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2020-12-31-accounts

' ,AL-AYN SOCIAL CARE FOUNDATION CHARITABLE INCORPORATED ORGANISATION pr• TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Registered Charity No: 1163706

AL-AYN SOCIAL CARE FOUNDATION

YEAR ENDED 31 DECEMBER 2020

CONTENTS Page
Reference and administrative information 1
Trustees’ report 2
Independent auditors report 9
Consolidated statement of financial activities 12
Consolidated balance sheet 13
Parent balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16

The photo on the cover page is of Fidha (aged 8), a child supported by Al-Ayn Social Care Foundation (Iraq).

AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINSITRATIVE INFORMATION

Trustees Mrs Aliya Azam
Dr Ahmed Alkhaja
Mrs Rabab Kleit
Mr Mohamad Baqer Al-Yassin
Mr Mustafa Mohamed
Acting Director (unpaid) Dr Ahmed Alkhaja
Charity Registration Number 1163706
Principal Address and Registered Office Unit 5, Watling Gate
297 – 303 Edgware Road
Colindale
London
NW9 6NB
Independent Auditor Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Barclays
75 King Street
Hammersmith
London
W6 9HY
Solicitor Bates Wells & Braithwaite London LLP
10 Queen Street Place
London
EC4R 1BE

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report, together with the audited financial statements of Al-Ayn Social Care Foundation (the Charity) for the period ended 31 December 2020. The Trustees confirm that the report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP 2015) ‘Accounting and Reporting by Charities’ Second Edition applicable for accounting periods commencing on and after 1 January 2020.

Al-Ayn Social Care Foundation is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission of England & Wales on 23 September 2015.

These financial statements cover the period from 1 January 2020 to 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The CIO was registered on 23 September 2015 and its governing document was amended on 9 May 2017.

Organisational structure

The Charity has a board of five trustees (the Trustees), who meet formally on a regular basis to determine and review implementation of the Charity’s strategy, identify and manage risks and administer the affairs of the Charity. The Trustees are drawn from persons of suitable experience, professional qualification or business acumen who are deemed suitable to administer the assets and the running of the Charity and are appointed by the sole member. The management of the Charity is the responsibility of the Trustees who are appointed under the terms of the constitution, with some management responsibilities delegated to the Charity’s staff. They receive no remuneration or financial benefit for their role as Trustees, except as may be permitted by the Charity’s constitution. The Trustees will regularly review their training needs and if necessary obtain training for the Trustees where appropriate. Any new trustees would undergo an induction process which would include obtaining a copy of the Charity’s constitution and minutes of meetings, declaring conflicts of interest, and attending meetings with the acting director and senior staff to be updated on the affairs of the Charity.

Al-Ayn Social Care gGmbH is a wholly owned subsidiary of the Charity and is managed by a director with the support of members of staff and volunteers. The Trustees are updated regularly on the performance of Al-Ayn Social Care gGmbH.

Al-Ayn Social Care Foundation (Iraq), a charitable organisation incorporated under the laws of Iraq and registered with the certificate number IZ 71970 is the sole member of the Charity. The relationship between the Charity and Al-Ayn Social Care Foundation (Iraq) is governed in accordance with the terms of a cooperation agreement between the parties.

Pay and Remuneration

The Trustees review the pay and remuneration of staff on a regular basis, to ensure internal consistency and that pay is competitive within the sector. Banding of pay is reviewed on an annual basis.

Risk management

The Trustees regularly review the major business and operational risks which the Charity faces, including risks associated with the diversity of its income and application of expenditure in Iraq. They have agreed and implemented policies and systems to ensure appropriate steps are taken to safeguard the Charity’s assets, including by ensuring appropriate due diligence, monitoring and reporting is carried out on grant recipients and beneficiaries, and that grant agreements are entered into in accordance with the Charity Commission and HMRC guidance on overseas donations. Regular reports are produced for the Trustees to identify and, if necessary, manage business and operational risks. The Trustees regularly review the Charity’s policies and systems and are satisfied with the policies and controls in place to manage the risks identified.

Objects

The objects of the CIO for the public benefit are:

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Grant making policies

The Charity continues to make international grants in accordance with its “International Grants Policy”. The procedure for international grants includes identifying potential recipients, carrying out appropriate due diligence checks and risk assessments, and then entering a grant agreement with the recipient. To help the Charity assess and manage the risks of overseas grants, the Trustees require recipients to provide a monitoring report using an agreed template, as set out in the grant agreements.

