The Charity Registration Number is :- 1190896
## I WAQF CHARITABLE TRUST
Report and Accounts
31 March 2023
## **I WAQF CHARITABLE TRUST**
## **Report and accounts for the year ended 31 March 2023**
## **Contents**
||**Page**||
|---|---|---|
|**Trustees' Annual Report**||1-4|
|**Statement of Trustee's responsibilities**||5|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||6|
|Statement of Financial Activities - Prior Year statement||7|
|Movements in funds||8|
|Income and Expenditure account||9|
|**Balance sheet**||10|
|**Notes to the accounts**||11-14|
## **I WAQF CHARITABLE TRUST**
## **Trustees' Annual Report for the year ended 31 March 2023**
The Trustees present their Report and Accounts for the year ended 31 March 2023.
## **Reference and administrative details**
## _**The charity name.**_
The legal name of the charity is:- I WAQF CHARITABLE TRUST.
The charity is also known by its operating name, I WAQF CHARITABLE TRUST`.
## _**The charity's areas operation and UK charitable registration.**_
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1190896.
The charity does not operate in any overseas jurisdictions.
## _**Legal structure of the charity**_
The charity is constituted as an unincorporated charity, established by a written constitution. The governing document of the charity is the written constitution approved by the members and endorsed by the Charity Commission in England & Wales (CCEW) .
The governing document is dated
17 August 2020
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
1
## **I WAQF CHARITABLE TRUST**
## **Trustees' Annual Report for the year ended 31 March 2023**
## **The principal operating address, telephone number, email and web addresses of the charity are:-**
209A Streetly Road Erdington Birmingham B23 7AH Telephone: 01216030077
Email Address: info@iwaqf.net
## **The Trustees in office on the date the report was approved were:-**
Mr H Rashid Mr R Rashid Mrs A Shah Mr H R Kalla
## **The following persons served as Trustees during the year ended 31 March 2023 :-**
The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.
**Appointed on Resigned on** Mr H Rashid Mr R Rashid Mrs A Shah 03/07/2023 Mr H R Kalla 03/07/2023
All the trustees are also members of the charity.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
To further such charitable purposes (charitable under English Law) as Trustees see fit from time to time for the public benefit by making grants to individuals and to registered, excepted and exempt charities.
## _**The main activities undertaken in relation to those purposes during the year.**_
The charity in line with its aims has been investing the donations received to date and is currently reviewing the investments in order to make a decision on what charitable activities/grants are to be undertaken in the next year.
2
## **I WAQF CHARITABLE TRUST**
## **Trustees' Annual Report for the year ended 31 March 2023**
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_
The charity is a Waqf and so the main activity this year has been arranging for the appropriate investment of funds for further capital growth.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
## _**The short term and longer term aims and objectives.**_
In the short to medium term all donations are likely to be invested with a view to capital growth. If there is income generated then this will be assessed and if considerable will be donated towards charitable purposes at the discretion of the Trustees.
## _**The charity's strategies for achieving its aims and objectives in the future.**_
To ensure that the charitable Waqf has a significant value which will then allow various charitable projects to be undertaken in a sustainable manner.
## _**The contribution of volunteers during the year.**_
There are currently no volunteers in the charity.
3
## **I WAQF CHARITABLE TRUST**
## **Trustees' Annual Report for the year ended 31 March 2023**
## **Financial review**
## _**The charity's financial position at the end of the year ended 31 March 2023**_
The financial position of the charity at 31 March 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|**Total Funds**
Unrestricted Revenue Funds available for the
general purposes of the charity
**Net income**|**2023**
**£**
15,707
39,253
39,253|**2022**
**£**
10,796|
|---|---|---|
|||23,546|
|||23,546|
## _**Financial review of the position at the reporting date, 31 March 2023.**_
The trustees consider the financial performance by the charity during the year to have been satisfactory.
## _**Availability and adequacy of assets of each of the funds**_
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
4
## **I WAQF CHARITABLE TRUST**
## **Trustees' Annual Report for the year ended 31 March 2023**
## **Statement of Trustees' Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- 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;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. 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.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 14 July 2023.
