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2022-12-31-accounts

Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

Company Number 7051721

Registered Charity Number 1135681

MADAD

(A company limited by guarantee)

Report of the Trustees and Financial Statements

31 December 2022

Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

MADAD

CONTENTS

Page
Legal and Administrative Information 1
Report of the Trustees 2-6
Report of the Auditors 7-10
Statement of Financial Activities 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Financial Statements 14-18

Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI MADAD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees and Directors
Naushad Nurdin Jivraj
Mansoor Esmail
Salimah Currimbhoy
Arif Pradhan
Company Secretary Mansoor Esmail
Registered office Jubilee Court
331 East Lane
Wembley
Middlesex
HA0 3LB
Company number 7051721
Charity number 1135681
Auditors Fairman Harris
Chartered Accountants
1 Landor Road
London
SW9 9RX
Bankers Lloyds Bank Plc
Covent Garden Branch
22/24 Southampton Street
London
WC2E 7JB
Solicitors Stone King LLP
13 Queen square
Bath
BA1 2HJ

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present the financial statements of Madad for the year ended 31 December 2022. The Trustees are also directors for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal status and Governing document

The company is a charitable company limited by guarantee, incorporated in England & Wales on 21 October 2009 and registered as a charity on 27 April 2010. The objects and powers of the company were established in its Memorandum of Association and are governed by its Articles of Association. The charity commenced operations on the date of incorporation. The directors of the charitable company (the charity) are its trustees for the purposes of the charity law and throughout this report are collectively referred to as the Trustees.

Appointment

The Trustees who held office during the financial year and at the date of this report are set out on page 1. The Trustees are appointed in accordance with the rules set out in the Articles of Association.

Induction and Training

New trustees undergo orientation to brief them on their legal obligation under charity and company law, the content of the Memorandum and Articles of Association, the decision making processes, the objectives and strategies and recent financial performance of Madad.

Organisation

The Board of Trustees is responsible for the overall strategy and direction of the charity and meet at least twice a year. The Trustees give their time on a voluntary and unpaid basis.

The Board of Trustees has also appointed an executive committee to support them in the management of Madad’s operations.

The Executive Committee is responsible for the day to day management of Jubilee Court, a multigenerational housing development and reports to the trustees.

The Executive Committee comprises staff and volunteers, whose skills and experience in property management and social welfare work have helped Madad to significantly further its objectives.

The Executive Committee meets regularly.

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

Risk Management

The Trustees have examined the principal areas of Madad’s operations and have considered the major risks that could arise in these areas. In the opinion of the Trustees, Madad has appropriate procedures in place, which provide reasonable assurance that the risks identified by them are mitigated to an acceptable level. Major risks, for this purpose, are those that may have a significant effect on:

Interest of Board of Trustees

No member of the Trustees had, at any time during the year, any interests in Madad which require to be disclosed in this report.

OBJECTIVES, AIMS AND PRINCIPAL ACTIVITIES

Madad's objectives as set out in its Statutes are:

a) To provide reasonable assistance in the securing of accommodation for those persons (and their dependents living with them) in the Shia Imami Ismaili Muslim community (the 'Community') who have need of such accommodation by reason of financial hardship or social or economic need, their age, ill-health or disability, or other need, deprivation or disadvantage;

b) To advance education and to provide facilities in the interests of social welfare for recreation or other leisure time occupation with the objective of improving the conditions of life of people in the Community;

c) To advance the Shia Imami Ismaili Muslim faith.

Due regard has been given to the public benefit guidance as defined by the Charities Commission, and Madad's activities take into account the Commission's public benefit criteria. The key areas of activity to achieve the above objectives, aims and activities are:

 The provision of social, educational and cultural programmes to residents of the facility, as well as other elderly members of the Community, enhancing their physical, mental, emotional and spiritual well-being.

The above objectives, aims and activities are achieved by mobilising resources including rents, grants, contributions and donations in kind as well as human resources and expertise through collaboration with partner organisations, expert professionals and volunteers.

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

ACHIEVEMENTS AND PERFORMANCE

During the year to 31 December 2022, Madad has continued to run Jubilee Court, a property consisting of 29 self- contained apartments. During the year, one vacancy arose, which was promptly filled up.

