Al- FARAZDAQ FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CHARITY REGISTRATION No 1167222
AL-FARAZDAQ FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Constitution
Al- Farazdaq is an organisation governed by its charitable foundation.
Trustees
The trustees of the company during the period were :
Elected Trustees : Haider Radam Alsaadi Nina Al- Saadi Soundus Al Saadi Huda Mohammed Amal Saeed Mrs Bedour Aleneizi Accountants Not applicable Bankers Co-Operative Bank Plc - Box 101, 1, Balloon Street Manchester M60 4EP -1-
AL- FARAZDAQ FOUNDATION
Report of the Trustees for the year ended 31 August 2024
The Trustees directors are pleased to present the first period of financial statement and their report of the Foundation for the period .
Objects:
The objects of the company are:
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To advance the education of childern and young people aged up to 16 in West Acton London, by the provision of supplementary education in the Arabic language.
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To advance education and relieve poverty and sickness in Iraq, by the provision of grants.
Due to Covid -19 all charitable activities ceased and some funds were transferred to larger charitable bodies.
Organisation
A board of trustees of two members, who meet quarterly, administers the charity.
Trustees responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practices have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board:
………………………….. Haider Radam Alsaadi
1 April 2025
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AL-FARAZDAQ FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)
FOR THE YEAR ENDED 31 AUGUST 2024
| Note | Unrestricted | Unrestricted | |
|---|---|---|---|
| Funds | Funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Incoming resources | |||
| Donations etc | 17,400 | 15,678 | |
| _____ | _____ | ||
| Net incoming resources available | |||
| for charitable application | 17,400 | 15,678 | |
| Charitable expenditure | |||
| Grants to Orphanage , Iraq | 1250 | 800- | |
| Donation to various Charities | 15,254 | 18,000 | |
| Bank charges | |||
| Total charitable expenditure | 16,504 | ~~18,800~~ | |
| Net ( expenditure) / Income retained for the year | Net ( expenditure) / Income retained for the year | 896 | 3122 |
| Incoming resources and resulting net movement in funds in each year arise from continuing operations. The charity | Incoming resources and resulting net movement in funds in each year arise from continuing operations. The charity | Incoming resources and resulting net movement in funds in each year arise from continuing operations. The charity | |
| has no recognised gains or losses other than the net movement in funds for the year. |
The notes on page 5 forms part of these financial statements.
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AL- FARAZDAQ FOUNDATION
BALANCE SHEET AS AT 31AUGUST 2024
| Note Current Assets Cash at bank and in hand Unrestricted funds - general 2 |
2024 2023 £ £ 896 2,641 2024 2023 £ £ 896 2,641 |
|---|---|
Approved by the Board of Trustees on 1 April 2024 and signed below on its behalf by
…………………………….. Haider Radam Alsaadi
The notes on page 6 forms part of these financial statements.
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AL- FARAZDAQ FOUNDATION
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting Policies
Basis of preparation of accounts
These accounts have been prepared under the historical cost convention with items recognised at cost or transactions value unless otherwise stated in relevant notes to these accounts.
The accounts have been prepared in accordance with:
- the statement of recommended Practice : Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK issued on16th July 2014
Resources received
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT that cannot be recovered.
Fund accounting
Funds held by the company are either:
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1 Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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2 Unrestricted Funds
| 2 Unrestricted |
Funds | |||
|---|---|---|---|---|
| As At | Incoming | Outgoing | As At | |
| 31.08.2023 | Resources | Resources | 31.08.2024 | |
| £ | £ | £ | £ | |
| General | 2,641 | 18,800 | 17,400 | 896 |
AL- FARAZDAQ FOUNDATION