REGISTERED CHARITY NUMBER: 1190869
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st December 2023
for
Ifta Welfare Trust UK
Naail & Co Chartered Certified Accountants 69 Lambeth Walk London SE11 6DX
Ifta Welfare Trust UK
Contents of the Financial Statements for the Year Ended 31st December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 - 8 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 16 |
| Detailed Statement of Financial Activities | 17 |
Ifta Welfare Trust UK
Report of the Trustees for the Year Ended 31st December 2023
The trustees present their report with the financial statements of the charity for the year ended 31st 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
Principal address
1 Beverley Road Mitcham CR4 1NQ
Trustees
Mr A Haidri (Chairman) Dr M A Ghazanfar Mr S A Jafri
Independent Examiner
Naail & Co Chartered Certified Accountants 69 Lambeth Walk London SE11 6DX
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
ali jaffri ali jaffri (Oct 21, 2024 19:11 GMT+1)
.................................................................... Mr S A Jafri - Trustee
Page 1
•• IFTA Welfare Trnsr Projects Annual Report January to December 2023
School Fee Support Program
As part of our commitment to educate everyone beyond their age, cast, religion, or social status discernment, IFTA supports deserving school children with their school fees. This fee is paid directly to the school. IFTA also tracks and records their progress in order to evaluate the project’s accomplishment.
IFTA is sponsoring average 100 School Students monthly, in more than 07 Schools . The amount paid to these schools in the academic year 2023 was PKR 4,320,000 (GBP 12,000) .
IFTA Welfare Trust – 2023
Ramazan Ration Support Project
During the month of Ramadan, the organization carries out various initiatives to help people in need, including the distribution of ration among the needy families. In the year 2023, the IFTA distributed over 50+ Ramadan Ration Boxes amounting PKR 720,000, (GBP 2,000) to deserving families in different parts of the country.
The ration bags contained essential food items such as rice, flour, sugar, lentils, and cooking oil, among others. The distribution of ration bags during Ramadan is a long-standing tradition of the IFTA Welfare Trust, and it is carried out with the support of generous donors.
IFTA Welfare Trust – 2023
Clean Drinking Water Project
IFTA Welfare Trust appreciates the value of clean water and aims to guarantee the supply of clean drinking water through filtration plants.
Currently, there are approx. 366,750 people in 81,500 families are being served under this project. The latest amount spent in 2023, on this project is PKR 1,800,000, (GBP 5,000) .
IFTA Welfare Trust – 2023
Annual Qurbani Project
IFTA Quilt Distribution Project supports lives during the freezing season. IFTA Welfare Trust distributed Blankets, Razai, and Warm Clothes to around 125 families in various areas of Pakistan, including Karachi, Parachinar, and Skardu.
The latest amount spent on this project is approx. PKR 540,000 (GBP 1500).
IFTA Welfare Trust – 2023
Flood Relief Project
IFTA Welfare Trust project for rebuilding of flood affected houses and distributed ration to flood affectees in various areas in District Khairpur, is commendable effort aimed to provide much needed relief to the victims of natural disaster.
The latest amount spent on this project is PKR 1,800,000 (GBP 5,000) .
IFTA Welfare Trust – 2023
– – IFTA Welfare Trust Project Report Jan to Dec 2023
| Projects Name | Expenditure | Expenditure | Project Report – Jan to Dec 2023 | Project Report – Jan to Dec 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| 5,000,000 | |||||||||
| School Fee Support Program | PKR 4,320,000 | GBP 12,000 | School Fee Support Program |
4,500,000 | |||||
| 4,000,000 | |||||||||
| Clean Drinking Water Project | PKR 540,000 | GBP 1,500 | Clean Drinking Water Project |
3,500,000 | |||||
| 3,000,000 | |||||||||
| Ramazan Ration Project | PKR 1,800,000 | GBP 5,000 | Ramazan Ration Project | 2,500,000 | |||||
| Annual Qurbani Project | PKR 720,000 | GBP 2,000 | Annual Qurbani Project | 1,500,000 2,000,000 |
|||||
| Flood Relief Project | PKR 1,800,000 | GBP 5,000 | 1,000,000 | ||||||
| Flood Relief Project | 500,000 | ||||||||
| Total Expenditure | PKR 9,180,000 | GBP 25,500 | 0 | ||||||
IFTA Welfare Trust – 2023
Independent Examiner's Report to the Trustees of Ifta Welfare Trust UK
Independent examiner's report to the trustees of Ifta Welfare Trust UK
I report to the charity trustees on my examination of the accounts of Ifta Welfare Trust UK (the Trust) for the year ended 31st 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Syed H Murtaza Syed H Murtaza (Oct 21, 2024 20:04 GMT+1)
Syed H Murtaza FCCA, MCMI
Naail & Co Chartered Certified Accountants 69 Lambeth Walk London SE11 6DX
Date: .............................................