The Charity makes grants primarily to Al-Ayn Social Care Foundation (Iraq), subject to the discretion of the Trustees. The Trustees closely monitor all grants made, review the supporting documentation and undertake random inspection of the various projects that are supported by the grants.

The grants are typically disbursed in instalments to ensure that agreed timings and results are being met and managed, and to enable monitoring and evaluation of progress. The nature of these activities will depend on the size and complexity of the grant and the perceived level of risk.

The Trustees have considered the Charity Commission guidance on working internationally and HMRC guidance on overseas payments and have put in place appropriate and robust arm’s length grant agreements.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves policy

The Trustees are of the view that holding substantial reserves is unnecessary, as it would tie up funds which could and should be spent on charitable activities. All income received is spent on charitable activities in the form of grants, and all administrative costs are covered by Al-Ayn Social Care Foundation (Iraq). However, the Trustees have set aside £60,000 for administrative costs, which would be sufficient to sustain the Charity’s activities for three months during an orderly wind down, should that be required.

The Trustees are committed to regularly reviewing the Charity’s reserves policy, to ensure that the appropriate levels of reserves are maintained. The Trustees are committed to generating sufficient reserves to support current organisational activities to meet the following requirements:

Principal funding

Funding for the activities of the Charity has been derived solely from the kind donors and supporters of the Charity, with the administrative overheads donated by Al-Ayn Social Care Foundation (Iraq).

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Investment powers and policy

The Trustees have the powers to make investments on behalf of the Charity as they deem fit, taking account of standard investment criteria. At the moment, the Charity’s risk profile indicates that investments should be held in low risk assets. Consequently, all investments at the moment are currently held in bank account balances.

Related parties

Al-Ayn Social Care Foundation (Iraq), a charitable organisation incorporated under the laws of Iraq and registered with the certificate number IZ 71970, is the sole member of the Charity. The relationship between the Charity and Al-Ayn Social Care Foundation (Iraq) is governed in accordance with a cooperation agreement between the parties.

Ahmed Alkhaja is a director of Al Ayn Social Care Foundation (Australia). The Charity received donations totalling £685k during the year from Al Ayn Social Care Foundation (Australia). The relationship between the Charity and Al-Ayn Social Care Foundation (Australia) is governed in accordance with a grant agreement between the parties.

The Charity is the sole shareholder of Al-Ayn Social Care gGmbH, a German not-for-profit limited liability company registered in the commercial register of the local court of Berlin Charlottenburg under registration number HRB 174865 B. Further details are set out in note 7 to the accounts.

The Trustees and staff are also related parties. The Trustees are not aware of the existence of any other related parties. Please note that details of any related party transactions are set out in note 12 to the accounts.

ACHIEVEMENT AND PERFORMANCE

The Trustees consider that the performance of the Charity in this financial period has been good, taking into account the following measures:

The Charity began the period with steady growth building upon similar performance from previous years. As a result of the considerable changes brought about by the pandemic, it faced new challenges and opportunities. Due to the overwhelming dedication of staff, volunteers and supporters, the Charity has been able to not only maintain, but also expand its support to its beneficiaries and beyond. A significant contributing factor to the Charity’s ability to provide this support is the unmatched presence on the ground of Al-Ayn Social Care Foundation (Iraq) across provinces and spanning to remote villages in Iraq. Changes were implemented at the beginning of the crisis to allow distribution of aid to continue, taking into account strict health and safety considerations. COVID-19 relief efforts took priority with the largest food aid initiative in Iraq, to ensure urgent aid was delivered to those in need. A medical relief campaign also provided critical medical equipment at the height of the crisis. Whilst some events and services were paused, the core work of the Charity in relation to its sponsorship programme continued throughout despite the restrictions on travel whilst taking into account new processes and procedures for aid workers and beneficiaries.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE (continued)

To enable it to carry out its objects, the Charity shifted its focus to raising awareness about the plight of orphaned children in poverty to digital channels. Annual plans covering the main operational areas of the Charity were adjusted, as were event plans. Whilst a significant proportion of the plans were implemented remotely, at the beginning of the crisis, a few events were postponed. Additional events and services were provided including expanding the collections and drop-off services for charity (Sadaqa) boxes.

The Charity carried out the following main activities for the period ended 31 December 2020 in furtherance of its charitable activities for public benefit.

(1) Supporting orphaned children

The Charity’s principal activity continues to be the provision of monthly financial allowances for orphaned children in Iraq, through grants made to Al-Ayn Social Care Foundation (Iraq). This is funded through donations, religious dues such as Khoms and Sadaqa, and the Charity’s “Orphaned Child Sponsorship Programme”.

