Charity regists'alion nLimber.' 1146363 Al - Mahdi Foundation Anriual keport and FinnCIal Statements for the Year Ended 31 March 2024
Al - Mahdi Foundation Contents (continued) Refer¢nce and Administrative Details TnEstees' Report 2to3 Staternent of Trustees, Responsibilities Illdepeudent Examiner's Report Statement of Financial Activities Balance Sb¢et Notes to the Financial Statements 8t016
Al- Mahdi Foundati021 Reference and Administrative Details Trustees Mr B Ahmed MrNAIi Mr K Hussain Secretary MT B Ahmed Charity Reglstr8tion Number 1146363 Principal Office St. Johtt Works Fern Str¢et Bury BL9 5BP Independent Examiner Mr M Salim M Salim & Co. 51 Lord Street lancbester fvt3 IHE
AJ - Mahdi Foundation Trustees, Report The thtee5 present the annual report togetELeT With the finanoial statements of the chanty for the year ended 31 March 2024. Objectives and activities Piiblic benefil Activities underdtkett are primarily providing the local public with a place of worship. The trustees confinn that they have complied with the TequÉrements of section 17 of the ChaTlties Act 2011 to have du¢ regard to the public beneflt guidance published by the Cbarity Commission for England and Wales. Structure? governance and management Flnancial instruments Objeellves andpolicies The charity's actAVlties expose it to a nufftber of fllwicial risks illcluding credtt risk, flow ris1< and liquidity Tisk. The use of fmancial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of fmallcial derivatives to rnanage these risks, The Charity does tiot use derivative fmancial instrlllnents for speculative purposes. Ctxyhflow rtsk The charity's activities expose it primarily to the financial risks of changes ID foreigll currency exchange rates and interest rates. The charity uses forei exchancFe fOard contracts and interest rate swap contracts to hedtse these exposures. lllterest bearing assets and liabiliti are held at fed rate to ensure certainty of cash flows. Credit risk Ile ¢llty's principal financial assets are ballk balances and cash, trade and other receivables, and investments, The charity's credit risk is primarily attributable to its trade receivables. The amounts prestnted in the b&lan¢e sh¢et are net of allowances for doubtful receivable5. An allowance for inairniellt is made where there is identified loss event whic74 bas¢d on previous eKperi¢nce, is evidence of a reduction in the recoverability of the cash tlows. The credit risk on liquid funds and derivative fmancial instruments is limitsd because the counterparties are banks with high credit-ratings assigned by international Credit-rating agencie.i. The charity has no signiflcant concentration of credit risK with exposure spread over a larg¢ nEunber of coUnteartIeS and customers. Llquldlty rfsk In order to maintain liquidity to ensure that sutTicient funds are available for ongoing operations and future developllients, the charity iises a mixture of long-tenn and sbort-term debt finance. Further detatls regarding liquidity risk can b¢ found in the Statement of &ceoiinting poltcies in the fancIal statements. The annual report was approved by the trustees of the charity on 29 JanLtary 2025 and signed on its behalf by:
Al - Mahdi Foundation Trustees, Report {COlltinued) Secretary and trustee ussa Trustee
Al - Mahdi Foundation Statement of Trustees, Responsibilities The trustees are responsible for preparing the trltees, report and the fanCI&l statements in accordance with Èbe United I(ingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and Tegulations. The law applicable to charities requires the trustees to prepare fanCIal statements for each fmancial year which give a true and fair view of the state of affairs of th¢ charity and of the incoming resources Ind application of resources of the charity for that period. In preparing these fan¢[al stateinents, the trustees are required to: s#lecÉ suitable aCCOLtnting policies and then apply them consistently, observe the netbods