Charity registration number 1175621 Company registration number 10424252 (Englgnd and WAle$) ILHAM FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IWtARCH 2023 Hackeryoung Charteied Accountants ILHAM FOUNDATION LEGAL AND ADMINISTRATIVE INFOR]KATION Trustees Mrs Na'linah Abdul Khalid Mr Franci5 Venlurd Mr Muhamined Amim Zainiiddin Bin Daim Mr Muhammed Amir Zainuddin Bin Daim (Appointed 6 April 2023) Charity number 1175621 Cornpany number 10424252 Registered o￿lce Quadrant House- Floor 6 4 Thomas More Square London Elw IYW Independent examiner UHY Hackeryoung Quadrant House 4 Thomas More Square London Elw IYW ILHAM FOUNDATION CONTENTS Page Trnstees report Independent examiner's repon Siatemenl of fiiiancial activities Balance slieet Not¢s lo the financial statements ILHAM FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Th¢ trustees present their annual report and finan¢ial stalemenis for the year ended 31 March 2023. The financial statements have been prepared in accordance wilh the aecounting policies set out in note I to the rinan¢ial slalements and comply with the charity's governing document, the Companies A¢t 2006 and "Accounting and Reporting by ChaTilies.' Stateinent of Recommended Practice applicable to charities preparing their accounts in accordance willi the Financial Reporting Standard applicable in the Ut( and Repiiblic of Ir¢land (FRS 102)" (effective l January 2019). Objectives and activities As per our Charity Cominis5ion application, the cliaritable distribuiions will be excliisively for.. A) The prevention and relief of poverty B) The advancement of edlication C) The advancement of health and the saving of liv¢s D) The advancement of the arts. cultLire, lieritage, or scienee E) The advancement of hLiman rights, conflict resolution or ￿e011¢i11atIOn or the promotion of religious or racial harmony or eqLiality and diversity F) The advancemenl of environmental protection or improvement T]ie triistees liave paid due regard to guidance issued by the Chariiy Commissioii Kn deciding what activities the charity shoiild Lindertake. Aehievements and performance Financial revieiv The I'esults for the year are as set out on page 3. Total incoine from donations and other incoine was £250.004 (2022-. £NIL). This togerher with total expeiiditure incurred in tlie year of £6,907 {2022.' £297) resulted in a net surplus of £243,097 (2022- nei deficit of £297). It IS the policy of lhe cllarity that unrestricted funds whicli have not been designated for a specific use should be Inaintaiiied at a level equivalent to between three and Six Inontli's expenditure. Tlie triistees consider tlial reserves at ihis level will ensure (hat, in the event of a significant drop in fiinding. they will be able lo ¢onlinue tlie cliarity'5 current activities while ctsnsideTation is given to ways in which additional funds may be raised. This level of Teserves has been maillfained throughout the year. Strueturey governance and management The ¢harily is a company limited by gLiaranlee 8overn¢d by its Memoranduill and Articles of Association dated 12 October 2016. It was registered as a cliarily with the Cliariry Commi55ion on 8 Noveinber 2017. The Irvstees, who are also the dire¢ioi's for (lie piirpose of ¢ompany law, and who served diiring (he year and up lo tlie date of signature of the financial stLieJnents were: Mrs Na'lmah Abdul Khalid Mr Philip Marriott Mr Fraii¢is VenlLlI'a Mr Muhainimed Ainim Zainiiddin Bin Daiin Mr Muliamin¢d Amir Zainuddin Bin Daiin (Resigned 20 July 2023) (Appointed 6 Api'il 2023) ILHAM FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tlie triistees, report was appToved by tlie Board of TrL15tees. Mr Francis VeiitLira 22 May ?0?4 ILHAM FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ILHAM FOUNDATIOIY I report lo the trustees on my examination of the financial statements of Ilham Foundation {the charity) for the year cndcd 3 I March 2023. Responsibilities and basis of report As the trustees of Ihc charity (and also its direetors for the purposes of company lawl you are responsible for the preparation of the financial 51atctncnts in accordance with the requireinents of the Companies Act 2006 (the 2006 Act). Having satisfied inyself that the financial slaleinents of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial 5tatcmcn15 Ca￿led out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examinaiion I have followed all the applicable DirectlODS given by the Charity Commission under se¢tion 145(5)(b) of the 2011 Act. Independent examiner's statement Since the eharity's gross income exceeded £250,000 your ¢xaminer must be a member of a body listed in scction 145 of the 2011 