**The Zay Initiative Registered charity no 1182725**
**REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## **THE ZAY INITIATIVE Year ended 31 December 2023**
|**CONTENTS**||
|---|---|
||**Page**|
|**Reference and administrative information**|**3**|
|**Trustees’ report**|**4 to 7**|
|**Statement of Trustees’ Responsibilities**|**8**|
|**Statement of Financial Activities**|**9**|
|**Balance sheet**|**10**|
|**Notes to financial statements**|**11 - 16**|
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **Reference and administration information**
Charity Name The Zay Initiative Charity Registration Number 1182725 Principal and registered office Flat 1 Alder Lodge 73 Stevenage Road London SW6 6NP
## **The Trustees**
Dr Reem Tariq El Mutwalli Nadia Diab-Shamari Mae Noaf Al-Kalamchi
Page 3
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **TRUSTEES’ REPORT**
The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Zay Initiative was registered as a charity on 1 April 2019. It has legal status as a Charitable Incorporated Organisation (CIO).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts, the Charities Act 2011 and Accounts and Reporting by Charites: 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.
The charity is governed by a board of trustees totalling no more than 5. In the year ended 31 December 2023, the board had 3 trustees.
Day to day management of the company is led by CEO, Founder and Trustee Dr Reem El Mutwalli.
The board meets quarterly and hosts a virtual AGM Each Year.
All Trustees give their time voluntarily and receive no benefits from the charity.
## **PURPOSE AND AIMS**
The Zay Initiative promotes art by the care, maintenance, preservation and display of ethnic textiles and traditional costumes of the Arab and Islamic worlds.
The Zay Initiative creates awareness; providing a platform for cross-cultural understanding and tolerance across the globe by promoting the findings of research projects and studies centred on traditional dress and body adornment. This is done through exhibitions and collaboration with museums and galleries to display the traditional articles of dress from the UAE and other Arab countries.
## **FINANCIAL REVIEW**
The detailed figures are included in the financial statements. The charity sustained a surplus of income over expenditure for the period 1 January 2023 to 31 December 2023 of £2,179 (2022: £2,322) with unrestricted reserves at 31 December 2023 being £5,290 (2022: £3,111). Restricted funds were £nil in 2023 and 2022.
Page 4
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **PRINCIPLE FUNDING SOURCES:**
Funding for The Zay Initiative is sought through a number of means:
## **1) FRIENDS OF THE ZAY**
A membership program for individual donors to support the Zay Initiative's mission through monthly donations. Members receive various benefits, including complimentary access to previously hosted webinars and podcasts, while contributing to the preservation and celebration of cultural heritage.
## **4 Categories**
- Zari - £2000 per Annum
- Telli - £50 Per month
- Khus - £15 per month
- Student – £3 per month
## 2) **PARTNERSHIPS, GRANTS & FUNDING**
The team works diligently to secure funding through corporate partnerships and grants. Currently, the focus is on research to identify new opportunities and strategies for future funding.
## 3) **RESEARCH**
At the heart of our philanthropic endeavour lies an unwavering commitment to research, that we’ve decided to dedicate more time to, which forms the very foundation of our mission. We take immense pride in nurturing the largest online bilingual (Arabic & English) digital archive. Our catalogue has expanded from 626 to 716 detailed articles, with an additional 378 articles ready for publication pending the launch of The Zay Initiative’s new website in September 2024. Our comprehensive resource is further enriched by our dual dictionary terms. This invaluable repository not only serves as a beacon of knowledge for researchers and enthusiasts alike but also provides potential funders with a glimpse into the vast expanse of our invaluable work.
## 4) **AMAZON SMILE MEMBER**
We are an Amazon Smile recognised charity but we are yet to see the rewards and need to look to see how this can be amplified in future years.
## **RESERVES POLICY**
The Trustees have established the level of reserves (that is those funds that are freely available) to maintain adequate working capital. Reserves are needed to maintain the core infrastructure of the company. The Trustees therefore consider that the ideal level of reserves would be between two and three months of running costs. The Trustees aim to generate this level of reserves within a 3-year period.
