Charity Registration No. 1140854 THE ABDALLA FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE ABDALLA FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses Dr Hossam Ibrahim Abdalla Dr Madiha Mohamed Ahmed Elsawi Charlty number 1140854 Prlnclpal address 20 Parkside Imbledon London SW19 SNA Indopgndent gxamlngr Gilbert Holbourn FCA FCCA DChA 1 Upper Bridge Street Kent TN25 SAF Bankers Lloyds Private Banking 25 Gresham Street London EC2V 7HN Solicitors New Quadrant Partners Limited 25 Bury Street St. James's London SW1Y 6AL
THE ABDALLA FOUNDATION CONTENTS Page Trustees report Independent examine¢s report statement of financial activities Balance sheet Notes lo the financial ststemenls 9-13
THE ABDALLA FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the accounting Policies sel out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objectives and activities The Trustees operate a grant giving policy, providing ftjnds for such charitable objert or instituty'on as the Trustees think fit. The current main aims of the charity are.. To fund organisalions that support tolerance between middle Eastern religions. To support organisalions in Egypt which help educate young people in health and religion. To ensure that any grants they make are in line wth their charitable objects and observe the impact of any grants they make. To maintsin resources al a reasonable level in order to wntinue lo provide general charitsble assistan in the foreseeable future. Publ1¢ beneflt The Trustees confirm that they have referred to the guidance contained in the Charity Commission's revised general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year. The Charity carries out these objectives by providing grants lo institutions in the UK and overseas whose objects comply with the Charity's criteria. The Trustees are mindful of their own obligation lo ensure that the Trust benefits the public generally and lo ensure that recipients of grants operate for the public benefrt. Potential rerypients of grants are identified by the Trustees individually in areas where it is perceived that public benefit will be achieved. The opportunity to benefit is not restricted in any way. The Trustees obtain evidence that any organisations or individuals they support do what they purport to and wll keenly observe the impact of any grants they make. In all other respects, grants are not limited in any way except that the recipients should have a charitable need. The Trustees therefo consider that the Charity's activi(ies are for the benefit of the public generally.
THE ABDALLA FOUNDATION TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Financial review In the year ended 5 April 2024, the Trustees received £125,000 donations in the form of cash and GiftA'd12023- £0). The Trustees awarded grants totalling £28,26512023- £29,161) during the year in accordan rith the Charity's grant making policy. A detailed list of all grants made in the year is included in note 7 to the accounts. Results for the year During the year ended 5 April 2024, total incoming resources amounted lo £212,103 12023 - £65,108), being investment income and interest and donations and Gift Aid reiVed by the Charity 12023 being investment income, and interest received by the Charity). The Trustees, charitable activities amounted to £28,265 12023 - £29,161). Governance costs, inclusive of Investment management costs, amounted ID £31,124 12023 - £28,608) and the net incoming resources were £152,71412023- £7,339). Net investment gains in the year tolalled £294,31612023 - losses of £189,768). The nel movement in funds for the year after investment gains and losses resulted in an increase of £447,03012023- decrease of £182,429). Flnanclal poslllon The stslement of financial activities shows total unrestricted fvnds of £3,864,451 12023 - £3,417,421). The unrestricted fund comprises amounts which ultimately are free reserves but which are held by the Trustees so as to ensure the continued generation of income in future periods, thereby helping to safeguard the long tem existence of the Charity and the achievement of f(s objectives. Thè size of the unreslricled fund sustains and supports the level of donations which the Trustees wish lo maintsin and enhance over time. The Trustees consider the free reserves lo be adequate but not excessive in the light of the Charity's reserve policy. Reserves pollcy The unreslricled fund represents the funds received by the Charity on its creation, adjusted for nel movements since that date. The Trustees have power to meet administrative expenses from this fund and may apply the income towards the general purposes of the Charity. There Is no reslricled fund In place so all charitable activities are treated as paid from unrestricted funds. The Charity is operated as a grant giving charity, and the Trustees, policy is lo administer the assets on an absolute basis and seek to make donations as they see fil in each financial year, subject lo regular review. The trustees believe that the reserves are adequate and provide a stable basis for its continuing activities and these are reviewed on a regular basis.
