CHARITY REGISTRATION NUMBER: 1172217
Imam Ali Foundation
Financial Statements
30 June 2023
MERALI'S
Chartered accountants & statutory auditor Scottish Provident House 76-80 College Road Harrow Middlesex HA1 1BQ
Imam Ali Foundation
Financial Statements
Year ended 30 June 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
Imam Ali Foundation
Trustees' Annual Report
Year ended 30 June 2023
The trustees present their report and the financial statements of the charity for the year ended 30 June 2023.
Reference and administrative details
| Registered charity name | Imam Ali Foundation |
|---|---|
| Charity registration number | 1172217 |
| Principal office | 65 Bronsesbury Park |
| London | |
| NW6 7AX | |
| The trustees | |
| Mr M Alkhabaz | |
| Dr S Bakir | |
| Syed M Rizvi | |
| Mr A Jabbar | |
| Mr A Amin | |
| Mr A Riyadh | |
| Mr M Amer | |
| Dr H Mamdani | |
| Auditor | Merali's |
| Chartered accountants & statutory auditor | |
| Scottish Provident House | |
| 76-80 College Road | |
| Harrow | |
| Middlesex | |
| HA1 1BQ | |
| Bankers | Barclays |
| 54 Lombart Street | |
| London | |
| EC3P 3AH |
1
Imam Ali Foundation
Trustees' Annual Report (continued)
Year ended 30 June 2023
Structure, governance and management
Governing document
The organisation is registered as a charity on 23 March 2017 and governed by its constitution.
Organisational Structure
Imam Ali Foundation has a Management Committee of 8 trustees who meet quarterly and are responsible for the strategic direction and policy of the charity.
Risk Management
The Management Committee has conducted a review of the major risks to which the charity is exposed to and continues to monitor this on an ongoing basis. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Objectives and activities
The objects of the Charity are for the public benefit:
A) the advancement of education and religion with particular emphasis on religious studies and Islam, in accordance with the creeds of Ithna Ashari Shia Muslim faith.
B) the relief of poverty, sickness and distress, in particular amongst people who practice the Islamic faith in accordance with the creeds of Ithna Ashari Shia Muslim faith;
C) the provision of facilities, for the public and in particular for those members of the public who practice the Islamic faith in accordance with the creeds of Ithna Ashari Shia Muslim faith ("the beneficiaries") in the interests of social welfare and with the object of improving conditions of life of the beneficiaries.
Achievements and performance
The charity fulfilled its objectives of relieving poverty, promoting education and providing facilities for the Muslims to practice the Islamic faith across the UK, with centres operating in London, Birmingham, Cardiff and Hull.
Financial review
The trustees were satisfied with the financial position of the charity, with sufficient reserves held by the charity to continue its work towards its objectives in the future.
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 and Wales requires the charity trustees to prepare financial statements for each year 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.
2
Imam All Foundation Trustees, Annual Report (¢¢1{Ueffj Year ended 30 June 2023 In preparing these financial slatemenls, the trustees are required to.. select suitable aoUntIng pc4iry8s and then aWy them consist8nUy', observe the methods and pnnciples in the awlicable Charities SORP., make judgments and anting estimates that are reasonable and prud. stste wh8ther applicable UK Accounting Sland8rds have been fdlowed, subj9 to any material departures disclosed and explained in the fin8ncial statements., prepare the financial stslements on the going cOrErn ba31s urlfjss il is inappropriate to Fyesume that the charity will continue in business. The trust88s are responsiNe for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disdose with reasonable accuracy al any ts.me the financial PC)sition of the chaTlty and enable them to ensure that the financial statements comply wi(h the Charities Ad 2011, the applicable Charities IAccoLsnls and Rewrtsl Regulations, and thè provisions of the Trust Deed. They are also rasponsible for saf8guarding the assets of the charity and hence for taking reasonable steps for the prevents'on and d8t8cbon of fraud and other irregulan'b"es. The trustees, annual raprrt was approved on ../* n/orf.: 2 Sf and signed on behalf of the board of trustees by.. Syed M Rizvi Trustsg
Imam Ali Foundation
Independent Auditor's Report to the Members of Imam Ali Foundation (continued)
Year ended 30 June 2023
Opinion
We have audited the financial statements of Imam Ali Foundation (the 'charity') for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 30 June 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charity in accordance with the ethical requirements that are relevant to 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 to provide a basis for our opinion.
Other Matter – Comparative Information
The financial statements of the charity for the year ended 30 June 2022 were unaudited and therefore no independent audit opinion was issued in respect of that period. Therefore, the comparative figures presented in these financial statements are unaudited. Our opinion is not modified in respect of this matter.
