The Zay Initiative Registered charity no 1182725
REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
THE ZAY INITIATIVE Year ended 31 December 2024
| 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 2024
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
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THE ZAY INITIATIVE Year ended 31 December 2024
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 2024.
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 2024, 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 2024 to 31 December 2024 of £940 (2023: £2,179) with unrestricted reserves at 31 December 2024 being £6,230 (2023: £5,290). Restricted funds were £nil in 2024 and 2023.
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THE ZAY INITIATIVE Year ended 31 December 2024
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
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Zari - £2,000 per Annum
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Telli - £50 Per month
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Khus - £15 per month
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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 now includes 748 detailed articles, with 32 newly published and 500 researched and ready for release pending the launch of The Zay Initiative’s new website in January 1st 2025. Additionally, we have published 24 blogs and added 64 new dual dictionary terms to the Zay Initiatives digital dictionary.
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.
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THE ZAY INITIATIVE Year ended 31 December 2024
PLANS FOR FUTURE PERIODS
2025
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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 on January 1st, 2025.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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THE ZAY INITIATIVE Year ended 31 December 2024
- 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.
2026
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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.
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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 2025, 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.
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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 4 March 2025 Signed on behalf of the Board
Dr Reem El Mutwalli
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THE ZAY INITIATIVE Year ended 31 December 2024
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.
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THE ZAY INITIATIVE
Statement of Financial Activities (including an income and expenditure account)
Year ended 31 December 2024
| Note Unrestricted Funds £ Restricted Funds £ Income from: Voluntary income 4 96 - Charitable activities 5 2,471 - Investment income 6 24 - Total income 2,591 - Expenditure on: Charitable activities 7 1,651 - Total resources expended 1,651 - Net income / (expenditure) for the year before other recognised gains and losses 940 - Net movement in funds 940 - Reconciliation of funds Fund balance at 31 December 2023 5,290 - Fund balance at 31 December 2024 12 6,230 - |
Total 2024 £ 96 2,471 24 2,591 1,651 1,651 940 940 5,290 6,230 |
Total 2023 £ 19 3,936 23 3,978 1,799 1,799 2,179 2,179 3,111 5,290 |
|---|---|---|
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.
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THE ZAY INITIATIVE
31 December 2024
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 |
2024 £ 14,542 14,542 (1,520) 13,022 _ (6,792) 6,230 _ 6,230 - 6,230 |
2023 £ 13,502 13,502 (1,420) 12,082 _ (6,792) 5,290 _ 5,290 - 5,290 |
|---|---|---|
Approved by the Board on 4 March 2025
………………………………. Dr Reem El Mutwalli
The accompanying notes form part of these financial statements.
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THE ZAY INITIATIVE Year ended 31 December 2024
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.
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expenditure on raising funds includes the costs of all fundraising activities.
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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.
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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 2024
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 2024
THE ZAY INITIATIVE
NOTES TO THE ACCOUNTS (cont….)
| 4 Voluntary income Unrestricted 2024 £ Restricted 2024 £ Donations 96 - 96 - 5 Charitable activities Unrestricted 2024 £ Restricted 2024 £ Patreon subscriptions 2,471 - Book sales - - 2,471 - 6 Investment income Unrestricted 2024 £ Restricted 2024 £ Bank interest receivable 24 - 24 - |
Total 2024 £ 96 96 Total 2024 £ 2,471 - 2,471 Total 2024 £ 24 24 |
Total 2023 £ 19 |
|---|---|---|
| 19 | ||
| Total 2023 £ 3,492 444 |
||
| 3,936 | ||
| Total 2023 £ 23 |
||
| 23 |
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Year ended 31 December 2024
THE ZAY INITIATIVE
NOTES TO THE ACCOUNTS (cont….)
7 Expenditure on charitable activities
| Unrestricted 2024 £ Restricted 2024 £ Governance costs - accountancy 1,020 - Rental of costume collection 100 - Patreon fees 471 - PayPal fees - - Support costs 60 - 1,651 - |
Total 2024 £ 1,020 100 471 - 60 1,651 |
Total 2023 £ 1,020 100 591 28 60 |
|---|---|---|
| 1,799 |
8 Analysis of support costs
| Bank charges | 2024 £ 60 80 |
2023 £ 60 |
|---|---|---|
| 60 |
9 Trustee remuneration
Expenses of £Nil (2023: £Nil) were reimbursed to trustees during the year.
10 Creditors - amounts falling due within one year
| Creditors -amounts falling due within one year | ||
|---|---|---|
| Accruals and deferred income | 2024 £ 1,520 1,520 |
2023 £ 1,420 |
| 1,420 |
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THE ZAY INITIATIVE
Year ended 31 December 2024
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 2024 £ Incoming £ General fund 5,290 2,591 Total unrestricted funds 5,290 2,591 Total funds 5,290 2,591 |
2024 £ 2023 £ 6,792 6,792 6,792 6,792 Outgoing £ Balance at 31 December 2024 £ (1,651) 6,230 (1,651) 6,230 (1,651) 6,230 |
2023 £ 6,792 |
2023 £ 6,792 |
|---|---|---|---|
| 6,792 | |||
| 6,230 6,230 |
| 12 | b | Movement in funds (prior | year) | |||
|---|---|---|---|---|---|---|
| Balance at 1 | Balance at 31 | |||||
| January 2023 | Incoming | Outgoing | December 2023 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 3,111 | 3,978 | (1,799) | 5,290 | ||
| Total unrestricted funds | 3,111 | 3,978 | (1,799) | 5,290 | ||
| Total funds | 3,111 | 3,978 | (1,799) | 5,290 |
13 Analysis of net (liabilities) / assets between funds
| Unrestricted Funds £ Current assets 14,542 Creditors less than 1 year (1,520) Creditors more than 1 year (6,792) 6,230 |
Restricted Funds £ Total Funds 2024 £ Total Funds 2023 £ - 14,542 13,502 - (1,520) (1,420) - (6,792) (6,792) - 6,230 5,290 |
Restricted Funds £ Total Funds 2024 £ Total Funds 2023 £ - 14,542 13,502 - (1,520) (1,420) - (6,792) (6,792) - 6,230 5,290 |
|---|---|---|
| 5,290 |
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THE ZAY INITIATIVE
Year ended 31 December 2024
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 £7,292 (2023: £7,192).
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.
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