Charity number: 1169479
JMWM HUSSAIN FOUNDATION
UNAUDITED TRUSTEES’ REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2021
Prepared by:-
PIERCE C.A. LIMITED MENTOR HOUSE AINSWORTH STREET BLACKBURN BB1 6AY
THE JMWM HUSSAIN FOUNDATION
| THE JMWM HUSSAIN FOUNDATION |
THE JMWM HUSSAIN FOUNDATION |
|---|---|
| _______________ | |
| CONTENTS | PAGE |
| Legal and Administrative Information | 2 |
| Trustees’ Report | 3 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 - 13 |
Page 1
THE JMWM HUSSAIN FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Jawid Hussain
Mr Majid Hussain
Mr Wajid Hussain
Mr Mozam Hussain
Charity Registered Number
1169479
Principal Office
Nisiac House 1 Cunningham Court Lions Drive Blackburn Lancashire BB1 2QX
Accountants
Pierce C.A. Limited Mentor House Ainsworth Street Blackburn Lancashire BB1 6AY
Page 2
THE JMWM HUSSAIN FOUNDATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees submit their annual report and financial statements for The JMWM Hussain Foundation (the Charity) for the year ended 5 April 2021. The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities”.
STRUCTURE, GOVERNANCE AND MANAGEMENT
CONSTITUTION
Formed on 4 October 2016, the Charity is a Charitable Incorporated Organisation that is governed by its Trust Deed to further its objects.
METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Trust Deed. The first trustees were elected on the formation of the Charity and comprise the four current trustees. The first trustees are entitled to hold office as follows:
Mr Jawid Hussain 8 Years Mr Majid Hussain 7 Years Mr Wajid Hussain 6 Years Mr Mozam Hussain 5 Years
Future trustees may be appointed by resolution of the current trustees.
RISK MANAGEMENT
The Trustees actively review any operational and financial risks that the Charity faces. There are no significant identified risks.
The Trustees have put into place effective internal financial control systems. The key feature of these systems is proper control over income and expenditure.
It is the opinion of the Trustees that the above policies are adequate to mitigate financial and reputation loss through error or fraud. The Trustees are satisfied that systems are in place to mitigate the exposure of the Charity to major risks.
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THE JMWM HUSSAIN FOUNDATION
POLICIES AND OBJECTIVES
The object of the Charity is to advance grants to charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
GOING CONCERN
The Trustees are certain that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they have adopted the going concern basis in preparing the financial statements.
REVIEW OF ACTIVITIES
During the year the Charity provided grants to a number of local entities.
RESERVES POLICY
The Charity holds reserves in order to ensure that its commitments to local good causes can be met and sustained.
Reserves means funds that are freely available for the Charity’s purposes after all commitments have been met. These funds are deemed to be unrestricted.
The Charity had unrestricted reserves of £104,011 represented by net current assets of £104,011.
PLANS FOR THE FUTURE
The JMWM Hussain Foundation seeks to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time in particular by providing grants.
The Trustees are keen for the Charity to be a catalyst for projects which might not otherwise get off the ground.
The Charity has supported a number of causes in the year and is seeking to maintain this support in the following year.
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THE JMWM HUSSAIN FOUNDATION
TRUSTEES’ RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.
In preparing these financial statements, the Trustees are required to:-
-
select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations Act 2008 and the provisions of the Trust Deed. 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.
