REGISTERED COMPANY NUMBER: CE019166 (England and Wales) REGISTERED CHARITY NUMBER: 1185768 Report of thg Trustees and AudSted Financlal Statements for the Year Ended 31 December 2023 for Balqees Welfare Foundatlon (Charitable Incorporated Organisatlonl Alderton Accountancy Limited, Slalulory Auditor Chartered Certified Ac¢ountsnls Registered Auditors 962 Eastern Avenue Newbury Park Ilford Essex IG2 7JD
Balqees Welfare Foundatlon {Charltable In¢orporated Organisatlon) Contents of the Financial Statemenls for the Year Ended 31 December 2023 Page Report of tho Trustees Report of the Independent Audltors 9 10 10 Statement of Financial Activities Balance Sheet 12 Cash Flow Statement Notes to the Cash Flow Statemgnt 14 Notes to the Financial Statgmgnls 15 10 20 Detailed Statomont of Flnanclal Activitlgs 21
Balqees Welfare Foundatlon (Charitable Incorporated Organisationl Report of the Trustees for the Year Ended 31 December 2023 The Iruslees who are also directors of the charity for the purposes of the Companies Acl 2006, present their roporl wilh the financial slalemenls of Ihe charity for the year ended 31 December 2023. The Iruslees have adopted the provisions of Accounting and Reporling by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191. Balqees Welfare FoLJndalion IBWF) was founded in 2019 to alleviate the rising gap of inequalily and poverty in Pakistan. BWF provides relief lo Ihose in need by reason of age, ill-heallh, disability, financial hardship or any olher disadvantage with the provision of financial or gifts materials and provision of grants lo individuals and organisalions. Our Mission Balqees Welfare Foundation IBWFI continues lo serve the underprivileged in Pakistan, with a focus on providing food. medical assistance. educational support. and financial grants lo those in need. Through direct inlerventlon and partnerships with charitable organisalions. BWF strives lo meet ils core objectives-. 1. To provide food for people in need. 2. To support inclusive education and welfare for children living with disabilities or in poverty. 3. To assist with medical Irealmenl for those in need. 4. To provide financial hardship grants lo the most vulnerable individuals. OBJECTIVES AND ACTIVITIES Objectlves and aims Balqees Welfare Foundalion remains unwavering in ils commilmenl lo create transformative change in the lives of the underprivileged. We believe in the power of slrenglhening our core programs, expanding our geographical reach, fostering holistic community development, harnessing the potential of technology and forming slralegic collaborations. These principles guide our efforts as we work towards making a profound and enduring impact on poverly alleviation, healthcare, education and he over811 well-being of marginalised communities. With a sleadfasl dedication lo our mission, Balqees Welfare Foundation stands poised lo continue ils journey, aspiring lo a future where every individual can experience dignity, empowerment and hope for a beller tomorrow. Balqees Welfare Foundation {BWFI UK extends granls lo ils sister organisalion, Balqees Welfare Foundation IBWFI Pakistan, bearing registration number A039941. BWF Pakistan holds official charitable slalus, being registered with the Securities and Exchange Commission of Pakistan {SECPI under Section 42 of the Companies Act 2017 and is further acknowledged as a charitable oragnisalion by the Pakistan Centre of Philanthropy IPCP}. BWF Pakistan slralegically allocates these funds lo a spectrum of critical programs through direct implemenlalion and 8lralegic partnerships with reputable registered charities. These inilialives encompass vital areas such as food dislribulion, educational support and medical care collectively delivering indispensable relief lo underserved communities in Pakistan. Tho charily upholds a figorous due diligence process. meticulously selecting the most suitable partners and beneficiaries. This entails gathering comprehensive data on key stakeholders, formalising collaboralive agreements and diligently monitoring progress through regular res)orls. Donors from the UK can be confident that their contributions are direcled towards fulfilling our mission through Balqees Welfare Foundation Pakistan. Page 1
Balqees Welfare Foundation (Charitable Incorporated Organlsatlon} Report of the Trustees for the Year Ended 31 0e¢ember 2Q23 OBJECTIVES AND ACTIVITIES Grantmaking Hardshlp Grant Recognising the dire economic conditions in Pakistan, BWF has increased ils financial hardship grants, providing cash assistance lo 45 families facing severe financial difficulties due lo disability, widowhood, or unemployment. This SUPPOrt has been crucial in helping families cover basic needs such as food, shelter, and medical care. Case Studies: Zahlda's Rosilience Zahida, a mother of three disabled children, struggled lo manage household exp8ns95 on her husband's meager laborer income. Unable lo work due lo her caregiving responsibilities, Zahida's family was on the verge of collapse. BWF'S financial hardship grant has allowed her lo meet her children's medical needs and cover essential