REGISTERED COMPANY NUMBER.. CE019166 (England and Wales) REGISTERED CHARITY NUMBER: 1185768 Report of the Trustees and Audlted Flnanclal Staloments for the Year Ended 31 December 2024 for Balqees Welfare Foundatlon (Charitable Incorporated Organisatlon) Alderton Ac¢ountan¢y Limiled, Statutory Auditor Chartered Certified A¢¢ountants Registered Auditors 962 Eastern Avenue Newbury Park Essex IG2 7JD
Balqees Welfare Foundation (Charitable Incorporated Organlsationl Contents of the Financlal Statements for the Year Ended 31 December 2024 Page Report of the Trustèes Report of the Independent Auditors 10 10 11 Statement of Flnanclal Activities 12 Balance Sheet Cash Flow Statement 14 Notes to the Cash Flow Statement 15 Notes to th& Flnanclal Statements 16 10 21 Delalled Statèment of FlnancSal Actlvltles 22
Balqees Welfare Foundation (Charitable Incorporated Organlsationl Report of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the purtX>ses of the Companies Act 2006. present their r6POrt with the financial slalernents of the Charity for the year ended 31 December 2024. The trustees have adopted the provisSons of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {elle¢live 1 January 20191. Balqeès Welfare Foundation IBWFI UK extends grants to ils sisler organisalion, Balqeès WeFf8re Foundats"on IBWFI Pakistan, b¢aring registration number A039941. BWF Pakistan holds official ¢hari18blo slalus, b6ing registered with the Se¢urilies and Exchange Commission of Pakistan ISECPI under S6¢1ion 42 of the Companies Act, 2017, and is lurther acknowledged as a charitable organisation by the Pakistan Centre for Philanthropy IPCPI. The charity upholds a rigorous due diligence process, meticulously selecting Ihe most suitable partners and beneficiaries. This eniails gathering comprehensive data on key stakeholders, fomialising ¢ollaboralive agreements, and diligently monitoring progress throiigh regular reports. Donors from the UK be confident that Iheir contributions are directed towards fulfilling our mission through Balqees Welfare Foundation, Pakistsn OUR MISSION Balqees Welfare foundation is operating with th& mission lo feed the unwell and disadvantaged. support the education 8nd eare of young people, and help people deal with the effects of poverty in Pakistan. We are for humanlly- secular and non-political. VISION For the public benefit and relief of Ihose in need, by reason ol age,111 health, disability, financial hardship, or any other disadvantage in Pakistan wth the provision ol financial or material aid through the prowsion ol grants lo indivlduals and Organizalions. Valuès 11 Equality.. We believe Ihal the lives of all human beings are of equal value. 21 RespoGI.. We affirm the dignily, potential, and contribution of pa¢1panIs, donors, partners, staff, and volunteers. 31 Int&grily'. We act consistently with our mission, being honest and transparent in what w& do and speak. 41 Partnerships.. We work together effectively lo serve the larger community. 51 Quality.. We constantly challenge ourselves lo the highesl levels of learning and performance lo achieve greater impact. OBJECTIVES AND ACTIVITIES Objectives Balqees Welfare Foundation remains unwavering in ils commitment lo create Iranslormative change in the lives of the underprivileged. Page 1
Balqees Welfare Foundation (Charitable Incorporated Organisationl Report of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Charitable Activities Balqees Welfare Foundation IBWFI Pakistan channels its funds into 8 diverse range of impactful programs. delivered both directly and in collaboration with trusted, registered charitable organizations. 1 These efforts focus on key areas. Including.. 2 Food assistance 3 Educational support 4 Medical aid 5 Small-scale financial grants 6 Inslilulional funding through implementing partners. Principal acliwlies of the charity during the period ytsar can be broadly calegorised into the folloring groups of programmes.. Monthly Food Program.. Poverty remains a pressing issue in Pakistan, with approximalely 39010 of the population living below the poverty line. In ils ongoing commitmenl lo combating hunger. poverty, and food insecurity, Balqees Welfare Foundation continued ils efforts throughout the year lo support underprivileged communities across Pakistan. This year. the Foundalion expanded its reach by adding over 100 regular baneficiaries lo its food assistance program. During this period, 434 families received regular Food (Food Par¢¢lsl lo help meet their basic nutritional support and improve Iheir quality of Ilfe Thousands of families were provided with comprehensive food packages containing essential staples su¢h as wheal, rice, pulses, cooking oil, and other vital food and non-food items. Through regular monthly distributions and special support during Ramadan. the Foundation played a key role in reducing hunger and malnulrilion among low-income households. Our approach is further enri¢hed by collaborating rith experienced nulrilionisls who contribute their expertise lo crall meal plans that emphasise balanced and nutritious susl&nance. During Ramadan, generosily holds spec481 spiritual significance. Providing meals for those fasting is a deeply rewarding practice in Islamic Iradilions. As the Prophet Muhammad (peac& be upon him) slated. Whoever alleviates a believer's worldly distress, Allah will alleviate his dislfess in the Herealler. (Sahih Muslim) With the support of Balqees Welfare Foundation UK, which provided financial aid and coordination, BWF Pakistan successfully dislribul&d Ratnadan food parcels