TRUSTEES, REPORT AND FINANCIAL STATEMENTS 24 25 ADVANCING THE FAITH & THE FAITHFUL 11 THE MAINSTAY THE @mainstayuk www.mainstay.uk F O U N D A T l O N CIO NuTnber: CE006901 Charity Registered Number. 1166017 MAINSTAY F O U N D A T l O N Contents Chairfs Statement 06 Who We Are 07 Goals and Objectives Our Impact Strengthening Faith Fostering Education Developing Communities Our People Our Plans 08 12 24 34 46 50 Financial Review 52 Financial Policies 54 Management & Structure Directory 60 96 Th Trustees_ Report Ir In the Name of Allah, the Most Beneficent the Most Merciful Chair's Statement Who We Are 99 Your belief in our mission empowers us to reach further, serve better, and create lasting Impact In the lives we touch. The Mainstay Foundation was established in 2016 to alleviate the struggles of Shia Muslim communities and build on our shared successes through global collaboration and development. We have three core objectives: strenglhening faith, fostering education. and developing communitie5. We have advanced these objective5 in Shia communitie5 acr055 the globe including in East Africa, India, the Middle East. Europe, and North America. It gives me great pleasure to share this annual report on behalf of The Mainstay Foundation. c￿er the past year, we have made remarkable progress. By expanding our partnerships both in the UK and abroad, we have extended our reach to more beneficiarles, advancing our mission of education, community development, and the sirengrhening of faiih. Our dedlcared team continues to dellver Impactful projects, such as provldlng grants to Shia centres and mosques, hosting annual events such as (he Muslim Convention, and publishing thought-provoking books. We also undertake project5 In a partner-led manner to ensure efficient delivery and successful planning. These projects range from prowding developmental aid, such as water. food, and healthcare aid, to sponsoring children's education at all levels from primary school to university. Whlle we have always prlded ourse￿e$ on belng responslve and wide- ranging in our work. we recognise the need to focus our efforts to maximise impact with our resources. This means making our work more targeted and proactlve where necessary. Our y￿rk Is gulded by a slmple yet powerful principle.. purposeful service leads to lasting impact. We are deeply committed to supporting the needs of our communities while honouring the trust placed in us by our generous donors and partners. Every effort Is made with attention. care. and a drive for excellence. Before undertaking any projeo we assess the demand by conducting surveys and need assessments. We ensure that each project provldes optimal benefits, 15 sustainable. and meets our core oblectlves. We then work tlreles51y to execute and deliver the project. tracking its progress to ensure that everything runs smoothly. At the Malnstay Foundatlon, we look fO￿ard to a brlght future for our Shla Musllm community. and all of humanity. We will continue our effort5 toward5 the fulfilment of our objeciives and the betterment of humanity. At The Mainstay Foundation, we see service as a privilege. With every proje¢ we carry the responslblllty of ensuring that our work is efficient. accountable. and impactful. We approach progress not as a final goal. but as an ongoing journey one that require5 U5 to refine. adapt. and strlve for Improvement each day. Each day brlngs new opportunities to expand our reach. refine our approach, and deepen our connectlon wlth those we serve. service, to us. Is not just a responsibility it's a shared calling that unites our team and fuels our mission. We extend our deepest gratitude to our dedicated team for their tireless commitment. to our volunteers for their invaluable contributions. and to our generous donors and philanthropists whose support continue5 to light the path toward our shared breakthroughs. Your belief in our mission empowers us to reach further. serve betrer, and creare lasring impact in Ihe lives we touch. Together we are making changes. As we look ahead. we do so with renewed determination and hope, Together, we wlll contlnue to empower, upllfL and transform. Our Vision Our Mission Above all, we offer our deepest thanks and praise to God Almighty for blessing us V￿th the opportunlty to serve. It Is through His grace that we are able to cary out thls mlsslon, and we humbly ask for His continued guidance and strength as we strive to fulfil our purpose. To be the flagship Shia Muslim organisation in community developmenL To assist in the advancement of Shla Muslim communltles In the areas of Faith, Education and Development With sincere appreciation, Sayyid Mohammad Marashi Chair Goals and Objectives Fostering Education Developin2 Community The Mainstay Foundation's Objectlves are as follows: The Mainstay Foundation condurted the following artivities to advance education. specifically within the Shw lthna Ashari Muslim community. Community development is one of the main pillars of the Mainstay Foundation's mission. The Foundation focu5es on sustainable projects, with Specific emphasi5 placed on poverty alleviation, and financial empowerment. While Mainstays 5UPPOrt may extend beyond the Shia Ithna Ashari Muslim Communlty, thls demographlc remalns the primary target of our initiatives. To advance the rellglon of Islam in accordance with the principles and tenets of the Shla Ithna Ashari (Twelver Shia) Musllm faith. Grant Makin&. The Mainstsy Foundation extended grants to partners in EasrAfrlca. India. the EU. the UK and US, and Iraq to facilitate education initiatives. These grants were instrumental in providing education to disadvantaged children. Initiatives included covering (he admission costs of children ai all levels from primary school to university. Additionally, depending on the region. we covered related expenses for uniforms, books, transportation. meals, and statlonery supplles. The primary mission of the Mainstay Foundation is to a55i5t in the advancement of Shia Muslim communities in the areas of reliwon, education, and community developmenL To advance education, prlmarSly amongst adherents of the Shia Ithna Ashari Musllm falth, by provldlng support to institution5 and scholarships to individuals. The Mainstay Foundation carried out the followng activities in pursuance of lis chariiable objectives. Grant Makln& The mainstay foundation dispersed development grants to partners in India, East Africa, and Iraq. These grants supported projects such as constructing water and sanitation facilities, offering medical consultatlons and treatments, 5upportlng widows and orphans, and distributing food aid. Strengthenin9 Faith To promote community development, prlmarlly for but not limited to adherents of the Shla Ithna Asharl Muslim faith, through varlous, means In¢ludlrig: The Mainstay Foundation conducted the following artivities to promote the Shia Ithna Ashad (Twefver Shia) Islamlc Falth In alignment with its principles and beliefs. Grant Makln&. During the financial year. ending in March 2025. the Mainstay Foundallon provided grants to several organisations in East Africa. the UK. the US. and Europe to a55i5t them in promoting the religion. These granl5 were evaluated on a ca5frby.case base. designed to facllitate the 8rovrth of rhe Shla Muslim communlty and the propagation of151amic knowledge. Rellevlng poverty ènd Improving Ilvlng conditions within socially and economlcally disadvantaged communltles and vulnerable groups. Allevlatlng flnanclal needs and suffering amongst vlctlms of natural and other disasters, including promoting sustainable means of achieving economlc growth and regeneration. Soclal Investment: After careful consideration and obtaining advice. the trustees resolved to proceed wlth makin8 social Investments ro further rhe charitvs charirable objectives in addirion to (he grants provided by the charity. In doing so, rhe trustees have formulated and adopted Social Investment Policy that is designed to align with the charitys purposes, ensure appropriate levels of rerurn as w￿11 as compliance wth all relevant guidelines and144slation. including the Charities (Protection and Social Investment) Act 2016 and the Charity Commission's published guidance. Promoting national and Internatlonal confllct resolution and reconcillatlon, Dlrect Actlvlties: The Mainstay Foundation carried out several projects in the UK with the primary objertive of strengthening faith. These projects, such as hostir)g conventions. running trips. and publishing tK)oks. address needs not met by other UK o￿anisatiOns. Magole Model Village The Mainstay Foundation: Building a Village /1 Our Impact The Malnstay Foundatlon has embarked on an ambltlous project to transform Magole. Tanzania, a village of 18,000 residents. TMF has built a mosque to serve as the home of Ma8ole's Shia population a focal polnt for religious actI￿tIeS and community gatherings. Classrooms and a house for rhe resldent scholar have been Constructed to advance the rellglous education of Magole's children. Also providing reliable clean water sources and construtting a healrhcare clinic to improve the health of the village's Shia and non-shia residents. The Mainstay Foundation will continue to support Magole's residents with initiatives such as education scholarships, vocational training opportunities. and microfinance loan5. The village will seNe as a model of a sustainable, comprehensive upliftment projert. 10 Strengthening Faith rk.I Centre Grants Shia Muslim community centres play a vital role in fostering spiritual development. community cohesion, and religiou5 education. However, many regions either lack dedicaied cenires or are served by faciliiies that are outdated and in need of significant refurbishment. With the community's growing needs, there 15 also an increasing demand for the expanslon of exlstbng centres to better accommodate con8re8atlonal activities and offer a broader range of service5. In response to these needs, The Mainstay Foundation ITMFI has provided grants to several centres. mosques, and charitable organlsatlons across the globe. These grants support both the acquisition of new places of worship and the expansion or improvement of existing ones. A5 a result. many centres have been able to enhance their infrastructure, improve accessibility. and create more welcoming environtnent for worship. education. and community engagement. The upgraded facilities support a wider range of activities. including youth programmes and educational initiatives, thereby strengthening the spiritual and social fabric of the community- Unlted Klngdom London, Holland Park South London Internatlonal Norwich Italy, Milan Sweden, Trollhattan Tanzania, Ushurumbu Tanzania, Magole Tanzania, Ifurukutya Milton Keynes Watford Manchester. Ardwck Manchester. Didsbury Glasgow Newcastle Southampton Exeter 12 13 Social Investment Mohebban Al-mahdi Youth Foundation The Mainstay Foundation ffMF) supw)rted the Shia Muslim community in Manchester in acquiring a new place of worship. The applicant had secured partial funding through two separate loans but faced difficulty in meeting the full purchase price. Through irs social investmenc loan initiative and the centres grant programme. TMF bridged this funding gap and prevented disruption to the acquisition. The charity has thus far provided four social investment loans to achieve its aims and objectives. The purpose of these investments IS to provide funding to charities by way of non-interest-bearing loans with the goal of both advancing our charitable purp05e5 and recovering the initial investment after a set perlod, thereby enabling the original Investment to be reutilised for further impacL In this regard, we have provided the loans to charitie5 to alleviate their financial burden to ensure continuity and in some cases to enhance vltal ¢ommunlty support to thelr beneficiarles. This interyention enabled the community to complete the purchase of (he property, ensuring the continuation and expansion of their charitable and religious artivities. The new centre has facilitated the creation of a welcoming environment, where the community can gather for spiritual programmes, educational w￿rkshops. youth gatherings, and other beneficial events. By offering a space where individua15 and families feel a sense of belonging and ownership, the centre ha5 Sparked renewed engagement amongst community members. A permanent slte will ensure funds are not lost on hall rental for events and Iherefore are spent to further the charitls objects. In this way, these investments provide charitable benefits to the communities served and strengthens the flnanclal reslllence of both the recSplent organlsatlon and our charlty. crearing a cycle of impact that amplifies the reach and effectiveness of the charitys objectives and mission over time. Achievements The charlty has made a transformatlve dlfference In the Ilves of hundreds of communlty members by facilitating the provision of non.interest.bearing loans to four chariries operating in areas of signtficant soclal need Includlng but not Ilmlted to rellgSous and educatlonal obJe¢tlves. 