REGISTERED COMPANY NUMBER: 09344898 (England and Wales) REGISTERED CHARITY NUMBER: 1160897
Strategic Report, Trustees' Report and Unaudited Financial Statements for the Year Ended 31st March 2024
for
Fahmaz Trust
Fahmaz Trust
Contents of the Financial Statements for the Year Ended 31st March 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Strategic Report | 2 |
| Trustees' Report | 3 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 15 |
| Detailed Statement of Financial Activities | 16 |
Fahmaz Trust
Reference and Administrative Details for the Year Ended 31st March 2024
TRUSTEES
TRUSTEES Mr M H G Daya Mr H M G Daya Mr A H G Daya Sheikh N Mohammed REGISTERED OFFICE 38 Station Road North Harrow Harrow HA2 7SE REGISTERED COMPANY 09344898 (England and Wales) NUMBER REGISTERED CHARITY 1160897 NUMBER INDEPENDENT EXAMINER Smartax Limited 38 Station Road North Harrow Harrow Middlesex HA2 7SE
Page 1
Fahmaz Trust
Strategic Report
for the Year Ended 31st March 2024
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2024, in compliance with s414C of the Companies Act 2006.
Financial review
The trustees have agreed that the charity continues to require a strong level of reserves in order to meet its objectives of investing in revenue generating assets.
In order to keep expenditure to bare minimum, the directors haven't hired any external personnel. All the essential administrative work is handled by the Trustees.
The trustees have assessed the major risks to which the organisation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The overall risk is deemed moderate.
Principal funding sources
The charity currently has a very small donor base and the funding stream is limited.
The main donor has been the trustees and Shield Foods UK Ltd and this will continue to be so in the near future.
Plans for future periods
The Trustees consider they need time to gather a reasonable amount of funding to enable investments in high yielding assets. The income of these assets will then be used to fund various small charitable projects at domestic and international stages.
Approved by order of the board of trustees on 24th January 2025 and signed on its behalf by:
Mr M H G Daya - Trustee
Page 2
Fahmaz Trust
Trustees' Report for the Year Ended 31st March 2024
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.
OBJECTIVES AND ACTIVITIES
Objects and aims
The charity's objects are to support exclusively charitable purposes as the trustees think fit, mainly but not exclusively - the prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient,
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the relief of need in individuals arising from their youth, age, gender, infirmity or disability, financial hardship or social circumstances,
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the treatment and care of persons suffering from mental or physical illness of any description or in need or rehabilitation as a result of such illness,
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the relief of need and suffering among victims or natural or other kinds of disaster.
The charity is continuing to support projects both at international and at domestic level and in many different areas.
The charity's aim is to continue providing financial assistance as per the Memorandum and Articles.
ACHIEVEMENTS AND PERFORMANCE Charitable activities
During the year, the charity continued to carry out its charitable objectives by making various grants to individuals and institutions in carrying out its humanitarian activities.
PUBLIC BENEFIT
Activities undertaken to further public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
TRUSTEES AND OFFICERS
The trustees and officers serving during the year and since the year end were as follows: Trustees:
Mr H M G Daya Mrs A Daya Mr M H G Daya Sheikh N Mohammed
Chairman: Mr H M G Daya
Page 3
Fahmaz Trust
Trustees' Report
for the Year Ended 31st March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Nature of governing document
The charity is a company limited by guarantee and registered as a charity with Registered Charity No 1160897. The company was established under the Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and appointment of trustees
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mrs A H Daya
Mr H Daya Mr M H Daya Sheikh N Mohammed
The trustees are selected for their understanding and sympathy with the aims and objectives of the charity, combined with a willingness to offer time and expertise to support these.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees meet a number of times a year to agree strategic direction and policy of the charity. The day-to-day responsibility of running the charity rest with all the directors.
They are responsible to ensure that the charity delivers its specified services. They are also responsible for developing skills and applying best practice.
The directors do not recommend payment of a final dividend.
Page 4
Fahmaz Trust
Trustees' Report for the Year Ended 31st March 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Fahmaz Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the board of trustees on 24th January 2025 and signed on its behalf by:
Mr M H G Daya - Trustee
Page 5
Independent Examiner's Report to the Trustees of Fahmaz Trust
Independent examiner's report to the trustees of Fahmaz Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sajjad Rajan CTA FCCA ACA
Smartax Limited 38 Station Road North Harrow Harrow Middlesex HA2 7SE
24th January 2025
Page 6
Fahmaz Trust
Statement of Financial Activities for the Year Ended 31st March 2024
| 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 24,000 Investment income 4 2,337 Total 26,337 EXPENDITURE ON Charitable activities 5 Humanitarian Activities 83,011 Other - Total 83,011 NET INCOME/(EXPENDITURE) (56,674) RECONCILIATION OF FUNDS Total funds brought forward 220,704 TOTAL FUNDS CARRIED FORWARD 164,030 |
31.3.23 Total funds £ - - - 40,050 900 40,950 (40,950) 261,654 220,704 |
|---|---|
The notes form part of these financial statements
Page 7
Fahmaz Trust
Balance Sheet 31st March 2024
| 31.3.24 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 168,482 CREDITORS Amounts falling due within one year 10 (4,452) NET CURRENT ASSETS 164,030 TOTAL ASSETS LESS CURRENT LIABILITIES 164,030 NET ASSETS 164,030 FUNDS 11 Unrestricted funds 164,030 TOTAL FUNDS 164,030 |
31.3.23 Total funds £ 225,966 (5,262) 220,704 220,704 220,704 220,704 220,704 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 24th January 2025 and were signed on its behalf by:
Mr M H G Daya - Trustee
The notes form part of these financial statements
Page 8
Fahmaz Trust
Notes to the Financial Statements for the Year Ended 31st March 2024
1. CHARITY STATUS
The charity is limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 38 Station Road North Harrow Harrow HA2 7SE
The principal place of business is: Unit 4 Chancerygate Business Centre Stonefield Way Ruislip HA4 0JA
These financial statements were authorised for issue by the trustees on 24 January 2025.