lo vulnerable families al a critical lime. In a noteworthy Ramadan initiative, Balqees Welfare Foundalion extended ils reach even further by providing an additional 2,350 food parcels to over 2,000 households across Pakislan, ensuring that the spirit of giving during this hoty month reaches those in need. Educatlon sponsorships.. Pakistan faces a severe education crisis, with 22.8 million children out ol school due lo poverly, inequality, and regional gaps. Balqees Welfare Foundation IBWFI is helping bridge this gap by sponsoring 44 students natIOnride, covering their tuilion, books, and supplies, along with monthly food support for their families. Students are recommended by programme partners who meet a ¢riteria sel by the Iruslee. BWF supporis these students with the belief Ihal education Is the most effective loterM slralegy for poverty alleviation. By investing in children's education. the foundation not only upllfls individual lives bul helps break the intergeneralional cycle of poverty. Page 2
Balqees Welfare Foundation (Charitable Incorporated Organisatlonl Report of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES The programme is not only limited to flnancial aid,. BWF also ensures folk>w-up on academlc performance and en¢ourages holistic development through mentorship where possible. Future development includes exploring digital learning tools for remote students and collaborating with local educalion boards lo support curriculum enrichmenl and exam preparation. Monthly Medical a$sislance'. Balqees Welfare Foundation IBWFI is acb'vely working lo bridge healthcare gaps by providing largeled medical assistan¢e on a case-by-case basis. The Foundation exl8nds monthly medication supwrt and one-time aid, wilh a focL¢S on patients suffering from chronic illnèsses such as cancer, tuberculosis, and hepali11s. Through a slru¢lured and reswnsive approach, BWF ensures that critical support leaches the most vulnerable individuals in a timely and effective manner. In 2024. the foundallon extended medical grants to 15 families directly and reached numerous addilional indivSduals through ils partner organisalions Monthly Hardship Grant.. In a ¢ounlry where over 70 million people lace poverty-worsened by inflation, unemploymonl, and limited government supporl-charilable organizalions F)lay a vital role in relief efforts. Balqees Welfare Foundation remains committed to supporting the most vulnerable, providing monthly assistance to widows, the elderly, and those in need. Ouring this period, 40 families received ragular hardship grants lo help meet their basic needs and improve their quality of life. Inslilutional funding through Implementlng partners. Sustainab16 Development Goal 17 focuses on slrenglhening the means of implemonlalion and revitalizing Ihe global partnership, as well as local partnerships, for sustainable development. This goal emphasizes the importance of collaboration an)ong governments, the private sector. civil socitsly, and other stakeholders to achieve sustainable development. It highlights the need for financial resources, technology transfer, capacily-building, and fair-trade practices lo support suslainable development efforts worldwidè. By loslering inclusive partnerships al the global, regional, national. and local levels. Achieving SDG-17, the Balqees Welfar& Foundation is relentlessly working towards tha sustainable development and upliflmenl of disadvantaged communities in Pakistan. This effort is supported by various implem$nling partners, incl(Jding government hospitals, CBOSINGO schools, and vocational training canter, which provide both in-kind and financial support. Implementing partners List Implementing Partners 1 Hasna Welfare & Development Organizalion IHW&DOI 2 Leprosy Hospital Rawalpindi, Pakistan ILHRPI 3 Sl. Joseph Hospiee ISJ. Hospice) 4 Fèderal Government Tuberculosis C&nlre, Rawalpindi {FGTC) 5 SSWAB Trust Dialysis Cenlre. Karachi ISSWABI 6 Pakistan Kidney Patients Association. Rawalpindi IPAKPAI 7 Afzal Memorial School IAMSI 8 Bewal Hospital, District Rawalpindi INewlyl 9 IDC , Islamabad diagnostic Cenler (Newly) Area ofsupport Teohnical education Food Food Food Health Health Education Health HealthlLab Test PAKPA and SSWAB Trust offer affordable dialysis services lo end-slage renal disease IESRDI patients on a sliding lee scale. They also raise awareness, promote early diagnosls and treatment, and conduct research on kidney disease prevention. PAKPA & SSWAB Trust. as an implementing partner of Balqees Welfare Foundation IBWFI, is commilled lo supporting the health of underprivileged individuals. BWF will provide monthly financial aid lo lOlncoMe kidney patients who cannot afford dialysis Page 3
Balqees Welfare Foundation (Charitable Incorporated Organisationl Report of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES The TB Hospital, Rawalpindi Lèprosy Hospital IRLHI, and St. Joseph Hospicè ISJ Hospic61 are key partners ol the Balqees We51are Foundation IBWFI. BWF provides monthly support lo these institutions, induding nulrilious meals for TB palienls-lhree meals a day for admitted individuals-and asslstance with hospital waste management in collaboration wlh two of the partners. This partnershSp significanily enhances patient care and overall hospital operations. Hasna Welfare & Development Organlzatlon IHW&DOI, a non-profit based IN Rawalpindi, and Afzal Memorial School in Islamabad, Pakistan, are dedicated lo promoting education, women's empowerment. skill development, child protection, and the rights of persons with disabilitles. The