8y offering accesslble finance without the burden of interest repayments. the charty has enabled these organisations to stabilise their cash flow and invest in essential programmes for their beneficiaries. The social investment loans have enabled the charltie5 to purchase property for use as communitycentres In two Instances and redeem the commercial loans on two other centre5. expand religious and educational services and meet the community needs ¢f their member5 Wlth initiatives for the elderly. the youth and children. Tht .4111 Ji,, Jiiiour Iim. The 5aving5 generated by avoiding cornrnercial borrowing costs have allowed these charitie5 to reallocate resources towards dlrect Charltable activities and extend their Impact beyond what would orherwlse have not been posslble. As a result, families have gained better access to vital religious services, yourb8 people have benefited from new educational and recreational opportunities. and vulnerable individuals have recelved tlmely asslstance to Improve thelr wellbeln8 and prospects. Through this approach, the charity has not onty strengthened Ehe financial resilience of its partners but also promoted a culture of collaboration and empowerment that has delivered tangible improvements across the communities served. In particular, it has fostered greater engagement with Islamic based values, supported the establishment of religious education initiatives. and enabled communities to advance splritually through access to Islamic learnins engagement and the creation and rewtalisarion of communal hubs for advancing the Islamic faith. Renovation Support Projects Involving Purchase Social Investmenl Initiative United Kingdom: Manchester, Cheetham Manchester, Didsbury ome of the projecrs above both a social investmenis and either a renovation suppori or project purchase. Milton Keynes Southampton 14 15 The Muslim Convention The Community Network The Muslim Convention, now ID its fifth year, remains the Mainstay Foundation's flagship eveni. This year, in London. the convention was organised under the theme.lmam Hussain= The Eiernal Hope." Shia Muslim communities in the UK continue to face evolving challenges as they strive to uphold faith- based values in a modern context. Local centres work tirelessly to provide spiritual, educational. and social suppor¢ but often face barriers such as limited resources and lack of inter-organisational collaboration. The day featured seven impactful workshops, a dynamic Marketplace which comprised from a varlety of thlrd paty charltles, entltles and Indfvlduals, and a dedlcated Klds Zone with tallored sessions for children and teens. Attendees benefited from the presence of world-renowned scholars, speakers, and reciter5, who led discussions on topics including migration. digital culture, mental health, and leadershlp. The programme concluded wlrh a heartfelt celebration of the birth of Imam Hussain lasl, featuring moving reciiaiions in Arabic, English, and Urdu. To address this. the Mainstay Foundatlon hosted its second annual Communlty Network Meetlng Sn December 2024 - a national iniiiative aimed at strengthening Shia communities through dialogue, collaboration, and shared learning. Held in Birmingham, the event brought together So representarives from across the United Kingdom. Workshops focused on charity law, youth engagement, and organlsatlonal development, equlpplng centres with practical tools to improve governance and outreach. The event strengthened connectlons beThveen centres and laid the groundwork for new collaborations, positioning the Community Network as a key part of Mainstals commitment to sustainable. community-driven development. The keynote address by Sayyid Ali Al-Hakeem a senior scholar from the Hawza of Najaf, set a powerful tone for the day, grounding the event in timeless values while addressing modem challenges. Attendees 50 Workshop Attendees 1,200 Workshop Speakers 33 ***** Testlmonlals from Attendees he Community Network gave us practical too15 to improve our governance - we've already started implementing some changes back home." Centre Leader. Mldlands Businesses F Or9anisations 74 Recitors Activities in the Kidzone MF Is dolng somethlng very speclal here- TCN Isn't lust a conference,, It's a step towards collective 8rowth for our communities." Youth Director, South London Vetre attended many events before, but this one felt different - focused, relevant, and genuinely collaborative.. Organisational Development Lead, Wale5 ***** Testimonials from Attendees "Every session was relevant and thought-provoking. I left with a renewed sense of purpose and pride in my faith."_ Jaffar, Workshop Participant, Manchester "Meeting so many like-minded people and networking with other organisations gave me a real sense of unity and inspiration." Fatimah. Stsllholder. Marketplace 'This Is the only event where I feel both spiritually uplifted and intellectually challenged - iys become an annual highlight.- Hashim. Returning Attendee. Leeds 16 The Najaf Retreat Summer Camps Since inception. the Najaf Retreat has been a key part of the Mainstay Foundation'5 commitment to nurturing future leaders and 5tudent5 of knowledge. Held over the December holiday period. the 2024 retreat brought together 36 brothers and sisters from across Europe and North America - a mix of young professionals, artive community members. and aspiring students of knowledge. The Mainstay Foundation continues to 5UPPOrt annual Summer Camp5 in the UK. These camp5 offer familie5 an enriching experience rooted in faith. education. and community. Each camp features local and intemarional speakers, volunteers, and facilitstors who deliver a balanced mix of spiritual in5trurtion. personal developmen( and engaging physical activities. Participants were immersed in the spiritual and intellectual heritage of the Holy City of Najaf, through vlslts to the Holy ShrSnes and dally sessions with senior xholars of the Hav4za. Including rare opportunitles for open dialogue and reflection. One of the defining featsjres of this yearfs retreat was the increased interest in seminary studies, with four participants expressing Iheir intention to return to Najaf to start their Islamic studie& The retreai's carefulty curated balance of spiritual connection, academic exploration, and personal growth made for a deeply meaningful and lasting experience. One of several camps Mainstay supported in 2024, reached full capacity and welcomed over 500 particlpants from across the UK and Europe. The slx-day retreat combSned structured workshops, faith-based talks, and recreational sessions designed to engage attendees of all ages. As with all Mainstsy-supported camps, the camp in 2024 delivered on its core objective.. to offer families an uplifting enwronment that nurtures both spiritual growth and social connection. Feedback reflected a renew￿1 sense of purpose, belon&n& and motivation - making these camps a meaningFul alternative to conventional holidays. ***** ***** Partlclpant Te$tlmonlals 'This was my first time in Iraq and meeting esteemed scholars. IVS been an enlightening journey, creatlng lastlng bonds and Ignltlng a passlon for further Islamlc studies.- Laiih. Testlmonlals is camp reminded me of why I'm proud to be a practicing Muslim - I felt reconnected to my faith.-_ Ali. Camp ParticipanL Age 24 "Each day was better than the last. fve deepened my connection to my faith and felt enrlched by the scholarly sesslons and camaraderie." Ilham. -our entire family benefitted. The sessions were engaging. the klds had fijn, and we returned home splritually upllfted.-_ Parent Attendee Authoring Books The MaSnstay Foundation has continued Its work authorlng books that address key ttsplcs In Shla Islam. Over the past year. the Foundation has worked on the upcoming book, 'Reflections,' a dialogue between Sayed Haidar Bahreluloom and Ayatollah Shaykh Hadl al-Radl, Thls book provldes profound spiritual guidance rooted in Shia Islam. coverin8 topics Ilke sincerity, repentsnce, and reliance on God. Sample copie5 of 'Reflection5' were published and shared at a charity event for feedback and review. TMF has also been working on pr¢)ducin8 an audlobook adaptlon of Its popular 'Dlscourses' book. Thls ¥￿11 introduce new audiences to the boows important conversations an Islam and contemporary life. *• By working with senior scholars to produce such books. the Mainstay Foundation helps strengthen the connection between scholars and Shia communities across the world - particularly in the West. These projects help combat religious misinformation and misunderstanding by ensuring widespread access to authentic Shia scholarship. Additionalty, the Mainstay Foundation has commissioned a book titled 'Karbala'. A Poetic Retelling., This book aims to share authentic narrations regarding Karbala with an English audience through a powerful and emotive medium. 19 Religious Events Grant Shia centres across the world face difficulties in funding their religious events and programmes. Through its religiou5 events grants. the Mainstay Foundation provided financial support to several such organisations in the UK, US and East Africa. This support enabled centres to host community programmes to mark occasions such as Shahr Ramadhan, Muharram. and Fatemiyeh. By facllltatlng communSty gatherbngs, the Malnstay Foundatlon fostered unity amongst Shia Muslim5 from different regions. It also provided a plarform for speakers ro share accurate Islamic teachings, combatting misconceptions, and protecting communities from divisive or extreme Ideologles. Thls Is especlally Important In economlcally disadvantaged regions. where access ro Shia scholars is limited. EVENTS ATTENDEES Muharram Arbaeen Fatimmiyah Month of Ramadhan 143.678 2,300 2.000 80.240 2.000 2.000 2.000 East Africa Wiladat Lady Fatima (as) Wiladat Imam Ali (as) Wiladat Imam Mehdi (as) Iuo tsj USA Month of Ramadhan Month of Muharram 24,060 18,000 Month of Ramadhan 64.950 31.900 Month of Muharram Arbaeen Procession The Mainstay Foundation hosted a refreshment stall during the 2024 Arbaeen Proce55ion in London. The Foundation served 7.500 cups of fresh juice. smoothies. and diced fruit to participants in the procession. Additionally. it distributed over 95 publications focused on the Holy Household (as). By participating in thi5 Stall. TMF contributed to the tnessage of Imam Hussain las) to the attendees in London. UK 20 21 Community Islamic Teachers Quran Distribution The Mainstay Foundation once again distributed thousands of copies of the Quran and Quranic chapters to Madaris and households in Tanzania. In a region with limited access to Islamic literature. this project supported the ability of adults and children to regularly engage ￿ryth the Quran. Seminary Project In Tanzania, students looking to pursue further religiou5 5tudie5 have limited option5. The Malnstay FoundatSon Is helplng open doors forthese students through its semlnary project. The Foundation has covered the operational and108lStical running of the programme. This project ha5 enabled 100 student5 to receive advanced Islamic education. after wh5ch they wlll be able to return to their communitles to share their knowledge. 'r> Islamic Teachers Support In Tan2anla, students looklng to pursue further religlous studies have Ilmited optlons. The Mainstay Foundation is helping open doors for these students through its seminary project. The Foundation has covered the operational and logistical running of the programme. Thls prolett has enabled 100 students to receive advanced Islamic education, after which they will be able to return to their communities to share their knowledge. Teachers Salary Support- Tanzanla. Kenya: To strengthen year-round religious education. stipends y￿re provided to full-time teachers acros5 Tanzania and Kenya. These 5cholar5 and teacher5 Serve remote areas. offering conslstent Islamlc guldance, leadlng rltuals, and educatln8 future generatlons. . 6¥"p Tea¢hers Capaclty.Bulldlng Semlnar- Tanzanla The Malnstay Foundation brought togerher faith leaders and Islamlc scholars from 256 centres across Tanzania for a five-day seminar. ro enhance Iheir skills in Islamic siudies. leadershlp, safeguardln& and communlty engagemenL Impact: Through this initiative, TMF is creating access to high level, structured Seminary studie5, which to-date have not been available in Tanzania. This will enable the Seminary students to teach at their local centres but also train other teachers in years to come. TMF'5 salary sUPPOrt for teachers allows them to focus whollyon dealing Y￿th the needs of the communlty by providing spiritual and community leadership. It also connects the communities to Bilal central office giving them access to possibilities in education, medical support and microfinance programrnes. Our teacher seminar brings together teachers frotn all over the country to engage with senior religious leadership, creating a networking hub. Learn from shared experiences and good prattise. Through engagement they able to overcome crttical challenge5 on the ground. 