Act. I confirm that l am qualified to undertake Ihc examination bccausc l ain a Inembei of , which is one of the listed bodies. I have cofflplcted tny examination. I confirin that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respecl of the Charity as required by seelion 386 of the 2006 Aet; or the financial staterncnls do not accord with those records; or the fll)ancial statemenls do not comply with the a¢¢ounting rcquircmcnts of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter eonsidercd as part of an independent examination,. or the financial statements have not been preparcd in accordancc with the methods and principles of the Statement of Recommended Practice for accounting and rcporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. UHY Hacker Young Quadrdnt House 4 Thomas More Square London Elw IYW Dated.. ILHAM FOUNDATION STATEMENT OF FINANCIALAcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 TotAIUMrestrl¢ted funds 2022 2023 Notes Incomc from: Donations and legacies Investments 250,000 250.000 Total income 250,OIX) 250,004 enditure on: Cliariiabl¢ activities 6,907 6,907 297 Net (eypenditurellincorne for the yearl Net movement In funds (6,903) 250,000 243,097 {297) Fund balances at l April 2022 4,090 4,090 4,387 Fund bAlances at 31 March 2023 (2,813) 250,000 247,187 4,090 The Statement of financial activities iiicludes all gains and losses recognised in the yeaT. All income and expenditure derive from continuing activities. The statement of financial activities also Complies with th¢ requirements for an income and expenditure aceoLint under the Companies Aci 2006. li ii. IN("1, 4+111,.1.'1' 21)2J 2(J22 Ciirrcnl #48Cts I c1.4h ai hank 411id iii Iiaiid 250,814 4.090 C7rditors: 4mounls falling du¢ wlihin Dne vcar 13.6271 Nei currenl &%scls 247.187 4.090 IrAeome fund$ Restrici¢d funds Unrestricicd funds 250,000 (2.813) 4,090 247.187 4.0(A) The company is entitled to the exemption from the audit requir¢m¢nt ¢ontain¢d in section 477 of the Companies Aci 2006, for the year ended 31 March 2023. The diTeclors acknowledgie their responsibilities for complying with the requirements of the Companies Act 2006 wilh respect io ac¢ouniing records and the preparation of financial statements. The metnbers have not required the company to obtain an audit of its financial ststements for the year in question in accordance with se¢lion 476. These financial slat¢ments have been prepared in ac¢ordance with the provisions applicable to companies subject to ihe small companies regime. The financial 5tatetnents were approved by the Trustees on 22 May 2024 Mr Francis Ventura Trustee Cotnpony registrAlion number 10424252 ILHAM FOUNDATION N(yfES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity information Ilham Foundation is a private company limited by guardntee incorporated in England and Wales. The gistered olTice is Quadrant House- Floor 6, 4 Thomas More Square, London, El W l YW. 1.1 A¢¢ountillg convention The financial statements have been prepared in accordance wilh the charity's governing document, the Companies Act 2006, FRS 102 "Tl)e Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and tlie Cliarities SORP 'Accounting and Reporting by Charities.. Staiement of R￿01￿mended Practice applicable to charities preparing their accounts in accordance witli ihe Financial Reporting Standard applicable in il)e UK and RepLiblic of Ireland (FRS 1021" {¢ffe¢tive l January 2019). Th¢ ¢harity is a Piiblic Benefit Entity as defined by FRS 102. Tiie cl)arily has taken advantage of the provisions in the SOIiP for charities not to prepare a Statement of Cash Flow5. Ti)e financial statements are prepared in sterling, wliich is the functional cui'rency of the ¢heriiy. Monetary amounts in these financial statenienls are rounded to rhe nearest £. Jlie financial statements l)ave been prepared Under the historical cost convention. The principal accoiinting policie5 adopted are set out below. 1.2 Going COD¢ei'n At tlie time of approving the financial stal¢ments. t*￿ triistees have a re￿onable expect&iion Ilial rhe ¢l)arity has adequal¢ resoiirces to continue in operational existence foi the foreseeable fulLire. Thus the Cruslees Conliniie to adopt the going concem basis of accolinting in pr¢paL'ing the financial stateineiiis. 1.3 Cliaritable funds Unresli'i¢t¢d funds are available for use ai the discretion of tlie trustees in furtlierance of tlieir charitable obje¢¢ives. Restricted funds are subje¢t lo specific conditions by donors as to how Ih¢y may be iised. The purposes and iises of the restricted funds are set out in the notes to the financial siatements. 