Balqees Welfare Foundation prowdes monthly funding to support their initiatives. Bewal Hospital and Islamabad Dlagnostlc Center {IDCI New Implementing Partners of Balqees Welfare Foundation Balqees Welfare Foundation 18WFI is proud lo welcome Bewal Hospital and Islamabad Diagnostic Center IIDCI as ils nOY appointed implementing partrFers. As part of BWF'S ongoing commitment to serving underprivileged communllies. both institutions will receive monthly support lo ensure the delivory of essential healthcare service5. Bewal Hospital, located in the highly underserved rural area of Gujar Khan, District Rawalpindi, will provide 1000/. free dialysis s8riices lo patienls in need. This initiative addresses a critical healthcare gap lor kidney patients in remote areas. Meanwhile, IDC has committed lo offering 1000A free laboratory tests across Pakistan for patients rèferred by the 8alqees Welfar8 Foundation. This remarkable collaboration will ensurè access to quality diagnostics for thousands of low-income individuals nationwide. rh8se partnerships represent a significant slep forward in BWF'S mission lo facilitate free, accessible. and life-saving heallhcale services lo the rnosl vulneiable populations in Pakistan. Success Story In the quiet. forgollen village of Karpa ol Islamabad, where the shadow of despair hung heavy and chlldren wandered the streets empty hands and silent dreams. a miracle was born not of wealth or power, bul of pure courage and faith. In a place where no goverllrnenl school exisled and hope was a distant dream, bm) extraordinary souls a husband and wile, both physically disabled stood up against the tide of darkness. Though their bodies bore limilalions, Ihair spirits soared. Amied only with education, love for children, and an unshakable will, they transformed their own pain into purpose. With trembling hands and burning hearts, they opened a simple one-room school. 11 had no formal recognition, no laney name just four walls, a blackboard, and a dream.. lo give the forgotlen children of Karpa a chance to leam, lo hope. and to believe in themselves. They carried not just books, bul Ihe heavy burden of an entire generation's future. Years passed. and whal began as a humble shelter ol leaming slowly grew. Today, that very same one-room school has become a fully r¢gislered institution under the Federal Educalion Aulhorlly a shining beacon of hope in Karpa. With the support ol the 8alqees Welfare Foundation, the school now provides completely free education to the children of the village, many of whom had never held a pencil before. Tears often lill the eyes of those who walk through Ils doors - not from sorrow, bul from gr81ilude. For in a pl8ce once forgotten by the world, two broken bodies built an unbreakable legacy. They gave Karpa mo Ihan 8 school.. they gave it light. Page 4
Balqees Welfare Foundation (Charitable Incorporated Organisatlonl Report of the Trustees for the Yéar Ended 31 December 2024 STRATEGIC REPORT In the year under review, BWF UK raiséd £1,287,333 in donations and grants. which were used to fund its ¢ore programs in Pakistan. The trustees ol the Charity work closely wlh ils sister charity Balqees Welfare Foundation, Pakislan by providing 9rants. The grants provided are used to meet BWF goals. ResoLJrcos expended in grants in the year ending 31st December 2024 amounted to £1,408,895. Resources are only expended after approval made by the Iruslees. The charity continues lo maintain light Control over ils expenses. ensuring that the majority of funds are directed to program activilies. Princlpal funding sour¢es Principal fundillg source for the charity is Allied Intsrn81ional Trading Ltd. a business setup by Mr. & Mrs. Akhtar who are also the founding trusl&gs of the charity. The Irltslees ol the Charity give their time freely and retsive no remuneraliorTr for Iheir servlces. The charity also has support of volunteers to assist with delivering Ils objecl particularly with administrative and operational duties. Reserve pollcy 11 is the policy of the charity to malnlain unreslricled funds, which are the free reserves of the charity. al a level which equates lo approximately three lo five months unrestricted expenditure. This provides sufficient fLJnds lo cover management and administrative and other related costs. Unrestricted funds were maintained above this level throughout the period. Page 5
Balqees Welfare Foundation (Charitable Incorporated Organisatlon) Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Futurè development Balqeas Welfare Foundation IBWFI aims lo cr¢8le positive change for the underprivilegod through its core programs and expanded initiatives. In the short tem) our goal is lo continue lo support our implementing parlner and add addilional partner whose objecliv8s are in line with BWF. Short Term Goals120251'. Slrenglh&n existing partnerships and onboard al least two new partners whose mlssion aligns with BWPS core values. Digilise benefiGiary recorcls and irnplemenl a basic monitoring system for better impacl tracking. Launch a scholarship application portal for more Iransparen¢y and accessibility. Medlum Term Goals {2025-20261'. Free Dialysis Cenlr6.' Establish a IOOYO free dialysls unil in a public hospital or slandalono facility. Pilot a patient transport $8rvioe. Old Age Home.. Launch the first BWF elderly care home with 20+ b6d capacity. physiolherhpy, and palliative ¢are support. Expand the Education Sponsorshlp Programme lo 100 students with support from CSR and inslilulional donors. Long Term Vislon12027+1.' Replicate the free dialysis