2024-03-31-accounts

Company Registration Number - CE023609

The Charity Registration Number is :- 1190896

I WAQF CHARITABLE TRUST

Report and Accounts

31 March 2024

I WAQF CHARITABLE TRUST

Report and accounts for the year ended 31 March 2024

Contents

	Page
Trustees' Annual Report		1-4
Statement of Trustees's responsibilities		5
Independent Accountant's Report		6
Funds Statements:-
Statement of Financial Activities		7
Statement of Financial Activities - Prior Year statement		8
Movements in funds		9
Income and Expenditure account		10
Balance sheet		11
Notes to the accounts		12-16

I WAQF CHARITABLE TRUST

Trustees' Annual Report for the year ended 31 March 2024

The Trustees present their Report and Accounts for the year ended 31 March 2024, which also comprises the Directors' Report required by the Companies Act 2006.

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 x Data not entered in Step 5. The governing document of the charity is You have entered insufficient data to determine if the data is correct

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 2024

The principal operating address, telephone number, email and web addresses of the charity are:-

209A Streetly Road Erdington Birmingham B23 7AH Telephone: [phone]

Email Address: [e-mail]

The Trustees in office on the date the report was approved were:-

Mr H Rashid Mr R Rashid Mr H R Kalla Mr S S Abedi

The following persons served as Trustees during the year ended 31 March 2024 :-

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	10/11/2023
Mr H R Kalla	03/07/2023
Mr S S Abedi	04/03/2024

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 2024

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 2024

Financial review

The charity's financial position at the end of the year ended 31 March 2024

The financial position of the charity at 31 March 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Total Unrestricted Funds Restricted Revenue Funds Total Restricted Funds Total Funds Unrestricted Revenue Funds available for the general purposes of the charity Net income	2024 £ 144,888 96,107 96,107 88,034 88,034 184,141	2023 £ 15,707
		39,253
		39,253
		-
		-
		39,253

Financial review of the position at the reporting date, 31 March 2024.

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.

Details of The Independent Examiner

MR P. JAYAWARDENE

Member of The Institute of Chartered Accountants and Statutory Auditors

4A The Avenue Highams Park London E4 9LD

4

I WAQF CHARITABLE TRUST

Trustees' Annual Report for the year ended 31 March 2024

Statement of the Directors Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, 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, the Companies Act 2006 and charity law require the Board of Trustees 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 Board is 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 the Companies Act 2006 and comply with regulations made under the Charities Act. 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 3 January 2025.

RRashid

RRashid (Jan 3, 2025 17:01 GMT)

MR R RASHID

Director and Trustee

5

I WAQF CHARITABLE TRUST`

Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 March 2024

I report to the trustees on my examination of the financial statements of I WAQF CHARITABLE TRUST` (‘the charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement, Report and Opinion

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 charity as required by section 130 of the Act; or

The financial statements do not accord with those records; or

The financial statements 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 financial statements to be reached.

Signed:-

P Jayawardene

P Jayawardene (Jan 6, 2025 15:28 GMT)

MR P. JAYAWARDENE - Independent Examiner

Chartered Accountants and Statutory Auditors

4A The Avenue Highams Park London E4 9LD

This report was signed on 6 January 2025

6

I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2024

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2024, as required by the Companies Act 2006)

Income & Endowments from: Donations & Legacies A1 Investments A4 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 2024 £ 60,380 2,453 62,833 5,979 5,979 56,854 56,854 56,854 39,253 96,107	Current year Restricted Funds 2024 £ 114,132 - 114,132 26,098 26,098 88,034 88,034 88,034 - 88,034	Current year Total Funds 2024 £ 174,512 2,453 176,965 32,077 32,077 144,888 144,888 144,888 39,253 184,141	Prior Year Total Funds 2023 £ 15,957 -
				15,957
				250
				250
				15,707
				15,707
				15,707 23,546
				39,253

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 12 to 16 form an integral part of these accounts.

