REGISIERED CHARIIY NUMBEk- 11603S3 REPORT OF THE TRVSTEES ANO FINANCIAL STATEMENT5 FOR TKE YEAR ENDED 31 DECEMBER 2023 FOR THE ISLAMIC FOUNDATION
THE ISLAMIC FOIINDAlloN ¢ONIÈNTS OF THE FINANCIAL STATEMÈNTS Fth The Ytoi Ended 31 Deeember 2023 Page Releience and Admlnlstrallye Deta15 Report of Ihe Tiujte Report of Ihe Independenl Audllors stot•m•nt of Flnonclal Aclfvfvl B¢lonc• Sh*•t 10 Cash Flow Slatemenl Notes to Ihe Cash Flow Stalem•nt 12 Notes to Ihe Flnanclal Statements 13 10 20 D•toN•d Sld•m•nl of Flnaneknl Aetlvlh•s 21 to 22
THE1SLA1411C FOUNDATION REFERENCE AND ADMINISIRAIIVE DETAILS Foi The Year Ended 31 Dtcembei 2023 TRIISTEES Prof A Ahmad DrMABori Dr M Ahsan Prof K Ahmad Or Z Parvez Or R Mohammed Dr M R M Lebbai PRINCIPAL ADDRESS The Markfield Conference Centre Rolby Lone Leice3ter Leicesler5hire LE67 9SY EGISTEf¢ED CHAklTY NUMIER I I d0353 AVDifoR5 TC Group 31 High View Close Hamilton Office Pork Leicester LeKeslershire LE4 9LJ Poge I
THE ISLAMIC FOUNDATION REPORY OF THE TRUSTEES For The Year Ended 31 Decembgr 2023 Ihts Irusttres present their report with the linonciol stolemènts of thè chority f the year ended 31 December 2023. The trusle&s have adopted the provisions ol Accowting and Reporting by Chorltie5'. Statement ol kecommended Pract¢ce opplicabk? lo chorities preparing their occounts in accordance wth the Financiol Reporting Stondord opplcable in Ihe UK ond RepLtslic of Ireland IFRS 1021 leffeclive l January 20191. OBJECTIVE5 AND AcllvrnES Qbfvclfv•s and alm$ Trie key purpose of the chaty is lo promote an vnderslonding ol Islom ond the Islamic wodd. in accordonce th the objectives loid out in the trust deeds. Ihe Tw5fees confirm thol they hove referred to the guidance contained in the Charity Conynission's general guidance on public benefit when re*iewing the Trust's aims and objectives and in pknnning lulure activities. The 151amic Fovndalion is dedicoled lo the seNce ol knowledge through research, educalion. troining, and pvblishing with the oirn ol pri)moling a more informed understanding ol the Isltsrryc fath. both omorngsl Muslims and others, ond foster better relolions between Muslims and people of other toiths and none. PblIC benefft The Islomic Foundolion is working to PToMde Ihe general public wlh o better undetstonding ol Ihe Islarnrc foilh, both omong51 Muslims and non-M¢Jslims, and foster better relation5 between Muslims ond people of olhèr faith5 and none. Ihe trustee5 confirm thal they have compfied with th& r6quiiements of section 17 of thè Choritie5 Act 2011 lo have due regord to the publc benefil guidance published by the Charity Commission lor glond and Wales. ACHIEVEMENI AND PERFORMANCE Chaillable aclfvllles During the yeor under rewew the Foundalion mointoined its research. e¢Jv¢olion. inter-foitti orK4 publishing octivities. We are pleosed Ihat the oclivilies normolised ryfler the Covid set bock. However, the impcKt ond choilenges remained due to rising c05t5 and reduced funding. We conlinued lo work c105ely with our diverse lange of volvnleers, welkw5her5 and portners which helped u5 to expond Ihe institution's profile and community $6Thit&s such 0$ lèstivoj. wéekènd school and waekend retreats. Last yeor, the loundolion launched ils restsarch programme. lh programme will locus on community Issues tx]sÈd on Cèr15L15 2021 findingg, mosquès and youth dÉvèlopmÈnt. the Fovndation conlirbved to develop gnd publish book5 through Kvb? Publishing. Thry indLJd¢d ocodemic. generol, clossics ond children's l¢lles. The Foundotion lioised with various charit5 and sponsors in Telation lo the di51ribut¥)n ol our books to poor nd low-ineome children ond lomilies in UK ond abroad. The Muslim Wodd Book R•vi&w IMWBRI pUlShd 4 issues ol ils 42nd and rd volume. JI wos ako lounched in the digilal fomiat on www.mwbr.¢xg.vk. Mafftffgld Conference Centre continues to provide unique lacifitie5 lor the cornmuntties from acr055 UK and even Europe. A diverse range of community gTOUPS Iqsited Ihe centre for fheir educolional, sociol and cvllural aclivities. The Foundolion con1ribLrted to the 8ducotK¥nal ond training programmes of some ol these group5. Ovr mosque, now a Te9lStered place of worship, is used extensivety by many VLsilor5. especidly on Fridoy. Poge 2