In addition to housing, a key aspect of the project is the provision of purposeful activities including recreational activities which are essential to the wellbeing of the elderly. Programmes have been developed to provide a mix of social, educational and cultural activities which reflect the need for security, health and social support, spiritual reflection, productivity of time and companionship. These include sessions on keeping fit, library service, lectures on areas of interest as well as social events such as lunches, afternoon tea and musical entertainment. Jubilee Court has spaces for communal gatherings and social activities as well as a secluded garden which enables the delivery of these programmes. These are sponsored by Madad and delivered by members of staff and volunteers from the Community.

The provision of a combination of accommodation and programmes gives the residents of Jubilee Court an opportunity to live independently in a comfortable and enabling environment within a vibrant community which is aimed at enhancing their quality of life. Members of the executive management committee regulary meet the residents. Trustees also meet some of the residents at events held during the year. The feedback provided indicates a high level of satisfaction. Where areas of improvement were suggested, these have been followed up by management.

FINANCIAL REVIEW

The book values of the assets held at the year-end are, in the opinion of the Board of Trustees, as stated in the financial statements. Also, in its opinion, adequate assets are available to fulfil the obligations of Madad.

A summary of the result of Madad’s activities during the year is given in the Statement of Financial Activities on page 11.

Total income from grants and donations amounted to £7,787 (2021: £6,952). Further operating income, primarily from rental of the flats at Jubilee Court, amounted to £364,860 (2021: £359,632).

Expenses incurred during the year to 31 December 2022 primarily relate to the costs of running Jubilee Court and financing costs for the loan, Madad has secured and used to acquire and refurbish Jubilee Court. Loans outstanding as at 31 December 2022 amounted to £530,030 (2021: £561,614).

The governance costs were made up of audit fees and legal and professional expenses. The governance costs are approved by the Trustees.

The total funds at 31 December 2022 were £3,333,749 (2021: £3,151,999), all of which were unrestricted funds.

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

RESERVES POLICY

Madad maintains unrestricted funds, which are the free reserves of the charity, at a level that is at least twelve months of committed expenditure, excluding financing and other costs covered by committed rental income streams. Excess unrestricted funds, to the extent represented by liquid assets, will be used to repay borrowings except where the Trustees consider that the funds should be retained for possible future projects. The extention to build nine extra units at Jubilee Court has been shelved due to escalating costs and other considerations.

INVESTMENT POLICY

The Trustees have the power to invest in such assets as they see fit. Madad's investment policy is appropriate to the nature of the funds for which the investment is held. The primary investment aim is to provide a high degree of security and liquidity and to maximise returns whilst adopting a conservative approach.

GRANT-MAKING POLICY

The Trustees consider making grants as an effective means of delivering support and assistance to other programmes that fit within the objectives of Madad. The Jubilee Court property also serves as a community centre for other elderly Ismailis in the area. The multi-generational housing facility is an outward-looking initiative and seeks to become a positive community hub. The facility leverages external services and supports, and forms important linkages with other organisations serving seniors, whose services are accessible through the facility.

PLANS FOR THE FUTURE

It is an important aspect of the Jubilee Court project that the project provides needy members of the Community with good quality housing and purposeful activities. Recreational activities are essential to the well being of any individual and in particular to the elderly and disabled. For many in these circumstances, time moves slowly and as loved ones concentrate on their own lives, it can and may lead to a feeling of isolation. Group activities are one way of dealing with this isolation and giving the individual a sense of belonging and achieving.

The emphasis on Life Long Learning will continue to be a focus, within the parameter of stimulus for updating skills and encouraging mental engagement.

Every facility and encouragement is given to the residents for the practice of their faith. Facilities are in place for the residents to attend an Ismaili place of worship regularly and participate in religious observances.

Madad plans to continue at it’s current level of activity, while constantly endeavouring to improve the quality of services offered to the residents at Jubilee Court.

Madad is looking for opportunities to establish a second Jubilee Court.

