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2023-12-31-accounts

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

Registered Company Number: 08612172 Registered Charity Number: 1162805

INTERNATIONAL WAQF FUND

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

COMPANY INFORMATION
Trustees Dr Awadh Salem Awdeh Alasaime
Haroun Atallah
Dr Alija Avdukic
Dr Aqsa Noreen Aziz (Joined 9thJuly 2023)
Magdalena Samsuddin (Joined 9thJuly 2023)
Company registration number 08612172
Charity registration number 1162805
Registered office 22 Sampson Road North
Birmingham
B11 1BL
Principal office 22 Sampson Road North
Birmingham
B11 1BL
Independent auditor Grant Thornton UK LLP
17thFloor
103 Colmore Row
Birmingham
B3 3AG
Bankers Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Solicitors Bates Wells
10 Queen Street Place
London
EC4R 1BE

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

CONTENTS

Page
Trustees' report 4 - 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Cash flow statement 13
Notes to the financial statements 14 - 19

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and the financial statements for the year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

International Waqf Fund is a company limited by guarantee by its Memorandum and Articles of Association. The company operates as a registered charity and is a subsidiary of Islamic Relief Worldwide (company number 02365572) which also operates as a registered charity. The wider Group includes TIC International Ltd and IR Mauritius. The Group is part of a wider network of affiliated but independent charitable entities around the world which share the “Islamic Relief” name.

Organisational structure

The charitable company is managed by the Board of Trustees, all of whom are Directors of the company acting in a voluntary capacity, who consider all significant matters such as strategy and major expenditure at their meetings. The Trustees are responsible for oversight of the charity delegating day-to-day operations to an Executive Director; the post was held by Mr Morshed Alam until February 2023 and by Dr.Mohammed Alsaghir subsequently.

Recruitment and appointment of Trustees

Trustees are appointed to the Board by decision from the board of Trustees of the parent Charity Islamic Relief Worldwide.

Induction and training of Trustees

Newly appointed Trustees are introduced to the operations of the Charity by staff and Trustees. They are familiarized with the Charity’s governing documents and their responsibilities as Trustees. They also benefit from a structured governance training programme developed by the Humanitarian Academy for Development (HAD).

Risks and Uncertainties

The executive management team undertakes strategic and operational reviews to evaluate performance, identify organisational risks and to develop plans to address issues identified. The BOT reviews proposed plans and once approved they are delegated to the executive team for implementation. The executive team is responsible for implementation of the plans, with the Board of Trustees monitoring progress. To underpin the process of risk management, International Waqf Fund utilises specialist Risk Management software which is overseen by the Parent Company’s Internal Audit function. The principal risks and uncertainties facing International Waqf Fund are: the risks of not being able to secure sufficient funds to meet the objectives of the organisation or to cover its operational costs and the risk of poor investment performance. The former risk has been mitigated by the formulation of a marketing plan whilst the latter has been addressed by the establishment of an Investment Committee.

Fundraising

International Waqf Fund adheres to all relevant statutory regulations including the Data Protection Act 2018 and the Charities Act 2011. It strives for best practice in fundraising by adhering to the Code of Fundraising Practice and is committed to the Fundraising Promise. The Charity’s approach mainly utilises Digital Fundraising and does not use third party organisations to fundraise on its behalf. The Charity greatly values the generosity shown by all its donors and supporters .

Objectives and activities

The purpose of the Charity is to operate under Waqf (Islamic endowment) principles, investing donors funds and utilizing the returns for the following charitable objectives –

  1. the advancement of education, by means including but not limited to:

  2. a) establishing, operating, and maintaining schools

  3. b) providing training, programmes, courses, seminars, classes, workshops, performances, scholarships, bursaries, awards, grants, books, equipment, and educational aids

  4. c) establishing, maintaining, and operating libraries

  5. d) establishing, maintaining, and operating educational training centre

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

  1. the relief and prevention of poverty, by means including, but not limited to:

  2. a) the provision of emergency assistance to assist those people affected by conflict or disaster.

  3. b) the provision of food supplies.

c) the provision of financial, technical, or other support for small business and enterprise development, which are owned by and/or primarily employ poor persons enabling them to generate a sustainable income and be self-sufficient. d) initiatives to address unemployment.

  1. the promotion and preservation of health and well-being and the prevention and treatment of disease, by means including,

but not limited to:

a) the provision of safe and accessible water supplies and improved sanitation.

b) the relief, the care and welfare of children and in particular orphan children.