2. ACCOUNTING POLICIES
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Summary of significant accounting policies and key accounting estimates.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Fahmaz Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that 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.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
continued...
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Fahmaz Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
2. ACCOUNTING POLICIES - continued
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured charity; this is normally upon notification of the interest paid or payable by the bank
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Expenditure is recognised on an accruals basis. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant expenditure
Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Where a grant has been made for the benefit of an individual, or a group of individuals, through the means of an institution, this is recorded as a grant to the institution.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions such as governance cost, finance and information technology incurred directly in support of expenditure on the objects of the charity. They have been allocated to activity cost categories on a basis consistent with the use of resources, for example based on the total direct costs of each activity type.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
continued...
Page 10
Fahmaz Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
2. ACCOUNTING POLICIES - continued
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the statement of financial activities in the period in which they arise.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | |||
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Donations | 24,000 | - |
continued...
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Fahmaz Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
4. INVESTMENT INCOME
| 4. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Interest on investments | **2,337 ** | - | ||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 6) | note 7) | Totals | ||
| £ | £ | £ | ||
| Humanitarian Activities | 82,000 | 1,011 | 83,011 | |
| All of the above and prior year expenditure relates to unrestricted funds. | ||||
| 6. | GRANTS PAYABLE | |||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Humanitarian Activities | 82,000 | 40,050 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Orison Charitable Trust | 46,000 | 37,550 | ||
| Compassion for humanity | 1,500 | - | ||
| SnehaSadan | 5,500 | - | ||
| The Zahra Trust | - | 2,500 | ||
| 53,000 | 40,050 | |||
| The total grants paid to individuals during the year was as follows: | ||||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Humanitarian Activities | 29,000 | - |
continued...
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Fahmaz Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Humanitarian Activities | 21 | 990 | 1,011 | |
| Support costs, included in the above, are as follows: | ||||
| 31.3.24 | 31.3.23 | |||
| Humanitarian | Total | |||
| Activities | activities | |||
| £ | £ | |||
| Bank charges | 21 | - | ||
| Accountancy fees | 990 | 900 | ||
| 1,011 | 900 | |||
| TRUSTEES' REMUNERATION AND BENEFITS | ||||
| There were no trustees' remuneration or other benefits for the year ended 31st | March | 2024 nor | for the year | |
| ended 31st March 2023. | ||||
| Trustees' expenses | ||||
| There were no trustees' expenses paid for the year | ended 31st March 2024 nor for the | year ended | ||
| 31st March 2023. | ||||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Humanitarian Activities | 40,050 | |||
| Other | 900 | |||
| Total | 40,950 | |||
| NET INCOME/(EXPENDITURE) | (40,950) | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 261,654 | |||
| TOTAL FUNDS CARRIED FORWARD | 220,704 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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Fahmaz Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2024
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income 11. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 220,704 TOTAL FUNDS 220,704 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 26,337 TOTAL FUNDS 26,337 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 261,654 TOTAL FUNDS 261,654 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund - TOTAL FUNDS - |
31.3.24 31.3.23 £ £ 3,462 4,362 990 900 4,452 5,262 Net movement At in funds 31.3.24 £ £ (56,674) 164,030 (56,674) 164,030 Resources Movement expended in funds £ £ (83,011) (56,674) (83,011) (56,674) Net movement At in funds 31.3.23 £ £ (40,950) 220,704 (40,950) 220,704 Resources Movement expended in funds £ £ (40,950) (40,950) (40,950) (40,950) |
|---|---|
continued...
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Fahmaz Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds |
31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 261,654 | (97,624) | 164,030 |
| TOTAL FUNDS | 261,654 | (97,624) | 164,030 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above ar | |||
| as follows: | |||
| Incoming | Resources |
Movement | |
| resources | expended |
in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 26,337 | (123,961) | (97,624) |
| TOTAL FUNDS | 26,337 | (123,961) | (97,624) |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
12. RELATED PARTY DISCLOSURES
During the year, donations received from Mr H and Mrs A Daya, who are trustees, amounted to £24,000 (2023: £NIL).
13. COMPANY LIMITED BY GUARANTEE
The liability of each member is limited to £1 by guarantee.
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Fahmaz Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2024
| Detailed Statement of Financial Activities for the Year Ended 31st March 2024 |
|||
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 24,000 | - | |
| Investment income | |||
| Interest on investments | **2,337 ** | - | |
| Total incoming resources | 26,337 | - | |
| EXPENDITURE | |||
| Charitable activities | |||
| Grants to institutions | 53,000 | 40,050 | |
| Grants to individuals | 29,000 | - | |
| 82,000 | 40,050 | ||
| Support costs | |||
| Finance | |||
| Bank charges | 21 | - | |
| Governance costs | |||
| Accountancy fees | 990 | 900 | |
| Total resources expended | 83,011 | 40,950 | |
| Net expenditure | (56,674) | (40,950) |
This page does not form part of the statutory financial statements
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