Charity registration number 1134493 (England and Wales) Company r8gl8tratlon number 07140350 IRON AID FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
IRON AID FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrTarik CIK)wdhry Mr Uaquat Khan Mr Mohammad Shoaib Oosman Mr Sohail L Syed Mr Tariq Zaman Mr Mohamed Ameen Kalla Chartty number (England and Wales) 1134493 Company nUMr 07140350 R•gl8torod offlce Northwood Hllls Masild & Communlty Centre Joel Street Northwood Hllls Hllllngdon London United Kingdom HA6 1NL Audltor Reddy Slddlqul LLP 18>189 The Vale Acton London United Klrodom W3 7RW
IRON AID FOUNDATION CONTENTS Pag• Tnjstees report Statarnent of Trustees responslbllltl8S Independ•nt audftorfs report Statement of financlal adivitles Balance sheet Statement of cash flows Notes lo the flnanclal Statements 10-16
IRON AID FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 The Trustees present their annual rnport and financial slatements for the year 8nded 31 January 2024. Th8 financial stat8m8nts have been prepared In accordance with Ihe accounllng policies set out In note 1 to the financlal statements and comply wryth the charitable companvs constitution, the Companies Act 2006 and "Accounting and Reporting by Charitles". Statement of Recommended Practic8 appllcabl8 to charities preparing their accounts In accordance with the Flnancial Reporw StarKlard appllcable In Ihe UK and Republlc of Ireland IFRS 1021. (effective 1 January 2019). Objectlves and acllvitle8 The Trustees have pald due regard to guldanckn Issued by Iho Charfty Commlssth In deddlng what actlvltles the charltable company should undertake. Achlov8m0nts and perforniance As trustees of Iron Ald Foundallon, w8 are pleased to present thls annual report. celebrating k8y ac¢ompllshménts and mllostones over the past year. Thls has been a transf0MlIve perlod for our foundatlon, deflned by both challenges and successes that have relnforced our commitment lo servlng our communlty. OveOmIng Challongos and Reallzlng Our Vlslon Slnce our charity's Inceptlon, establlshlng a pem)anent pla of worshlp has remalned a core ambltlon. After year3 of dlllgent effort. Wa OXP8rtenced a setback when our applicatlon for the ¢hange-of-use of th8 Northwtjod Pollce Stsuon, acqulred In 2021. was dedined. As an Interim measure. we pursued and Suc$$fullY acquired the Halls Complex behirKI St. John's Church In August 2023. Dur5ng thls tlme, we were presented wlth the opportunlty to purcha88 the Unlled Refomied Church (URC) In Northwood Hill&-a property wa had rented for prayer servlGes over Ihe past iwo years. To compl8t8 thls ae4uSsttton, wo sold the fomier pdlc8 $18tlon, In Novembar 2023. With strong ¢ommunlty SUPPOrt we secured the Northwood Hllls Church In Decemb8r 2023, marking a mllestone achievement for Iron Ald Foundation. Enhanc•m•nl• •nd Communlty PArvlc•• Immediately followlng the acqu181tlon in December 2023, we commenced the five dally pr8yer servlces, fulfilllng one of the fundamental requirements to estsblish a masjid. Our next priority was securing 8 fvll time Imam and Premi888 Manager to ansure a stable and sustsinable framework for providing services to our communlty. Slnce acqulrfng the Northwood Hllls Masjld & Communlty Centre (NHMCC). we made numerous upgr8des to enhance our facillty. Thes8 Included a professlonally installed sound system. improv8d11ghtlng, new carpets, and an InvSllng decor lo fogtar an atmosphere of p8ac8. Addlllonally. we added ablution faalities and a CCTV 8eCUrity 8y8tem. Our commltment lo ser4lng the wldor communty remalns unwaverlng wllh (x)ntlnuous expanslon of our sarvlces. Our monthly Elderty Clrcles offer companlonshlp and support for senlor members. vthlle our dally and weeY educallonal classes provide opportunities for 8plrliual and academic growth for both adults and children. We also offer filness classes for men and women as well as contlnued support for our local Scouts Group, that emphaslze values of leadershlp, teamwork, and gervSce to the communlty. Looklng Ahead: Bulldlng a Beacon of Ught While we are proud of the progress made. we vlew the estsbllghment of the NHMCC as only the beglnnlng. We are commltt8d to developlng thls premlses Into a ¢omprehenslve ¢ommunlty Centre that wlll serve as a beacon for future generatlons. Our vlslon Include8 expandlng educational pn)gram8. Introduclng new communlty servlces and continulng to enhance our facilities to meet the evolving needs of our congregation. W8 are also exploring partnerships with other local organrzations to broaden our community impacL As trustees. we are honoured by the trust and confidence placed In us by our communlty and supporters. The challenges have overcome and the accomplishments we celebrate only strengthens our resolve to S8rv8 our community with unwavering dedication. Wth continued supporL we are confident that Iron Aid Foundation will exceed the expeGtsllons of those we serve. In closlng. we extend our deepest gratltude to all vA)o have supported us on thls Joum8y-our volunte8rs, donors, ¢ongregatlon community. Together. we have a(xompllshed much and wlll contlnue bulldlng a futur8 fl118d wlth hope, unlty, and purpose.