1.4 Income Income is recognised wlien the charity is legally entitled to it after any perfonnaiice coiiditions liave been met, tlie amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Otl)er donations are Tecognised once tl)e cliarity has been notified of the donation. Iinless perforiiianee conditions reqiiire deferral of the amount. Incoine lax iecoverable in relation to donation5 received under Gift Aid or deed5 of covenant is recognised at the time of tl)e donation. ILHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDEI D 31 MARCH 2023 Aceountlng poli¢les (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or ¢onstruclive obligaiion to transfer economic benefit to tliird party, it is probable thai a trdnsfer of economic benefits will be reqiiired in seiilemenr. and ihe amoLint of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each a¢iivity are made up of the lolal of direct eosls and sl)ared costs, inclLiding support Costs involved in underraking each activity. Direct cosis allribulable to a single activity are allocated directly tts that activity. Shaied costs which contribute lo more than one activity and support costs which are not attributable lo a single a¢tiviry are apportioned belween Ehose activities on a basis consistent witli the use of resoLir¢es. Central siaff ¢osts ar¢ allo¢al¢d on th¢ basis of time spent. and depreciation cliarges are allocated on the portion of il)¢ asset's use. 1.6 Cash And cA5h cquivalents Cash and ca51i equivalents include cash in Iiand, deposit5 held at call with banks, other short-term liquid investments with original Inaturilies of three months or less, and bai)k overdrifts. Bank overdrafts are shown within borrowings in current liabilities. Basicfiiiaiicial u.fsels Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price includiiig transaction eosts and are subsequently cari'ied at atnortised ¢ost using tlie effective interest IT)etliod unless the arrangement constitutes a financing transaciion, W1)e￿ il)e tr8n5action 15 measured at the presenl value tsf the fLlture receipts discounied at a markei rate of interes(. Financial assets classified as receivable within 01)e year are noi amortised. Bllsicfinfiiicittl liabililies Basi¢ financi21 li&bilities, including creditors and bank loans are initially recognised at transaction priee unless the arrangement constitutes a financing transaction, where ilie debt instrLiment is meaSLired at the present value of tli¢ future payments discounted at a market rate of interest. Financial liabilities classified as payable wiiliin one year are not amortised. Debt insirumenrs are subsequ¢ntly carried at amortised cost. using the effective interest rdte metliod. Trnde creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified ￿ ciirrent liabilities if payment is due wiiliin one year OT less. If not, they are presented as non-current liabilities. Trade cr¢ditors are recognised initially al Iransa¢iion price and subsequently Ineasured at amortised cost L15ing the effective interesi method. Derecooiiiiioii offiiirtiicertl linbililie Financial liabilities are derecognised when the charity's ¢oiitra¢lual obligations expire oi. art discharged or cancelled. ILHAM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donations 8nd legacies Restricted funds Total 2023 2022 Donations and gift5 250,000 Investments Unre5tri¢te Total runds 2023 2022 Interest receivable Ch8ritnbl¢ tt¢tivitl¢s Unrestricted funds 2023 Unrestricted funds 2022 Legal and prof¢ssional f¢es AccoLintancy fees Independeiit examination fees Bank charges 2.999 ,328 2.500 80 200 97 6,907 297 6,907 297 Trustees None of tlie tnistees (or any persons connected with ihem) received any remLineration or benefits from the charity diiring the year. ILHAM FOUNDATION NOTES TO THE FINANCIAL STATEMEf4TS (CONTINUED) FOR THE YEI AR ENDED 31 MARCH 2023 Employees The average Inonthly number of employees during the year was.. 2023 Number 2022 Number There were no einployees whos¢ annual reinuneration was more than £60,000. Taxatlon The cliarity is exempt from lax on income and gains falling within seciion 505 of tlie Taxes Act 1988 or section 252 of th¢ Taxaiionof Cliargeable Gains Act 1992 to the extent tliat tliese are applied to its charitable objects. Creditors: amounts f4lling due iyithln one yeffjir 2023 2022 Accruals and defeiTed income 3,627 Analysis of net assets between funds Unrestricte Restricted d funds runds 2023 2023 Total Unrestricte d fund8 2022 2023 Fund balances at 31 Mareli 2023 are represented by: Current asseiO(liabilities) {2,813) 250,000 247.187 4.090 (2,813) 250,000 247,187 4,090 10 Related party transactions Th¢ie w¢re no disclosable related party trdiisactions during tlie yeai. (2022 - none).