living expenses, providing the family with much-needed slabilily. Faheed's Triumph over Adversity Faheed, a former district cricket star, suffered devaslaling spinal injuries iri a road accident, confining him lo bed and stripping him of his spirit. Thanks lo BWF'S financial support and rehabililalion program al Sl. Joseph Hospice. Faheed has regained his ability lo move and is now able lo play badminton. He is hopeful aboul playing cricket again and is an inspiring leslamenl to human resilience. Public benefit In planning ils objectives and activities for the period, the Iruslees have considered the guidelines published by Charities Commission on 'public benefit, and they are able lo demonslrale that objectives alld activities comply with the slalulory requirement. Page 2
Balqees Welfare Foundatlon {Charitable Incorporated Or9anisatlonl Report of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Charilablo Actlvities Principal activities of the charity during the year can be broadly calegorised into the following groups of programmes.. Food bank BWF provided food parcels on monthly inlervals lo 402 families, while during the month of Ramadan this increased lo over 1,740 families. Beneficiaries received essential food items such as flour. rice, lenlils, oil. and lea. The food dislribulion efforts have addressed hunger and malnulrilion among economically disadvantaged communities across Pakistan, including new regions affecled by nalural disaslers like floods. Cas8 Studies.. Naveed's Story Naveed, who became wheelchair-bound due lo polio at age two, struggled lo provide for his family while working in a Cuflain factory. BWF'S intervention through monthly food support lightened his burden and allowed his children lo continue their educalion, providing much-needed stability in family's life. MalSka's Story Malika, a young girl from Rawalpindi, was suffering from tuberculosis. After being treated al a private hospital for six months with no improvement. she was referred lo BWF. Along with her medical Irealmenl, BWF provided her family with nulrilious food packages, which contributed significantly lo her recovery. Today, Malika has regained her slrenglh and is preparing to continue her studies, thankful for the supporl from BWF. Haleema's Famlly Haleema, an orphaned girl who contracted tuberculosis, was treated al the Federal GoveTnmenl Tuberculosis Centre in Rawalpindi an approved implemenlalion partner of BWF, Pakistan. Her brother, the sole breadwinner of Ihe family, struggled to support her Irealmenl. BVVF'S consislenl nulrilional support through food package5, combined with her medical care, enabled Haleema lo recover from her illness. She is now in good he8llh and looking forward lo resuming a normal life. The family is deeply grateful for the timely assistance Ihal brought relief in a difficult period. Educatlon sponsorships The foundation supported 42 students with tuition fees, books. and other educational materials. Additionally, BWF has enabled access ID education for orphans and underprivileged children through collaboration with local schools. The provision of education grants. combined with monthly food supplies, ensures that families can focus on their children's education without financial strain. Case Studies.. Ahmed's Family Ahmed, along with his siblings, was supported by BWF lo continue their educalion in Karachi. Coming from a poor family, their father worked as a daily labourer. Èarning just enough lo make ends meet. Thanks lo BWF'S educational sponsorship, Ahmed and his siblings are ex111ng in their studies. and two ol them have recently passed their exams with distinction, preparing for college. Zaryab's Journey Zaryab, an orphan from a very poor family, faced immense challenges accessing education. His single other struggled lo support him until she discovered Afzal Memorial School's free education program, an approved implemenlalion p3rlner of BWF, Pakistan. Zaryab thrived, receiving free books, uniforms, and quality education wilhoul any financial burden. This year, he passed fifth glade and enrolled in a nearby government school, continuing his educational journey with renewed hope for the ful4Jre. Sameera's Achlevement Sameera, a 5-year-old girl who lost her father, struggled to access education due lo her famills financial drfficullies. BWF'S parlnership wilh Afzal Memorial School ensured she could allend school for free. After completing her fiflh-grade eéucalion, she enrolled in s government school for higher studies. Sameera is determined lo pursue higher edu¢abon and lift her family out of poverly. Page 3