THE ABDALLA FOUNDATION TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Investment policy and performance During the year the Charity's investment assets increased by 8.73%12023 - decrease of 5.460/01. This is based on the total retum figures provided by Bloomsbury, who manage the Charity's investment portfolio. The figure in the previous yearfs accounts 12023 - decrease of 6.500/9> was based on the unrealised gainslloss as a percentage of the market value as at 5 April 2023. Total interest and dividend income received in the year amounted to £87,10312023 - £65,108) which equates to a yield of 2.44°k12023- 2.02°Al based on the market valuation of the investment assets al the year end. The investment manager will continue to invest in accordance wth the agreed investment strategy. A prudent investment policy has been adopted by the Trustees. who have invested the assets with Bloomsbury Vveallh on a discretionary mandate. Bloomsbury Wealth provide diversification through holding a number of investment funds. The trustees are satisfied with the performance of the investments and remain content that their investment objectives are being mel. Rlsk Management In line with the requirement for charity Trustees to undertake a risk assessment exercise, the Trustees have identified three main areas where risks may occur.. Governance Operational Risk Financial Risk Governance covers the continuity of trusteeship, the skills and background of the Trustees and the policy of regular meeb'ngs of the Trustees to review their aims and activities. Operational risk covers the risk inherent in the delegation of statutory and legal requirements of the Charity, ils management and secretarial functions and delegation of those functions. Financial risk include those inherent in the delegation of the financial record keeping of the Charity, Its independent examination and review procedures. Having assessed the major risks lo which the charity is exposed, in particular those relating lo its finances. the trustees believe Ihat by ensuring controls exist over key financial systems incorporating the systems and controls implemented by New Quadrant Partners Limited, subject to regular monitoring, they have established effective systems to mitigate those risks. The risk assessment wll be kept under regular review and wll be fully reassessed every three years. Future plans The Trustee5 do not anticipate any significant changes lo the Charity or its activities over the next two to five years. It is their intention lo meet the following objectives". To ensure the investment performance achieves the criteria set by them so that there are sufficient funds lo meet their grant giving activities. To continue to make grants at a similar. if not higher, level. To consider adding cash funds to the investment portlolio lo enhance the generation of income and capital gains on the Charitls funds. structure. governance and management The Abdalla Foundation is governed by a Trust Deed dated 24 February 2011 and received confimialion of charitable stslus on 22 March 2011. The Charity is registered under the Charities Act 2011. Charity Registration Number 1140854.
THE ABDALLA FOUNDATION TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Trustees The Trustees who served during the year were.. Dr Hossam Ibrahim Abdalla Dr Madiha MohamedAhmed Elsawi Appolntment of Trustees The statutory power of appointment of new Trustees lies with the Trustees themselves. There must be at least two Trustees. Apart from the First Trustees, every Trustee musl be appointed by a resolution of the Trustees passed at a special meeting. The Trustees wll select individuals with the relevant knoedge and experience needed for the effective adminislralion of the Charity. The new Trustee is given upon first appointment a copy of the Trust deed and any amendments made lo il and a copy of the Charity's latest report and slalement of accounts. Structure and management reporting The Trustees are ultimately responsible for the policies, activities and assets of the Charity. They meet al least twice a year to review the developments with regard lo the Charity and ils grant giving activities and to make any important decisions. Vvhen necessary, the Trustees seek advice and support from the Charity's professional advisors including solicitors and accounlanls. The day lo day management of the Charity's activities, and the implementation of PDliaes, is dealt rith by the Trustees, Finance and Administration Consultant, Diana Flood. Diana administers payments for the Charity and provides statements lo New Quadrant Partners Limited to enable them to complete the annual financial statements. At their meetings the Trustees review the proposals for grants and grants made, and the level of funds available.
