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2022-12-31-accounts

AL-AYN SOCIAL CARE FOUNDATION

YEAR ENDED 31 DECEMBER 2022

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

The photo on the cover page is of Zainab (aged 5), a child supported by Al-Ayn Social Care Foundation (Iraq).

AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

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 2022. 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 2019) ‘Accounting and Reporting by Charities’ Second Edition applicable for accounting periods commencing on and after 1 January 2019.

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 2022 to 31 December 2022.

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 an 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 overseas. 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 2022

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:

In light of the Charity’s expansion to work in Afghanistan and Ghana, the Trustees have approved designating funds in the following financial year equivalent to six months of monthly allowances for beneficiaries supported in these two countries. This will allow the Charity to support these beneficiaries in the case of shortage of available funds.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

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).

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 an agreement between the parties.

Ahmed Alkhaja is a director of Al Ayn Social Care Foundation (Australia). The Charity received donations totalling £1,591m (2021: £506k) 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

Detailed information on the Charity’s activities in the reporting period is available by visiting - www.alayn.co.uk/activities report/

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

During 2022 the Charity continued its steady growth, building upon similar performance from previous years. This has been largely made possible due to the strong reputation of Al-Ayn Social Care Foundation (Iraq) and its unmatched presence on the ground across Iraq.

A second mental health and vocational training campaign provided critical fundraising to ensure essential services reach all children, youth and their mothers. The Charity continued to support projects carried out by Al-Ayn Social Care Foundation (Iraq), including medical clinics, educational support, house refurbishment, and housing complexes.

During the period, the Charity continued its operations in Afghanistan despite significant challenges, to address the critical need of orphaned children there. The Charity provided children registered there with monthly allowances, food, and clothes.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE (continued)

The Charity also started operations in Ghana during the period, providing monthly allowances, food and clothes to orphaned children registered with it there.

The Charity carried out the following main activities for the period ended 31 December 2022 in furtherance of its charitable activities for public benefit.

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), in addition to orphaned children in Afghanistan and Ghana. 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. These Sadaqa Boxes are used to collect cash and can be requested by supporters either online, by phone or from the Charity’s office for their homes or businesses and the Charity replaces them periodically. In this accounting period, thousands of Sadaqa Boxes were distributed and collected throughout the United Kingdom, through postal services, in person at events and at designated drop-off locations including the Charity’s offices. The AlAyn mobile app continued to grow 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 in Iraq 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.

The Charity received funds to address certain specific needs of orphaned children, including medical needs, educational needs, food, and housing needs, and was able to deliver such support through grants made to AlAyn Social Care Foundation (Iraq) and through supporting orphaned children registered with it in Afghanistan and Ghana.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE (continued)

Charitable activities and fundraising

During this period, the Charity organised a number of events both in person and remotely.

These included:

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

Volunteers

The Charity continued to benefit from the skills and experiences of volunteers during the period, across various areas of its work.

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.

FINANCIAL REVIEW

The Charity has built strong presence amongst its core supporters and donors, leading to continued sustained growth during the period. The Charity also reached out to new audiences during the period. This was achieved through organising events, speaking at external events, carrying out outreach activities, digital advertising, social media engagement, and running a key supporter programme. 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 £12.054m (2021: £15.3m) arising largely from donations. Of this, £1.298m (2021: £1.27m) was received by Al-Ayn Social Care gGmbH, also largely from donations. There were unrealised currency exchange gains of £108,832 (2021: gains of £131,807).

Expenditure was £11.5m (2021: £15.5m) of which £8,511m (2021: £13.8m) were grants made to Al-Ayn Social Care Foundation (Iraq), and £228k (2021: £100k) was charitable expenditure on supporting orphaned children in Afghanistan, and £6,150 (2021: none) was charitable expenditure on supporting orphaned children in Ghana.

Total funds carried forward at the end of the year were £1,677,950 (2021: £1,103,715), of which £686k (2021: £840k) were in restricted funds, and the remaining balance of £919k (2021: £283k) in unrestricted funds to support future charitable expenditures. Further details are set out in note 11 to the accounts.