and principles ill the Charities SORP. tnake judgements and estimatss tbat are reasonable and prudent" state whether applicable accounting standards hav¢ been followed, subject to any rnaterial departures disclosed and explained in the fjnallcial statements. and prepare the Fancial statements on the going concern basis Unless it is inappropriat¢ to pre5uroe tILat the Glwity will continue in business, The trustees are responsible for keeping proper accounting records that disclose with reasonable aecuracy at any time the fall¢la1 position of the charity and enable them to ensure that the financial statements comply with tbe Charities Act 2011, the Charlties (Accounts and Reports) Regulations 2008, and the provisions of te constitution. 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. 'rhe trustees are responsible for tbe maintenance and integcity of the corporate and fjnancial information included on the charitablo company's website. Legislation governing the preparation and disserllinalion of fancIal statements may differ from legislation in otber jurisdictions. Approved by the trustees of the clwity on 29 January 2025 and 8igned on its behalf by: Mr B iibmed Secretary and trnstee Mr K Hussain TrLL8t¢¢
Al - Mahdi FoundatRon Independent Ex&RllRner's Report to the trustees of Al - Mahdi Founclation I report to the tNstees on my exatnination of the accoullts of Al - Mthdi F4oundation for the year ended 31 March 2024. Responsibilltles and basts of report As the eharity trustees of Al - Mahdi Foundation yOLi 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 Al - Mahdi Foundation's &¢¢ouTrts caffied out under section 145 of th¢ 2011 Act alld ill carrying out my examination I have followed all the appLi¢able Dire¢tions given by the Charity Commission under section 145(5)(b) of the Act, Independent examlner's statement I have completed rny examination. I confirn) that no mterial Jnatters have COLn¢ to my attention in connection with the examination givlng me cause to believe that in any t¢rIal respect: l. accowiting Tecords were not kept in respect of Al - Mahdi Foundation as required by section 130 of the 2. the accounts do not accord with those records. or 3. the accoullL8 do not comply with the accounting requiremeThtS Concerning the form and content of accoutsts set out in the Charities (Accounts. and Reports) Regulations 2008 other than any requirenent that th¢ accourLts give a 'true and fair view, which is not a matteT considered as p&rt of an independent examination. I have no concerns <1nd have come across no othei- matters in connection with tlie exaioiiiation to which attention . sh%yuld be drawn in this report in order to enable a proper understanding of the accoullts to be reached. Mr M Sali M Salim & Co. 51 Lord Street Manchester M3 IHE 29 January 2025
Al - Mq¥ bdi Foundation Statement of Fillancial Activities for the Year Ellded 31 March 2024 Unrestrleted funds Total 2024 Note Income and EndoWentS from: Donations and legacies Other income 32,326 7,000 32,326 7,000 Total income 39,326 39,326 Expenditure oll: Charitable activities (25,714) 25,714) Total expenditure (25,714 25,7 14) Net income 13.612 13,612 Net movement ill fund8 13,612 13,612 Reconclllatlon of funds Total fimds brought fonyard 258,559 258,559 Total fid8 carried forward 15 272,171 Unrestrficted fullds 272,171 Tot&1 2023 Note Ijicome and Endowments from: Donations al Kegacies Other inc0e 38,256 10,920 38256 10,920 Total income 49,176 49,176 Expenditure on: Charitabl¢ activities (31,774) 31.774 Total expenditure (31,774) (31,774 Net illcom¢ 17,402 Net movera¢nt in funds 17,402 17,402 Reeonclllation of funds Total ndS brought forward 241,157 241,157 Total fijnds carried fonvaTd 15 258,559 258,559 All of the charity's activities derive from continuing operations durintr th¢ above two periods. The funds bieakdown for 2023 15 shown in note 15. Tlie notes on pages 8 to 16 t"Dl'ln ali inteoi'al pai'l o F these fiiiancicll st1( leineiit5.