THE ABDALLA FOUNDATION TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Trustees, responslbllltles In relatlon to th& flnanclal ststements The Charity's Trustees are responsible for preparing the Trustees. Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in England and Wale5 requires the Trustees to prepare financial slalements for each financial yèar which give a true and fair view of the slate of affairs of the Charity and of thè incoming resources and application of resources of the Charity for that period. In preparing these financial slatemenls, the Trustees are required to.. select suitable accounting policies and apply them consislenlly., observe the methods and principles of the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial 5talemenls, and prepare the financial statements on a going concem basis unless il is inappropriate lo presume that the Charity will continue in operation. 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Trustees 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 meet al least twce a year lo review the management accounts, forecasts and cashflow analysis. The Trustees believe that the charity is a going concern and for this reason the going concern basis for the preparation of the financial statements is considered valid. 20-Jan-2025 The report was approved by the Trustees on .............................................. and signed on their behalf by.. Dr Hossam Ibrahlm Abdalla Dr Madlha Mohamed Ahmed Elsawl Dated". 2010112025 Dated". 2110112025
THE ABDALLA FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ABDALLA FOUNDATION I report on the accounts of the for the year ended 5 April 2024, which are set out on pages 7 10 13. Respective responsibilities of Trustees and examiner The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ilhe 2011 Act) and that an independent examination is needed. 11 is my responsibility to.. examine the accounts under section 145 of the 2011 Act., lill lo follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act, and liiil lo stsle whether particular matters have come to my attention. Basls of Independent examlner'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 wth those records. 11 also includes consideration of any unusual items or disclosures In the accounts, and seeking explanations from you as Ituslees concerning any such mallers. The procedure5 undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a 'lrue and fair view, and the report is limited lo those matters set out in the next statement. Independent examlner's statement In connection wth my examination, no matter has come to my attention.. lal which gives me reasonable cause lo believe that in any material respect the requirements". to keep accounting records in accordance with section 130 of the 2011 Act., and {iil to prepare accounts which accord with the accounting records, and comply with the accounting requirements of the 2011 Act., have not been met or Ibl to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. I have no concerns and have come across no other matters in connection to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Gilbert Holbourn FCA FCCADChA 1 Upper Bridge Street Kent TN25 SAF 22-Jan-2025 Dated..
THE ABDALLA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Total 2024 Total 2023 Notes Income from: Donations and legacies Investments 125,000 87,103 65,108 Total income 212,103 65,108 Expgndlturg on: Raising funds 19,270 19,404 Charitable activities 40,119 38,365 Total resources expendad 59,389 57,769 Net income 152,714 7,339 Net gainslllossesl on investments 294,316 1189,7681 Net income and movement in funds 447,030 1182,4291 Fund balance al 6 April 2023 3,417,421 3,599,850 Fund balanco al S Aprll 2024 3,884,451 3,417,421 The notes on pages 9 10 13 form part of these financial stalemenls. All recognised gains and losses are included in the abDve statement of financial activities. All of the Charity's activities derived from Continuing operations during the above finanaal year.
THE ABDALLA FOUNDATION BALANCE SHEET ASAT5APRIL 2024 2024 2023 Notes Flxed assets Investments Current assets Debtors Cash at bank and in hand 3,583,734 3,224,749 10 25,000 257,530 300 194,884 282,530 195,184 CreditoTr: amounts falling due within one year 11 1,813 2,512 Net current assets 280,717 192,872 Total assets less current liabilitios 3,864,451 3.417,421 Income funds Unrestricted funds 3,864,451 3,417,421 The notes on pages 9 10 13 form part of these financial stslemenls. The financial slalements were approved by the Trustees and aulhorised for issue on signed on their behalf by.. 20-Jan-2025 and are Dr Hossam Ibrahim Abdalla Trustee Dr Madiha Mohamed AhTned Elsawi Trustee
THE ABDALLA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies 1.1 Accounting convention These accounts have been prepared in accordance wth FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 1021, 'Accounling and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling. which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. 1.2 Golng concern Al the lime of approving the accounts, the Trustees have a reasonable expectstion that the Charity has adequate resources lo continue In operational existence for the foreseeable future. Thu5 they continue lo adopt the going concern basis of accounting In preparing the accounts. 1.3 Incomlng rasources Income is recognised when the Charity is legally entitled after any performance conditions have been met, the amounts can be measured reliably, and It is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations reiVed under GiftAid is recognised at the lime of the donation. Investment income is accounted for in the period in which the charty is enlilled lo reipl. 1.4 Resources expended The cost of the charitable activities are induded in the statement of financial activities on an accruals basis, indusive of VAT, which cannot be recovered. Charitable costs comprise grants payable in promoting and enhancing charitable work carried out by other charitable organisations and the cost of administering thè aetivilies of the Charity. Grants payable are includèd in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision lo make the donation and has satisfied all related condrtions. Grants approved bul not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to meet rtain conditions before the grant is released are not accrued bul are noted as financial commitments in the notes to the accounts. Govemance costs indude costs which are directly attributable to the Independent Examination and other procedures neSSary for compliance with 5talulory requirements and the governan of the Charity. 1.5 Flxed asset Investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market pri. Realised gainslllossesl on investments assets are calculated on the difference between disposal proceeds and their opening carrying value or purchase value if acquired subsequent lo the first day of the financial year. Unrealised gainslllossesl on investments assets are calculated as the difference between the fair value al the year end and their carrying value al that date. Realised and unrealised investment gainslllossesl are combined in the statement of financial activities and are creditedlldebitedl in the year which they arise.
