THE QAMAR TRUST
Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Munir Chaudry Associates Chartered Certified Accountants and Registered Auditors 1 Edmund Street BD5 0BH United Kingdom
Charity Number: 1191577
THE QAMAR TRUST CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 3 |
| Trustees' Report | 4 - 6 |
| Statement of Trustees' Responsibilities | 7 |
| Independent Auditor's Report | 8-10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 15 |
2
THE QAMAR TRUST REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Kutubuddin Akuji Ibrahim Adam Mohammed Hussain Haveliwala
Chairperson
Mohsin Adam Haveliwala
Charity Number in England and Wales
1191577
Principal Address
75 Auburn Street Bolton BL3 6UE
Auditors
Munir Chaudry Associates Chartered Certified Accountants and Registered Auditors 1 Edmund Street BD5 0BH United Kingdom
Principal Bankers
Lloyds Bank
The Cooperative Bank
Natwest Bank
3
THE QAMAR TRUST TRUSTEES' REPORT
for the financial year ended 31 December 2024
The trustees present their Trustees' Report and the audited financial statements for the financial year ended 31 December 2024.
The financial statements are prepared in accordance with the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees.
In this report the trustees of THE QAMAR TRUST present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 December 2024.
The charity is a registered charity and although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.
Principal Activity
Advance Islamic charitable activities
Provide relief where there is hunger, depravation and the greatest need.
Mission, Objectives and Strategy
Mission Statement
The Qamar Trust is registered is a Charitable Organisation registered with the Charities Commission on 1 October 2020.
The registered charity number is 1191577.
Objectives
Message from The Chair:
I want to start by thanking our donors, volunteers, trustees and beneficiaries for helping the Qamar Trust realize a dream. Whilst I have the privilege of taking up the chairpersonship, the privilege of service afforded to me is far loftier.
When the charity was formed in late 2020, in the midst of a global pandemic, I had never imagined the level of support and success we would be blessed with during the very first year. I am honored to be part of a team that is able to help so many across the world.
Given the nature of the challenges we have faced, the success of our campaigns has been both delightful and surreal. Seeing the suffering of people first hand has inspired the team and our donors to spread our efforts across an increasing number of countries and territories.
As I look back over this extraordinary year, I am sure that our efforts will be enhanced by our success. I ask Allah to bless us with greater desire and sincerity to serve humankind wheresoever there is a need to do so.
Programs and Activities
Key achievements this year include:
-
Supporting emergency relief efforts in war torn countries.
-
Installing water wells and hand pumps, ensuring access to clean and safe drinking water.
-
Offering educational and vocational support to youth and adults, providing skills for sustainable livelihoods.
Strategy
Our Vision: To make the world a better place
Our Mission:
4
THE QAMAR TRUST TRUSTEES' REPORT
for the financial year ended 31 December 2024
To advance the religion of Islam by means of but not exclusively, promoting the teachings and tenets of Islam, provision or assistance in the provision of facilities for worship and Islamic education in accordance with the teachings of Quran and Sunnah of the Prophet
Muhammad (Peace and Blessings Be Upon Him).
Advance Health: Ensuring the availability of clean water, promoting proper hygiene, and prioritizing overall well-being are crucial. The presence of contaminated water leads to illness, resulting in lost productivity and hindering efforts to lift people out of poverty.
To help the disabled with opportunities to education and access to facilities that they would otherwise not have due to lack of funds and poverty.
Alleviate Hunger:
Facilitating access to water resources contributes to food security by reducing crop vulnerability and decreasing hunger. Empowering families in war torn countries to feed themselves.
Address Poverty:
Water plays a pivotal role in breaking the cycle of poverty. By offering our assistance and guidance, communities can thrive and progress.
Aid Those in Greatest Need:
Swiftly aiding the most vulnerable individuals and families helps alleviate one of their numerous challenges.
Structure, Governance and Management
Structure
Board of Trustees
The Board of Trustees sets our future aims and priorities focusing on strategic planning and governance and also evaluates our performance and progress in our work to alleviate poverty and suffering.
The Board of Trustees appraises the Senior Management Team and can make appointments to it as well as dismissals. The Board of Trustees also make sure that we satisfy the regulatory requirements on us as a charity and works with key stakeholders.
Recruiting and Appointing Trustees
All our trustees are volunteer, chosen because they all have the diverse range of skills, knowledge and experience that we need to respond to the challenges of today. Stakeholders and partners may nominate trustees and sometimes we will make a personal approach to potential candidates.
Governance
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees regularly review the financial, business and operational risks which face the organisation and ensure that strategies are in place to mitigate the risks, proactively.
Financial Review
The results for the financial year are set out on page 11 and additional notes are provided showing income and expenditure in greater detail.
Results and reserves
At the end of the financial year the charity has assets of £330,210 (2023 - £436,341) and liabilities of £0.00 (2023 - £0.00). The net assets of the charity have decreased by £(106,131).
