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← Madad

2023-12-31-accounts

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Company Number 7051721

Registered Charity Number 1135681

MADAD

(A company limited by guarantee)

Report of the Trustees and Financial Statements

31 December 2023

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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-N7KHJULQ2VJPVIF4AF13XKPCS9IT_CIHM4U-KWXQQV8 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 2023

The Trustees present the financial statements of Madad for the year ended 31 December 2023. 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 2023 - 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 2023 - continued

ACHIEVEMENTS AND PERFORMANCE

During the year to 31 December 2023, Madad has continued to run Jubilee Court, a property consisting of 29 self- contained apartments. During the year, three vacancies arose, which were 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 £27,044 (2022: £7,787). Further operating income, primarily from rental of the flats at Jubilee Court, amounted to £360,063 (2022: £364,860).

Expenses incurred during the year to 31 December 2023 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 2023 amounted to £Nil (2022: £530,030).

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 2023 were £3,536,324 (2022: £3,333,749), all of which were unrestricted funds.

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MADAD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 - 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 are retained for possible future projects.

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

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.

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 2023 - 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

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

Naushad Nurdin Jivraj Chairman Jun 18 2024 Date: ................................

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MADAD

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

We have audited the financial statements of Madad for the year ended 31 December 2023 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 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 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 trustees 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 2023 - 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 2023 - 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 2023 - 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 trustees 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.

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FAHREEN MEGHANI FCA

(Senior Statutory Auditor) Fairman Harris 1 Landor Road Chartered Accountants and Registered Auditors London Date: …............................Jun 18 2024 SW9 9RX

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MADAD

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

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----- Start of picture text -----
Unrestricted Restricted 2023 2022
funds funds Total Total
Notes £ £ £ £
INCOMING RESOURCES
Income and endowments from:
Donations and legacies
Grants and Donations 4 27,044 - 27,044 7,787
Charitable activities
Rental income 356,562 - 356,562 361,030
Other income
Miscellaneous income 3,501 - 3,501 3,830
Interest receivable 9,610 - 9,610 1,675
Gains from the revaluation of fixed assets - - - -
Total income 396,717 - 396,717 374,322
RESOURCES EXPENDED
Expenditure on:
Charitable activities:
(Costs of activities in furtherance of the
objects of the charity)
-
Administrative expenses 134,872 134,872 124,508
Governance costs 5 7,019 - 7,019 4,874
-
Financing costs 10,582 10,582 23,568
-
Depreciation 41,669 41,669 39,622
-
Total expenditure 194,142 194,142 192,572
-
Net movement in funds for the year 202,575 202,575 181,750
-
Balance brought forward 3,333,749 3,333,749 3,151,999
Total Funds as at 31 December 2023 3,536,324 - 3,536,324 3,333,749
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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 2023

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2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 3,157,920 3,171,631
Current assets
Debtors 8 8,103 5,747
Cash at bank and in hand 418,698 723,412
426,801 729,159
Creditors : amounts falling due
within one year 10 (48,397) (567,041)
Net current assets 378,404 162,118
3,536,324 3,333,749
Net assets 3,536,324 3,333,749
FUNDS
Unrestricted 3,536,324 3,333,749
Total funds 13 3,536,324 3,333,749
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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 18 2024

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

Naushad Nurdin Jivraj

Trustee

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MADAD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

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2023 2022
Total Total
Notes £ £
Net cash (outflow)/inflow from operating activities 12 253,506 245,888
Returns on investments and servicing of finance
Interest received 9,610 1,675
Interest paid (9,842) (22,892)
Net repayments of amounts borrowed (530,030) (31,584)
Cash from investment activities
Purchase of fixed assets (27,958) (16,484)
- -
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 (304,714) 176,603
Cash at bank and in hand at 1 January 723,412 546,809
Net cash resources at 31 December 418,698 723,412
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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 2023

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:

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 2023

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 2023 was 2 (2022: 2).

  1. Voluntary income
Grants and Donations Unrestricted
funds
£
27,044
27,044		 Restricted
funds
£
-
-		 2023
Total
£
27,044
27,044		 2022
Total
£
7,787
7,787

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MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Governance costs

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

Audit fees
Legal and professional		 Unrestricted Unrestricted 2023
Total
£
3,600
3,419
7,019		 2022
Total
£
3,000
1,874
4,874
funds
£
3,600
3,419
7,019

6. Net income (expenditure)

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

Auditors' remuneration Unrestricted Unrestricted 2023
Total
£
3,600		 2022
Total
£
3,000
funds
£
3,600