## RRashid
RRashid (Jul 24, 2023 16:02 GMT+1)
MR R RASHID Trustee
5
## **I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2023**
## _**Statement of Financial Activities for the year ended 31 March 2023**_
|**Income & Endowments from:**
Donations & Legacies
A1
**Total income**
**A**
**Expenditure on:**
Charitable activities
B2
**Total expenditure**
**B**
**Net income for the year**
**Net income after transfers**
**A-B**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
**Total funds carried forward**
**SORP**
**Ref**
**Net movement in funds**|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
15,957
**15,957**
250
**250**
**15,707**
**15,707**
**15,707**
23,546
**39,253**
|**Current year**
**Restricted**
**Funds**
**2023**
**£**
-
**-**
-
**-**
**-**
**-**
**-**
-
**-**|**Current year**
**Total Funds**
**2023**
**£**
**15,957**
**15,957**
**250**
**250**
**15,707**
**15,707**
**15,707**
**23,546**
**39,253**|**Prior Year**
**Total Funds**
**2022**
**£**
**11,046**|
|---|---|---|---|---|
|||||**11,046**|
|||||**250**|
|||||**250**|
||||||
|||||**10,796**|
|||||**10,796**|
|||||**10,796**
**12,750**|
|||||**23,546**|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
**The notes attached on pages 11 to 14 form an integral part of these accounts.**
6
## **I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2023**
## **I WAQF CHARITABLE TRUST - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP**
|**Income & Endowments from:**
Donations & Legacies
A1
**Total income**
**A**
**Expenditure on:**
Charitable activities
B2
**Total expenditure**
**B**
**Net income for the year**
**Net income after transfers**
**A-B**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
**Total funds carried forward**
**Net movement in funds**
**SORP**
**Ref**|**Prior Year**
**Unrestricted**
**Funds**
**2022**
**£**
11,046
11,046
250
**250**
10,796
10,796
**10,796**
12,750
**23,546**
|**Prior Year**
**Restricted**
**Funds**
**2022**
**£**
-
-
-
**-**
-
-
**-**
-
**-**|**Prior Year**
**Total Funds**
**2022**
**£**
**11,046**
**11,046**
**250**
**250**
**10,796**
**10,796**
**10,796**
**12,750**|
|---|---|---|---|
||||**23,546**|
## **All activities derive from continuing operations**
**The notes attached on pages 11 to 14 form an integral part of these accounts.**
7
## **I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2023**
## **Movements in revenue and capital funds for the year ended 31 March 2023**
## **Revenue accumulated funds**
|**Unrestricted**
**Funds**
**2023**
**£**
Accumulated funds brought forward
23,546
15,707
**39,253**
**Closing revenue funds**
**39,253**
**Summary of funds**
**Unrestricted**
**and**
**Designated funds**
**2023**
**£**
Revenue accumulated funds
39,253
**Total funds**
**39,253**
Recognised gains and losses before
transfers|**Restricted**
**Funds**
**2023**
**£**
-
-
**-**
**-**
**Restricted**
**Funds**
**2023**
**£**
-
**-**|**Total**
**Funds**
**2023**
**£**
23,546
15,707
**39,253**
**39,253**
**Total**
**Funds**
**2023**
**£**
**39,253**
**39,253**|**Last year**
**Total Funds**
**2022**
**£**
**12,750**
**10,796**|
|---|---|---|---|
||||**23,546**|
||||**23,546**|
||||**Last Year**
**Total Funds**
**2022**
**£**
**23,546**|
||||**23,546**|
**The notes attached on pages 11 to 14 form an integral part of these accounts.**
8
## **I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2023**
## **I WAQF CHARITABLE TRUST - Income and Expenditure Account for the year ended 31 March 2023**
|**_Income_**
Income from operations
**Gross income in the year before exceptional items**
**Gross income in the year including exceptional items**
**_Expenditure_**
Governance costs
**Total expenditure in the year**
Tax on surplus on ordinary activities
**Retained surplus for the financial year**
**Net income after tax in the financial year**
**Net income before tax in the financial year**|**2023**
**£**
15,957
**15,957**
**15,957**
250
**250**
**15,707**
-
**15,707**
**15,707**|**2022**
**£**
11,046|
|---|---|---|
|||**11,046**|
|||**11,046**|
|||250|
|||**250**|
|||**10,796**
-|
|||**10,796**|
|||**10,796**|
All activities derive from continuing operations
The headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
**The notes attached on pages 11 to 14 form an integral part of these accounts.**
9
## **I WAQF CHARITABLE TRUST - Balance Sheet as at 31 March 2023**
|Note
**SORP**
**Ref**
**Fixed assets**
A
Tangible assets
2
A2
**Total fixed assets**
**Current assets**
B
Cash at bank and in hand
B4
**Creditors: amounts falling due within**
**one year**
3
C1
**Net current assets**
4
**The total net assets of the charity**
**Restricted funds**
**Unrestricted Funds**
Unrestricted Revenue Funds
6
D3
**Designated Funds**
**Total charity funds**
**The total net assets of the charity are funded by the**|
**2023**
**2022**
**£**
**£**
24,196
22,796
24,196
22,796
15,557
1,000
(500)
(250)
15,057
750
**39,253**
**23,546**
-
-
39,253
23,546
39,253
23,546
**39,253**
**23,546**
**funds of the charity, as follows:-**|**2022**
**£**
22,796|
|---|---|---|
|||**23,546**|
|||-
23,546|
|||**23,546**|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006, applicable to companies subject to the small companies regime.