THE ISLAMIC FOUNDATION REPORT QF THE TRUSTEES For Th• Y•4r Ended 31 De¢embeT 2023 Ihe Islamic Foundation Library proiided on èffective and efficient information serwcÈ to all vsèts. ThesÈ included 5tuden15 01 BA, MA. MPhil and PhD studyin9 at the Mothlield Institute ol Higher Educolion IMIHEI, as well as long ond short-lerm visiting reseorchor5. and membèrs ol academic arKJ nora¢QdemiC 5toff ol the Foundation. During the yeor, the librory odded over 300 new books in Arobic, English ond Urdu. Ihe subject oreas includè the Qurfon. Seera, I5MiC Bonking & Finonce. Interfailh Studies and plvroli5m. IsbrrNC Low ond Philosophy. hi510ry and culture ol Muslims in Europe, porticularfy British Muslims. The library has olso been exploring new eleclTonic rex)vrce5. Th? Irvstetrs porti¢ipoled o5nd contributed to v¢yious orgonis¢thtsn5 ¢¢liv$ty ond conducted kctwes ond training onfine. FINANCIAL REVIEW FIn(l11 pojlllon At the end of Ihe linanciol year Ihe lotal reserves slood ot £3.969,77512022: £4.019.1441. Ihe tru5te¢5 believe this lo be a sound fooling lo invesl in Ihe fulure of the charity. The operating tumover was £493.693 12022 £528,3641 against operating expencfiture of £543,062 12022 £514.3441. A5 a chorify Ihe public hus the assurtsnee thul ull funds generofed must be appfied for the pvrposes ol the charity's objectives ond cclivilies. As a charity we enjoy lax exemption on our charitable activilies ond our Investment income goins proM¢Jed thtrse ore appe4 for our ¢horitable oims. The ffnanciol benefit5 we receive from the tox exemptions are oll applied lo help mointoin ow objective5. ReseThe$ polky Reserves orè mi7inlained at o level ttrKJt enabled the Chority to monage finoncicl risk ond short-term income volatilty. Ihey ollow the Charity to svslain optimal ve1$ of expenditure, ensuring that financial commitments ¢on be mel os they loll dvo. Ovr reservo5 poli¢y gllocotes money from unre5trict¢d fund bglonces. which are not invested in fixed assets, held in our 60 and 120 doys, reserves accounts. The reserve5 omovnl w05 copped ot £50.000 for the financial year ended 315t December 2023 which is meant lo btr used in bridging any p055ible deloy5 in receiving donalion5 or managing paymen15 in fjrTea. The period of delay hos been deffned a5 0 rrinimum of o three month5 budgeted tradin9 Octivity. This policy is however reviewed on six months basis ce in o financial period, as circumstances eV0e and change during Ihe course of the next rinancial year. matching changes lo the onnual budgl. FUIVItE PLANS Beside5 the income fr¢Jrn InvestnIs. reveme from the hiring ol the conference lacililies, fees from edvcotlonal programmes. gronts fron) n¢lionol and intemrJlion¢l choritotyk foundoffions remoin the malc( sources of our finonce. The Foundotion hos olways had u policy ol building our endowment fund bosed on property investment.11 hos perfcxmed well lo dole. In the posl Pondemic o major objective lor the future is to use digilol morketinu for fvndr0i5ing lo expond our donor bose. Tris tsllow vs lo further eOnd chariloble activities such as &ducaliond progrcwmies for the youth, mosque leadership Ihe librory services ane the acadenNc tsclivilies such os reseaTch 5eminar5. publicolions ond joumab. We are also close 10 5ecurin9 the plonning consent to modernise our conference locilities lo wden the user be to PTofessh)nol and higher edvcotional actlwties. thus. enhancing the revenve. $IRUC7URE. GOVERNANCE AND MANAGEMENT Govemlng do¢vmenl The Islamic Foundolion is registered os a Charitable Incorporated (ganiSatIon ICIOI, number 1160353, and is considered to hove no liobiltfy to taxat on its in¢ome. Recrullm•nl and appolntm•nt ot n•w trusl•*s The election of the frvslee5 is lormolised in Ihe conslilvtion. Pagg 3
THE ISLAMIC FOUNDATION REPORT OF YHE TRVSTEÈS Por Th• Y•or End•d 31 De¢ember 2023 STRUCTUkE, GOVERNANCE AND AIANAGEMEMT Orgonlsalonol thuclure 7he Tslee$ who have tIrrle responsibility for maintengnGo ol tho tslomic Foundolion and ils policy ond itralegic direclion. have delegated the day-l04oy monogement ol the Foundation lo its Director Generol. who operales through Senior E¥eculr¢e Committee 15ECI eon5151ing ol both seltdgd tTuslees ond Ihe deportmenlol ond project heads. The co-ordintstion of the monogement of the Islamic Foundation on behaw of the trustees is Ihe responsilility of Ihe Secretary ol the Foundation. The Trustees mainloin cornlact wilh and parlicipotion in the deci5ion-making proce55 of the Foundolion through Ihe Administratwe Committee which meets quarterly and ils sub commillees, when formed, meet as requifftd. Inducllon ond tralnln9 of new truslees Trustees are oppoinled wilh no Imil lo Iheir tenvre and 05 and when the board raquir6s. Th• oppointmenl ol Trustees 15 preceded by consullatiorn lo ensure they ore owore of the oim5 ond obiectives of the ¢hority on responsibilities. They are provthd regular updatès on the regulations and thèir legd cd institutional dvties. Rlsk managemenl Ihe trustees have a duty lo identify ond review the risks to which the charity Is exposed and to ensure appropriole eontrots ore in place lo provide reasonable assurance ogainsl troud ond error. Qbl•¢lfv•s and polkhs The ehority's cctivilies expose it to o nurnber of financial risk5 including credil risk, cash Now risk ond liquidity risk. The use of finoncial derivatives is governed by the charity'g pofi¢los approved by the board ol Iruslees. which prowde written princip$ on the use of financiol derivatives to manage Ihese risks. The> chty does nol use derivative financial in5trumen15 for SpecoI1¥e purposes. The chcrity's activities exF)ose it primarli y lo Ihe finttncial risks of changes in foreign currency exchange rates ond interest rates. The