and elderly car& model across multiple cilies. Develop a Vocational Training Centre focusing on digital skills. tailoring, and trades lor women and youth. Form partnerships with local universities lo offer mèTII.based scholarships in health, educalion, and development studies. Balqees Welfarè Foundation's Sustainabllity Model The Balqees Wolfare Foundation has adopted a sustainablè model based on social entrepreneurship and real eslale investment. By acquiring land and developing mulli-slory commèrcial buildings-Trusl 2 and Trust 3-in a prime area ol Islamabad, lh6 foundation creates rental spaces for businesses. The income generated supports its ongoing programs. The ongoing construction of Twsl 2 and Twsl 3 buildings is a leslamenl lo the foundation's commitment to this sustainable model. In conclusion, the Balqees Welfare Foundation's innovalive and suslaSnable approach lo funding ils programs through real estate investment is a commendable initiative that not only ensures the longevity of its work but also contributes lo local economic development. Impact The programs and projects of Balqees Welfare Foundalion have created a strong, posiliv8 impact within the community by addressing critical needs in healthcare, education. disability support, and social welfare. Through stralegic partnerships and sustained monthly assistance, the foundation has improved access lo $ssenlial setvices for underpriwleged groups. Ils efforts have enhanced patient care in hospitals, supported inclusive education, empowered women and persons with disabilities, and promoted community health. By inlegraling a sustainable funding model through rèal estate invaslmenls. thè foundation ensures long-term impact and continuity of its mission-driven initiatives STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity Is Controlled by its governing document. a deed of Irusl. and conststutes as a Charitable Incorporated Charity. Page 6
Balqees Welfare Foundatlon (Charitable Incorporated Organisationl Report of the Trustées for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appolntment ot new trusteès Our Iruslees are r¢sponsible for setting tho strategy and are responsible In law for the running of Balqees Welfare Foundation. All the Iruslees, excepl where otherwise slated, served lor the whole year.. 11 Parvez Akhlar 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 financlal $181emenls in accordance with applicable law and United Kingdom A¢¢ounling Standards including Financial Reporting Standard 102." The Financial Reporting Standard applicablè in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Pr80licel. The law applicable lo charities in England and Wales requires the trustees lo prep8re fin2nci81 slalemenls for each financial year which give a true and fair view of the slate of allairs of the charily and ol the incoming resources and appli¢alion of resources of the charity for that period. In preparino these financial statements, the Trustees are roquired lo.. sèlect suitable 8ceounling policies and apply them consistently., observe the melho(is and principles in the Charities Slalemenl of remmended Pracli¢8', make judgements and estimates that are reasonable and prudent.. stale whether applicable accounting standards have been followed. subject to eny material departures disclosed and explained in Ihe financial slalemenls, and prepare Ihe finanGi81 slalemenls on a goillg concern basis unless Il is inappropriate lo presume that the ¢harity will continue in operation. The Irust88s are r8sponsible for keeplng sufficient accounting re¢or¢Js that disclose with reasonable accuracy al any time the financial position of th¥ charily and enable Ihem lo onsure Ihal the financial slalemenls comply with the Charities Act 2011, the Charity (AccoL¢nls and Reports) R8gulalions 2008 and the provisions of the trusl deed. They are also responsible for safeguarding the assets ol the charity and h8nce for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The trustéés are responsible for thÉ rnainlenance and inlogfily of the corporate and financial informalion induded on the Charilyls website. Legislation in the United Kingdom governing the prepawalion and dissemination ol Ilnancial 81atements may differ from legislation in other jurisdictions. Organisational structure Balqees Welfare Foundation is a Charitable Incoiporaled OrganSsalion 58 registered with the Charity Commission. Indu¢tlon and training of new trustees Where new Iruslees are appoinled, they are given a formal Induction to the work of the charity and provided with the information they need lo lullil their roles, which includes information about the role of trustees and charily18W. New Iruslees are nominated by members of the board of Irusle&s, interviewed by a panel of Iruslees and appoinled where they have the ne¢essary skills lo contribute to the charills manageTr7enl and development. Each trustee tskes responsibility lor monitoring the charills aclivilies in specific operalional areas. Page 7
