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2023-12-31-accounts

Gift Foundation

Report and Financial Statements For the Year Ended December 2023 Charity Registration Number 1143428

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 1 of 14

Contents Page

Message from the Chair of Trustees

Administrative Information Structure, Governance and Management

Objectives and Activities for Public Benefit

Achievements Scholarship Award Making Policy and Process Financial Review Financial Reserves Plans for the future Statement of Financial Activities for the year ended 31 December 2023

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 2 of 14

Message from the Chair of Trustees

Dr Zaza Johnson Elsheikh

I am pleased to share our 2023 annual report, showcasing the profound impact our charity has made in transforming the lives of those in need. As Chair of the Gift Foundation, I take great pride in presenting the key milestones and accomplishments we achieved, thanks to the steadfast support of our donors and partners.

Education Initiatives:

Throughout the year, our scholarship program has empowered adults and children, providing them with the opportunity to pursue education and unlock their full potential. Additionally, we have extended funding support for girls' education at an educational institute in Bangladesh, empowering them with opportunities for a brighter future through education. We also initiated the construction of an educational institute in Bangladesh, aimed at addressing the educational needs of children from underprivileged families.

Humanitarian Aid in Bangladesh, Ghana and for Sudani Refugees in Egypt:

In response to the urgent needs arising from natural disasters and socio-economic challenges, our charity has actively engaged in humanitarian efforts. In Bangladesh, we provided essential flood relief, shelters, assisting affected communities in rebuilding their lives. In Ghana and for Sudani Refugees, we distributed food packs to alleviate hunger.

These initiatives reflect our dedication to creating a lasting impact on the lives of individuals facing challenges. By addressing urgent needs and prioritising education, we are contributing to sustainable development and driving positive change in communities globally.

As we look back on the past year, we express our deepest gratitude to our supporters, volunteers, and partners who have been instrumental in making these achievements a reality. Together, we are shaping a brighter and more inclusive future for those in need.

Thank you for your ongoing support.

Dr Zaza Johnson Elsheikh Chair of Gift Foundation

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 3 of 14

Gift Foundation at a glance…

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 4 of 14

Administrative Information

Charity Name : Gift Foundation

Trustees

----- Start of picture text -----
Dr Zaza Johnson Elsheikh MBBS ,
Chair of Trustees
Mr Monjur Miah, Treasurer
BSc (Hons) Physics, Diploma
Dr Rabia Ishaque Trustee
MRCGP MBBS
Dr Tasnuba Subhani Trustee
Mrs Khaleda Jasmeen Maleque Trustee
BA Sociology & Social Policy
Mrs Selina Begum Ali Trustree
BEd Primary Education, CELTA, PTLLS
Dr Hamida Begum Trustree
MRCGP MBBS
Mr Md Monzur Hoque Trustree
BSc Hons
Sorwar Hussain Ahmed Trustree
----- End of picture text -----

Registered Office

46E Micro Business Park, Greatorex Street, London E1 5NP

Charity Registration Number 1143428

Auditors

Hussain associates, Chartered Certified Accountant, 54 Billet Road, Romford, Rm6 5SU

Bankers

HSBC, 45 Bank Street, Jubilee Place Canary Wharf, London E14 5NY

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 5 of 14

Structure, Governance and Management

Governing document

Gift Foundation is a registered charity, number 1143428, and is constituted under a trust deed dated 18 June 2011.

Organisational structure

The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits.

At the biannual trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Gift of Knowledge, including scholarship awards and performance. The day to day processing and handling of applications prior to consideration by the relevant trustees is delegated to the Administration.

The trustees also consider the monitoring information concerning the performance of scholarships to date, and make recommendations to the trustees concerning the extension, cessation or suspension of existing scholarship awards.

Recruitment and appointment of trustees

New trustees are appointed by the existing trustees and serve for 5 years after which they may put themselves forward for re-appointment.

In selecting new trustees, we seek to identify people who regularly attend events and functions organised by the charity and are willing to volunteer to help in our broader community work. Potential trustees are invited to attend trustees’ meetings as observers and are given more details of the charity’s aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees’ meeting. This process allows due consideration of the person’s eligibility, personal competence, specialist knowledge and skills.

Induction and training of trustees

Following appointment, new trustees are introduced to their new role and given copies of the trust deed and a guide to the policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with an existing trustee assisting on particular activities and projects run by the charity. After satisfactory feedback from existing trustees, they are then given the task of leading a particular activity or project, reporting progress at trustees’ meetings.

