REGISTERED CHARITY NUMBER: 1138660
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
FOR
SAIFI FOUNDATION
Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
SAIFI FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
SAIFI FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To relieve poverty, distress and suffering in any part of the world, in particular but not exclusively, emergency and disaster relief in response to natural disasters and all other kinds of catastrophes by the provision of, or assistance in the provision of, rehabilitation and relocation of people and rebuilding programmes in respect of affected areas.
Religious lessons
Religious lessons include the teachings of history and fundamentals of Islam and Qur'an recital classes. The classes are usually conducted for the young and this continued throughout the year.
Congregational prayers
The five daily prayers are conducted in a congregation at the mosque everyday.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued its charitable activities throughout the year in accordance with its objectives. The charity received total donations of £62,869 (2019: £83,872) during the year.
In addition to the above, the charity received a grant totalling £25,000 from the local authorities due to the Corona virus pandemic.
FINANCIAL REVIEW
Principal funding sources
General donations from the general public.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equate to approximately three to five months unrestricted expenditure. This provides sufficient funds to cover management, administrative and other related costs. Unrestricted funds were maintained at approximately this level throughout the period.
FUTURE PLANS
The charity will continue its operations as usual in the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The charity is a small charity and it does not have a formal system in relation to the recruitment and appointment of trustees. The charity has an executive committee who is responsible for the recruitment and appointment of trustees; they follow Charity Commission guidelines in this area.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1138660
Page 1
SAIFI FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
Principal address
927 Romford Road Manor Park London E12 5JT
Trustees
M Dean R Mohammed Trustee S U Mohammed Trustees
Independent Examiner
Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... R Mohammed - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAIFI FOUNDATION
Independent examiner's report to the trustees of Saifi Foundation
I report to the charity trustees on my examination of the accounts of Saifi Foundation (the Trust) for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Khalid Mehmood Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
Date: .............................................
Page 3
SAIFI FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 87,869 Investment income 2 17 Total 87,886 EXPENDITURE ON Charitable activities Donations 438 Other 68,271 Total 68,709 NET INCOME 19,177 RECONCILIATION OF FUNDS Total funds brought forward 48,274 TOTAL FUNDS CARRIED FORWARD 67,451 |
2019 Total funds £ 83,872 - |
|---|---|
| 83,872 30,291 35,998 |
|
| 66,289 | |
| 17,583 30,691 |
|
| 48,274 |
The notes form part of these financial statements
Page 4
SAIFI FOUNDATION
BALANCE SHEET 31 AUGUST 2020
| 2020 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 31,402 CURRENT ASSETS Debtors 7 1,633 Cash at bank and in hand 42,526 44,159 CREDITORS Amounts falling due within one year 8 (8,110) NET CURRENT ASSETS 36,049 TOTAL ASSETS LESS CURRENT LIABILITIES 67,451 NET ASSETS 67,451 FUNDS 9 Unrestricted funds 67,451 TOTAL FUNDS 67,451 |
2019 Total funds £ 33,861 269 20,308 20,577 (6,164) 14,413 48,274 48,274 48,274 48,274 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. R Mohammed - Trustee
The notes form part of these financial statements
Page 5
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
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.
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Deposit account interest | 17 | - |
Page 6
continued...
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Scholar Administrative |
2020 1 1 2 |
2019 1 2 |
|---|---|---|
| 3 |
No employees received emoluments in excess of £60,000.
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 83,872 |
| EXPENDITURE ON | |
| Charitable activities | |
| Donations | |
| 30,291 | |
| Other | 35,998 |
| Total | 66,289 |
| NET INCOME | 17,583 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 30,691 |
| TOTAL FUNDS CARRIED FORWARD | 48,274 |
continued...
Page 7
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
6. TANGIBLE FIXED ASSETS
| 6. | TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|---|
| Fixtures | ||||||
| Short | and | Computer | ||||
| leasehold | fittings | equipment | Totals | |||
| £ | £ | £ | £ | |||
| COST | ||||||
| At 1 September 2019 and 31 August 2020 | 24,025 | 12,795 | 320 | 37,140 | ||
| DEPRECIATION | ||||||
| At 1 September 2019 | - | 3,199 | 80 | 3,279 | ||
| Charge for year | - | 2,399 | 60 | 2,459 | ||
| At 31 August 2020 | - | 5,598 | 140 | 5,738 | ||
| NET BOOK VALUE | ||||||
| At 31 August 2020 | 24,025 | 7,197 | 180 | 31,402 | ||
| At 31 August 2019 | 24,025 | 9,596 | 240 | 33,861 | ||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Prepayments | 1,633 | 269 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Trade creditors | - | 1,431 | ||||
| Taxation and social security | 355 | 379 | ||||
| Other creditors | 7,755 | 4,354 | ||||
| 8,110 | 6,164 | |||||
| 9. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 1.9.19 | in funds | 31.8.20 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 48,274 | 19,177 | 67,451 | |||
| TOTAL FUNDS | 48,274 | 19,177 | 67,451 |
continued...
Page 8
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 87,886 | (68,709) | 19,177 |
| TOTAL FUNDS | 87,886 | (68,709) | 19,177 |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.18 | in funds | 31.8.19 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 30,691 | 17,583 | 48,274 |
| TOTAL FUNDS | 30,691 | 17,583 | 48,274 |
| Comparative net movement in funds, included | in the above are as follows: | ||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 83,872 | (66,289) | 17,583 |
| TOTAL FUNDS | 83,872 | (66,289) | 17,583 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.18 | in funds | 31.8.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 30,691 | 36,760 | 67,451 |
| TOTAL FUNDS | 30,691 | 36,760 | 67,451 |
continued...
Page 9
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 171,758 | (134,998) | 36,760 |
| TOTAL FUNDS | 171,758 | (134,998) | 36,760 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
Page 10
SAIFI FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Teaching classes | 671 | 801 |
| General donations | 62,198 | 82,109 |
| Sadaqa | - | 962 |
| Grants | 25,000 | - |
| 87,869 | 83,872 | |
| Investment income | ||
| Deposit account interest | 17 | - |
| Total incoming resources | 87,886 | 83,872 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations | 438 | 1,425 |
| Other | ||
| Rent | 31,000 | 20,800 |
| Support costs | ||
| Management | ||
| Wages | 22,215 | 28,866 |
| Pensions | 137 | - |
| Rates and water | 1,371 | 1,767 |
| Insurance | 1,982 | 2,897 |
| Light and heat | 4,500 | 3,226 |
| Telephone | 756 | 502 |
| Postage and stationery | 105 | 265 |
| Advertising | 1,200 | - |
| Sundries | 370 | 185 |
| Travelling | 481 | 315 |
| Repairs & renewals | 526 | 1,217 |
| 33,643 | 39,240 | |
| Finance | ||
| Bank charges | 419 | - |
| Fixtures and fittings | 2,399 | 3,199 |
| Computer equipment | 60 | 80 |
| 2,878 | 3,279 |
This page does not form part of the statutory financial statements
Page 11
SAIFI FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Finance | ||
| Governance costs | ||
| Bookkeeping | 150 | 200 |
| Accountancy and legal fees | 600 | 600 |
| Professional Fees | - | 745 |
| 750 | 1,545 | |
| Total resources expended | 68,709 | 66,289 |
| Net income | 19,177 | 17,583 |
This page does not form part of the statutory financial statements
Page 12