Dec 15, 2021 This report was approved by the Trustees on and signed on their behalf by:
Jawid Hussain
Mr Jawid Hussain
Page 5
THE JMWM HUSSAIN FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JMWM FOUNDATION
I report on the financial statements of the charity for the year ended 5 April 2021 which comprise the Statement of Financial Activities and Balance Sheet, with the related notes.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an Independent Examiner’s Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work or for this report.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the financial statements under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
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state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Signed: Dated: Dec 15, 2021
Simon Diggle ACA Pierce C.A. Limited Mentor House Ainsworth Street Blackburn Lancashire BB1 6AY
Page 6
THE JMWM HUSSAIN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
| Restricted Funds 2021 Unrestricted Funds 2021 Note £ £ INCOME AND ENDOWMENTS FROM: Incoming resources from generated funds: Donations and legacies 2 - 30,750 Investment income 3 - 79 TOTAL INCOME AND ENDOWMENTS - 30,829 EXPENDITURE ON: Charitable activities 4 - 18,772 - 18,772 NET MOVEMENT IN FUNDS FOR THE YEAR - 12,057 RECONCILIATION OF FUNDS: Total funds brought forward - 91,954 TOTAL FUNDS AT 5 APRIL 2021 - 104,011 |
Total Funds 2021 £ 30,750 79 30,829 18,772 18,772 12,057 91,954 104,011 |
Total Funds 2020 £ 30,000 279 30,279 168,050 168,050 (137,771) 229,725 91,954 |
|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
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THE JMWM HUSSAIN FOUNDATION
BALANCE SHEET
FOR THE YEAR ENDED 5 APRIL 2021
| Note CURRENT ASSETS Cash at bank and in hand 6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 7 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 8 TOTAL FUNDS |
2021 £ £ 106,411 106,411 (2,400) 104,011 104,011 104,011 104,011 |
2020 £ £ 93,154 93,154 (1,200) 91,954 91,954 91,954 91,954 |
|---|---|---|
The financial statements were approved by the Trustees on and signed on their behalf, by: Dec 15, 2021
Jawid Hussain
Mr Jawid Hussain
The notes on pages 10 to 13 form part of these financial statements.
Page 8
THE JMWM HUSSAIN FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2021
| Note Cash flows from operating activities Net cash (absorbed by) / generated from operating activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 6 |
2021 £ 13,257 13,257 93,154 106,411 |
2020 £ (137,771) (137,771) 230,925 93,154 |
|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
Page 9
THE JMWM HUSSAIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
1.1 Charity information
The JMWM Hussain Foundation is a Charitable Incorporated Organisation registered in England. Its principal office is Nisiac House, 1 Cunningham Court, Lions Drive, Blackburn, Lancashire, BB1 2QX.
1.2 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The JMWM Hussain Foundation constitutes a public benefit entity as defined by FRS 102.
1.3 Fund accounting
General funds are unrestricted funds which are available 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.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
1.6 Cash and cash equivalents
Cash at bank and in hand are basic financial instruments and include deposits held at call with banks and cash in hand.
Page 10
THE JMWM HUSSAIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1.7 Financial instruments
Financial instruments are recognised in the balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one period are not amortised.
2. INCOME FROM DONATIONS AND LEGACIES
| Restricted Funds 2021 Unrestricted Funds 2021 £ £ Donations - 30,750 |
Total Funds 2021 £ 30,750 |
Total Funds 2020 £ 30,000 |
|---|---|---|
3. INCOME FROM INVESTMENTS
| Restricted Funds 2021 Unrestricted Funds 2021 £ £ Bank interest received - 79 |
Total Funds 2021 £ 79 |
Total Funds 2020 £ 279 |
|---|---|---|
4. DIRECT COSTS & COSTS OF GOVERNANCE
| Activities undertaken directly £ Grants awarded 17,572 Legal and professional fees - 17,572 |
Support costs £ - 1,200 1,800 |
Total 2021 £ 17,572 1,200 18,772 |
Total 2020 £ 166,250 1,800 168,050 |
|---|---|---|---|
During the year no Trustees received any remuneration, benefits in kind and any reimbursement of expenses.
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THE JMWM HUSSAIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. INDEPENDENT EXAMINER’S REMUNERATION
The Independent Examiner’s remuneration amounts to a fee of £1,200 (2020 - £1,200).
6. ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand REDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2021 £ 91,954 2021 £ 2,400 |
2020 £ 93,154 2020 £ 1,200 |
|---|---|---|
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8. STATEMENT OF FUNDS
| Unrestricted funds General Funds Restricted funds Restricted funds Total funds SUMMARY OF FUNDS General funds Restricted funds |
Brought Forward £ 91,954 - 91,954 91,954 - 91,954 |
Income Resources Expended £ 30,829 (18,772) - - 30,829 (18,772) 30,829 (18,772) - - 30,829 (18,772) |
Carried Forward £ 104,011 - 104,011 104,011 - 104,011 |
|---|---|---|---|
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THE JMWM HUSSAIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Restricted Funds 2021 Unrestricted Funds 2021 £ £ Current assets - 104,011 |
Total Funds 2021 £ 104,011 |
Total Funds 2020 £ 91,954 |
|---|---|---|
10. RELATED PARTY TRANSACTIONS
There were no transactions with related parties in the year requiring disclosure.
11. CONTROLLING PARTY
The Charity is controlled by the Trustees.
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