charity use5 foreign exchange forword ¢ontro¢t5 and irnterest role swop controcts lo hedge Mes8 exp05W85. Interest bearing asset5 ond liobilities ore held at fixed rote to •nsur• cèrtainty ol cash flows. Credll rlsk The charity5 principol firn¢la1 0$5e15 or¢ bank balances and cosh, trade and other receNables. ond inveslments. The chariV5 credit risk is primorli y otlributable lo its trade re¢eivobles. Tr)e omount5 presented In the balance Sheet or8 ne* ol allowances for dovblful receivables. An allowance for impairment is mode where there is an idenlified1055 event which. based on piewovs expgrignc8, 15 ewdence of a reduclion in Ihe TÈcoverobiltty ol lh8 cash f$. Tha credil risk on IiqLtid funds and derivolive financial inslrvment5 15 limiled because the covnlerpartl95 (Ye bonk5 Wlth high credit-rotings assigned by Inlernolionol credit-rating 09encies. The charity no significant concenlrotion ol credit rk, with exposure 5prgod over o lorge number ol counlerporties and customers. Uquldty rfsk In ordgr to moinla¢n liquidity lo ensure Ihol su1¢Ient funds are available lor onwing operaliorn ond future developments. the charily uses a miKture of lorylem ond short-tem debt linonce. Further deta¢15 regarding liquidity risk can be found in lhe Slalement ol accovnling poficies n Ihe financiol statements. Page 4
THE ISLAMIC FOUNDA7ION REPORT OF THE IRusfEES ForThe Yeor Ended 31 Dec•mbèr 2023 SIATEMENT OF TRUSTEES. RESPONSIBIUTIES The Iruslees ore responslble IOT PTeporing the Rep(# of Ihe Trustees ond thè financial statements in eccordonce wlth oppficable and United Kingdom Accounttng St<Jndords (Uniled Kingdorn Generol Accepled AccounlSng PToclicel. The low oppliccile lo chorilles in &)gloné ond Woles, the Charilies Act 2011. Charity l£counls ond Reports) Regukjlions ?(K)8 and the provi05 of the Irusl deed requires the Iruslees to prepare linoncial stolennIS lor each linonclcl yeor which give o true and lair view ol the slate ol alloirs ol the charity and of Ihe incoming resources and opiC0110n ol resource5, including the Income and expenditure, of chcyily lor ttiot period. In preparing Ihose linoncial statements. the Iruslees ole required lo select suitable occounling polIc ond then appty Ihem co1$1eIlW. observe the melhod5 ond principles in the Chority SORP., ludgements ond eslimoles Ihot oro reosonable and prudent.. state whelher applcoble accounllng 5tondards have been lolk)wed. subject lo ony moteriol departvr85 d15closed ond exploinad in the Ilnanciol slatgm6nts' Fyepore tho finoncial 51otem8nts on the golng concem ba%s unless il is IrpO to preSUr that Ihe chority wil conllnue in business. The Iruslees ore responsible lor keeplng proper accounting records whlch d15close wth reosonobfe accLKacy ol arsy time Ihe Iinoncial posilion ol Ih8 charity and to enable them lo ensvre Ihot the nnancial stolem8nls compty wlh the Chotllles Act 2011. Ihe Chority IAccounls ond R8portsl Reguloh"ons ond the 9vIsIOns of the trusl deed. They orè olso respornlble for soleguordlng the assets of the chorfty and hence lor laklng reasonobb steps for the prevention ond deteclS0rt ol frcud and other irreguloJilies. IE .l.i.oJ.F.¥............ ond slgned on ils belyjll by.. 4)proved by order of the board ol Irvstees on .....-. Dr Z Porvez- Trustee Page S
REPORT OF THE INDEPENDENT AVDIIORS TO THE TRVSTEES OF THE ISLAMIC FOUNDAnoN Oplnbn We hove oudited the financiol statements ol The Isla1¢ Foundotion Ilhe 'choriVI frx the year ended 31 December 2023 which comprise the Slalemenl of Finoncial Aclivities. Ihe Baknnce Sheet, the Cash Flow statement and notes to the linanciol slalemenls. including o Summary of 519niYicont occounling policies. The rinonciol reporting fromework thot hos beern opplied In Ihelr preporotion 1$ opplicable Icw ond Unlled Kingdom Accounting Stanck¥ds {urted Kingdom Generolly Accepted Accountin9 Practice). In oui opinion the financiol slolements: give a Irue and fair view ol the stale of the charify's affair5 05 ot 31 Decembèr 2023 and of it5 incoming resources ond application of resources, for the year then ended., have been properly prepored Wi accordance with United King(4om Generally Accepled Accounting Prodire.. oncl hove been prepced in accordonce wth the reqvirement3 91 Ihe Churitie5 Act J)1 i. lo$ for oplnlon We condutted our oudit in occerd(C& with Intèmationol Standards on Au¢thting IUKI IISAS IUKII and applicable law. Our responsibil'lie5 under Ihose stondard5 are further described in the Audilors, re5pon5ibilities for the oudit of the linonciol 51oterYient5 section of our report. We are independent of Ihe charity in occordance wlh the ethical requirements Ihot ore relevan lo our audit of 1he financial stelements in the UK. inclvding the FRC'S Ethi¢ol Stondord. end we hove fulfilled our other ethicel responsibilities in occordance wlh these requiremenls. We beIve that the audit evidence we hove obtained 15 Sufficient ond gppropriate lo plovide o ba515 lor our opinion. Cgn¢lusbons relollng 10 9oln9 