1,550 1,075 2625 Quranic Chapiers Qurans Overall Copies Meet Shireen In 2014, Shlreen's father passed away due ro Cancer, leavlng behind a wife and four children. Through (he Mainstay Foundatlon's educatlon scholarshlp programme, Shlreen recelved financial support to enrol at a Junior College in the science stream. She excelled in the programme, receiving an impressive 9.7 GPA. Determined to become a doctor. Shireen prepared independently to pass the admissions test. She Secured a seat on a MBBS in 2019. wlth TMF helping cover course fees. However, the COVID-19 pandemic and personal clrcumstances placed significant hardshlps on Shireen. TMF provided her wlth a computer $0 she could contlnue her studles onllne and funded her stay In a colle8e accommodation to facilitate a conducive working environment. In 2024, Shireen ￿adUated with an M885 degree, earning the tltle of Doctor. She is now able to se￿e her community whilst a150 earning enough money to support her family. Her succe55 is a testament to her perseverance whlle exempllfylng the outslzed impact of the Mainstay Foundation's work supporting 5tudent5. ering ducatio Education Sponsorship Long terni impart Through a range of targeted education initiatives. VLJlnerable and underprivileged students are being safeguarded from exploitation and empowered with tools for long-term success. From primary 5ponsorshipto universty stholarships and online xhoolin& children and youth now have access to safe. structured learning environment5. Future graduate5 will be able to support new students and continue this cycle of succe55. Upgraded cotnputer labs and vocational training are enhancing digital literacy and employability. while diploma programmes are opening direct pathways to job opportunities. Together, these projects are breaking cycles of poverty, reducing unemployment. and nurturing a more stable. educated generation, In many region5 of the world. a lack of finance5 and opportunities remain a barrier for children and young people accessing education. This has a severe Impact on their wellbeing. growth. and future employment prospects. Diplomas The Mainstay Foundation supported 190 diploma students in Tanzania and India. Studying courses such as accountancy. law. and nursin8 enhanced the employability of (he students and enabled them to pursue higher education opportunities. School Scholarshlp The Mainstay Foundation provided full Sponsorship to hundreds of students from nursery level to college level in India, East Afrlca, and Iraq. Dependlng on the reglon, students also received additional support with lunches, unbforms, textbooks, statlonary Items, and transport. Covering these essential costs allevlates a great flnanclal burden on low. Income famllles, alltswSng chSldren to focus on their education. Unlverslty Seholarshlp The Mainsiay Foundaiion supported 628 unlversity students ￿th partial grants or fiJll scholarships. enabling them to pursue undergraduate and postgraduate degrees locally or in the UK. Support was offered to deserving students studying In fields such as Medicine. Flnance. Law. Accountancy. and Engineering. Number ol Sludents Supported IntEinational ScholDiships Easl Aln"ca Intha Computer Lab UpBrade By financing the purchase of 54 computers. the Malnstay Foundatlon helped transform two school computer labs Sn Iraq. These upgrades will Significantly enhance the education of over 1,000 underprlvlle8ed chlldren. The new computers will increase access to high-quality learning resources, facilitating an interactive and effective learning environment. They will also provide an opportunity for students to improve their digital literacy, equipping them wlth the skllls needed to succeed In the modern world. Onllne School Sponsorship Through an online learning initiative. students across the world were supported with access to primary and secondary online education. By providing structured learning to those who are unable to attend tradltional schoolln8 around the world, in a safe Islamic environment. Iraq UK 710 3,089 240 156 Our Commitment to Excellence The Mainsray Foundaiion monitors partners and academic inslitulion5 to ensure our students are receiwng rhe best possible education. Exam scores are collected from each institution, allowing the Foundation to assess thelr effectiveness. In addition. TMF adopts a holistic approach to student wellbeing. It has strict safeguarding procedures to avoid the mistreatment or abuse of TOTAL: 4203 Vocatlonal Tralnln8 The Foundation supported 244 students in East Africa by providing them with specialised training in their chosen fields. These programme5 equip students with the practical skills needed to pursue employment or entrepreneurial opportunities in areas including computer science, carpentry. electrical installation, mechanics, tailorin& and h05Pltality. Pass Rates 91D/o Primary Education 91D/o Secondary Education 79U/D Intermediate Education students. It a150 works with partners to prowde health semces. counselling. and food parcels to students where needed. By removing obstacles for 5Ludents. the Foundation enable5 them to thrive in their education. 83D/o 810/n Higher Education Vocational Training Iliploma 26 27 Education Suppoit Provided Sludents Sponsored Higher Education Statistics Number ol students SUPPDrted in Tanzania 828 Piimary Education Secondary Education Intsrmedlats Educatlon Partial Grant 454 80 IBU Full Scholarships Number of students supported in India 2BI • Diplomas 174 540 883 Vocallonal Tralnlng Higher Education Including in the fields ol: Accounting and Finance Biotechnology Business Administration History and Language Human Resources Information Technology Law Medicine Pharmacy Types ol courses . Vocational Training Slatistics Civil Engineering Education Data Science Carpentry Electrical Installation Food Production Motor Vehicle Mechanics Plumbing Tailoring Welding Number ol sludenls supported in Tanzania 224 08 students Sponsored at Universities in North America and Europe Number ol students supported in Kenya 20 BSC. Biology at Seattle University (Seattle, USA) BSC. Cybersecurity at Aston University {Birmingham, London) LLB (Hons) Law at Durham University (Durham, England) MSC. Pharmacology and Toxicology at Long Island University (New York, USA) MSC. Electronic Engineering at the University of Southampton Isouthampton England) MSC. Automotive Engineering at Loughborough University (Loughborough, England) MSC. Communications Engineering at Politecnico di Torino (Turin, Italy} MPhillPh.D. Theology and Religious Studies Research at Kings College University (London. England) Accountancy Business Administration Clinical Medicine Education Law Diploma Statistics Education Support piovided Nursing Pharmaceutical Science 28 29 PHD Students Sponsored Royal Holloway Scholarship Programme In addition to its academic grant initiatives. the Mainstay Foundation ffMF) continued its strategic scholarship programme in collaboration with Royal Holloway, University of London-a prestigious UK higher education Institution recognised for Irs contrlbutlons to academlc excellence and global research. Thls partnershlp reflects TMF'S commlcment to promoting academic dialogue. cross-culrural understanding, and iniellectual collaboraiion between Eastern and Western scholars. The programme is designed to foster greater awareness and scholarly engagement with Islamic and Middle Eastem societies. reduce cultural mlsundetstandlngs. and encourage the exchange of knowledge across disciplines and geographies. As part of thls initlatlve. TMF fLAnded three full PhD scholarships at the Centre for Islamic and West Asian Studles ICIWASI, beglnning in October 2024. The Foundation also plans to fund an additional three PhD 5cholar5hips during the covr5e of the upcoming year. further strengthening this meaningful collaboration. (f. 'Mee Yusuf I, Meet Abdullah CONbEW2 •J Yusuf is 20-year.old student who is being supported by the Mainstay Foundation. Orphaned at a young age, Yusuf had been Staying at a children'5 home run by one of the Foundatlon's partners In Tanzanla. He excelled in both his O and A levels at a local school, where he conslstently demonstrated his dedicatlon to hls studles. Yusufs passion for medicine has led him to enrol in the Bsc The Mainstay Foundation is 5UPPOrting Yusuf with hi5 university fees as well as his accommodation, travel. and living expense& This has enabled him to pursue thi5 life- changlng OPPOrtunlty. where flnanclal difficulties and a lack of resources had made it challenglng to pursue further education. Yusufs story serves as inspiration to many in his situation and highlights the important work the Mainstay Foundation does in supporting students from primary to university level. Al)dullah. is a 13-year-old student. supported by the Mainstay Foundation in Iraq. At the age of 10. Abdullah lost his father to illnes5. As well a5 the personal1055 felt by him and hi5 famlly, the loss of hls father led to a decllne In their financial situation. With The Mainstay Foundation's support Abdullah was able to enrol at a school in Najaf. The Foundation also addressed his financial needs by covering clothin& transp)r¢ stationary, and food cost5. attributes hi5 deepening understanding of his religion and the natural world to his education. Drlven by a passlon for learnlng and a determination to make a difference in the world, Abdullah asplres to become a doctor. Despite the adverslty he has faced, he remains unwavering in his resolve to overcome challenges and achieve success in his chosen profession. Anaesthesia and Critical Care (Honsl programme at Parul University in India. His dream 15 to specialise in a field that saves lives, reflecting his resilient spirit and commitment to giving back to the communty that raised him. Abdullah excels at both academic subjects. such as chemistry, and religious subjects, suth as Akhlaq and Quran. For Abdullah, education serves as catalyst for personal growth and spiritual enlightenment. He 32 33 li Ki2oma Water Project Lady Falima Water Initiative Cholera and other waterborne diseases remain persistent killers in many parts of East Africa. In Kigoma, Tanzania, the Mainstay Foundatlon ha5 undertaken a masslve project to eradicate these diseases by providing universal access to clean water. It has built solar-powered boreholes across the reglon, seNing resider)ts and students, Part of the Lady Fatima la51 Water Inltiative, not only ha5 thi5 project reduced the threat of di5ea5e and improved hygiene, but it has a150 transformed education in Kigoma. No longer having to travel long distances to fetch warer, children especSally glrls are now able to consistently attend classes. No longer struggling from dehydration, students can now concentrate In class, Improvlng thelr outcomes. De:velopi CominunitiE Lad Fatima lasl Wa er Initiative Impact With water sourced locally, cofflmunity members- particularly women and children will no longer need to walk long distances to fetch water. saving significant time. This saved time can now be redirected towards work and education, improving productivity and economic output. Students are less likely to suffer from illne55. resulting in improved School attendance and educational outcomes. A lack of access to clean water severely impacts the health. safety. livelihood, and education of individuals in villages across Africa and India. The Mainstay foundation ha5 helped alleviate these challenge5 by identifying needs and installing sustainable water sources, such as boreholes, shallow wells, hand-pumps, and submersible wells in water- scarce areas, Water availability also supports irrigation and agriculrure, promoting food security and provldlng beneficiaries with a stable source of income. Afrlca In Kenya, the Mainstay Foundation constructed a borehole, restoring reliable water access to 900 families. This has had a positive impact in reducing disease. In Tanzania. the Foundation constructed 35 boreholes, Includlng several near local schools. Thls helped increase school attendance and performance and improved the safety of women and girls who would otherwise walk long distances to gei water. The Foundatlon also facllltated the Installatlon of shallow wells In vlllages across Tanzania, reducing the risk of waterborne diseases, and allev5at5ng the straln In local healthcare. Water facilitates essential washing and hygiene practices, enabling communities to maintain cleanliness and uphold thelr rellglous obllgatlons wlth dlgnlty. Access to water supports ritual purification, including wudhu (ablution before prayer) and the washing of deceased individuals in accordance with religious tradition. Improved access to water also enhances general personal hygiene and sanitation stsndards vdlthln the communlty. Indla The Foundation also supported the construction of handpumps and submersible pumps acr055 rural regions of India. The project benefited residents by installing hand pumps within the homes of beneficiarie5. reduclng rravel dlstances for water. provldln8 clean water to local Instltutlons, and easlng soclal strain caused by water shorta8es. Sanitation Facilities Bathroom Facilities The Mainstay Foundation constructed sanitation facilities at religious centres in Viyalo and Busio In rural Kenya. These faclllties Include bathrooms, a shower, and Y￿dhU faalities. Thi5 project ha5 improved hygiene and