  1. the advancement of sustainable development, by means including, but not limited to:

  2. a) the preservation, conversation and the protection of the environment and the prudent use of resources.

  3. b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities.

c) the promotion of sustainable means of achieving economic growth and regeneration (sustainable development meaning “development which meets the needs of the present without compromising the ability of future generations to meet their own needs”).

  1. the promotion of the third sector organisations and the efficiency and effectiveness of third sector organisations (“third sector organisations” means charities, voluntary organisations and other forms of social enterprises established for public and community benefit)

  2. the advancement of such other purposes as are exclusively charitable in England and Wales as the Trustees shall determine in their sole discretion.

Public Benefit

The Trustees approve strategic plans to deliver maximum public benefit and achieve the strategic objectives which fall under purposes defined by the Charities Act 2011. The Trustees have carefully considered the Charity Commission’s general guidance on public benefit in setting objectives and planning activities.

ACHIEVEMENTS, PERFORMANCE AND STRATEGY

Review of activities

The trustees are happy to report that during 2023 International Waqf Fund supported 12 projects. The charity also continued to sponsor Orphans in Gaza and Niger and maintained the microfinance project in Bosnia again in the year. The projects spanned in 14 countries : Afghanistan, Syria, Türkiye, Niger, Palestine, Iraq, Mali, Niger, South Sudan, Sri Lanka, Morocco Lebanon, India, Bosnia and Herzegovina.

The details of the projects are as follows –

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Remuneration Policy

Pay and remuneration of International Waqf Fund’s key management personnel is set by reference to sector benchmarks. The Charity aims to keep staff pay within the median quartile of benchmarking exercises.

Financial Review

This was the fourth year of operation of the Charity and as such the Trustees are satisfied with the financial performance of the organization. A surplus of £150,116 of Unrestricted funds was generated in the year as well as a surplus of £376,212 against Endowment Funds. The accumulated balance of the Unrestricted Fund stood at £584,102 at the year-end whilst the accumulated balance against the Endowment Fund stood at £1,700,288. The Trustees are grateful to the donors for their generosity and regularly identify suitable investment opportunities for the endowment funds.

Strategy

The Charity has a marketing strategy to maximize donations and explores investment opportunities that provide the best returns given the risk appetite of the organization.

Statement of trustees' responsibilities

The Trustees (who are also directors of International Waqf Fund 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).

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 the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to ensure that:

• that applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

• the financial statements are prepared on a going concern basis.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions that 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 in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 20[th] June 2024 and signed on their behalf by -

Haroun Atallah FRSA FCA Chair of the Board of Trustee

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

TO THE MEMBERS OF INTERNATIONAL WAQF FUND

INDEPENDENT AUDITOR'S REPORT

Opinion

We have audited the financial statements of International WAQF Fund (the ‘charitable company’) for the year ended 31 December 2023, which comprise the Statement of Financial Activities and Income & Expenditure, the Balance Sheet, the Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements section’ of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF INTERNATIONAL WAQF FUND (Continued)

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Annual Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page x, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF INTERNATIONAL WAQF FUND (Continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF INTERNATIONAL WAQF FUND (Continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jim McLarnon ACA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham

Date: 20/6/2024

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2023

Charitable Activities
Total Income
Fundraising
Expenditure
Charitable
Expenditure
Total Expenditure
Surplus on Activities
Movement of Funds
Funds Brought Forward
Surplusin Year
Funds Carried Forward		 Unrestricted
Funds
£
475,397
475,397
195,578
129,703
325,281
150,116
433,986
150,116
584,102		 Endowment
Funds
£
376,212
376,212
0
0
0
376,212
1,324,076
376,212
1,700,288		 Total 2023

£
851,610
851,610
195,578
129,703
325,281
526,328
1,758,062
526,328
2,284,390		 Total 2022
Note
£

1,028,714
3

1,028,714

222,971
4
146,263
4

369,234

659,480


1,098,582
659,480
1,758,062

The notes on pages 14 to 19 form part of these financial statements.