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

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

PLANS FOR FUTURE PERIODS

The Charity will continue with its core activities of supporting orphaned children in Iraq, whilst building on the support it provides to orphaned children in Afghanistan and Ghana and exploring opportunities to expand its operation to other countries. The main objectives for the next financial year continue to be:

  1. reaching out to wider audiences, to raise awareness about the plight of orphaned children in need 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. The Charity aims to distribute and collect a significantly larger number of Sadaqa Boxes throughout the UK and promote further the use of its mobile app for donations. The Charity also aims to expand its legacy programme, raising awareness amongst is supporters about the potential benefits of donating to charity through wills and legacies.

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 2022 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.

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 (2021: 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.

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AL-AYN SOCIAL CARE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 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 23[rd] of October 2023 and signed on their behalf by:

……………………………………….

Rabab Kleit Chair of Board of Trustees

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Al-Ayn Social Care Foundation for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheets, the Consolidated 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 group 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 the information given in the Trustees’ Annual Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Matters on which we are required to report by exception.

In light of the knowledge and understanding of the group and parent 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).

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 group’s and 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 group or the parent 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:

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AL-AYN SOCIAL CARE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Vikram Sandhu For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place Statutory Auditors London EC4R 1AG Date: 27 October 2023

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AL-AYN SOCIAL CARE FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME AND EXPENDITURE Unrestricted Restricted Total Total
funds funds 2022 2021
Notes £ £ £ £
Income and endowments from:
Donations and legacies 2 4,300,297 7,754,340 12,054,637 15,361,919
--------------------- ----------------- --------------------- ---------------------
Total Income 4,300,297 7,754,340 12,054,637 15,361,919
--------------------- ----------------- --------------------- ---------------------
Expenditure on: 3
Raising funds 421,865 421,865 42,606
Charitable activities 3,279,780 7,887,590 11,167,370 15,454,746
Other -unrealised Forex (gains)/losses (108,832) (108,832) (131,807)
-------------------- ------------------ --------------------- ---------------------
Total Expenditure 3,592,813 7,887,590 11,480,403 15,365,545
--------------------- ------------------- --------------------- ---------------------
Net movement in funds 707,484 (133,250) 574,234 (3,626)
Total funds brought forward 283,895 819,820 1,103,715 1,107,341
----------------- ----------------- ------------------- -------------------
Total funds carried forward 991,379 686,570 1,677,949 1,103,715
======== ======== ========= ========

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 2022

2022 2021
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 6 840,407
873,410
Current Assets
Debtors 8 885,694 579,511
Cash at bank and in hand 2,090,273 1,375,638
--------------------- ---------------------
2,975,967 1,955,149
Creditors:amounts falling due
within one year 9 (2,171,428) (1,691,841)
--------------------- ---------------------
Net Current Assets 804,538 263,308
--------------------- ---------------------
Net Assets 1,677,949 1,103,715
========== ==========
Represented by:
Unrestricted funds 991,379 283,895
Restricted funds 686,570 819,820
--------------------- ---------------------
TOTAL FUNDS 1,677,949 1,103,715
========== ==========

The financial statements were approved by the board and authorised for issue on 23 October 2023 and signed on its behalf by:

……………………………….

Rabab Kleit Chair 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 2022

2022 2021
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 6 847,615 837,637
Investment in subsidiary 7 21,988 21,988
--------------------- ---------------------
869,603 859,625
Current Assets
Debtors 8 637,579 371,767
Cash at bank and in hand 1,837,898 1,277,007
--------------------- ---------------------
2,475,477 1,648,774
Creditors:amounts falling due
within one year 9 (1,655,133) (1,383,022)
--------------------- ---------------------
Net Current Assets 820,344 265,752
--------------------- ---------------------
Net Assets 1,689,947 1,125,377
========== ==========
Represented by:
Unrestricted funds 1,003,377 305,557
Restricted funds 686,570 819,820
--------------------- ---------------------
TOTAL FUNDS 1,689,947 1,125,377
========== ===========

A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented. Total net expenditure and movement in reserves of the parent charity was £3,402.

The financial statements were approved by the board and authorised for issue on 23 October 2023 sand signed on its behalf by:

……………………………….