IRON AID FOUNDATION
TrUSTEES REPORT IINCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
MrTarik chrthry
Mr Uaquat l
IRON AID FOUNDATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2024 The Trustees, who are also th8 dlrectors of Iron Aid Foundation for the purpose of (xxnpany law, are responslble for preparfng the Trustees Rewrt and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Pradice). Company Law requires the Tmstees to pr8pare financial stst8m8nts for each financial year which give a true and falr vlew of the state of affalrs of the charStable company and of the incomlng resources and applICaOn of resourc88, Indudlng the Incorne and exp8ndllure. of the charltabla company for that year. In preparing these financial statement4 the Trustees are required to: - seleot sultsble account5ng pollcles and then appty them con51stenlly", - observe the methods and princlples in the Charities SORP: - mak6 Judgements and e811mate8 Ihal are reasonable and prudent; state whether appllcable UK Accountlng Stsndards have been fdlowed, subjact to any material departures d18closed arml explalned In the finandal statements: and prepara the financlal Slatements on the going concom ba8ls un1088 It 18 inapproprSate to pr08ume that the charlt8ble company wlll continue in op8ratK)n. The Trustees are r88ponsible for keeping adequate accounting recryds that dl8cf088 with reasonable aGGuracy at any tlme th8 financlal position of the charltable company and enable them to ensure that the financial stat8ments comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for tsking reasonable steps for the prevention and detedion of fraud and othar ifregularttles. Company law requlres the Truste8S to prepare financlal statements for each flnanclal year whlch glve a true and falr vlew of tha stat8 of affalrs of tho chariiabl8 company and of Ihe Incoming resources and appllcatlon of resources, Includlng th8 Income and expendlture. of tha charttable company for that yoar. In preparlng these Itnandal $18tements. the Trustees are requlred to: - select sullable accoUnng pollcles and then apply them consistenily. - observa the method8 and principlas in the Chartties SORP; - make judgements and estimates that are reasonable and prudent: state whether appllcable UK Accounting Stsndards have been followed, subject to any material departures di8cJosed and expl8ln8d In the financi81 statements; and pr8pare the financial 8t8tem8nts on tha going (xjncém b#8ig unless it 18 Inappropriata to pr08uma that tha charftable company will conlinu8 in operallon. Tho Truste8s are responslble for keeplng adequate acc<)unilng records that dl8close wlth reasonable accuracy at any tlme the financlal position of the charltable company and enable them to ensure that the ftnandal slatements comply with the Companies Act 2006. Thèy arn 81s0 responsible for safeguarding the a&8ets of the charitable company and hence for laking reasonable steps for the preventlon and detecilon of fraud and other Irregularftles.