11

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

BALANCE SHEET
AS AT 31 DECEMBER 2023		 BALANCE SHEET
AS AT 31 DECEMBER 2023		 2022
£
3,273
1,437,066
356,437
1,793,503
(38,714)
1,754,789
1,758,062
1,758,062
433,986
1,324,076
1,758,062		 2022
£
3,273
1,437,066
356,437
1,793,503
(38,714)
1,754,789
1,758,062
1,758,062
433,986
1,324,076
1,758,062

Note
Fixed assets
Tangible assets
8
Current assets
Debtors: amounts falling due within one year
9
Cash at bank and in hand

Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestricted
Endowment		 2023

£

2,598
2,034,859
261,496
2,296,354
(14,562)
2,281,792
2,284,390
2,284,390
584,102
1,700,288
2,284,390
1,758,062
433,986
1,324,076
1,758,062

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20[th] June 2024.

Haroun Atallah FRSA FCA Chair of the Board of Trustee

The notes on pages 14 to 19 form part of these financial statements.

12

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

CASHFLOW STATEMENT FOR THE YEAR ENDED

31 DECEMBER 2023

Reconciliation of net income/ expenditure to net cash flow from

operating activities:

Net income for the reporting
period per the SOFA
Adjustments for:
Depreciation
Increase in debtors
Increase/ (Decrease) in creditors
Net cash generated by operating activities
Cash flows from investing activities:
Purchase of property, plant, and equipment
Net increase/ (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Consisting of:
Cash at bank and in hand		 2023
£
526,328
1,114
(597,793)
(24,152)
(94,502)
(439)
(94,941)
356,437
261,496
261,496		 2022
£
659,480
1,200
(564,506)
13,608
109,782
(1,162)
108,620
247,817
356,437
356,437

The notes on pages 14 to 19 form part of these financial statements.

13

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Company information

International Waqf Fund is a charitable company limited by guarantee, without share capital and governed by its Memorandum and Articles originally dated 16 July 2013 and amended by Special Resolution on 21 July 2015. Originally called Islamic Relief Waqf; the company changed its name to International Waqf Fund on 25 February 2019.

The Principal Address and Registered Office is 22 Sampson Road North, Birmingham B11 1BL.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements of the Charity, which is a public benefit entity under FRS 102, 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) (effective 1[st] January 2019) – (Charities SORP (FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland – (FRS 102) and the Charities Act 2011.

The financial statements have been prepared on a going concern basis under the historical cost convention.

2.2 Going concern

When preparing these Financial Statements, the Trustees have assessed the Company's ability to continue as a going concern. As a result of this assessment no material uncertainties have been identified by the Trustees that may cast significant doubt about the ability of the Company to continue as a going concern. The Trustees consider the fact that the Charity is a subsidiary of Islamic Relief Worldwide and can call upon the support and resources of that organization as a major factor in reaching this judgement.

2.3 Incoming resources

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and that the amount can be measured reliably.

2.4 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that 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 basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

2.5 Cash and cash equivalents

Cash at bank and cash in hand includes non-interest-bearing accounts held at call with banks, and cash in hand. Cash equivalents includes monies deposited for less than 120 days or available within a 120-day notice period, without interest penalty.

2.6 Fund accounting

Unrestricted funds: All donations are considered unrestricted unless specifically stated by the donor. Unrestricted

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

funds comprise the accumulated surplus or deficit on the statement of financial activities which are available for use at the discretion of the trustees of Islamic Relief Worldwide in furtherance of the objectives of the charity.

Endowment (Waqf) funds: These are funds that have been given to Islamic Relief Worldwide subject to the restriction that they are to be held as capital or spent on a long-term charitable asset. Waqf is employed to

generate a return while the original investment remains intact. Waqf returns are used to cater for long-term projects. Waqf is the Islamic equivalent of endowments.

2.7 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and impairment charges.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method unless otherwise stated.

Depreciation is provided on the following basis:

Computer Equipment straight line - 4 years Fixtures & fittings straight line - 4 years

2.8 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.

Debtors

Debtors are measured at the settlement amount after any trade discount offered.

Creditors and provisions

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.9 Taxation:

As a registered charity, the company is exempt from taxation of its income and gains to the extent they fall within the charity exemptions in the Corporation Taxes Act 2010 or Section 256 Taxation of Chargeable Gains Act 1992.

The company is unable to recover Value Added Taxation charged on its purchases which is included in the related expense or asset in the accounts.

2.10 Judgments in applying accounting policies and key sources for estimation of uncertainty:

Preparation of the financial statements requires management to make some judgments and estimates. The items where these judgments and estimates have been made include:

Provision for doubtful debts

Debtor balances outstanding at the year end and not received at the date of signing have been considered on a case-by-case basis regarding their recoverability.

