REGISTERED CHARITY NUMBER: 1188446
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for
Dessoky Ubuntu Foundation CIO
Nielsens Chartered Accountants The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW
Dessoky Ubuntu Foundation CIO
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
Dessoky Ubuntu Foundation CIO
Reference and Administrative Details for the Year Ended 31 December 2023
TRUSTEES U Dessoky A Dessoky D Dessoky O K Lam-Watson PRINCIPAL ADDRESS 43 Crawford Street London W1H 1JR REGISTERED CHARITY 1188446 NUMBER INDEPENDENT EXAMINER Nielsens Chartered Accountants The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW BANKERS HSBC Private Bank (UK) 8 Cork Street London W1S 3LJ
Page 1
Dessoky Ubuntu Foundation CIO
Report of the Trustees
for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The governing scheme defines the charity's main objects as being:
a) The promotion of education of the general public, in the topics of international relations, human geography, politics or sociology.
b) The promotion of racial harmony, equality, diversity and social inclusion.
- c) The prevention or relief of poverty or financial hardship anywhere in the world.
Significant activities
The charity operates as a grant-making entity.
The charity received gifts of £100,000 (2022-£150,000) during the year and made a grant to a UK charity of £25,000 (2022 - £35,000).
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
FINANCIAL REVIEW
Financial position
The operating surplus of £189,384 (2022 - £114,390) has been carried forward for future activities to meet the Charity's objectives.
Reserves policy
The Trustees aim to keep a reserve of £5,000 to meet current expenditure.
FUTURE PLANS
The Charity will focus on developing core activities and campaigns to achieve its objects and hopes to make grants to charities in the UK with similar aims.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is constituted as a Charitable Incorporated Organisation (CIO) Foundation, as a body corporate under Part 11 of the Charities Act 2011 and is registered with the Charity Commission with effect from 10 March 2020.
Recruitment and appointment of new trustees
A minimum of three trustees must be appointed. Trustees are legally responsible for the governance and management of the charity. Trustees are responsible for setting strategies and policies for ensuring these are implemented.
The trustees and officers serving during the year and since the year end were as follows:
Usama Dessoky Dena Dessoky Adam Dessoky Oliver Kai Lam-Watson
Related parties
The charity received a donation of £100,000 during the year from Foremost Leisure (Holdings) Limited, a company registered in the UK, in which a trustee, Mr U Dessoky, is a director.
Page 2
Dessoky Ubuntu Foundation CIO
Report of the Trustees for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity's trustees have considered the major risks to which the charity is exposed and have reviewed potential risks, including financial risks, credit risk, cash flow risk and liquidity risk. The charity does not use derivative financial instruments for speculative purposes. The charity's activities expose to cashflow risks is minimal as expenditure on charitable activities is only incurred when liquid funds are already available.
Systems and procedures have been put in place to manage the risks and to mitigate any adverse outcomes.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 15 October 2024 and signed on its behalf by:
A Dessoky - Trustee
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Independent Examiner's Report to the Trustees of Dessoky Ubuntu Foundation CIO
Independent examiner's report to the trustees of Dessoky Ubuntu Foundation CIO
I report to the charity trustees on my examination of the accounts of Dessoky Ubuntu Foundation CIO (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dipakkumar Shah FCA The Institute of Chartered Accountants in England and Wales
Nielsens Chartered Accountants The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW
15 October 2024
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Dessoky Ubuntu Foundation CIO
Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 100,000 | 150,000 | |
| Investment income | 2 | 1,004 | - |
| Total | 101,004 | 150,000 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| General | 25,000 | 35,000 | |
| Other | 1,000 | 610 | |
| Total | 26,000 | 35,610 | |
| NET INCOME | 75,004 | 114,390 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 114,390 | - | |
| TOTAL FUNDS CARRIED FORWARD | 189,394 | 114,390 |
The notes form part of these financial statements
Page 5
Dessoky Ubuntu Foundation CIO
Balance Sheet
31 December 2023
| 31.12.23 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 190,094 CREDITORS Amounts falling due within one year 4 (700) NET CURRENT ASSETS 189,394 TOTAL ASSETS LESS CURRENT LIABILITIES 189,394 NET ASSETS 189,394 FUNDS 5 Unrestricted funds 189,394 TOTAL FUNDS 189,394 |
31.12.22 Total funds £ 114,990 (600) 114,390 114,390 114,390 114,390 114,390 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2024 and were signed on its behalf by:
A Dessoky - Trustee
The notes form part of these financial statements
Page 6
Dessoky Ubuntu Foundation CIO
Notes to the Financial Statements
for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it 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 constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Deposit account interest | 1,004 | - |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
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Dessoky Ubuntu Foundation CIO
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
The charity does not have any debt.
5. MOVEMENT IN FUNDS
| At 1.1.23 £ Unrestricted funds General fund 114,390 TOTAL FUNDS 114,390 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 101,004 TOTAL FUNDS 101,004 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund - TOTAL FUNDS - Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 150,000 TOTAL FUNDS 150,000 |
Net movement At in funds 31.12.23 £ £ 75,004 189,394 75,004 189,394 Resources Movement expended in funds £ £ (26,000) 75,004 (26,000) 75,004 Net movement At in funds 31.12.22 £ £ 114,390 114,390 114,390 114,390 Resources Movement expended in funds £ £ (35,610) 114,390 (35,610) 114,390 |
|---|---|
continued...
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Dessoky Ubuntu Foundation CIO
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ - - |
Net movement in funds £ 189,394 189,394 |
At 31.12.23 £ 189,394 |
|---|---|---|---|
| 189,394 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 251,004 251,004 |
Resources Movement expended in funds £ £ (61,610) 189,394 (61,610) 189,394 |
Resources Movement expended in funds £ £ (61,610) 189,394 (61,610) 189,394 |
|---|---|---|---|
| 189,394 |
6. RELATED PARTY DISCLOSURES
The charity received a donation of £100,000 during the year from Foremost Leisure (Holdings) Limited, a company registered in the UK, in which a trustee, Mr U Dessoky, is a director.
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Dessoky Ubuntu Foundation CIO
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Governance costs Accountancy and legal fees Total resources expended Net income |
Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 £ £ 100,000 150,000 1,004 - 101,004 150,000 25,000 35,000 1,000 610 26,000 35,610 75,004 114,390 |
Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 £ £ 100,000 150,000 1,004 - 101,004 150,000 25,000 35,000 1,000 610 26,000 35,610 75,004 114,390 |
|---|---|---|
| 150,000 35,000 610 |
||
| 35,610 | ||
| 114,390 |
This page does not form part of the statutory financial statements
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