cleanllness In the localltles whlle enabllng communlty members to more easily meet their religious obligatlons. In Tanzania three-bathroom facilities in Ushirombo, Ifurukutya and Magole were constructed. Africa India Beneliciari8S Beneficiaries Balhrows 203,654 850 Boreholes Nandpumps t*ceased Wathkn8 Fadllll Wa$hln8 Fa¢lllty In Kenya, the Mainstay Foundation constructed a dedicated facility for washing the deceased. Previously, due to a lack of proper facilities, community members had been washing their deceased family members In their own homes. This p05eé significant health risks due to the potential spread of diseases. The new facility ensures that the deceased are washed in a safe and 36 70 ShallDw Wells S￿me[SI1* ￿J￿p$ Ilo. ol Beneficiaries 21 100 13,520 "A digrbified manner. Food Aid ***** Beneficiary Testimonial hen Ramadan was approachin& I felt a heavy weight on my shoulders. I didn't know how I would buythethingswe needed-milk. rice. and otheressentials. I was stressed, praying for a way out, because I had no money to spare. Then the food basket arrived. It felt like my prayers were answered. Everything I needed w35 there-thoughtfully prepared and delivered with such care. I cried tears of relief and gratitude. It wasn't just about the food-itwas aboutthe feeling that someone had thought of us, cared about our struggles. and wanted to help. This iniriarive gave me hope, reminded me of the beauty of mercy and equality, and broughtwarmth to my home in more ways than one, Thank you for making us feel seen. supported, and valued." . Mother of a Grade 5 Student in Iraq Due to faffline5. Iow-income rates. and poor economic conditions. families in East Africa. India and Iraq face challenges with malnutrition. These difficulties are particularly acute during the Holy Month of Ramadhan. where brea￿InnerS often siruggle to provide nutritious mea15 for their familie5 to break their fasts. To help alleviate some of this struggle, the Mainstay Foundation distributed 34.￿9 food baskers during rhe Holy Month of Ramadhan. These food parcels contained essenrial staples such as rice, wheat, barely, flour. salt. dates, and cooking oil. To suppon local farming partners are encouraged to source the products locally. Each basket was designed to feed a famlty offour for 25-30 days, thus pro￿dIng them with food security for ihe entire month. In addition, supported our partners in hosting 100 communlty iftars in several locatlons across East Afrlca. Lunch Programme The Mainstsy Foundation provided weekly lunches to 1,650 students at schools across Kenya. Previousty. ￿￿dentS had been struggling to concentrate due to hunger or missing out on classes altogether due to the energy required to make the journey. By providing consistent access to nutritlous food, these inltiatives encouraged greater attendance and Improved concentratlon In class as well as alleviating the financial burden on parents. The Malnstay Foundatlon also dlstrlbuted meat parcels throughout the year through its Sadaqa Qurbani project. Many of the families receiving these parcels rety on crop farming and so rarety eat meaL These parcels. thus provide a crucial source of protein. helping fight malnutrition and 5UPPOrting a balanced diet. Monlh ol Ramadhan Food Basket Distribution lo. of Benefficiailes No. ol Foo(F Baskets 34,589 156,062 Sadaqa Qurbani Meat Parcel Distribution lo. of FamilES suppurted eneficiris No. of Goats 577 2,298 11,490 Medical Aid Mother & Child Project In India and East Africa, limited access to affordable healthcare. mean5 that accessing even baslc Services places a financial burden on families. High medical costs often deter individuals from seeking 1Sfe-changlng and1Sfe-savSng treatment. The Medical Aid Project aimed to address these challenges by covering the medical costs of struggllng Indlvlduals, In India. a large prop)rtion of infant mortality and childbirth-related deaths are due to preventable cau5e5 such as malnutrition and poor sanitstion. To combat this. the Main5W Foundation launched the'mother and Chlld Programme.. Guided ty Quranic principles. the programme supported mothers throughout their pregnancy and for the first two years of their child's life. A range of support was offered, covering both prenatsl and postnatal care for the mother and infant. Types of Disease Services Provided to Mothers and Inlants: Arthritis Cancer Cataracts Diabetes Epilepsy Hernia Kidney Failure Paralysis Tuberculosis 1. Prenatal and postnatal care under the supervlslon of speclallsts: Periodic medlcal checkups Pathological tests Vacclnatlon The grant kept 16 clinics open, delivering thousands of consultations, supplying medicines, covering treatment costs and facilitating life-saving hospital treatments. Thls also enabled early dlagnostbc testln& allowing for prompt intervention and preventlng the need for such costly lrfe- savlng treatments. Beneficiarles were primarily from low-income household5 in Impoverlshed areas. They requlred medical attention for conditions such as The initlatlve has led to a slgnlflcant reduction in maternal and infant mortality amongst participants. There has also been a marked 2. Regular food packa8es. Includlns nutrltlonal supplements --.t* Types of Tieatment 3. Access to hlgh-quallty Post-natal servlces: improvement in the health and cognitive performance of children supported through the scheme. Addits"onally. the programme has created a network of support for mothers. fosterln8 a sense of community. providing a holistlc SUPPOrt mechanism and offering emotional wellbeing resources. The sUPPOrt provided alleviates the financial burden of bringlng chlldren Into the world, allowing the parents to direct limited financial resources towards necessities, such as household essentlals. CoLJnselling service Dleticlan diabetes. epilepsy, hernia5. and cancer. Medlcal support enables breadwinners to return to work in time preventing further disruption to household income. Paedlatriclan Obstetrics & GynaecologSst Chemotherapy Dialysis Physiotherapy Prescription Medicine Radiotherapy Surgery 4. New-born essential5: Baby Powder Diapers Soap The Mainstay Foundation also 5POn50red the cataract surgerles for 247 patlents at a Tanzanlan cllnlc. These surgeries restored the vision of beneflclarles, helplng them regaln thelr independence and drastically improving their quality of life. General &Jrgerks Beneficlarle$ 109,653 > 29 Mothers Supported nostic rgeries 32 1 258 No. Df Baby No. ol Baby Boys 101 112 &218 41 Meet ri-.Akbar t Fafi n¥ah Zeh All Akbar was born In December 2024 at 38 weeks of gestatlon with a blrth wel8hr of 2.8kg. At just 11 days old, his weight had dropped significantly 10 2.2kg. He was dehydraied. droV￿y, hypotonic, and laundlced and had had a selzure eplsode. Hewas admltted ro the NICU. where he was diagnosed with meningitis, a potentially life-threatening illness. Fatlma Is a mother of three who has been supported by the Malnstay Foundatlon's Mother and Child Programme since 2021. During her third pregnancy, Fatima faced significant challenges. Her husband's work as an auto drfver meant an Irregular Income and. due to the contlnulng effects of the COVID-19 pandemi¢ govemment hospitals were unable (o admit her. Ali Akbar was provided with round.the-clock care and given the rkece55ary medical treatments. After a 21-day stay in hospital, he was discharged at a healthy weight of 3.8kg. Through the medical aid programme, the Mainstay Foundation covered a significant part of Ali Akbarfs medical costs. This eased the financial burden on his parents, ensuring they could properly enjoy time vlith the new addition to their family. Throughout her pregnancy. Fatima was provided with essential care via the Mother and Child Programme. TMF promded financial assistance for Fatima's delivery at a private hospital where she gave birth to a baby girl. Saniyah Zehra. Both mother and child continued to receive sUPPOrt through to Saniyah's second birthday. Fatima sent a heartfelt letter of thanks for the assistance received through the Mother and Child Programme. She emphasised her gratitude for the projecys crucial role in ensuring 3 safe delivery and the well-being of her daughter. 42 43 Widows Aid This year, the Mainstay Foundation launched its Widows Aid initiative. Through thi5 initiative, the Foundation provided 200 widows- who otherwise had no 5UPPOrt-with monthly financial aid. The 5UPPOrtwas primarily used to meet the women'5 rent payments. thus ensuring they had financial security and a stable living situation. Additionally. where needed, the Malnstay Foundatlon covered the medical costs of the widow, ensuring they had access to the necessary healthcare and treatment. Orphan Aid Orphans in Tanzania and Iraq face significant challenges due to limited resources. The Malnstay Foundatlon helps allevlate these challenges by supportlng 60 chlldren. Thls sponsorshlp covers the chlldren's boardin& school and madrassa fees, meals, healthcare, and extracurricular actlvltles. Chlldren are also provlded wlth contlnuous support and counselling to ensure their emotional wellbeing is safeguarded. This holistic approach creates a nurturing environment where children can grow and evolve. Activities such as birthday celebrations and school trips allow the orphoned children to recapture the joy that ha5 been105t from their live5. Thi5 educational support allow5 the single parents to reallocate resources where needed most. Addltlonally, the Malnstay Foundatbon provlded 5,999 Eid glfts to orphaned chlldren In Kenya, Tanzania, and India. By providing each child with an Eid gift, the Foundation ensured they shared in the days festlvltles. Thls programme brou8ht Joy to chlldren, marked Eid as a day of celebration, and upheld the Islamic principle of supporting (hose in need. Orphans Sponsored 60 Eid Gilt Initiative Easl Africa India ? 2,213 *3,786 Tolal 5,999 J). MAINSTAY MAINYAY ,11 ONTH OF MADHAN . PU8LICATIO ONAYE ow EOUCATIOM SUPPORT £10 OOD £30 £10 EID GIFT £8 Ou People The Mainstay Foundation beneftts from staff members who bring a diverse range of qualities. skills. and experiences that contribute to the success of the Charity. The diversity in backgrounds. cultures. and perspectives fosters an inclusive environment for collaboration and enhances the ability of TMF to e5tabli5h and maintain effective partnerships with charities and organisations acros5 the globe. The Mainstay Foundation is primarity funded from generous private donors who support the Charitys projects. A small aid portion of the revenue 15 also derived from Gift Aid. which enables the recovery of tax from quall￿-n8 donations. The Charity has conts.nued to expand its presence on social media plarforms in order to undertake public fundraising campaigns for various initiatives including water, food. and education projects. All fvndralsing Is Internally managed by TMFS own teams, with no extemal or commercial entities such as professional fundraisers being retained. The Charity is registered with the Fundraising Regulator, an independent body overseeing charitable fundraising in England. Wales. and Northern Ireland. The Charlty has established pollcles and systems to ensure that there is no undue Intruslon on an Indlvldual's privacy or an unreasonable persistence in soliciting donations on behalf of the Charity. The Chorlty Is pleased to report that no complaints were received regardlng its fundrai5in8 artivities or any other matter. The Malnstay Foundatlon promotes Positive and supportive work culture. where Indlvldua15 feel valued and motivated to contribute their best efforts. The Trustees and Executive Officer operate an open door to all staff, creating an incluslve environment for all, where staff members are encouraged to grow and succeed. To promote staff wellbebng, management organised a family Iftar during the month of Ramadhan and splrltual trlp to the holy cllles of Medina and Mecca to perform Umrah. Thanks to the generosity of our donors and dlllgence of our team member5, the Mainstay Foundation ha5 once again experienced remarkable 8rowth, leadlng to significant progre55 in achieving its charltable oblectlves. Throughout the reporting period, the Board of Trustees is delighted to note the Charity's steadfast commltment to expanding operations, forging and fortifying partner5hip5, and broadening grant-making activities to benefit a diverse array of reclpients across various regions. The Mainstay Foundation 15 humbled to benefit from ihe invaluable contributions of dedicated volvnleers. who are essenrial in ensuring the effective implemeniarion of the Foundation's activities. While volunteers primarily as51St the charity in efforts related to the advancement of religTon, (heir involvement extends to other areas of the organisation's charitable attivitles. Purwant to the tems of the ChariWS 'Managing Volunteers Poli(rf and it5 'Staff and Remuneration Policy.. volunteers do not receive salaries. However. they may be reimbursed for their food and travel expenses. 