Ahlebait Foundation Year ended 31 March 2024 Annual Report and Financial Statements Year ended 31 March 2024 England and Wales Registered Charity number 1180040 England and Wales Company number 10918729 Ahlebait Foundation Year ended 31 March 2024 CONTENTS Con*nts Charity Inforn￿tiOn Trustees annual report Independenl examiner's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10-13 Ahlebait Foundation Year ended 31 March 2024 Registered eharity name Ahlebait Foundation ChArlty ￿lS¢r￿tIOn number 1180040 Charity CThnmission England and Wales Prlllcipal and rtgistered oif*t 41 Priory Gardens Ealing London W5 IDY T￿51￿3 Syed Baqar Abbas Zaidi Hassnain Zahra Zaidi Ali Jafar Zaidi Beni5h Fatimah Z4idi Independent exAmiDers K K Ass￿lat¢S charter￿ Accountants and R¢gistered Auditors 305 Cro￿￿ House. Park Royal North Circular Road London NWIO 7PN Bankerj Barclays Bank UK PLC I Churchill Pla(z London E14 5HP AHLEBAIT FOUNDATION TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trust￿5 prescnt their report and accounts for the year ended 31 March 2024. The accounts have bccn pr¢pared in a¢¢ordan¢¢ with the accounting policies sel oul in nole I to the accounts And comply with the charity's governing document. the Charities Act ?01 l and th¢ Statement of Recommended pt8¢tice'. Ac¢ountin8 and Reporting by Chariiies weparing their accounts in a￿rdance with the Finan¢ial Reporting Standard FRS 102 {Charities SORP (FRS102)) issued in 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The affairs of Ahlebait Foundation are governed by the Memorandum and Arti¢l¢s of As50eiation of the company dated 16 Augusi 2017. The charity is managed by a board of trustees. In the y¢ar ended 31 March 2024. the followin8 persons served as trustees: Syed Baqar Abbas Zaidi Ha&snain 7ahra Zaidi Ali Jafar Zaidi Benish Fatimah Zaidi The trustees manag¢ the charity. At p￿Sent th¢ ¢harity does not have th¢ intcntion to recruit fvrther trustees. ORTECTIVES AND ACTIVITIES The objectives of Ahlebaii Foundation are l ) lo advance the Islamic religion for the benefil of publi through the holding of prayer and me¢tings. e5tAblishment of religious places. producing an￿or distributing printed or electronic media on Islamic religion to enlighten oih¢ts aFK)ut Islamic reli8ion. and 2) the prevention or relief of ￿verty anymthere in th¢ world by providing: grants. ilems and servi￿$ lo individuals in need anwor charitie& w oth¢r organi*tions working to prevent or Teliev¢ poverty. ACHIEVELIIEiYfs AND FINANCIAL REVIEW The charity continues to achteve go￿ progress in its objectives. The donation receipts are exp¢cted to Increase in the next year. No grdnt was received from any governmeni organisation. Tr financial position was robust as Ai the end of ihe yellr. RISK MANAGEMENT The charity takes robum steps to manage the risks involved in achieving of its aim and objectives. The Board of Trustees review5 significant risk4 and makes sure they are taking appropriate M￿ureS to man88¢ and reduce thcir impaci. ManageTS manage resources monilor ￿rfornia0¢c and have also estsblished. and mana8e. an effective internal control environment. This is supported by systems. processes and pro¢¢dur¢s. PUBLIC BENEFIT The charity develops strategic plans to make certain thai we provide M￿lmU￿ public ￿nefIt and achiev¢ our strn¢egic objectives, which fall under purposes defined by the Charities Act 2011. The trustees have h&d regard to the Charity Commission's guidance on public benefit. **AHLEBAIT FOUNDATION** ## **TRUSTEES ANNUAL REPORT** ## **YEAR ENDED 31 MARCH 2024** ## **RESPONSIBILITIES OF THE TRUSTEES** The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for maintenance of corporate and financial infonnation on the charity's website. ## **INDEPENDENT EXAMINER** Each of the persons who is trustee at the date of approval of this report confirms that: - So far as they are aware, there is no relevant audit information of which the company's independent examiner is unaware; and - They have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant independent examination infonnation and to establish that the company's independent examiner is aware of the infonnation. K K Associates, Chaitered Accountants and Registered Auditors, have been appointed as independent examiners for the ensuing year. Signed on behalf of the Trustees 41 Priory Gardens Ealing London WS IDY Date: 27 January 2025 Syed Baqar Abbas Zaidi Trustee 5 Inde endent examinerfs