IRON AID FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF IRON AID FOUNDATION Oplnlon We have audited the flnarKlal statements of Iron Ald Foundatlon the d)arftable company for th8 year ended 31 January 2024 which comprlse the ststement of financial actlvittes. the balan sheel. the stalement of cash flows and notes to the financial statements. includlng stgnificant accounting policres. The financial reporting framework that has been applled in thelr preparation Is applicable law and United Kingdom Accounting Standard8. including Flnanclal Reporting Standard 102 The Financlal Rewtlng Standard appllcab18 In Ihe UK and Republlc of Ir818nd (Unlted Klngdom Gen8rallyAccepted Accountlng Practlce). In our opinion, the financial statements: glve a true and fair vlew of th8 State of the charltable Mpany$ affalrs as at 31 January 2024 and of Its Incomlng resources and appllcallon of resourc8s. for th• year then ended: have been property prepared In accoTdance with United Kingdom G8nernlty Accepted Acc<)unting Practice", and have been prepared In a¢coTdance with the requlrements of the Companles Aci 2006. Ba818 for oplnlon We conducted our audit In accordan wSth International Standards on Audftlng (UK) {ISAs {UK)) and appllcable law. Our r8sponslbilitles under those siandards are further described In the Auditorfs responsibllitlgs for the audlt of th8 financlal statements sectlon of our report. We are Independent of th8 charitable company In accordance wlth the ethlcal requirements that are relevant to our audit of the flnancial statements In the UK Includlng the FRC'S Ethlcal Standard, and we hav8 fulfilled our other ethlcal SpOnsibl11bes in accordan these requlrements. We believe that the audtt evldence we have obtained Is sufficlent arKI appropriate to provlde a ba8is for our opinlon. Con¢lu•lons relatlng to golng concern In audlting the financlal ststements, we have conduded that tho T use of the golng Mncem basls of accountlng In the preparatlon of the fjnarKlal statements Is approprfate. Based on the work we have perfornied, we have not Id8ntllled any materfal un¢ertalntle8 relatlng to events or condlllons that, Indlvldually or collecllvely. may cast slgnlficant doubt on the charitable company's abllity to continue as a going c¢)ncern for a poriod of at least iwelve months from when the flnancial statements are authorlsed for Issue. Our responslbllltFes and the re8ponslbilltlas of the Trustee8 wlth respgct to golng concem are de8crib8d In the relevant 8ections of this report. Othor Inforn)atlon The other Informatlon comprlseJ the Informauon IndLKled In ihe annual report olher than thè flnancl81 statements and our audltofs report thereon. The Trustses are responslble for the other informatlon contsined wlthln the annual report. Our opinion on the finandal statements does not cover the other Infom)ation and we do not express any fomi of a88urance concluslon thereon. Our responsibility is to read the other Infomation and. In dolng so. conslder whether the other Infomiation Is materially inconslstent with the financlal ststements or our knowledge oblalned in the course of the audit, or oth8Thvl8e 8ppe8rs to be materfally misststed. If we identlfy suth material inconslstencies or apparent material mlsstaternents, we are required to deterrnine whether this gives rlse to a material misststement in the financial statements themselves. If, based on the Yrk we have perfom)ed, we conclude Ihat thera is a rnalerfal mlsstatement of Ihis othgr informatlon. we are required to report that fact. We have nothlThJ to report In thls regard.
IRON AID FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IRON AID FOUNDATION Matters on whleh we are required to report by exception We have nothlng to report in respect of thè following matters in relatton to whlch the Charltles (Accounts and Reports) Regulatlons 2008 requlres us to rep)rt to you if, in our opinion: the informatron given in the financial statements is inconsistent in any material respect with the Trustees report. or sufficient aGcountlng records have not been kept: or the finandal Statements are not In agre@ment with the accounting records: or we have rnt received all the inforniation and explanatlons we require ft)r our audiL The trustees ware not entitled to prèpare the financial statements in accordance wtth the small companlas reglme and tak8 advantage of the small companies, axemptions In preparing the tru8tse8' report. Responslbllltles of Trustees As explalned more fully In the statement of TnJste8s responslbllltles, the Trustees are responslble for the preparatlon of the Ilnanclal statements and for belng $8tlsl7ed that they glve a true and lalr vlew. and for such Intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from materFal misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responslble for assessing th8 charitable company's ablllty to contlnu8 as a golng concem. dlsdoslng. as applicable, matters related to golng concern and using the golng concam basls of accountlng unless the Trustees elther Intend to Ilquldata the charitable company or to cease op8ratlon8, or have no reallstic alternats've but to do 80. AudIt09 rngponslblllllm for the audft of the finanelal stat•m•nts We have b8en appolnled as audltor under section 144 of the Ch8rlt188 Ad 2011 and report In accordance wlth the Act and relevant regulauons made or havlng effect thareunder. Our oblectlves are to obtain reasonable assurance abwl whether the financial statements as a whole are free from matarial missialement, whether due to fraud or error, and to issue an auditorfs report that Includes our opinlon. Reasonable assur8nce Is a hlgh Ve1 of assurance but Is not a guar8nt88 that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Mlsslatements can arise from fraud or error and are consldered material W, indNldually or in the aggregate, they could reasonably be axpecied to Influonce the economlc declslons of users taken on tho basls of these financlal 8tat8m8nts. The extent to whlch our procedures are capable of detecling irregularliles, induding fraud, Is detailed below. A furthar descrfptlon of our r88ponsibilitle8 18 av818ble on th8 Flnancial Reportlno Council's webslte at.. http8'.11 w¥Yw.frc.org.uklaLKlltor8responslbllltles. Thls dexripllon fums part of our audltofs report. U8• of our report Thls report Is made Solely to the charfvs trustees. as a body, In accordance wlth Part 4 of the Ch8rliles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght state to the charlty's trustees those matters we are requlred to stste to them in an audftor's report and for no other wrpose. To the fullest extent permitted by law, we do not accept or assume responsibllty to anyone other than the charity and the charitys truste08 as a body, for our audlt work. for thls report, or for the oplnlons we have formed.
