Company Number: 07274585 Registered Charity Number 1139176
Bayt Ul Maqdis Foundation
Annual Report & Financial Statements for the Year Ended
30[th] June 2023
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Bayt ul Maqdis Foundation
Annual Report & Financial Statements
Contents
| Page | |
|---|---|
| Directors/Trustee's Report | 3 |
| Independent Accountants' report | 8 |
| Statement of Financial Activities | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 |
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The Report of the Trustees for the Year Ended 30[th] June 2023
The trustees are pleased to present their annual report and financial statements of the charity for the year ended 30[th] June 2023.
Reference and Administrative details:
Constitution
Bayt ul Maqdis Foundation is a charitable organisation established in 2010. It is constituted under a Memorandum and Articles of Association incorporated on 4[th] June 2010 and is registered with the Charity Commission (Registered Charity Number 1139176), and with Companies House, (Registered Number 07274585), as a company limited by guarantee and without share capital.
Registered Office and Headquarters
Bayt Ul Maqdis Foundation 968 North Circular Road, Second Floor, London, NW2 7UZ
Telephone : 0203 772 7085 Email: Admin@BMFoundation.org.UK Website: www.BMFoundation.org.uk
Directors/Trustees
The Directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report collectively refered to as the trustees. Trustees are appointed by the Board members.
At the time of signing the report the trustees are:
Dr Adel Sabir Mr G Elkahlout (Resigned 13 April 2023) Mr Rachid Aissou (Appointed 13 April 2023)
The Bankers are:-
Al Rayan Bank PLC 44 Hans Crescent Knightsbridge London, SW1X 0LZ
Independet Examiners
Virtus FS Ltd Chartered Certified Accountants Kemp House 160 City Road London, EC1V 2NX
Solictors
Simons Muirhead Burton, 87-91 Newman Street, London W1T 3EY
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Structure, Governance and Management
The current working trustees are responsible for the general control and management of the charity. These trustees give their time freely and receive no remuneration or other financial benefits. The trustees meet as and when required to discuss the business of the charity and are responsible for all decisions taken in relation to running the charity and activities provided by the charity.Upon induction, trustees are provided with adequate training and are kept well informed and updated regarding Charity Commission guidelines and expectations of them as trustees.
Objectives and Activities of the Charity
The charity’s main objects are for the relief of financial hardship, sickness and the preservation of health and the advancement of education amongst the Arab population primarely in Jerusalem and the sournding areas.
Activities during the year
The key activities of the charity during the year 2022/2023 included the following:
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Winter Aid Campaign: Supporting families suffering the economic hardships through the winter with blankets and heating system. With your donations we assisted 300 families in the Jerusalem area.
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Food Parcels: In order to alleviate the financial burdens on the affected 500 poor families were provided regular distribution of food parecls containing basic food elements to ensure that their needs are met.
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Ramadan Aid Programme: During the holy month of Ramadan, the need of the poor increases especially in the light of the engoing economic hardship and high level of unemployment in the region. 1550 familes were provides food parecels as well as hot meals for iftar.
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Orphans Aid Programme: as part of the child sponsorship programme, a total of £54,827 was provided to support 115 Orphan children for one year. This included the purchase of food parecls, school uniform, bag and stationery items.
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Qurbani/Adha – As part of the Eidul-Adha Campaign we distributed of qurbani meat parcels and Eid clothes to 1200 families.
Public Benefit
In setting out our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit..
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Risk Management
The Trustees are satisfied that all systems are in place and arrangements are in hand to manage the risks that have been identified, having ensured segregation of duties. The Trustees and staff regularly reviews and assesses the risks to which Bayt ul Maqdis is exposed to. Risks are recorded and monitored on an organizational risk register which includes an assessment of likelihood and severity of impact, with controls and actions in place to mitigate against these risks.
Financial Review
Policies on reserves
The trustees have resolved to establish reserves to provide for future activities, and to provide funding for the expected expenditure for six months ahead. The policy on reserves is that the existing assets are retained to produce income which is wholly utilised to support existing activities. There is no intention in the long term to either increase or reduce the capital significantly. This policy is justified in that it is necessary to preserve income at the present levels in order to maintain the activities of the charity.
Going Concern
The Board has assessed Bayt ul Maqdis to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations. The trustees have considered several factors when forming their conclusion including sufficient free reserves and its low cost operating base to be agile and adapt to any unforeseen impact on its income generation plans. The trustees have considered the going concern assumption and are not aware of any significant doubts about the charity’s ability to continue as a going concern.
The principal funding sources was voluntarily donations as a result of word of mouth publicity, and online campaigns. The board of trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations in respect of each fund.