concein In ouditing the financiol slolements, we have conclvded thol the Iru5tees' use of the 90ing concem basi5 of aeeounting Iri thè pr&p(xation ol the finoncial stotemenls is oppropriale. Based on thg work wè hgvé parfCd. hovt ntsl idenlilied ony moleiial uncertoinlies relating lo events or conditions Ihol. inrfividuolly or collectively, moy cast Slgnificant doubl on the chority'5 ability to continue es ¢ going concem lor a period of ot least )WeJve months from when the financial 51alemen15 are aulhorised lor issue. Our responsibilitie5 ond the re5pon5ibilities of the tW5te85 With r6spèct to going concem orè dèscribéd in thè relevant sections ol Ihis report. Olhei Infoim¢thon The tru51ee5 are responsible fc the ofher Informolion. The other information comprise5 the inlormolion included in the Annual Report, other than Ihe financial slolemenls and our Report of the Independent Avditors Ihereon. Our opinion on the finonciol stotemen15 doe5 not cover the other inlormolion and. ex¢ept to thg $Xtont 04hgrwise explicitly slated in our report. we do not expre any lom ol assurance conclusion Ihereon. In connection wth our oudil ol the tinonciol slolemenls, our responsibility 15 to reod the other Infotion and, in doing so. consider whether the other infomiation is moteriolly incortsislenl wth Ihe financial slolemenls or our kno¥edge obtained in the avdil or olherwse oppeor5 to be moteriolly mi$5toted. 11 we iéentity svch materi¢l IncorL%iStenci6s or apparent moteriol misstatements. we are required lo delemine whelher this gives rise lo o material misstatement in the financlat statements themselves. 11. bosed on Ihe work we hove performed. we conclude thot there is o moterial misslolemenl of this other inlofmion. we are required lo report thol foct. We have nothing lo report in this regard. Mallers On whkh we ale reqvked lo report by excepllon We hove nothing to report in re5P6Ct ol the following motters ¥there the Charfties IA¢¢ounls ond Reportsl Regulations 2QK)8 rèquirès us to report lo you il, in our opinion.. the infoTmotion givon in the Report ol the TJvstee5 15 Incon51steril In any molerial respect wth the finonck 5totemenls-, or svfficient occounling record5 have not been kèpl: or the finonciol slolemen15 are not in aeement wth the oecournting re¢ords ond relurn5.' er we hove not received all the informotion and explonolions we require lor our ovdil. Page 6
kEPORT OF THE INDEPENDENT AUDITORS TO THE TRVSTEES OF THE15LAIAIC FOVNDAIION R•spornlbllMes oflwstee$ As expbined more fully the Stalemenl ol T¥uslees' Responsibilities, the liuslees are responsib for the preporotion of the finoncial slalemenls which give o true and fair view. ond for such intemol control os the trustees determine is necessary to enable Ihe preparolion ol financial stotemenls Ihal are free from malerial mi55talemenl. whether due lo trol or erior. In preparing the financiol slatementg, the trustees are responsible lor assessing the charity's obil'ty lo continue 05 a going concern. disclosing. as opplicable, matter5 relaled lo going concem and using the going concern basis ol accounting unless Ihe Iru5tees eitt)er inlend lo liqvidote the chority or to ceose operolions, or hove no reolslic oltemotive bul lo do so. Ovr responslblltles for the audll ol the Ilnonclal slalements We hoye been appointed os auditQFS undpr Section 144 of the Chorrties Act 2011 ond rep(xl In o¢cordon¢e wilh the Act and relevonl regulolions mode or hovng ellecl Ihereunder. Our objective5 are lo obtain reasonab assurance oboul whether the ffnancial statements as a whole are free Iiom m(yteDol mi55lolement. whether dve lo frgvd oi error. ond IQ issue a Ropgrt of the Independenl Auditors thol includes OLY opinion. Reasonoble 05suronce is a high level ol Ossuronce, bul is not a guoronlee that an audit conducted in accordanc8 Wlth ISA5 IUKI wll a0¥5 delecl o muleriol misslatem&nl when il exists. Misslalemenls can orise from fvoud or error and ore considered molerial il, individuolty or in Ihe aggiègotè. thèy COLhd réosonobty bè Èxpècted to inllu8rice the economic decisions of users taken on the basis of these finoncial statements. Ihe exlenl lo which our procedures ore ¢qble ol delecling irregulorilies. including fraud is detailed belw. We obtained an understanding ol the legol and regulatory fromeworks Ihal are appficable lo the company ond determined thal the m05t significonl Iromeworks which c3re direclly relevonl 50 speciffc 055erlion5 in Ihe flrnoncial slalemenls are those that relole to the reporling framework (UK GAAP und the Companies Act 20061 nd lh$ r¢vant lax corry)lioncè regvlothons in thè UK. W8 vnder5tood how lh8 compony is comptying with those Iromeworks by making enqvirie5 01 monogement ond Ih05e responsible for legal ond complionce procedure5. We corroboruted our enquirie5 IO9h rov7ew of board minutes ond discussions wilh those chorged wth governance. Wè ogsess thfy 5uscaplibllity ol Iha companvs financial slatements lo malerial misslalem8nl, Inchjding