Charlty R9glslrallon No. 1170486 SEVENSPIKES RELIEF SEVEN SPIKES RELIEF FOUNDATION (Charitable Incorpor8led Organisationl ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SEVEN SPIKES RELIEF FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Abdul Gaffar Khalri Dr Al-Rehan Dhanji Mr Bozlur Rahman Mr Faizal Lalloo MrTalhetAnwar Dr. Razwan Siddique Chalrperson MrTalhetAnwar Chief executive officer Dr Mahmoud Ibrahim Charity number 1170486 Prln¢lpal addre$$ Unit 1 Alexander Charles House Stslion Passage South Woodfoid London E18 1JL Auditors Walden Way & Co Unit A3, Gateway Tower 32 Westem Gateway London E16 1YL Bankgrs Lloyds Bank Pl¢ C(>Operative Bank
SEVEN SPIKES RELIEF FOUNDATION CONTENTS Page Trustees, report Independent auditor's report 9-11 statenEntOffinard 12 Balan sheet 13 Cash fknv StatEnt 14 Notes to the financial statemts 15-22
SEVEN SPIKES RELIEF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial slalements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting poliaes set out in note 1 to the financial stslemenls and comply with Seven Spikes Relief Foundation Relief Foundation'5 governing document, the Charities Act 2011 and °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 IFRS 1021 las amended for accounting periods commencing from 1 January 20161 Objectives and activities Seven Spikes Relief Foundation was established as a charity for the public benefit to promote the education, general charitable purposes, relief of thosè in lage, disability, ill-heallh, financial or other disadvantage) and prevention or relief of povety of the people in the underdeveloped regions in such a way as charity Iruslees think fil including by.. Providing help and relief to people under abject poverty in destitute areas in third world untries, Sponsoring and financially supporting orphans and widows having no or insufficient income, Providing cost of essential medical help for Ljrgent cases that cannot afford medical expenses, Funding income-generaling projects lo help the needy earn their living, Supplying of basic goods (food, clothes, essentials etc.) for those in dire need, Providing educational help and service for children and individuals for free or al subsidized prices. Establishing educational and health centres of charitable nature in disasters afflicted areas and underdeveloped communities. The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities Seven Spikes Relief Foundation should undertake. Our strategy for the achievement of these objects is to identify areas where emergency or priority aid is required the most and then to establish projects that will help meet those needs. We then fundraise for such projects and establish them on the ground through field partners and with the help of our own local volunteers and workers. We assist and monitor project delivery and success throughout the period assessing thè level of need lo ensure the beneficiaries are receiving the aid which is relevant and impactful and donor funds are being used ethically to maximum effect. Use of Voluntaers The Charity is grateful for the unstinting work of its volunteers who are involved in the servi provision and fundraising aclivilies. The trustèes provide their services voluntarily and without remuneration lo promote Seven Spikes Relief Foundation's activities in the UK and abroad. The trustees would like lo acknowledge the tremendous efforts of the volunteers and many supporters of the charity for their continuous support in helping Seven Spikes Relief Foundation to achieve its objectives. Financial Review During the period ended 31 December 2023, Seven Spikes Relief Foundation generated incoming resources of £1,141,170 and expensed resources of £837,054. Seven Spikes Relief Foundation Continued lo generate voluntary income during the period, in form of general donations, Zakah funds, as well as charitable collections from the public and fundraisers at mosques to enable the Charity to fulfil ils objectives. The resLJlts of financial statements show a surplLJS of £304,116 compared to a deficit of £70.201 in previous financial period, Donations and Income is increased from £738,458 to £1,141,170 for the period, benefiting from the expansion of the Charity which resulted in reIving an increased number of donations from new and existing donors and increased number offundraisers at mosques and a number of fundraising challenges undertaken by trustees and the Charity's supporters. Consequently, the trustees are pleased with the performance of fundraising strategies.
