REGISTERED CHARITY NUMBER: 1160353
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE ISLAMIC FOUNDATION

THE ISLAMIC FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024
Poge
Reference and Adrnlnlsfratlve Delalls
Report of the Truslees
Report of the Independent Audltois
Slatement of Flnanclal AcHvltles
Balance Sheet
Cash Flow Statement
Notes lo the Cash Flow Statement
Notes lo the Financial Statements
13 to 20
Detailed Statement of Financial Activilies
21 to 22

THE ISLAMIC FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
For The Year Ended 31 December 2024
TRUSTEES
Prof A Ahmad
DrMABari
Dr M Ahsan (resigned 22.3.241
Dr Z Parve2
Dr R Mohammed
Dr M R M Lebbai
PRINCIPAL ADDRESS
Ihe Morkfield Conference Centre
Ratby Lane
Leicester
Leicestershire
LE67 9SY
REGISTERED CHARITY NUMBER
1160353
AUDITORS
TC Group
31 High View Close
Hamilton Offfice Park
Leicester
Leicestershire
LE4 9LJ
Page I

THE ISLAMIC FOUNDATION
REPORT OF THE TRUSTEES
For The Year Ended 31 December 2024
The tnjstees present their report wth the financial statements of the charity for the year ended
31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicoble in the UK and Republic of Irelond IFRS 1021 leffective l January
20191.
OBJECTIVES AND ACTIVITIES
Objecflves and alms
The key purpose of the charity is to promote an understanding of Islam and thelslamic world. in accordance
th the objectives laid out in the trust deeds. The Trustees confirm that they have refeFTed to the guidance
contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims
and objectives and in planning future activilies.
The Islamic Foundation is dedicated to the seNice of knowledge through research, educotion, training, and
publishing with the aim of promoting a more informed understonding of the Islamic faith, both amongst
Muslims and olhers, and foster better relations behveen Muslims and people of other faiths and none.
Publlc beneflt
Tre Islamic Foundotion is working to provide the general public with a better understanding of the 151amic
faith, both amongsl Muslims ond non-muslims, and foster betler relations between Muslims and people of
other faiths and none. The ttustees confirm that they have complied V¥fjth Ihe requirements ol section 17 of the
Charities Act 2011 to have due regard to the public benefit guidance published by the Chorify Commission for
England and Wales.
ACHIEVEMENTS AND PERFORMANCE
Charltable acllvltles
During the year under review the Foundation maintained its research. education, inter-faith and publishing
activities. We continued to work closely with our diverse range of volunteers. well-wshers and partners which
helped us to expand the institulion's profile and community services such as Eid festivals, Ramadan gatherings,
weekend school (Moktabl.
In 2024 the Islamic Foundation continued with its research programmes including archiving. We also began
the project to digitalise thc library. The Foundation developed and delivered youlh development retreots by
the title of Ribaat. The leadership development retreats were organised under the brand name of iLeod.
The Foundation continued to develop and publish books through Kube Publishing. They included academic.
general. clossics and children's titles.
The Foundation liaised with various charities and sponsors in relation to the distribution of our books to poor
and low-income children and families in UK and abrood.
The l%Auslim World Book Review IMWBRI published 4 issues of its 44th and 45th volume. It was also offered in the
digital format on VvWW.mwbr.org.uk.
Markfield Conference Centre continued to provide unique facilities for the communities from across UK ond
even Europe. A diverse range of community groups visited the centre for their educational, Social and cultural
activities. The Foundalion contributed to the educational and training progrommes of some of these groups.
Our mosque, a registered place of worship, holds daily congregationol prayers and is used extensively by
many visitors, especially on Fridays.
Page 2

THE ISLAMIC FOUNDATION
REPORT OF THE TRUSTEES
For The Year Ended 31 December 2024
The Islamic Foundation Library provided an effective and efficient informalion service to all ils users. These
included students of MA, MPhil ond PhD studying at the Morkfield Institute of Higher Education IMIHEI, as
well as long and short-term visiting researchers. and members of acodemic and non-academic stoff at the
Foundation. During the year, the library added over 500 new books in Arabic, English and Urdu. The subjecl
areas include the Qur'an, Seera, Islamic Banking & Finance. Interfaith studies and plurolism, Islamic Law and
Philosophy. history and culture of Muglims in Europe. particulody British Muslims. The library has also been
exploring new electronic resources.