VOLUNTEERS

Volunteers are central to the ethos and operations of Madad. They donate their time and expertise to implement programmes, raise funds and to provide other services. Madad is very grateful for this generosity. The financial value of this generosity has neither been calculated nor included in the financial statements because it is difficult to quantify in monetary terms.

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Company law requires the directors, who are referred to here as 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 at the year end of its incoming resources and resources expended during that year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records, which 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission (i.e. public benefit statement). The report is prepared in accordance with the small company regime (Section 419(2) of the Companies Act 2006).

AUDITORS

Fairman Harris were initially appointed as auditors of the charity by the Trustees. In accordance with section 487 of the Companies Act 2006, a resolution that Fairman Harris be reappointed as auditors of the charity will be put to the Board of Trustees.

STATEMENT OF DISCLOSURES TO AUDITOR

a) So far as the Trustees are aware, there is no relevant audit information of which the company's auditors are unaware, and

b) They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

By order of the Board of Trustees

............................................... Naushad Nurdin Jivraj Chairman Jun 26 2023 Date: ................................

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MADAD

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

We have audited the financial statements of Madad for the year ended 31 December 2022 which comprise Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 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:

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 of the 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 the 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 directors' 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 charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

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INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

MADAD

Other Information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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 of the 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 identify 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 of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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.

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MADAD

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

Our 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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MADAD

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - continued

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charityʼs trustees those matters we are required to state to them in an auditorʼs 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 Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

FAHREEN MEGHANI FCA

(Senior Statutory Auditor) Fairman Harris 1 Landor Road Chartered Accountants and Registered Auditors London Date: ......... Day of ..............2023 SW9 9RX Jun 26 2023

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MADAD

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
Unrestricted Restricted 2022 2021
funds funds Total Total
Notes £ £ £ £
INCOMING RESOURCES
Income and endowments from:
Donations and legacies
Grants and Donations 4 7,787 - 7,787 6,952
Charitable activities
Rental income 361,030 - 361,030 355,845
Other income
Miscellaneous income 3,830 - 3,830 3,787
Interest receivable 1,675 - 1,675 50
Gains from the revaluation of fixed assets - - - 0
Total income 374,322 - 374,322 366,634
RESOURCES EXPENDED
Expenditure on:
Charitable activities:
(Costs of activities in furtherance of the
objects of the charity)
-
Administrative expenses 124,508 124,508 119,844
Governance costs 5 4,874 - 4,874 4,861
-
Financing costs 23,568 23,568 17,176
-
Depreciation 39,622 39,622 44,150
-
Total expenditure 192,572 192,572 186,031
-
Net movement in funds for the year 181,750 181,750 180,603
-
Balance brought forward 3,151,999 3,151,999 2,971,396
Total Funds as at 31 December 2022 3,333,749 - 3,333,749 3,151,999
----- End of picture text -----

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included in the above.

The notes on pages 14 to 18 form part of these financial statements.

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MADAD

STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 3,171,631 3,194,769
Current assets
Debtors 8 5,747 6,608
Cash at bank and in hand 723,412 546,809
729,159 553,417
Creditors : amounts falling due
within one year 10 (567,041) (67,229)
Net current assets 162,118 486,188
3,333,749 3,680,957
Creditors : amounts falling due after
more than one year 11 - (528,958)
Net assets 3,333,749 3,151,999
FUNDS
Unrestricted 3,333,749 3,151,999
Total funds 15 3,333,749 3,151,999
----- End of picture text -----

Approval

The financial statements on pages 11 to 18 were approved by the Board of Trustees on the ....................................... and were signed on its behalf by:Jun 26 2023

...............................................

Naushad Nurdin Jivraj

Trustee

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MADAD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
Total Total
Notes £ £
Net cash (outflow)/inflow from operating activities 14 245,888 256,019
Returns on investments and servicing of finance
Interest received 1,675 50
Interest paid (22,892) (16,491)
Net repayments of amounts borrowed (31,584) (32,656)
Cash from investment activities
Purchase of fixed assets (16,484) (14,926)
- -
Proceeds from sale of tangible fixed assets
Cash flows from financing activities
Net Proceeds from bank borrowings - -
Proceeds from other loans - -
Net (Decrease) / Increase in cash in the period 9 176,603 191,996
Cash at bank and in hand at 1 January 546,809 354,813
Net cash resources at 31 December 723,412 546,809
----- End of picture text -----

The notes on pages 14 to 18 form part of these financial statements.