SEVEN SPIKES RELIEF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Reseryes Pollcy 11 is the policy of the charity that the unrestricted funds which have not been designated for a specific use, be maintained at a level equivalent to at least 2 months running expenditure. The trustees consider that the reserves maintained al this level will ensure that in the event of a significant drop in fijnding they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Going Concern The trustees consider the charity lo be a going concem, wth strong funding pipelines and robust financial controls in place. Risk Managernent Ttuslees have assessed the key risks facing the charity and implemented systems to miligale them, including.. Financial Risks are mitigated through a diversified income base, dear internal controls, regular budget monitoring, and maintenance of appropriate reserve levels. These measures ensure the charity can continue lo meet ils commitments even in the event of income volatility. Operatlonal Rlsks are addressed through robust internal policies, comprehensive staff and volunteer training, implementslion of safeguarding procedures, and adherence lo health and safely stsndards. The charity also maintains contingency plans for project delivery in high-risk or conflict-affected regions. Regulatory and Compllance Rlsks are actively managed through routine reviews of charity law, GDPR requirements, financial reporting obligations, and best practice guidance issued by the Charity Commission. The Board ensures that policies remain up lo dale and that all reporting and govemance obligations are met in a timely and transparent manner. Regular legal and regulatory reviews, including GDPR, safeguarding, and health & safety. Taken together, these controls allow the charity to operate confidently and responsibly in a dynamic and challenging global environment. Future Plans The charity aims lo". Expand services to all sectors of Society Launch a new programme focused on eradicating hunger. Invest in fundraising and donor stewardship to increase unrestricted income. Improve digital infraslrudure and data analysis capabilities. Remuneration Policy The trustees are responsible for setting the overall remuneration policy for the charity. The charity aims lo offer fair, competitive and appropriate levels of pay lo attract and relain staff wth the skills and experience necessary to deliver its charitable objectives effectively. Public Benefit: Achievement and performance The Trustees confimi that they have referrèd lo the Charty Commissions, general guidance on Public Benefit when reviewing and shaping the charity's aims and objectives. The charity wort(s to ensure that ils programs are Inclusive, accessible and responsive lo the needs of the beneficiaries. In a year of global hardship, Seven Spikes Relief Foundation stood with communities in crisis, delivering critical aid and restoring dignity to thousands across nine countries. Here's a snapshot of what your support made possible..
SEVEN SPIKES RELIEF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Palestine In Palestine, Seven Spikes Relief Foundation distributed thousands of food parcels throughout the year, including dedicated Ramadan packages. Displaced families received hundreds of hot meals, vegetable packs, and cooked rice with meat. Monthly cash stipends were issued to support hundreds of orphans, and zakat aid was provided lo families in financial distress. The charity funded hundreds of surgical procedures and supplied first-aid kits lo injured civilians. Additionally. school supplies, uniforms, blankets, and nylon roofing were distributed lo families in need. Fresh Qurbani meal was shared during Ei&ul- Adha, and an aid truck, Stocked with food, medicine, and clothing, was sent from Egypt lo the Rafah border. Turkey In response lo the devastating earthquake that struck Tutkey and parts of Syria, hundreds of emergency tents and blankets were provided lo offer shelter and warmth lo homeless families who had lost everything. In addition to emergency housing support, hundreds of food packs and hot meals were distributed to those In need, ensuring that displaced individuals and families had accèss lo essential nourishment. This aid also included special provisions during Ramadan, helping affected communities observe the holy month with dignity despite the hardship they faced. Yemen Hundreds of food parcels and Eid meal distributions were provided to ensure families could celebrate the occasion with dignity and joy. To address daily water needs and support livestock, a solar-powered well was installed, offering a sustsinable and reliable source of clean water. Monthly support was also extended to orphans, widows, and