In accordance with the Constitution, the trustees retire by rotation and, being eligible, offer themselves for re-election.
5
THE QAMAR TRUST TRUSTEES' REPORT
for the financial year ended 31 December 2024
Compliance with Sector-Wide Legislation and Standards
The charity engages pro-actively with legislation, standards and codes which are developed for the sector. THE QAMAR TRUST subscribes to and is compliant with the following:
- The Charities SORP (FRS 102)
Approved by the Board of Trustees on 24[th] July 2025 and signed on its behalf by:
________ Mohsin Adam Haveliwala Chairperson
________
6
THE QAMAR TRUST STATEMENT OF TRUSTEES' RESPONSIBILITIES
for the financial year ended 31 December 2024
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act 2011.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees confirm that they have complied with the above requirements in preparing the financial statements.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with 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.
Approved by the Board of Trustees on 24th July 2025 and signed on its behalf by:
________ Mohsin Adam Haveliwala Chairperson
________
7
INDEPENDENT AUDITOR'S REPORT to the Members of THE QAMAR TRUST
Report on the audit of the financial statements
Opinion
We have audited the charity financial statements of THE QAMAR TRUST ('the charity') for the financial year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section 1A of that Standard and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.
In our opinion, when reporting in accordance with a fair presentation framework the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its deficit for the financial year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matter prescribed by the Charities Act 2011
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' Annual Report.
8
INDEPENDENT AUDITOR'S REPORT to the Members of THE QAMAR TRUST
Responsibilities of trustees for the financial statements
As explained more fully in the Statement of Trustees' Responsibilities set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Further information regarding the scope of our responsibilities as auditor
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by trustees.
-
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the charity to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
9
INDEPENDENT AUDITOR'S REPORT to the Members of THE QAMAR TRUST
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the charity's members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
__________ Shahbaz Munir (FCCA) on behalf of Munir Chaudry Associates
Chartered Certified Accountants and Registered Auditors 1 Edmund Street BD5 0BH United Kingdom
24th July 2025
...............................
10
THE QAMAR TRUST STATEMENT OF FINANCIAL ACTIVITIES
for the financial year ended 31 December 2024
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income | |||||||
| Charitable activities | |||||||
| - Grants from governments | 3.1 | 968,599 | 192,704 | 1,161,303 | 1,133,260 | - | 1,133,260 |
| and other co-funders | |||||||
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Expenditure | |||||||
| Charitable activities | 4.1 | 1,264,734 | - | 1,264,734 | 143,585 | 600,584 | 744,169 |
| Other expenditure | 4.2 | 2,700 | - | 2,700 | - | - | - |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total Expenditure | 1,267,434 | - | 1,267,434 | 143,585 | 600,584 | 744,169 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net income/(expenditure) | (298,835) | 192,704 | (106,131) | 989,675 | (600,584) | 389,091 | |
| Transfers between funds | - | - | - | - | - | - | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net movement in funds for | (298,835) | 192,704 | (106,131) | 989,675 | (600,584) | 389,091 | |
| the financial year | |||||||
| Reconciliation of funds: | |||||||
| Total funds beginning of the | 8 | 1,269,271 | (832,930) | 436,341 | 612,190 | (564,940) | 47,250 |
| year | |||||||
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds at the end of | 970,436 | (640,226) | 330,210 | 1,601,865 | (1,165,524) | 436,341 | |
| the year | |||||||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.
The notes on pages 13 to 15 form part of the financial statements
11
THE QAMAR TRUST BALANCE SHEET
as at 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Current Assets | |||
| Cash at bank and in hand | 330,210 | 436,341 | |
| ─────── | ─────── | ||
| Net Current Assets | 330,210 | 436,341 | |
| ─────── | ─────── | ||
| Total Assets less Current Liabilities | 330,210 | 436,341 | |
| ═══════ | ═══════ | ||
| Funds | |||
| Restricted trust funds | (640,226) | (1,165,524) | |
| General fund (unrestricted) | 970,436 | 1,601,865 | |
| ─────── | ─────── | ||
| Total funds | 8 | 330,210 | 436,341 |
| ═══════ | ═══════ |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section 1A of that Standard.
Approved by the Board of Trustees and authorised for issue on 24th July 2025 and signed on its behalf by
________ Mohsin Adam Haveliwala Chairperson
The notes on pages 13 to 15 form part of the financial statements
12
THE QAMAR TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
1. GENERAL INFORMATION
THE QAMAR TRUST is a charity incorporated in the United Kingdom. The registered office of the charity is 75 Auburn Street, Bolton, BL3 6UE which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis under the cash historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard.
As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
Statement of compliance
The financial statements of the charity for the financial year ended 31 December 2024 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard.
Fund accounting
The following are the categories of funds maintained:
Restricted funds
Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity.
