GULL MAWAZ KHAN MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023
1. STATUS AND ACTIVITIES
- 1.1 Gull Mawaz Khan Memorial foundation (the Chairty) is registered with Charity Commission for serving the residents of UK, Europe, Middle East and South Asia. At present the charity is not operational owing of post pandemic effects and Global Inflation. How ever the charity will be operational and reported its activities in the next report,
1.2 The financial statements are presented in British Pounds, which is the charity functional and presentation currency.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Statement of compliance
These financial statements have been prepared in accordance with approved accounting standards as applicable in UK. Approved accounting standards comprise of International Financial Reporting Standards for Small and Medium Sized Entities issued by IASB International Accounting Standards Board as notified by Securities and Exchange Commission of United Kingdom.
Charity has adopted the International Financial reporting Standards for the first time.
2.2 Payables
Liabilities for payables are carried at cost which is the fair value of the consideration to be paid in future for goods and services received, whether billed to the charity or not.
2.3 Provisions
Provisions are recognized in the balance sheet when the Charity has a legal or constructive obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of obligation. Provisions are reviewed at each balance sheet date and adjusted to refle ct the current best estimate.
2.4 Provision for taxation
Provision for current taxation is based on income taxable at current tax rates after taking into account tax rebates and tax credits available under the law.
2.5 Fixed assets
Fixed assets are stated at cost less accumulated depreciation and impairment in value, if any.
Depreciation is charged to income applying the reducing balance method at the rates specified in the fixed assets note.
Depreciation on additions during the year is charged from the month in which an asset is acquired or capitalized, while no depreciation is charged for the month in which the asset is disposed off. The assets' residual values and useful lives are reviewed at each financial year end and adjusted if impact on depreciation is significant.
Maintenance and normal repairs are charged to income as and when incurred. Major renewals and improvements are capitalized.
Gains and losses on disposal of fixed assets are included in current income.
2.6 Stores
These are valued at cost. Cost is determined using First In First Out method.
2.70 Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered in the normal course of business.
2.71 Donations in kind
Donations received in kind are accounted for at fair value.
Disclosure:
There is no financial transaction made by the Gull Mawaz Khan memorial foundation (from 01-01-2023 to 31-12-2023) Owing to post pandemic effects and unstable global market conditions.
Gull Mawaz khan Memorial Foundation not held any asset or liability for the current period,
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Trustees’ Annual Report
for the period
From (start date) 0 1 0 1 2 3 to (end date) 3 1 1 2 2 3
Section A Reference and administration details
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| Charity name | Gul Nawaz | Khan | Memorial | Foundation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other names the | charity | is | known | by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Registered charity number (if | any) | 1 | 1 | 8 | 5 | 1 | 1 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Charity’s | principal address | 72 | Flandd ydren | coty bridgend Mid Glanorgan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Postcode | C | F | 3 | 5 | 6 | D | Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Names of the charity trustees who manage the | charity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trustee | Name | Of�ce (if | any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee(if any) |
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| 1 | BABAR | NAWAZ RAJA | BOARD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 | QAISAR RAJA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Names of the trustees for | the charity, if any(for | example, | any custodian | trustees) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Dates acted if not | for | whole | year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reference and administration details (continued)
Section A
Names and addresses of advisers (optional information) Type of adviser Name Address Name of chief executive or names of senior staff members (optional information) Section B Structure, governance and management Description of the charity’s trusts Type of governing document Constitution (eg trust deed, constitution How the charity is constituted Company (CIO) (eg trust, association, company) Trustee selection methods Appointed by the Board (eg appointed by, elected by)
Additional governance issues (optional information
- You **may choose** to include additional information, where relevant, about:
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policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
- relationship with any related parties;
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trustees’ consideration of major risks and the system and procedures to manage them.
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Section C Objectives and activities
Summary of the objects of the charity set PROMOTION OF RELIGIOUS HARMONY.
out in its governing document PROMOTION OF EQUALITY AND DIVERSITY FOR PUBLIC BENEFIT.
THE PREVENTION AND RELIEF OF POVERTY IN EUROPE, MIDDLE EAST
AND SOUTH ASIA FOR PROVIDING GRANTS, ITEMS AND SERVICES TO INDIVIDUALS IN NEED
AND OR CHARITIES.
Summary of the main activities THOUGH MANY ACTIVITIES COULD NOT BE UNDERTAKEN BY THE CHARITY DUE TO THE
undertaken for the public bene�t in relation ECONOMIC CRISIS IN THE UK AND RESULTING TRAVEL BANS, THE CHARITY HAS BEEN ABLE TO
COMPLETE DATA COLLECTION AND IDENTIFY AREAS, INDIVIDUALS, AND FAMILIES FOR
to these objects (include within this section PROVISION OF ASSISTANCE THROUGH SMALL PROJECTS FOR PUBLIC BENEFIT IN LINE WITH
the statutory declaration that trustees have THE CHARITY OBJECTIVES. MOREOVER, THE CHARITY IS ALSO WORKING TO DEVELOP
had regard to the guidance issued by the DIGITALLY TO INCREASE ITS OUTREACH AND RAISE FUNDS. TRUSTEES ARE DETERMINED TO
GENERATE MORE MEANINGFUL ACTIVITIES TO RAISE FUNDS AND SPEND FOR PUBLIC BENEFIT
Charity Commission on public bene�t) DURING THE CURRENT YEAR IN LIGHT OF CHARITY COMMISSION GUIDELINES.
Additional details of objectives and activities (optional information)
You may choose to include further THE CHARITY HAS NOT BEEN ABLE TO OPERATE DUE TO REASONS OF ECONOMIC CRISIS
statements, where relevant, about: HOWEVER THE TRUSTEES AND THE CHARITY IS HOPEFUL THAT REMARKABLE
ACHIEVEMENTS WILL BE DONE IN PERIODS TO COME.
• policy on grantmaking;
• policy programme related investment;
• contribution made by volunteers.
Section D Achievements and performance
Summary of the main achievements of the
charity during the year
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Section E Financial review
Brief statement of the
charity’s policy on reserves
Details of any funds materially in de�cit
Further �nancial review details (optional information)
You may choose to include additional
information, where relevant, about:
• the charity’s principal sources of funds
(including any fundraising);
• how expenditure has supported the key
objectives of the charity;
• investment policy and objectives including
any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s) BABAR NAWAZ RAZA
Position (eg Secretary, Chair, etc) CHAIR
Date 1 7 1 1 2` 5
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