Conclusions relating 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 work we have performed, we have not identified any material uncertainties relating to events or conditions that, 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 sections of this report.
4
Imam Ali Foundation
Independent Auditor's Report to the Members of Imam Ali Foundation (continued)
Year ended 30 June 2023
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 statements, the trustees 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 trustees either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance
5
Imam Ali Foundation
Independent Auditor's Report to the Members of Imam Ali Foundation (continued)
Year ended 30 June 2023
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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enquiring of management and trustees including obtaining and reviewing supporting documentation concerning the charity's policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were
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aware of any instances of non-compliance.
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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obtaining an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charity. The key laws and regulations we considered in this context included the Charities Act 2011 and Charities SORP (FRS 102).
Audit response to risks identified
As a result of performing the above, we identified management override of controls, revenue recognition including occurrence and classification of donation income and the occurrence and classification of charitable payments as key audit matters.
Our procedures to respond to risks identified included the following:
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the
6
Imam Ali Foundation
Independent Auditor's Report to the Members of Imam Ali Foundation (continued)
Year ended 30 June 2023
charity's rationale of any significant transactions that are unusual or outside the normal course of business.
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Substantive testing on donation income to ensure all income has occurred and has been correctly classified in the accounts (restricted or unrestricted)
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Substantive testing on charitable payments to ensure such payments are within the objectives of the charity, paid out in accordance with purposes and conditions of grants, and accurate allocation across funds.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our 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) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's 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 responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Merali's Chartered Accountants & Statutory Auditors Scottish Provident House 76-80 College Road Harrow Middlesex HA1 1BQ
Date: 18 November 2024
7
Imam Ali Foundation
Statement of Financial Activities
Year ended 30 June 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 603,076 | 539,424 | 1,142,500 | 671,106 |
| Investment income | 5 | 19,396 | – | 19,396 | 19,354 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | -------------------------------- | ||
| Total income | 622,472 | 539,424 | 1,161,896 | 690,460 | |
| ================================ | ================================ | ========================================= | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 217,570 | 396,945 | 614,515 | 1,934,946 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total expenditure | 217,570 | 396,945 | 614,515 | 1,934,946 | |
| ================================ | ================================ | ========================================= | ========================================= | ||
| Net gains on investments | 9 | (175,000) | – | (175,000) | – |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Net income/(expenditure) and net | |||||
| movement in funds | 579,902 | 142,479 | 722,381 | (1,244,486) | |
| ================================ | ================================ | ========================================= | ========================================= | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 3,193,284 | – | 3,193,284 | 4,437,770 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 3,773,186 | 142,479 | 3,915,665 | 3,193,284 | |
| ========================================= | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 19 form part of these financial statements.
8
Imam All Foundatlon Statement of Financial Position 30 June 2023 2023 2022 Flxed assets Tangible fixed 8Sgets 16 3.158.377 2,505,146 Current assats Debtors C8sh al bank and in hand 16 84,051 612,887 768,636 768,636 696.938 Credltors: amounts falllng due wlthln one year Net current assets 17 11,348 8,800 757,288 688,138 3.193,284 3.193.284 Total assels less current Ilabllliles 3.915,e65 Net assets 3,915,665 Funds of the charfty Restricted funds Unrestricted funds 142,479 3,773,186 3,193,284 Total charlty funds 18 3,915.665 3,193,284 These financial ststements were approved by the board of trustees and authorised for Issue on I.¥..0.Y...Y., and are signed on behalf of th¢ board by.. Syed M Rizvi Trust89 Th• not•s on p•g•s 11 to 19 forni part of th•se financial statsmpnts.