A substantial proportion of Sadaqa donations received by the Charity comes from its Sadaqa Boxes. The Charity’s supporters became more accustomed to requesting Sadaqa Boxes for their homes online and then replacing them periodically. In this accounting period, thousands of Sadaqa Boxes were distributed and collected throughout the United Kingdom, through postal services and at designated drop-off locations including the charity’s offices. The Al-Ayn App grew in popularity in this period, allowing the Charity’s supporters to give Sadaqa donations and other forms of donations conveniently, with just a few taps.

The “Orphaned Child Sponsorship Programme” provides the Charity’s supporters with the opportunity to financially support a particular orphaned child on a monthly basis. It is a distinctively comprehensive care package. Alongside the financial aid distributed, orphaned children and widowed mothers are provided access to free medical, psychological, educational, housing, in-kind and other forms of support. Supporters are given the ability to support any of these areas and guarantees are in place to ensure restricted funds for each area reach the beneficiaries in the intended form.

(2) Providing food aid

During a crisis like the COVID-19 pandemic, food aid was essential to those in poverty experiencing lockdown without access to any other help. Over 140,000 food parcels were provided across Iraq within weeks. Dedicated aid workers following strict COVID-19 safety protocols not only provided aid to every orphaned child registered and their families, but also served other families living in poverty. This provision of urgent relief was a lifeline for many. It continued throughout lockdown and the Charity’s supporters were provided with the opportunity to fund these food aid packages.

(3) Providing toys to orphaned children

The Charity’s initiative to collect and send good condition and new toys to Iraq has resulted in multiple shipments of toys being sent to beneficiaries throughout Iraq. During this period, there was a further toys shipment to Iraq.

Toys contribute towards a unique experience for orphaned children who choose the toy of their liking from one of the popup ‘toy shops’ set up in Al-Ayn Social Care Foundation (Iraq)’s various offices.

Our “Let them Play” campaign allows the Charity to build connections with young supporters. Once they donate their toys, they often contribute to sorting, packing and labelling the toys. However, during this period, in person volunteering was reduced significantly and the charity’s supporters were informed that alternative ways of supporting children would be prioritised.

(4) Supporting continual charity (Sadaqa Jariya) projects

The Charity has continued to fund Sadaqa Jariya projects throughout Iraq that are being implemented on the ground by AlAyn Social Care Foundation (Iraq). Supporters were offered a number of projects that they were invited to support. These

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE (continued)

included a housing complex and a number of vocational training and psychological rehabilitation centres, which are being built in various provinces in Iraq. The various projects aim to meet the needs of orphaned children, in particular those who have been unable to continue to further education or are in need of adequate housing or other support in order to achieve their full potential. During the period, two new Luminous Stars Centres were opened and nine further centres were at various stages of construction. Though there were delays due to the pandemic, progress was made in the later months of the period.

Charitable activities and fundraising

During this period, the Charity organised a number of events. Whilst a few took place in person at the beginning of the period, the rest were held remotely as a result of the pandemic. The remote events allowed the Charity to reach even more people and as a result, many more events were held in this period than any other previous period. These included:

These activities supported the Charity in raising awareness about its cause and fundraising for the Charity’s campaigns.

Volunteers

During the period, the role of volunteers evolved significantly. Whilst in previous periods, the Charity relied heavily on office volunteers to help with various aspects of the work, many new volunteers supported the work of the charity remotely. Administrative, creative and technical support was instrumental to the Charity’s ability to shift its operations to match the unfolding need.

Al-Ayn Social Care gGmbH was supported by more than 30 volunteer coordinators in 9 different cities in Germany, who promoted the charitable activities of the Charity through seminars, stalls, events, and meetings with local non-profit organisations.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

The Charity has increased its reach during this period and built its donor base through its various publicity avenues. Presence at a larger number of events and stalls, development of its social media strategy, and street and TV advertising campaigns have all contributed to this. With the support of its Trustees, staff, coordinators and all other volunteers, the Charity has been able to respond to the increased demand from donors, and the resulting administrative and logistical workload. The Charity continues to have no borrowings and has achieved a good outcome for the period, with the necessary resources moving forward to continue to expand its activities.

As a result, income for the period was £14.6m arising largely from donations. Of this, £1.1m was received by Al-Ayn Social Care gGmbH, also largely from donations. There were currency exchange gains of £61,204, on funds held in the Charity’s US dollar account, due to the weakening of the pound over the reporting period.

Expenditure was £14.6m of which £12.8m were grants made to Al-Ayn Social Care Foundation (Iraq), and £695,000 was for the purchase of the Charity’s premises, funded by a grant from Al-Ayn Social Care Foundation (Iraq) for this purpose. The premises has been capitalised on the Charity’s balance sheet.