THE ABDALLA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles Icontlnuedl 1.6 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call wth banks, other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current Iiabililies. 1.7 Taxation The Abdalla Foundation is a registered Charity and therefore is not liable lo income tax or corporation lax on income or gains derived from ils charitable activities as they fall wlhin the exemptions available lo registered charities. 1.8 Forelgn exchange Transactions in currencies other than pounds sterfing are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated al the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net incomellexpenditurel for the period. 1.9 Debtors and creditors Debtors a recognised al their settlement amount or maturity value, less any provision for non-recoverabilily. Creditors are recognised when there is an obligation at the balance sheet dale as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors are recognised by the amount the Charity anb'cipates it will pay to settle the debt. 1.10 Related party transactions Dr Hossam Ibrahim Abdalla made £80,000 donation12023- £0) to the charity in the year. Dr Madiha Mohamed Ahmed Elsawi made £20,000 donalion12023- £0) to the charity in the year. 1.11 Staff Costs and Trustees. Remuneration The Charity employed no staff during the year or prior year. The key management of the charity consist of the Trustees only. No Trustees received any remuneration in respect of their services or were reimbursed for expenses during the current or prior yeai. Critical accounting e5timatss and judgements In the application of the Charity's accounting poliryes, the Trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. No such judgements or estimates were used in the preparation of these finanryal statements. 10-
THE ABDALLA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Donations and legacies 2024 2023 Cash donations GiftAid 100,000 25,000 125,000 Invostments Total 2024 Total 2023 Income from listed investments Interest receivable 80,527 6,576 63,336 1,772 87,103 65,108 Ralslng funds Total 2024 Total 2023 Investment management costs inclusive of custody charges 19,270 19,404 Charitable activities 2024 2023 Independent Examination fee Diana Flood administration fee Bank charges New Quadrant Partners Limited fees LSE Social Entrepreneurship course 1,550 1,000 304 7,200 1,800 1,500 1,100 304 6,300 11,854 9,204 Grant funding of activities (see note 71 28,265 29,161 40,119 38,365
THE ABDALLA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants lo institutions". Alzheimer's Society st Raphael's Hospi Gaza Egypt Humanitarian Appeal Egyptian Commune Egyptian Food Bank EMS-UK Engaged Events UK Limited FQMS Hosam El Sokkari IMET 2000 Magdi Yacoub Global Heart Foundation Nicholas Danby Trust Feeding Families in Rafah - Collection Pot Parkinson's UK Shelter Womb Transplant UK Women and Girls (Development) Al Quds Medical School 2,602 301 1,000 2,400 1,000 1,012 1,000 1,500 2,000 1,000 1,000 8,749 300 1,000 14,000 282 200 2,400 5,000 2,400 6,800 1,500 28,265 29,161 Fixed asset investments 2024 2023 Investments: Listed on a recognised Stock Exchange Carrying value (market value) at 6 April 2023 3,114,178 3,256,437 Add: Additions to investments al cost 173,716 138,609 Less.. Disposals (Proceeds £189,900 ." alISed gain £62,320) Net unrealised Ilossesllgain in year 1127,5801 231,996 178,4881 1202,3801 Net unrealised market value al 5 April 2024 Cash held with Investment Manager 3,392,310 191,424 3,114,178 110,571 Marf(et value including cash with investment Manager al 5 April 2024 3,583,734 3,224,749 Historical cost of listed investments at 5 April 2024 2,709,083 2,662,947 12-
THE ABDALLA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Net gainslllossesl on investments Totsl 2024 Total 2023 Revaluation of investments Gainlloss on sale of investments 231,996 62,320 1202,3801 12,612 294,316 1189,7681 10 Debtors 2024 2023 Amounts falllng due wlthln ono year: Gift Aid due Bank interest receivable 25.000 300 25,000 300 11 Creditors: amounts falling due within one year 2024 2023 Credit card balance due Independent Examination fee Other creditors 263 1,550 1,500 1,012 1,813 2,512 13-