the elderly, helping lo ease their financial burdens and improve their quality of life. In addition, dozens of income-generating projects were launched, empowering families with the tools and opportunities needed to achieve self-sufficiency and long-temi stability. Bangladesh Forty-five orphans were provided with comprehensive care, including housing, education, nutritious meals, and round-the-clock support, ensuring they grow up In a safe and nurturing environment. Qurbani meat was also distributed lo needy families, allowing them lo share in the blessings of the occasion and meet their nutritional needs. Looking ahead, planning is already undenNay for the 2024 food distributions, aiming lo reach even more vulnerable communities with essential support. Egypt Financial support was extended to hundreds of widows and orphans, including Syrian refugees, helping them meet their basic needs and providing a sense of stability during difficult limes. In celebration of Eid- ul-Adha, meal was also shared with poor families, ensuring they could partake in the festivities and enjoy nutritious meals during the sacred occasion. Pakistan incl. Kashmir Regular stipends were provided to hundreds of orphans and widows, offering them consistent financial support lo manage daily expenses and live with dignity. In response ID natural disasters, financial aid and food assistance were delivered to families affected by flooding, helping them recover and rebuild their lives. Full meals and Qurtjani meal were also distributed lo ensure that vulnerable communities had access lo essential nutrition during critical limes. Additionally, a borehole with a pump was installed al Madrasa Ayesha Lilbanat in Mardan, providing students and staff with a reliable source of clean water. Afghanistan Food packs and Qurbani meal were distributed lo impoverished families, ensuring they had access lo essential nourishment and could partake in the blessings of Eid with dignity. To address the critical need for water in dry regions, a community well was constructed lo serve five villages, providing a vital and sustainable source of clean water lo hundreds of residents in arid areas.
SEVEN SPIKES RELIEF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Kenya Monthly stipends were provided to hundreds of individuals and orphaned children, offering them consistent financial support lo cover essential living needs. In addition, continuous dislribulions of food packs and Qurbani meat helped ensure that vulnerable families had regular access lo nutritious meals. To combat water scarcity in drought-affected areas. several hand-pump wells and a solar-powered borehole were installed. significantly improving daily life for local communities. A new Masjid was also built. accompanied by a 24(ilometer water supply system to benefit surrounding villages. Further humanitarian efforts included aid for flood victims, medical support for the sick, zakat distribution to the needy, and the provision of Eid clothing to bring joy to children during festive celebrations. United Kingdom Regular financial assistance was provided lo help ease the burden on struggling households, ensuring they could meet their basic needs. Medical expenses for a disabled intemalional patient were also covered, offering vital support in a lime of hardship. The foundation contributed lo the upkeep of local mosques and supported community initiatives, including Friday prayer services and discounted events that brought people together. During Ramadan. Seven Spikes Relief Foundation organized for numerous skilled Quran reciters from the Arab world to lead nightly prayers in mosques across the UK. enhancing the spiritual atmosphere and bringing communities closer through meaningful worship. Watch Our Work In Actlon Explore short videos of these projects on our YouTube Channel". htt s'.Ilwyvw. oulube.comlchannellUCK 3HVPnVlf90VkENze2N9Qlvideos Structure, governance and management Seven Spike5 Relief Foundation Is managed by ils governing document, which is signed and agreed by all trustees and constitute the governing dwument of a registered lincorporaledl charity Organisalion. The Trustees who served during the period and up lo the dale of signature of the financial ststements were.. Mr Abdul Gaffar Khatri Dr Al-Rehan Dhanji Mr Bozlur Rahman Mr Faizal Lalloo Mr Talhel Anwar Dr. Razwan Siddique )en appointing new Iruslees to the charity, the board of trustees consider the skills, knowledge and experien of the individual in making the appointment. All trustees have collective responsibility, which were possible, is in accordance wth their skills and experience.The Iruslees meet regularly lo discuss affairs of Seven Spikes Relief Foundation.