Imam Ali Foundation
Statement of Cash Flows
Year ended 30 June 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 722,381 | (1,244,486) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 16,769 | 1,388 |
| Net gains on investments | (175,000) | – |
| Dividends, interest and rents from investments | (19,200) | (19,200) |
| Other interest receivable and similar income | (196) | (154) |
| Interest payable and similar charges | 1,006 | 1,059 |
| Accrued (income)/expenses | (200) | 4,000 |
| Changes in: | ||
| Trade and other debtors | 84,051 | 107,567 |
| Trade and other creditors | 2,748 | (69,974) |
| -------------------------------- | ----------------------------------------- | |
| Cash generated from operations | 632,359 | (1,219,800) |
| Interest paid | (1,006) | (1,059) |
| Interest received | 196 | 154 |
| -------------------------------- | ----------------------------------------- | |
| Net cash from/(used in) operating activities | 631,549 | (1,220,705) |
| ================================ | ========================================= | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 19,200 | 19,200 |
| Purchase of tangible assets | (495,000) | – |
| Proceeds from sale of other investments | 175,000 | – |
| -------------------------------- | ----------------------------------------- | |
| Net cash (used in)/from investing activities | (300,800) | 19,200 |
| ================================ | ========================================= | |
| Net increase/(decrease) in cash and cash equivalents | 330,749 | (1,201,505) |
| Cash and cash equivalents at beginning of year | 612,887 | 1,814,391 |
| -------------------------------- | ----------------------------------------- | |
| Cash and cash equivalents at end of year | 943,636 | 612,886 |
| ================================ | ========================================= |
The notes on pages 11 to 19 form part of these financial statements.
10
Imam Ali Foundation
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 65 Brondesbury Park, London, NW6 7AX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
11
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
12
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | Straight Line Method over 50 years |
|---|---|---|
| Fixtures and fittings | - | 25% Straight line |
| Equipment | - | 25% Straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
13
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 603,076 | – | 603,076 |
| Fitra | – | 4,627 | 4,627 |
| Khums | – | 505,118 | 505,118 |
| Orphans / poor | – | 1,494 | 1,494 |
| Qurabani | – | 40 | 40 |
| Sadqa | – | 26,381 | 26,381 |
| Fidya / Kaffara | – | 1,064 | 1,064 |
| Zakat | – | 700 | 700 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | |
| 603,076 | 539,424 | 1,142,500 | |
| ================================ | ================================ | ========================================= |
14
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 80,373 | – | 80,373 |
| Fitra | – | 4,127 | 4,127 |
| Khums | – | 548,556 | 548,556 |
| Orphans / poor | – | 650 | 650 |
| Qurabani | – | 410 | 410 |
| Sadqa | – | 33,789 | 33,789 |
| Fidya / Kaffara | – | 2,619 | 2,619 |
| Zakat | – | 582 | 582 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 80,373 | 590,733 | 671,106 | |
| ============================ | ================================ | ================================ |
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 19,200 | 19,200 | 19,200 | 19,200 |
| Bank interest receivable | 196 | 196 | 154 | 154 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 19,396 | 19,396 | 19,354 | 19,354 | |
| ============================ | ============================ | ============================ | ============================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Charitable activities | – | 396,945 | 396,945 |
| Support costs | 217,570 | – | 217,570 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 217,570 | 396,945 | 614,515 | |
| ================================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Charitable activities | 238,418 | 1,584,133 | 1,822,551 |
| Support costs | 112,395 | – | 112,395 |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| 350,813 | 1,584,133 | 1,934,946 | |
| ================================ | ========================================= | ========================================= |
15
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
7. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Charitable activities | 396,945 | 208,106 | 605,051 | 1,930,083 |
| Governance costs | – | 9,464 | 9,464 | 4,863 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| 396,945 | 217,570 | 614,515 | 1,934,946 | |
| ================================ | ================================ | ================================ | ========================================= |
8. Analysis of support costs
| Analysis of | |||||
|---|---|---|---|---|---|
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Staff costs | 33,317 | 33,317 | 35,462 | ||
| Premises | 131,394 | 131,394 | 33,749 | ||
| Communications and IT | 4,447 | 4,447 | 4,020 | ||
| General office | 16,925 | 16,925 | 9,955 | ||
| Finance costs | 1,006 | 1,006 | 1,059 | ||
| Governance costs | 9,464 | 9,464 | 4,864 | ||
| Legal & professional costs | 4,248 | 4,248 | 21,899 | ||
| Depreciation | 16,769 | 16,679 | 1,388 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 217,570 | 217,480 | 112,396 | |||
| ================================ | ================================ | ================================ | |||
| 9. | Net gains on investments | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2023 |
Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on investment property | 175,000 | 175,000 |
– | – | |
| ================================ | ================================ | ============== | ============== | ||
| 10. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after | charging/(crediting): | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 16,769 | 1,388 | |||
| ============================ | ======================= | ||||
| 11. | Auditors remuneration | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 5,000 | – | |||
| ======================= | ============== |
16
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
12. Independent examination fees
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | – | 500 |
| ============== | ============== |
13. Staff costs
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Wages and salaries | 33,317 | 35,462 |
| ============================ | ============================ | |
| The average head count of employees during the year was 3 (2022: 3). |
No employee received employee benefits of more than £60,000 during the year (2022: Nil). The number of volunteers for the year was 4.
