Charity registration number.. 1164020 Palmyra Relief CIO Annual Report and Financial Statements for ihe Year Ended i l January 2024 Smartax Limiied Chartered Certified Ac¢ountallts gnd Statutory Auditors 38 Station Road Harrow Middlesex HA2 7SE
Palmyra Relief CIO Contents (¢ontinu¢d) Reference and Administrative Details Trustees, Report 2to4 Siatement of Financial Activities Balance Sheet Notes to the Finaiicial Statement5 7t012
Palmyra Relief CIO Refer¢n¢¢ and Administrative D¢t#ils Chairman Mr M N Antsbli Trustees Mr M N Antabli Mr A Chahrour Ms F Fiabane Charity Registration Number 1164020 Principal Office Basement 15 walTton Crescent London W9 IED Reporting AccouThtant5 Smartax Limited Chartered Cerrified Accountants and Statutory Auditors 38 Staiion Road Harrow Middlesex HA2 7SE Page I
Palmyra Relief CIO Trust¢¢s' Report The trL15tee5 present the aniiual report together M'ith the financial ststeTneJits of the charity for the year ended i I January 2024. Objectives and activities Objects aims The objects of the eharity is the advancement of health of children and young people lof up to 18 years) Who have lost limbs as a result of the Syrian conflict, in particular but not exclusively by the provision of prosthetic limbs and related after-care services. Nothing ii) the constitution shall authorise an application of the property of the charity for the purposes which are not charitable in acLordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities act (Northem Ireland) 2008. The charity has power to do anything which is calculated to further its objects or is conducive L)r incidentsl to doing so. During the syri[ conflict the charity aims to work with such children and youiig people in Syria's neighbouring coiijitries of Turkey, Iraq, Jordan and Lebanot]. Initially the focus is to work with the Turkish autl)orities oji the Turkish border with Syria. Ob}eLtlves, &iruiegles artducilvllles To achieve its objects, the chariry intends to purchase the prosthetic limbs and the necessary healthcare provision in Ihe forni of clinincal and allied service professionals 10 work w'ith the individual child and young person. The professionals will design a tailored care plan starting with the fitting of the prosthetic limb. Following the inital assessment and fitting. the charity aims to provide each child and young person involved with the necessary follo._up care required according 10 each case, taking inro account the requirements associated with the person's gromth in relation 10 the prosthetic limb. This may take several years depending on the person's circumstances and may include psychological interventions alongside the ph}'sical. Public benefil The charity's activities are solely focussed on iinproving tl)e health and wellbeing of children and young people. Through the provision of prosthetic limbs, the charity will in)prove their quality Of life which in turn will benefit the communit}, ai large. The trustees confirm that they have complied with Ihe requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. u.se Of volunleers The voluntee[5 deal with paperwork, accouiitin¥ makiiig travel arran¥ements, advert15in¥ for the charity and fundraisin¥, Achievements and performance Duiin¥ the period, the cliaritv continued to focu5 011 fundrai5in¥ to meet its objective5. It contiiiued to M'ork with Dogan Medikal in Mersii). Turkey as a suiiable healthcare cenire and as a partner organisaiion. Dogan Medikal has a healih centre w,hose services locus an)und the provision and fitting of prosthetic limbs. Page 2
Palmyra Relief CIO Trustees, Report (¢ontinu¢d) Finaneial revie Policy oil reserves '[ lic charity is holding the r¢serves in order to fund further prostheti¢ limbs and after care as and when suitabl¢ beneficiaries are identified. Principalfundin¥ sources The chariry niainly organises fundraising events and makes personal appeals to private inidviduals and organisations. Plans for future period5 Alms key objectivesforfuture periods The chariiy will continue to look at belter and more competitive ways to fund their activities. As the charity grows in funds and experience, it aims to extend work into neighbouring countries who are faced with the same dilemmas od trying to help large numbers of displaced and disabled children and young people. Structure* governance and rnanagement alure olgoverning documenl The charity is controlled by its governing document, a constitution, and constitutes a chariiable incorporated organisation under the Charities Act 2011. ReLruilmenl uppuinlmeNt uftruitee& Apart froin the first trustees, eveti. trustee must be appointed for a temi of three yea[5 by a re501ution passed at a properly convened tneeting of the trustees. In selecting individuals lor appoiiitment as trustees, the trustees must have regard to the skills, knowledge and experience needed lor the effective adininistrdtion of the charity. The trustees will make available to each new trustee, on or before his or her first appointment.. a) a cop}, of the current version ol'the constitution- and b) a copy of the charity's latest Trusiees, Annual Report and statement L)f accL)unts. The maximum number of trustees is 12. The trustees may not appoint any trustee if, as a result of. the number of trustees would exceed the maximum. Page 3
