Charity registration number 11545021England and Wales) AMS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL2024 AMS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr E Asidat Ms Afirah Mayet Mr Adam Sidat Charlty nurn￿r 1154502 Independent 6xaminer AfvIS Accountants Medical Limited Floor 2 9 Portland Street Manchester M13BE Bankers Al Rayan Bank PO Box 12461 Binmingham B16 6AQ AMS FOUNDATION CONTENTS Pago TTU$tees report Independent examinerfs report Slatement of financial activities Balance sheet Notes to the financial statements AMS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their annual report and financial statements for the year ended 30 April 2024. The ffinancial stalem8nts have been prepared in accordance with the accounting policAes set out in note 1 to th6 financial stat&m8nts and comply wilh th8 charit￿s Trust Deed. Ihe Charities Act 2011 and °Ac¢ounting and Reporling by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102}° (as amend8d for accounting periods commencing from 1 January 2016) Objectlves and activities AMS Foundation was established in 2013 with the purpose of the public benefft and helping those in need and helping to r81iev8 povety and advanciro education. The Trustees have paid due regard to guidance issued by Ihe Charity Commission in deciding what activitie5 the Charity should undertake. Tho charities activities have been those roquired to achieve the objects of the charity. Achievemenls and performance Details of income and expenditure during the year. and the balanc& s￿et as at 30 April 2023, are sel out on pages 5 and 6. The charity has registered donations for the year of £11)4.84612022: £62,720). The net funds of the charity are £40,504 (2022- £1.158). Flnanclal revlew The Charitys policy is to accrue a level of reserves to ensur8 continual functioning of Ihe charity through funding delays or unforeseen events. The minimum amount required would need to ￿Ver general operating Gosts for a period of no less than three months. It is th8 policy of the Charity that unreslricted funds which have nol been designated for a specific use should be maintained at a level equivalent to between three and slx month's expenditure. The Tnjslees consider Ihat reserve5 at this level will ensure that, in the event of a signrficant drop in funding, they will be able to continue the Charity's current activities while txjnsideration is given to ways in vthich additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks to which Ihe Charity is exposed, and are satisfied that systems are in plac8 to mitigale exposure to the major risks. Structure. governance and management The Charty was established by a charitable trust deed dated 25 April 2013. The Trustees who seNed during thè year and up to the dale of signature of the financial ststements were.. Mr E A Sidat Ms Afirah Mayet MrAdam Sidat Potential new member5 are inwted to attend trustee meetings to ensure a full briefing and understanding of Ihe hartty and the trustee role. Where specific training is required this is co-ordinated by th8 trustees to ensure that all memb8rs have the necessary attributes to be involved with the AMS Foundation. The Trustees report was approved by Ihe Board of Trustees. Mr E A Sldat Trustee Dated: 26 February 2025 AMS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMS FOUNDATION I r8POrt to the Trustees on my examination of the finanrial statements of AMS Foundation (the Charity) for the year ènded 30 April 2024. Responsibilities and basis of report As the Trustees of the Charity you are responslble for the preParafi￿ of the financial statements in accordance with the requiremenls of the Charities Act 2011. I report In respect of my examinaticn of the Charity's financial statements ￿rried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under sectton 145{5)(b) of the Charitie5 Act 2011. Independent examlnerfs statement Your att8ntion is drawn to the fact that thè charity has prepared the financial statements in acrnrdance with the relevant version of the Statement of Recomrnended Pradice applicable lo charities prepartng their financial slalement8 in accoidance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Ststament of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been wthdrawn. l understand that this has been done in order for the find￿la1 ststements to provide a tfue and fair view in accordance with UK G8nerally Accepted Accounting Practice. I have completed my examination. I confimi that no matters have come to my attention in connection wilh the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011. the financlal statements do not accord with those records. or Ihe financial statements do not Comply wilh the applicable requirements concerning the form and content of financial statemenls set out in the CharTlies (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no COn￿M$ and have wme across no other Tnatters in conv)ection with the exafflination to which attention should be drawn in this report in order to enable a proper understanding of the financial statsments to be reached. AMS Accountants Medlcal Llmlted Floor 2 9 Portland Street Manchester M1 3BE 26 February 2025 AMS FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30APRIL 2024 Unrestrlcted Unrestrfcted funds funds 2024 2023 Notes Income from: Donations and18gaci8S 57.299 104,846 Total Income 57.299 104,846 Expandltura on: Charitable activities 75.000 65.500 Total expenditure 75.000 65.500 Net incomel(expendilure) and movement in funds (17.701) 39,346 R•conclllatlon of funds: Fund balances at 1 May 2023 40,504 1,158 Fund balances at 30 April 2024 22.803 40,504 The statement of financial aclivities includes all gains and losses rec(wJnised in the year. All income and expenditure derive from continuing activities. AMS FOUNDATION BALANCE SHEET AS AT 30APRIL 2024 2024 2023 Notes Currenl assets Cash 21 bank and in hand 23.253 40.954 Creditors- amounts falling due within one yoar (450) (450) Net Current assèts 22.803 4D,504 The funds of the Charlty Unrestricted funds 22.803 40.504 22.803 40,504 The financial statements were approved by Ihe Trustees on 26 February 2025 Mr EASidat Trustee AMS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting pollcles Charity inforniation AMS Foundation is a charity registerad in England and Wales. Tha registered address is 455 Whalley New Road, Blackbum, BB19SP. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charivs gov8mlng document, the Charities Act 2011. FRS 102 Yhe Financial Reporting Standard appIl￿ble in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in tho UK and Republic of Ireland {FRS 102).. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has laken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involv8d following Ihe Statament of Recommended Practi￿ for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which 15 refe￿ed to in the Regulations bul which has since been withdrawn. The financial ststements are prepared in sterling. which is the functional currency of thé Charity. Monetary amounts in these financial slatements are ro￿￿ed to the nearest £. The financial statements have been prepared uTrJer the historical cost ￿nVention, [modrfied to indude the revaluation of freehold prop8rties and to include inveslment prop6rti8s and certain financial instruments at fair vduel. The principal accounts'ng policiès adopted are set out below. 1.2 Going concern At Ihe time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adaquate resources to continue in operattonal existence for the foreseeable fvlure. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al Ihe discretion of the Trustees in furtherance of their charitable objectives. Restrlcted funds are subject to specific condtbons by donors or grantor5 as to how they may be used. The purposes and uses of the restricted funds are set out in Ihe notes to the financial Statements. Endowmenl funds are subject to specffic conditions by donors Ihat the capital must be maintained by the Charity. 1.4 Income Income is recognlsed when the Charity Is legally entilled to It after any performance conditions have been mel, the amounts can be measured reliably. and it is probable thal income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has beon notified of the donation, unless perf0mlan￿ conditions require deferral of the amounL Income tax recoverable in relation to donations rec￿Ved und8r Gift Aid deeds of covenant is recognised at the time of th8 donation. L8gacies are recognised on receipt or olherwse rf the Charity ha5 been nolifigj of an impending distribution, the amount is known, and receipt 15 expected. If the amount is not known, the legacy is treated as a onts'ngent asseL AMS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies (Continued) 1.5 Expenditure Basic financial Ilabilities. Induding creditors and bank loans are initially recognised at transaction price unless the arrangement constriutes a financing iransaction. there the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classtfied as payabl8 within one year are not amortised. Debt instruments are subsequenty carried at amortised CC>st. using the effective interest rate method. Trade creditors are obligalions to pay for goods or servi￿$ that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities rf payment Is due wtthin one year or less. If nol, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaclion price and subsequently measured al amortised cost using the effective interesl melhod. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set Ixrt in Ihe notes to the financial statemenis. Govemance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and indude the accountancy fees and costs linked to the strategic management of the charity. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-lerm liquid investments with original maturities of three months or less, and bank overdrafls. Bank ov8rdrafts are shown within borrowngs in current liabilities. Basic financial a55ets Basic financial assets. which inc]ude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaclion, where the transaction is measured at the present value of Ihe future re￿Ipts discounted at a market rate of interest. Financial assets classtfied as receivable Within one year ar8 nat amortised. Baslc financlal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the futura payments discounted at a mafkel rate of Interast. Financial liabilities classified as payable within on8 y8ar are not amortisèd. Debt instruments are subsequently carried at am￿tISed cost, using the effective interest rate method. Trade creditors ar8 obligations to pay for goods or servic6s that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment 15 due within one year or les5. If not, they are presented as nOn-￿rrent liabiltties. Trade creditors are iecognised initially at Iransactioll price and subsequ8ntly m8asur8d at amortised cost using the eff8cknve interest method. Derecognltlon of flnanclal Ilabllftles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost of any unused holiday enlttlement is recognised in the period in which the employee's services are re￿ived. Termination beneffts are reGognised immediately as an expense when the Charity is d8monstrably committed to temiinate the employment of an employee or to provide termination benefits. AMS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Income from donations and legacies Unrestrlcted funds 2024 Unmstrlctod funds 2023 Donations and gifts 57,299 104.846 Charitable a¢tivilies Actlvities Activllles undertaken undertaken dlrectly dlrectly 2024 2023 Donations 75.000 65.500 Not mov8m8nl in funds 2024 2023 The nel movement in funds És stated after chargingl{crediting)- Fees payabla for the indapendant examination of Ihe charity's ffinancial statements Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Numbor Total There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The ramunaration of key management personnel was as follows: Taxation The chartty is exempt from taxation on its activltias because all its income is applied for charitable purposas. AMS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Creditors: amounts falling due within one year 2024 2023 Accrua15 and deferred income 450 450 Unrestrirted funds The unieslricted funds of the charity comprisa th8 unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 May 2023 Incomlng resources Resources expended At 30 Aprll 2024 General funds 40.504 57.299 (75,000) 22,803 Previous yoar: At 1 May 2022 Incomlng resources Resources expended At 30 Aprll 2023 General fijnds 1.158 104.846 (65,500) 40,504 10 Related party transaclions There were no disclosable related paty transactions during the year {2023 - none).