Balqees Welfare Foundation {Charitable Incorporated Organisatlonl Report of the Trustees for thè Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties The charity works very closely with its sister charity in Pakisl8n, Balqees Welfare Foundation, registered charity number A039941. Two of the founding Iruslees Mr. Parvez Akhtar and Mrs. Rehana Jabeen Pervez are also major shareholders in Allied International Trading Limited, UK the main donor organisation lo the UK charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CE019166 (England and Wales) Registered Charlty number 185768 Registered office The Birches 6A Gloucester Road London E112ED Trustees P Akhtar Mrs RJ P8rv&z Mrs S Akhlar MNKhan DrSAKhan DrA Rehman Auditors Alderton A¢counlancy Limited, Slalulory Auditor Chartered Certified Accountants Registered Auditors 962 Eastern Avenue Newbury Park Ilford Essex IG2 7JD Bankers Barclays Bank PLC 2 Churchill Place London E14 5RB STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees (who are also the directors of Balqees Welfare Foundabon Icharilable Incorporated Organisalionl lor the purwsÉs ol company lawl are responsible for preparing the Report of the Trustees and Ihe finan¢ial slalements in accordance with applicable law and United Kingdom Ac¢ounling Standards (United Kingdom Generslly Accepted Accounting Practi¢&l. Page 8
B4lqees Welfare Foundatlon (Charltable Inoorporatèd Organlsatlonl Report of the Trustees for the Year Endod 31 Dgc8mber 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES . contlnued Company law requires th& Irustoss to prepar8 financ4al slatomen18 for 8ach flnanclal year whlch glvts 8 tru& and f8lr view ol the Stat6 of affalrs ol the charilable cijmpany and ol the Incomlng r8s0ure8S 8nd appllcatlon of resources, Indurtlng 1he Income and expen¢Jlture. ol the charllable company for that perd. In preparhg those lènancial stat6mÈnl$, Ihe Iruslees are required to select sullablq accounting poll¢ies and thèn apply Ihern consistently. Obse th8 m8thods and principle5 in the Charity SORP., rn8ke judg8ments and estimates that are asonable and prudent. state whether applie8b18 ac¢ounling slandaids hav8 been followed. ¥ublect lo any mateTFal departvres disdospd and expl8hed In Ihg flnanclal sl8t8m8nts', ppare Ihe financial statements on th8 goin9 concern basis unless it is inappropriatè to pr8sume that th8 charitable company wll c¢niinue in business. Th8 trustees are responslble for k8eplng proper accountlng reeord5 whlch d15c105e vlth reasonable accuracy al any time the financi81 position of the cliaritdbltr company and lo enable Ihem lo ensure that the financlal stdtemènls comply wlh lh8 Companias A¢1 2(K)6. They aro also responsible for s&fèguarding th8 a889ts 01 the ch8rftable Company and hgnc8 for taking asonabl6 gtèps for th8 prevention and deteclion ol fraud and other irregularllles. In so far 88 the trustetrs are awar8'. therts is no relevant audit information of whioh the chaillable companys auditors are unaw8r8.' and the Irusiees have taken all slep8 Ihat they oughl to havtr taken lo mako Ihernselves aware ol any relevant audlt Infomiatlon #nd to establish that the auditors are aware of Ihat Inlormatlon. AUDITORS Thg audllor5. J8mll Raja of Adarton Accountancy LSmited, wll be proposed for rs4ppoinlmenl 81 the lorthcoming Annual General Meeting. Report or the Iwslees, inTrporaling a slr4tegic report, approved by ordor of th8 board of trus19?¥, as the omp8ny diFeclor6, on .. .. ..W.IQ.%I.%P.IA........... and slgned on thg IK)8rd's bgh81f by. P Akhlar- Trus Page 9
Report of the Independent Auditors to the Trustees ot Balqees Welfare Foundation (Charitable Incorporated Organisation) Opinion We have audited the financial slalemenls of Balqtses Welfare Foundation (Charitable Incorporated Organisalionl {th6'charilable companll for the year end6d 31 Decembar 2024 which comprise the Slalement of Fillancial Aclivilies, the Balance Sheet, the Cash Flow Slalemenl and notes to the financial slal6ments, in¢luding a summary of significant accounting policies. The financial r&porting framowork that has been applied in their pr6paralion is applicable law and Llnited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of ihe stsle of the charitable companys affairs as al 31 December 2024 and of ils incoming resources and applicalioll ol resources, including ils income and expenditure, for the year then ended., have been propgrfy prepared in accordance ¥Allth United Kingdom Generally Accepted Accounting Practi¢e', and have been prepared in atsrdance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in a¢cordance with Inlemalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further des¢ribed in the Auditors, responsibilities for the audit ol the financial slalements section of OLJr rèport. We are independent of the ¢h8ritable company in accordan¢e with the ethical requirements that are relevant lo our Èudil ol the financial stalem8nls in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other Èthical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriala to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalements, we have concluded thal the Iruslees, use of the going concern basis ol accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or Conditions that, individually or collectively, may cast significant doubl on the charitable companys ability lo continue as a going concem for a peri of 81 least Iwelvg months from when the financial statements are aulhorised for issue. Our responsibilities and the responslbililies of thè trustees with rèspect lo going concern are desuibed in Ihe relevant sections ol this report. Other InformalSon The Iruslees are responsible for th6 other information. The olher information comprises the information included in the Annual Report. other than the linan¢ial slalemenls and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except lo the extent Othe$ explicitly staled in our report, we do not express any form of assurance conclusion th&reon. In connection with our audit of the financial slalemenls. our responsibility is lo read the other information and, in doing $0, Consider whether