re rt to the trustees of Ahlebait Foundation a Charitable Com 'the Com an an I report to the charity trustees on my exaMi￿tion of the accounts of the Company for the year ended 31 March 2024 which are set out on page5 7 to 13. Responsibilities and basis of report A5 the eharitys trustees of the Company (and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2tKK) ('the 2CNX• Arf). Having satisfied myself that the accounts of the Company are not required to be audÈted under Part 16 of the 2(Kb Act and are eligible for independent exam3T￿tio￿ I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 ACV). In carrying out my examination I have followed the DirectiorLS given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examinerfs Stalement Since the Company's gross income exceeded £250.(KNJ your examlner must be a member of a body listed in section 145 of the 2011 Act. I confirni that l am qualified to undertake the examination because l am member of knstitute of Chartered Accountants in England and Wales. which is one of the listed Tr￿les. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to beIieve that in any material respectr. l. accounting records were not kept in reSp￿t of the Company as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those reconts; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2QKJ6 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examxnatiory or 4. the accounts have not been prepared in acrordance with the methods and prAnciples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no Conce￿ and have come acro&s no other matters in ronn￿tIOn with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reathed. SI￿ed. Name: Kamal A. Kureshi PrAncipaL K K AssLKiates. Chartered Accouniants Membership: Jnstitute of Chartered Accountants in England & Wales Address: 305 Crown House, North Circular Road. Park Royal. tA)ndon NWIO 7PN Date: 27 January 21)25 Pa8e 6 AHLEBAIT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted Fynd5 Re5tri¢led Total Funds Fullds 2024 Total Funds 2023 INCOME AIYD ENDOWMENTS FROM: Donations and legacies Investments 24,639 468,136 492,775 303,026 TOTAL INCOME 24,639 468,136 492,775 303,026 EXPENDrruRE ON: Raising funds Charitable actii'ilies (8J25) {&757) {8J25) (483,779) (5,830) (339,789) (345,619) {477,022) TOTAL EXPENDITURE (15,082) (477,022) (492,104) NET INCOMEI {EXPENDITURE) 9￿57 (8W6) 671 {42,593) OTHER RECOGNISED GAINSI(LOSSES) L¥ET MOVEMENT IN FUNDS 9557 (8,886) 671 (42.593) RECONCILIATION OF Total funds broughi forward TOTAL FUNDS CARIUED FORWARD 13,109 3S.721 48,830 91,423 22,666 26,835 49501 48.830 The Statement of Financial Activities includes all gains and losses in the year. All of the al)ove amounts relate to continuing activities. The notes on page5 10 10 13 forn) part of these financial ststwnents. ## **AHLEBAIT FOUNDATION** ## **BALANCE SHEET** ## **31 MARCH 2024** |**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CREDITORS: Amounts flling due within one**
**year**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**TOTAL NET ASSETS**
**FUNDS OF THE CHARITY**
Restricted income funds
Unrestricted income fnds
**TOT AL CHARITY FUNDS**
**Note**
6
**7**
**10**
**9**
**8**
**10**|**2024**
**£**
**35,000**
**15,101**
**50,101**
**(600)**|**£**
**49,501**
**49,501**
**49,501**
**26,835**
**22,666**
**49,501**|2023
£
30,000
19,430
49,430
(600)
48,830
48,830
48,830
35,721
13,109
48,830| |---|---|---|---| These financial statements were approved by the Board of Trustees and are signed on their behalf by: Syed Baqar Abbas Zaidi Trustee Date: 27 January 2025 The notes on pages IO to I 3 form part of these financial statements. 8 AHLEBArr FOUNDATION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flow$ from operating activities Net income 671 (42.593) AdjxflmentsJor." Foreign currency gains Other interest ￿e1Vable and similar income Changes in." Trade and other debioTS Trade and other creditors (s,0￿) (30,11)0) Cash genera*d from operations {4J29) (72,593) Interest received N¢t from 0￿ratIng activities (4J29) (72,593) Net inCre￿e in eash and equivalents (4J29) (72.593) C*8h Ind ¢￿h equivalents at beginning ofyear 19,430 92,023 Cash and equivalents at end ofyear 15,101 19.430 The not¢s on pages 10 to 13 forni part of these financial statements. AHLEBAIT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of A¢coun¢illg *lld general information The financial statements have been prepared under the