Balqees Wèlfare Foundation {Charitable Incorporated Organisatlon} Report of the Trustegs for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Medlcal assistance BWF continues lo provide financial support for medical Irealmenl lo impoverished individuals in Pakistan. The organisalion provided ongoing medical assistance lo 18 individuals suffering from chronic conditions neluding tuberculosis and dialysis patients. BWF'S support of hospitals like the SSWAB Dialysis Centre and Pakistan Kidney Patient Association has ensured that low-income patients receive free, life-saving Irealmenls. Case Studles.. Niyalt's Dialysis Support Niyall, a patient frorll Rawalpindi, suffers from kidney failure and requires regular dialysis, Due to his severe health conditions, including heart problems and diabetes, Niyall was unable lo work, and his family struggled lo cover medical expenses. BWF stepped in lo fund his dialysis llealmenls and medical care. His health has improved signilicanlly, and his family is grateful for BWF'S ongoing support, which has allowed them lo focus on his recovery. Rabla Javed's Journey Rabia, a widow suffering from chronic kidney disease, faced financial dlslress after losing her primary source of income. Struggling lo afford the lrfe-saving dialysis Irealmenls she desperately needed, Rabia received assistance from BWF. The hardship grant provided by BWF allowed her lo cover her medical expenses and regain her health. The continuous support has helped R2bia manage her condition and has given her hope for a more stable and healthier future. Johnson's Recovery at SSWAB Dialysis Centrg Johnson, a haemodialysis patient, faced financial hardship after three months of costly Irealmenl al a private hospital. When he turned lo SSWAB Trusl Dialysis Cenlre, supported by BWF, his life transformed. All necessary Iroalmenls and medications were provided fr98 of charge, relleving Johnson of hls financial burdens and allowtng him lo focus on his health. Sustainable Development To ensure the long-lerm suslainabilily of ils charitable operations, BWF has invested in the development of commercial properties in Islamabad, Pakistan. These properties, currently under conslruclion. will serve as a consislenl Sour of rental income in the coming years. This innovative approach lo funding allows BWF to become more self-sufficienl and less reliant on external donations, while still mair¢laining ils core focus on humanitarian efforts. The properties. named Trust 2 and Trust 3, ale slralegically located in 8 prime area of Islamabad. Once completed, they will generate subslanlial ienlal income that will be reinvested into BWF'S charitable programs, including food dislribulion, educational sponsorships. medical assistan, and hardship granls. The ongoing construction of these mulli-slory Offi buSldings has been made possible through careful financial planning, with BWF-UK'S support. By leveraging re81 es121e development, BWF is creating a sustainable model that not only secures the future of ils charitable activities bul also conlribules to local economic development. This strategy aligns with BWF'S mission lo lift communities out of poverty by providing them wilh financial slabilily, and il represents a forward-thinking approach lo chafily m8nagemenl. Page 4
Balqees Welfare Foundation Icharltable Incorporated Organlsation) Report of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Impltsmontatlon Partners While BWF, Pakistan manage5 certain programs directly, a significant portion of ils aclivllies within Food Program, Education Suppoil, Medical Assistance, and Hardship Grants are carried out through carefully selected and approved implemenlalion partners. These parlners are credible. well-eslablished charitable organisalions that have undergone rigorous due diligence. BWF ensures Ihal ils pailners share ils mission and values, allowing for the effective and transparent execution of projects. Approved partners include healthcare inslilulions, educational organisalions. and communily-based nonprofits, such as the Federal Governrnenl Tuberculosis Cenlre, the SSWAB Dialysis Cenlre, and the Pakistan Kidney Palienl Associalion. These partners play a vital role in extending BWF'S reach, ulilising their local expertise lo deliver critical services in education, health, and welfare. Regular reporling, monitoring, ar)d assessments ensure that these collaborations meet BWF'S high slandards for accounlabilily and impact. By workin9 with trusted partners, BWF ensures that funds from UK donors ale efficiently directed towards improving Ihe lives of the mosl vulnerable individuals across Pakistan. STRATEGIC REPORT In the year under review. BWF UK raised £1,238.950 in donations and grants, which were used lo fund ils core programs in Pakistan. The Iruslees of the Charity work closely with ils sisler charity Balqees Welfare Foundation. Pakistan by providing grands. The grants provided ale used lo meet BWF goals. Resources expended in grants in the year ending 31st December 2023 amounted lo £500,025. ReSoUrS are only expended after approval made by the trustees. The charity continues lo mainlain light control over ils expenses, ensuring that the majorily of funds are direcled lo program aclivilies. Principal fundlng sources Principal fundinu source for the charity is Allied International Trading Ltd, a business selup by Mr. & Mrs. Akhlar who are also the foundin9 trustees of the charity. The Iruslees of the Charity give their lime freely and receive no remuneration for their services. The charity also has support of volunteers lo assist with delivering Ils object parlicularly with 