## RRashid
RRashid (Jul 24, 2023 16:02 GMT+1)
## **MR R RASHID**
Trustee
Approved by the board of trustees on 14 July 2023
**The notes attached on pages 12 to 14 form an integral part of these accounts.**
10
## **I WAQF CHARITABLE TRUST**
## **Notes to the Accounts for the year ended 31 March 2023**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
## _**Policies relating to categories of income and income recognition.**_
## **Nature of income**
Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
## **Categories of Income**
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
**Income from exchange transactions** is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.
**Income from a non-exchange transaction** is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
## **Income recognition**
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
## **Fund Accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
There are no endowment funds.
11
## **I WAQF CHARITABLE TRUST**
## **Notes to the Accounts for the year ended 31 March 2023**
## **2 Tangible fixed assets**
|**_Current Year_**
**Cost**
At 1 April 2022
Additions
**At 31 March 2023**
**Depreciation**
At 1 April 2022
Charge for the year
**At 31 March 2023**
**Net book value**
**At 31 March 2023**
**At 31 March 2022**|**Land and**
**Buildings**
£
-
-|**Plant &**
**Machinery**
£
-
-|**Long Term**
**Investments**
£
22,796
1,400|**Total**
£
22,796
1,400|
|---|---|---|---|---|
||**-**|**-**|**24,196**|**24,196**|
||-
-|-
-|-
-|-
-|
||**-**|**-**|**-**|**-**|
||**-**|**-**|**24,196**|**24,196**|
||||||
||**-**|**-**|**22,796**|**22,796**|
12
## **I WAQF CHARITABLE TRUST**
## **Notes to the Accounts for the year ended 31 March 2023**
|**3**
**Creditors: amounts falling due within one year**
Accruals
**4**
**Income and Expenditure account summary**
**At 1 April 2022**
Surplus after tax for the year
**At 31 March 2023**|**2023**
**£**
500|**2022**
**£**
250|
|---|---|---|
||**500**|**250**|
||**2023**
**£**
23,546
15,707|**2022**
**£**
12,750
10,796|
||**39,253**|**23,546**|
## **5 Particulars of how particular funds are represented by assets and liabilities**
|**At 31 March 2023**
Tangible Fixed Assets
Current Assets
Current Liabilities
**At 1 April 2022**
Tangible Fixed Assets
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
24,196
15,557
(500)|**Designated**
**funds**
**£**
-
-|**Restricted**
**funds**
**£**
-
-
-|**Total**
**Funds**
**£**
**24,196**
**15,557**
**(500)**|
|---|---|---|---|---|
||**39,253**|**-**|**-**|**39,253**|
||**Unrestricted**
**funds**
**£**
22,796
1,000
(250)|**Designated**
**funds**
**£**
-
-
-|**Restricted**
**funds**
**£**
-
-
-|**Total**
**Funds**
**£**
**22,796**
**1,000**
**(250)**|
||**23,546**|**-**|**-**|**23,546**|
13
## **I WAQF CHARITABLE TRUST**
## **Notes to the Accounts for the year ended 31 March 2023**
## **6 Change in total funds over the year as shown in Note 5 , analysed by individual funds**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**Total unrestricted and designated funds**
**Total charity funds**|**Funds brought**
**forward from**
**2022**
**£**
23,546|**Movement in**
**funds in 2023**
**See Note 7**
**£**
15,707|**See Note 0**
**£**
**-**
**Transfers**
**between funds**
**in 2023**|**Funds carried**
**forward to**
**2024**
**£**
**39,253**|
|---|---|---|---|---|
||**23,546**|**15,707**|**-**|**39,253**|
||||||
||**23,546**|**15,707**|**-**|**39,253**|
## **7 Analysis of movements in funds over the year as shown in Note 6**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds|**Income**
**2023**
**£**
15,957|**Expenditure**
**2023**
**£**
(250)|**Other**
**Gains &**
**Losses**
**2023**
**£**
-|**Movement**
**in funds**
**2023**
**£**
**15,707**|
|---|---|---|---|---|
||**15,957**|**(250)**|**-**|**15,707**|
## **8 The purposes for which the funds as**
## _**Unrestricted and designated funds:-**_
Unrestricted Revenue Funds
These funds are held for meeting the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.
## **9 Ultimate controlling party**
The charity is under the control of its legal members.
14
## I WAQF CHARITABLE TRUST 31 MAR 2023 EWFRS102NONEND
## Final Audit Report
2023-07-24
Created: 2023-07-17 By: Pervez Latif (pervez@plc4accounts.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA9LtDsZWck_p3Vms7sYNsdY3rFQVmi5aS
## "I WAQF CHARITABLE TRUST 31 MAR 2023 EWFRS102NON END" History
Document created by Pervez Latif (pervez@plc4accounts.co.uk)
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## Document emailed to i_waqfct@outlook.com for signature
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## Document e-signed by RRashid (i_waqfct@outlook.com)
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Agreement completed.
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