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MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

General information

Madad is a company limited by guarantee, incorporated in England and Wales. Its registered office is Jubilee Court, 331 East Lane, Wembley, Middlesex, HA0 3LB.

1. Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements.

Basis of preparation

The financial statements have been prepared under historical cost convention and 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) and the Companies Act 2016.

Madad meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Fund structure

General funds are unrestricted funds available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

Investment properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

Property, plant and equipment

Tangible fixed assets are stated at their purchase price, together with any incidental expenses of acquisition.

Depreciation is provided on all tangible fixed assets, from the dates they are brought into use, at rates calculated to write off over their expected useful life:

ver their expected useful life:
Freehold property (Buildings) 1% Straight Line
Plant and machinery 20% Reducing Balance Method
Motor vehicles 20% Reducing Balance Method
Furniture and fixtures 20% Reducing Balance Method
Office and other equipment 33.3% Straight Line

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MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Income

Voluntary income comprising grants and donations provides funding and is of a general nature. This is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Rental income is recognised on a receivable basis.

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contributions made by volunteers can be found in the Trustee's Report.

Expenditure

Expenditure is recognised on an accruals basis as liability is incurred. Charitable income and expenditure is allocated to the respective activities and any shortfall is funded from unrestricted funds.

Governance costs include those costs associated with meeting the constitutional and legal requirements of the charity.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

  1. Key management personnel compensation

No emoluments were paid to the Trustees. The Trustees did not claim, nor receive, reimbursement of expenses incurred by them in the course of their duties.

  1. Employee information

The average number of employees for the year to 31 December 2022 was 2 (2021: 2).

  1. Voluntary income
Grants and Donations Unrestricted
funds
£
7,787
7,787		 Restricted
funds
£
-
-		 2022
Total
£
7,787
7,787		 2021
Total
£
6,952
6,952

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MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. Governance costs

The governance costs of the charity consisted of the following costs:

Audit fees
Legal and professional		 Unrestricted Unrestricted 2022
Total
£
3,000
1,874
4,874		 2021
Total
£
3,000
1,861
4,861
funds
£
3,000
1,874
4,874

6. Net income (expenditure)

The net incoming resources are stated after charging the following costs:

Auditors' remuneration Unrestricted Unrestricted 2022
Total
£
3,000		 2021
Total
£
3,000
funds
£
3,000

7. Property, plant and equipment

All assets are held for charitable purposes

Cost
At 01/01/2022
Reclassification
Additions
Revaluation
Disposals
At 31/12/2022
Depreciation
At 01/01/2022
Charge for the year
On disposals
At 31/12/2022
Carrying amount
At 31/12/2022
At 31/12/2021		 Investment
property
400,800
-
-
-
-
400,800
-
-
-
-
400,800
400,800		 Freehold
property
£
2,936,543
-
16,484
-
-
2,953,027
231,215
21,894
-
253,109
2,699,918
2,705,328		 Motor
vehicles
£
38,225
-
-
-
-
38,225
29,752
1,694
-
31,446
6,779
8,473		 Plant
fixtures &
equipment
£
346,262
-
-
-
-
346,262
266,094
16,034
-
282,128
64,134
80,168		 2022
Total
£
3,721,830
-
16,484
-
-
3,738,314
527,061
39,622
-
566,683
3,171,631
3,194,769		 2021
Total
£
3,706,904
-
14,926
-
-
3,721,830
482,911
44,150
-
527,061
3,194,769
3,223,993

£16,484 additions to freehold property represents building works.

In the opinion of the directors, there was no change in the value of investment property.

The directors have entered into an option agreement with a third party to dispose of the Chessington site (the investment property). The option agreement is conditional on the obtaining of planning consent on this green belt parcel of land and has a long stop expiry date of 7 December 2027.