Availability and adequacy of assets of each of the funds
The board of trustees are satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Transactions and Financial position
The financial statements are set out on pages 9 to 15
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Statement of Recommended Practice and Section IA of FRS102 the trustees consider the financial performance by the charity during the year to have been satisfactory.
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The Statement of Financial Activities show incoming resources for the year of a net inflow of £2,369; 2022: net inflow £54,143. A majority of the expenditure is spent on delivering the charitable activities as stated in the Charity's aims and objectives.
Trustees' Responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the Statement of Recommended Practice and Section IA of FRS102.
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. ‐ In preparing those financial statements the Trustees are required to:
To prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the charity legislation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for the contents of the Trustees' report, and the accountant preparing the accounts has no responsibilities in relation to the Trustees' report.
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Audit Exemption
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to the accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.
This report was approved by the board of trustees on 26[th] March 2024
A Sabir
Dr A Sabir Trustee
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Report of the Independent Examiner to the trustees On the accounts of Bayt ul Maqdiis Foundation for the year ended 30 June 2023
We report on the financial statements of the charity on pages 9 to 15
Respective responsibilities of directors and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income did not exceed £1,000,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act
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to follow the procedures laid down in the general Directions given by the Charities Commission under section 145(5)(b) of the 2011 Act
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to state whether particular matters have come to my attention
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records, It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set in the next statement.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect of the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006 and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
The Examiner's relevant professional qualification is: Chartered Certified Accountant
Virtus FS
Chartered Certified Accountants Birmingham
The date upon which this report was completed is:- 26[th] March 2024
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Bayt ul Maqdis Foundation Statement of Financial Activities for the year ended 30[th] June 2023
| Notes Income & Endowments Donations & legacies 4 Total Income Expenditure on Raising Funds Charitable activities 5 Total expenditure Net Income/(Expenditure) Transfers between funds Net Income after transfers Reconciliation of funds Total funds brought forward Total Funds carried forward 9 |
Unrestricted Restricted Total Last Year Funds Funds Funds Total Funds 2023 2023 2023 2022 £ £ £ £ 258,763 73,719 332,482 332,087 |
|---|---|
| 258,763 73,719 332,482 332,087 |
|
| 79,672 - 79,672 86,041 43,873 206,569 250,442 191,903 |
|
| 123,545 206,569 330,113 277,944 |
|
| 135,219 (132,850) 2,369 54,143 |
|
| (132,850) 132,850 - - |
|
| 2,369 - 2,369 54,143 454,396 - 454,396 400,253 |
|
| 456,764 - 456,764 454,396 |
The statement of financial activities includes all gains and losses recognised in the year.
All activities derive from continuing operations
The notes on pages 11 to 15 form an integral part of these accounts.
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Company and Charity Balance Sheet Bayt ul Maqdis Foundation Balance Sheet as at 30 June 2023
| Notes The assets and liabilities of the charity : Fixed assets Tangible assets Total fixed assets Current assets Debtors - Cash at bank and in hand 469,981 Total current assets 469,981 Creditors:- amounts due within one year 8 (13,217) Net current assets Total assets less current liabilities Net assets including pension asset / liability The funds of the charity : Unrestricted income funds Unrestricted revenue accumulated funds 456,764 Restricted income funds - Total charity funds9 A Sabir Dr A Sabir Trustee Approved by the board of trustees on 26thMarch 2024 |
- 469,981 469,981 |
2023 £ - - 456,764 456,764 456,764 456,764 |
1,733 461,435 |
2022 £ - |
|---|---|---|---|---|
| - 454,396 |
||||
| 463,168 | ||||
| (8,773) 454,396 - |
||||
| 454,396 | ||||
| 454,396 | ||||
| 454,396 | ||||
For the year ending 30[th] June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The notes on pages 11 to 15 form an integral part of these accounts.
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Notes to the accounts
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation of the accounts
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Section IA of FRS102 and Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The charity has taken advantage of the exemption from the requirement to produce a cash flow statement.
The Charity meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction unless otherwise stated in the relevant accounting policy note.
b) Preparation of the accounts on a going concern basis
The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.There were no key judgements made by the trustees which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next accounting period.
c) Income
Income is recognised where the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
d) Expenditure and irrevocable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Expenditure on charitable activities, includes the costs undertaken to further the purposes of the charity and their associated costs.
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Raising funds, where the charity incurs costs of fundraising costs.
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Support costs of activities for charitable purposes comprising any costs including salary costs of any staff that are involved with supporting the charitable activities.
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Governance costs shall include all expenditure directly incurred in the management of the charity's assets and compliance with charitable and statutory requirements.
