REGISTERED CHARITY NUMBER: 1138660
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
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 2021
| 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 | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
SAIFI FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. 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 £88,810 (2020: £62,869) during the year.
In addition to the above, the charity received a grant totalling £12,125 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 2021
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 30 May 2022 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 2021.
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 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 101,635 Investment income 2 2 Total 101,637 EXPENDITURE ON Charitable activities Donations 8,960 Other 65,739 Total 74,699 NET INCOME 26,938 RECONCILIATION OF FUNDS Total funds brought forward 67,451 TOTAL FUNDS CARRIED FORWARD 94,389 |
2020 Total funds £ 87,869 17 87,886 438 68,271 68,709 19,177 48,274 67,451 |
|---|---|
The notes form part of these financial statements
Page 4
SAIFI FOUNDATION
BALANCE SHEET 31 AUGUST 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 30,573 CURRENT ASSETS Debtors 7 1,779 Cash at bank and in hand 70,581 72,360 CREDITORS Amounts falling due within one year 8 (8,544) NET CURRENT ASSETS 63,816 TOTAL ASSETS LESS CURRENT LIABILITIES 94,389 NET ASSETS 94,389 FUNDS 9 Unrestricted funds 94,389 TOTAL FUNDS 94,389 |
2020 Total funds £ 31,402 1,633 42,526 44,159 (8,110) 36,049 67,451 67,451 67,451 67,451 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2022 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 2021
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 | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Deposit account interest | 2 | 17 |
continued...
Page 6
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Scholar Administrative |
2021 1 1 2 |
2020 1 1 2 |
|---|---|---|
No employees received emoluments in excess of £60,000.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 87,869 |
| Investment income | 17 |
| Total | 87,886 |
| EXPENDITURE ON | |
| Charitable activities | |
| Donations | |
| Other | 438 68,271 |
| Total | 68,709 |
| NET INCOME | 19,177 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 48,274 |
continued...
Page 7
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS Short leasehold £ COST At 1 September 2020 24,025 Additions - At 31 August 2021 24,025 DEPRECIATION At 1 September 2020 - Charge for year - At 31 August 2021 - NET BOOK VALUE At 31 August 2021 24,025 At 31 August 2020 24,025 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments |
Unrestricted fund £ 67,451 Fixtures and Computer fittings equipment Totals £ £ £ 12,795 320 37,140 1,353 - 1,353 14,148 320 38,493 5,598 140 5,738 2,137 45 2,182 7,735 185 7,920 6,413 135 30,573 7,197 180 31,402 2021 2020 £ £ 1,779 1,633 |
|---|---|
continued...
Page 8
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Taxation and social security Other creditors MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.9.20 £ 67,451 67,451 Incoming resources £ 101,637 101,637 At 1.9.19 £ 48,274 48,274 |
2021 2020 £ £ 372 355 8,172 7,755 8,544 8,110 Net movement At in funds 31.8.21 £ £ 26,938 94,389 26,938 94,389 Resources Movement expended in funds £ £ (74,699) 26,938 (74,699) 26,938 Net movement At in funds 31.8.20 £ £ 19,177 67,451 19,177 67,451 |
|---|---|---|
9. MOVEMENT IN FUNDS
continued...
Page 9
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
9. MOVEMENT IN FUNDS - continued
Comparative 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 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.9.19 £ |
Net movement At in funds 31.8.21 £ £ |
|---|---|---|
| General fund | 48,274 | 46,115 94,389 |
| TOTAL FUNDS | 48,274 | 46,115 94,389 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 189,523 189,523 |
Resources Movement expended in funds £ £ (143,408) 46,115 (143,408) 46,115 |
|---|---|---|
continued...
Page 10
SAIFI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2021.
Page 11
SAIFI FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| INCOME AND ENDOWMENTS Donations and legacies Teaching classes General donations Grants Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Donations Other Rent Support costs Management Wages Pensions Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Travelling Repairs & renewals Finance Bank charges Fixtures and fittings Computer equipment |
2021 £ 700 88,810 12,125 101,635 2 101,637 8,960 31,000 23,463 130 90 1,694 4,172 222 85 - 390 261 750 31,257 500 2,137 45 2,682 |
2020 £ 671 62,198 25,000 87,869 17 87,886 438 31,000 22,215 137 1,371 1,982 4,500 756 105 1,200 370 481 526 33,643 419 2,399 60 2,878 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 12
SAIFI FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Finance Governance costs Bookkeeping Accountancy and legal fees Total resources expended Net income |
2021 £ 200 600 800 74,699 26,938 |
2020 £ 150 600 750 68,709 19,177 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 13