Total funds carried forward at the end of the year were £1,126,463, of which £737,000 were in fixed assets, and the remaining arose primarily due to Gift Aid which was allocated to charitable activities after the end of the reporting period.

The Trustees are satisfied that all funds received have been applied in an effective manner.

PLANS FOR FUTURE PERIODS

Al-Ayn will continue with its core activities of supporting orphaned children in Iraq, whilst expanding its operation to other countries. The main objectives for the next financial year include:

  1. reaching out to wider audiences, to raise awareness about the plight of orphaned children and the Charity’s work to support them;

  2. raising funds to support the work of the Charity in empowering orphaned children;

  3. diversifying the sources of funding coming into the Charity, and

  4. engaging supporters with the Charity’s work and providing services for them.

The Charity also aims to provide additional training and development for staff and volunteers through workshops and consultancy services. The Charity also aims to distribute and collect a significantly larger number of Sadaqa Boxes throughout the UK.

The Trustees are committed to continuing to monitor the application of funds for all campaigns to ensure they remain effective and targeted. The Charity also plans to expand its team further and update its processes to match new regulations as well as the increase in support for its work.

EVENTS SINCE THE END OF THE PERIOD

There are no events to report since the end of the period.

FUNDRAISING STATEMENT

The Charity continues to work towards diversifying its fundraising activities to enable it to raise vital funds that will create better outcomes for more orphaned children in poverty. The Trustees and broader team are committed to building trust with supporters, and in 2020 the Charity continued to build upon its internal guidance and individual agreements with each additional member of the team which stipulated the roles, procedures and expectations relating to all aspects of work, including fundraising. During this period, more feedback opportunities were provided for staff, coordinators, volunteers and supporters through frequent surveys and private feedback meetings. The Trustees also recognise the need to monitor the wider team, providing them with regular training and shadowing if needed.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

FUNDRAISING STATEMENT (continued)

The Trustees are committed to protecting vulnerable adults and children during fundraising activities, through appropriate policies and procedures. The Charity’s Safeguarding Policy and Vulnerable Persons Policy details this commitment and the Trustees regularly review the Charity’s policies and procedures in line with performance.

Alongside this, the Charity’s commitment to adhering to stringent procedures relating to all aspects of its work and in line with the Code of Fundraising Practice has meant that the Charity has received zero complaints (2019: zero) about activities for the purposes of fundraising during the reporting period.

PUBLIC BENEFIT STATEMENT

In deciding the Charity's objectives and planning its activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on the prevention or relief of poverty and its supplementary public benefit guidance on the advancement of health or the saving of lives in accordance with the requirement of section 17(5) of the Charities Act 2011. The Trustees always ensure that the Charity’s activities are undertaken in line with its charitable objects and aims.

Further details on the activities carried out in the reporting period to deliver public benefit are outlined above.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees 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).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with charity law. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROVISION OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

This report was approved by the Trustees on the 20[th] of October 2021 and signed on their behalf by:

………………………………………. Aliya Azam Chairperson of Board of Trustees

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of Al-Ayn Social Care Foundation for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 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 charity 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

In auditing the financial statements, we have concluded that the trustee’s 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

In connection with 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In 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 Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

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 for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, 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.

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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006 and payroll taxes.

We evaluated management’s opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the recognition of income and expenditure at the year-end. Audit procedures performed by the engagement team included:

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.

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

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.

Murtaza Jessa For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place Statutory Auditors London EC4R 1AG

Date: 20 October 2021

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AL-AYN SOCIAL CARE FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME AND EXPENDITURE Unrestricted Restricted Total Total
funds funds 2020 2019
Notes £ £ £ £
Income and endowments from:
Donations and legacies 2 9,610,434 4,943,937 14,554,371 18,664,945
--------------------- ----------------- --------------------- ---------------------
Total Income 9,610,434 4,943,937 14,554,371 18,664,945
--------------------- ----------------- --------------------- -------------------
Expenditure on: 3
Raising funds 18,752 - 18,752 20,475
Charitable activities 9,743,953 4,251,254 13,995,207 18,314,743
Other -Forex (gains)/losses (61,204) - (61,204) 101,052
-------------------- ------------------ --------------------- ---------------------
Total Expenditure 9,701,501 4,251,254 13,952,755 18,436,270
--------------------- ------------------- --------------------- ---------------------
Net movement in funds (91,067) 692,683 601,616 228,675
Total funds brought forward 505,725 - 505,725 227,050
----------------- ----------------- ------------------- -------------------
Total funds carried forward 414,658 692,683 1,107,341 505,725
======== ======== ========= ========

All recognised gains and losses are included in the Statement of Financial Activities.

