AL KAWTHAR FOUNDATION
**REGISTERED CHARITY NUMBER: 1134628**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023**
AL KAWTHAR FOUNDATION
**Contents of the Financial Statements for the Year Ended 31 December 2023**
||Page|
|---|---|
|Report of the Trustees|1 to 2|
|Independent Examiner's Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5 to 6|
|Notes to the Financial Statements|7 to 11|
|Detailed Statement of Financial Activities|12|
AL KAWTHAR FOUNDATION
## **Report of the Trustees for the Year Ended 31 December 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Deed of Trust dated 23 December 2009 and as amended by the Deed of Variation dated 15 February 2010, outlines the objects of the charity to be:
a) The relief of poverty, sickness and distress by providing such services and facilities as are necessary including food, Clothing and medical supplies;
b) To advance the Islamic religion in accordance with the "Shia" school of thought by such means as the Trustees in their absolute discretion determine;
c) To advance education by providing grants and such items, services and facilities as required particularly, but not exclusively for the benefit of young people.
## **Grantmaking**
During the period, a total of £77,255 (2022 - £194,876) was granted to various UK Registered Charites in connection with educational and poverty relief and other humanitarian causes.
## **ACHIEVEMENT AND PERFORMANCE**
## **Investment performance**
The charity no longer has any assets invested.
## **FINANCIAL REVIEW**
## **Financial position**
The charity continues to benefit from voluntary donations without the need for actively sourcing these or making appeals.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1134628
Page 1
## AL KAWTHAR FOUNDATION
**Report of the Trustees for the Year Ended 31 December 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Principal address**
Prospect House 50 Leigh Road Eastleigh Hampshire SO50 9DT
## **Trustees**
Mr Shabbirali Mohamed Husein Walji FCA Mrs Nurjehan Shabbirali Walji Mr Rizwan Shafiq Walji ACCA Mr Rezahussein Mahmood Hooda FCA CTA
## **Independent examiner**
Mrs Tracy Modha MAAT Merrifield Oakhill Bursledon Southampton Hampshire SO31 8AS
Approved by order of the board of trustees on 4th September 2024 and signed on its behalf by:
............................................. Shabbirali Mohamed Husein Walji FCA – Trustee
Page 2
AL KAWTHAR FOUNDATION
## **Independent Examiner's Report to the Trustees of Al-Kawthar Foundation**
I report on the accounts for the year ended 31 December 2023 set out on pages five to twelve.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
The charity's trustees consider that an audit is not required for this year under Section 144 of the Act and that an independent examination is required.
It is my responsibility to:
- examine the accounts under Section 145 of the Charities Act
- to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act, and
- to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with 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 any 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 the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
1. 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 to comply with the accounting requirements of the 2011 Act
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mrs Tracy Modha MAAT Merrifield Oakhill Bursledon Southampton Hampshire SO31 8AS
Date: 4[th] September 2024
Page 3
AL KAWTHAR FOUNDATION
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|||**31.12.23**|31.12.22|
|---|---|---|---|
|||**Unrestricted**|Total funds|
|||**funds**||
||Notes|**£**|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies||**45,500**|130,300|
|Investment income|2|**-**|9,167|
|**Total**||**45,500**|139,467|
|**EXPENDITURE ON**||||
|**Charitable activities**||||
|The Lady Fatemah (as) Charitable||||
|Trust_(Charity No. 1072270)_||**8,715**|7,650|
|Orison Charitable Trust_(Charity No. 1098822)_||**5,400**|7,900|
|The World Federation of KSIMC_(Charity No._||||
|_282303)_||**41,400**|64,100|
|The Wessex Jamaat_(Charity No. 1010076)_||**8,140**|109,774|
|The Imam Hussein Foundation_(Charity No._||||
|_1109002)_||**110**|1,500|
|Beta Charitable Trust_(Charity No. 1103023)_||**1,680**|-|
|Al-Zahra Association_(Charity No. 1142491)_||**1,510**|1,600|
|Lantern of Light_(Charity No. 1203567)_||**5,200**|-|
|Other Charities||**5,100**|2,352|
|Other||**103**|327|
|**Total**||**77,358**|195,203|
|**NET (DEFICIT)/INCOME**||**(31,858)**|(55,736)|
|**Other recognised gains/(losses)**||||
|Gains/(Losses) on revaluation of fixed assets||**-**|-|
|Gain/(Loss) on disposal of fixed assets||**-**|5,000|
|**Net movement in funds**||**(31,858)**|(50,736)|
|**RECONCILIATION OF FUNDS**||||
|**Total funds brought forward**||**152,492**|203,228|
