Registered Charity number 1182080
THE I.T.S. FAMILY FOUNDATION
Trustees' Report and Accounts
Year ended from 31 March 2024
Ward Divecha Limited Chartered Accountants & Statutory Auditors
29 Welbeck Street London W1G 8DA
THE I.T.S. FAMILY FOUNDATION Charity Information
Trustees Iqbal Taherally Suterwalla Rashida Iqbal Suterwalla Yasmin Iqbal Suterwalla Shazeen Iqbal Pervez Chogle Independent Examiner Ward Divecha Ltd Chartered Accountants and Statutory Auditors 29 Welbeck street London W1G 8DA Bankers Habib Bank AG Zurich 5/7 High Street Southall Middlesex UB1 3HA Charity address 10 Fringewood Close Northwood Middlesex HA6 2TB Registered Charity number 1182080
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THE I.T.S. FAMILY FOUNDATION
Year ended from 31 March 2024
The trustees present their annual report and accounts for the year ended 31 March 2024. The board of trustees are satisfied with the performance of the charity during the year and the position at 31 March 2024 and consider that the charity is in a strong position to continue its activities during the coming year and that charity's assets are adequate to fulfil its obligations.
The members of the Board of Trustees of the Charity during the year were:-
Iqbal Taherally Suterwalla Rashida Iqbal Suterwalla Yasmin Iqbal Suterwalla Shazeen Iqbal Pervez Chogley
Structure, Governance and Management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The decisions are made by trustees who are permanent members of the board.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have unrestricted powers of investing and transposing investments in all respect as if they are absolutely entitled to the trust fund beneficially.
Charity's main objectives and activities
The objective of the charity continued to be that of making grants and partnering with other deserving charitable organisations and individuals.
The charity has invested in funds to generate income to support annual giving programs.
Transactions and Financial position
The receipts and payments accounts are set out on pages 6 to 10. These are prepared in accordance with the guidance and format provided by the Charity Commission for 'England and Wales'.
Achievement and performance
The main achievement of the charity during this year was to continue successfully with its main activities in the furtherance of its objectives.
Relationship with other groups, charities and individuals
The Charity maintains good working relations with other registered Charities.
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THE I.T.S. FAMILY FOUNDATION
The Report of the Trustees for the Year ended 31 March 2024
Statement Of Trustee's Responsibilities
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year 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 of the incoming resources and application of the resources, including the income and expenditure, of the charity for that period.
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are also responsible for keeping sufficient accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and enable them to ensure that the financial statements comply with Charities Act 2011 the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on 25 November 2024 and signed on its behalf by:
Iqbal Taherally Suterwalla Trustee
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INDEPENDENT EXAMINER'S REPORT To the Members of The I.T.S. Family Foundation
I report to the trustees on my examination of the financial statements of The I.T.S. Family Foundation (‘the charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
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 to enable a proper understanding of the financial statements to be reached.
Adil Divecha Ward Divecha Ltd Dated: 26/11/2024 Chartered Accountants and Statutory Auditors 29 Welbeck Street London W1G 8DA
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Registered charity no. 1182080
THE I.T.S. FAMILY FOUNDATION Statement of Financial Activities Year ended from 31 March 2024
| Unrestricted Notes Funds £ INCOMING RESOURCES 4 Incoming resources from generated funds Grants - Interest Income 51,127 Total incoming resources 51,127 5 Charitable activities Donation to other charities 26,070 Governance cost 763 Total resources expended 26,833 24,294 Total funds brought forward 1,027,125 1,051,419 RESOURCES EXPENDED Reconciliation of funds Net Income/ (Expenditure) |
Restricted Funds £ - - - - - - - - - |
2024 Total Funds £ - 51,127 51,127 26,070 763 26,833 24,294 1,027,125 1,051,419 |
2023 Total Funds £ 1,430 24,926 26,356 7,599 680 8,279 18,077 1,009,048 |
|---|---|---|---|
| 1,027,125 |
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Registered charity no. 1182080
THE I.T.S. FAMILY FOUNDATION Balance Sheet as at 31 March 2024
| Unrestricted funds Notes £ Current assets Current asset investment 3 - Cash at bank and in hand 1,052,119 1,052,119 Creditors: amounts falling due within one year 3 (700) Net current assets 1,051,419 Total assets less current liabilities 1,051,419 Net assets 1,051,419 Funds Unrestricted Restricted |
Restricted funds £ - - - - - - - |
2024 Total Funds £ - 1,052,119 1,052,119 (700) 1,051,419 1,051,419 1,051,419 1,051,419 - 1,051,419 |
2023 Total Funds £ - 1,027,775 1,010,477 (650) |
|---|---|---|---|
| 1,009,827 | |||
| 1,009,827 1,009,827 1,027,125 - 1,027,125 |
The financial statements were approved by the Board of Trustees on 25/11/2024 andd were signed on its behalf by:
Iqbal Taherally Suterwalla Trustee
_____ Rashida Iqbal Suterwalla Trustee
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THE I.T.S. FAMILY FOUNDATION Cash Flow Statement Year ended from 31 March 2024
| Notes Cash flows from operating activities: Cash generated from operations 1 Net cash provided by (used in) operating activities Cash flows from investing activities: Interest received Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 23,594 23,594 - - 23,594 1,027,775 1,052,119 |
2023 £ 17,297 . 17,297 - - 17,297 1,010,478 1,027,775 |
|---|---|---|
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THE I.T.S. FAMILY FOUNDATION Notes to the cash flow statement Year ended from 31 March 2024
1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Interest received Increase/(Decrease) in creditors Net cash provided by (used in) operating activities |
2024 £ 24,294 - 700 - 23,594 |
2023 £ 18,077 - 780 - 17,297 |
|---|---|---|
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Notes to the Accounts Year ended from 31 March 2024
THE I.T.S. FAMILY FOUNDATION
1 Accounting policies
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102
1.1 Incoming Resources
All incoming resources are included on the statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of Financial Activities when receivable.
1.2 Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.3 Taxation
The charity is exempt from tax on its charitable activities.
1.4 Investment Income
Coupon interest is included in the SOFA net of collection charges on a receivable basis.
1.5 Fund accounting
Unrestricted funds can only be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.6 Investments
Investment is shown at market value as at 31st March 2024. Any aggregate surplus or deficit arising from changes in market value is charged to profit and loss account.
2 Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the current year and previous year.
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THE I.T.S. FAMILY FOUNDATION
Notes to the Accounts
Year ended from 31 March 2024
| 3 Creditors: amounts falling due within one year Accruals 4 Incoming Resources Grants Interest income Total incoming resources 5 Resources expensed Cost of generating funds Charitable activities Donation to other charities Governance cost Bank Charges Independent examiner's fees |
Unrestricted Funds 2024 £ - 51,127 51,127 Unrestricted Funds 2024 £ 26,070 26,070 63 700 763 |
Restricted Funds 2023 £ - - - Restricted Funds 2024 £ - - - - - |
2024 £ 700 700 Total Funds 2024 £ - 51,127 51,127 Total Funds 2024 £ 26,070 26,070 63 700 763 |
2023 |
|---|---|---|---|---|
| £ 1,430 1,430 |
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| Total Funds 2023 £ 1,430 24,926 26,356 |
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| Total Funds 2023 £ 7,599 |
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| 7,599 | ||||
| 30 650 |
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| 680 |
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