Palmyra Relief CIO Trustees, Report (¢ontinu¢d) Statement of Trustccs, Responsibilities 'l-hc trii.%tees are respi)n%ible for prcparing the triiste¢s' report and the financial statements in ac¢ordanc¢ with th¢ United Kiiigdom Acci)unting Standards (United Kingdom Generally Accepted A¢¢oiinting Practice) and applicable law and regulations. The law applicable to charitie5 requires the tru5tee5 to prepare finaiicial ststeTneiits for each financial year which give a true and fail view ol. the state of alyairs of the charity and of the ii)comii)g resources and application of resources of the chaiity for that period. In prepaiing these financial statements, the trustees are required to". select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charitie5 SORP; make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed: subjeci 10 any material departures disclosed and explained in the financial statements: and prepare the financial stateineiits on the going concetii basis unless it is inappropriate to presume that the cliarity will continue in busiiies5. The irustees are responsible for keeping proper accliunting records thai disclose with reasonable accuracy at any time the financial Position of the charity and enable them to ensure ihai ihe financial Staments comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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. The triistees are respoiisible for the maintcnance and iiitegrity. of the corporate and financial infomiation included on the charitable companv's web5lte. LebFi51ation governing the preparatioii and di5semiiiation of financial 5tatement5 may differ froTll legislation in other jurisdictions. The annual report was approved by the trllstees of the charity on 28 June 2024 and signed on its behalf by.. Mr M N Antabli Chairman and Trustee Page 4
Palmyra Relief CIO St#tem¢nt of Finan¢ial Activities for the Year Ended 31 January 2024 Total 2024 Total 2023 Unrestricted Note Income and Endowments fro. Donations and legacies Investnient income 6,883 814 6,883 814 9,550 80 Total income 7,697 7,697 9,6iO Expenditure on.. Charitable activities {60) {60} (l J,533} Total expenditure {60) {60) 113.5i3} Net movemei)t in funds 7,637 7,6)7 li,903} Reeoneiliation of funds Total funds brought forward 89,608 89,608 93,511 Total funds catTied forward 97,245 97,245 89,608 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 202) is shown in note 9. The notes on pages 7 to 12 forni ali integral part of these financial siatements. Page 5
Palmyra Relief CIO (Registration number: 1164020) Balance Sheet as at 31 Januar), 2024 2024 2023 Note Current assets Cash at bank and in hand 97,245 89,608 Funds of the charity: Unrestricted income funds Unrestricted funds 97,245 89,608 Total funils 97,?45 89,608 The financial staiemenis on pages 5 to 12 were approved by the trustees, and authorised for issue on 28 June 2024 and signed on their behalf by.. Mr M N Antabli Chaimian and Trustee Ms F Fiabane Trustee The notes on pages 7 to 12 forni ali integral part of these financial siatements. Page 6
Palmyra Relief CIO Notes to the Financial Statements for th¢ Year End¢d 31 J#nuary 2024 Aeeounting polieies Statement of compliance The financial siatements have been prepared in accL)rdance w'ith the second editilin of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011. Basis of preparation Palmyra Relief CIO meets Ihe definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepgred under the hisiorical cost convention 1th items recognised ai cost or transaction value unless otheise staled in the relevani note{s) to these accounts. The financial statements are prepared it) sterling, which is the functioi)al currency of the ei)tity. Exemption from preparing a cash tlow statement The Lharit}' l)avt taken advantage ol reportii)¥ exemptions under FRS 102 and therefore not included a cash flow staten)ent in these financial statements. Going concern The trustees considei that there are no material uncertainties about the charity's ability to continue as a going concem. Judgements and key source5 of estimation uncertainty In the application of the accountin(T policies, Trustees are required to make judgemenL estimates and assumpiilins about the carrying value of assets and liabilities that are noi readily appareni from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and tre periods. Income and endowments Voluntary. income iiicluding doiiations: ¥ifts, legacies and gFrant5 that provide core funding or are of a ¥eneral nature is recogFnised when the charity has eiititlement to the income, it is probable that the incoine will be received and the amount can be measured with sufficient reliability. Donutlons legdeles Donations and legacies are reclignised on a receivable basis when receipt is probable and the amount can be reliably measured. JMve.flment inconte Divideiids are recogni5ed once the dividend has been declared and notification ha5 been received of the dividend due. Page 7
Palmyra Relief CIO l¥Jotes to the Finan¢ial Statements for the Y¢#r Ended 31 Janu#ry 2024 (continued) Expenditure All expcnditiir¢ is rQgnised once there is a legal or constructive obligation to that ¢xp¢nditur¢, it is probable settlemcnt is required and the amoiint can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that ¢ategory. Where costs cannot be directly attribut¢d to particular headings they have been alli)cated on a basis con%istellt with the use of resources. Rui5ingfuMds These are costs incurred ii) attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Choriidble aclivilies Charitable expelld]re comprises those costs inciirred by the ¢harity in the delivery of its activities and services fi)r its beneficiaries. It iiicludes both costs that ¢an be allocaied directly io su¢h artiviti¢s and those Costs of an indirect nature neces%ary to support them. Grumt wendilure Grants payable are charged in the year whei) the offer is conveyed to the recipient. Grants offered subject to Londitions which have not been met at the year*nd date are iioted as a Lommitinent but not accrued as expendilure. Where a grant has been n)ade for the benefit of an individual, or a group of individuals. through the means of ai) insiilution, this is recorded as a grant to the institution. Support cost5 Support costs include central functions such as governance cosL finance and information technology incurred directly in support of expenditure on the objects of the chariry. The}. have been allocated to activity cost categories on a basis CL)nsisient with Ihe use of resources. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audiL strategic management and trustees meetings and reimbursed expenses. Irreeoverable VAT Irrecoverable V AT is chgrged against the category of resources expended for which it was incurred. TaA#tion The charity is considered to pass the tests sei out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable entity for UK Corporation tax purposes. Accordinglv, the charity is exempt from taxation in respeci of income or capital gains received within categories covered by Chapter 3 Part I l of the Cotporation Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incoine or gains are applied exc1115ively to charitable purposes. Trade debtors Trade and other debtors are recognised at the settlement amount due after any trdde discount offered. Prepaynents are valued at the amount prepaid net of any trade discounts due. Accnied income and tax recoverable is included at the best estimate of the amouiits receivable at the balance sheet date. Page 8
Palmyra Relief CIO l¥Jotes to the Finan¢ial Statements for the Y¢#r Ended 31 Janu#ry 2024 (continued) Cash and eash cquivalcnts Ca%h and cgsh cqllivalcnts ¢omprise ¢ash on hgnd and ¢all deposits, and other short-tem) highly liquid investment% that are readily convertibl¢ to a knoTh amount of ¢ash and are subjert to an insignificant risk of ¢hange in value. Trade ereditors Creditors ar¢ recognised 'here the charity has a pre%ent obligation resulting from a pa%t event that will probably resiilt in the transfer of funds to a third parry and the amouiit due to settle the obligation can be measured or estiTnated reliably. Creditors are Iiollnally recogjnised at their settleTnent amount after allowing for any trdde discounts due. Foreign exchange Trai)saction5 iii foreign currencie5 are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities deiiominated in foreign cutTencies at the balance sheet date are reported at the rates of exchanbFe prevailing at that date. Exchange differences are recogi)ised in the statement of financial activities in the period li) which they arise. Fund structure Unrestricted incoine funds are general funds that are available foi use at the trustees discretion in furtheTance of the objectives of the charity. Restricted income fun(b are those donated for use in a parricular area or for specific purposes, the use of which is restricted to that area or pury)ose. As at the balance sheet date: the charity did not have restricted funds. Finaneial instruments The charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic fiiiancial instruments are initially recognised at transaction value and sllbscqiiently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effcctive iiiterest method, and investments which are held at fair valll¢. 2 Income from donations and legacies Unrestricted fund5 Total 2024 Total 2023 Donations and legacies. General donations 6,883 6,883 9,550 6.88i 6,88i 9,550 All of the prior year income was attributable to unrestricted funds. Page 9
Palmyra Relief CIO l¥Jotes to the Finan¢ial Statements for the Y¢#r Ended 31 Janu#ry 2024 (continued) 3 Investment income Unrestricted Total 2024 Total 2023 Interest receivable and similar income. Interest receivable on bank deposits 814 814 80 All of the prior year income was attributed to llnrestricted nds. 4 Expenditure on eharitable activities Unrestricted fund5 Total 2024 Total 2023 Note Provision of healthcare Govemance costs 13,430 103 60 60 60 60 13,533 2024 2023 Provision of healthcare 13,533 All of the prior expenditure was attributable to unrestricted funds. S Analysi5 of governance and 5UPPOrt cost5 GoverDance costs Unrestricted lunds Total 2024 Total 2023 Other govemance costs 60 60 loi 60 60 103 6 Trustees remuneration and eYpense5 No trusiees. i)or any persons coni)ected with them, have received any remuneratioi) from the charity during the year. No irustees have received any reimbursed expenses or any L)ther benefits frlim the charity during the year. 7 Taxation The charity is a regisiered chgrity alld is therefore exempt from taxgtion. Page 10
Palmyra Relief CIO l¥Jotes to the Finan¢ial Statements for the Y¢#r Ended 31 Janu#ry 2024 (continued) 8 Cash and cash equivalents 2024 2023 Cash at bank 97,?45 89,608 9 Funds Balanee at I February 2023 Ineoming resources Resourees expended Balance at 31 Januarv 2024 Unrestrieted General funds 89,608 7.697 {60} 97,245 Balance at I February 2022 Incoming resources Resource5 expended Balance at 31 January 2023 Unrestricted General fund5 93,511 9,630 (13,533) 89,608 10 Analysis of net assets between funds Unrestrieted funds Total funds 2021 Current assets 97,245 Unrestricted funds Total funds 2020 CutTent assets 89,608 89,608 Analysis of net funds At l February At31 January 2023 2024 Cash at bank and in hand 89,608 89,608 Net cash 89,608 89,608 At l February 2022 At31 January 2023 Cash flow Cash at bank and iii hand 93,511 13,90)) 89,608 Net cash 93,511 13,903) 89,608 Page 11
Palmyra Relief CIO l¥Jotes to the Finan¢ial Statements for the Y¢#r Ended 31 Janu#ry 2024 (continued) 12 Related party transaetions There were no related pgty transactions in the year. Page 12