All the Charity’s activities are classified as continuing.

The accompanying notes form an integral part of these financial statements.

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AL-AYN SOCIAL CARE FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 6 736,909 31,779
Current Assets
Debtors 8 1,532,215 956,546
Cash at bank and in hand 933,179 1,153,623
--------------------- ---------------------
2,465,394 2,110,169
Creditors:amounts falling due
within one year 9 (2,094,962) (1,636,223)
--------------------- ---------------------
Net Current Assets 370,432 473,946
--------------------- ---------------------
Net Assets 1,107,341 505,725
========== ==========
Represented by::
Unrestricted funds 414,658 505,725
Restricted funds 692,683 -
--------------------- ---------------------
TOTAL FUNDS 1,107,341 505,725
========== ===========

The financial statements were approved by the board and authorised for issue on the 20[th] of October 2021 and signed on its behalf by:

……………………………….

Aliya Azam

Chairperson of Board of Trustees

The accompanying notes form an integral part of these financial statements.

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AL-AYN SOCIAL CARE FOUNDATION

BALANCE SHEET-CHARITY

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 6 731,725 25,783
Investment in subsidiary 7 21,988 21,988
--------------------- ---------------------
753,713 47,771
Current Assets
Debtors 8 1,429,149 718,424
Cash at bank and in hand 873,954 912,760
--------------------- ---------------------
2,303,103 1,631,184
Creditors:amounts falling due
within one year 9 (1,928,037) (1,148,822)
--------------------- ---------------------
Net Current Assets 375,066 482,362
--------------------- ---------------------
Net Assets 1,128,779 530,133
========== ==========
Represented by:
Unrestricted funds 436,096 530,133
Restricted funds 692,683 -
--------------------- ---------------------
TOTAL FUNDS 1,128,779 530,133
========== ===========

A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented. Total net income and movement in reserves of the parent charity was £598,646.

The financial statements were approved by the board and authorised for issue on the 20[th] of October 2021 and signed on its behalf by:

……………………………….

Aliya Azam Chairman of Board of Trustees

The accompanying notes form an integral part of these financial statements.

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AL-AYN SOCIAL CARE FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £
---------------------- ----------------------
Cash provided by operating activities (a) 454,576 143,560
========== ==========
Cash flows from investing activities
Purchase of tangible fixed assets (736,224) (17,025)
---------------------- ----------------------
Cash provided by (used in) investing activities (736,224) (17,025)
Increase (decrease) in cash and cash equivalents in the period (281,648) 126,535
Cash and cash equivalents at the beginning of the period 1,153,623 1,128,140
Change in cash due to ex rate movements 61,204 (101,052)
---------------------- ----------------------
Total cash and cash equivalents at period end 933,179 1,153,623
========== ==========
Analysis of Cash and Cash Equivalents
2020 2019
£ £
Cash in hand 933,179 1,153,623
---------------------- ----------------------
933,179 1,153,623
========== ==========
) Reconciliation of net movement in funds to net cash inflow from Operating Activities
2020
2019
£
£
Net movement in funds 601,616
228,675
Adjustments for:
Add back depreciation charge 31,094
12,862
Decrease (increase) in debtors (575,669)
(397,605)
Increase (decrease) in creditors 458,739
198,576
Foreign exchange (gains)/losses (61,204)
101,052
---------------------
---------------------
Net cash provided by operating activities 454,576
143,560
==========
==========

(a) Reconciliation of net movement in funds to net cash inflow from Operating Activities

P a g e | 15

AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1. Basis of accounting

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Al-Ayn Social Care Foundation 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 note(s).

No restatement has been required in making the transition to FRS 102 and the Charities SORP FRS 102.

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

1.3. Basis of Consolidation

The financial statements consolidate the results of the Charity and its wholly owned subsidiary, Al-Ayn Social Care gGmbH, on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented but the total income, total expenditure and net movement for the parent charity has been disclosed as a footnote on page 13.

1.4. Income

All income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy.

Gifts in kind represent assets donated for distribution or use by the Charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the Charity are recognised when receivable. Gifts in kind are valued at the amount actually realised from the disposal of the assets or at the price the Charity would otherwise have paid for the assets.

No amounts are included in the financial statements for services donated by volunteers.

Income from investments is included in the Statement of Financial Activities in the year in which it is receivable.