49 Strategic Aims and Objectives Forthe year 202>2026, the Mainstay Foundation will continue to VK*rk alongside its partners to further serve communities in the scope of advancing the faith, fostering education and developing communities. Capacity building.. To furtherdevelop the capacity of TMF staff as well as our international partners. To better serve our objects. New Partnershlps: To engage with new communlties to e5tabllsh more locallsed partnershlp to be able to continue to support and serve local ommunlties. Hollstlc Programmes: To focus on holistic programmes In ourald work to better serve beneficiaries providing them with the too15 to be able to breakout of the viciou5 cycle of poverty. Impact Drlven Work: To deliver impacrful programmes. resulting in long.term, 5U5tainable changes ai Indfvldual and socletal levels. Gra$sroot support To conrlnue to work wlth local communlties in the UK, EU and US to support localised initiatives and places of worship. With focus on leadership and resilience. Conneetlng communltles: Facilitate events and programmes to create powerful network5 bringing together people to enhance growth and knowledge. Financial Overview During the reportlng perlod the Charlty reported strong numbers in temis of its aid work and donations raised. The total income of the Charity for the reporting period was £5,717.60012024 - £5.385,8731 and the total expenditure amounred to £5,147,42612024- £5,573,674). Thls left a surplus of £569,58012024- deficit £187.8011. Including support costs, whlch amounted to £503,794 12024- £378.0451 the Charitys expenditure wa5 £1.953,78512024- £1,664,433) on the advancement of Community Development, £ 1.315,79012024- £1.917.6611 on the advancement of Education and £1.877.851 (2024- £1.991.5801 on the advancement of Religion. The Charlty acqulres Its prlnclpal source of fundlng through donations by donors which are used to achieve the Charity's objectlves and cover Its operatlonal costs, The Charity does not engage in Income related servlces, nor in any investments whose purpose is to increase funding for the Charity. Inancial Review Ke Po Financia icies Reserves Policy Princi Facin le Risks the Charity In setting its reserves policy, the Board of Trustees has undertaken a comprehensive assessmeni of the potential risks facing the Charity. This evaluation considered the need for contingency funds to ensure the Charity5 continued stability and ability to fulfil its objertives under varying circumstances. After careful consideration and professional consultstion. the Board of Trustees have identified several kty rlsks the Charlty may face. Includlng: Consequently, the Charity has adopted a policy to maintain a Significantly higher level of unrestritted reserves, rangSng be￿een £750,000 and £1,100,WO. These reserves are intended to: Banking acttvities related to the allocation and expendiiure of funds. Partnerships and grant making to other charltles and Institutlons In hlgh-risk lurlsdlctlons. Dependence on a limited number of donors. Entering new partnerships with other charities. Cover six months of core operating and administrative expenses,. Malntaln a contlngency buffer to safeguard essential programmes In the event of income dlsnjptlon. with particular provision for educaiional grants equivalent to approximaiely 25% of their total value.. Provide flexibility to honour multi-year project commitments and respond to emerging needs, particularly in high-risk or rapidly changing environments; Enable investment opportunities, including those aligned with the Charl￿S social impatt goals: Support strategic development initiatives such as digi￿1 transformation, diversification of fundralslng streams, and enhancements to organlsatlonal infrastructure; Strengthen the Charitys financial resilience in the face of increasing global uncertainty and the unpredlctablllty of donor fundlng. These principal risks are regularly monitored and updated in accordance with the Charitls Risk Management Policy. outlined above. This policy is regularly adjusted based on the Board of Trustees, evaluations. The actual unrestricted reserve funds were £1.756.16312024- £1.186.583}. The Foundation will be usin8 the surplus funds for Its substanllal commitments on Property and Systems in the future. Remuneration Policy The key management personnel of the Mainstay Foundation include its Trustee5 and the Executive Officer. The Trustees, including the Executive Trustee do not recelve compensatlon for thelr seNlces. The ExecutNe Officer together with all other stsff member5 are remunerated in accordance with the Charitls Remuneration Policy. The Remvneralion Committee is re5pon5ible for setting remuneration in Ilne wlth the Charltys Remuneration Policy subject to the flnal approval of the Trustees. In determlnlng the appropriate level of remuneration for its Executive Officer and other staff members, the Committee member5 consider factors such as sector salary brackets for comparable organisation5, the responsibilitles and perfonnance of (he indimdual a8alns( a8reed objectives and the affordablllty of remuneration in light of the charitys financial position. This ensures that the remuneration process is consistent with the prlnciples of 8O¢xI governance. Risk Management Ensurlng effectlve rlsk management Is essentlal for Trustees to make approprlate and tlmely declslons in alignment with the Charitls objectNes. The Charity adopls a proactive approach to risk management. systematlcally revlewlng and updatlng Its pollcles. Trustees are prepared to take planned action ty. Transferring the risks through insurance (where applicable). Mlnlmlslng the Impact of rlsks through contlngency plannlng. Reducing the risks when complete avoidance is impractical or disproportionately expensive. Monitoring the risks. Accepting the risks. In accordance viith the Charity Commission's guidance on 'PaymenEs to Charity Trustees,, Trustees are eligible to seek reimbursement for reasonable out of pocket expenses. Additionally, the Board of Trustees may approve compensation for exceptional work performed for the Charity, provided no other staff members are available to perform the same duties. The Charity ha5 not paid it5 Trustees for any of their work The Charity maintains a central risk assessment register that undergoes regular remew and updates. The assessment categorises risks into various categories, such as operation, financial, govemance and management, complianie. and environmentavexternal factor5. Additionally. 5pe(ialised risk assessments are conducted for specific risk areas, as evident in policies such as the anti-money laundering and counter-terrorist financing policy. Within each category risks are identified and based on their likelihood and impact. Steps to mitigate each risk are outlined along wth any further necessary action. 56 57 Grant-making Policy Investment Policy Grant-making is central to the delivery of the Charitys objects. The Board of Trustees holds ultimate responsibility for the governance and oversight of the Charitys grant allocaiions. This includes e5tabli5hing and rnonitoring the principle5. eligibility criteria and procedural 5afeguard5 that govern the distribution of charitable funds. Ail decisions are made at the discretion of the Board, ensuring compliance with the Charit￿5 governing documents and applicable regulatory requlrements, The Charity has in place an invesiment policy designed to support its charitable objectives vthile ensuring prudent financial management and regulatory compliance. All invesiment5 must align with the Charitys Objert5 and the ethical rulings of the Shia Ithna.A5heri faith. General Investmenls Grants are awarded under two primary recipient categories.. Partner-based reclplents - typlcally registered charitable or non-proflt organlsations recelvlng regular (periodic or annuall grants to support one or more of the Charilys chariiable objectives. These grants may fund new iniiiaiives or sustain and expand existing charitable activities. The Trustees oversee all investment activity and have discretion to invest funds in line with the Charitys ptsrposes. Investments are primarily held in a UK regulated savings account prioriiising capital security and financial stability. The Charity is seeking to diversify into more avenues of investment within the next year. Single project-based recipients - individuals, organisations or initiatives receiving one-off grants for specific, time-bound projects aligned with the Chariiys mission. Ir)vestmeni decisions are made with regard to risl liquidity, and long.term strategic needs, balanclng Income generation wlth capital growth. Rlsk assessments wlll be undertaken prlor to any investrnent. and investments will not proceed where rlsk levels are deemed unacceptable. The Trustees are responsible for all Investment declsions and may appolnt managers where approprlate. followlng govemance procedures outlined in the Charltls governlng document. All grant recipients are subject to verification under the Charitys due diligence and risk management framework. Thls Includes.. Verification of legal and charitable status.. Revlew of flnanclal accounts and governance structures; Assessment of operational capacity and alignment with charitable purposes.. Additional 5afeguard5 for high.risk juri5diction5 or higher-value grant5: Slte vlslts and enhanced due diligence where necessary. Social Investments The Charity may make social inve5tment5 that seek both a financial return (being the return of the Inltial capltal) and dlrecr advancement of Its charltable purposes, In Ilne wlth the Charltles Act 2011. Social investments may include loans. guarantees and other forms of charitable purposes allgned finance. The Charity adopts a proportionate. risk-ba5ed approach to its grant-making proce55e5. Key risk factors consldered Include grant slze, geographlc locatlon, and the status and of the reclpient organisation. A Social Investment Commiltee supports ihe evaluation and monitoring process, but final approval rests solely with the Trustees. All decisions are subject to a rlgorous due dlllgence and conflict-of-interest process. Key factors considered include financial return, mission impact, liquidity, risk of underperformance, and the invesimenys alignment with the Charity's faith- based values. To ensure accountabllity and effectlve monitorin8'. Partner-based recipients are required to submit quarterty performance and financial reports. allowlng the Charlty to assess the Impact of the ongolng use of funds and outcomes against agreed objectives. Single project-based recipients must provide quarterly reports (where applicable) including an impact report within three months of the grant award and a final completion report. demonstrating how funds were used and the extent to which project objectives were achieved. The Charity will not make social investments that do not further its Objects., are not in its overall best interests or conflirt with the values of the Shia Ithna-Asheri faith. The Trustees review all investments regularly and may seek professional advice where appropriate. In respect of social investments. The Social Investment Committee prDvide5 regular perforniance reports to assist with monitoring and oversight. This policy is reviewed periodically to ensure its continued effettiveness and relevance. This approach to grant-making enables the Charity to meet tts regulatory obligations. manage risks effectively, and ensure that all funds are used in furtherance of its charirable purposes. 