SEVEN SPIKES RELIEF FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Statement ol Trusto05 R¢spon¥lbllltlo8". The tlustees of Seven Spikes Reliel Foun¢Jation are Tesponsible for prepariry the Trustees, AnrNal Report and the financial slalernenls In accordance wlli npplicaNo Inw and t17• Unrted lfj"ngdom Accounting Standards (The Uniled Kingdom Generally Accepled Accwnling Practicol. Chants"es Acl 2011 Tequires Ihe Iruslees lo prepare financial 8lalomenlg lor each finala1 year which grve tnte and fair view ol the siaie of a1111r8 0111)e clianliiblts company and ol Iho incoming rosour¢eg and 8pplication of resources. induding income and expenditure, ol the chwitat48 cclnpany ICK that penod. In Fep#nr)g these financial slatemenls, the Injslees Bre requlred lo.. select suitable accounting poIleS and then apply them con8iglenily: ct)seNe the methods and prineiF4e8 in Ihe Charilles SORP., make judgements and eslimales that are reason8¢ and prudent: state whelyler applicable UK accounting standard¥ have been fdlrjwed, ¥ubJ'ecl lo any materi departures disdosed and explained in the financtal stslements- and prepare the fjnancial statements on the gn9 coneem basis unless 11 Is Inappropriate to piesuma that the charitabfe company will continue in business. The tru5tee5 are responsrble tr keeping prcper xcAmting recordsthat thsdosewlh reasonable acoJracy at any time Ihe finanaal FQSrtion of the charitsble ctlmpany enat4e them lo enswe that the finanaal statements compty wth the Charities Act 2011. They are 8lso respJn5ible for safeguarding the asset, of the charrtable company and hence taknng reaSone step5 for the prevention and delecliw of fraud And other ifTegularitie3. In so far. the trustees are aware.. There 1$ no rdevant audit ithxmaiion of thlch the ¢hwitat4e eompary'8 8uditors are unawaie.. and The twstees have taken all steps that they ought to have laken lo make thernselves aware of any relevant audit Information and to èstablish that the audftors ara aware of that information. The Irustees, re was approved by the Bowd ol Twslees. Mr Faiz¥l Lajloo Twstee 0at8d.' 04 June 225 Mr Talhet Anwar Tnjsiee Dated.. 04 June 2025
SEVEN SPIKES RELIEF FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF SEVEN SPIKES RELIEF FOUNDATION Oplnlon We have audited the financial statements of Seven Spikes Relief Foundation (the 'charity'l for the year ended 31 December 2023, which Comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Slalemenl and related notes lo the Financial Stslemenls, including a summary of significant a¢counting poli¢ies. The financial reporting framework that has been applied In their preparation is United Kingdom Accounts"ng Standards, comprising Charities Act 2011 and SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practicel. This report is made solely lo charitable organization's trustees, as a body, in accordance wth section 144 of the Charities Act 2011. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 Dernber 2023 and of its results for the year then ended, expect the comparatives which have not been audited., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements ofthe Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities 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 charily in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern We have nothing lo report in respect of the following mallers in relation lo which the ISAS IUKI require us lo report to you where.. the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Iruslees have not disclosed in the financial statements any identified material uncertainties that may ¢asl significant doubl about the charity's ability lo continue lo adopt the going concern basis of accounting for a period of al least twelve months from the dale when the financial slalements are aulhorised for issue. Oplnlon on othgr mattgrs prgscrlbgd by thg Charltles Act 2011 In our opinion, based on the work undertaken in the Course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees. Report has been prepared in accordance with applicable legal requirements.