IRON AID FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IRON AID FOUNDATION (Senior Ststutory Auditor) For and on behalf of Reddy Siddiqui LLP, Slalutory Auditor Chartered Accounlanls 183-189 The Vale Aclon London W3 7RW United Kingdom 29 November 2024 Reddy Siddiqui LLP is eligible for appointment as auditor of the charitable company by virtue of ils eligibility for appointment as auditor of .a company under section 1212 of the Companies Act 2006.
IRON AID FOUNDATION STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unre8trfcted Restrlcted funds funds 2023 2023 Total 2024 2023 Incomo from: Donatlons and legades 366,807 678,960 1,045,767 49,242 103,418 152,660 Total Incomo 366.807 678,960 1,045.767 49,242 103,418 152.660 Expendlture on: Charitable actlvities Other expendiiure 100,114 239,433 100,114 239,433 74,800 74,800 Total •xp•ndltur• 339,547 339,547 74,800 74,800 N•t InGom• and mov•m•nt In fund8 27,260 678,960 706,220 (25.558) 103,418 .860 Reconclllatlon ol funds: Fund balances at 1 February 2023 671,286 1.918.501 2.589,767 PJ96.824 1,815,083 2,511,907 Fund balancu at 31 January 2024 698,526 2.597,461 3,295,987 671,266 1,918,501 2,589.767 The statement of finanelal actlvFlle8 Indudes all gains end Ios69s recognlsed In Iha year. All Income and axpandltura derlve from contlnulng adlvlttes.
IRON AID FOUNDATION BALANCE SHEET ASAT3f JANUARY2024 Flxed as••ts io 4954.470 2,374.883 11 Cath at and In hw 645,190 845,190 Credlti)rn: amowrt• f•lllry du• on• y•ar 12 (1212.110) (430,#ce) N•t ourr•rt (bIlItI••y•lI•l• (858,483) 214,884 Total l•H ¢iY•rt Ilabllltlw 3,295,987 2,589,787 Th• lund• rfth• ohitsbl• company Re5tr5cted SrKomg Unrejtrlctsd 13 14 2.$97,481 1,918,501 871,286 3.295,987 2,589,787 2rK¢i, fortho y•v •rthd 31 2024. Cqmwl•• ofthg Cc¥npv Act 201YJ, lor th• yw In ar£41• wkn M(Xlon 478. to the srnall Compan1 r•glffl•. finwxial •tthm•rrt• apw•d ty IM Thth• on 29 Nov•mb•r2024 Mr Tartk ChoAthry Comp•ry rowOn nwnb•r07140350 (En
IRON AID FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Noto8 Cash flo from operating activltlos Cash generated from operations 17 1.749.408 272.557 Inve8tlng actlvftle8 Purchase of tsngible fixed assets Proceeds from dlsposal of tangible fixed 8&88ts (3.965.117) (34,543) 2,118,913 Net cash used in Investlng a¢tlvitios (1.846,204) (34,543) Nét cash g•n•ratad from finanelng actlvlt10• N•t {daer8aseylneraa8• In ¢aBh and cash •qulvalent8 (96.796) 238,014 Cash and cash equlval8nts at be9lnnlng of year 645.190 407,176 Ch and cash equlval•nts at end of year 548,394 645,190
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accounting pollclo8 Charlty Infomiatlon Iron Aid Foundation is a private company limited by guarantee in(x)rporated in England and Wales. The registered office is Northwood Hills Masjid & Communty Centr8, Joel Street, Northwwd Hills, Hilllngdon, London. HA6 1 NL. Unlted Klngdom. 1.1 Accounllng conventlon The financtal statements have been prepared in ac¢i)rdance with the charitable companls constitutlon, the Companies AGt 2006. FRS 102 Yhe Flnancxal Reporting Standard applicable Sn the UK and Republic of Ireland. ('FRS IOW} and the Charitios SORP "Accounting and Reportlng by Charities: Statement of Recornm8nded Practic8 applicabl8 to charities preparing thair accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effediva 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102. The financl81 statements aré prepared In sterling. whl¢h is the functional currency of the Gharltable company. Monetary amounts in these financtal statements are rounded to the nearest £. The flnanclal statements have b8en prepared under the hlstorfcal cost conventlon, [modlffied to Include the revaluatlon of fre8hold properties and to Indude investrnent prop8rtle8 and rArtaln financlal instruments at falr value]. The prinGipal accounting policies adopted are set out below. 