The trustees participated and conlribuled to various academic and community organisations octively and
conducted lectures and training online. Tris included porlicipation at the Doha Conference on Interfaith
Dialogue 2024.
FINANCIAL REVIEW
Financial position
At the end ol the financial year the tolal resetves stood at £4.196,52512023'. £3,969.7751. The trustees believe
this to be a sound footing to invest in the future of the charify.
The operating turnover was £615,048 12023.. £493,693) against operoting expenditure of £626,598 12023:
£543,0621 and a gain on investment property of £238,299 {2023: £nill.
As a charity the public hos the assurance that all fund5 generated must be applied for the purposes of the
choritsls objectives and octivities. As a charity we enjoy lax exemption on our charitable activities and our
investment income and gains provided Ihese ore applied for our charitoble airns. The financial benefits we
receive from the tax exemption5 are all applied to help maintain our objective5.
ReseNes pollcy
Resepies ore maintained at a level that enabled the Charity to manage financial risk and short-term income
volatility. They allow the Charity to suslain optimol levels of expenditure. ensuring that financial commitmenls
can be met as thèy fall due. Our reseNes policy allocates money from unrestricted fund balances. which are
not invesled in fixed o55ets, held in our 60 and 120 days, reseNes accounts.
The reseNes amount was capped at £50,000 for the financial year ended 31 st December 2024 which is meant
to be used in bridging any possible deloys in receiving donations or managing payments in arrears. The period
of delay has been defined as a minimum of a three month5 bvdgeted trading activity. Thi5 poficy is however
reviewed on six months basis twice in a financial period, as circumstances evolve and chonge during the
course of the next financial year. matching changes to the onnual budget.
FUTURE PLANS
Besides the incorme trom investments, revenue from the hiring of the conference facililies, fees from
educational programmes, grants from notional and international charitable foundations remain the major
sources of our finance. The Foundation has always had a policy of building our endowmenl fund based on
property investment. It has perforrned well to dale. In the p05t Pandemic a major objective for tho future is to
use digital marketing for fundraising lo expand our donor base. This wll allow us to further expand charitable
activities such as educational programmes for the youth. mosque leodership the librory services ond the
academic activities such as research seminars, publications and joumals. We are also c105e to securing the
planning consent to modernise our conference facilities to wden the user base to professional and higher
educational octivitie5. thus. enhancing the revenue.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Goveming document
The Islamic Foundation is registered os a Choritoble Incorporated Organisation ICIOI. number 1160353, and 15
considered to have no liability to toxalion on its income.
Recruitment and appointment of new trustees
The election of the trustees is formalised in the constitution.
Poge 3

THE ISLAMIC FOUNDATION
REPORT OF THE TRUSTEES
ForThe Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Orgonisational structure
The Trustees who have ultimate responsibility for maintenance of the Islamic Foundation and its policy ond
strategic direction, have delegated the day-to-day management of the Foundation to its Director General.
who operates through Senior Execulive Committee ISECI consisting of both selected trustees and the
deportmentol and project heads.
The co-ordination of the manogement of the Islamic Foundation on behalf of the trustees is the responsibilily
of the Secretary of the Foundation.
Trie Trustees maintain contact with and participotion in the decision-making piocess of the Foundation
through the Administrative Committee which meets quarterly and its sub committees. when formed. meet as
required.
Inducllon ond tralnlng of new trustees
Trustees are appointed with no limit to their tenure ond os and when the board requires. The appoinlment of
Trustees is preceded by consullalion to ensure they are aware of the aims and objectives of the charity and
their responsibilities. They are provided regular updates on the regulations and their legal and institutional
dutiés.
Rlsk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure
appropriate controls are in place to provide reasonoble assuronce agoinst froud ond error.
Objectives and policies
The charily's octivilies expose it to o number of financial risks including credit risk. cash flow risk and liquidity
risk. The use of financial derivatives is govemed by the charitvs policies approved by the board of trustees.
which provide Vvritten principles on the usé of financial deiivatives to manage these risks. The chority does not
use derivative financiol instruments for speculotive purposes.
The charity's activities expose il primarily to the finoncial risks ol changes in foreign currency exchange rates
and interest rotes. The charity vses foreign exchange fopNard controcls and interest rale swap contracts to
hedge these exposures.
Interest beoring assets and liabilities ore held ot fixed rale to ensure certainty of cosh flows.