SEVEN SPIKES RELIEF FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF SEVEN SPIKES RELIEF FOUNDATION Matters on whlch we are requlred to report by exceptlon I n the light of our knowledge and understanding of the Company and ils environment obtained in the course of the audit, we have not idenb'fied material misstatements in the Trustees. Report. We have nothing lo report in respect of the following matters where the Charities Act 2011 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us," or thefinancial statements are not in agreement with the accounting records and returns.. or certain disclosures of Iruslee's remuneration specified by law are not made., or we have not received 811 the infomalion and explanations we require for our 8udil. We have not audited comparalives120221, hence we cannot express opinion on the comparatives. Responsibilities of trustees As explained more fully in the page 6, the trustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the Iru51ees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trLJStees either intend lo liquidate the charity or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to Dbtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an audito¢s report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always delecl a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. As part of an audit in accordance with ISAS IUKI, we exercise professional judgement and maintain professional skepticism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufficient and appropriate lo provide a basis for our opinion. The risk of not dele¢ling a material misstslemenl resulting from fraud is higher than for one resulting from error, as fraud may involve Collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the charity's intemal control. Evaluate the appropriateness of accounting policies used and the aSonab1eness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related lo events or conditions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our auditor's report lo the related disclosures In the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtsined up to the dale of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial stslemenls, including the disclosures, and whetherthe financial slalements represent the underlying transactions and events in a manner that achieves fair presentation. 10-
SEVEN SPIKES RELIEF FOUNDATION INDEPENDENT AUDITORS'S REPORT TO THE TRUSTEES OF SEVEN SPIKES RELIEF FOUNDATION Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for Dur audit opinion. We communicate wth those charged with governance regarding, among other matters, the planned scope and liming of the audit and signifi'cant audit findings, including any significant deficiencies in inlemal control that we identify during our aLJdit. Khalid Aamir Qadri (Senior Slatulory Auditor) For and on behalf of Vvalden Way & Co Ltd, Statutory Auditor Dated.. 04 June 2025
SEVEN SPIKES RELIEF FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies |
3 | 249,886 | 851,005 | 1,100,891 | 185,524 | 507,058 | 692,582 |
| Other trading activities |
4 | 40,279 | 40,279 | 45,876 | 45,876 | ||
| Total income | 290,165 | 851,005 | 1,141,170 | 231,400 | 507,058 | 738,458 | |
| Ex�enditure on: | |||||||
| Raising funds | 5 | 57,898 | 57,898 | 71,223 | 71,223 | ||
| Governance costs | 5 | 7553 | 7,553 | 750 | 750 | ||
| Cost of sales - (stock for resale) |
5 | 35,682 | 35,682 | 37,012 | 37,012 | ||
| 101,133 | 101,133 | 109,035 | 109,035 | ||||
| Charitable activities |
6 | 66,617 | 669,304 | 735,921 | 29,458 | 670,166 | 699,624 |
| Total resources expended |
167,750 | 669,304 | 837,054 | 138,493 | 670,166 | 808,659 | |
| Net income for | |||||||
| the period/ | |||||||
| Net movement in funds |
14 | 122,415 | 181,701 | 304,116 | 92,907 | (163,108) | (70,201) |
| Fund balances at 01-01-2023 |
14 | 298,817 | 12,822 | 311,639 | 205,910 | 175,930 | 381,840 |
| Fund balances at 31 -12-2023 |
421,232 | 194,523 | 615,755 | 298,817 | 12,822 | 311,639 |
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities.