8dminislralive and operational duties. R9sorve policy 11 is the policy of the charity lo mainlain unrestrtcled funds. which are Ihe free reserves of the charity, at a level which equates lo approximately three to five months unreslricled expenditure. This provides sufficient funds lo cover management and administ¥ative and other related costs. Unreslricled funds were maintained above this level throughout the period. Flnancing for Implementing partners and Individuals.. BWF IBalqees Welfare Foundation} will continue to provide financing to ils implementing partners. supporling their inilialives and Pfojecls that align wilh the foundation's mission and objectives. This financial support helps strengthen the impact of the projects and enables the implementing partners lo carry out their work effectively. ultimately benefiting the communities they serve. Futuro plans In the coming year, BWF plans lo expand ils food distribution efforls and increase ils financial support for education, medical assislance, and hardship granls. Additionally. BWF is working on a long-lerm susl8inabilily model through real eslale inveslmenls in Pakistan, which will generate income lo fund ils future activities. The conslruclion of commercial properlies in Islamabad is underway and will provide a steady income stream for the foundation's operations. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charily is controlled by ils governing document. a deed of Irusl, and conslilules as a Charitable Incorporaled Charity. Page 5
Balqees Welfare Foundatlon (Charitable Incorporated Organisation) Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Rocruitment and appointment of new trustees Our Iruslees are responsible for selling the strategy and are responsible in law for the running of Balqees Welfare Foundation. All the Iruslees, exp( where otherwise slated, served for the whole year.. 1 } Parvez Akhtar 21 Rehana Jabeen Pervez 31 Seeima Akhlar 41 Dr Shoukal Ali Khan 51 Dr Aliq-Ur-Rehman 61 Mohammed Najib Khan The Trustees are responsible for preparing the Trustees. Annual Report and the f1nancial slalemenls in accordance wllh applicable law and United Kingdom Accounting Standards including Financial Reporting Slandard 102." The Financisl Reporting Standard applicablè in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accour¢ling Practice). The law applicable lo charities in England and Wales requires the trustees lo prepare financial slalemenls for each financial year which give a true and fair view of Ihg 51ale of affairs of the charity and of the incoming resources and applicalion of resources of the charity for that period. In preparing these financial stalemenls. the Trustees are required lo.. select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities Statement of recommended Practice., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls, and prepare the financial slalemenls on a going concern basis unless il is inapproprlale lo presume Ihal the charity will continue in operation. The Iruslees are responsible for keeping sufficient accoLJnling records Ihal disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that Ihe financial slalemenls comply th the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe trust deed. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable sleps for Ihe prevention and deleclion of fraud arid other irregularities. The Iruslees are responsible for the maintenance and integrity of the corpoTale and financial information included on the charity's website. Legislalion in the United Kingdom governing the preparaliorTr and dissemin81ion of financial slalemenls may éiffer from legislation in other iurisdiclions. Organisational structure Balqees Welfare Foundation is a Charitable Incorporated Organisalion is registered with the Charity Commission. Induction and tralnlng of new trustees Where new Iruslees are appointed, they are given a formal induction lo the work of the Charity and provided with the information they need to fljlfil their roles, which includes information about the role of Iruslees and charity law. New Iruslees are nominated by members of the board of Iru51ees, interviewed by a panel of trustees and appointeé where Ihey have the necessary skills lo contribute lo the charity's managemonl and development. Each Iruslee lakes responsibility for monitoring Ihe charills activities in specifiG operational areas. Page 6
Balqees Welfare Foundation (Charitable Incorporated Organisatlon) Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties The charity works very closely with ils sister charity in Pakistan, Balqees Welfare Foundation, regi8lered charily number A039941. Two of the founding Iruslees Mr. Parvez Akhlar and Mrs. Rehana Jabeen Pervez are also major shareholders in Allied International Tr3dSng Limited, UK the main donor organisalion lo the UK charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CE019166 (England and Walesl Registered Charity number 1185768 Reglstgred offlce The Birches 6A Glouceslei Road London E112ED Trustees P Akhlar Mrs RJ Pervez Mrs S Akhlar MNKhan DrSAKhan Dr A Rehman Auditors Alderlon Accountancy Limited, Slalulory Auditor Charlerod Certified Accounlanls Registered Auditors 962 Eastern Avenue Newbury Park Illord Essex IG2 7JD Bankers Barclays Bank PLC 2 Churchill Place London E14 SR8 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who are also the direclofs of Balqees Welfare Foundation (Charilable Incorporated Organisalion} for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Praclicel. Page 7