59 Structure, Governance, and Management Trustee Induction The Charity recognises the importance of providing an induction to incorning Trustee5 as part of the recruitment process. As per Charity Commission recommendations, incoming Trustees recewe the following documents to help familiarise themselves with the Charity.. structure, Governance, and Management An upto4ate copy of the constitution Copies of the minutes from the last three Trustee meetings A copy of the most recent accounts of the Charity The business plan for the current year, including fundraising projections and strategy Copies of all policies A copy of the Charity Commission publication: Yhe Essential Trustee.. what you need to know, what you need to do." The Mainstay Foundation is a Charitable Incorporated Organisation ICIOI, regisiered wiih (he Charity Commission for England and Wales on I l March 2016 with the registered Charity number 1166017. Governin9 Document This initial informaiion enables Trustees to understand the overall administration and governance structure of the Charity, aiding them in taking an actlve role from the outset. Addltlonalty. new Trustees wlll be Invlted to attend a 8oard meetlng before acceptlng thelr role and encouraged to meet their fellow Trustees and staff to familiarise them with the erwlronment in whlch they wlll operate. The governing document of the Mainstay Foundation is the Charitable Incorporated Constitution. adopted on 11 March 2016. which coniains rhe Charitls charitable objectives and establlshes the rules and procedures for the operatlon of the Charlty. Organisation Structure On-Goin8 Training of Tiuslees A5 a CIO, the Board of Trustee5 15 responsible for over5i8ht and the 5trate8ic direttion of the Charlty, Includlng the mana8ement and control of the annual bud8et, the work plan, and the establishment and review of policies and procedures. The Board has in turn appointed the Executlve Offlcer t¢ assSst wlth the day-to-day management of the organisation. The Executlve Offlcer Ss responsible to and reports directly lo the Board durin8 regular meetings and rewev45. The Trustees recognlse the Importance of keeping themselves up to date wlth the Charity Commission guidance and legislation relevant to the Charitys activities. A5 well a5 receiving updates from the Charity Commission. the Charity organi5es internal training sessions and - where necessary- professional training for the Trustees. The Executive Officer's responsibilitie5 include managing the Charity5 5laff. overseeing operational activities, managing all aspects of the grant making process, and meeting wth partners and beneficiarie5. Public Benefit This report provides details of the charirable objectives and activities undertaken by the Charity for the public benefrt. The Board of Trustees ensures that these attivitie5 meet the need5 of beneficiaries and contributr to the overall improvement of public communities in the United Kingdom and other region where the Mainstay Foundation operates. The Board of Trustees, responslbllltles Include: Strategic Responsibility. Ensuring that the Charily has a clear vision, mission, and strategic direction and is focused on achieving these goals. Control Responsibility.. Controlling delegated authority to staff. Performance Responsibility.. Being accountable for the performance of the Charity. Compliance Responsibility= Ensuring that the Charity complies with all legal and regulatory requirements. Re5POn5ibility to Safeguard the A55ets= Acting a5 guardian5 of the Charity5 a55ets. both tangible and intangible, taking due care over their security, deploymen( and proper application. Governance Responsibility. Ensuring that the Charitys governance is of the highest possible standard. Additionalty. the Trustees affirm that they have considered and adhered to the guldance provided by the Chartty Commission on public benefit. 61 Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial statemenis in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trusree5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of Its Incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements. the Trus(ees are required to.. Select suitable accounting policies and then appty them consistently; Observe the methods and principles of the Charities SORP IFRS 1021; Make judgements and accounting estimates that are reasonable and prudent., State whether appllcable UK Accountlng Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained In the financial statements,. Prepare the flnanclal statements on the golng concern basls unless It is inappropriate to presume that the Charity will continue in business. The Trustees are responslble for keepSn8 proper accounllng records that are sufficlent to show and explain the Charitys tran5action5 and disclose with reasonable accuracy at any time the flnancial posltion of the Charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity IAccovnt5 and Report51 Regulations 2008 and the provlsions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularitie5. Approved by order of the members of the Board of Trustees and signed on its behalf by: Mr M Marashi Chair Date= 14.10.2025 62 63 Independent Auditors, Report to the Members ol The Mainstay Foundation for the Year Ended 31 March 2025 er information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statement5 and our Auditor5, Report thereon. Our opinion on ihe financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Opinion We have audited the financial statements of The Mainstay Foundarion Ithe'Charity'} for the year ended 31 March 2025 which comprise the Statement of Financial Activities. the Balance Sheet. the Statement of Cash Flows and the related notes, including significani accounting policies. The financial reporting framework that has been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, Iunlted Klngdom Generally Accepted Accountlng Practice). In connertion with our audit of the financial stakments. our responslbllity is to read the other information and. in doing so. consider wheiher the other information is materially inconsistent with the financial ststements or our knowledge obtained in (he audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent macerial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude Ihat there is a material misststemeni of this orher information, we are required to report that fact. In our opinion the financial statements.. We have nothing to report in this regard. give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of irs incoming resources and appllcatlon of resources for the year then ended.. Matters on whlch we are requlred to report by exeeptlon. have been properly prepared In accordance wlth Unlted Klngdom Generalty Accepted Accountlng Practice,. and We have nothing to report in respect of the following matters where the Charities IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. have been prepared in accordance with the requirements of the Charities Act 2011. the Information given in the Trustees. Report Is Inconslstent In any materlal respect wlth the flnanclal statements.. or Basis for opinion sufficient accounting records have not been kept- or We conducted our audit in accordance with International SLindards on Auditing IUKI IISAs {UKII and appllcable law. Our responslbillties under those standards are further described In the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charlty Sn accordance wlth the ethlcal requirements that are relevant to our audit of Ihe financial statement5 in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibiliiies in accordance wirh these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basi5 for our opinion. the flnanclal statements are not In a8reement wlth the accountln8 records and returns,. or VR have not received all the informatlon and explanations we requlre for our audlt. Responsibilities of Tiuslees As explained more fully in the Statement of Trustees. Responsibilities, the Trustees Iwho are also the Directors of the Charity for the purposes of company lawl are responslble for the preparatlon 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 (o enable the preparation af financial statements that are free from material misstatemenl whether due to fraud or error. Conclusions relalin9 to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the W￿rk we have performed, we have not identified any material uncertainties relating to events or conditions thal individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant section5 of this report. In preparing the financial statements, the Trustees are responsible for assessing the Charity'5 ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 65 Auditor's iesponsibililies foi the audit ol the financial slatemenls 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 transartions 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 irregularitie5 occurring due to fraud rather than error. as fraud involves intenrional concealmenL forgery, collusion, omission or misrepresentstion. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. wherher due to fraud or error. and to issue an Auditors, Report that includes our oplnlon. Reasonable assurance is a high level of assurance. but is noi a guarantee that an audit conducted in accordance with ISAS IUKI will always delec( a maierial misstatement when it exists. Misstaiements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence (he economic decisions of users taken on the basis of these financial staiements. A fvrther descrlption of our responsibilitles for the audit of the flnanclal ststements Is located on the Financial Reponing Council's website aL' www.frc.org.uklaudiiorsresponsibilitie5. This description forms part of our Auditors, Report. Irregularities, including fraud, are instances of non-compliance wiih lav4S and regulaiions. We design procedures in line with our responsibiliries, outlined above. to detect marerial misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detectlng IrregularltSes, includlng fraud Is derailed below. Use of this report This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audlt work has been undertaken 50 that we mlght state to the Charitys Trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume re5pon51bllity to anyone other than the Charity and its Members. as a body. for our audit work, for this report, or for the opinions y￿ have fom)ed. Obtaining an understanding of the legal and regulatory frameworks that the entity operaies in, focusing on those laws and regulations that had a direa effect on the financial statements.. Enqulry of management and those charged wlth governance to identify any instances of known or suspected instances of fraud.. Enquiry of management and those charged with governance around actual and potential Iltigation and claims., Enqulry of management about any Instances ofnon-compllance vlth laws and regulations MHA Statutory Auditor London. Unlted Kln8dom 25 November 2025 Reviewing the design and implementation of control system5 in place.. Testing the operational effectiveness of the control5: MHA are eli8lble to act as audlrors In terms of sertlon 1212 of the Companles Act 2006, Performing audit work over the risk of management override of contro15. including testing of journal entries and other adjustments for appropriateness; MHA is the trading name of MHA Audlt SeThlces LLP, a limited liabillty partnership In England and Wales (registered number OC4555421. Evaluating the business rationale of significant transactions ouiside the normal course of buslness., Revlewing accounting estlmates for bias,- Reviewing the due diligence processes in place on major donors and enquiry of legal advisers for the confirmation of donations received in the year.. Performing audit work over the grant making and monitoring process Reviewing minutes of meetings of those charged with govemance- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation 67 MAif4STAYFOU14DATION AWUPL Accounts AINSTAY FOUNDATION AIN.. klAINSTAY FOUNDATION,: NI.IJ,..LR:FORT24i Statement of Financial Activities Balance Sheet FOR THE YEAR ENDED 31 MARCH 2025 £ AT 31 MARCH 2025 Unrestricted Funds 2025 Restricted Funds 202S Total Funds 202S Total Funds 2024 2025 2025 2024 2024 Note Note Fixed Assets Tangible Assets Income From: Donations 12 83 S.360.6TS 220.139 5.580.812 5.385.8T3 Sodal Investments 13 520.000 Charltable Actlvltles 95.600 95.600 532,683 10.235 Other Income 40.594 40,594 Current Asset$ Debtors: Amounts fairing due within one year Cash at 8ank and In Hand Total Income 5,496,867 220.139 5,717.006 5.385.873 14 9.146 125,063 Expendlture On: Charltable Actlvitles 20 2,303,577 2,260,405 4.929.821 217.605 5.147.426 5,573.674 2.312,723 2.385,468 Total Expenditure 4.929.821 217.605 5.147.426 5.573.674 Credltors: Amounts Falllng Due tNn 4)n• Year 1S 1898.050) 1959,384) Net (Expendlturelllncome 567.046 2.534 569,580 1187,8011 N•t Current Assets 1,414,673 1,426,084 Transfers Between Funds 17 (28.9731 28.973 Net Movement in Funds 538.073 31.507 S69,580 1187.8011 Creditors.. Amounts falling due after more than one year 16 1191.193) 1249.736} Reconclllatlon ol Funds: Total Funds Brought Forward Net assets excluding pension asset 1.756.163 1,186.583 1.270,968 184.3851 1.186.583 1.374.384 Total Net Assets 1,756.163 1.186.583 Net Movement In Funds 538,073 31.507 569,580 1187.8011 Charlty Funds Restrlcted Funds Total Funds Carried Forward 1.809,041 IS2,8781 1,756,163 1.186.583 17 152,8781 184,3851 Unrestritted Funds 17 1,809,041 1,270,968 The Statement of Financial Attivities includes all gains and losses recognised in the year. All income and expenditure derive from continuin8 activitie5. The notes on pages 73 to 95 form part of these financial statements. Total Funds 1,756,163 1.186,583 The financial statements were approved and authorised for issue by the Trustees and slgned on thelr behalf ty. Mr M Marashi Chair Date: 14.10.2025 The notes on pages 73 to 95 form part ofthese financial statements. 