The notes on page 15 to 22 form an integral part of these financial statements
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SEVEN SPIKES RELIEF FOUNDATION BALANCE SHEEr ASA T31 DECEMBER 2023 Not•• Flx•d A••l T•ng4e 8ssel8 3.528 2.250 Current •••el Loan rece¢v8119 10 Stoc& IgwJ$ for resdel 11 16.005 21.5rxi Cash 8t b•r and In 118ThJ 561.6 2.001 627.695 314,$01 Creditry5 I#n9 due Vittin e year Nei curr# asse 12 (15.489) {5.112) 611227 309.389 Totsj assèts IM• currnnt Uabllltles 616.766 311.639 Incom¢ fundi Unrestricted fvTh18- general 14 421232 194.523 298.817 12.622 14 015,7SS 311.639 The finan(ial statefflents wern alyd by ts Tnth on 04 June 2ff25 Mr Fa&il MITalhelAnvar TNst•• Tho noles on page 15 to 221[ Ir*ral ofthese ffinanoal slaloments 13-
SEVEN SPIKES RELIEF FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR 31 DECEMBER 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities | 271,143 | (44,883) | |||
| Cash flows from investing activities: | |||||
| Purchase of property, plant and equipment | (2,454) | ||||
| 6,990 | |||||
| Disposal proceed of assets | |||||
| Net cash (sed in) investing actvtes | (2,454) | 6,990 | |||
| (Decrease)/increase in cash and cash | 268,689 | (37,893) | |||
| equivalents in the reporting period | |||||
| Cash and cash equivalents at the beginning of the reporing period |
293,001 | 330,894 | |||
| Cash and cash equivalents at the end of the reporing Period |
561,690 | 293,001 | |||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Reconciliation of net movement in funds to cash flow | |||||
| from operating activities | |||||
| 308,669 | (70,201) | ||||
| Net movement in funds | |||||
| (lncrease)/Decrease in stocks | 5,495 | (21,500) | |||
| (lncrease)/Decrease in debtors | (50,000) | 41,478 | |||
| Depreciation | 1,176 | 1,478 | |||
| lncrease/(decrease) in creditors | 5,803 | 3,862 | |||
| Net cash provided by operating activities | 271,143 | (44,883) | |||
| Analysis of cash and cash equivalents | 2023 | 2022 | |||
| £ | £ | ||||
| Cash in hand | 561,690 | 293,001 | |||
| Total cash and cash equivalents | 561,690 | 293,001 |
The notes on page 15 to 22 form an integral part of these financial statements
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SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Accounting policies Charlty infomiation Seven Spikes Relief Foundation is an UK registered Charity- The registered office address is 49 Heathcote Court, Healhcole Avenue, Ilford Essex IG5 OQR. 1.1 Accounting convention The financial statements have been prepared in accordance with Seven Spikes Relief Foundation's governing document, the Charities Act 2011 and 'A¢counling 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 IFRS 1021 leffeclive 1 January 20191" Seven Spikes Relief Foundation is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reportsl Regulations 2008 only lo the exlenl required lo provide a true and fair view. This departure has involved followng the Slalement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since been withdrawn. The financial slalemenls are prepared in sterfing, which is the functional currency of Seven Spikes Relief Foundation. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified lo include the revaluab'on of freehold properties and to inclLJde investment properties and certain financial instruments al fair value. The principal accounting policjes adopted are set out below. 1.2 Going concern Al the lime of approving the financial statements, the Trustees have a reasonable expectslion that Seven Spikes Relief Foundation has adequate reSoUrS to Continue in operational existence for the foreseeable future. In addition, the Trustees have no intention to wnd the company up in the foreseeable future. The Trustees consider that there are currently no material uncertainties which impact on the Charity being able to continue in ils current form. Thus, the Trustees continue to adopt the going cOnM basis of accounting in preparing the financial statements. 1.3 Charltable fund$ Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slatemenls. 1.4 Income Income is recognised when Seven Spikes Relief Foundation is legally entitled lo it after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once Seven Spikes Relief Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from sale in the charity's Ebay shop is recognised al the point of sale. Al trading exerased in the course of carrying out a primary purpose of the charity. 15-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.5 Expenditure Expenditure is rewgnised when il is incurred. Expenditure is reported gross of related income. