ABU ZAHRA FOUNDATION
REPORTS & FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
## INDEX TO THE ACCOUNTS
|Pages|Pages||
|---|---|---|
|1|to 2|Trustees Report|
|3||Independent Examiners Report|
|4||Statement of Finanacial Activities|
|5||Balance Sheet|
|6 to 9||Notes to the Accounts|
|Charity number is 1181727|||
|Company number is CE016308|||
ABU ZAHRA FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
## Trustees
Trustees who served during the year and their dates of appointment were as follows:
|Atiq Saddique|-appointed on 19 June 2018|
|---|---|
|Mohammed Kamran|-appointed on 19 June 2018|
|Rashid Hussain|-appointed on 19 June 2018|
|Azhar Mahmood|-appointed on 19 June 2018|
|Mohammed Majid Hussain|-appointed on 25 November 2017|
|Ithsham Tariq|-appointed on 25 November 2018|
The powers of appointing trustees is vested in the Executive Committee which is elected by the members at the Annual General Meeting.
The trustees present their annual report and examined financial statements of the charity for the year ended 31 December 2023.
## Statement of trustees responsibilities
Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure account of the charity for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the accounting regulations.
## Legal status
Registered as a CIO - Foundation on 24 Jan 2019
The Foundation is a registered charity and is governed by its constitution adopted on 18 August 2001. The policies are made from time to time by the Executive Committee.
## Objectives of the charity
The objects of the CIO are to advance religion in accordance with the teachings of Islam; to advance education in particular, but not exclusively, amongst women and young people from all religious and ethnic backgrounds; to provide or assist in providing facilities for recreational or other leisure-time occupation for the inhabitants of Keighley and the surrounding areas in the interests of social welfare and with the object of improving their conditions of life; such other charitable purposes, as the committee shall from time to time determine.
page 1
## ABU ZAHRA FOUNDATION
## TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The charity recognises its long term commitments and has in particular concentrated on providing high standards of Islamic education.
The charity recognises that its financial position has to be sound and secure and that its financial activities should at least break even each year.
## Organisation
The charity is governed by the management committee which are responsible for formulating the strategies and policies of the charity including the approval of budgets and the exercising of financial controls.
The charity benefits from many voluntary hours and unclaimed out of pocket expenses contributed by its volunteer helpers. It is impossible to quantify the value of such help but the management committee wish to place on record their appreciation of the commitment and dedication shown by our staff and volunteers.
## General fund
The Statement of Financial activities for the year shows a surplus for the year of £114,796
## Professional advisers
Professional advisers to the organisation during the year were as follows:
Bankers Barclays Bank plc 77 North Street, Keighley, West Yorkshire BD21 3RZ
Independent Examiners Hussains® | CPA Hussains Hall38 Devonshire StreetKeighley BD21 2AU
Approved by the board of trustees on 30 October 2024 and signed on its behalf by
Trustee: Mr. A Saddique
Principal address: Devonshire Street Keighley West Yorkshire BD21 2BL
Tel: +44 (0)1535 607777 Website: www.abuzahra.org
page 2
REPORT OF THE INDEPENDENT EXAMINERS TO THE TRUSTEES OF ABU ZAHRA FOUNDATION
We report on the financial statements of the Charity for the year ended 31 December 2023, which are set out on pages 4 to 9.
Respective responsibilities of trustees and independent examiners
As the charity's trustees, you are responsible for the preparation of financial statements. You consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is our responsibility to:
- examine the financial statements under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- to state whether particular matters have come to our attention.
Basis of independent examiners report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity, and a comparison of the financial statements with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the financial statements.
## Independent examiners statement
In connection with our examination, no matter has come to our attention.