Risk management

The trustees have assessed the risks the charity faces and discuss measures to limit them at trustee meetings. The trustees are satisfied that systems are in place, or arrangements are in hand, to manage the risks that have been identified. In particular the finances of the charity are kept under review through a strict authorisation process for any expenses or expenditures. We also ensure that all necessary documents are provided and maintained in relation to any expenses. Appropriate DBS checks, supported by regularly reviewed policies, are made for all those who work with children or vulnerable groups.

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 6 of 14

Our major operational risk is the extent to which the scholarship awards successfully lead to competent teachers, leaders and scholars for the community. The trustees manage this risk by retaining trustees of sufficient skill and expertise, who oversee the scholarship awarding process and are heavily involved in screening applicants to identify talent and motivation. The charity also makes effort to keep regular communication with the awardees and requests an annual report from their respective supervisors to monitor academic progress. Furthermore, a key component of the scholarship award is mentoring; this is to provide personal support and expand opportunities.

Everyday transactions are physically monitored by at least one trustee. Any large payments require the authorisation of the Chair and Treasurer.

Volunteers

The charity is very involved in the local community and relies on voluntary help. We have approximately 50 volunteers to assist with event organising and planning.

Objectives and Activities for Public Benefit

Our aims

Our charity’s purposes as set out in the objectives contained in the charity’s trust deed and are summarised below:

To promote education in such ways as the trustees think fit in particular but not exclusively by:

Our objectives

Our objectives are set to reflect our community aims. Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on the advancement of higher education for the public benefit.

Our long term ambition is to build competent imams, scholars and teachers for our community who have an understanding of our unique needs in the West.

Achievements

One of our most significant achievements this year was providing humanitarian support for Sudani Refugees in Egypt. Our efforts addressed critical needs during a time of great hardship, underscoring our commitment to those affected by crisis.

Additionally, we played a vital role in the Bangladesh flood relief efforts by providing shelters to individuals who lost their homes during the devastating floods. This support helped ensure safety and stability for the affected communities as they began to rebuild their lives.

We also initiated the construction of an educational institute in Bangladesh, aimed at addressing the educational needs of children from underprivileged families. This project will provide muchneeded access to quality education, offering these children the opportunity to build a brighter future.

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 7 of 14

Events

Our main events in 2023 were –

Scholarship Awards

In 2023, the charity provided scholarships to 18 exceptional adult students from UK and supported adults and children of various institutes in Bangladesh & Ghana.

All of our awardees attend prestigious institutions including:

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 8 of 14

Award Making Policy

The charity has established its scholarship awarding policy to achieve its objects for the public benefit to improve the research and teaching capabilities of the Muslim and wider community. The immediate beneficiaries of the scholarships are the individual recipients, although we expect communal benefits to accrue through the development of competent researchers and teachers.

Criteria and selection

Our scholarship awards fund British students either pursing (or continuing):

  1. A PhD in Islamic Sciences at a reputable institution in the UK, or

  2. Those pursuing Islamic studies delivered in Arabic abroad, also at a recognised institute.

Gift of Knowledge welcomes applications for scholarship awards from proactive and dedicated British students who have an excellent academic track record and have also undertaken community and charity work.

Eligibility is restricted to applicants specialising in Islamic Sciences to ensure that we operate within our aims and objects. However, if the trustees deem that an exceptional candidate has the potential to make beneficial contributions to the community through their research, then the charity may make exceptions at their discretion.

All applications are initially scrutinised by at least one trustee before references are verified and additional background checks are carried out through the charity’s expansive network.

Interview

If applicants successfully pass through the initial screening and background checks, they are invited for an interview carried out by 2 trustees, where they determine eligibility of a scholarship. This will include an assessment of whether each candidate can manage the other costs involved in studying, such as living and travel expenses. Candidates are given an indication of whether the charity will support them at this stage, although no explicit reference to the amount is given at this stage.

Related Parties

None of our trustees received any remuneration from their work with the charity in the current year.

The charity shares office space with Beacon Institute, an organisation which intends to impart knowledge through organising appropriate courses in different Islamic sciences.

Plans for the future (next 12 months)

Over the next year, Gift Foundation plans to:

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 9 of 14

Gift Foundation to organise community events with promenant scholars

Gift Foundation will continue to explore various Educational Institutes in Bangladesh & Ghana to nurture young talents for prosperous future

Extend our food packs contribution across number of villiages in Bangladesh & G hana

Children scholarship - continue exploring the possibility of awarding more scholarship to poverty stricken children in Bangladesh & Ghana

Ensure the completion of the Arafa Education Institute so it can begin providing services to underprivileged children.