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over theiT useful lives on the following bases.. Fixtures and fittings Motor vehi¢le 25Qh on written down value 25Qh on written down value The gain or loss arising on the disposal of an asset is determined as the difference bebNeen the sale proceeds and the carrying value of the asset and is recognised in net incomellexpendilurel for the period. 1.7 Impairnient of fixed assets Al each reporting end dale, Seven Spikes Relief Foundation reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is esb"mated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments Seven Spikes Relief Foundation has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in Seven Spikes Relief Foundation's balance sheet when Seven Spikes Relief Foundation becomes party lo the contractual provisions of the Inslrumenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and sellle the liability simultaneously. Derecognltlon of flnanclal Ilabllttles Financial liabilities are derecognised when Seven Spikes Relief Foundation's contractual obligations expire or are discharged or cancelled. 1.10 Taxation Seven Spikes Relief Foundation is a registered charity and as such is a charity wthin the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entided to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising 1.11 DebtOTS and creditors policy Debtors and creditors receivable or payable within one year of the reporting dale are carried al transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at market rate of interest. 16-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 1.12 Closing Stock$ As part of the accounting poliaes, Seven Spikes Relief Foundation recognises stock in accordan wth the Financial Reporting Standard 102 IFRS 1021. Stock includes goods held for dislribulion, resale, or use in charitable activities. Stock is valued al the lower of cost and net realisable value, in line with FRS 102 guidelines, and is measured on a consislenl basis across all periods. The charity use5 the firsl-in, firsl-out IFIFOI method to value stock, ensuring thst the oldest items are used or sold first. Cost includes all direct costs incurred in bringing the stock lo its present location and condition. Any stock held for resale is reviewed regularly for impaimienl and written down lo net realisable value where necessary. The stock policy is reviewed annually lo ensure compliance wth FRS 102 and best practices in financial reporting. Any changes in valuation methods or stock handling procedures are disclosed in the charity's financial statements as part of the accounting policy section. Critical accounting estimates and judgements In the application of Seven Spikes Relief Foundation's aoUntIng policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and Iiabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual result5 may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles Unrestrlcted Restrlcted Total Total funds 2023 funds 2023 2023 2022 Donations and gifts 249,886 851,005 1,100,891 692,582 249,886 851,005 1,100,891 692,582 For the period ended 31 December 2022 185,524 507,058 692,582 OthertHllng actlvmes Unrestrlcted Total funds 2023 2022 Ebay and web sales 40,279 45,876 17-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Raising funds Unrestricted Unrestricted funds funds 2023 2022 Ex enditures on Fundraisin Salaries and wages Rent rates and utilities Fundraising activities costs General administrative costs Travel costs Clerical and support costs Depreuation and irnpairmeNI Bank and finance charges 32,885 4,630 5,950 6,882 297 750 1.176 5,348 35,005 5,599 13,080 5,097 3,592 5.751 1.478 1,671 Expenditure on Fundraising 57,898 71,273 Governance costs Auditors, remuneration Independent exarninerfees Tradin costs C05t of sales eBay charity shop 7,553 35,682 37,012 101.133 109.035 Charltable actlvltles Charitab18 Chaiitable Expenditure Expenditure 2023 2022 Poor Families support Food supply Orphans and widows Water projects Education l Medieal Community Support Housing I Shelter Gaza war victims support General ch8rilable activities 30.999 136,700 99,597 23,600 25,000 81,650 165.000 25,520 147.855 38.791 179,645 238,210 24,715 36,801 33,940 59,145 10,800 77.487 735,921 699,e24 Unrestricted funds- general Restricted funds 66,617 669,304 29.458 670,166 735,921 899,624 18-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from Seven Spikes Relief Foundation during the period. Employees Number of employees The average monthly number of employees during the period was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries 32,885 