Al - Mahdi Foundation (Registration number: 1146363) Balance Sheet as at 31 Mareh 2024 2024 2023 Note Flxed assets Tangible assets 297,143 272,631 Current assets Cash at bank and in hand 12 16,803 40,171 Creditor5: Amounts falling due within one year 13 (1,000 1,000) Net current assets 15,803 39,171 Total asseÉs less current Ilabilltles 312,946 (40,775 272,171 311.,802 Creditors: Amounts falllng due after more than one year 14 53,243 Net assets 258,559 iinds of the charity: Unrestricted income funds Urlrestricted funds 272,171 258,559 Total funds 15 272,171 258,559 The flnancial ststeinents on pages 6 to 16 were appioved by the trustees, and aiithorised for issu¢ on 29 Jauuary 2025 and signed on their behalf by.. secret and trustee Mr K Huss Trntee "rhe notes on patre8 8 to 16 t'orm ali Iiiteoi'?¢ I pai-l of Iliese finaii¢iÉ21 st<2teineiils.
Al - Mahdi fi oundation Notes to the Financial Staternents for the Year Ellded 31 M&rcb 2024 l Aecountlllg policles Statement of¢ompli%Ance The finmcial statement5 have been prepared in accordance witb the second edition of the Charittes Statement of Recommended Practice issued in October 2019, the Fillancial Reporting Stalldarcl applicable in tbe UnAted Kingdotn and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation Al - Mahdi Foundation meets the definition of a public benefit entity under FRS 102. The accounts (fmancial statetnents) bavg been prepared under the historical cost ¢onvention with items recognised at cost or transaction value unless otherwise *ated in the relevaut note(s) to these accounts. Golng concern The trustee5 consider that there are llo ntsTIaL uncertainties about the cbarity's ability to continue as a going concern. llleome and elldowment5 Voluntary income including donations, gifts, legacies and grants that provide core funding OT are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the aOllnt can be measured with sufficient reliability. Expenditure All expenditure is recognised once there is a legal or Loristructive obligation to that expellditt]re, it is probabl¢ settlement is required alld the kmount can be measured reliably. All costs are allocated to the applicable expendtture heading that aggregate similar costs lo that category. Wheie costs cannot be directly attributsd to particular headings they have been allocated on a basis consistent with the use of resources, Ivith central staff costs allocated on the basis of time spenL and depreciation clwges allocated on the portion of the assel s use. Other support costs ar¢ allocated ba3ed on the spread of staff costs. Governance costs These illclude the costs attributable to the charity's compliallce with ¢On8t1tIonal and statutory requiremeThts, including aucliL strntegic management and Irust¢¢s meetings and reimbursed expenses. Taxation Tbe charity is considered to pass the tests set out in Paragraph I Sclledule 6 of the Finallce Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax pu)Foses. Accordingly, the charity is potentially exetllpt from taxation in respect of incottLe or Capital gains received witbu] Categories COV¢Ted by Chapter 3 Part I l OF the cooration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to tlw ¢xtent that such illcome or gains are applied exclusiv¢ly to charitsble purposes. Tanulble fixed assets Individiial fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subgequent accumulated itnpairn]ent losses.