Page 5
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **PLANS FOR FUTURE PERIODS**
## **2024**
- We will dedicate resources to improve our existing online platform and aim to continue ensuring a seamless user experience by optimising website functionality, enhancing navigation, and implementing user-friendly features. Additionally, we will work on creating a custom website to replace the existing one, which no longer meets our requirements. The new website is due to be launched in September 2024.
- To expand our digital archive, we will continue to conduct extensive research and collaborate with experts to gather a wider range of traditional garments and related artifacts. This involves reaching out to collectors, museums, and individuals willing to contribute to our collection.
- We will continue to pause the webinars, to allocate our time and resources towards the expansion and enhancement of The Zay Initiative’s online digital presence and collection. Recognising the importance of inclusivity, we will work towards providing multilingual, specifically Arabic and English, support on our platform. This will enable a wider global audience to engage with our resources and understand the nuances of traditional garments across different cultures within the Arab world.
- We will continue to partner with technology professionals and consultants to leverage emerging technologies that enhance the digital archive experience. This may include incorporating augmented reality (AR) or virtual reality (VR) elements to provide immersive interactions with the garments.
- We value user feedback and will actively seek input to continuously enhance our digital archive. Through iterative improvements based on user suggestions, we will strive to create a dynamic and user-centric online resource.
- Continue to create and work towards captivating and engaging awareness campaigns and foster community traction through meaningful collaborations. Through these collaborative efforts, we aspire to expand our reach and increase our subscriber base, enabling us to garner vital support for our ongoing endeavours to enhance our collection and conduct further research. These valued subscribers, e.g. ‘Friends of the Zay,’ play a pivotal role in helping us preserve and promote the rich heritage of traditional garments.
- Continue to create and work towards captivating and engaging subscription options, especially with the removal of webinars, provide individuals with exclusive access to our resources, behind-the-scenes insights, and curated content. This not only deepens our supporters understanding and appreciation of traditional attire but also fosters a sense of ownership and pride in contributing to our shared mission.
- To maximise the impact of our research efforts, we plan to concentrate on key geographical areas of study, specifically Arab countries within North Africa. By narrowing our focus, we aim to delve deeper into the unique cultural heritage and links to Arab traditional dress from these specific regions, uncovering invaluable insights and fostering a deeper understanding.
Page 6
**THE ZAY INITIATIVE Year ended 31 December 2023**
- Work towards a joint project alongside the American University of Sharjah, with the goal of examining existing documentation of traditional dress practices and the people they represent in each of the 22 countries that make up the Arab world. The expected deliverables include the research and curation of a virtual exhibition accompanied by an augmented reality experience that immerses visitors/readers in the stories weaved through each dress. The exhibition will be supported by an e-book to showcase research and curation and accompany the virtual exhibition.
## **2025**
- To continue to collaborate with experts in the field, including historians, scholars, and garment specialists, incorporate their valuable insights and expertise which will contribute to the accurate categorisation, description, and contextualisation of an additional 250 articles of dress.
- We plan to maximise the impact of our research efforts by focusing on two other key geographical areas of study. Similar to objectives laid out for 2024, this focused approach will allow us to tailor our grant applications and project proposals, for each year, to the specific needs and priorities of these areas, increasing our chances of securing targeted funding.
- Dr Reem's influential presence as a leading expert on Arab Dress plans to continue to shape discourse and generate awareness through various media channels and engagements in the speaker circuit. Through press engagements, Dr Reem will provide insightful commentary, thought-provoking interviews, and expert analysis on the intricate aspects of Arab Dress. Her expertise and deep understanding of the subject will be shared through influential publications, both in print and digital media, will allow for a wider audience to become aware of The Zay Initiative.