14. Trustee remuneration and expenses
Syed M Rizvi was paid £1 5,000 (202 2 : £1 4,300 ) for lectures and tabligh work carried out during the year. No remuneration or other benefits from employment with the charity or a related entity were received by the other trustees
15. Tangible fixed assets
| Freehold | Fixtures and | Investment | |||
|---|---|---|---|---|---|
| property | fittings | Equipment | Property | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 July 2022 | 2,503,823 | 838 | 9,905 | – | 2,514,566 |
| Additions | 495,000 | – | – | – | 495,000 |
| Revaluations | – | – | – | 175,000 | 175,000 |
| Transfers | (400,000) | – |
– | 400,000 | – |
| ----------------------------------------- | -------------- | ----------------------- | -------------------------------- | ----------------------------------------- | |
| At 30 June 2023 | 2,598,823 | 838 | 9,905 | 575,000 | 3,184,566 |
| ========================================= | ============== | ======================= | ================================ | ========================================= | |
| Depreciation | |||||
| At 1 July 2022 | – | 837 | 8,583 | – | 9,420 |
| Charge for the year | 15,593 | – | 1,176 | – | 16,769 |
| ----------------------------------------- | -------------- | ----------------------- | -------------------------------- | ----------------------------------------- | |
| At 30 June 2023 | 15,593 | 837 | 9,759 | – | 26,189 |
| ========================================= | ============== | ======================= | ================================ | ========================================= | |
| Carrying amount | |||||
| At 30 June 2023 | 2,583,230 | 1 | 146 | 575,000 | 3,158,377 |
| ========================================= | ============== | ======================= | ================================ | ========================================= | |
| At 30 June 2022 | 2,503,823 | 1 | 1,322 | – | 2,505,146 |
| ========================================= | ============== | ======================= | ================================ | ========================================= |
17
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
16. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | – | 84,051 |
| ============== | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 8,600 | 8,800 |
| Social security and other taxes | 143 | – |
| Other creditors | 2,605 | – |
| ---------------------------- | ----------------------- | |
| 11,348 | 8,800 | |
| ============================ | ======================= |
17. Creditors: amounts falling due within one year
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | Gains and | 30 June 202 |
|||
| 1 July 2022 | Income | Expenditure | losses | 3 |
|
| £ | £ | £ | £ | £ | |
| General funds | 3,193,284 | 622,472 | (217,570) | 175,000 | 3,773,186 |
| ========================================= | ================================ | ================================ | ================================ | ========================================= | |
| At | Gains and | At |
|||
| 1 July 2021 | Income | Expenditure | losses | 30 June 2022 |
|
| £ | £ | £ | £ | £ | |
| General funds | 3,444,370 | 99,727 | (350,813) | – | 3,193,284 |
| ========================================= | ============================ | ================================ | ============== | ========================================= | |
| Restricted funds | |||||
| At | |||||
| At | Gains and | 30 June 202 |
|||
| 1 July 2022 | Income | Expenditure | losses | 3 |
|
| £ | £ | £ | £ | £ | |
| Restricted Funds | – | 539,424 | (396,945) | – | 142,479 |
| ============== | ================================ | ================================ | ============== | ================================ | |
| At | Gains and | At |
|||
| 1 July 2021 | Income | Expenditure | losses | 30 June 2022 |
|
| £ | £ | £ | £ | £ | |
| Restricted Funds | 993,400 | 590,733 | (1,584,133) | – | – |
| ================================ | ================================ | ========================================= | ============== | ============== |
18
Imam Ali Foundation
Notes to the Financial Statements (continued)
Year ended 30 June 2023
19. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 3,158,377 | – | 3,158,377 |
| Current assets | 626,157 | 142,479 | 768,636 |
| Creditors less than 1 year | (11,348) | – | (11,348) |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 3,773,186 | 142,479 | 3,915,665 |
| ========================================= | ================================ | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,505,146 | – | 2,505,146 |
| Current assets | 696,938 | – | 696,938 |
| Creditors less than 1 year | (8,800) | – | (8,800) |
| ----------------------------------------- | -------------- | ----------------------------------------- | |
| Net assets | 3,193,284 | – | 3,193,284 |
| ========================================= | ============== | ========================================= | |
| Analysis of changes in net debt | |||
| At | |||
| At 1 Jul 2022 | Cash flows | 30 Jun 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 612,887 | 155,749 | 768,636 |
| ================================ | ================================ | ================================ |
20. Analysis of changes in net debt
19