Credil risk
The charity's principal financial assets are bank balances and cash. trade and other receivables. and
investments.
The charity's credit risk is primarily attributable to its trode receivables. The amounts presented in the balance
sheet are net of allowances for doubtful receivables. An allowance for impairment is mode where there is on
identified loss evenl which, based on previous experience, is evidence of a reduction in the recoverobilily of
the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are
banks with high credit-rotings ossigned by international credit-rating agencies. The charity has no significont
concenlration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
To mointoin liquidity lo ensure that sufficient funds are available for ongoing operations and future
developments. the chorily uses a mixture of long-term and short-term debt finance.
Furthèr details regarding liquidity risk can be tound in the Statement of accounting policies in the financiol
statements.
Page 4

THE ISLAMIC FOUNDATION
REPORT OF THE TRUSTEES
For The Yeor Ended 31 December 2024
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees are responsible lor preparing Ihe Report of the Trustees ond the financial stotements in
accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Praclicel.
The law applicable to chorilies in England and Woles, the Charities Act 2011, Charity IAccounts and Reports)
Regulations 2008 and the provisions of Ihe trust deed requires the trustees to prepare financial statements for
each financial year which give a true ond fair view of the stole of allairs of the charity and of the incoming
resources ond application of resources, including the income and expenditure. of the chority for thot period.
In preparing those finoncial stotements. the trustees are required to
select suitable accounting policies and then apply them consistently,.
obseple the methods ond principles in the Charity SORP:
makejudgements and eslimales that ore reasonable and prudent..
stole whether applicoble occounting standards hove been followed. subject to any material departures
disclosed ond explained in the finoncial statements.,
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
chority will continue in business.
The trustees ore responsible for keeping proper accounting records which disclose with reasonable accuracy
at any time the financial position of the charity and to enable them lo ensure that the tinancial statements
comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions ol
Ihe trust deed. They are also responsible for safeguarding the assets of the chamty ond hence lor laking
reasonable steps for the prevention and delection of fraud and other irregularities.
Approved by order of the board of trustees on ..............
and signed on its beholf by:
Dr Z Parvez- Trustee
Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE ISLAMIC FOUNDATION
Oplnlon
We hove audited the financiol statement5 of The Islamic Foundolion Ilhe 'charity'l for the yeor ended
31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow
statement and notes to the financial slalements, including a summary of significant accounting policies. The
financial reporting framework that hai been applied in their preporation is applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice).
In our opinion the financial slatements:
give a Irue and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming
resources and applicotion of resources. for the year then ended.,
have been property prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements ol the Charities Act 2011.
Basi5 for opinion
We conducted our audil in accordance with Internotional Standards on Auditing IUKI IISA% IUKII and
applicoble low. Our responsibililies under those stondords ore further described in the Auditors, responsibilities
for the audit of the financial statements section of our report. We are independent ol the charity in
accordance with the ethical requirements thot are relevonl to our audit of the financiol stolements in the UK,
including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtoined is sufficient and appropriote to
provide a basi5 for our opinion.
Conclvslons relatlng lo golng concern
In audiling the financial statements. we hove concluded Ihal the trustees, use of the going concern basis of
accounling in Ihe preparotion of the financiol slatemenls is appropriote.
Based on the work we have performed, we hove not identified any material uncerlainlies relating to events or
conditions that, individually or collectively, moy cosl significant doubt on the charily's ability to continue as a
going concem for a period of at least twelve months trom when the financial statements are authorised for
issue.
Our responsibilities ond the responsibilities of the trustees with respect to going concern ore described in the
relevanl sections of this reporl.
Olher Informatlon
The trustees ore responsible for the other informolion. The other informolion comprises the informolion
included in the Annual Report, other than the financial statements and our Report of Ihe Independent
Audilors Ihereon.
Our opinion on the financiol statements does not cover the other information and, except to the extent
otheTwse explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection wlh our audit of the financial statements, our responsibility is to read the other information and.
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audil or otherwdse appears to be materially misstated. If we identify such
moteriol inconsistencies or opparent material misstotements, we are required to determine whelher Ihis gives
rise to a materiol misstatement in the financial statements themselves. If, based on the work we hove
performed, we conclude that there is a material misstatement of this other information. we are required to
report Ihot fact. We hove nothing to report in this regard.