7

I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2024

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 Investments A4 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 2023 £ 15,957 - 15,957 250 250 15,707 15,707 15,707 23,546 39,253	Prior Year Restricted Funds 2023 £ - - - - - - - - - -	Prior Year Total Funds 2023 £ 15,957 - 15,957 250 250 15,707 15,707 15,707 23,546
			39,253

All activities derive from continuing operations

The notes attached on pages 12 to 16 form an integral part of these accounts.

8

I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2024

Movements in revenue and capital funds for the year ended 31 March 2024

Revenue accumulated funds

Unrestricted Funds 2024 £ Accumulated funds brought forward 39,253 56,854 96,107 Closing revenue funds 96,107 Summary of funds Unrestricted and Designated funds 2024 £ Revenue accumulated funds 96,107 Total funds 96,107 Recognised gains and losses before transfers	Restricted Funds 2024 £ - 88,034 88,034 88,034 Restricted Funds 2024 £ 88,034 88,034	Total Funds 2024 £ 39,253 144,888 184,141 184,141 Total Funds 2024 £ 184,141 184,141	Last year Total Funds 2023 £ 23,546 15,707
			39,253
			39,253
			Last Year Total Funds 2023 £ 39,253
			39,253

The notes attached on pages 12 to 16 form an integral part of these accounts.

9

I WAQF CHARITABLE TRUST - Statement of Financial Activities for the year ended 31 March 2024

I WAQF CHARITABLE TRUST - Income and Expenditure Account for the year ended 31 March 2024

Income Income from operations Refunds from HMRC on gift aided donations Income from investments, other than interest receivable 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 Investment income	2024 £ 167,225 7,287 2,453 176,965 176,965 360 32,077 144,888 - 144,888 144,888	2023 £ 15,957 - -
		15,957
		15,957
		250
		250
		15,707 -
		15,707
		15,707

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 12 to 16 form an integral part of these accounts.

10

I WAQF CHARITABLE TRUST - Balance Sheet as at 31 March 2024

		SORP
	Note	Ref		2024		2023
				£		£
Fixed assets		A
Tangible assets	2	A2		84,196		24,196
Total fixed assets				84,196		24,196
Current assets		B
Cash at bank and in hand		B4	160,915		15,557
Creditors: amounts falling due within
one year	3	C1	(60,970)		(500)
Net current assets	4			99,945		15,057
The total net assets of the charity				184,141		39,253
The total net assets of the charity are	funded by the		funds of the charity, as follows:-
Restricted funds
Restricted Revenue Funds	6	D2	88,034		-
				88,034		-
Unrestricted Funds
Unrestricted Revenue Funds	6	D3	96,107		39,253
				96,107		39,253
Total charity funds				184,141		39,253

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 6.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

RRashid

RRashid (Jan 3, 2025 17:01 GMT)

MR R RASHID

Trustee

Approved by the board of trustees on 3 January 2025

The notes attached on pages 12 to 16 form an integral part of these accounts.

11

I WAQF CHARITABLE TRUST

Notes to the Accounts for the year ended 31 March 2024

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.

12

I WAQF CHARITABLE TRUST

Notes to the Accounts for the year ended 31 March 2024

2 Tangible fixed assets

Current Year Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Prior Year Cost 01 April 2022 Additions 01 April 2023 Depreciation 01 April 2022 Charge for the year 01 April 2023 Net book value 01 April 2023 01 April 2022	Land and Buildings £ - -	Plant & Machinery £ - -	Long Term Investments £ 24,196 60,000	Total £ 24,196 60,000
	-	-	84,196	84,196
	- -	- -	- -	- -
	-	-	-	-
	-	-	84,196	84,196
	-	-	24,196	24,196
	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

13

I WAQF CHARITABLE TRUST

Notes to the Accounts for the year ended 31 March 2024

3 Creditors: amounts falling due within one year Accruals 4 Income and Expenditure account summary At 1 April 2023 Surplus/(Deficit) after tax for the year At 31 March 2024	2024 £ 970	2023 £ 500
	60,970	500
	2024 £ 39,253 144,888	2023 £ 23,546 15,707
	184,141	39,253