Balqees Welfare Foundatlon (Charitable Incorporated Organisation) Report of the Trustees for the Year Ended 31 December 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES_ continued Company law requires the Iruslees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the ch8rilable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that perSod. In preparing those financial slalemenls, the Iruslees are required lo select suitable accounting policies and then apply them conslslenlly., observe the methods and principles in the Charity SORP. make judgements and eslimales that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume Ihal the charitable company will continue in business. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial posilion of the charitable company and lo enable them lo ensure that the fin8ncial slalemenls comply with the Companies Act 2006. They are 81s0 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other iTregularilies. In so far as the Iruslees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Iruslees have taken all steps that they oughl lo have taken lo make themselves aware ol any relevant audit information and lo establish that the auditors are aware of that information. AUDITORS The auditors, Jamil Raja of Alderlon Accountancy Limlled. will be proposed for re-appoinlmenl al the forthcoming Annual General Meeting. Report of the Iruslees, incorporating a strategic report, approved by order of the board of Iruslees, as the company directors. on 26 September 2024 and signeij on the board's behalf by.. P Akhlar- Tr Page 8
Report of the Independent Auditors to the Trustees of Balqees Welfare Foundation (Charitable Incorporated Organisation) Opinion We have audited the financial slalemenls of Balqoes Welfare Foundation {Charilable Ineorporaled Organisalionl Ilhe 'charilable company'l for the year ended 31 December 2023 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Cash Flow Slalemenl and notes lo the financial slalemenls, ncluding a summary of signilic3nl accounting policies. The financial reporting framework that has been applied in their preparation is applicatile law and United Kingdom Accounling Standards Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalemenls.. give a true and fair view of the slate of the charitable companls affairs as al 31 December 2023 and of ils incoming resources and application of resources, including ils income and expendiluro, for Ihe year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requiremenls of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with Inlernalional Slandards on Auditing (UK) IISAS {UKII and applicable law. Our responsibililies under those slatbdards are further described in the Auditors. responsibilities for the audit of Ihe financial slalemenls seclion of our report. We are indepèndent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalèmenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In audiling the financial slalements, we have concluded that the Iruslees, use of the going concern basi8 of accounting in the preparation of the financial slalemenls is appropriate_ Based on the work we have performed, we have not identified any material uncerlainlies relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aL¢lhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, olher than Ihe financial slalemenls and our Report ol the Independent Auditors Ihereon. Our opinion on the financial slalemenls does nol cover the other information and, except lo the exlenl otherwise expliciily slated in our report, we do not express any form of assurance conclusioll Ihereon. In connection with our audit of the financial stalemenls. our responsibility Is to read the other information and. in doing so, consider whelher the other information is materially inconsislenl with the financial statements or ovr knowledge obtained in the audit or otherwise appears lo be maleiially misslaled. If we identify such malerial inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this olhei information, we are required lo report that fact. We have nothing lo report in this iegard. Matters on which wa are required to report by exceptlon We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the Report of the Trustees is inconsislenl in any material respect with the financial slalemenls., or the charitable company has not kept adeqLJale accounting records,. or the financial slalemenls are not in agreemenl with the accounting records and returns,. or we have not received all the information and explanalions we require for our audit. Page g
