Al-sadaqah Charity No. 1180175 Trustees, Report and Unaudlted Accounts 31 March 2024
Al-sadaqah Contents Pages Trustees, Annual Report Statemènt of Finantial Attivities 2to3 4t04 Balance Sheet 5toS Notes to the Accounts 6tolO Detailed Statement of Finan¢ial Artivities li Page I
Al-sadaqah Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND AOMINISTRATIVE DETAIiS Charlty No. 1180175 Trustees The following trustees served during the year= M.B. Afridi P. Haroon l.U.J. Rafique Accountants Meer & Co Chartered kcountants I Cochrane House Admirals wav Canary Wharf London E149UD OBJEcfivES AND AcfiviTIES The purpose of the charity as set out in its governinB document 15 that the charity works towards the relief of poverty, the advancement of education and relief of sickness of people living in any part of the world but mainly Pakistan by the provision of fin3ncial assistance, food, medical supplies and equipment, care shelter, education, clean water and assistance into employment. ACHIEVEMENTS AND PERFORMANCE As we enter our second year, we are proud of the progress made in providing shelter. food, and clean drinking water to those in need. Over the past year, we have been actively collecting fund5 for projects in Pakistan and have successfully started delivering shelter. food. and water wells to support poor and needy people. euilding on our initial efforts, we aim to expand our reach, improve the sustainability of our programs, and strengthen partnerships with local volunteers and organizations. FINANCIAL REVIEW The principal source of funds are donation5 from individuals. The financial statements show incoming resouTces for the year and the charity is holding funds for its future projects. The tru5tee5 have Set a level equivalent to one month of operating Costs for the organization as a desired level of reserve. PLANS FOR FUTURE PERIODS Page 2
Al-sadaqah Trustees Annual Report As we enter our second year, we are proud of the progre55 made in providinÈ shelter, food, and clean drinking water to those in need. Building on our initial efforts. we aim to expand our reach. improve the sustainability of our programs. and strengthen partnerships with local volunteers and organizations. The second year marks a phase of growth and refinement for our initiative. With a clear vision, Strategic planning. and the support of our volunteers and donors. we are committed to making a meaningful impact on the live5 of the disabled, needy families, and communitie5 Wrthout clean water. Together, we can continue to create a more inclusive and supportive society. STRucfuRE, GOVERNANCE AND MANAGEMENT Al Sadaqah was registered 3s CIO foundation on 04th October 2018. The charity is operated under the rules of its constitution governed by the Charitable Incorporated Organizations reBulation5 2012. The re5ponsibilitv for the strategic management of the charity rests solely with the Trustees. who are selected under the terms of the eharity constitution. The charity may by ordinary resolution appoint a person who is willing to act as trustee. Statement of trustees. responslbllltles In relatlon to the flnan¢lal statements The charity trustees are responsible for prepa¥ing a trustees, annual ieport and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safe8uardin8 the assets of the charity and hence taking reasonable Steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees P. Haroon Trustee 24 January 2025 Page 3
Al-sadaqah Statement of Flnanclal Actlvltles for the year ended 31 March 2024 Unrestrirted funds 2024 Restrirted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies 7.032 8.420 15.452 9.406 Total 7.032 8.420 15.452 9.406 Expendlture on: Charitable activities 3.770 8.420 12,190 22.280 Totsl 3,770 8,420 12,190 22,280 Net gains on investments Net Incomellexpendlturel Transfers between funds 3,262 3,262 112,8741 Net Incomellexpendlturel before other 8alnslllosses) 3.262 3.262 112.8741 Other galn5 and losses Net movement In funds 3,262 3,262 112,8741 RencIliatIOn of funds.. Total funds brought forward 788 13,662 Total fund5 carried forward 4,050 4,050 788 Page 4
Al-sadaqah Balance Sheet at 31 March 2024 Charity No. 1180175 2024 2023 Current assets Debtors 4.050 4.050 788 788 Net current assets 4,050 788 Total assets less current liabilities 4.050 788 Net assets excluding pension a55el or liability 4,050 788 Total net assets 4.050 788 The fvnds of the ¢harSty Restricted funds Unrestrl¢ted funds General funds 4,050 788 4,050 788 Reserves Total fund5 4,050 788 Approved by the trustees on 24 January 2025 And signed on their behalf by.. P. Haroon Trustee 24 January 2025 Page 5
Al-sadaqah Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basls of preparatlon The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 i55ued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accounting or to pfevious accounts There has been no change to the accounting policies (valuation rules and method of accountingl since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of ncome Income is included in the Statement of Financial Activities ISOFAI when the charitv becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts 8ift/donation to which it relates. Donated services These are only included in income Iwith an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gainslllossesl on investment a55et5 This includes any gain or loss on the sale of investments. Page 6