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Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
8. Debtors
2022 2021
£ £
Trade receivables 1,729 2,163
Prepayments and accrued income 4,018 4,445
5,747 6,608
9. Cash and cash equivalents
2022 2021
£ £
Net cash (outflow)/inflow during the period 176,603 191,996
176,603 191,996
10. Creditors: amounts falling due within 1 year 2022 2021
£ £
Accruals 8,529 5,814
Bank loan due within 1 year 530,030 32,656
Other payables 28,482 28,759
567,041 67,229
11. Creditors: amounts falling due after more than 1 year 2022 2021
£ £
Bank loan - 528,958
-
528,958
12. Bank Loan 2022 2021
£ £
Creditors include:
-
Amounts falling due for payment after more than five years 398,334
Secured bank loans 530,030 561,614
----- End of picture text -----

The bank loan is secured by first legal charge over the residential freehold property known as Jubilee Court, 327,329 & 331 East Lane Wembley Middlesex HA0 3LB and also with an unlimited fixed charge and floating debenture charge. The above bank loan was fully repaid back on 14th April 2023.

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Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Taxation

The company is a registered charity and is not liable to corporation tax on its charitable activities. Gift aid donations for which declarations have been received from the respective donors confirming that the given donation be treated as Gift Aid donation are reclaimed by the company ("the Charity").

14. Reconciliation of net movement in resources to net cash flow from operating

activities.

Operating profit
Depreciation on tangible assets
Decrease (increase) in debtors
Increase (decrease) in creditors
Net cash inflow/(outflow) from operating activities
Reconciliation of funds
Unrestricted funds
General
Represented by:
Fixed Assets
Current Assets
Liabilities		 Balances at
01/01/2022
£
3,151,999
3,151,999		 2022
£
202,967
39,622
861
2,438
245,888
Movement in Resources
Incoming
Outgoing
£
£
374,322
(192,572)
374,322
(192,572)
2022
£
3,171,631
729,159
(567,041)
3,333,749		 2021
£
197,044
44,150
15,505
(680)
256,019
Balances at
31/12/2022
£
3,333,749
3,333,749
2021
£
3,194,769
553,417
(596,187)
3,151,999

15. Reconciliation of funds

16. Related party transactions

There were no transactions with related parties during the year under review.

17 Events after the end of reporting period

Lloyds bank loan was paid back in full on 14th April 2023.

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Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

MADAD

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
£ £ £ £
INCOME
Donations and legacies:
- Grants and Donations 7,787 6,952
7,787 6,952
Other income
Interest receivable 1,675 50
Rent receivable 361,030 355,845
Miscellaneous income 3,830 3,787
366,535 359,682
374,322 366,634
EXPENDITURE
Administrative Expenses:
Council tax and water rates 5,190 4,744
Light and heat 9,329 7,764
Insurance 6,566 5,835
Telephone and fax 1,404 1,271
Computer and internet cost 269 265
Printing, postage and stationery 247 136
Salaries 55,187 57,185
Pensions 1,040 856
Employers NIC 1,007 770
Repairs and maintenance 30,703 29,530
Motor and travelling 12,067 10,637
Other charitable activities 400 -
Staff welfare - 300
Subscription 223 144
Sundry expenses 876 407
124,508 119,844
Governance costs:
Legal & professional 1,874 1,861
Audit fees 3,000 3,000
4,874 4,861
Finance Costs:
Bank charges 676 685
Bank loan interest 22,892 16,491
23,568 17,176
Balances carried forward 152,950 374,322 141,881 366,634
----- End of picture text -----

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Zoho Sign Document ID: 4ACD7F7D8-UMPZD4_E0TK4ZSIUHFFVJZLIYJUNS-XSINJQEWO4VVI

MADAD

INCOME AND EXPENDITURE ACCOUNT - continued FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
Balances brought forward 152,950 374,322 141,881 366,634
Depreciation:
Freehold property 21,894 21,565
Furniture and fixtures 16,034 20,042
Motor vehicles 1,694 2,118
Office and other equipment - 425
39,622 44,150
(192,572) (186,031)
Surplus for the year 181,750 180,603
----- End of picture text -----

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