1.5. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Support costs which cannot be directly attributed to particular activities are apportioned based on estimated usage. Governance costs, which form part of support costs include expenditure on the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed.

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

1.6. Pension schemes

The Charity commenced auto enrolment in November 2020, with NEST Pensions.

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

1.7. Fixed assets

Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows:

Leasehold land Not depreciated Leasehold property 50 years straight line Office equipment 4 years straight line Furniture and fittings 4 years straight line

1.8. Investments

Investments are non-listed investments held at historic cost in the financial statements.

1.9. 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.

1.10. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

1.11. 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.

1.12. Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

1.13. Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor. The purposes and uses of the restricted funds are set out in the notes to the accounts.

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

2. DONATIONS AND LEGACIES
2020 2019
£ £
Donations including gift aid receipts 14,554,371 18,664,945
========== ==========
3. EXPENDITURE
Donations Staff Support costs 2020 2019
and grants costs Governance Other
£ £ £ £ £ £
Raising funds
Fundraising activities - - - 18,752 18,752 20,475
Charitable activity:
The Prevention or relief of
poverty and financial hardship
among orphaned children in
Iraq		 12,830,423 719,945
140,533		 304,306 13,995,207 18,314,743
Other-forex losses - -
-		 (61,204) (61,204) 101,052
--------------------- ------------------ ------------------ --------------------- --------------------- ---------------------
Total 12,830,423 719,945 140,533 261,854 13,952,755 18,436,270
========== ======== ======== ========== ========== ==========
Donations Staff Support costs 2019
and grants costs Governance Other
£ £ £ £ £
Raising funds
Fundraising activities - - - 20,475 20,475
Charitable activity:
The Prevention or relief of
poverty and financial hardship
among orphaned children in
Iraq		 17,329,448 595,882
110,795		 278,618 18,314,743
Other-forex losses - -
-		 101,052 101,052
--------------------- ------------------ ------------------ --------------------- ---------------------
Total 17,329,448 595,882 110,795 400,145 18,436,270
========== ======== ======== ========== ==========
2020 2019
£ £
Net income is stated after charging:
Auditor’s remuneration – audit 17,640 20,280
Auditors remuneration – other 4,320 3,579
Depreciation 31,094 12,862
========== ==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

4. TRUSTEES

None of the trustees (or any persons connected with them) received any reimbursement of expenses, remuneration or benefits from the Charity during the period.

5. STAFF COSTS 2020 2019
£ £
Wages and salaries 449,057 526,318
Social security costs 28,835 64,067
Pension costs 9,971 5,497
---------------- ----------------
487,863 595,882
======== ========

No employee (2019: No employee) received emoluments of more than £60,000 in the period.

The role of key management personnel was undertaken by the trustees during the period for which they received no remuneration (2019: no remuneration) from the Charity.

The average monthly employee headcount during the period was as follows:

2020 2019
Number Number
Al-Ayn Social Care Foundation – UK Staff 24 22
Al-Ayn Social Care gGmbH- Germany staff 11 9
===== =====

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

6. TANGIBLE FIXED ASSETS

GROUP Leasehold Assets under Office Furniture Software Total
property construction equipment & fittings
£ £ £ £ £ £
Cost
As at 1 January 2020 - - 51,865 6,022 1,158 59,045
Additions 695,000 20,400 17,659 2,687 458 736,224
---------------- -------------- ---------------- ---------------- -------------- ----------------
At 31 December 2020 695,000 20,400 69,544 8,709 1,616 795,269
---------------- -------------- ---------------- ---------------- -------------- ----------------
Depreciation
As at 1 January 2020 - - 24,911 1,945 410 27,266
Charge for the year 2,317 - 23,952 4,077 748 31,094
---------------- -------------- ---------------- ---------------- -------------- ----------------
At 31 December 2020 2,217 - 48,863 6,022 1,158 58,360
---------------- -------------- ---------------- ---------------- -------------- ----------------
Net book value
At 31 December 2020 692,683 20,400 20,681 2,687 458 736,909
======== ======= ======== ======== ======= ========
At 31 December 2019 - - 26,954 4,077 748 31,779
======== ======= ======== ======== ======= ========
CHARITY Leasehold Assets under Office Furniture Software Total
property construction equipment & fittings
£ £ £ £ £ £
Cost
As at 1 January 2020 - - 38,450 5,816 1,158 45,424
Additions 695,000 20,400 15,498 2,687 458 734,043
---------------- -------------- ---------------- ---------------- -------------- ----------------
At 31 December 2020 695,000 20,400 53,948 8,503 1,616 779,467
---------------- -------------- ---------------- ---------------- -------------- ----------------
Depreciation
As at 1 January 2020 - - 17,390 1,841 410 19,641
Charge for the year 2,317 - 21,061 3,975 748 28,101
---------------- -------------- ---------------- ---------------- -------------- ----------------
At 31 December 2020 2,217 - 38,451 5,816 1,158 47,742
---------------- -------------- ---------------- ---------------- -------------- ----------------
Net book value
At 31 December 2020 692,683 20,400 15,497 2,687 458 731,725
======== ======= ======== ======== ======= ========
At 31 December 2019 - - 21,060 3,975 748 25,783
======== ======= ======== ======== ======= ========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