Matters on whlch we are requlred to report by excepffon
We hove nolhing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion-
the informotion given in the Report of the Trustees is inconsistent in any material respect with the financial
5tatements'. or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and retums,. or
we have not received all the information and explanations we require for our audit.
Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE ISLAMIC FOUNDATION
Responslbllilies of trustees
explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the
preparation of the financial statements which give a true and fair view. and for such internal control as the
trustees determine is necessary to enable the preparalion of financial statements that are free from material
misstatement. whether due lo fraud or error.
In preparing the financial statements. the trustees ore responsible for assessing the charity's ability to continue
as a going concern. disclosing. as applicable. matters related to going concern ond using the going concern
basis of ac.counting unless Ihe trustees either intend to liquidate the charity or to cease operations, or have no
iealistic altemative but to do so.
Our responsibilities forthe avdit of the financiol stotements
We have been appointed as auditors under Section 144 of the Charitics Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder.
Our objeclives are to obtain reasonable assurance obout whether the financial statement5 as a whole are
free from moteriol misstatement, whether due to fraud or error, and to issue a Report ol Ihe Independent
Auditors Ihot includes our opinion. Reasonable assurance is a high level of assurance, but is not a guorantee
that an audit conducted in accordance with ISA5 IUKI will afvays detect a material misstatement when it
exisls. Misstatements can arise from fraud or error and ore considered material if, individuolly or in the
oggregate, they could reasonobly be expected to influence the economic decisions of users taken on the
basis of these financial statements. I￿egularities, including froud, are instonces ol non-complionce with laws
and regulation. We design procedures in line with our responsibilities. outlined above. to detect material
misstatements in respect of irregularities, including froud.
The extent lo which our procedures ore capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of fhe legal and regulotory fromeworks that are opplicable to the charity and
determined that the most significant frameworks which are directly relevant so specific assertions in the
finonciol statements ore those that relate to the reporling framewort IUK GAAP and the Companies Act 20061
and the relevanl tax compliance regulations in the UK.
We underslood how the charity is complying wth those framewo￿$ by making enquiries of managemenl and
those responsible for legal and compliance procedures. We corroborated our enquiries through review of
board minutes and discussions with those charged with governancc.
We assess the susceptibility of the charily's financial statements to matpriol misstotement. including how Iraud
might occur. by discussion with management from various parts of the business lo understand where they
considered there was a susceptibility to fraud. We considered the procedures and controls that the charity
has established to prevent and detect fraud. and how these are monitored by management, and also any
enhanced risk factors such as perfonmance targets.
Based on our understanding, we designed our audit procedures to identify any non-compliance wth lows and
regulations identified in the paragrophs above.
We also perfomed audit work over the risk of management override of controls. including testing of journal
enlries ond other odjustments for appropriateness. evaluating the business rationale of sigr)ificant transactions
outside the nomal course of business and reviewing occounting estimotes for bias.
A further description of our responsibilities for the audil of the financial statements is locoted on the Financial
Reporting Council's website at w¢rni.frc.org.uk/auditorsresponsibilities. This description forms part ol our Reporl
of the Independent Auditors.
Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE ISLAMIC FOUNDATION
Use o* our report
This report is mode solely to the chority's trustees, os a body, in accordance with Port 4 of the Charities
(Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charity's tnJstees those matters we ore required to stale to them in an auditors, report and for no other
purpose. To Ihe fullest extent permimed by law, we do not accept or assume responsibility to anyone other
than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we
have formed.