5 Particulars of how particular funds are represented by assets and liabilities

At 31 March 2024 Tangible Fixed Assets Current Assets Current Liabilities At 1 April 2023 Tangible Fixed Assets Current Assets Current Liabilities	Unrestricted funds £ 84,196 72,881 (60,970)	Designated funds £ - -	Restricted funds £ - 88,034 -	Total Funds £ 84,196 160,915 (60,970)
	96,107	-	88,034	184,141
	Unrestricted funds £ 24,196 15,557 (500)	Designated funds £ - - -	Restricted funds £ - - -	Total Funds £ 24,196 15,557 (500)
	39,253	-	-	39,253

14

I WAQF CHARITABLE TRUST

Notes to the Accounts for the year ended 31 March 2024

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 Restricted funds:- Restricted Revenue Funds Total restricted funds Total charity funds	Funds brought forward from 2023 £ 39,253	Movement in funds in 2024 See Note 7 £ 56,854	See Note 0 £ - Transfers between funds in 2024	Funds carried forward to 2025 £ 96,107
	39,253	56,854	-	96,107
	-	88,034	-	88,034
	-	88,034	-	88,034
	39,253	144,888	-	184,141

• 7 Analysis of movements in funds over the year as shown in Note 6

Unrestricted and designated funds:- Unrestricted Revenue Funds Restricted funds:- Restricted Revenue Funds	Income 2024 £ 62,833 114,132	Expenditure 2024 £ (5,979) (26,098)	Other Gains & Losses 2024 £ - -	Movement in funds 2024 £ 56,854 88,034
	176,965	(32,077)	-	144,888

15

I WAQF CHARITABLE TRUST

Notes to the Accounts for the year ended 31 March 2024

8 The purposes for which the funds

Unrestricted and designated funds:-

Unrestricted Revenue Funds

Unrestricted Revaluation Reserve

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.

These funds represent the unrestricted surplus arising on the revaluation of the charity's assets.

Restricted funds:-

Restricted Revaluation Reserve

Restricted Revenue Funds

These funds represent the restricted surplus arising on the revaluation of the charity's assets.

These funds represent the restricted surplus arising for unspent amounts, which may only be used for specific purposes.

These funds are restricted by the donor.

9 Ultimate controlling party

The charity is under the control of its legal members.

16

I WAQF CHARITABLE TRUST 31 MAR 2024 EWFRS102NONEND

Final Audit Report 2025-01-06

Created: 2025-01-02 By: Pervez Latif ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAARbVJ2drqxqhmrCYRynr3YewQMUI0jDNX

"I WAQF CHARITABLE TRUST 31 MAR 2024 EWFRS102NON END" History

Document created by Pervez Latif ([e-mail])

2025-01-02 - 12:19:21 PM GMT

• Document emailed to [e-mail] for signature

2025-01-02 - 12:19:26 PM GMT

Document emailed to [e-mail] for signature

2025-01-02 - 12:19:26 PM GMT

• Email viewed by [e-mail]

2025-01-03 - 5:00:55 PM GMT

• Signer [e-mail] entered name at signing as RRashid

• 2025-01-03 - 5:01:29 PM GMT

• Document e-signed by RRashid ([e-mail])

• Signature Date: 2025-01-03 - 5:01:31 PM GMT - Time Source: server

Email viewed by [e-mail]

2025-01-06 - 2:19:39 PM GMT

• Signer [e-mail] entered name at signing as P Jayawardene 2025-01-06 - 3:28:10 PM GMT

Document e-signed by P Jayawardene ([e-mail])

• Signature Date: 2025-01-06 - 3:28:12 PM GMT - Time Source: server

Agreement completed.

• 2025-01-06 - 3:28:12 PM GMT