1) which gives us reasonable cause to believe that in any material respect of the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare financial statements which accord with the accounting records and to comply with the accounting requirement of the Charities Act have not been met; or
2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Hussains® | CPA
Hussains Hall 38 Devonshire Street Keighley BD21 2AU
30 October 2024
page 3
## ABU ZAHRA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
|Note
Income and Expenditure
Incoming Resources
2
Resources Expended
Charitable activities
3
Management and administration of the charity
Total Resources Expended
Net Incoming Resources before Transfers
Net Incoming Resources for the year
Other Recognised Gains and Losses
Asset Depreciation
Net Movement in Funds
Fund Balances forward at 1 January 2023
Fund Balances forward at 31 December 2023
7|Unrest
ricted
Funds
£
1,523,303
1,214,992
179,259
1,394,251
129,052
129,052
(14,256)
114,796
1,635,629
1,750,425|Rest
ricted
Funds
£
-
-
-
-
-
-
-
-
-
-|Total
2023
£
1,523,303
1,214,992
57,668
1,272,660
250,643
250,643
(14,256)
236,387
1,635,629
1,872,016|
|---|---|---|---|
page 4
ABU ZAHRA FOUNDATION BALANCE SHEET AT 31 DECEMBER 2023
|Note
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Stock of books
Cash in hand
Barclays account number 13025160
Barclays account number 43627969
Barclays account number 93856674
Barclays account number 53579662
CREDITORS: Amounts falling due within one year
6
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted
7|2023
£
£
1,580,785
20,000
717
4,514
111,779
11,140
156,490
304,640
135,000
169,640
1,750,425
1,750,425
1,750,425|2023
£
£
1,580,785
20,000
717
4,514
111,779
11,140
156,490
304,640
135,000
169,640
1,750,425
1,750,425
1,750,425|
|---|---|---|
||||
|||1,750,425|
|||1,750,425|
|||1,750,425|
Approved by the board of trustees on 30 October 2024 and signed on its behalf by
Trustee: Mr. A Saddique
page 5
ABU ZAHRA FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
## 1. ACCOUNTING POLICIES
## 1a. Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## 1b. Tangible fixed assets
Land and building are shown at original historical cost or subsequent valuation as set out in the note. Other fixed assets are shown at cost.
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life by the reducing balance method.
||2023|
|---|---|
||%|
|Fixtures & Equipment|15|
## 2. INCOMING RESOURCES
|INCOMING RESOURCES||||||
|---|---|---|---|---|---|
|Childrens fees and book sales
Donations and funding
Tax relief and bank interest received
CHARITABLE ACTIVITIES
Fundraising expenses
Zakat, sadaqah & emergency aid|Unrest
ricted
Funds
£
124,830
1,387,246
11,227
1,523,303
Unrest
ricted
£
1,523
1,213,469
1,214,992||Rest
ricted
Funds
£
-
-
-
-
Rest
ricted
£
-
-
-||Total
2023
£
124,830
1387,246
11,227|
||||||1523,303|
||||||Total
2023
£
1,523
1,213,469|
||||||1,214,992|
## 3. CHARITABLE ACTIVITIES
page 6
ABU ZAHRA FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
|4.
MANAGEMENT AND ADMINISTRATION
Staff costs:
General wages
Pension contributions
OTHER COSTS:
Cleaning
Rent & rates payable
Light, heat and water
Repairs and renewals
Insurance
Leasing charges
Equipment rental
Accountancy
Professional fees
Learning materials & stationery
Books & publication costs
Telephone & internet
Subscriptions
Donations
Security costs
Card charges
Bank charges
Sundry expenses
No employees earned £22,500 p.a. or more.
The average number of employees, analysed by function, was:
Management and administration|2023
£
83,664
830|
|---|---|
||84,494|
||660
7,218
4,717
18,949
4,215
466
872
1,181
7,178
6,243
35,461
1,066
906
2,131
1,500
214
1,249
539|
||94,765|
||2023
8|
||8|
page 7
ABU ZAHRA FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
## 5. TANGIBLE FIXED ASSETS
||||Fixtures &|Fixtures &|||
|---|---|---|---|---|---|---|
|||Freehold|Equipment|||Total|
|||£||£||£|
|Cost|||||||
|Additions||1,500,000||95,041||1,595,041|
|At 31 December 2023||1,500,000||95,041||1,595,041|
|Depreciation|||||||
|For the year||-||14,256||14,256|
|At 31 December 2023||-||14,256||14,256|
|Net Book Amounts|||||||
|At 31 December 2023|£|1,500,000|£|80,785|£|1,580,785|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||||||
|||||||2023|
|||||||£|
|Loans||||||135,000|
|||||||135,000|
## 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
page 8
ABU ZAHRA FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
## 7 FUNDS
|FUNDS||||
|---|---|---|---|
|As at 1 January 2023
Surplus for year
As at 31 December 2023|Unrest
ricted
Funds
£
1,635,629
114,796
1,750,425|Rest
ricted
Fund
£
-
-
-|Total
£
1,635,629
114,796|
||||1,750,425|
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