Al - M&hdi Foundation Notes to tbe Financial Statements for the Year Ended 31 March 2024 (continued) Cash and cash equivalents Cash alld cash equivalents comprise cash on hand and call deposits, and othei short-term higldy liquid investments that ar¢ readily convertible to a l<ncpwn amount of cash are 8ubj¢ct to an insignificant risk of change in value. Borrowlngs Tnterest-bearing borowings are initially recorded at fair value, net of transaction c03ts. Interest-bettring boOWing$ are subsequ¢ntly catTi¢d at amortised cost, with the difference beiween the proceeds, net of transaction costs, and the attkoifftt due on redenLPtion being recognised as a charge to the Statement of Finan¢ial Activities over the period of th¢ relevant borrowing. Interest expens¢ is recognised on the basis of the effective interest method and is included in interest payable and similar chargos, Borrowings are classified as ¢utr¢nt liabilities unless tkne charity has an unconditional ri(rht to defer settleTtLent of the Eiability for at least twelve months after the reporting date. Fund strncture Unrestricted income lidS general funds that are available for use at the trustees discretion in thrtherance of the objectives of the charity. Finaneial instrurnents c1{fiCatIOn Financial assets and fmancial liabilRties are recognised when the charity becomes a party to the contractual provisions of the instrumeiit. Fillancial liabilities and equity instruments are classified aOrdIng to the Subst¢¢ of the contractual rrangements enter¢d illto. An equity instrument is any contract that evidences a r¢sidual interest in the assets of the charity after deducting all of its liabilities. Recognilion ohd nwasuremen¢ All financial assets and liabilities are initially rlleasured at transaction price (illcluding trnnsaction costs), except for those fancIal ass¢ts classtfied as at fair value through profit or loss, which are initially m¢asured at fair valu¢ (which is nornMLly th¢ transaction price excluding transaction costs), unless the agemellt constitutes a fmancing transaction, If an aangeMent constitutes a fanCing transaction, the f]nallcial asset or fmancial liability is measuicd at th¢ present value of the future payments discoullt¢d at a market rate of interest for a similar debt instruTnent. Financial assets and liabilities are only offset in the statetnent of financial position when, and only when th¢r¢ exists a legally enforceable right to set off tbe recognised amounts and the charity intends either to settl¢ on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets ar¢ derecognised when and only when a) the Contractt rights to the casb flows from the fjnancial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the fanCIal asset, or c) the charity, despite having retained some. but not all, significant risks and rewards of ownership, has transfeLTed control of the ass¢t to another party. Financial liabilities are derecotyllised ollly when the obliDation sp¢cifKed in tlie contract is dis¢har<reLL canceued or expires.
Al - Mahdi Foun(lation Notes to the Financial .Staten]ents for the Year Eniled 31 March 2024 (continued) Debt Inshiiinents Debt instru(nen15 which meet the following conditions are subsequently measured at èmnortised cost using the effective interest method.. (a) The contractual return to the holder is (i) a fed arnount. (li) a positive fixed rate OT a positive variable rate. or (iii) a combination of a positive or a negative fixed te and a positive variable rate. (b) The contract may provide for repaJTnents ot the principal or the return to the holder (but llot both) to be linked to & single relevant observable index of general price inflation of the cuenCY in which the debt instrument is denominated, provided such links are not leveraged. (c) The contracl rnay provide for a detenninable variation of the returii to tbe holder during the life of the instrument, provided that (i) the new r&fr satisfies condition (a) and the variation is not contingent on future evellts other tban (l) a change of a contractual variable rate. (2) to protect the holder against credit deterioration of the issuer. (3) changes in levies applied by a central ballk or arising from changes in relevant taxation or law, or (li) the new rate is a market rate of interest satisfies condition (a), (d) Theie is no