## **Risk Management**
The Trustees identify the major risks to which the charity is exposed on an ongoing basis, in particular those related to the operations and finances of the charity. Risks are recorded in the Risk Register and reviewed at each Board meeting, establishing systems to mitigate those risks. The charity is satisfied that systems are in place to mitigate their exposure to the major risks, which have been identified and reviewed.
Approved by the Board on 24 June 2024
Signed on behalf of the Board Dr Reem El Mutwalli
Page 7
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees are responsible for preparing the annual report and the accounts in accordance with applicable law and regulations.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the CIO and are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Page 8
## **THE ZAY INITIATIVE**
## **Statement of Financial Activities (including an income and expenditure account)**
## **Year ended 31 December 2023**
|**Note**
**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Income from:**
Voluntary income
4
19
-
Charitable activities
5
3,936
-
Investment income
6
23
-
**Total income**
3,978
-
**Expenditure on:**
Charitable activities
7
1,799
-
**Total resources expended**
1,799
-
**Net income / (expenditure) for the**
**year before other recognised gains**
**and losses**
2,179
-
**Net movement in funds**
2,179
-
**Reconciliation of funds**
Fund balance at 31 December 2022
3,111
-
Fund balance at 31 December 2023
12
5,290
-|**Total**
**2023**
**£**
19
3,936
23
3,978
1,799
1,799
2,179
2,179
3,111
5,290|**Total**
**2022**
**£**
272
6,922
9
7,203
4,881
4,881
2,322
2,322
789
3,111|
|---|---|---|
The accompanying notes form part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year.
All activities derive from continuing operations.
Page 9
## **THE ZAY INITIATIVE**
## **31 December 2023**
## **BALANCE SHEET**
## **Registered charity number: 1182725**
|**Notes**
**Current assets**
Cash at bank and in hand
**Creditors**: amounts falling due within
one year
10
**Net current assets**
**Creditors**: amounts falling after more
than one year
11
**Net assets**
**Represented by**
**Unrestricted funds**
General funds
12
**Restricted funds**
**Total**|**2023**
**£**
13,502
13,502
(1,420)
12,082
________
(6,792)
5,290
________
5,290
-
5,290|**2022**
**£**
11,223
11,223
(1,320)
9,903
________
(6,792)
3,111
________
3,111
-
3,111|
|---|---|---|
Approved by the Board on 24 June 2024
………………………………. Dr Reem El Mutwalli
The accompanying notes form part of these financial statements.
Page 10
**THE ZAY INITIATIVE Year ended 31 December 2023**
## **NOTES TO THE ACCOUNTS**
## **1. Accounting policies**
The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all the years presented unless otherwise stated.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102 and follow the Charities SORP (FRS 102).
## **3. Accounting policies**
## **Basis of preparation**
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, its amount can be measured reliably and any conditions of receipt have been met.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred.
- expenditure on raising funds includes the costs of all fundraising activities.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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**THE ZAY INITIATIVE**
**Year ended 31 December 2023**
## **Taxation**
The Zay Initiative is a registered Charity and is therefore exempt from paying corporation tax on charitable activities.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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**Year ended 31 December 2023**
## **THE ZAY INITIATIVE**
## **NOTES TO THE ACCOUNTS (cont….)**
|**4**
**Voluntary income**
**Unrestricted**
**2023**
**£**
**Restricted**
**2023**
**£**
**Donations**
19
-
19
-
**5 Charitable activities**
**Unrestricted**
**2023**
**£**
**Restricted**
**2023**
**£**
Income from events
-
-
Patreon subscriptions
3,492
-
Book sales
444
-
3,936
-
**6 Investment income**
**Unrestricted**
**2023**
**£**
**Restricted**
**2023**
**£**
Bank interest receivable
23
-
23
-|**Total**
**2023**
**£**
19
19
**Total**
**2023**
**£**
-
3,492
444
3,936
**Total**
**2023**
**£**
23
23|**Total**
**2022**
**£**
272|
|---|---|---|
|||272|
|||**Total**
**2022**
**£**
2,249
4,673
-|
|||6,922|
|||**Total**
**2022**
**£**
9|
|||9|
Page 13
**Year ended 31 December 2023**
## **THE ZAY INITIATIVE**
## **NOTES TO THE ACCOUNTS (cont….)**
## **7 Expenditure on charitable activities**
|**Unrestricted**
**2023**
**£**
**Restricted**
**2023**
**£**
Researchers
-
-
Governance costs - accountancy
1,020
-
Marketing and event management
-
-
Subscription
-
-
Rental of costume collection
100
-
Patreon fees
591
-
PayPal fees
28
-
Eventbrite fees
-
Travel
-
-
Support costs
60
-
1,799
-
**8**
**Analysis of support costs**
Bank charges|**Total**
**2023**
**£**
-
1,020
-
-
100
591
28
-
-
60
1,799
**2023**
**£**
60
80||**Total**
**2022**
**£**
256
1,566
1,829
10
100
908
-
52
80
80|
|---|---|---|---|
||||4,881|
||||**2022**
**£**
80
80|
|||||
## **9 Trustee remuneration**
Expenses of £Nil (2022: £Nil) were reimbursed to trustees during the year.