Report of the Independent Auditors to the Trustees of Balqees Welfare Foundation (Charltable Incorporated Organisation) Responslblllties of trustees As explained more fully in the Slalemenl of Trustees, Responsibilities, the Iruslees (who are also the directors of the Charitable company for Ihe purposes of company law) are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine Is necessaTy to enable the preparalion of financial slalemenls that are free from material misslatemenl. whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable company's abilily lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going conrn basis of accounting unless the Iruslees either intend lo liquidate the ch2Tilable company or lo cease operations, or have no realislic allernalive but to do so. Our responslbllltles for the audlt of the flnancial statements We have been appointed as auditors under Section 144 of the Charilies Act 2011 and report in accordance with the Act and relevant regulations made or having effecl Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue a Report ol the Indep8ndenl Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, indiviéually or in the aggregate, they could reasonably be expected lo Influen (he economic decisions of users taken on the basis of these financi81 slalemenls. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Irregularities, including fraud, are instances of non-cornpliance with laws and Tegulalions. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. A further description of our r8sponsibilities for Ihe audit of the financial slalemenls is located on Ihe Financial Reporting Council's website al ww.frc.org.uklaudllorsresponsibilllies. This descriplion forms part of our Report of the Indopendenl Audilols. Use of our rèport This report is made solely lo the charitable compsnls Iruslees, as a tsody, in accordance with Parl 4 of the Charilies (Accounts and Reporlsl Regulations 2008. Our audit work has been undertaken so that we might stale lo Ihe charitable company's Iruslees those mallers we are required lo slate lo them in an audilors, report and for no other purpose. To the fullest exlent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's Iruslees as a body. for our audit work, for this report, or for the opinions we have formed. for and on beha5f J Raj8 & Co Alderlon Accountancy Limiled, Slalulory Auditor Chartered Certified Accounlanls Registered Auditors Eligible lo act as an audilor in terms of Section 1212 of tho Companies Acl 2006 962 Eastern Avenue Newbury Park Ilford Essex IG2 7JD 26 September 2024 Page 10
Balqees Welfare Foundation (Charltable Incorporated Organisation) Statement of Financial Actlvlties for the Year Ended 31 December 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Donalions and1egacies 1,238,950 1,238,950 1,031,379 EXPENDITURE ON Charitable activities Balqees Welfare Pakistan 500,025 500,025 471,252 other 2,529 2,529 5.352 Total 502,554 502,554 476.604 NET INCOME 736,396 736,396 554,775 RECONCILIATION OF FUNDS Total funds brought forward 2,669,864 2,669,864 2,115,089 TOTAL FUNDS CARRIED FORWARD 3.406.260 3,406,260 2,669,864 The notes form part of Ihese financial statements Page11
Balqee5 Welfare Foundatlon {Charltable Incorporated Organlsalion) Balance Sheet 31 December 2023 2023 Total funds 2022 Total funds Unreslricled Restricted funds fund Notes CURRENT ASSETS Cash al bank 3,409,860 3,409.860 2,678,239 CREDITORS Amounts falling due within one year 10 13,6001 13,600) 18,3751 NET CURRENT ASSETS 3,406.260 3,406,260 2,669.864 TOTAL ASSETS LESS CURRENT LIABILITIES 3,406,260 3.406,260 2,669,864 NET ASSETS 3,406.260 3.406,260 2,669,864 FUNDS Unreslricled funds 11 3,406,260 2,669,864 TOTAL FUNDS 3,406.260 2,669,864 The charitable company 15 enlilled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not depDsiled notice, pursuant lo Section 476 of the Companies Act 2006 requiring an audit of these financial slalemenls. The Iruslees acknowledge Iheir responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Secllons 386 and 387 of the Companies Act 2006 and preparing financial slalemenls which give a true and fair view of the slate of affairs of the charitable company as al the end of each flnancial year and of ils surplus or deficit for each financial year in accordance with the requiremenls of Sections 394 and 395 and which olhenNise comply with the requirements of Ihe Companies Act 2006 relating lo financial slalemenls, so far as applicable lo the charitable company. Ibl These financial slalemenls have been audited under the requirements of Section 145 of the Charities Act 2011. The financial slalemenls were approved by the Board of Trustees and 8ulhorised for issue on 26 September 2024 and were signed on ils behalf by.. P Akhlar- Tru The notes form parl of these financial slalements Page 12
Balqees Welfare FoundatSon (Charitable Incorporated Organisation) Cash Flow Statement for the Year Ended 31 December 2023 2023 2022 Notes Cash flows from operallng actlvltigs Cash generated from operations 731,621 554,750 Nel cash provided by operating activities 731,621 554,750 Change in cash and cash equivalents In the reportlng period Cash and cash equivalents at the beglnning of the reporting pèrlod 731,621 554,750 2,678,239 2.123,489 Cash and cash equlvalents at the end of tho roporting period 3,409,860 2.678,239 The notes form part of these financial statements Page 13