contractual provision that could, by its tems, result in the holder losing the principal amount or any interest attributable to the current period or pi'ior periods. (e) Contractual provisions that pernit the issuer to prepay a debt instrument or pennit the holder to put it back to the issuer before maturity are not contingont on filture events, other than to protect the holder against the credit deterioration of th¢ issuer or a Challge in control of the issuer, or to protect the holder or issuer against clwige5 in levies applied by a central bal or arising from changes in relevant tax&tion or law. (fj Contractual provisions may permit the extension of the tenn of the debt illstrument, provided that the retLwn to the holder and any other ContraCttl provisiuns applicable during the extended tenn satisfy the conditions of parw'aphs (a) to (c). Debt instrumeuts that are classified as payable or receivable within one year on initial recognition alld wbiLh raeet the above conditions are measured at the undiscoiinted alnount of the cash or other consideration expectsd to be paid or Teceived. net of impairment. With the exception of some ILedging instruments, other debt instrnments not meettug tlLese conditions are easured at fair value through profrt or loss, Commitments to rnake and receive loalls which meet the conditions tnentioned above are meg3ured at C08t (which may be nil) less impairtnent. IHvestmenls Investments in non-convertible preferellce shares and noll-puttable ordinary or preference shares {wbere shares are publicly traded or their fair value is reliably measuTable) are measured at fair value tbrough profit or Ioss. lThere fair value carmot be measur¢d reliably> investments are measured at cost less IpalmIenÈ. Investments in subsidiaries and assoriates are measured at cost Kess IpairnIellt. For investments in subsidiaries acquired for consideration including tbe issue of shares qualifying for rnerer relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Al - Mah(li Foundation Notes to the Financial StateLnents for tbe Year Ended 31 March 2024 (eontRnued) Derlvalfvefmrtnclal Inslri¢ments The charity uses derivalive fmancial instrumeuts to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative fjnancial instrnments for speculative purposes. Derivatives ar¢ initially recognised at fair value at the date a derivative contract is entered into alld are subsequenily remeasured to their fair value at each repOrtll date. The residting gain or 1058 18 recognised in statement of fmancial activities itntnediately iinless the derivative is designated and effective as a hedging instrumenL in which event the tinjing of tbe recogultion in statement of fmancial activities depenés on the nature of the hedge relationship. Falr vffllué measiirement The best evicience of fair value is a quoted price for an identical asset in an active rnarket. When quoted prices are unavailable, the price of a recent LTansaction for an identical asset provides evidence of fair value as long'as there has not been a sigllificant change in economic circurnstances or a signtfiGant lapse of time since the .41 transactlOD took place. If the market is not active and recent transactions of ELll identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation te¢l1Que. 2 Income from donatlons and legacies Unrestricted funds General Total funds Regar giving and capital donations Total for 2024 32,326 32,326 32,326 32,326 Total for 2023 38256 38.256 3 Other Income Unrestricted funds General Total funds Rental income 7,000 7,000 Total for 2024 7,000 7,000 Total for 2023 10,920 10,920 4 Expenditure on eharltable aetivltles Unrestricted funds Genei'al Tot21 funds Note GOvernÉCe costs 25,714 25,714 Total for 2023 31,774 31,774
Al - Mahdi 14oundiition Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Total expellditure 5 Analysis of governance and support costs Governance costs Ilnrestrlcted funds General Total funds Staff costs Wages and salaries Audit fees Other fees paid to auditors Other governance costs 8,624 8.624 500 16.590 500 16,590 Total for 2024 25,714 Total for 2023 31,774 31,774 6 Net incomingloutgoing resources Net incoming resour¢e8 ft>r the year include: 2024 2023 Surplus excess over expenditUTe 17,402 7 Trustees remuneration and expenses 8 Slaff costs The aggregate payroIl costs were as follows.. 2024 2023 Staff costs diirlng the year were: Wages and sal&ries 8,624 7,600 The monthly aver&ge nlunber of persons (inrluding senior manarjemeut / leadership team) employed by th¢ charity d(ing the year expressed as fiill time equivaleuts was as follows.. 2024 2023 Eiiiployees