This report was approved by the trustees on 25[th] October 2024 and signed on their behalf.

Dr Zaza Johnson Elsheikh

Chair

On behalf of the Management Committee

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 10 of 14

GIFT FOUNDATION

31 December 2023

Independent Examiner's Report to the Trustees

I report on the Accounts of the charity for the year ended 31 December 2023 which are set out on attached pages.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent examiner's statement

My examination was carried out in accordance with 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 the 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 out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

Kamal Hussain FCCA

Hussain Associates Ltd Unit 46D Micro Business Park 46-50 Greatorex Street London E1 5NP

Date: 25/10/2024

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 11 of 14

Gift Foundation

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 December 2023

Incoming resources
Gift aid
Donations
Total incoming resources
Resources expended
Salaries & Employer NI
Employer pension contribution
Postage and stationery
Rent and Rates
Brochure and publications
Refreshments
Bank Charges
Scholarships, awards and course fees
Light and heat
Sundry Expenses
Donations
Telephone
Travel and subsistence
Event and conference cost
Repair & maintenance
Equipment hire and computer accessories
Website costs
Accountancy
Professional and consultancy Fees
Subscriptions
Depreciation
Total resources expended
Net movement in funds for the year
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
33,753
219,274
253,027
116,936
2,692
754
12,200
696
261
460
82,518
-
50
20,290
1,814
20,789
28,258
54
1,330
541
1,200
15,390
1,260
2,920
310,414
(57,387)
2,331
(55,056)		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2023
£
33,753
219,274
253,027
116,936
2,692
754
12,200
696
261
460
82,518
-
50
20,290
1,814
20,789
28,258
54
1,330
541
1,200
15,390
1,260
2,920
310,414
(57,387)
2,331
(55,056)		 Total
Funds
2022
£
14,990
170,911
185,901

94,154
2,012
1,277
19,479
5,651
549
444
75,246
(1,076)
236
18,333
555
10,243
12,638
2,639
1,016
2,130
1,100
7,435
1,262
2,920
258,242

(72,341)
74,672
2,331

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 12 of 14

Gift Foundation Balance Sheet as at 31 December 2023

Fixed assets
2023
Notes
£
£
Tangible Assets
2
12,112
12,112
Current assets
Cash at bank and in hand
14,442
14,442
Creditors: amounts falling
due within one year
3
(81,610)
(81,610)
Net current assets/(liabilities)
(67,168)
Net (Deficit) / Assets
(55,056)
Reserves
Unrestricted funds
(55,056)
Restricted fund
-
(55,056)		 2022
£
£
15,032
15,032
4,209
4,209
(16,910)
(16,910)
(12,701)
2,331
2331
-
2,331		 2022
£
15,032
2,331
2331
-
2,331

This report was approved by the trustees on 25th October 2024 and signed on their behalf.

Dr Zaza Johnson Elsheikh MBBS Chair

Monjur Miah Treasurer

Date: 25/10/2024

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 13 of 14

Gift Foundation Notes to the Accounts 31 December 2023

1 Accounting Policies

Basis of preparation of accounts

The financial statements are prepared under historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice and charities act 2011.

Fund Accounting

Unrestricted funds are available for use at the discretion in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on expenditure imposed by the donor.

Incoming Resources

Voluntary income and donations are included in incoming resources when they are receivable, except when donors’ conditions have not been fulfilled then the income is differed.

Resources expanded are included in the statement of Financial Activities on the accrual basis inclusive of any VAT which cannot be recovered.

Expenditure which directly attributable to specific activities has been included in this cost categories. Where the costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of resources.

Tangible fixed assets and depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

15% Straight Line

2 Tangible Assets
Cost
As at 1 January 2023
Addition
As at 31 December 2022
Depreciation
As at 1 January 2023
Provided during the year
As at 31 December 2023
Net book value
As at 31 December 2023
As at 1 January 2023
3 Creditors: Amounts falling due within one year
Sundry loans
Other creditors
Other taxation and social security
Accruals		 Plant &
Machinery
£
19,465
-
19,465
4,433
2,920
7,353
12,112
15,032
2023
£
53,075
(1,049)
27,284
2,300
81,610		 Total
£
10,088
9,377
19,465
1,513
2,920
4,433
15,032
8,575
2022
£
5,000
5,811
3,299
2,800
16,910

No trustees had any personal interest in any contract or transaction entered into by the charity during the year. Key management personnel Mr Fahimul Anam (CEO) was paid a salary of £40,000 during the year who is the partner of one of the trustee.

Gift Foundation Annual Trustees Report | 31 December 2023 | Page 14 of 14