land is not subject to depreciation.

Impairment and fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount os the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of[assets][that][includes][ the][ asset][ and][generates][cash][inflows][ that][largely][independent][ of][the] cash inflows from other assets or groups ofassets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

3s ACCOUNTING POLICIES (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an assets is deferred beyond normal business terms or financed at a rate of interest that is not a market value, in which case the asset is measured at the present value of[the][future] payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For ali equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
	Unrestricted	Restricted		Total
	funds	funds		funds
				2022
	£	£		£
Donations
Donations	1,572,196		-	1,572,196
Income tax reclaimed on Gift Aid
Donations	142,552		-	142,552
	1,714,748		-	1,714,748
	Unrestricted	—__Restricted		Total
	funds	funds		funds
				2021
	£	£		£
Donations
Donations	232,065	2,162		234,227
Income tax reclaimed on Gift Aid
Donations	23,717	.	-	23,717
	255,782	2,162		257,944

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

5. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2022| |£|£|£| |Charitable|activities|349,790|3,325|353,115| |Support|costs|(15,491)|-|(15,491)| |334,299|3,325|337,624| |Unrestricted|Restricted|Total| |funds|funds|funds| |2021| |£|£|£| |Charitable|activities|120,247|99,011|219,258| |Support|costs|10,443|-|10,442| |130,690|99.011|229,700| |6.|OTHER|EXPENDITURE| |Unrestricted|Total|Unrestricted|Total| |funds|funds|funds|funds| |2022|2021| |£|£|£|£| |Other|exceptional| |expenditure|-|-|290|290| |7.|NET|INCOME| |Net|income|is|stated|after|(crediting)/charging:| |2022|2021| |£|£| |Depreciation|of tangible|assets|(27,250)|3,027|

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

8. AUDITORS REMUNERATION

	2022	2021
	£	£
Fees payable to the audit ofthe financial
statements	3,000		400

1. STAFF COSTS

The average head count of employees during the year was Nil (2021: Nil).

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

1. TRUSTEE REMUNERATION AND EXPENSES

During the year, no trustees received any remuneration or reimbursement of expenses (2021: Nil).

11. TANGIBLE ASSETS

		Freehold	Total
		land
		£	£
Cost
At		January 2022 and
	31 December 2022	151,390	151,390
Depreciation
At		January 2022	27,250
Credit for the year		(27,250)	(27,250)
At	31 December 2022	-	-
Carrying amount
At	31 December 2022	151,390	151,390
At	31December2021	124,140	124,140

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MASTERS FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

12. INVESTMENTS

		Other	Total
		investments
		£	£
	Cost
	At	January 2022	-
	Additions	229,242	229,242
	At 31 December 2022	229,242	229,242
	Impairment
	At	January 2022 and
	31 December 2022	-	-
	Carrying amount
	At 31 December 2022	229,242	229,242
	At 31 December 2021	-	-
13.	DEBTORS
		2022	2021
		£	£
	Otherdebtors	657,432	291,236

1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

				2022	2021
				£	£
Accruals	and	deferred	income	3,450		400
				3,450		400

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MASTERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

15. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

		Atl	Income	Expenditure	Transfers	At 31
		January	£	£	£	December
		2022				2022
		£				£
General funds		896.848	-	-	(896,848)	-
Unrestricted funds		310,036	1,714,748	(334,299)	896,848	2,587,333
		1,206,884	1,714,748	(334,299)	-	2,587,333
		Atl	Income	Expenditure	Transfers	At 31
		January	£	£	£	December
		2021				2021
		£				£
General funds		995,523	-	-	(98,675)	896,848
Unrestricted funds		185,234	255,782	(130,980)	-	310,036
		1,180,757	255,782	(130,980)	(98.675)	1,206,884
Restricted funds
		Atl	Income	Expenditure	Transfers	At 31
		January	£	£	£	December
		2022				2022
		£				£
Restricted fund			3,325	-	(3,325)	-
		At 1	Income	Expenditure	Transfers	At 31
		January	£	£	£	December
		2021				2021
		£				£
Restrictedfund			1,499	2,162	(99,011)	98,675

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MASTERS FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted funds	Restricted funds		Total funds 2022
	£	£		£
Tangible fixed assets	380,632		-	380,632
Currentassets	2,210,151		-	2,210,151
Creditors lessthan 1 year	(3,450)		-	(3,450)
Net assets	2,587,333		-	2,587,333
	Unrestricted	Restricted		Total
	funds	funds		funds
				2021
	£	£		£
Tangible fixed assets Current assets Creditors lessthan 1 year	124,140 1,083,144 (400)	- 3,325 -		124,140 1,086,469 (400)
Netassets	1,206,884	3,325		1,210,209

1. RESERVE POLICY

The accumulated reserves of the charity are to be used for the development of the land at Catherine-de-Barnes and to build an education centre/hospital in Zanzibar and any other opportunity that arises.

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MASTERS FOUNDATION

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DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022

	2022	2021
	£	£
Income and endowments
Donations and legacies
Donations	1,572,196	234,227
Income tax reclaimed on Gift Aid Donations	142,552	23,717
Total income	1,714,748	257,944
Expenditure
Expenditure on charitable activities
Rates and water	2,021	2,483
Insurance	309	-
Legal and professional fees	6,905	4,320
Depreciation	(27,250)	3,029
Other interest payable and similar charges	449	610
Education assistance	42.300	16,065
Grants to other institutions	253,929	121,850
Other charitable expenses	53,561	71,452
Other expenses	2,075	9,89]
	334,299	229,700
Other expenditure
Other exceptional expenditure	-	290
	=	290
Total expenditure	334,299	229,990
Netincome	1,380,449	27,954