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from charitable activities

Income from charitable activities
Donations and legacies
Parent company grant
 2023
£
451,610
400,000
851,610		 2022
£
398,714
630,000
1,028,714

4. Support costs

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include management, administration, governance, and facilities costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to costs of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources.

resources.
Fundraising
Charitable activities		 Total
Support
Costs
£
Activities
Undertaken
Directly
£
65,335
130,243
65,335
64,368
130,670
194,611		 Total
2023
£
195,578
129,703
325,281		 Total
2022
222,971
146,263
369,234

5. Governance

Auditor’s remuneration (audit)
Auditor’s remuneration (non-audit work)
Legal costs
Trustees’ expenses		 2023
£
6,000
0
84
530
6,614		 2022
£
4,840
0
300
1,890
7,030

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include professional fees and costs linked to the strategic management of the Charity.

6.

Trustees’ expenses
Meeting costs
Travel expenses		 2023
£
31
499
530		 2022
£
650
1,240
1,890

Trustees can claim expenses but are not remunerated.

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DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

7. Staff costs and emoluments

Staff costs and emoluments
Gross salaries
Employer’s National Insurance
Employer’s Pension		 2023
£
162,009
16,038
5,758
183,805		 2022
£
202,203
21,883
12,626
236,712

The average monthly number of employees during the year was 4 (2022: 4).

No member of staff earned more than £60,000 in the year (2022: Nil)

Key management remuneration amounted to £41,417 (2022: £33,534), including pension costs of £1,420 (2022: £4,227).

8. Tangible fixed assets

Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Computer
Equipment
£
10,377
-
10,377
7,296
748
8,044
2,333
3,082		 Fixtures &
Fittings
£
3,057
590
(150)
3,497
2,866
366
3,232
265
191		 Total
£
13,434
590
(150)
13,874
10,162
1,341
11,276
2,598
3,273

17

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

9. Debtors

Debtors
Owed by group undertakings
Other taxation
Prepayment and accrued income
Other debtors
 2023
£
2,000,141
2,196
8,335
24,187
2,034,859		 2022
£
1,401,980
0
8,335
26,751
1,437,066

10. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Movement in funds
Unrestricted Funds
Brought forward
Incoming resources
Resources expended
Balance carried forward
Endowment Funds
Brought forward
Incoming resources
Resources expended
Balance carried forward		 2023
£
1,238
4,304
4,180
4,840

14,562
2023
£
433,986
475,397
325,281
584,102
2023
£
1,324,076
376,212
0
1,700,288		 2022
£
21,062
3,397
9,415
4,840
38,714
2022
£
146,805
656,415
369,234
433,986
2022
£
951,777
372,299
0
1,324,076

11. Movement in funds

18

DocuSign Envelope ID: DDBF300C-20A0-4D31-AAD4-A4AF3D1F2E09

Commercial in Confidence

INTERNATIONAL WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

12. Analysis of assets and liabilities representing funds

Fixed assets
Current assets
Creditors due within one year		 Unrestricted
2023
£
2,598
596,066
(14,562)
584,102		 Endowment
2023
£
0
1,700,288
0
1,700,288		 Total
2023
£
2,598
2,296,354
(14,562)
2,284,390		 Total
2022
£
3,273
1,793,503
(38,714)
1,758,062

13. Financial Instruments

Financial assets measured at amortised cost

2023
£
Debtors
2,034,858
Cash
261,496
2,296,354
Financial liabilities measured at amortised cost
2023
£
Creditors
5,419
Accruals
4,840
10,259		 2022
£
1,437,066
356,437
1,793,503
2022
£
30,477
4,840
35,317

14. Controlling party

The ultimate parent company is Islamic Relief Worldwide, a charitable company registered in England and Wales, which is based at 19 Rea Street South, Birmingham, B5 6LB.

Islamic Relief Worldwide has the right to appoint and remove the trustees of International Waqf Fund.

Consolidated financial statements can be obtained from the Islamic Relief Worldwide website. www.Islamic-relief.com.

15. Related Parties

In 2023 a grant of £400,000 (2022: £630,000) was made to International Waqf fund. As at the end of December 2023, the debtor/creditor relationship between Islamic Relief Worldwide and International Waqf Fund stands at £2,000,141. (2022: £1,241,424)

19