historical cost convention with items re¢ognis¢d at cost or trnnsaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the requir¢m¢nts of th¢ Statement of Recommended Practice- Accounting and R¢w>rting by Chariti¢s p￿paring their a¢counts in a¢cordan¢¢ wtth the Financial Reporting Standard applicable in the UK and Ireland FRS102 issued in 2019, and the Charities Act 2011. Ahlebait Foundation constitutes a public benefit entity as defined by FRS 102. It is a private company limited by guarantee without share capital registered in England and Wales and a registered charity in England and Wales. a) Funds structure The charity has restricted and unr¢stri¢t¢d funds. Restricted funds are categorised as restricted based on the donors. restrictions on the projects for which they must be used. b) Income recognition All income is recognised once the charity has received the fiJnd4 or the donor has committed to making the donation. The Trustees ¢onsid¢r this to be the appropriate and prudent principle. ¢} Expenditure reeognitioD Expcnditure is recognised when the funds have been disbursed. The charity follows a strict evaluation and approval procedure for charitable expenditure and funds are disbursed immediately upon approval. DONATION AND LEGACIES Unrestricted R￿triCted Totsl Funds Totsl Funds Funds Fllnd$ 2024 2023 Donalions Donations UK Gift Aid 24,639 468.136 492,775 303,026 24,639 468,136 492,775 303,026 Restricted Total Funds Total Funds Funds 2024 2023 INVESTMENT INCOME Bank interest income io AHLEBAIT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Restricted Funds TotAI Fund5 Total Funds 2024 2023 OTHER RECOGNISED GAINSI(LOSSES) Foreign currency gain5 CHARITABLE AcrtvrrIES Unreslrieted Restricted Totsl Funds Total Funds Futtds Fund5 2024 2023 Charitable expenditure Governance ¢o$ts- adminis¢rntioll 477.022 477,022 6,757 336,063 3,726 6,757 6.757 477.022 483,779 339.789 The charitable expenditure was incurred in accordance with the charity's objects. DEBTORS 2024 2023 Gift Aid receivable Donation receivable 35,OIM) 30,000 35,000 30.000 CREDITORS: Amounts falling due within one year 2024 2023 Accrua15 600 600 600 600 UNRESTRICTED INCOME FUNDS Balance at 31 March 2023 Incoming re80urces Outgoing Balance at resourees 31 M*rth 2024 Unrestricted funds 13,IlJ9 24,639 {15,082) 22,666 li AHLEBAIT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 RESTRICTED INCOME FUNDS Bg19llce 91 31 March 2023 lkncoming resources Outgoing B919nce gt resources 31 March 2024 Restricted funds 35,721 468,136 (447,022} 26035 10. SUMMARY OF ASSETS AND LIABILITIES OF EACH CATEGORY OF FUNDS OF THE CHARITY Unrestrieted Funds 2024 Restri¢ted Funds 2024 Total Funds 2024 DebtOT5 Cash at baThk and in hand Creditors (falling due within on¢ y¢ar) 26,000 835 35,000 15,101 14266 (6(KJ) (61N)) et assets 22.666 26,835 49,501 Unrestrtcted funds Restricted funds 22.666 22,666 26,835 26,835 Total eharity funds 22,666 26.835 49,501 Unr¢stri¢tcd Funds 2023 Restri¢t¢d Funds 2023 Tota Funds 2023 tkbtOT5 Cash at bank and in hand Creditors (falling due within one year) 30,000 5.721 30,000 19.430 13,709 (6(K)) (600) Net assets 13.l¢Y) 35,721 48.830 Unrestricted fund5 Restricted funds 13.109 13,109 35.721 35,721 Total charity funds 13.109 35.721 48,830 12 AHLEBAIT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ii. TRUSTEES AND STAFF COSTS None of the Trustees have been paid any rernuneration or expenses or received any other benefits during the year. During the year ended 31 Mar¢h 2024 and the preceding year the charity used consultancy services of ihree pe￿onnel for fundraising and administration. There were no full time employees. 12. RELATED PARTY TRANSACTIONS The total amount of donations received without conditions from trustee5 or other related parties amounted to £396.000 (2023 - £165.000). The related parties ar¢ r¢latd du¢ to bcing under common control. Payments to related parties were made to Ahlebait Network Ltd and Ahlebait TV Networks amounting to £165.000 (2023 £119,188) in respect oftelevision production and transtni5sion costs which are incurred by those companies in furthernnce of the objects of Ahlebait Foundation charity. An amount of £35,000 (2023 - £30,000) from related parties was includ¢d in dcbtor5 as at 31 March 2024 and was rcccivcd after year end. Except for this there were no balanc¢s due to or from r¢lat¢d parties, no guarantees or securities W¢￿ giv¢n, and no bad debts were written off. 13