TC Group
31 High View Close
Hamilton Officc Pork
Leicester
Leicestershire
LE4 9LJ
Date:
Page 8

THE ISLAMIC FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
For The Year Ended 31 December 2024
2024
Total
funds
2023
Total
funds
Unrestricted
fund
Restricted
funds
Noles
INCOME AND ENDOWMENTS FROM
Donations and legocies
193.860
9,630
203.490
99,164
Charitable aclivities
Hire of Conference facilities
General costs
Maktablmadressa
96,424
5.958
18.317
96.424
5,958
18,317
130.019
4,590
14.247
Investment income
other income
189.843
101,016
189,843
101.016
206,805
38,868
Total
605.418
9,630
615,048
493,693
EXPENDITURE ON
Raising funds
33.887
33,887
25.218
Charitable aclivities
Donations
General costs
10,959
246.805
10,959
246,805
8,360
211.701
other
334.947
334.947
297.783
Total
626,598
626,598
543,062
Net gains on investments
238,299
238,299
NE[ INCOME/{EXPENDITURE}
Transfers befvieen funds
217,119
8.442
9,630
18,4421
226.749
149,3691
20
Net movemenl In funds
225.561
1,188
226,749
149.3691
RECONCILIATION OF FUNDS
Total funds brought fotward
3.922,010
47,765
3,969,775
4.019,144
TOTAL FUNDS CARRIED FORWARD
4.147,571
48,953
4,196,524
3.969,775
The notes form part of Ihese financial statements
Poge 9

THE ISLAMIC FOUNDATION
BALANCE SHEE[
31 December 2024
2024
2023
Notes
FIXED ASSETS
Tangible a55et5
Investment property
2.071.620
1,931,000
2.117.400
1.692.701
13
4,002,620
3.810,101
CURRENT ASSETS
Debtors
Cash at bank and in hand
246.540
207,693
250.943
170,379
454.233
421,322
CREDITORS
Amounls falling due within one year
15
1246,7971
1238,7481
NE[ CURRENT ASSETS
207,436
182,574
TOTAL ASSETS LESS CURRENT LIABILITtES
4,210,056
3,992.675
CREDITORS
Amounts falling due after more than one
year
113,5321
122,9001
NET ASSETS
4,196,524
3,969,775
FUNDS
Unrestricted funds
Restricted funds
20
4,147,571
48,953
3.922,010
47,765
TOTAL FUNDS
4.196,524
3.969,775
The financial statements were opproved by the Board of Trustees and authorised for issue on
. and were signed on its behalf by..
Z Parvez - Trustee
The notes form part of these financial statements
Page 10

THE ISLAMIC FOUNDATION
CASH FLOW STATEMENT
For The Year Ended 31 December 2024
2024
2023
Notes
Cash flows from operating octivilies
Cosh generated from operations
Interest paid
45,991
10,328
12921
Net cash provided by operoling activities
45,991
10.03
Cash Ilows from investing oclivities
Purchase of tangible fixed assets
Purchase of inveslment property
Interest received
19721
14.8301
136.0001
1,931
2.296
Net CQ5h provided by/{used in) investing aclivities
1.324
138,8991
Cash ffows from flnanclng activities
Loan repayments in year
110,0011
110.6341
Net cosh used in financing activities
110.0011
110.6341
Change in cash ond cash equivalents in
the reporting period
Cash ond cash equivalents at the
beglnnlng of the reportlng period
37.314
139.4971
170,379
209,876
Cash and cash equlvalents at the end of
the reporling period
207,693
170,379
Trie notes form part of these financial stotements
Pagell

THE ISIAMIC FOUNDATION
NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 December 2024
RECONCILIATION OF NET INCOME/(EXPENDITURE} TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Net income/(expenditure) for Ihe reportlng perlod (as per the
stalement of Financial Activitie5)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Interest paid
Decreasellincreasel in deblors
Increase in creditors
226,749
149,3691
46.752
1238.2991
12.2961
47.546
11,9311
292
116,7941
30,584
4,403
8,682
Net cash provlded by operattons
45,991
10.328
ANALYSIS OF CHANGES IN NEf FUNDS
Ati.1.24
Cash flow
A131.12.24
Nel cash
Cash at bank and in hand
170,379
37,314
207.693
170,379
37,314
207.693
Debt
Debls falling due wthin l year
Debls falling due after l year
110,6331
122,9001
633
9,368
11 0,0001
113,5321
133,5331
10,001
123,5321
Tolal
136,846
47,315
184,161
The notes form part of these financial statements
Page 12

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024
ACCOUNTING POLICIES
Basis of preparlng the flnanclal slatements
The financial statements af the charity. which is a public benefit entity under FRS 102, have been
prepared in accordance with Ihe Charities SORP IFRS 1021 'Accounting and Reporling by Charities..
stotemenl of Recommended Proctice opplicable to charities preparing their accounts in accordance
with the Financial Reporting Standord applicable in the UK and Republic of Ireland IFRS 1021 leffective
l January 20191,, Financial Reporting Slondord 102 'The Financial Reporting Standard applicable in the
UK and Republic of Ireland, ond the Chorities Act 2011. The financial Statements have been prepared
under the histoncal cosl convention, as modified by the revoluation of certain assets.