how froud might occur. by discussion with monogement from various parts of Ihe business to vnderstond where they considered there was a svsceplibilify lo froud. We considered the procedures and controls thol Ihe compony hos established to prevent and delect frovd, and how these are monitored by monagement. and also any enhanced risk facto such as perfomonce lorgels. Based on our underslonding, we designed our audit PTocedtKes lo identify any non-compfiance with laws and regulations idèntifièd in th8 porographs abovè. Wg olso porformèd oudit work ovèr the ti5k ol managemtnl override ol confrots. rncLJding lesling of joumol enlries and other odjvslments for oppropriateness. evolutsting the business rotionole of signilicont Iror)soction5 outsid8 the normol course ol business and reviewing accounting eslimoles for bios A further description of our SponsIbl111es for the ovdit ol the linancicll slolements 15 k)caled on the Financial Reporting Council's wÈbsil8 at w¥th.frc.org.uk/ouditorsr6sponsibifities. This description forms port ol our Report ol the Independent Audllors. Poge 7
REPORT OF THE INDEPENDENT AVDifoRS 10 THE TRVSTEES OF THE ISLMIIC FOUNDATION Use ol our report Thi5 report 15 made 5olgly lo Ihe chority'5 tru5tee5. a5 g body. in a¢¢ordonGe with Port 4 of the Chryilies (Accounts and Reportsl Regulations 2(M)8. Our oudil WO hos been undertaken so Ihot we mighl 51ole to the charity5 Irv5tees Ih05e mallers we are required 10 5tafe lo them in an audilor5' rep¢)rt and for no other purpose. To the fullest exlenl p¢m)itted by low. we do nol a¢cepl or assume responsibillty to onyone other than the charity and the charity's trustees 05 0 body. lor our aLJdit work. lor thi5 report. or for the opinions we hove lorned. To C7wr TC Group 31 High View Close Homilton Office Po Leicester Leicestershire LE4 9LJ Dale.. 2q..l.i. I.2* Page 8
THE ISLAMIC FOVNDATION STATEMENT OF FINANCIAL ACTivifiES ForThe Year Ended 31 Déc•mber 2023 2023 Total funds 2022 Total lund5 Unre51ricted fund Restrfct&d funds Notes INCOME AND ENDOWMEIIIS FROM Donotions ondlggocws 95,324 3,840 99.164 170,088 Chpwilgble uclivilies Hire ol Conference focililies Project fijnding Geneiol cost5 MaklobJMadressa 130,019 130.019 115.989 4,940 4,590 14.247 4.590 14,247 8,420 Investment income Other in¢orne 206.805 38,868 206,805 38,868 193.491 35.436 Tolul 489,853 3,840 493,693 528.364 EXPENDITURE ON RoisSng funds 25,218 25.218 12,606 Chfjrftoble o¢llvMes Donations General c05t5 8,360 8.360 211.701 17,217 22788 211,701 other 297.783 297,7 263,133 534,702 8J60 543.062 514.344 NET INCOhlEIIEXPENDITUREI Transfers b•hAf¢en IvlS 144.8491 14.6141 14.5201 4.614 149.3691 14,020 20 Net mo¥emenl In funds 149.4631 94 149.3691 14.020 RECONCILIAIION OF FUNDS Totol Ivnds brought forrf¢ord 3,971,473 47.671 4.OT9.144 4.005.124 TOTAL FUNDS CARRIED FOItWARD 3.922,010 47,765 3,969.775 4,019,144 The note5 fomi port of these finonciol slatements Poge 9
THE ISLAMIC FOUNDATION BALANCE SHEET 31 December 2023 2022 Note5 FIXED ASSEYS longlble os5et5 Inveslmenl property 12 2.117,400 1,692,701 2.160,118 1,656.701 3AIO,101 3A16319 CURRENT ASSETS Debtors Cath al bonk and in hand 250.943 170.379 234.149 9)9.876 421,322 444,025 CREDITORS iounls laHing due wthin one y80r 15 (238.7181 1207.5331 NET CURRENT ASSETS 182.574 236,492 TOIAL ASSETS LESS CURRENT UABILITIES 3.9.675 4,QL53,311 CREDITORS AnJ15 folng due alter more Ihon one yeor 122,9001 134.1671 NET ASSETS 3,969,775 4,019.144 FUNDS Unreslricled funds Reslricled funds 3.922,010 47.765 3,971,473 47.671 TOIAL FUNDS 3.969.775 4.019.144 Ihe fina eial stolamanls were apwoved by the Bctrord of Trustees gnd (Jjlhorfsed for Nue on Z PaNez- Trustee Tr)e nole5 lomi pot ol Ihe59 Ihanciol slalemenls Page 10
THE ISLAAIIC FOUNDATION CASH FLOW STATEMÈNr For The Yegi Ended 31 D¢eembÈr2ty23 2022 Noles Ca$hlJows from operotlng gctlvlllei Cash geneToted from operations Interest paid 10,328 12921 12,2511 17601 Net cash pro1ded byllused in) operating activities 10,036 13.0111 Coshlk)ws fr¢m InvesNng ucllvlHe3 Purchase tsf tengible fixed 055els Purchase ol investment Property Inl&rest receiv8d 14,8301 136.(J)01 1.931 1,408 Net ¢osh used in invesling o¢tivitie5 138.8991 13.2031 Cashllows from flnoncln9 a¢1[v•S Loan repaymen15 in year 110.6341 15,8331 Nel cash used ir) finonclng octivilles 110.6341 15.8331 Changè In cash ond tash èqvlvalèntt In Ihe reportlng pertod Cash and cash equholents ¢Jtthe beglnnlng of Ihe rtrporling perlod 139.4971 112,0471 209,876 221.923 Cash and cash •qufvalenls allhe end ol Ihe reporfln9 pwlod I7079 ,876 The notes lom part of these financiol stalernent5 Poge 11