the other information is materially in¢onsislent with the financial stalernenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such malerial inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise to a rnalerial misslalemenl in the financial slalem@Nls themselves. If, based on the work we have performed, we conclude that there is a material misslalement ol this other information. we are réquired to report thal fact. We have nolhlng lo report in this regard. Matters on whl¢h we are requirèd to report by exception We have nothing lo report in respect of the following malleis where the Charities IAccounts and Reports) Regulations 2008 requires us lo r8POrt lo you if, in oui opinion.. the information given In the Report of the Trustees is inconsislenl in any material respect with the financial slalemenls., or the charilable company has not kept adequate accounting records,. or the financial slal&m8nls are not in agreement with the accounting records ond returns., or we have not receivèd all the information and explanations we require for our audit. Page 10
Report of the Independent Auditors to the Trustees of Balqe&$ Welfare Foundatlon {Charltable Incorporated Organlsatlon) Responsibillties of trustoes A8 explalned mor8 ful in Iha Statement ol Truslèes, R6sponsibiliti8s, the trustees (who are also Ihe dlreclors ol the charllable company for Ihe purp058s of company lawl are responslble lor th8 preparatlon of the flnancial $t8tem8nls and lor belng sallsfled Ihal thay glv& a truè and falr vlew. and for such Internal control as Ihg trustees delemine b nètsssary lo enabl& the preparation of linan¢ial slalemenls Ihal are free from material rnisstalernenl, whether due to If8ud or error. In prepaflng the linan¢ial 5tstgmenls, the trust9es are respcnslble for assessing the char0t9te Gomp8nYs ablllty lo c¢x)linue as a going concern, disclosiro, as applicable, mallers related to gtsing ¢oncern and usir Ihe gosng eoncern basis of accountin9 unless th8 trusl8trs eith8r in18nd to liquida19 th8 charitabl8 company or to Cease operatlons. or have no reallstlc BlternAtlve but to do 30. Our ro$ponslbllltlos for the audit of the Ilnanclal statements We have been appoinled as audltors under Sectlon 144 ol the Charitvas Ad 2011 8ThJ report In accordance with the Acl and relevant regulations made or h8ving eff8cI th8r8und8r. Our obl6clwes 8re lo obtaln r&asonsble 88suran¢e about wh•thèr thè flnan¢lal $18lements 85 a whde are free from rnaterlal mlsslatement, whether due to fraud or error. and to Issue 8 Report ol the Independent Auditors that indudes our opinion. Reasonable assuraFic$ is a hvJh lgvel ol assurance, bul Is not 8 gu8r8nl88 Ihat 8n audit conduct8d in accordance wth ISAS IUKI will aayS detect a malerial mi5slal8m8nl when il exists. MlsSt8temenls can artSB from fraud or error and ale wnsldgred materlal if, indlvldually or Sn the aggregate. they could reason8bJy be expected to Influence thB OnOMiC declslons of users taken on the basis of thes8 financkql stAtÈm8nts. The extent to vthlch our procedures are capable ol detecting IrregularltS8s, Includlng Iraud 1$ dgtalled below.. Irregularities, including frÈud. 9 instances of non.compliance with laws and regulations. We dèsign procedures in Ilne wilh our responslbllltlgs. oulllned abovg, to detect ma18rlal mlsslatements In respect of iwregularities, incbjdlng fraud. A further d83criplim of our reSpsIbIlitieS lor the audil ol Ihe financial sts18menls is located on the Financial Reporting Counclls w8b51t8 al MAvw.Irc.org.ukl8udlior8r98pon8iblllUe8. Thls descrlplon forms part 01 ¢)ur Report of the Indèp&nd8nl Audilors. Uso of our roport This report is rnad8 solely to the Charitable cornpanys trustees, as a body. h) 8ecordanc8 with Parl 4 of the Charities IA¢counls and Reports) Regulations 2008. Our Audit work has been undertaken so that we might 8late lo th& eharrtabla companys trustees IlK)$e matters we are requlred to stal6 lo thsm In an audllors, report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responslbllily lo anyone other than the charitable company and tho charitable cornpaws trustees as a boty, for 8udlt wotl(, lor this report. or for oplnions we have forrned. for and on behalf J Raja & Co Aldarion Accountancy Llmll8d, StatutoryAudltor Chartered Certified Account8nt5 Registered Auditors Eligible lo act as an audltor in tsTms of Section 1212 01 tha Companies Act 2006 962 Eastem Avenu Nèwbury Park Illord Essgx IG2 7JD D818: ....0S1. os.1. 20 I Pag& 11
Balqees Welfare Foundatlon {Charltable Incorporated Organisationl Statement of Financial Activities for the Year Endgd 31 December 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds fund Nol88 INCOME AND ENDOWMENTS FROM Donations and legacies 1,287.333 1,287,333 1,238,950 EXPENDITURE ON Charitablé activities Balqees Welfare Pakistan 1,409.025 1,409,025 500,025 other 14,7751 14,7751 2,529 Total 1,404.250 1,404.250 502,554 NET INCOMEIIEXPENDITURE) {116,9171 1116,9171 736.396 RECONCILIATION OF FUNDS Total funds brought forward 3,401,485 3,401,485 2,669,864 TOTAL FUNDS CARRIED FORWARD 3,284,568 3,284,568 3.406.260 The notes form part of these financial slalements Page 12
