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 cha￿ty 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. P￿blIC 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 charit￿5 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 pU￿lSh￿d 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 nor￿a¢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, I5￿MiC 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$ty ond conducted kctwes ond training onfine. FINANCIAL REVIEW FIn(l￿1￿1 pojlllon At the end of Ihe linanciol year Ihe lotal reserves slood ot £3.969,77512022: £4.019.1441. Ihe tru5te¢5 believe this lo be a sound fooling lo invesl in Ihe fulure of the charity. The operating tumover was £493.693 12022 £528,3641 against operating expencfiture of £543,062 12022 £514.3441. A5 a chorify Ihe public hus the assurtsnee thul ull funds generofed must be appfied for the pvrposes ol the charity's objectives ond c*clivilies. As a charity we enjoy lax exemption on our charitable activilies ond our Investment income goins proM¢Jed thtrse ore app￿e4 for our ¢horitable oims. The ffnanciol benefit5 we receive from the tox exemptions are oll applied lo help mointoin ow objective5. ReseThe$ 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 eV0￿e and change during Ihe course of the next rinancial year. matching changes lo the onnual budg*l. FUIVItE PLANS Beside5 the income fr¢Jrn Invest￿￿nIs. 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 e￿Ond 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 b￿e to PTofessh)nol and higher edvcotional actlwties. thus. enhancing the revenve. $IRUC7URE. GOVERNANCE AND MANAGEMENT Govemlng do¢vmenl The Islamic Foundolion is registered os a Charitable Incorporated (￿ganiSatIon ICIOI, number 1160353, and is considered to hove no liobiltfy to taxat￿￿ on its in¢ome. Recrullm•nl and appolntm•nt ot n•w trusl•*s The election of the frvslee5 is lormolised in Ihe conslilvtion. Pagg 3 THE ISLAMIC FOUNDATION REPORT OF YHE TRVSTEÈS Por Th• Y•or End•d 31 De¢ember 2023 STRUCTUkE, GOVERNANCE AND AIANAGEMEMT Orgonlsalonol thuclure 7he T￿slee$ who have ￿tIrr￿le 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 c￿d 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> ch￿ty does nol use derivative financial in5trumen15 for Spec￿oI1¥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 fir￿n¢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 r￿k, with exposure 5prgod over o lorge number ol counlerporties and customers. Uquldty rfsk In ordgr to moinla¢n liquidity lo ensure Ihol su￿1¢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 StI 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 Ire￿nd, 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 fur￿5 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￿[11￿5 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 01￿Cated 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 $L￿￿s or deficil 0￿51n9 frorn chonges in fair value 15 recognised in the Slalemenl of Financial Activities. Taxalgn Ihe charity is exempl from lax on its charilatje activities. Fvnd occoyntln9 Unre5tricled funds con be used in occordonce wth the chcwilabje objeclives ol the d￿cl•￿0n of the trustees. Page 13 continued... THE ISLAWC FOUNDATION NOTES TO THE FINANCIAL SIATEMENTS - ¢ontlnued Fw The Year Ended 31 Decemb¢r 2023 ACCOUNTING POUCIES - conNnu•d Fund accounllng Reslri¢ted fvnds ¢on only be v5ed for porti¢ulor roslricted Pu￿0$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 faCi￿leS 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 e￿ed 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 249￿05 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 $TATEMeNIS- Contlnued For The Year Ended 31 Decembei 2023 18. SECURED DEBIS Ihe folk)wng Secured debts ore InclLKJed w51Fyn ¢r8dilors'. 2023 2022 Bank loans 33.533 44.167 Bonk loans are secured on the asset lo whi¢h they relole. i?. ANALYSIS OF NEI ASSEtS OETWEEN FVNDS 2023 Total fvrids 2022 Totol funds Unrestricted fvnd Re5tricled ftJnd5 F￿￿d a55Èts Investments CurTent a5sels Cvrrent liobilities Long term liobifrti&s 2.? 17.400 1,692.701 273,557 1238,7481 122.9001 2.117.400 1,692,701 421,322 1238.7481 122,9001 2.160.118 1.656.701 444.C125 1207,5331 134.T671 47,765 3,922.010 47.765 3.969.775 4,019.144 MOVEMENT IN FUNDS Nel movemont in funds Tronsfe betwe¢n funds At 31.12.23 Al 1.1.23 Vnwejfrlcled funds General lund 3.971,473 144,8491 14,6141 3,922.010 Iteshlcted fvnds ScholoT5hip IF KEnya 46.206 1,465 46.206 1.559 14,5201 4,614 47,671 14,5201 4.614 47,765 TOTAL IUNDS 4.019.144 149.3691 3.969.775 Net movement in Ivnds. included in the above are as follows: Incoming resovrce$ 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 be￿een 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 Mukr￿Id 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 Inve￿ment Incom• Rents received Deposit occount interest 204A74 1,931 192.083 1.4C 206￿05 193.491 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 Entert0￿ment 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