35,005 During the period, Key Management Personnel, which comprise the Chief Executive Officer Inon-Trusteel. The total remuneration of the key management personal during the year wa5 £32,88512022.. £35,0051. No other benefits in kind or employer pension contributions were provided Tanglblg flxed assets Tangible Assets At 1 January 2023 Additions I (Disposal) At 31 December2023 5,622 2,454 8.076 Oepreclatlon and Impalmient At 1 January 2023 Depreciation charged in the period Depreciation on disposal At 31 December2023 3,372 1,176 4,548 Carrying amount At 31 December 2023 3,528 At 31 December2022 2,250 19-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 10 Loan receivable 2023 2022 Loan receivable 16,005 21,500 Qarz+Hasna linteresl-free loan) receivable from Canterbury Mosque. 11 Closing stocks 2023 2022 Stock for resale 16,005 21,500 12 Creditors: amounts falling due within one pgriod 2023 2022 Other tsxalion and social security 4,362 1,956 Nel Wages payable Accruals and deferred income 2,053 9,053 2,406 750 15,468 5,112 13 Related party transactions The charity donated following ftjnds for the financial period. Seven Spikes Charitable Foundation, Bangladesh Seven Spikes Relief Organization, Pakistan Iclosed on July 20231 Seven Spikes Relief Community Based Organisation, Kenya £30,828 £47,727 £100,000 No trustee or related paty has a financial interest in the recipient organisations, and all transfers were in furtheran of charitable objectives. There are no other related party transactions lo report. -20-
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 14 Charity Funds- Current Year Ended 31 December 2023 Balance at 01-01-2023 Incoming resources Resources expended Transfers Balance at 31-12-2023 Charity Funds Unrestrlcted funds General funds 298,817 290,165 101,133 166,6171 421,232 Restrlcted funds Aid in Palestine and Gaza 241,393 175,520 65,874 Emergency Relief Filranah and Zakat 71,061 32,950 38,111 50,827 44,284 51.400 573 Medical & Healthcare 44,099 185 Food & Social 13,972 16,900 2,928 Qurbani 15,236 53,119 15,238 81,650 Education and Mosque Water & Sanitation 41,477 12,946 8,254 23.800 16,000 654 Widows and Orphans care Economic Empowerment 160,389 165,497 5,637 529 12,822 192,470 129,067 76,225 Total restricted funds 12,822 851,005 735,921 66,617 194,523 Total funds 311,639 1,141,170 837,054 615,755 During the year. the Trustees approved a transfer of £66,617 from unrestricted to restricted funds. This transfer represents the reimbursement of programme-related costs initially funded through unreslricled reserves, which were later identified as eligible to be supported by restricted income received in the same period. In line ¥Mth donor conditions and intetnal fund allocation policies, a relrospeth.ve review was undertaken, and relevant project expenditure was reclassified to ensure consistency wth the purpose of the restricted donations. This is in accordance with the Charities SORP IFRS 1021 and ensures transparency in the allocation of income and expenditure. Funds descriptions- Ald In Palestlne and Gaza All donations received lo support economic hardship, and humanitarian crisis in the region Emergency Rellef Funds lo help people and communities affected by natural disasters learthquakes and floods) Fitranah & Zakat Funds to support the poor to celebrate Eid-al-Filr. Zakat funds received are for the relief of poverty 21
SEVEN SPIKES RELIEF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Medical andHealthcare All the funds received are for providing medical aid including surgical pr0dUreS. Foodandsocial Funds for food packs and hot meals distribution, including Ramadan aid Qurbani Fresh Qurbani meal shared during Eid-ul-Adha Education andmosque Funds for rebuilding or repairing schools and mosques and providing education supplies. Water & Sanltatlon Funds for life-saving initiatives that provide clean drinking water, safe sanitation, and hygiene facilities Widows and Orphan's care Donations for most vulnerable members of society, those who have lost family support due lo war, disaster, poverty, or illness. These funds provide shelter, food, education, healthcare, and emotional support. Economic Empowerment Donations for helping individuals and communities become financially self-sufficient. These donations focus on giving people the tools, skills, and opportunities lo build sustainable livelihoods. 1S. Subsequent events The trustees have considered events occurring after the balance sheet dale up lo the date of approval of the financial statements. There have been no events that require adjustment or disdosure, in the financial statements. -22-