THE ISLAMIC FOVNDAIION NOTES 10 THE CASH FLOW STATEMENT For The Year Ended 31 December 2023 RECONCIUAnoN OF NET (EXPENDtTUREI/INCOME TO NET CASH FLOW FROM OPERAllNG ACTivifiES 2023 2022 Net {experdllure)Ilncome for the ieporttng perlod {as pèrt stalemenl of Fknancltsl Aellvilie$l Adlvstments for.. Depreciolion charge5 Inleresl received Interest poid Increase in debtors Inueaselldecreasel in creditors 149,3691 14.020 47.546 48.247 11.4081 760 132.3691 131.5011 292 116,7941 30,584 Net cash provlded byl(vsed In) op•rallonJ 10,328 12.2511 ANALYSIS OP CHANGES IN NET FVNDS Al 1.1.23 Cash flow A131.12.23 N•t taih Cosh ol bank and in hand 209.876 139,4971 170.379 209.87 139.4971 170.379 D¢bt Debts fairing due within l year Debls fairing due arter l yeor I10.0) 134.1671 16331 11,267 110.6331 122,90C>I 144.1671 10.634 133.5331 Total 165,709 128,8631 136,846 The noles forn port ot tt)e58 finonciol slalemenls Poge 12
THE ISLAMIC FOVNOATION NOTES 10 THE FINANCIAL STATEMENTS For The Yeor Ended 310e¢ember 21>23 ACCOVNTING POUCIES Basls of pwepartng the finonclol slulem•rth3 è financiol slatem&nt5 of the chority. which is g public benefit antity und6r FRS 102. have been prepared in accordance wth the Chorities SORP IFRS 1021 'Accounting and Reporting by Charilie5'. Slaternent of Recommended Practice opplicable lo charities prgpgring their accounts in accordance with the Financial Reporting Stondord apFAicoble in the UK and Republic ol Ireland IFRS 1021 leffective l January 20191., Financiol Reporting Slondord 102 The Finonciol Reporting Standard opplicable in the UK ond Republic of Irend, ond the Choriffies Act 2011. The linoncial slolemenls have been prepored under Ihe hi5101ical cost convention. Golng concem Ihe occounts have been prepared on o going concèm bosis. The Truslees conskler Ihot there ore no rnolericl uncertointies regording the Chority's obility lo continue os o going concern. Ihe Truste6s ore of the opinion thol the Chority will have acce55 to 5Uthcienl fur5 to enoble it operote IN ot least one year from the signing of the balance sheet. In¢e All income recognised in the 51al¢ment ¢f Finonciol Activitie5 on¢e Ihe ¢horify hg5 emtimement lo Ihe funds, it is probable thol the income will be received and the omount con be measured relab. Voluntary income including donation5, gifts, legacie5 ond gron15 Ihat provide core ILnding or are of a g¢nErol nolur¢ is recognistsd when Ihe chority ho5 entillemfynl Its the income. il 13 pioboble Ih(¥l Ihe income wl be received and the amovnt can be measured wilh sufficient reliobility. Donation5 and legacies ore Tecognised on a receivable basi5 when receipt is probable and the omovnl con b8 reliably measured. Income from the hire of the charity's facilities is recognised on a receivoble basis Investment income is 15 recognised on a receivable kxtyis Expendllure Liab[115 r&cognis&d 0$ expèndturè os soon 05 thèrè is o legcl or conslruclive obligcli committing the chority to that expenditure. il is probable thol o tron5fer ol economic benefit5 wll be requred in selllement ond the amount of tho obfigolion ¢on be meosured reliably. Expenditvre 15 accounted for on an accruals bosis and hos been clossified under heading5 that oggregole al cost related lo Ihe category. Where costs cannot be direct attributed lo particulor k*adings they hove been 01Cated lo ¢¢tiviti¢s o b05is con515tgnl with the v5e of re5our¢e5. Tunglble nxed ossets Depreciolion is provided al the followng annuol rates in order lo write off each 05sel over ils eslimoled Usglul life. Freehokj properly Fixlvre3 (Jnd fitting5 Molor vehicle5 Computer equipment 2% on reducing balance IO% on reducing bolonc 25% on redvcing balonce 25% on co$1 Nestmenl property Investmenl prope is shown al most recenl voluolion. Any oggregote $Ls or deficil 051n9 frorn chonges in fair value 15 recognised in the Slalemenl of Financial Activities. Taxalgn Ihe charity is exempl from lax on its charilatje activities. Fvnd occoyntln9 Unre5tricled funds con be used in occordonce wth the chcwilabje objeclives ol the dcl•0n of the trustees. Page 13 continued...
THE ISLAWC FOUNDATION NOTES TO THE FINANCIAL SIATEMENTS - ¢ontlnued Fw The Year Ended 31 Decemb¢r 2023 ACCOUNTING POUCIES - conNnu•d Fund accounllng Reslri¢ted fvnds ¢on only be v5ed for porti¢ulor roslricted Pu0$e$ within Ihe objects ol the chority. RestrictK)ns orise when specified by the donor or when fund5 ore roisÈd lor particulor rÈslrieted pwpoies. Fthher expkjnalion ol the ncjlvre and purp058 of each fund is included in the notes to the finone slalemenls. Penslon costs and olher post-reliremenl beneflts Ihe charity operates a detined contribution pension schem&. Contributions payable to the choriV$ pension scheme are chargecl to the 51otemenl ol Financial Actiwlies in the perth lo whlch they reknle. DONATIONS AND LEGACIES 2023 2022 Donations 99.164 170.088 INVESTMENT INCOME 2023 2022 Rents received Dep051t accovnl interest 204.874 1,931 192.083 1,408 206,805 193,491 INCOME FROAI CHARITABLE ACTIVITIES 2023 2022 Activity Hire ot conference lacifilie$ Hire of Conference faCileS Project funding Project fvndino Projsct funding G&neral co$15 Maklab income MaklablMadre550 130.019 115,989 4.940 4,590 14.247 8.420 148E56 129,349 OTHER INCOME 2023 2022 S¢te charges receivable Olher income 28.440 10.428 18.600 16,836 38068 35.436 Page 14 continued...