Going concern
The accounts have been prepared on a going concem basis. The Frustees consider that there are no
material uncertainties regarding the Charity's ability to continue as a going concern. The Truslees are of
the opinion that the Charity will hove occess to sufficient funds to enoble it operate for at leasl one
yeor from the signing ol Ihp balancp sheet.
Income
Al income is recognised in the Statenient of Financial Activities once the charity hos enlillement to the
funds. it is probable Ihot the income V%qll be received and Ihe amount can be measured reliabw.
Voluntary income including donotions, gifls. legacies and grants thal provide core funding or 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 amount can be measured with sufficient reliability.
Donotions and legacies ore recognised on o receivable basis when receipt is probable and the
amount can be reliably measured.
Income from Ihe hire of the charily's facilities is iecognised on a receivable basis
Investment income is is recognised on a receivable basis
Expendlture
Liabilities are recognised as expenditure os soon as there is a legol or constructive obligation
committing the charity to thot expenditure, it is probable that a transfer of economic benefits will be
required in settlement and the amount of the obligation can be measured reliably. Expenditure is
accounted for on an accruals basi5 and hos been classified under headings that aggregale all cost
related ta the category. Where costs cannot be directly attribuled to parlicular headings they have
been allocated to activities on o basis consistent with the use of resources.
Tanglble fixed assets
Depreciolion is provided at the following onnual rates in order to write off each asset over its estimated
useful life.
Freehold property
Fixtures and fittings
Motor vehicles
Computer equipment
2IG on reducing balance
IO% on reducing balance
25% on reducing balonce
25% on cost
Inve￿ment property
Investment property 15 shown at most recent valuation. Any oggregate surplus or deficit orising from
changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from lax on its charitable activities.
Fund accounting
Unreshicted funds can be used in accordance Mfjth the charitable objectives at the discretion of the
trustees.
Page 13
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAI STATEMENTS - contlnued
For The Year Ended 31 December 2024
ACCOUNTING POLICIES - continued
Fund accovntlng
Reslricted funds can only be used for particulor restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for porticular restricted
purposes.
Further explanotion of the noture and purpose of each fund is included in the notes lo the financiol
statements.
Penslon costs and other post-retlrement beneflts
The charity operotes a defined contribution pension scheme. Contributions payable to the charity's
pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
DONATIONS AND LEGACIES
2024
2023
Donations
Gift aid
193,377
10,113
99,164
203,490
99.164
INVESTMENT INCOME
2024
2023
Rents received
Deposit account interest
187,547
2,296
204,874
1.931
189,843
206.805
INCOME FROM CHARITABLE ACTIVITIES
2024
2023
Activity
Hire of conference facilities Hire of Conference facilities
Project funding
General costs
Maktab income
Maktab/Madres50
96.424
5.958
18,317
130.019
4.590
14,247
120,699
148,856
OTHER INCOME
2024
2023
SeNice charges receivable
Olher income
47,569
53.447
28,440
10,428
101,016
38.868
Page 14
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - contlnued
For The Year Ended 31 December 2024
RAISING FUNDS
Other trading activities
2024
2023
Bad debts
Property monagement expenses
Madressa costs
5,050
6,088
14.080
9,815
24.072
33,887
25,218
CHARITABLE ACTIVITIES COSTS
Support
costs Isee
note 81
Direct
Costs
Totals
Donations
General costs
10,959
234.305
10.959
246,805
1 ?,500
245,264
12,5CO
257,764
SUPPORT COSTS
Governance
costs
General costs
12.500
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for
the year ended 31 December 2023.
Trustees, expenses
There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended
31 December 2023.
io.
STAFF COSTS
2024
2023
Wages and salaries
Social security costs
Other pension costs
219.335
11,703
3,267
189,326
10,267
3,108
234,305
202,701
The average monthly number of employees during the year was as follows:
2024
2023
Administration and governance
other
10
Page 15
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - contlnued
For The Year Ended 31 December 2024
10.
STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
rund
Reslricted
funds
Total
funds
INCOME AND ENDOWMENTS FROM
Donation5 and legacies
95.324
3,840
99.164
Choritable activities
Hire of Conference facilities
General costs
Maktablmadressa
130,019
4,590
14,247
130.019
4.590
14,247
Investment income
otherincome
206,805
38.868
206.805
38.868
Total
489,853
3,840
493,693
EXPENDITURE ON
Raising funds
25.218
25.218
Chatiloble activitie5
Donations
General costs
8.360
8.360
211.701
?11.701
other
297.783
297,783
Total
534,702
8,360
543.062
NET INCOME/(EXPENDITURE)
Transfers between funds
144,8491
14,6141
14,5201
4,614
149,3691
Net movement in funds
149,4631
94
149,3691
RECONCILIATION OF FUNDS
Total funds brought forward
3,971.473
47,671
4.019,144
TOTAL FUNDS CARRIED FORWARD
3,922.010
47,765
3.969,775
Page16
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - conlinued
For The Year Ended 31 December 2024
12.
TANGIBLE FIXED ASSErs
Freehold
property
Office
equipment
Plant and
machinery
COST
At l Januory 2024
Additions
2.341.154
660
384
598
At 31 December 2024
2.341.154
660
982
DEPRECIATION
Al l January 2024
Charge for year
269.005
41.443
110
110
67
197
At 31 December 2024
310.448
220
264
NET BOOK VALUE
At 31 December 2024
2,030,706
440
718
At 31 December 2023
2,072.149
550
317
Fixtures
and
fittings
Motor
vehicles
Computer
equipment
Totals
COST
At l January 2024
Additions
74,245
166
249
4,069
208
2.420,761
972
At 31 December 2024
74,411
249
4,277
2.421.733
DEPRECIATION
At l January 2024
Chorge for year
33,601
4,022
189
17
389
963
303.361
46.752
At 31 December 2024
37,623
206
1,352
350,113
NEf BOOK VALUE
At 31 December 2024
36,788
43
2,925
2,071.620
At 31 December 2023
40,644
60
3.680
2.117.400
13.
INVESTMENT PROPERTY
FAIR VALUE
At l January 2024
Revoluation
1.692,701
238,299
At 31 December 2024
1 .931.000
NET BOOK VALUE
At 31 December 2024
1,931.000
At 31 December 2023
1 .692.701
Page17
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024
13.
INVESTMENT PROPERTY - continued
Investment properties were reviewed by the trustees ot the year end taking into occounl their
knowledge of local markel conditions and the condition of the properties owned by Ihe trust, In their
opinion the value shown in Ihe financiol statements represents a materially fair value.
Fair value at 31 December 2024 is represented by..
Valuation in 2024
Cost
238,299
1 ,692,701
1,931,000
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade debtors
Kube Publishing Limited
Markfield Institute of Higher Education
VAT
Prepayments and accrued income
10,049
78,483
128,030
3,759
26.219
36,868
85.640
100,919
1,431
26,085
246.540
250.943
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Bank loons and overdrafts (see note 171
Trode creditors
Taxation and social security
other creditors
10,000
26,455
3,758
206,584
10,633
19,644
3.103
205.368
246,797
238,748
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
Bank loans (see note 171
13.532
22,900
17.
LOANS
An analysis of the maturity of loans is given below..
2024
2023
Amounls falling due within one year on demand:
Bonk loon
i 0.000
10.633
Amounls folling belween one ond Iwo years:
Bonk loan
13,532
10,633
Amounts falling due between two and five years:
Bank loan
12.267
Page 18
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024
18.
SECURED DEBTS
The followng secured debts are included within creditors:
2024
2023
Bank loans
23,532
33,533
Bank loans are secured on the asset to which they relote.
19.
ANALYSIS OF NET ASSETS BEfwEEN FUNDS
2024
Total
funds
2023
Total
funds
Unrestricted
fund
Restricted
funds
Fixed ossets
Investments
Current assets
Currenl liabilities
Long term liabilities
2,071,620
1,931,000
405,280
1246,7971
113,5321
2,071 ,620
1,931 ,000
454,233
1246,7971
113,5321
2,117,400
1,692,701
421 ,322
1238,7481
122,9001
48,953
4,147,571
48,953
4,196,524
3,969.775
20.
MOVEMENT IN FUNDS
Net
movement
in funds
Tron5fer5
between
funds
At
31.12.24
Ati.1.24
Unreslrlcted funds
General fund
3,922.010
217.119
8,442
4.147.571
Restricted lunds
Scholarship
IF Kenya
46,206
1,559
46.206
2,747
9,630
18,4421
47.765
9.630
18,4421
48,953
TOTAL FUNDS
3.969.775
226.749
4,196,524
Net movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Goins and
losses
Movement
in fund5
Unresfricted funds
General fund
605.418
1626,5981
238,299
217,119
Re5fricted lunds
IF Kenya
9,630
9.630
TOTAL FUNDS
615.048
1626.5981
238,299
226,749
Pcjge 19
continued...