7. INVESTMENTS

Al-Ayn Social Care Foundation owns the entire share capital of Al-Ayn Social Care gGmbH, a German charitable limited liability company registered in the commercial register of the local court of Berlin Charlottenburg under the registration number HRB 174865 B. A summarised income statement and balance sheet for Al-Ayn Social care gGmbH are set out below.

8.
9.		 2020
2019
£
£
Income
1,103,768
907,486
Expenditure
1,101,972
907,486
----------------
----------------
Net movement of funds
1,796
-
=======
=======
Balance Sheet
2020
2019
£
£
Fixtures and equipment
5,184
5,949
Cash at bank
59,225
245,735
Debtors
103,066
232,459
Creditors and accruals
(166,925)
(462,143)
----------------
----------------
Net assets
550
22,000
=======
=======
Share capital
22,000
22,000
=======
=======
DEBTORS
Group
Parent
2020
2019
2020
2019
£
£
£
£
Other debtors
1,429,618
714,882
1,423,134
710,010
Prepayments and accrued income
102,597
241,664
6,015
8,414
------------------
------------------
------------------
------------------
1,532,215
956,546
1,429,149
718,424
========
========
========
========
CREDITORS: amounts falling due
Group
Parent
Within one year
2020
2019
2020
2019
£
£
£
£
Trade creditors
35,631
8,066
35,631
7,685
Other creditors and accruals
2,059,331
1,628,157
1,892,406
1,141,137
---------------------
---------------------
---------------------
---------------------
2,094,962
1,636,223
1,928,037
1,148,822
==========
==========
==========
==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

10a ANALYSIS OF GROUP NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2020 as represented by:
Tangible fixed assets 44,226 692,683 736,909
Current assets 559,090 1,906,304 2,465,394
Current liabilities (188,658) (1,906,304) (2,094,962)
--------------------- ---------------- ---------------------
414,658 692,683 1,107,341
========== ======== ==========
10b ANALYSIS OF GROUP NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2019 as represented by:
Tangible fixed assets 31,779 - 31,779
Current assets 486,657 1,623,512 2,110,169
Current liabilities (12,711) (1,623,512) (1,636,223)
--------------------- ---------------- ---------------------
505,725 - 505,725
========== ======== ==========
10c ANALYSIS OF CHARITY NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2020 as represented by:
Tangible fixed assets 39,042 692,683 731,725
Investments 21,988 - 21,988
Current assets 559,536 1,743,567 2,303,103
Current liabilities (184,470) (1,743,567) (1,928,037)
--------------------- ---------------- ---------------------
436,096 692,683 1,128,779
========== ======== ==========
10d ANALYSIS OF CHARITY NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2019 as represented by:
Tangible fixed assets 25,783 - 25,783
Investments 21,988 - 21,988
Current assets 486,657 1,623,512 1,631,184
Current liabilities (12,711) (1,623,512) (1,148,822)
--------------------- ---------------- ---------------------
530,133 - 530,133
========== ======== ==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