THE ISLAMIC FOVNDATIOhl NOTES 10 THE FINANCIAL STATEMENTS - contlnued Foi The Year Ended 31 December 21)23 RAISING FUNDS Olhertradlng octivfliei 2023 2022 Bod debts Property managemanl &xp¢ns$s Modres5a costs 5,050 6,088 14.080 7,566 5.040 25.218 12.606 CHARITABLE ACTIVIIIES COSTS Support costs Isee note 81 Direct C05ts Totols Donations Generol c0515 8,360 202,701 8.360 211,701 211,061 220.061 SUPPORT COSTS Governanc costs Generol e051s TrVSTEES' REMUNERAIION AND BENEFirs There were no trustees, remunerotion or other benefits lor the yeor ended 31 December 2023 nor for the year eed 31 December 2022. Twstees. expenses There were no Iru51ees' expeNes paid for the year ended 31 December 2023 nor lor the yeLY ended 31 December 2021 io. STAFF COSTS 2023 2022 Wages ond salories Sociol security c05t5 (XheT pgn5ion costs 189.32 10,267 3.108 198,99 11.530 3,366 202.701 213,888 The overage monlhty number of employees during the yeor wos os lollows: 2023 2022 Administrolion ond govemonce Other 10 Poge 15 continued...
THE 151AMIC FOVNDATIOII IIOTES TO THE FINANCIAL STATEMENTS . conNnued For The Year Ended 31 De¢emb¢r 2023 10. STAFF COSTS . conllnved No employees received emoluments in excess ol £60.000. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACIIVITIE5 Unrestricted fund Restricted fiJn Total fund5 INCOME AND ENDOWMENTS FROM Donoliorn5 ofKI legacies 150,988 19,IOD 170,088 Chorflable ocllvlll•¥ Hirs ot Conference facilities Project funding Moktd)IMadressa 11 S,989 4.940 8,420 115,989 4.940 8,420 Investmènt incom8 Other income 193.491 35.436 193.491 35.436 Total 509,264 19,100 528,364 EXPENDITURE ON Raising funds 12.606 12.606 Choiilabk odtvlll Donolions Generol costs 1,153 221388 16.064 17.217 221,388 Olher 263,133 2.133 498,280 16,064 S14.344 NET INCOME Trunsfws between fvnds 10.984 1.571 3.036 14,020 movement In Ivnds 12,555 1.465 14.020 IIECONCIUAnON OF FUNDS Total fvJnd5 brought Ic>Trv¢rd 3.958,918 46.206 4,OC15.124 TOTAL FUNDS CARRIED FORWARD 3.971,473 47.671 4,019,144 Poge 16 continued...
THE ISLAMIC FOUNDATION NOTES 10 THE FINANCIAL STATEMENTS- conlinu•d For The Year Ended 31 December 2023 TANGIBLE FIXED ASSETS Freehdd proper Office equipment Plonl and machinery COST At l Jonuory 2023 Addition5 2,341,154 060 384 At 31 December 2023 2.341,154 660 384 DEPIECIATION At l January 2023 Charge for year 226,716 42289 67 At 31 December 2023 24905 67 NET BOOK VALUE Al 31 December 2023 2.072.149 550 317 At 31 December 2022 2.114,438 Fixlures and fillings Motor vehicles Computer equipment Tola COST At l January 2023 Additions 74.245 249 283 3,786 2.415,931 At 31 December 2023 74.245 249 4.069 2.420.761 DEPRECIATION Al l Jonu(Jry 2023 Charge lor year 28,656 4.945 283 706 255A13 47.548 31 At 31 December 2023 33.601 189 303.361 NEI BOOK VALUE At 31 December 2023 40.644 60 3.680 2.117.4C At 31 December 2022 45.589 91 2.160.118 13. INVESTMENT PROPERTY FAIR VALUE At l January 2023 Additions 1.656.701 36.000 At 31 December 2023 1.692,701 NEI BOOKVALUE At 31 December 2023 1.692.701 At 31 December 20f2 1,656,701 Poge 17 conthnued..
IHE ISLAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continu•d Fw The Yeai Ended 31 December 2023 13. INVESTMENI PROPERIY- conllnued Investment properties were revièwèd by the Irusl8es al the year end taking into aGcounl their knovdedge ol locol market conditions and the condition ol Ihe properties owned by the trusl. In Iheir OFinion th¢ value shown in th8 linonciol 5totemenls represents a Material lair value. 14. DEbTOItS: AMOUNTS FALLING DUE WITHIN ONE YE 2023 2022 Trade debtors Kube Publi5hin9 Limitèd mOrkfie Inslilule ol Higher Education VAT Prepoyment$ oné accrued income 36.868 85.640 11)0.919 35,468 83.240 69,687 26.(5 45,754 250.943 234.149 15. CREDITOR5: AMOUNT5 FALUNG DUE WITrIIN ONE YEAR 2D23 2022 Bank loans and overdratts Isee note 171 Trode creditors Toxotion and Social security Olher creditor5 10.633 19.644 3,103 205,368 10.000 1 5.641 4.546 177.346 238.748 207kn33 CREDnoRS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans lsee note 171 22,900 34,167 17. LOANS An analysis ol the moturty ol loans is given below= 2023 2022 Amounts folling due within one year on demand.. Bank loon 10,633 10.000 Amounts fallin9 between one ond two year5.. 8cJnk loon 10.633 io.o(y) Arnounts follln9 due belween ond fjve year5.. Bonk loan 12.267 24.167 Po9e 18 continued...