70 71 NOTESTOTHE FINANc￿L STATEMENrs Slatement ol Cash Flows Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2025 l. General Informalion 2025 2024 Note The Charity is a public benefrt entity and a Charitable Incorporated Or8anisation limiied by guarantee. registered in England and Wales and a registered Charity (Charity Registered Number 1166017) in England and Wales. Cash Flows From O eratin Activities Net Cash Provided by Operating Activities 19 571.607 756.889 Cash Flows From Investin8 Activities Purchase of Tangible Fixed Assets The address of the registered office is Office 11, Abji Bapashree House, 211 Kingsbury Road. London, NW9 8AQ. The nature of ihe Charitys operations and prlncipal actNities are detailed In the Trustees, ReporL 12 18,4351 17.6121 Purchase of Social Investments 13 1520.000) In the event of the Charity being wound up, the liability in respect of the 8uarantee is limited to £1 per member of Ihe Charity. Net Cash Used in Investing Activities 1528.4351 17.6121 Chan8e Sn Cash jnd Cash Equlvalents In the Yur 43.172 749,277 Cash and Cash Equivalents at the Be8innin8 of the Year 2.260.405 1.511.128 2. Accounting Policies 11 • Basls of Preparatlon of Flnanclal Statements The financial statements have been prepared In accordance with Accountin8 and Reporting by Charities preparing their account5 in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accountin8 and ReF)Ortin8 by Charities: Statement of Recommended Practice Issued on l April 200S which is referred ro in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accountin8 Practice effettive for reporiin8 perlods be8innln8 on or after 1 January 2015. Cash and Cash Equivalents at the End of the Year 20 2,303,577 2,260,405 The Mainstay Foundarlon meets the definltlon ofa publlc beneflt entity under FRSI 02. Assets and liabilities are initially recognised at hisiorical cosi or transaction value unless othewise stsred in the relevant accounting pollcy. The financial statements are presented In sterling which Is the functional currency of the Charity and rounded to the nearest pound. NQTESTOTKE FINANCIALsfATEMErirs NOTESTOTHE FINANCIAL STATERIENTS 2. Accounting Policies Icontinuedl 2.2 • Going Concern 14 • Expenditure AJI expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit io a third party, li is probable thai a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of each activity are made up of the rotsl of direcr coscs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single aciivity are allocated direttly to that actNIty. Shared costs ￿lch con(ribuce to more than one activity and supporr costs which are not artributable to a single activity are apportioned between those actfvities on a basls conslstent wlth the use of resources. Central staff costs are allocated on Ihe basis of time Spent and depr￿latIon charges allocated on (he portion of the assevs use, The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exisL The Trustees also believe that the Reserve policy that they have approved have considered the level of funds held and the commitment from our donors to support us with their level of income and expendirure for at leasr 12 months from authorising these financial staiemenrs gives further confidence of the 8oin8 concern basis. The budge(ed income and expenditure is suff icient with the level of reserves for the Charlty to be able to continue as a goin8 concern. 2.3 • Income All Incorne is recognised once the Charlty has entitlement to the income. it is probable (hai (he income wtll be receNed and the amount of income receivable can be measured reliably. Expenditure on charitable acrivities is incurred on directly underraking the activities whlch further the Charlty's objectives. as well as any associated support costs. Donations are recognised when the Charity has been notified in ￿ltIng of boih the amount and settlemer)t date or on a receipts basis if earlier. In the event that a donation is subject to conditlons that require a level of performance before the Charity is enritled to the funds. the income is deferred and not recogr)ised until either Chose conditions are fulty meL or the fulfillfflent of those conditions is wholly wirhin the control of rhe Charity and it is probable that those conditions will be fulfilled in the reportln8 perlod. Grants payable are charged in the year when the offer is made except in those cases where the offer Is conditional. such grants being recognised as expenditure when the conditions atiaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted asa commitmenL but notaccrued as expenditure, AJI expendlture is inclusive of irrecoverable VAT. Grants are Included In the Statement of Financial Actimties on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income Is recelved In advance of enridement of receipt, its recognition is deferred and included in credirors as deferred Income. Where entltlement occurs before Income Is received. the Income is accrued. 15 • Foreisn Currencies Monetary assets and liabilities denomlnared In forelgn currencles are translated into sierling ai rares of exchange ruling at the reporting date, Transactions in foreign currencies are translated into sterling at the rate rulin8 on the date of the transaction. If material on receipt, donated professional services and faciliries are recognised on the basis of the value of the gift to the Charity which is (he amount il would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open markei a corresponding amount is then recognised in expendi(ure in the period of receipt. Exchange gains and losses are recognised in the Statemen( of Financial Activities. 74 75 NQTESTOTKE FINANCIALsfATEMErirs NOTESTOTHE FINANCIAL STATERIENTS 2. Accounting Policies Icontinuedl Z9 • Liabilities and Provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event it is probable that a transfer of economic benefit will be required in settlemenL and the amount of the settlement can be estimated reliably. 2.6 • Tangible Fixed Assets and Depreciation Tangible fixed assets cosring £500 or more are capitalised and recognised when future econornic benefits are probable and the cost or value of the asset can be measured reliabty. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced paymenis for the goods or seryices ir mus( provide. Tangible fixed assets are initially recognised a( cost. After recognitio under the cost model, tangible fixed assets are measured at cos( less accumulared depreciation and any accumulared impairmeni losses. All costs Incurred to bring a tanglble fixed asset into its intended working condition should be included in rhe measurement of cos(. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on (he present value of those amounts, discounted at the pre•tax discounc rate rha( refleccs che risks specific to the liability. The unwinding of the discount is recognised In the Statement of Financ￿1 Actmties as a finance cost. Depreciation is charged so as to allocate the cost of tan8ible fixed assets less their residual value over their es(imated useful INes using rhe stralght-llne method. Depreciation is provided on the following basi& 110 • Financlal Instruments Offlce equlpment- 25% Straight Ilne The Charity does not have a material holding in complex flnanclal instruments. The Charity only holds basic Financlal Instruments. The financial assets and financial liabilities of the Charity are as follows.. 2.6.1 • Soclal Investments Debtors- trade and other debtors {Including accrued income) are baslc financial instruments and are debi instruments measured at amortised cost as deiailed in Note 13. Prepayments are not flnanclal Insrruments. Soclal investments are program related investments in the form of concessionary loans and are recognised in Ihe books at rhe value at which they are made to the beneficiary. Social investments will be recognised initially at cost. Subsequent measurement will be at cost less any provision for impairment in accordance with FRS 102 and the Charitles 50RP. The Trustees will assess at each reporting dare wherher there is objective evidence of impairment with reference to recoverability of loans and perfonnance of the counterparry. Cash at bank - is classified as a basic financial instrument and is measured at face value. Uabllities- trade credirors. accruals and other credltors wlll be classified as financial instruments. and are measured at amorti5ed cost as detailed in Note 14. Taxatlon and social security are not Included In the financial instruments disclosure. Deferred income 15 not deemed to be a financial liability. as in the cash sertlemenr has already caken place and there is slmply an obligation ¢0 deliver charltable seThlces rather than cash or another financial ins(rumenL 2.7 • Debtors Trade and other debtors are recognised ar the serrlement amount after any trade discount offered. Prepaymenis are valued ai the amount prepaid net of any trade discounts due. 111 • Fund Accountlng General funds are unrestricted funds which are avallable for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes, 2.8 • Cash at Bank and In Hand Restricted funds are funds which are to be used in accordance with SP￿lf1£ restrirtions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aitn and use of each re5trirted fund 15 set out in the note5 to the financial statements. Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 76 NQTESTOTKE FINANCIALsfATEMErirs NOTES TOTHE FINANCML STATEMENTS 2. Accounting Policies Icontinuedl 3. Income From: 2.12 • Critical Accounting Estimates and Areas of Judgment Unrestricted Funds Restricted Funds Total Funds The following judgements (apart from ihose involving esiimatesl have been made in the process of applying Ihe above accouncing policies that have had the most significant effect on the amounts recognised in the financial statemenrs: 2025 Depreciation rares for tangible assers Suppon cost allocation Recoverabiliiy of loans wirhin social invesrments lassessmenr of potentlal impairment of carrying valuel Donation5 5.360,673 220,139 5.580,812 Charitable ACtNit￿S 95.600 95.600 Other Income 40,594 40.594 The Trustees have exercised judgemenr in determining wherher rhere is objective evidence of impairment in respect of loans advanced as social invescmenis. in accordance with FRS 102 and (he Charities SORP. Thls assessment requlres conslderafion of the financlal performance and resilience of the counterparties, the contraaual terms of the agreements and the existence of any collateral andlor guarantees. Where impairment indicators are presen( Ihe Trustees appty judgement in esiimating the recoverable amount and determining the extent of any wrlte-down required. These judgements are significant as they may potentially have a material impact on the carrylng value of social investments reporred in rhe financial siaiemenrs. 5,496,867 220.139 5.717.006 2024 Donations 4.942.354 443,519 5.385.873 Charirable krivities Other Income 4,942,354 443.519 5.385.873 Dther Income. comprises of interest earned on savin85 accounts 78 79 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 4. Analysis of Expenditure on Charitable Activities - By Fund 5. Analysis of Expenditure on Chaiitable Activities - By Type Unrestricted Funds Restricted Fund5 Total Funds Activities Undertaken Directly Grant Funding of Activities Support Costs Total Funds 2025 2025 Advancement ofeducation 1.305.696 10.094 1.315.790 Alvancement of education 1.187,010 128,780 1,315,790 Advancement of religion 1,870,872 6.979 1.877.851 Advancement of reli&on 188,844 1,505,216 183,791 1,877,851 Community development 1,753.253 200.532 1,953,785 Comnwnlty development 1.762.562 191,223 1,953,785 Total 2025 4.929.821 217.605 5.147.426 Total 2025 188.844 4.454.788 503.794 5.147.426 2024 2024 Advancement of educatlon 1.903.097 14,564 1,917.661 1,787.592 130,069 1.917.661 Advancement of rell8lon 1.974.289 17.291 1,991.580 Atfvancement of rell8lon 273.425 1.583,072 135,083 1.991.580 Communlty development 1.129.611 534.822 1.664.433 Communlty development 1.551,540 112.893 1.664.433 Total 2024 5.006.997 566.677 5.573.674 Total 2024 273.425 4,922,204 378.045 5.573.674 80 81 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 5. Analysis ol Expenditure on Charitable Activities - By Type Icontinuedl 6. Analysis of Grants - By Activity Total Funds 2025 Totsl Funds 2024 Grants to Institutions Grantsto Individua15 Total Funds Analysls of Support Costs Staff Costs 342.218 260.$90 2025 Depreclatlon 5.987 3.033 IvarKement of educatlon 1.033,231 153,779 1.187,010 Rent 18,000 14.400 Advancement of religion 1.505.216 1,505,216 Legal and Other Professional Fees 47.174 28.877 Comff￿nity development 1.762.562 1.762.562 Insurance 3.514 1.924 Total 2025 4,301,009 153.779 4,454,788 Telephone 247 192 Other Offlce Costs 13,455 14.465 2024 8ank Charges 5.153 4.880 Advancement of education 1,738.884 48,708 1.787,592 IT and Dl8ltal 5.525 5.392 Advancement of rellglon 1.583.072 1.583.072 C¢mmunlty development 1.551.540 1,551.540 Advertlslng and Marketln8 11.287 4.459 Total 2024 4,873.496 48.708 4.922.204 Travel c05t5 12.314 20.169 Foreign exchange10551(8ain) 1.272 852 Governance C05t5 20.580 18.600 Human Resources 17.068 212 Total 503.794 378.045 82 83 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 7. Analysis of Grants - By Recipient 2025 2024 8. Ramadhan 6rants 2025 2024 Ahlulbayt Islamlc Centre Al-Huda Islamic Center 147.114 29￿95 50.11110 100.000 Allmaan Charitsble Trust (52.5110) 270.240 Alimaan Charitable Trust 100.000 Al-Khoei Foundation Thailand 180.002 Al-zahra Association 70.1)IX) Dar Al-zahra School 52.485 Anluman-E-Husainiyah Dar Al-Hadi Foundation 50.1)00 54.962 Helping Hand5 37.855 37.236 Dar Al-zahra School 306.129 353.824 Imaan Foundatlon 240,899 Dar-ul-musllmeen Orphanage Hazara Communlty Mllton Keynes Helplng Hands Imaan Foundation 21.134 6.780 20,1)00 Kesar Baug Trust 70.225 28,500 239.418 185.182 Maln5tay Foundati¢Jn IUS) 45.188 23,807 78,801 Imam HusseSn Foundatlon so.000 153.779 50.000 48.708 341.01)0 56.71)0 Nyots Foundation 35.038 Individual Scholarship Islamic Universal Association Tauheedul Muslimeen Trust 75.000 Jaffarla Academy Kesar 8aug Trust Khola Shla Ithna-Asherl Isouth Londonljamaat KSIMC of Blrmln8ham KSIMC of London so.000 The Federatlon of Khoja 9)la Ithna-Asherl Jamaats of Afrlca 560.733 475.000 353.696 167.710 The thoja ShlJ15hna Asharl Medlcal Ajd & Welfare Sodety 25.000 50.1)00 216.000 World lslaml¢ Propa8atlon and Humanltarlan Ser￿¢¢$ 13.175 25.000 67.512 Madina Tul Ilm Education Center Limbiate 168.876 Other institutiors. Ramadan 30.000 21.500 Mainstay Foundation (US) MKSI Leicester 36.961 33.772 Total 1(N).000 1,085,598 811.043 Mohebban Youth Foundation 250,000 35,IXIO Muharram - Grant UK Instltutes Muharrum - Grant UK Individuals Muslim Shia For5amling Trollhattan Nyota Foundation Orphan Welfare Trust Ramadhan Grants (see Note 8 for analysls) Royal Holloway, University of London Tauheedul Muslimeen Trust 78.1)00 97,405 133.122 1,085,598 38.8TJ 811,043 360,000 487.182 (71.185) 50.000 841249 The Exeter Ahlul-Bayt Communty The Federation of Khoja Shia Ithna-Asheri Jamaats of Africa The Khoja Shia Ithna Ashari Medical Aid & Welfare Society Worldlslamic Propagation and Humanitarian Services 778,826 105.010 106.229 .545 Total 4.454.788 4.922.204 The grant commitment initially made could not proceed due to exiernal operational factors and the negative grant balance reflects only the reversal of the original accrual. 