1.2 Golng concorn At the time of approving the financlal statements, the Trustees have a reasonable expectatlon that the charitable company has adequate rUrCeS to contlnue In operatronal exlsten¢e for the foreseeable fijture. Thus the Trustees contlnue to adopt Ihe going concem basis of accounting in preparing the flnancial 8tatements. 1.3 Charltable lund8 Unrestricted funds are avallable for use at Ihe dlscretlon of the Trusle8s In furtheranca of Ihelr charftabl8 obledves. Restrlcled funds are subject to spedfic condllions by dorr5 or grantors as to they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. 1.4 Incom• Income Is recogni88d when the ¢harltable company 18 legally entitled to It after any perfomiance conditions have been met, the amounts can be measured reliably, and it Is probable that inc<Jme wlll be re¢eNed. Ca8h donatton8 8r8 regnISed on recelpt. Olher datIOnS are recognlsed once the charltable company has been notified of the donatlon, unless perforniance conditions require deferral of the arnount. Income tsx recoverable in relation to donations Mceived under Gift Aid is reu)gnised when donations ere accepted after the clairn is approved. Legacles are recognlsed on Ce[Pt or otherwlse If the charliable company has been rted of an ImperKllng dlstrrbution. the amount Is known, and receipt is expected. If the amount is not known, the legacy Is treatsd as a contingent asset. 10-
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accounllng pollclos (Contlnu•d) 1.5 Expondlture Expendlture is recognised once there Is a legal or constructlvè obligation to transfer èconomic beneflt to a thlrd party, it Is probable that a transfer of economlc benefits w111 be requlred In setuement, and the amount ot the obllgatlon can be me88ured reliably. Expendiiure is dassified by The costs of eath al¥lty are made up of the total of direct costs and shared costs. Including support costs Involved In undertaklng eath aGlivity. Dlrect costs attrfbutabl8 to a slngle activity are allocated directly to that athity. Shared costs whlch contrtbute to more than one actlvlty and support costs whlch are not attributable to a singl6 actlvlty are apportioned boiween those a¢Uvitia8 on a basls consistent wilh the us8 of reSrceS. Central staff costs are allocatÉd on the basis of tlm8 spent, and depreciation charges are allocated on the portion of the assefs u88. 1.6 Tanglbh Ilxed Tanglble fixed assets ar8 Inltlally measured at cost and subsequ8nty measured at cost or valuatlon. net of depreciation and any impalrment losses. Dopreciatlon18 recognlsed so as to wrlte off tha cost or valuauon of assets less Ihelr resldual values over thalr uséful lives on the followlng bases: Freehold land and IxJlkllng8 Flxtures and fittlngs 20% The gain or loss arising on the dlsposal of an assat is doterrnined as the difference between th8 sale proceeds and the carrylng value of the asset. and Is recognlsed In the statement of financlal activltie8. 1.7 Impalrnient of flxed usets At eath reportlng end date, the charitable company Rviews the carrying amunts of its tanglble assets to detemilne whether there Is any indlcallon that those assets have suffered an imp8lmient108s. If any such IndICaOn exlsts, the recovarabla amount of the assel Is estlmated Sn ordor to detemilna the extent of tha Impalmient loss (if any). 1.8 Cash and ca8h equlvalents Cash and cash equivalenls Induda ca8h In hand. depostts held 81 call wlth b8nk8. Other 8hort-t8rm Ilqukl Investments wlth orlglnal maturitles of three months cr less. and bank overdrafts. Bank cverdraft8 are ah(Mn wlthin borrowlngs Sn current Ibabililies. 