Unrestricted funds
Unrestricted funds consist of General and Designated funds.
-
General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity.
-
Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.
Income
Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity.
Income from charitable activities
Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other donations funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.
Grants from governments and other donation funders typically include one of the following types of conditions:
- Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income.
13
continued
THE QAMAR TRUST NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
-Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement.
In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entitlement.
Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
Expenditure
Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.
Cash at bank and in hand
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
Taxation and deferred taxation
No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
| 3. | INCOME | |||||
|---|---|---|---|---|---|---|
| 3.1 | CHARITABLE ACTIVITIES | Unrestricted | Restricted | 2024 | 2023 | |
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Grants from governments and other | co-funders: | |||||
| Income from charitable activities | 968,599 | 192,704 | 1,161,303 | 1,133,260 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | |||
| 4. | EXPENDITURE | |||||
| 4.1 | CHARITABLE ACTIVITIES | Direct | Other |
Support | 2024 | 2023 |
| Costs | Costs |
Costs | ||||
| £ | £ |
£ | £ | £ | ||
| Expenditure on charitable activites | 1,253,113 | - |
11,621 | 1,264,734 | 744,169 | |
| ═══════ | ═══════ |
═══════ | ═══════ | ═══════ | ||
| 4.2 | OTHER EXPENDITURE | Direct | Other |
Support | 2024 | 2023 |
| Costs | Costs |
Costs | ||||
| £ | £ |
£ | £ | £ | ||
| Other expenditure | - | 2,700 |
- | 2,700 | - | |
| ═══════ | ═══════ |
═══════ | ═══════ | ═══════ | ||
| 4.3 | SUPPORT COSTS | Charitable | 2024 | 2023 | ||
| Activities | ||||||
| £ | £ | £ | ||||
| Support | 11,621 | 11,621 | 25,031 | |||
| ═══════ | ═══════ | ═══════ | ||||
| 5. | ANALYSIS OF SUPPORT COSTS | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Support | 11,621 | 25,031 | ||||
| ═══════ | ═══════ |
14
continued
THE QAMAR TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
| 6. | NET INCOME | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Net Income is stated after charging/(crediting): | ||||||||
| Auditor's remuneration: | ||||||||
| - audit services | 1,500 | 1,500 | ||||||
| ═══════ | ═══════ | |||||||
| 7. | RESERVES | |||||||
| Funds | Total | |||||||
| £ | £ | £ | £ | |||||
| At the beginning of the year | - | (832,930) | 1,269,271 | 436,341 | ||||
| (Deficit)/Surplus for the financial year | (106,131) | - | - | (106,131) | ||||
| ─────── | ─────── | ─────── | ─────── | |||||
| At the end of the year | (106,131) | (832,930) | 1,269,271 | 330,210 | ||||
| ═══════ | ═══════ | ═══════ | ═══════ | |||||
| 8. | FUNDS | |||||||
| 8.1 | RECONCILIATION OF MOVEMENT | IN FUNDS | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | ||||||
| £ | £ | £ | ||||||
| At 1 January 2023 | 612,190 | (564,940) | 47,250 | |||||
| Movement during the financial year | 989,675 | (600,584) | 389,091 | |||||
| ─────── | ─────── | ─────── | ||||||
| At 31 December 2023 | 1,269,271 | (832,930) | 436,341 | |||||
| Movement during the financial year | (298,835) | 192,704 | (106,131) | |||||
| ─────── | ─────── | ─────── | ||||||
| At 31 December 2024 | 970,436 | (640,226) | 330,210 | |||||
| ═══════ | ═══════ | ═══════ | ||||||
| 8.2 | ANALYSIS OF MOVEMENTS ON FUNDS | |||||||
| Balance | **Income ** | Expenditure | Transfers | Balance | ||||
| 1 | January | between 31 December | ||||||
| 2024 | funds | 2024 | ||||||
| £ | £ | £ | £ | £ | ||||
| Restricted funds | ||||||||
| Restricted | (832,930) | 192,704 | - | - | (640,226) | |||
| Unrestricted funds | ||||||||
| Unrestricted General | 1,269,271 | 968,599 | 1,267,434 | - | 970,436 | |||
| ─────── | ─────── | ─────── | ─────── | ─────── | ||||
| Total funds | 436,341 | 1,161,303 | 1,267,434 | - | 330,210 | |||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||||
| 8.3 | ANALYSIS OF NET ASSETS BY FUND | |||||||
| Current | Total | |||||||
| assets | ||||||||
| £ | £ | |||||||
| Unrestricted general funds | 330,210 | 330,210 | ||||||
| ─────── | ─────── | |||||||
| 330,210 | 330,210 | |||||||
| ═══════ | ═══════ |
9.
POST-BALANCE SHEET EVENTS & RELATED PARTIES
There have been no significant events or related parties affecting the Charity during the year or since the financial year-end.
15