AR - MahilA Foundation Notes to the Fin&neial Slatements for the Year Ended 31 March 2024 (continued) No etnployee received emoluments of more thall £60,000 during the year
AI - Mahdi Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (contillued) 9 Auditors, remuneration 10 Taxatlon The charity is a registered charity alld is therefore exenlpi from taxation. 11 Tangible red assets Land and building5 Total Cost At I April 2023 Additions 272,631 24,512 272,631 24,512 At 31 March 2024 297,143 297,143 Depreciation At 31 March 2024 Net book value At 31 March 2024 297,143 297,143 At 31 March 2023 272,631 272,631 12 Cgsh and eash equivalents 2024 2023 Casb on hand Cash at bank 2,294 14,509 262 39,909 16,803 40,171 13 Credfitors: Amounts falling due withln one year 2024 2023 AcLI'uals 1,000 1,000 14 Creditors: amounts falling due after one yeAr 2024 2023 Bank103ns 40,775 53,243
AI - Ivlahdi Foundation Notes to the Financial Statements for the Year Ellded 31 March 2024 (continued) 15 Funds Balance at I Aprll 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General 258,559 272,171 Balance at I April 2022 Incoming resources ROUrceS expended Balance at 31 Mareh 2023 Unrestrlcted funds General 241,157 49,176 31,774 258,559 16 .An8lysis of net assets between funds Unrestrleted lunds General Total funds at 31 March 2024 Tangible fed assets Current &ssets Current liabilities Creditors over l year 297,143 16,803 (1,000) (40,775 297,143 16,803 (1,000) 40,775 Total llet assets 272 171 272,171 Unrdstricted funds General Total funds at 31 March. 2023 TanEible fixed assets Current assets Current liabilities Creditors over l year 272,631 40,171 (1,000) (53,243 258,559 272,631 40,171 (1,000) 53,243 Total net assets 258,559 17 Analysi5 of net funds At l April 2023 At 31 March 2024 Cash at bank and in Iwid 40,171 40,171 Net debt 40,171 40,171
Al - Mahdi Foundation Notes to tbe Fillancial Statements for the Year Ln(lecl 31 March 2024 (continued) At l April 2022 Financlng cash AÉ 31 March flows 2023 Cash at bank and in kLand 35,092 5,079 40,171 Net debt 35,092 5,079 40,171 18 Related party transactions
Al - Mahdi FoundgTrtion Statement of Fin2nciAI Activities by fiind for the Year Ended 31 March 2024 Total Total Unrestrieted Unrestricted Funds Funds 2024 2023 Income and Endowments from: Donations and legacies Other income 32,326 7,000 38,256 Total income 39,326 49,176 Expenditure on: Charitable activities 25,714} 31,774 Total expenditur¢ (25,714) 31,774 Net income 13,612 17,402 Net moveniellt in funds 13,612 17,402 Reconclliation of funds Total funds brought forward Total finds carried forward 258,559 241,157 272,171 258,559 Tliis pape does Iiot toiri pari of Ilie slatLiloi'N, finaiic i£11 slaleineiils,
Al - M<qhdi fioundation Det<2iled Statexuent of Financial Aetivities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies (analysed below) Other inGome (analysed below) 32,326 7,000 38,256 10,920 Total income 39,326 49,176 Expendlture on: Cbaritabl¢ activitie8 (&ualysed below) (25,714) 31,774) Total expenditure 25,714 31,774 Net income 13,612 17,402 Net movement in fuD(ts 13,612 17,40?. Reeoncili&tion of funds Total funds brought forward 258,559 241,157 Total funds carrK¢d forward 272.171 258,559 This P¢ige does nDI form pait of the sLalLltoi'} fiiic1ncial st<1teiMeiils.
Al - Mahdi Foundation Detailed Statement of Financial Actrivities for the Year Ended 31 March 2024 (contillued) Total 2024 Total 2023 Donatlons und legacies Donations 32,326 32,326 38,256 38,256 Other Income Rental income 7,000 10,920 7,000 10,920 Chllritoble acllvltles Wages and salaries Rate5 Light, heat and power Insurance Repairs and maintenance Printing. post&ge and stationery Refreslunents Sundry expenses Cleaniiig A¢countancy fees Bank charges Bank interest payab18 (8,624) (936) (553) (I,710) (8,171) (135) (360) (177) (7,600) (2,656) (3,313) (3,393) (8,101) (2,031) (100) (350) (500) (84) (3,646) (31,774) (5QO) (213) (4,335 {25,714 This pacFe. does iiol flliin Pcirt of Ilie 8tTrc Illtoi'k, fin<incial stgLtenneiils.