1.9 Flnanclal In•trum•nts The charitsble company h88 elected to apply the provislons of Sedlon 11 '8asic Financial Instruments, and Sectlon 12 '0ther Financial Inskniments Issues, of FRS 102 to all of Its financial instruments. Financial instruments are recognised in the tharitable o)mpanYs balance Sheet when tho charttabla company becomes party to the contractual provl8lons of the Instrumenl. Financial assets and liabilities are offset, with th8 net amounts presented In tho financlal statements. when there Is a legally enforceable right to set off the recognlsed amounts and there Is an intentlon to settl8 on a net bas1$ or to reallse the asset and settle the Ilabllity slmultsneously. Baslc flnanclal assgts Basic financial as59ts, which include debtors arvj cash and bank balances, are Inltially measured at transactlon prlce Includlng transactlon costs and are subsequentty cathed at amortlsed cost UBlng the effective musharak8h method unless thè arrangement constitutes a financing transaction, where the transactlon Is measured at the present value of the futur8 receipts discounted at a market rate of mushathh. Flnandal assets classtfiod as recèivable withln one year are not amortised. 11
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng pollel•• (Contlnuod) Bas1¢ Ilnanclal Ilabllltles Basic financial liabilittes. including Credito and bank loans are Inllially recognised at transaction price unless the arrangement constilutes a financlng transacllon, there the debt Instrument Is measured at the presènt V8lue of the fuiure payments dlscounted al a markel rate of musharakah. Flnancl81 Ilabllltles dasslfied as payable within one year are not amortised. Tr8de credltors are obligations to pay for goods or services that have been acqulred in the ordinary cour8e of operatlon8 from suppllers, Amounts payable are dassmled as current Ilabllltles If payment Is due wlthln one year or les8. If noc they are presented as nt)n-current Ilabilitles. Dorecognltlon of flnancial IlablllUe8 Flnancial liabilltles are derec<)gnised when the charftable ¢ompanYs cxjntractual obllgatlon8 explre or are dlscharged or cancelled. crftlcal accounng estlmatos and Judg•monts In the appllcatlon of the charftable company's 8cc<¥Jntlng polldos. the Tru8teo8 are requlred to make judgements. estlmates and assumpllons al)out the carrylng amount of assets and IlabllEtl8s that are not readily apparent from other sources. The estimates and associated assumptions are based on hlslorical experl8nce and other factors that are considered to bo relevanL Actual results may dlffer from these e8timates. The esllmate8 and undertylng assumpllons are revlewed on an ongolng basis. Revisions to accountlng estimates are recognlsed in the period In which the esttmate Is revised where the revislon affects only that perfod, or In the perfod of the revislon and future perfods where the revlslon affects bolh current and fvture perfod8. Income from donallons and lega¢lo8 Unrwatrlctgd R•8trfcted fund8 funds 2024 2024 Totsl Unr•strlct•d R•strfcted funds funds 2023 2023 T¢A•l 2024 2023 Donatlons arKf gtfts 386.807 678.960 1.045.767 49,242 103.418 152,660 12-
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 Expondlture on charltablo aellvlll Charltabl8 Charltable Expenditure Expendlturn 2024 2024 Total Charitablè Charltable Expenditure Expanditure 2023 2023 Total 2024 2023 Dlrnct costs C6ntre Maintenance Cost Community Events Regular Communlty Activrties Markets'ng Bank Charge Ganeral Expen888 27.168 22.294 27.168 17,875 13,828 17,675 13,828 13.153 13,153 14.146 286 271 5.150 14.146 286 271 5,150 1,104 5,612 1,104 5,612 69,331 69,331 51.356 51,356 Shar• of 4upport and gov•rn•nco ¢ts (•w not• 5) Support 27,183 Governance 3.600 27,183 3,6(10 19,844 3,600 19.844 3,600 30,783 69.331 100,114 23,444 51,356 74,800 Analy81$ by fund Unrastricted frJnd8 30.783 69,331 100,114 23,444 51,356 74,81XI Support C08ts allocated to 2024 2023 Depreciatlon Govemance cogts 27,183 3,600 19,844 3,600 30,783 23,444 Analysed botween: Charltable Exp8ndlture 30,783 23,444 N•t movement In fund• 2024 2023 The net movement In funds is slated after chargiryl{uedltlng): Fees payable for the audlt of the charftys financial Statements Depreclatlon of owned tanglble fred assets Loss on disposal of tangible fixed assets 3,600 27,183 239,433 3,600 19,844 13-