**10 Creditors -** amounts falling due within one year
|Accruals and deferred income|**2023**
**£**
1,420
1,420|**2022**
**£**
1,320
|
|---|---|---|
|||1,320|
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**THE ZAY INITIATIVE**
**Year ended 31 December 2023**
## **NOTES TO THE ACCOUNTS (cont….)**
**11 Creditors -** amounts falling due in more than one year
|Loan
**12 a**
**Movement in funds**
**Unrestricted funds**
**Balance at 1**
**January 2023**
**£**
**Incoming**
**£**
General fund
3,111
3,978
**Total unrestricted funds**
3,111
3,978
**Total funds**
3,111
3,978|**2023**
**£**
**2022**
**£**
6,792
6,792
6,792
6,792
**Outgoing**
**£**
**Balance at 31**
**December 2023**
**£**
(1,799)
5,290
(1,799)
5,290
(1,799)
5,290|**2022**
**£**
6,792
|**2022**
**£**
6,792
|
|---|---|---|---|
|||6,792||
||||5,290
5,290|
|**12**|**b**|**Movement in funds (prior**|**year)**||||
|---|---|---|---|---|---|---|
||||**Balance at 1**|||**Balance at 31**|
||||**January 2022**|**Incoming**|**Outgoing**|**December 2022**|
||||**£**|**£**|**£**|**£**|
|||**Unrestricted funds**|||||
|||General fund|789|7,203|(4,881)|3,111|
|||**Total unrestricted funds**|789|7,203|(4,881)|3,111|
|||**Total funds**|789|7,203|(4,881)|3,111|
## **13 Analysis of net (liabilities) / assets between funds**
|**Unrestricted**
**Funds**
**£**
Current assets
13,502
Creditors less than 1 year
(1,420)
Creditors more than 1 year
(6,792)
5,290|**Restricted**
**Funds**
**£**
**Total Funds**
**2023**
**£**
**Total Funds**
**2022**
**£**
-
13,502
11,223
-
(1,420)
(1,320)
-
(6,792)
(6,792)
-
5,290
3,111|**Restricted**
**Funds**
**£**
**Total Funds**
**2023**
**£**
**Total Funds**
**2022**
**£**
-
13,502
11,223
-
(1,420)
(1,320)
-
(6,792)
(6,792)
-
5,290
3,111|
|---|---|---|
|||3,111|
Page 15
**THE ZAY INITIATIVE**
**Year ended 31 December 2023**
## **NOTES TO THE ACCOUNTS (cont….)**
## **14 Related Party Transactions**
During the year the charity accrued costs to Dr Reem El Mutwalli of £100 for rental of the Zay costume collection. At the year end the charity owed Dr Reem El Mutwalli £7,192 (2022: £7,092).
## **15 Taxation**
As a charitable company, The Zay Initiative is exempt from tax on income and gains to the extent that these are applied to its charitable objects.
Page 16