Rabab Kleit Chair 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 2022

2022 2021
£ £
---------------------- ----------------------
Cash provided by operating activities (a) 698,406 444,739
========== ==========
Cash flows from investing activities
Purchase of tangible fixed assets (92,604) (134,087)
---------------------- ----------------------
Cash provided by (used in) investing activities (92,604) (134,087)
Increase (decrease) in cash and cash equivalents in the period 605,802 310,652
Cash and cash equivalents at the beginning of the period 1,375,638 933,179
Change in cash due to ex rate movements 108,832 131,807
---------------------- ----------------------
Total cash and cash equivalents at period end 2,090,273 1,375,638
========== ==========
Analysis of Cash and Cash Equivalents
2022 2021
£ £
Cash in hand 2,090,273 1,375,638
---------------------- ----------------------
2,090,273 1,375,638
========== ==========
(a) Reconciliation of net movement in funds to net cash inflow from Operating Activities
2022
2021
£
£
Net movement in funds 574,234
(3,626)
Adjustments for:
Add back depreciation charge 59,601
30,589
Decrease (increase) in debtors (306,183)
952,704
Increase (decrease) in creditors 479,586
(403,121)
Foreign exchange (gains)/losses (108,832)
(131,807)
---------------------
---------------------
Net cash provided by operating activities 698,406
444,739
==========
==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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) (second edition, effective 1 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.

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).

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 2022

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 Vehicles 5 years straight line Software 5 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 2022

2. DONATIONS AND LEGACIES
2022 2021
£ £
Donations including gift aid receipts 12,054,637 15,361,919
========== ==========
3. EXPENDITURE
Donations Staff Support costs 2022 2021
and grants costs Governance Other
£ £ £ £ £ £
Raising funds - 286,493 - 135,372 421,865 42,606
Fundraising activities
Charitable activity:
The Prevention or relief of
poverty and financial
hardship among orphaned
children 10,125,005 939,404 50,649 52,312 11,167,370 15,454,746
Other-forex losses - - - (108,832) (108,832) (131,807)
------------------ --------------------- ---------------------
--------------------- ------------------ ------------------
---
Total 10,125,005 1,225,897 50,649 78,852 11,480,403 15,365,545
======== ==========
========== ======== ======== ==========
==
Donations Staff Support costs 2021
and grants costs Governance Other
£ £ £ £ £
Raising funds
Fundraising activities - - - 42,606 42,606
Charitable activity:
The Prevention or relief of
poverty and financial
hardship among orphaned
children 13,948,767 966,682 149,597 389,700 15,454,746
Other-forex losses - - - (131,807) (131,807)
--------------------- ------------------ ------------------ --------------------- ---------------------
Total 13,849,046 966,682 149,597 300,499 15,365,545
========== ======== ======== ========== ==========
2022 2021
£ £
Net income is stated after charging:
Auditor’s remuneration – audit 19,167 16,740
Auditors remuneration – other - 6,300
Depreciation 59,601 30,589
========== ==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 2021
£ £
Wages and salaries 1,059,584 849,301
Social security costs 148,137 102,217
Pension costs 18,176 15,164
---------------- ----------------
1,225,897 966,682
======== ========

No employee (2021: 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 (2021: no remuneration) from the Charity.

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

he average monthly employee headcount during the period was as follows:
2022 2021
Number Number
Al-Ayn Social Care Foundation – UK Staff 33 27
Al-Ayn Social Care Foundation - Afghanistan 15 13
Al-Ayn Social Care gGmbH- Germany staff 14 13
Al-Ayn Social Care Foundation - Ghana 7 7
===== =====

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6. TANGIBLE FIXED ASSETS

GROUP Leasehold Assets under Office Furniture Motor Total
property construction equipment & fittings Software vehicles
£ £ £ £ £ £ £
Cost
As at 1 January 2022 744,080 48,096 93,973 16,830 5,848 4,954 913,781
Additions 23,556 2,794 18,600 47,654 92,604
Transferred (48,096) 48,096
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
At 31 December 2022 744,080 - 117,529 19,624 72,544 52,608 1,006,385
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
Depreciation
As at 1 January 2022 11,721 - 52,660 6,415 2,162 416 73,374
Charge for the year 12,112 19,651 2,494 12,261 13,083 59,601
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
At 31 December 2022 23,833 - 72,311 8,909 14,423 13,499 132,975
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
Net book value -
At 31 December 2022 720,247 45,218 10,715 58,121 39,109 873,410
======== ======= ======== ======== ======= ======= ========
At 31 December 2021 732,359 48,096 41,313 10,415 3,686 4,538 840,407
======== ======= ======== ======== ======= ======= ========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