THE ISLAMIC FOUNDATION IIOTE$ TO THE FINANCIAL $TATEMeNIS- Contlnued For The Year Ended 31 Decembei 2023 18. SECURED DEBIS Ihe folk)wng Secured debts ore InclLKJed w51Fyn ¢r8dilors'. 2023 2022 Bank loans 33.533 44.167 Bonk loans are secured on the asset lo whi¢h they relole. i?. ANALYSIS OF NEI ASSEtS OETWEEN FVNDS 2023 Total fvrids 2022 Totol funds Unrestricted fvnd Re5tricled ftJnd5 Fd a55Èts Investments CurTent a5sels Cvrrent liobilities Long term liobifrti&s 2.? 17.400 1,692.701 273,557 1238,7481 122.9001 2.117.400 1,692,701 421,322 1238.7481 122,9001 2.160.118 1.656.701 444.C125 1207,5331 134.T671 47,765 3,922.010 47.765 3.969.775 4,019.144 MOVEMENT IN FUNDS Nel movemont in funds Tronsfe betwe¢n funds At 31.12.23 Al 1.1.23 Vnwejfrlcled funds General lund 3.971,473 144,8491 14,6141 3,922.010 Iteshlcted fvnds ScholoT5hip IF KEnya 46.206 1,465 46.206 1.559 14,5201 4,614 47,671 14,5201 4.614 47,765 TOTAL IUNDS 4.019.144 149.3691 3.969.775 Net movement in Ivnds. included in the above are as follows: Incoming resovrce$ Resources expended Movement in fvnds Unrethi¢led funds General Ivnd 489.853 1534,7021 144,8491 R•strlcted funds IF Kenya 3,840 18,3601 14,5201 TOIAL FVNDS 493,693 1543,0621 149,3691 Page 19 conlinu8d...
IHÉ13LAMIC FQUNOATION MOTES TO THE FINANCLAL STATEMENTS - contlnued For The Year Ended 31 December 2023 MOVEMENI IN FUNDS- eonllnved Compor¢the# fr*r mt)vem•nl In fvnds Nel movement in funds Transle beeen funds Al 31.12.22 All.1.22 Unrethi¢t•d Ivnth Gernerol fund 3.958,918 10.984 .571 3,971,473 Rethleled lunds Scholarship IF Kenya 46,206 46,206 1.465 3.036 46.206 3.036 47.671 TOTAL FUNDS 4,OD5,124 14,020 4.019,144 Comp(tralive net movement in fvnds. included in the above are as follows: Incoming re50urce5 Rèsources expended Movemènt in funds Umeslrkled funds General fund 5D9,264 1498,2801 10,984 Reslricttrd funds IF Kenya 19,ICKJ 116,0641 3,036 TQIAL FUNDS 528.364 1514.3441 14.020 IF K•nyo The Ivnd promdes educational programmes and cour5e5 to orphans and schooL% in Kenya. 21. RELATED PARTY DISCLOSURES The lslomic Foundation IIFI ha5 Tw5tee5 in common with the MukrId In51ilvte of Higher Ethcotion IMIHEI. Duiing the year IF received income amounting to £37,94012022- £28,1(K)l from MIHE wth r&sp•cl to rent ond office expenses. At the bolonce sheèt date the amounl du& from MIHE was £57.26912022- £30.1581. Al the btslance sheet dale IF wos owed £85,640 by o compaw wlh personnel in common 12022- ££3,2401. At tre balance >heel dale IF owed o InJ5t £115.000. this being Set ogain5t on inleie5t in o property owned by IF. This InJsl ha5 0 Iwstee in commorn with IF12022- £115,000). At the year end two trustees have an interest in o propety owned by IF. thi5 property wos kJ5t valued ot £800,0(K). Page 20
THE ISLAMIC FOUNDATION DEIAILED STATEMEMf OF FINANCIAL ACTlVllIts For The Yeav Ended 31 December 2023 2023 2022 INCOME AND ENDOWhlENTS Donamom and hgacles Donotion5 99.164 170.088 Invement Incom• Rents received Deposit occount interest 204A74 1,931 192.083 1.4C 20605 193.491 Charflable actlvHle$ Hire of ¢onference locllilies Maktab income Projecl Ivndir)g 130.019 14,247 4.590 115.989 8,420 4.940 148,856 129.349 Olhei Incom• S&Nice charges receivable Olher income 28.440 10,428 18.6Th) 16.836 38.868 35.436 Tohl Incomlng rwourtès 493.693 528.364 EXPENDITVRE Olher Irudlng adlYHleJ Bad debts Property monagemenl expenses Modressa costs 7.566 5,040 14.080 25.218 12,606 Charllabl• a¢llYMes Wage5 Sociol security Pension5 Donations paid 189 J26 10,267 3.108 8,360 198.992 3.366 17.217 211,061 231,105 Hire ol equipment Advertising and promotion Rates and woter Insurance ghl and hect Carried forward 2.284 2,982 58 40.385 9.623 52,302 105.350 35,647 7.506 87,656 133,093 Thi5 F49tt does nol form ot the statulory financial slalements Poge 21
THE ISLAMIC FOUMDAIION DETAILED STATEMENT OF FINANCIAL AcTivmES For Thè Yèor Ended 31 December2023 2023 2022 Othèi Brought foNard hrtotor and Irovel expenses Pririting. postage ond sl(Jtionery Telephone and internel ¢¢5ts biary costs Repairs ond mointenonce Cleaning 8gnk charges Legal ond professional nancial operations Meals ond occommodalion Entert0ment Cor¥sulting ond Troining Deprec- Office equipmenl Bank loon interest 133,093 530 6.027 3,363 9.692 7,882 28.862 13.421 57 3.975 18,350 21,429 224 3,040 47546 29 105,350 1.143 6.349 3,342 12,078 23.304 15,379 222 5.495 18.D25 21,528 2CQ 48,247 760 297,783 263.133 Svpport t< G¢)v•monc• costs Avdilors, remuneralion 9.000 Totol resources expended 543,062 514.344 Nel (•xyndllurelllncome 149.3691 14.020 Th page does not lorm part ol the stalulory linon¢iol slal¢ments Page 22