|**TOTAL FUNDS CARRIED FORWARD**||**120,634**|152,492|
The notes form part of these financial statements
Page 4
AL KAWTHAR FOUNDATION
## **Balance Sheet At 31 December 2023**
||||**31.12.23**|31.12.22|
|---|---|---|---|---|
||||**Unrestricted**|Total funds|
||||**funds**||
||Notes|**£**|**£**|£|
|**FIXED ASSETS**|||||
|Tangible assets|5||**-**|-|
||||**-**|-|
|**CURRENT ASSETS**|||||
|Debtors: amounts falling due within one year|||||
||6||**350**|650|
|Debtors: amounts falling due after more than one|||||
|year|6||**-**|-|
|Cash at bank|||**120,284**|152,175|
||||**120,634**|152,825|
|**CREDITORS**|||||
|Amounts falling due within one year|7||**-**|(333)|
|**NET CURRENT ASSETS**|||**120,634**|152,492|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||**120,634**|152,492|
|**NET ASSETS**|||**120,634**|152,492|
|**FUNDS**|8||||
|Unrestricted funds|||**120,634**|152,492|
|**TOTAL FUNDS**|||**120,634**|152,492|
The financial statements were approved by the Board of Trustees on 4th September 2024 and were signed on its behalf by:
............................................. Shabbirali Mohamed Husein Walji FCA-Trustee
The notes form part of these financial statements
Page 5
AL KAWTHAR FOUNDATION
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity 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) and with the Charities Act 2011.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 6
AL KAWTHAR FOUNDATION
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **2. INVESTMENT INCOME**
|Rents received|**31.12.23**
**£**
**-**|31.12.22
£
9,167|
|---|---|---|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||funds|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|130,300|
|Investment income|9,167|
|**Total**|139,467|
|**EXPENDITURE ON**||
|**Charitable activities**||
|The Lady Fatemah (as) Charitable Trust|7,650|
|Orison Charitable Trust|7,900|
|The World Federation of KSIMC|64,100|
|The Wessex Jamaat|109,774|
|The Imam Hussein Foundation|1,500|
|Al-Zahra Association|1,600|
|Other Charities|2,352|
|Other|327|
|**Total**|195,203|
|**NET DEFICIT**|(55,736)|
Page 7
AL KAWTHAR FOUNDATION
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**4.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
**Other recognised gains/(losses)**
Gain on revaluation of fixed assets
Gain on disposal of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**5.**
**TANGIBLE FIXED ASSETS**
**COST OR VALUATION**
At 1 January 2023
Addition/(disposal)
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
**6.**
**DEBTORS**
Amounts falling due within one year:
Trade debtors
Gift Aid claimable|Unrestricted
funds
£
-
5,000
(50,736)
203,228
152,492
**Freehold**
**property**
**£**
**-**
**-**
**-**
**-**
-
**31.12.23**
31.12.22
**£**
£
**-**
-
**350**
650
**350**
650|
|---|---|
Page 8
AL KAWTHAR FOUNDATION
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans and overdrafts
Taxation and social security
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Sadaat fund
Al-Mahdi
Revaluation Fund
**TOTAL FUNDS**|**31.12.23**
**£**
**-**
**-**
**-**
**At 1.1.23**
**Net**
**movement in**
**funds**
**At**
**£**
**£**
**152,492**
**(31,858)**
**-**
**-**
**-**
**-**
**-**
**-**
**152,492**
**(31,858)**
**152,492**
**(31,858)**|**31.12.23**
**£**
**-**
**-**
**-**
**At 1.1.23**
**Net**
**movement in**
**funds**
**At**
**£**
**£**
**152,492**
**(31,858)**
**-**
**-**
**-**
**-**
**-**
**-**
**152,492**
**(31,858)**
**152,492**
**(31,858)**|31.12.22
£
-
333|
|---|---|---|---|
||||333|
||||**31.12.23**
**£**
**120,634**
**-**
**-**
**-**|
||||**120,634**|
||||**120,634**|
## **8. MOVEMENT IN FUNDS**
Net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement in**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund|**45,500**|**(77,358)**|**-**|**(31,858)**|
|Sadaat fund|**-**|**-**|**-**|**-**|
|Al-Mahdi|**-**|**-**|**-**|**-**|
|Revaluation Reserve|**-**|**-**|**-**|**-**|
||**45,500**|**(77,358)**|**-**|**(31,858)**|
|**TOTAL FUNDS**|**45,500**|**(77,358)**|**-**|**(31,858)**|
Page 9
AL KAWTHAR FOUNDATION
**Notes to the Financial Statements – continued for the Year Ended 31 December 2023**
## **9. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
Page 10
AL KAWTHAR FOUNDATION
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2023**
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Investment income**
Rents received
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
Grants to individuals
**Other**
Professional fees
Bank charges
**Total resources expended**
Gain/(Loss) on disposal of assets
**Net (deficit)/income**|**31.12.23**
**£**
**36,400**
**9,100**
**45,500**
**-**
**45,500**
**77,255**
**-**
**77,255**
**-**
**103**
**103**
**77,358**
**-**
**(31,858)**|31.12.22
£
106,400
23,900
130,300
9,167
139,467
194,876
-
194,876
225
102
327
195,203
5,000
(50,736)|
|---|---|---|
Page 11