THE ISLAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024
20.
MOVEMENT IN FUNDS - contlnued
Comparatlves for movement In funds
Net
movement
in funds
Transfers
behmeen
fund5
At
31.12.23
Ati.1.23
Unrestrlcted funds
General fund
3,971.473
144,8491
14.6141
3.922.010
Restricted funds
Scholarship
IF Kenya
46,206
1.465
46,206
1.559
14.5201
4,614
47.671
14.5201
4,614
47,765
TOTAL FUNDS
4,019.144
149.3691
3,969,775
Comparative net movement in funds. included in the above are as follows:
Incoming
resources
Resources
expended
Movement
in funds
Unresfricted lunds
General fund
489,853
{534,7021
144,8491
Restrlcted funds
IF Kenya
3,840
{8,3601
(4,5201
TOTAL FUNDS
493,693
1543,0621
149,3691
IF Kenya
The fund provide5 educational programmes ond courses to orphans and schools in Kenya.
21.
RELATED PARTY DISCLOSURES
The Islomic Foundation IIFI has Trustees in common with the Markfield Institute of Higher Education
IMIHEI.
During the year IF also received income amounting to £36,56212023 - £37,940) from MIHE with respect
to rent and office expenses.
At the balance sheet dote the omount due from MIHE was £83.03012023 - £57,269). This is nel of a loan
repayable by IF to MIHE totalling £45,(y)O for both years.
At the balance sheet date IF was owed £78.483 by Kube Publishing Ltd. a company with personnel in
common12023- £85,640).
At the balance sheet date IF owed a trust £115,000, this being set against an inlerest in o property
owned by IF. This trust hos o trustee in common with IF12023- £115.0001.
At the yeor end fv40 trustees have an interest in a property owned by IF, this property was last valued at
£800,(K)O.
Page 20

THE ISLAMIC FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
For The Year Ended 31 December 2024
2024
2023
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift old
193,377
10,113
99.164
203.490
99.164
Inveshnent Income
Renfs received
Deposit account interest
187,547
2,296
204,874
1,931
189,843
206.805
Charitable activities
Hire of conference facilities
Maktab income
Project funding
96,424
18,317
5,958
130,019
14.247
4.590
120,699
148,856
other income
se￿iCe chorges receivable
Other income
47,569
53.447
28,440
10,428
101.016
38,868
Total Incomlng resources
615,048
493,693
EXPENDITLIRE
other trading octlvltles
Bad debts
Property managemenl expenses
Madressa costs
5.050
6,088
14,080
9,815
24,072
33,887
25.218
Charitable activities
Wages
Social security
Pensions
Donations paid
219,335
11,703
3,267
10,959
189,326
10,267
3,108
8,360
245,264
211.061
Other
Hire of equipment
Advertising and promotion
Corried fonNord
2.515
1.217
3.732
2.284
2.284
This page does not form parl of the statutory financial statements
Page 21

THE ISLAAIIC FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOT The Year Ended 31 December 2024
2024
2023
Olhèr
Brought forward
Rates and water
Insurance
Light and heat
Motor and travel expenses
Printing. postage and stationery
Telephone
IT and internet Costs
Librory costs
Repairs and maintenonce
Cleoning
Bank charges
Legal and professional
Financial operation5
Mea15 and accommodation
Entertainment
Consulting and Training
Deprec- Office equipment
Bank loan interest
3,732
33,777
12,685
71,480
768
7.104
2,713
16.182
4,443
31,262
14,192
1.572
1,600
18,550
21,961
884
45,290
46,752
2.284
35,647
7.506
87,656
530
6.027
3,363
9.692
7.882
28.862
13,421
57
3.975
18,350
21,429
224
3,040
47,546
292
334.947
297.783
Support costs
Governance costs
Auditors. remuneration
12.500
9,000
Total resources expended
626.598
543,062
Net expendlture before gains and losses
111,5501
149,3691
Reollsed recognlsed galns and losses
Realised gains/llossesl on investmenl
property
238,299
Net income/{expenditure)
226,749
149.3691
This page does not form part of the statutory financial statements
Page 22