Al-sadaqah Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accrua15 basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attrarting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects. including the making of grants and 80vern3nce Costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for rants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, includinB any auditlindependent examination fees, costs linked to the strategic management of the Charity. together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activitv. Grants payable Governance costs Taxatlon The charity is exempt from tax on its charitable activities. Freehold Investment propertv Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activitie5 a5 thev arise. Stocks Stock is Included at the lower of cost or net realisable value. Donated items of stock are recognlsed at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and lash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing5 or current liabilitie5. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company'5 cash management. Trade and other credltors Short terrn creditor5 are measured at the tran5artion price. Other creditor5 and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 7
Al-sadaqah Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn ¢urren¢les Monetary assets and liabilities denominated in ¢urren¢ies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net incomelexpenditure. Leased aet$ Where the charity enters into a lease which entsils taking substsntially all the risks and rewards of ownership of an asset. the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease OT, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments ère Jpportioned between finance expenses and reduction of the lease obligation $0 as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are dirertly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a strai8ht-line basis. Penslon costs The Charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pay5 fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall dve. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Receipt of donated 8oods, facilities and services All donated goods, facilities and services received are recognised within incomin8 resource5 and expenditure at an estimate of the value to the charity. Page 8
Al-sadaqah Notes to the Accounts 2 Statement of Flnantlal Actlvltles- prfor year Unrestri¢ted funds Total funds 2023 2023 Income and endowments from: Donations and legacies Total 9,406 9,406 9,406 9,406 Expendlture on: Charitable activities 22,280 22.280 Total 22,280 22,280 Net In¢¢me 112,8741 112,8741 Net income before other Bainslllosses) Other zalns and10sse$: Net movement In funds 112,8741 112,8741 112,8741 112,8741 Reconclliatlon of funds,. Total funds brought forward Totsl funds carried forward 13,662 13,662 788 788 3 Income from donatlons and legacles Unrestrlded Re$trlcted Total Total 2024 2023 7.032 7,032 8.420 8.420 15,452 15,452 9,406 9,406 4 Expendlture on charltable artSvltles Unrestrlcted Restrlcted Total Total Z024 2023 Expenditure on charitt7ble activities 3.770 8,420 12,190 22,280 Governonce costs 3.770 8.420 12,190 22.280 S Staff costs No employee received emolument5 in excess of £60,0(K). 6 Debtors 2024 2023 Other debtors 4.050 4.050 788 788 Page 9
Al-sadaqah Notes to the Accounts 7 Movement in funds Incoming resources (including other At31 March 2024 Resources expended Al l April gainsllosses 2023 Restricted funds.. Restrlcted Income funds: Zakat 8,420 18,4201 Total 8,420 18,4201 Unrestr5cted funds: General funds 7,032 13,7701 4,050 Total funds 15.452 112,1901 4,050 Purposes and restrictions in relation to the funds: Restricted funds.. Zakat 8 Analysls of net assets between lunds Unrestrlrted funds Total Net current assets 4,050 4.050 4,050 4.050 Page 10
Al-sadaqah Detalled Statement of Flnanclal Artlvltles for the year ended 31 March 2024 Unrestrirte d funds 2024 Restrirted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacies 7.032 7,032 8,420 8,420 15,452 15,452 9,406 9,406 Totsl Income and endowments 7.032 8,420 15,4S2 9,406 Expenditure on: Charitable activities 3.770 3.770 8,420 8.420 12,190 12.190 22,280 22,280 Totsl of expendlture on charltable a¢tlvltles 3,770 8,420 12,190 22,280 Totsl expendlture Net gains on investments 3,770 8.420 12,190 22,280 Net Incomellexpendlturel 3,262 3,262 112,8741 Net Incomellexpendllurel before other 8alnslllossesl Other Gains 3,262 3,262 112,8741 Net movement In funds 3.262 3,262 112,8741 Reconclllatlon of funds.. Total funds brought forward 788 788 13,662 Totsl funds carrled forward 4.050 4,050 788 Page 11