Balqees Welfaro Foundation (Charitable In¢orporatgd Organlsation) Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unre51ricled Reslricled funds fund Notes CURRENT ASSETS Cash at bank 3,288,16B 3,288,168 3,409,860 CREDITORS Amouiits lalling due thIn one year 10 13,6001 {3,6001 13.6001 NET CURRENT ASSETS 3,284,568 3,284,568 3,406,260 TOTAL ASSETS LESS CURRENT LIABILITIES 3.284,568 3,284,568 3,406,260 NET ASSETS 3,284,568 3,284,568 3,406,260 FUNOS Unresirldgd funds 3,284.568 3,406,260 TOTAL FUNDS 3,284,568 3,406,260 The th8ritable company 55 enlilled to exemption Irorn audlt under Secllon 477 of the Companles 2006 for the year ended 31 Dae6mb&r 2024. The meTnbers have nol deposiled notlce. pursu8nt to Secllon 476 of th9 Companles Act 2006 rgqulrlNJ an audlt ol these f81 statements. The trustees acknowledge thelr responslbilitl8s for onsuTlng that Ihe charit8b18 Gomp8ny ke?ps accounting r8¢0rds that compty with S9¢11ons 386 and 367 of the Companies Act 2006 and Ibl preparing financi81 slalements kvhich give a Ifv8 and fAir view ol the stale of Affairs of the ch8rilabl8 comparsy as at the end of each finènclal year and of 118 surplus or deficlt lor each flnanclal year in 8¢cordance vAth the reouirements of Sectlons 394 and 395 ond whlch OtheSe ¢OTnply ¥th the requir8menls ol the Companies Act 2006 r8lalin9 to financial slalernenls. 80 far as applicab18 to tha charilable company. These flnan¢lal $talem8nts have been audlted under the requlrernents of Sectlon 145 of thg Charltles Ad 2011. The linanrial st rnenis were approved by the Board ol Trustees and 8uthori8ed lor Issue on and were 8i9ned on ils bahalf by.. P Akhlar. Truste8 The notes form part ol these financial slalemenls Page 13
Balqees Welfare Foundation Icharltable Incorporated Organisation) Cash Flow Statement for the Year Ended 31 December 2024 2024 2023 Nol8S Cash flows from operating activltles Cash generated from operations 1121,692 731,621 Nel cash (used Inyprovided by operating aclivities 1121,692} 731,621 Change in Cash and cash equivalents In the reporting pèriod Cash and Cash equivalents at the beglnnlng of the reporting pèriod {121,692} 731,621 3.409.860 2,678,239 Cash and cash equlvalents at the end of the reporting period 3,288,168 3,409.860 The notes form part of these financial statements Page 14
Balqees Welfare Foundation Icharltable Incoyporated Organisatlonl Notes to the Cash Flow Statement for the Year Ended 31 December 2024 RECONCILIATION OF NET IEXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net lexpenditurèllincome for the reporting period las pèr the Statement of Financial Activiti&sl Adjustm•nts for.. Decrease in creditors 1116,917) 736,396 14,7751 {4,7751 Net cash (used inllprovided by operatlons {121,6921 731,621 ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.24 Cash flow At 31.12.24 Nèt cash Cash al bank 3,409,860 1121,6921 3,288.168 3,409,860 1121,6921 3.288,168 Total 3.409,860 1121.6921 3,288,168 The notes form part of these financial slalements Page 15
Balqees Welfare Foundatlon {Charitable Incorporated Organisation) Note$ to the Financial Statements for the Year Ended 31 Decomber 2024 ACCOUNTING POLICIES Basis of prÈp8ring th& financial statements The financial statements of ihe charitab18 company, which is a public benefil enlily under FRS 102, have been prepared in 8ccordan¢e with th8 Charities SORP IFRS 1021 'A¢counling and Reporting by Charities.. Slalement of Recommended Praolice applicable lo charihes preparing their accounts in accordance wth Ihe Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies A¢1 2006. The financial stalemenls have been prepared under the historic81 cost convention. Income All income is recognised in the Slalement of Financial Activities once the charily has entitlement lo the funds. it is probable that the income will be received and the amount can be mgasured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion committing the charity to that expenditure, 11 Is probable that e transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured re5iably. Expenditure 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 atlribuled lo particular headings they have been allocated lo activities on a basis consislenl with the Ljse of resources. Grants offered subjeot lo conditions which havo nol been rnel al the year end dale are noled as a commitment bul not arUed as expenditure. Allo¢allon and apportionment of ¢o$ts In allribub'ng costs between activity categories, the following principles are appll8d. 11 )whe appropriate, expenditure is allated directly lo activity cost category. {2)Ilems of expenditure which conlribulè directly lo the oulpul ol more than one activity cost category are apwrtioned on a reasonable, justifiable and consistent basis. Taxation The charily is exempl from corwralion tax on ils charitable a¢livilies. Fund accounting Unrestricled fundy can he used in accordance wllh the charitable objectives al the discretion of the trustees. Restricted funds can only be used for particular reslricled purposes within the objects of the charity. Reslriclions arise when spealied by the donor or when fL5nds are raised lor particular restricted purposes. Further explanation of the natur9 and purpose ol each fund is included in the notes lo Ihe financial slatemenls. Truè and fair overrlde statèment We Completed audit procedures lo conclude on Ihg complian¢e of disclosures in the annual report and accounts wilh applicable financial reporling requiremenls.These audit procedures were designed lo provide reasonable assuranGe that the financial slalemènls were free from fraud or error. However, d8lecting irregularities that result from fraud is inherently more difflcull Ihan detecting those that resull from error. as those irregularities that resuli from fraud may involve collusion, deliberate concéalment, forgery OT inltrnlional misrepresenlalions.Mso, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial slalements, the less likely we would become aware ol it., Page 16 continued...