11. RESTRICTED FUNDS (GROUP) At At
1 January Income Expenditure 31 December
2020 2020
£ £ £ £
Private Sponsorship - 1,148,179 (1,148,179) -
Religious dues - 1,010,528 (1,010,528) -
Luminous Stars Centres - 33,266 (33,266) -
Al-Ayn Social Care Foundation (Australia) - 685,348 (685,348) -
Al-Ayn for Social Care Sweden - 703,412 (703,412) -
Winter Appeal - 40,620 (40,620) -
Ramadhan Appeal - 112,018 (112,018) -
Sadaqa Jariya - 113,995 (113,995) -
Shajarat Tuba - 34,740 (34,740) -
Food Support - 35,014 (35,014) -
Babil Housing Complex - 90,000 (90,000) -
COVID-19 Relief Fund - 145,786 (145,786) -
Premises Fund - 695,000 (2,317) 692,683
Other Restricted Funds (<£30k) - 96,031 (96,031) -
------------------ ------------------ ------------------ -------------------
- 4,943,937 (4,251,254) 692,683
========= ========= ========= =========
At At
1 January Income Expenditure 31 December
2019 2019
£ £ £ £
Private Sponsorship - 1,112,464 (1,112,464) -
Religious dues - 428,616 (428,616) -
Luminous Stars Centres - 40,933 (40,933) -
Imam Al-Baqir Complex - 11,182 (11,182) -
Al-Ayn Social Care Foundation (Australia) - 282,921 (282,921) -
Al-Ayn for Social Care Sweden - 1,079,512 (1,079,512) -
Educational Support - 11,429 (11,429) -
Winter Appeal - 46,934 (46,934) -
Ramadhan Appeal - 32,938 (32,938) -
Sadaqa Jariya - 248,236 (248,236) -
Shajarat Tuba - 214,618 (214,618 -
Other Restricted Funds (<£10k) - 43,655 (43,655) -
---------------- -------------------- ------------------- --------------------
- 3,553,438 (3,553,438) -
========= ========= ========= =========

Private Sponsorship: Donations towards providing financial assistance for named orphaned children, in line with the Charity’s Private Sponsorship scheme.

Religious dues: Khoms and Zakat Al-Fitra, which are used for the poor and the needy. These are distributed as part of monthly financial allowances to orphaned children in Iraq.

Luminous Stars Centres: Donations received for the construction of the Luminous Stars Vocational Training and Psychological Rehabilitation Centres in different provinces in Iraq.

Imam Al-Baqir Complex: Donations received for the construction of the Imam Al-Baqir (66 housing units) in Najaf, Iraq.

Imam Al-Hassan Complex: Donations received for the construction of the Imam Al-Hassan Residential Complex (42 housing units) in Karbala, Iraq.

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AL-AYN SOCIAL CARE FOUNDATON NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

11. RESTRICTED FUNDS (CONTINUED)

Al-Ayn Social Care Foundation (Australia): Relates to the movement on donations received from Al-Ayn Social Care Foundation (Australia), to support the different schemes and projects supported by the Charity, under an agreement dated 11 May 2018, with its terms to be reviewed annually.

Al-Ayn for Social Care Sweden: Relates to the movement on donations received from Al-Ayn for Social Care Sweden, to support the different schemes and projects supported by the Charity, under an agreement dated 27 June 2019, with its terms to be reviewed annually.

Educational Support: Donations received for tuition and educational supplies for orphaned children.

Winter Appeal: Donations received for the refurbishment and repairs of houses for orphaned children.

Ramadhan Appeal: Donations received specifically for the Ramadhan Appeal, providing financial, vocational, medical and educational support for orphaned children.

Sadaqa Jariya: Donations received for the construction of projects in Iraq that provide services to orphaned children, including housing complexes, vocational training centres, and personal development centres.

Shajarat Tuba: Donations received for the construction of the Shajarat Tuba project in Karbala, Iraq, which will incorporate various services provided to orphaned children.

Food Support: Donations received for the purchases of meat, food baskets, and other food items for orphaned children.

Gifts for Sponsored Children: Donations received to provide monetary gifts for named orphaned children on occasions such as their birthdays and religious festivals.

Medical Support: Donations received for the purpose of providing medical treatment and medicines

Babil Housing Complex: Donations received for the construction of the Babil Housing Complex in Al-Hilla, Iraq.

COVID-19 Relief Fund: Donations received for COVID-19 relief efforts in Iraq, including food parcels, protective equipment and medical support.

Premises Fund: Grant received from Al-Ayn Social Care Foundation (Iraq) for the purchase of the Charity’s premises.

Other Restricted Funds – These are donations under £10,000 which have been collected for specific charitable projects in Iraq.

12. RELATED PARTIES

The following related party transactions took place in 2020:

P a g e | 24

AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
funds funds 2019
£ £ £
Income and endowments from:
Donations and legacies 15,111,507 3,553,438 18,664,945
--------------------- ----------------- ---------------------
Total Income 15,111,507 3,553,438 18,664,945
--------------------- ----------------- -------------------
Expenditure on:
Raising funds 20,475 - 20,475
Charitable activities 14,761,305 3,553,438 18,314,743
Other -Forex losses 101,052 - 101,052
-------------------- ------------------ ---------------------
Total Expenditure 14,882,832 3,553,438 18,436,270
--------------------- ------------------- ---------------------
Net movement in funds 228,675 - 228,675
Total funds brought forward 227,050 - 227,050
------------------- ----------------- -------------------
Total funds carried forward 505,725 - 505,725
======== ======== ========

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