7. Property, plant and equipment

All assets are held for charitable purposes

Cost
At 01/01/2023
Reclassification
Additions
Revaluation
Disposals
At 31/12/2023
Depreciation
At 01/01/2023
Charge for the year
On disposals
At 31/12/2023
Carrying amount
At 31/12/2023
At 31/12/2022		 Investment
property
400,800
-
-
-
-
400,800
-
-
-
-
400,800
400,800		 Freehold
property
£
2,953,027
-
-
-
-
2,953,027
253,109
21,894
-
275,003
2,678,024
2,699,918		 Motor
vehicles
£
38,225
-
13,680
-
(3,405)
48,500
31,446
3,756
(1,723)
33,479
15,021
6,779		 Plant
fixtures &
equipment
£
346,262
-
15,960
-
-
362,222
282,128
16,019
-
298,147
64,075
64,134		 2023
Total
£
3,738,314
-
29,640
-
(3,405)
3,764,549
566,683
41,669
(1,723)
606,629
3,157,920
3,171,631		 2022
Total
£
3,721,830
-
16,484
-
-
3,738,314
527,061
39,622
-
566,683
3,171,631
3,194,769

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

The trustees 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-N7KHJULQ2VJPVIF4AF13XKPCS9IT_CIHM4U-KWXQQV8

MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [437 x 228] intentionally omitted <==

----- Start of picture text -----
8. Debtors
2023 2022
£ £
Trade receivables 920 1,729
Prepayments and accrued income 7,183 4,018
8,103 5,747
9. Cash and cash equivalents
2023 2022
£ £
Net cash (outflow)/inflow during the period (304,714) 176,603
(304,714) 176,603
10. Creditors: amounts falling due within 1 year 2023 2022
£ £
Accruals 8,868 8,529
-
Bank loan due within 1 year 530,030
Other payables 39,529 28,482
48,397 567,041
----- End of picture text -----

17

Zoho Sign Document ID: 4ACD7F7D8-N7KHJULQ2VJPVIF4AF13XKPCS9IT_CIHM4U-KWXQQV8

MADAD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11 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").

12 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
01/01/2023
£
3,333,749
3,333,749		 2023
£
202,807
41,669
(2,356)
11,386
253,506
Movement in Resources
Incoming
Outgoing
£
£
396,717
(194,142)
396,717
(194,142)
2023
£
3,157,920
426,801
(48,397)
3,536,324		 2022
£
202,967
39,622
861
2,438
245,888
Balances at
31/12/2023
£
3,536,324
3,536,324
2022
£
3,171,631
729,159
(567,041)
3,333,749

13 Reconciliation of funds

14 Related party transactions

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

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Zoho Sign Document ID: 4ACD7F7D8-N7KHJULQ2VJPVIF4AF13XKPCS9IT_CIHM4U-KWXQQV8

MADAD

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [441 x 591] intentionally omitted <==

----- Start of picture text -----
2023 2022
£ £ £ £
INCOME
Donations and legacies:
- Grants and Donations 27,044 7,787
27,044 7,787
Other income
Interest receivable 9,610 1,675
Rent receivable 356,562 361,030
Miscellaneous income 3,501 3,830
369,673 366,535
396,717 374,322
EXPENDITURE
Administrative Expenses:
Council tax and water rates 4,791 5,190
Light and heat 14,578 9,329
Insurance 7,727 6,566
Telephone and fax 1,251 1,404
Computer and internet cost 260 269
Printing, postage and stationery 163 247
Salaries 49,976 55,187
Pensions 1,316 1,040
-
Employers NIC 1,007
Repairs and maintenance 38,550 30,703
Motor and travelling 13,699 12,067
Other charitable activities 640 400
Staff welfare - -
Subscription 412 223
Sundry expenses 1,509 876
134,872 124,508 134,872
Governance costs:
Legal & professional 3,419 1,874
Audit fees 3,600 3,000
7,019 4,874
Finance Costs:
Bank charges 740 676
Bank loan interest 9,842 22,892
10,582 23,568
Balances carried forward 152,473 396,717 152,950 374,322
----- End of picture text -----

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Zoho Sign Document ID: 4ACD7F7D8-N7KHJULQ2VJPVIF4AF13XKPCS9IT_CIHM4U-KWXQQV8

MADAD

INCOME AND EXPENDITURE ACCOUNT - continued FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [441 x 157] intentionally omitted <==

----- Start of picture text -----
Balances brought forward 152,473 396,717 152,950 374,322
Depreciation:
Freehold property 21,894 21,894
Furniture and fixtures 16,019 16,034
Motor vehicles 3,756 1,694
Office and other equipment - 0
41,669 39,622
(194,142) (192,572)
Surplus for the year 202,575 181,750
----- End of picture text -----

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