Balqees Welfare Foundation {Charitable Incorporated Organlsatlon) Notes to the Flnancial Statements - continugd for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued True and fair oveIde statement The assessment of the appropriateness of the collective competencè and capabilities of the engagement tgam included consideration of the engagement team's: understanding ol, and pra¢lical experience with audit eageMentS of a similar nature and ¢omplexily through appropriate training and parlicipabon.. knowledge of th8 industry in which the client operates-, and understanding of the legal and regulatory requirements spe¢ific lo the enlitylregulaled entity including the provisions ol the applicable legislation, the regulators rules and related guidance, including guidance issued by relevant authorities Ihal inlerpiets those rules, the applicable statutory provisions. We did not identify any mallers relating lo non-compliance with laws and regulations. We Communicated relevant laws and gUlationS and polenlial fraud risks to all engagement leam members, including internal specialists, and remained Blert lo any indicalions of fraud or non-compliance wilh laws and regulations throughout the audit.No mallers relating to non-compliance with laws and regulations were delermlned as key audit matters.. and In assessing the potential risks ol material misstalemenl, we oblain6d an undersianding ol.. the enlills operations. including Ihe nature of ils revenue sources, products and services and of ils objectives and strategies lo understand the classes of Iransaclions, account balances. expected financial slalement disclosu$ and business risks that may result in risks of rnaleriol misst81ement-, and the applicable regulatory framework. DONATIONS AND LEGACIES 2024 2023 Donations 1.287.333 1,238,950 CHARITABLE ACTIVITIES COSTS Grant funding of a¢tivilies (see note 41 Support costs (see note 5) Totals Balqees Welfare Pakistan 1,408,895 130 1,409,025 P8ge 17 Continued.
Balqees Welfare Foundatlon (Charitable Incorporated Organisation) Notes to the Financial Statements continued for the Year Ended 31 December 2024 GRANTS PAYABLE 2024 2023 Balqees Welfare Pakistan 1,408.895 500,025 The lo181 grants paid to inslilulions during the period was £1.408.89512023- £500,025). SUPPORT COSTS Governance costs Finance Totals Other resources expended Balqees Welfare Pakistan 14,7751 14,7751 130 130 130 14,775) 14,6451 NET INCOMEIIEXPENDITUREI Nel inwmellexpendilurel is slated aller chargingl{credilingl'. 2024 2023 Auditors. remuner81ion 14.7751 2,175 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustèes. expenses There were no trustees, exp8nses paid for the year ended 31 December 2C>24 nor for the year ended 31 December 2023. STAFF COSTS There were no staff costs for th8 year endÈd 31 December 2024 nor for the year ended 31 Decembèr 2023. The average Illonlhly number ol employees during the year was as follows.. 2024 2023 Page 18 continued...
Balqees Welfare Foundation (Charitable Incorporated Organisationl Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Reslricled funds fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,238,950 1,238,950 EXPENDrruRE ON Charitable activities Balqees Welfare Pakistan 500,025 500,025 Other 2,529 2,529 Total 502,554 502,554 NET INCOME 738,396 736,396 RECONCILIATION OF FUNDS Tol81 funds brought forward 2,669,864 2,669,864 TOTAL FUNDS CARRIED FORWARD 3,406,260 3,406,260 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued expenses 3,600 3,600 11. MOVEMENT IN FUNDS Nel movement in funds At 31.12.24 At1.1.24 Unrestricted funds Gener81 fund 3,401,485 1116,9171 3.284,S68 TOTAL FUNDS 3,401,485 1116,9171 3,284.568 Net movemènl in funds, induded in the abovfj are as follows: Incoming Resources Movement resources expended in funds Unrostrlctgd funds GeneTal fund 1,287,333 11,404,2501 1116,9171 TOTAL FUNDS 1,287.333 11,404,250} 1116.9171 Page 19 continued.
Balqees Welfare Foundation (Charitable Incorporated Organisationl Notes to the Financial Statements continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS-continued Comparatlves for movement In funds Net movement in funds Al 31.12.23 Al 1.1.23 Unrestrlcted funds Goneral fund 2,669,864 736,396 3,406,260 TOTAL FUNDS 2,669,864 736,396 3,406,260 Comparative nel movement in funds. included in the above are as follows.. Incoming Resources Movement resourc8S expended in funds Unrestricted funds General fund 1.238,950 1502,5541 736,396 TOTAL FUNDS 1,238,950 1502,5541 736.396 A current year 12 months and prior year 12 months combintsd position is as follows.. Net movement in funds Al 31.12.24 At 1.1.23 Unrestricted funds General fund 2,669,864 619,479 3,289,343 TOTAL FUNDS 2,669,864 619,479 3,289,343 A current year 12 months and prior year 12 months combined nel movement in funds. induded in the 8tx)v6 are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 2,526,283 {1.906.8041 619,479 TOTAL FUNDS 2,526,283 11,906,804) 619,479 Page 20 continued...
Balqees Welfare Foundation (Charitable Incorporated Organisationl Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2024 12. RELATED PARTY DISCLOSURES The ¢harity works very closely with ils sSsler charity in Pakistan, Balqoos Welfare Foundation, registered charity number A039941. Two of the founding Iruslees Mr. Parvfjz Akhlar and Mrs. Rehana Jabeen Pervez 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.. £1,287,333 {2023- £1,238,950) Page 21
Balqees Welfare Foundation (Charitable Incorporated Organisatlonl Detailed Statement of Financial Activities for the Year Ended 310ecember 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 1,287,333 1.238,950 Total incoming resources 1.287,333 1,238,950 EXPENDITURE Charitable acllvities Grants lo inslilijtions 1.408.895 500,025 Support costs Flnance Bank charges 130 30 Information technology Websile hosting 324 Governance Costs Auditors, remuneration 14,7751 2.175 Total resources expended 1,404.250 502,554 Net lexpendlture)Iln¢ome 1116,9171 736.396 This page doas not form part of the statutory financial slalements Page 22