85 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 9. Governance Costs 11. Trustees, Remuneration and Expenses 2025 2024 Durin8 the year. no Trustees received any remuneration or other benefits12024- £NILI. During the period ihere were £13,092 of travel expenses reimbursed or paid directly to 3 Trustees 12024- £6.815 to 2 Trustees). Audltor's remuneratlon- Audlt of the flnanclal statements 20.580 18.600 20.580 18.600 12. Tangible Fixed Assets Office Equipment 10. Stall Costs 2025 2024 Cost orvaluation 1 April 2024 17.950 IAdditions IAt 31 March 2025 8,435 Wa8eJ ind Salarles 316,750 243,817 Soclal Securlty Colts 22.930 15,313 26.385 P•nslon Costs 2.538 1.460 DepreclatSon At I W'I 2024 342.218 260.590 7.715 Icharge for the Year At 31 Marth 2025 5.987 The average number of persons employed by the Charity duringihe reporting period was as follobys: 13.702 2025 No. 2024 Net book value I￿ 31 Marth 2025 IAt 31 March 2024 12.683 Number of Staff 13 10.235 No employee recelved remuneratSon amountlng to more than £60,CW in either period. The Trustees have consldered the following posts fall within the scope of the definitlon of Key Management Personnel,. the Trustees and the Executive Officer. The Trustees of the Charity give their time voluntarily and are noi remuneraie(l. The total employee benefits paid to (he Key Management Personnel was £48,51812024- £50,541). 86 87 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 13. Social Investments 14. Debtois 2025 2024 2025 2024 Concesslon•ry Lo•ns: Amounts f•llln8 due wlthln one year 62,000 Due Wlthln Oneyear Conce55ionary Loans: Amounts fallin8 due after more than one year 458.000 PrepayTnents and Accrued Income 9.146 74.730 520,000 Grants Receivable 15,833 34,500 At the balance sheet date, concesslonary loans outstandlng totalled £520.00012024: nlal of vknlch £61￿) Is repayable within one year and £458,000 after more than one year. 9,146 125,063 Concessionary loans are initially recognised at cost. Subsequeni measurement is ai cost less any provision for Impairment. Where repayment terms are long.term, the Trustees have considered whether discounting to present value would have a materlal impact on the carrying amount of the loans. Based on current assessment no material adjustment for discounting is required. 15. Creditors: Amounts Falling Due Within One Year 2025 2024 The prlnclpal terms of the conce551onary loan arran8ement5 are a5 follow& Partlculars Amoun¢ 1£) Interest Rate Securlty Repayment Terms ials 29.074 24.031 C•nc•sslonary Loan 1 110.OQQ TMF holds flvrt eh•ry• On the property Repayable In 6 years Grants Payable 868.976 935.353 TMF holds gecoThl harg• on the property 898.050 959.384 Conce¥5ionary Loan 2 250.000 o* Rep•y•ble in S ye•r4 Conc•sslonary Loan 3 60,000 TMF holds flnt th•rye On the property R•pay•bl• In 6 y•ars Conce551on•ry Lo•n 4 100.0¢)0 TMF holds Ilrst charge on the ro Rep•yable In S years 16. Creditors: Amounts Falling Due after Mole Than One Year 2025 2024 The loans are concessionary in nature and have been advanced to further rhe Charitys purposes, no interest being charged. The Trustees monitor the recoverability of each loan annualty- If in the event that borrower falls to meet repayment obligations or othewse in breach of legal rerms, the Trustees will revi&Y Ihe carrying value and consider impairment provisions. Grants Payable 191,193 249,736 The legal charges are fixed charges over the real propety of the b)rrower. They secure the repayment of Ihe principal loan amounts, together with any costs of enforcemer)t or recovery incurred by the Charity in the event of default. Pursuant to the terms of the legal agreements in place between TMF and the borrower the latter is restrirted from disposing of the secured property without the Charitys vlrtrten consent. None of these charges involve related parties. 89 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 17. Statement of Funds 17. Slatement ol Funds (Continuedl Statement of Funds- Current Period Below are the details of the indmdual restricted funds that the charity deals in as represented in the Statement of funds above. The restrirted projects are covered under all three nomina15 of Education. Religion and Community developmenL Balance at 1 April 2024 Balance at 31 March 2025 Income Expenditure Transfers inlo Community Development Unrestricted Funds General Funds 1.270.968 5.496.867 14.929,8211 128.9731 1.809.041 Lady Fatlma Water Inltlatlve To give impoverished members access to safe and hyglenlc drlnklng water by constructing water wells in remote resions which lack access to clean drinking water. Restricted Funds 177,2551 197.010 1200,5321 27,900 152,8771 Advancement of Religion 17,1301 13,235 16,9791 873 Food Basket Dlstrlbutlon To alleviate food scarcily by distributing food baskets containing essential staple food Items to Impoverished famllles In Indla, E. Afrlca, Iraq and other local reglons. This provided them with enough food to last a month. Advancement of Education 9,894 110,0941 200 184,3851 220.139 1217.6051 28.973 152.8781 • Sadaqa Qurbanl To suppty meat parcels to undernourished families and children in East Africa, each goat slaughter providing flve families with 1.5kg of meat each. Total Funds 1.186.583 5,717,006 15,147,426) 1,756.163 Transfers from unrestricted to restricted funds reflect trustee decision to allocate sums of unrestricted income to sustain restricted projects where no immediate future income from donor5 is anticipated. • HaM Qurbanl Offering a sacrificial lamb on the blessed occasion of Eid al Adha. The meat 15 divided equally and distributed to impoverished families across East Africa, enough to feed 5 families. The individual restricted funds in the Communlty Development nominal. mainty The Lady Fatima water project, Orphans project, and the Qurbanl proJe(L are negative as there Is a future income expected to cover this deficit. Statement of Funds- Prlor Perlod • Medlcal Ald To provide vital healthcare support to vulnerable patients in India, including the provision for medications and life changing surgeries. This will ensure that those In need receive the medical attention they require to improve their well-being. Balance at l April 2023 Balance at 31 March 2024 Income Expenditure Tiansfer5 Inlout Orphans Aid To provide monthly sponsorship for an orphan. covering their daily needs from shelter. food, educarlon, healthcare well belng. Unrestrlcted Funds General Fund5 1.383.736 4,942,354 15.006.997) 148.1251 1.270.968 • Eld Glft Inltlatlve To gift an orphan with a one off gift which can range from new clothing or confectionaries on the blessed day of Eid. Bringing joy and comfort to the hearts of chlldren in East Africa. Restrlcted Funds Community Development 111,2341 420.676 {534.8221 48.125 177.2551 Advancement of Religion 761 9.400 (17.291) 17.1301 • Bilal Village Initiative To work towards building a self-sustainable village, providing a community of over 40 members ￿￿th essentials such as educatior) supporL water aid, faith initiative5, and vocational training. Advancement of Educatlon 1.121 13.443 114,564) (9,3521 443,519 1566.677) 48.125 {84,385) Total Fund5 1.374.384 5.385.873 15.573.674) 1.186.583 91 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 18. Analysis ol Net Assets Between Funds Advancement of Religion Unrestricted Funds Restricted Funds Total Funds Quran Distribution Initiative To enrich ihe lives of aspirin8 school children and community members in Easi Africa, providing access to the holy scripture. Muharram Majlls Initlatlve To spread the message of Imam Hussain lasl by sponsoring a programme in Easi Africa. A Muharram programme will allowcommunity members to engage in educarional programmes. Anatysls of Net Assets Between Funds- Current Perlod (2025) Fixed assets 532.683 532,683 Current assets 2.365.601 152,8781 2,312,723 Hajj NSyabah InltSatlve To give the Muslim community the opponunity to spiriiually take part in Ihe hajj pilgrimage by sponsoring someone to go on Iheir behalf. Credltors due wlthln one year 1898.0501 1898,0501 Credltors due In more than one year 1191.1931 1191,1931 Total 1,809,041 152.8781 1,756,163 Advancement of Education Anal￿1¥ of N•t Ass•ts e•twMn Funds. Prfor P•rlod (20241 Educatlon Support To provide students In Indla and Africawith a scholarship to complete thelr school educatlon. Programmes additionally offer unlforms. stationery. and transport facilities to enhance their educational journey. Flxed assets 10.235 10.235 Current assets 2.469,853 184.3851 2.385.468 Credltors due wlthln one year 1959,3841 1959.3841 Vocatlon•l Tr•lnlng To traln students in developin8 and acqulrin8 a range ol speclalised skills in a ch05en field. preparlng them for work. This programmes also offered some Indivlduals accommodation and food. Credltors due In more than one year 1249.7361 1249.7361 Total 1,270,968 184,3851 1.186.583 19. Reconciliation of Net Movement in Funds to Net Cash Flow From Operating Activities 2025 2024 Net Income for the perfod (as per Statement ol Flnanclal Artivities) 569.580 1187.8011 Adjustments For: Depreciation charges 12 5,987 3.033 Decreasellincrease) in debtors 14 115.917 150,503) Increasel{decrease) in creditors 15.16 1119,877) 992.160 Net Cash Provided By Operating Artivities 571.607 756.889 92 93 NOTE5 TOTHE FINANIIALSTATEPAENTS NOTES TOTHE FINANCML STATEMENTS 20. Analysis of Cash and Cash Equivalents 24. Related Party Transactions During the period the Charty benefited from restricted donations of £72 from Amir Taki12024 - restricted donaiions of £31, £31 and £51 from Amir Taki, Haidar Al-Aloom and Ha5san Al Hakeem respeaivety). 2025 2024 During the period the Charity paid honorariums totalling £250 to Zahra Al-Alawi (wife of the Executive Officer) for services rendered to the Charity12024 - £1,250). Cash In Hand 2.303.577 2.260.405 Total Cash and Cash Equivalents 2,303,577 2.260,405 21. Analysis ol Chan9es in Net Debt At 1 April 2024 Cash Flows At 31 March 2025 Cash at Bank and In Hand 2.260,405 43.172 2.303.577 2.260,405 43,172 2.303.577 22. Pension Commitments The Charity operates a defined contribution pension scheme. The asset5 of the scheme are held separately from those of the Charity in an independenily administered fund. The pension C05t charge represents contributions payable by the Charity to the fund and amounted to £2,53812024 - £1,4601. Contributions totalling £NIL12024- £NIL} were payable to rhe fund ai the year end. 23. Subsequent Events Subsequent to the year end, on 29th July 2025 the charity completed the purchase of an investment property for the sum of £399.950. The property has been let and the rental income to be received wlll be applied towards the ongoing operational costs of the charity in addition to the delivery of its charitable activitie5. As the transaction occurred after the balance sheet date, no adjustment has been made to the financial statements. This disclosure is made in compliance with FRS 102 Section 32 and the Charities SORP to provide transparency over material events occurring after the reporting date. 95 Reference-and Administrative. Details of the Charity, its l Trustees and Adiiisers il Trustees arity ￿k11S Chair Mr Mohammad Marashi Executive Trustee Mr Hassan Al-Hakeem CIO Number Charlty Reglstered Number Principal Office CE006901 1166017 Office 11, Abji Bapashree House 211 Kingsbury Road London NW9 8AQ dE￿ndent Awlltors MHA Mr Haidar Bahar Al.Aloom Statutory Audltor Dr Riyaz Kaba Principal Office 6th Floor, 2 London Wall Place London Road United Kingdom EC2Y SAU ankers Barclay5 Bank Kly Man398menl Prlncipal Office PLC 75 Kin8 Street Hammersmlth London W6 9HY Executive Officer Mr Amir Taki CAF Bank Registered Office CAF Bank Ltd. 25 Kings Hill Avenue, Kings Hill, West Malling Kent, ME194IQ Sohutors Head of Accounts Ms Tabassum Mawiee Head of Administration Ms Mubina Hassan Broadfields Law UK LLP Head of Global Initiatives Ms Warisa Hussain Principal Office 1 Bartholomew Close London United Kingdom EC1A 78L 97