Balqees Welfare Foundatlon {Charilable Incorporated Organisatlon) Notes to the Cash Flow Statement for the Year Ended 31 December 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net Income for the reportlng period (as per the Statement of Financial Activities} Adju$tmgnts for.. Decrease in creditors 736,396 554,775 {4,775} 1251 Net cash provided by operations 731,621 554,750 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow At 31.12.23 Net cash Cash al bank 2.678,239 731,621 3,409,860 2,678,239 731,621 3,409,860 Total 2,678.239 731,621 3.409,860 The notes form part of these financial statements Page 14
Balqees Welfare Foundatlon {Charltable Incorporated Organisatlon) Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basls of preparing the financial statements The financial slalemenls of the charitable company, which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo chafilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffeclive 1 January 20191,. Financial Reporling Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slalemenls have been prepared under the historical cost convenlion. Income All income is recognised in the Slalemenl of Financial Activities once the charity has enlillemenl lo the funds, il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligallon commilling the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expendilure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the calegory. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consislenl with the use of resources. Grants offered subject to conditions which have nol been mel al the year end dale are noled as a commitment bul not accrued as expenditure. Allocation and apportlonment of costs In allribuling costs between activity ealegories. the following principles are applied. {1 Iwhere appropriate, expenditure is allocated directly lo activity cost calegory. {2lllems of expenditure which contribute directly lo the oulpul of more than one aGlivity cost category are apportioned on a reasonable, justifiable and consislenl basis. Taxatlon The charity is exempt from corporation lax on ils charitable aclivilies. Fund accounting Unreslricled funds can be used in accordance with Ihe charitable objeclives al the discretion of the Iruslees. Reslricled funds can only be used for parlicular reslricled purposes within the objects of the charity. Resliiclions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financial slalemenls. True and fair overrlde statement We completed audil procedures lo conclude on the Compliance of disclosures in the annual report and accounts with applicable financial reporting requiremenls.These audit procedures were designed lo provide reasonable assurance that the financial slalemenls were free from fraud or error. However, delecling irregularities that result from fraud is inherently mole difficult Ihan delecling those that result from error, as those irregularities that result from fraud may involve collusion, deliberate C0cealMenI, forgery or intentional misrepresentalions.Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial slalemenls. the less likely we would become aware of it., Page 15 continued...
Balqee5 Welfare Foundation {Charitable Incorporated Organisationl Notes to the Flnanclal Statements- conllnued for the Year Ended 31 De¢ember 2023 ACCOUNTING POLICIES- contlnugd True and falr override statement The assessmenl of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagemenl team's.. understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and parlicipalion., knowledge of the industry in which the client operates., and understanding of the legal and regulatory requirements specific lo the enlilylregulaled entlly including the provisions of the applicable legislation, the regulators rules and related guidance, including guidance issued by relevant authorities that interprets those rules, the applicable slalulory provisions. We did not identify any mallels relating lo non-compliance with laws and regulations. We communicated relevant laws and regulations and potential fraud risks lo all engagement team members, including internal specialists, and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audil.No mallers relating lo non-compliance with laws and regulations were determined as key audit mallers,. and In a5sessirJg the potential risks of material misslalemenl, we obtained an understanding of.. the enlills operations, including the nature of ils revenLJe sources, products and services and of ils objectives and strategies lo understand the classes of Iransaclions, account balances, expected financial slalemenl disclosures and business risks that may result in risks of material missl8lement' and the applicable regulatory framework. DONATIONS AND LEGACIE5 2023 2022 Donations 1,238,950 1,031,379 CHARITABLE ACTIVITIES COSTS Grant funding of aclivilies (see note 41 Balqees Welfare Pakistan 500,025 Page 16 continued...