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 Tru8tae8 None of th8 Trustees (or any persons connected with them) recelved ary remuneration or benefits frorn the charitable company during the year. Othor oxpandlture Unrestrlcted Unrestrlcted funds funds 2024 2023 Net loss on dlsposal of tsnglble fixed assets 239,433 Taxallon The charlty18 exempt from tsxatton on Ils actmties because all Its Income18 applled for chorit8bl8 purp0898. 10 Tanglble fixed as8ats Frn•hold land Flxturn• ind and bulldlng• Itttln9• Talal Cost At 1 February 2023 Addltlon8 Dlsposa19 2,428,642 3,936,897 (2,428.642) 2,428,642 28,220 3,966,117 (2,428,642) At 31 January 2024 3.936,897 28.220 3,965,117 Deprnclatlon and Impalmiant At 1 February 2023 DeprecSation charged In the year Ellmlnated In re8P8Ct of disposals 53,760 23,986 (70,296) 53,760 27.183 (70,296) 3,197 At 31 January 2024 7.450 3,197 10,647 Carrylng amount At 31 January 2024 3,929.447 25,023 3,954.470 At 31 January 2023 2.374.883 2,374,883 11 Oebtorn 2024 2023 Amounts lalllng duo wlthln on• year. Other debtors 5,233 14-
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 12 Credltors: amounts falllng due whhln ono year 2024 2023 Other credltors Accruals and deferred Income 1,191,OlXI 21,110 426,101 4,205 1.212,110 430.306 13 R•strlcted fund8 The restrlcted funds of the charity comprlse Ihe unexpended balances of donattons and grants held on trust Subject to speclfic eorKlltlon8 by donors a8 to how thay may be used. At 1 February 2023 Incomlng At 31 January r••ourc•s 2024 1.918,501 678,960 2,597,461 Prevlous y•ar. At 1 F•bruary 2022 Incomlng At 31 January rnsources 2023 1.815,083 103,418 1.918,501 14 Unr••trl¢tod lund• The unr8strlcted funds of the charity comprlse the unexpended balances of donatlons and grants whlch ara not subject to speafic conditions by donors and grantors as to how they may be used. These Include deslgnated funds whSch have been set aside out of unreslricted funds by the tNStees for speclfic purpo888. At 1 F•bruary 2023 Incomlnq Resour¢e8 At 31 January rèsour& oxpanded 2024 General funds 671,266 366,807 (339,547) 698,526 Pr•vlous year. At 1 F•bruary Incomlng R•sourco8 At 31 January 2022 re8ourc•s oxponded 2023 General funds 696.824 49,242 (74.800) 671,266 15-
IRON AID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 15 Analysls of not a889ts beiweon funds Unrestrlcted funds 2024 Restrfcted funds 2024 Total 2024 At 31 January 2024: Tangible assets Current 8sselsl(Ilabllities) 1.357,009 (658,483) 2,597,461 3,954.470 (658,483) 698,526 2,597.461 3.295,987 Unrn•trlct•d fund• 2023 R•8trfct•d funds 2023 Total 2023 At 31 January 2023: Tangible assats Current assetsl(liabilltles) 456,382 214,884 1,918.501 2,374,883 214,884 671,286 1,918,501 2,589,767 16 Rolatsd party tranM¢Uon• There were no d18dosable related p8ty transacttons durfng the year (2023- none). 17 Cash g•ngrat•d from oporatlon• 2024 2023 Surplus for the year 706,220 77,860 AdJuslm•nts for. Loss on dlsposal of tsnglble flxed assets Depreclatlon and impairment of tangible fixed assets 239,433 27,184 19,844 Movoments In worklng capltal: Ilncreaseydecrease in debtors Increase in credltors (5,233) 781,804 960 173,893 Ca8h g•nerat•d from oporatlons 1.749,408 272.557 16-