6. TANGIBLE FIXED ASSETS (continued)

CHARITY Leasehold Assets under Office Furniture Motor Total
property construction equipment & fittings Software vehicles
£ £ £ £ £ £ £
Cost
As at 1 January 2022 744,080 48,096 78,377 16,624 5,848 4,954 897,979
Additions 22,821 2,794 18,600 16,098 60,313
Transferred (48,096) 48,096
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
At 31 December 2022 744,080 - 101,198 19,418 72,544 21,052 958,292
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
Depreciation
As at 1 January 2022 11,721 - 39,834 6,209 2,162 416 60,342
Charge for the year 12,112 19,055 2,700 12,261 4,207 50,335
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
At 31 December 2022 23,833 - 58,889 8,909 14,423 4,623 110,677
---------------- -------------- ---------------- ---------------- -------------- -------------- ----------------
Net book value
At 31 December 2022 720,247 - 42,309 10,509 58,121 16,429 847,615
======== ======= ======== ======== ======= ======= ========
At 31 December 2021 732,359 48,096 38,543 10,415 3,686 4,538 837,637
======== ======= ======== ======== ======= ======= ========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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.		 2022
2021
£
£
Income
1,298,205
1,273,546
Expenditure
(1,292,491)
(1,273,769)
----------------
----------------
Net movement of funds
5,714
(223)
=======
=======
Balance Sheet
2022
2021
£
£
Fixtures and equipment
Motor Vehicle
550
25,245
2,770
-
Cash at bank
252,375
98,631
Debtors
248,115
207,744
Creditors and accruals
(520,572)
(308,813)
----------------
----------------
Net assets
5,714
336
=======
=======
Share capital
22,000
22,000
=======
=======
DEBTORS
Group
Parent
2022
2021
2022
2021
£
£
£
£
Other debtors and prepayments
10,907
374,408
4,427
367,456
Accrued income
874,787
205,103
633,152
4,311
------------------
------------------
------------------
------------------
885,694
579,511
637,579
371,767
========
========
========
========
CREDITORS: amounts falling due
Group
Parent
Within one year
2022
2021
2022
2021
£
£
£
£
Trade creditors
58,483
62,777
31,403
63,312
Other creditors and accruals
2,112,945
1,629,064
1,623,730
1,319,710
---------------------
---------------------
---------------------
---------------------
2,171,428
1,691,841
1,655,133
1,383,022
==========
==========
==========
==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

10a ANALYSIS OF GROUP NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2022 as represented by:
Tangible fixed assets 202,243 671,167 873,410
Current assets 1,639,614 1,336,353 2,975,967
Current liabilities (850,477) (1,320,950) (2,171,427)
--------------------- ---------------- ---------------------
991,380 686,570 1,677,950
========== ======== ==========
10b ANALYSIS OF GROUP NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2021 as represented by:
Tangible fixed assets 157,128 683,279 840,407
Current assets 497,658 1,457,491 1,955,149
Current liabilities (370,891) (1,320,950) (1,691,841)
--------------------- ---------------- ---------------------
283,895 819,820 1,103,715
========== ======== ==========
10c ANALYSIS OF CHARITY NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2022 as represented by:
Tangible fixed assets
176,448		 671,167 847,615
Investments 21,988 - 21,988
Current assets 1,253,398 1,222,079 2,475,477
Current liabilities (448,457) (1,206,676) (1,655,133)
--------------------- ---------------- ---------------------
1,003,377 686,570 1,689,947
========== ======== ==========
10d ANALYSIS OF CHARITY NET ASSETS BETWEEN
Unrestricted
Restricted		 Total
FUNDS funds funds funds
£ £ £
Fund balances at 31 December 2021 as represented by:
Tangible fixed assets 154,358 683,279 837,637
Investments 21,988 - 21,988
Current assets 305,557 1,343,217 1,648,774
Current liabilities (176,346) (1,206,676) (1,383,022)
--------------------- ---------------- ---------------------
305,557 819,820 1,125,377
========== ======== ==========