Balqees Welfare Foundation {Charitable Incorporated Organlsation) Notes to the Financlal Statements - continued for the Year Endod 31 December 2023 GRANTS PAYABLE 2023 2022 Balqees Welfare Pakistan 500.025 471,252 The total grants paid lo inslilulions during the period was £500,02512022- £472.2521. SUPPORT COSTS Information Governance technology costs Finance Totals Other resources expended 30 324 2.175 2,529 NET INCOMEIIEXPENDITUREI Nel in¢omel{expendilure} is slated after chargingllcredilingl.. 2023 2022 Audilors, remuneration 2,175 3.000 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, retnuneralion or olher benefits for the year ended 31 December 2023 nor for the year ended 31 D8cember 2022. Trustees. expenses There were no liuslees, expenses paid for the year ended 31 December 2023 nor for Ihe year ended 31 December 2022. STAFF COSTS There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. The average monthly number of employees during the year was as follows.. 2023 2022 No employees receThfed emoluments in excess of £60,000. Page 17 continued...
Balqees Welfare Foundation (Charitable Incorporaled Organisation) Notes to the Financial Statements- continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fund Total funds INCOME AND ENDOWMENTS FROM Donalions and legacies 1,031,379 1,031,379 EXPENDITURE ON Charitable activities Balqees Welfare Pakistan 471,252 471,252 Other 5,352 5,352 Total 476,604 476.604 NET INCOME 554,775 554,775 RECONCILIATION OF FUNDS Total funds brought forward 2,115,089 2.115,089 TOTAL FUNDS CARRIED FORWARD 2,669,864 2.669,864 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Accrued expenses 3,600 8,375 11. MOVEMENT IN FUNDS Nel movement in funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fund 2,669,864 736.396 3.406,260 TOTAL FUNDS 2,669,864 736,396 3.406,260 Nel movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 1,238,950 (502,5541 736,396 TOTAL FUNDS 1,238,950 1502,5541 736,396 Page 18 continued...
Balqees Welfare Foundation (Charitable Incorporated Organlsation) Notes to the Financial Statements- continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS- contlnued Comparatives for movernent In funds Net movement in funds At 31.12.22 At 1.1.22 Unre5trlded funds General fund 2,115,089 554.775 2,669,864 TOTAL FUNDS 2,115,089 554.775 2,669,864 Comparative nel movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General lund 1,031,379 (476,6041 554,775 TOTAL FUNDS 1.031,379 1476,6041 554,775 A current year 12 months and prior year 12 months combined position is as follows.. Nel movement in funds Al 31.12.23 At 1.1.22 Unrestricted funds General fund 2.115,089 1,291,171 3,406,260 TOTAL FUNDS 2,115,089 1,291,171 3,406,260 A current year 12 months and prior year 12 months combined n81 movement in funds. included in the above are as follows.. Incoming Resource5 Movement resources expended in funds Unrestrict9d funds General fund 2,270,329 {979,1581 1,291,171 TOTAL FUNDS 2,270,329 1979,1581 1.291,171 Page 19 continued...
Balq•es Welfare Foundatlon (Charitable Incorporated Organlsation) Notes to the Financial Statements - continued for the Year Ended 31 December 2023 12. RELATED PARTY DISCLOSURES The charity works very closely with ils sister charity in Pakistan, Balqees Welfare Foundation. registered charily number A039941. Two of the founding Iruslees Mr. Parvez Akhlar and Mrs. Rehana Jabeen PeTvez are also major shareholders in Allied International Trading Limited, UK the main donor Organisalion lo the UK charity. Donations Received from-. Allied International Trading limited.. £1,238,95012022 £1,031.3791 Page 20
Balqees Welfare Foundation (Charitable Incorporated Organisatlon) Delalled Statement of Financial Actlvllles for the Year Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Donations andlggacles Donations 1,238,950 1.031,379 Total Incomlng resources 1,238.950 1.031,379 EXPENDITURE Charltable actlvlties Grants lo instittIonS 500.025 471,252 Support costs Finance Bank charges 30 Informatlon technology Website hosting 324 Governance costs Auditors. remuneration Accountancy and legal fees 2,175 3,000 2,352 2,175 5,352 Total resources expended 502,554 476,604 Net Income 736.396 554,775 This page does not form part of the slalulory financial statements Page 21