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Notes to the accounts (continued)
The methods and principles for the allocation and apportionment of all costs between the different activity categories of resources set out above are:-
There are a number of costs, where it is impracticable to allocate these costs precisely between administration and charitable expenditure and the trustees have allocated such costs on the basis of reasonable estimates as follows: On the basis of salary costs and estimated time spent on different activities.Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
e) Tangible fixed assets
Individuals fixed assets costing £1,000 or more are capitalised at costs and depreciated over their estimated useful economic live on a straight-line basis. The charity has not acquired any assets over the capitalisation cost of £1,000 in the current year or prior year.
Computer and Office equipment 25%
f) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
g) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments in short term deposit accounts.
h) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and Provisions are normally recognised at their settlement amount after allowing for any trade Discounts due.
i) Taxation
The charity meets the criteria and tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK taxation purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within the categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. No corporation tax liability arises in the accounts.
j) Funds Accounting
Funds held by the charity are:
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Restricted funds – these are funds which are subject to specific conditions imposed by the donors or when funds are raised for a particular restricted purpose. The Charity at present holds no restricted funds.
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Unrestricted funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustee.
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Notes to the accounts (continued)
2. Surplus/(Deficit) for the financial year
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Revenue from ordinary activities | 2,369 | 54,143 | ||
| 3. Expenses paid to trustees |
||||
| 2023 | 2022 | |||
| £ | £ | |||
| The aggregate amount of expenses paid to trustees was | Nil | Nil | ||
| 4. Resources by Activity |
||||
| 2023 | 2022 | |||
| Bayt ul Maqdis | Total | Total | ||
| £ | £ | £ | ||
| Income | ||||
| Donations from individuals | 326,638 | 326,638 | 332,087 | |
| Gift Aid | 5,844 | 5,844 | - | |
| Total Income | 332,482 | 332,482 | 332,087 | |
| Raising funds | 79,672 | 79,672 | 86,041 | |
| Charitable activities | 206,569 | 206,569 | 151,948 | |
| Project support costs and compliance | 43,873 | 43,873 | 39,955 | |
| Total expenditure | 330,113 | 330,113 | 277,944 | |
| Net Incoming Resources | 2,369 | 2,369 | 54,143 |
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Notes to the accounts (continued)
5. Analysis of charitable expenditure by activity
| 5. Analysis of charitable expenditure |
by activity |
|---|---|
| Nature of charitable expenditure Activities undertaken directly Project support costs of charitable activities Total charitable expenditure analysed by activity |
2023 2022 Bayt ul Maqdis Total Total £ £ £ 206,569 206,569 151,948 43,873 43,873 39,955 |
| 250,442 250,442 191,903 |
An explanation of the main features of charitable expenditure is given in note 1 to the accounts
| 6. Staff Costs and Emoluments Gross Salaries Employer's National Insurance Numbers of full time equivalents employees Raising Funds and Awareness Raising Support and Administration There were no fees or other remuneration to the trustees. There were no employees with emoluments in excess of £60,000 per |
2023 £ 59,522 - 59,522 2023 2 2 annum. |
2022 £ 55,236 - |
|---|---|---|
| 55,236 | ||
| 2022 2 2 |
7. Tangible functional fixed assets
The company had no tangible fixed assets for the year ended 30 June 2023 (prior year £Nil).
| 8. Creditors: amounts falling due within one year Trade creditors Taxation & Social Security |
2023 £ 1,350 11,867 13,217 |
2022 £ 1,250 7,523 |
|---|---|---|
| 8,773 |
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Notes to the accounts (continued)
9. Analysis of assets and liabilities representing funds
| At 30 June 2023 Tangible Fixed Assets Current Assets Current Liabilities At 30 June 2022 Tangible Fixed Assets Current Assets Current Liabilities |
Unrestricted funds £ - 469,981 (13,217) 456,764 Unrestricted funds - 463,168 (8,773) 454,396 |
Restricted funds £ - - - - Restricted funds - - - - |
Total Funds £ - 469,981 (13,217) |
|---|---|---|---|
| 456,764 | |||
| Total Funds - 463,168 (8,773) |
|||
| 454,396 |
The individual funds included above are :-
| Funds at Movements 2022 in Funds as below £ £ Baqt ul Maqdis 454,396 2,369 454,396 2,369 Analysis of movements in funds as shown in the table above Incoming Outgoing Resources Resources £ £ Baqt ul Maqdis 332,482 330,113 332,482 330,113 |
Transfers Between funds £ - - Gains & Losses £ - - |
Funds at 2023 £ 456,374 |
|---|---|---|
| 456,374 | ||
| Movement in funds £ 2,369 |
||
| 2,369 |
10. Endowment Funds
The charity had no endowment funds in the year ended 2023 or in the year ended 2022.
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