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

11. RESTRICTED FUNDS (GROUP) At At
1 January Income Expenditure 31 December
2022 2022
£ £ £ £
Africa Fund 16,029 16,029 (626) 15,403
Afghanistan Fund 103,598 103,598 (240,139) -
Private Sponsorship 1,470,728 1,470,728 (1,470,728) -
Religious Dues 3,522,476 3,522,476 (3,522,476) -
Luminous Stars Centres 40,474 40,474 (40,474) -
Al-Ayn Social Care Foundation (Australia) 1,591,056 1,591,056 (1,591,056) -
Al-Ayn Social Care Foundation 66,887 66,887 (66,887) -
(Switzerland)
Al-Ayn for Social Care (Sweden) 299,472 299,472 (299,472) -
Ramadhan Appeal 177,177 177,177 (177,177) -
Sadaqa Jariya 205,562 205,562 (205,562) -
Gifts for Sponsored Children 26,068 26,068 (26,068) -
Medical Support 49,788 49,788 (49,788) -
Housing Complexes 65,195 65,195 (65,195) -
Winter Appeal 43,879 43,879 (43,879)
Building fund - (12,112) 671,167
Premises Fund
Other Restricted Funds (<£30k) 75,951 75,951 (75,951) -
------------------ ------------------ ------------------ -------------------
12,054,636 12,054,637 (11,480,403) 686,570
========= ========= ========= =========
At At
1 January Income Expenditure 31 December
2021 2021
£ £ £ £
Afghanistan Fund - 236,262 (99,721) 136,541
Private Sponsorship - 1,855,047 (1,855,047) -
Religious Dues - 1,363,168 (1,363,168) -
Luminous Stars Centres - 144,123 (144,123) -
Al-Ayn Social Care Foundation (Australia) - 506,370 (506,370) -
Al-Ayn Social Care Foundation 159,780 (159,780)
(Denmark)
Al-Ayn for Social Care (Sweden) - 647,439 (647,439) -
Ramadhan Appeal - 269,036 (269,036) -
Sadaqa Jariya - 269,955 (269,955) -
Gifts for Sponsored Children 50,205 (50,205)
Medical Support - 226,661 (226,661) -
Housing Complexes - 101,510 (101,510) -
Premises Fund 692,683 - (9,404) 683,279
Other Restricted Funds (<£30k) - 74,846 (74,846) -
------------------ ------------------ ------------------ -------------------
692,683 5,904,402 (5,777,265) 819,820
========= ========= ========= =========

Africa Fund: Donations towards providing financial assistance and other forms of support for orphaned children in Ghana.

Afghanistan Fund: Donations towards providing financial assistance and other forms of support for orphaned children in Afghanistan.

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

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

FOR THE YEAR ENDED 31 DECEMBER 2022

11. RESTRICTED FUNDS (CONTINUED)

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.

Housing Complexes: Donations received for the construction of housing units in Iraq to house families of orphaned children.

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.

Ayn Social Care Foundation (Switzerland): Relates to the movement on donations received from Al-Ayn Social Care Foundation (Switzerland), to support the different schemes and projects supported by the Charity, under an agreement dated 11 September 2021, with its terms to be reviewed annually.

Al-Ayn for Social Care Denmark: Relates to the movement on donations received from Al-Ayn for Social Care Denmark, to support the different schemes and projects supported by the Charity, under an agreement which was reinstated on 11 September 2022, with its terms to be reviewed annually.

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.

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.

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 £30,000 which have been collected for specific charitable projects in Iraq.

12. RELATED PARTIES

The following related party transactions took place in 2022:

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AL-AYN SOCIAL CARE FOUNDATON

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND EXPENDITURE Unrestricted Restricted Total
funds funds 2021
Notes £ £ £
Income and endowments from:
Donations and legacies 2 4,300,297 7,754,340 12,054,637
--------------------- ----------------- ---------------------
Total Income 4,300,297 7,754,340 12,054,637
--------------------- ----------------- ---------------------
Expenditure on: 3
Raising funds 421,865 - 421,865
Charitable activities 3,279,780 7,887,590 11,167,370
Other -unrealised Forex (gains)/losses (108,832) - (108,832)
-------------------- ------------------ ---------------------
Total Expenditure 3,592,813 7,887,590 11,480,403
--------------------- ------------------- ---------------------
Net movement in funds 707,484 (133,250) 574,234
Total funds brought forward 414,658 692,683 1,107,341
----------------- ----------------- -------------------
Total funds carried forward 991,380 686,570 1,677,950
======== ======== =========

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