Page 9
Ifta Welfare Trust UK
Statement of Financial Activities for the Year Ended 31st December 2023
| 2023 Unrestricted fund Notes £ 17,763 20,224 3,813 24,037 (6,274) 7,748 INCOME AND ENDOWMENTS FROM Donations EXPENDITURE ON Charitable activities General donation Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 1,474 |
2022 Total funds £ 38,313 30,381 6,110 36,491 1,822 5,926 7,748 |
|---|---|
The notes form part of these financial statements
Page 10
Ifta Welfare Trust UK
Balance Sheet 31st December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 2,224 | 8,398 | |
| CREDITORS | |||
| Amounts falling due within one year | 4 | (750) | (650) |
| NET CURRENT ASSETS | 1,474 | 7,748 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,474 | 7,748 | |
| NET ASSETS | 1,474 | 7,748 | |
| FUNDS | 5 | ||
| Unrestricted funds | 1,474 | 7,748 | |
| TOTAL FUNDS | 1,474 | 7,748 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
ali jaffri ali jaffri (Oct 21, 2024 19:11 GMT+1)............................................. Mr S A Jafri - Trustee
The notes form part of these financial statements
Page 11
Ifta Welfare Trust UK
Notes to the Financial Statements for the Year Ended 31st 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.
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.
continued...
Page 12
Ifta Welfare Trust UK
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations | 38,313 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| General donation | 30,381 | |
| Other | 6,110 | |
| Total | 36,491 | |
| NET INCOME | 1,822 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 5,926 | |
| TOTAL FUNDS CARRIED FORWARD | 7,748 |
continued...
Page 13
Ifta Welfare Trust UK
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Other creditors | 750 | 650 | ||
| 5. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.23 | in funds | 31.12.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 7,748 | (6,274) | 1,474 | |
| TOTAL FUNDS | 7,748 | (6,274) | 1,474 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 17,763 | (24,037) | (6,274) | |
| TOTAL FUNDS | 17,763 | (24,037) | (6,274) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 5,926 | 1,822 | 7,748 | |
| TOTAL FUNDS | 5,926 | 1,822 | 7,748 |
continued...
Page 14
Ifta Welfare Trust UK
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
5. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 38,313 (36,491) 1,822 38,313 (36,491) 1,822 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 5,926 | (4,452) | 1,474 |
| TOTAL FUNDS | 5,926 | (4,452) | 1,474 |
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 Movement resources expended in funds £ £ £ 56,076 (60,528) (4,452) 56,076 (60,528) (4,452) |
|---|---|
Page 15
continued...
Ifta Welfare Trust UK
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023.
Page 16
Ifta Welfare Trust UK
Detailed Statement of Financial Activities for the Year Ended 31st December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations | ||
| Gifts | - | 1 |
| Donations | 17,763 | 38,312 |
| 17,763 | 38,313 | |
| Total incoming resources | 17,763 | 38,313 |
| EXPENDITURE | ||
| Charitable activities | ||
| General donations | 20,110 | 30,381 |
| Support costs | ||
| Management | ||
| Commission & fees | 230 | 216 |
| Website & software | 2,697 | 1,120 |
| Other general & admin expenses | 150 | - |
| Rain & Urban Flooding | - | 4,024 |
| 3,077 | 5,360 | |
| Governance costs | ||
| Independent examiner's fee | 850 | 750 |
| Total resources expended | 24,037 | 36,491 |
| Net (expenditure)/income | (6,274) | 1,822 |
This page does not form part of the statutory financial statements
Page 17
Ifta Welfare Trust UK
Final Audit Report
2024-10-21
Created: 2024-10-21 By: Naail & Co (info@naailandco.com) Status: Signed Transaction ID: CBJCHBCAABAAdGvUE-1sLyNpjYkQv0tlnLn-pcfXci6R
"Ifta Welfare Trust UK" History
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