CHARITY REGISTRATION NUMBER: 1191798 LOC FOUNDATION Unaudited Financial Statements 31 December 2023 Chartered Certified Accountants 1 Concord Business Centre Concord Road London UK W3 OTJ
LOC FOUNDATION Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities ststement of financial position statement of cash ftows Notes to the financial statements The following pages do not form part of the flnancial statements Detailed statement of financial activities 14 Notes to the detailed statement of financial activities 15
LOC FOUNDATION Trustees. Annual Report Year ended 31 December 2023 The trustees present their report and the unaudited financial statements of the charity for the year endod 31 December 2023. Reference and administratlve detalls Registered charity name LOC FOUNDATION Charity re9tstration number 1191798 Principal office 18 Chestnut Walk Watford WD24 6NS England The trustees Mr SAhmed MrFAIi Ms M Ahmed MrUAIi Independent examiner KBM VK LTD 1 Concord Business Centre Concord Road London UK W3 OTJ Stru¢ture, governance and management LOC Foundation is charitable incorporated organisalion, were incorporated on 14 October 2020. The day to day running of the charity is led by managing Iruslee, Mr Faisal Ali who manages the daily activitie5 of the charity and managemgnt related tasks. Mr Ali also participates in fundraising for the charity and travels to places where charitable activities are undertaken. Objectives and activitlgs The charity helps poor families, schools, children along the line of control. This ranges from sending clothes, provide slalionery equipment for schools. promding medical aid and IT equipment for the poor. The main objectives of the organisalion are.. The prevention or relief of povety amongst those livtng in Kashmir Nakyal Sector by the provision of grants of items, equipment and funds to relieve their needs and the relief and assistance of people in Kashmir Nakyal Sector, who are victims of war or natural disaster, trouble or catastrophe in particular by the supply of grants. The relief of financial nee(1 and suffering among Metims of natural or other kinds of disaster in the form of money lor other means deemed suitable} for persons. bodies, organisalions affected In such ways as the trustees shall think frt.
LOC FOUNDATION Trustees. Annual Report (conlinued) Year ended 31 December 2023 Achievements and performance In the year 2022- 2023. charity has eollecled donation from individuals lo fund and support rts activities and projects in Kashmir Nakyal Sector. Some of them afe highlighted below, As a major milestone, We have successfuly completed the construction of unpaved road with bridge allowing easiser access lo the local population of over 100 thousands living closer to LOC in Kashmir lo the main highway. This project is expected lo generate enomous benefts for the inhabitant5 of those villages in the form of easier journey to major towns. better aCsS to health care and educational fa¢ililies. We have helped drilled a water borehole at the school in Kashmir onsuring the constant supply of fresh clean water for everyone in School. Financial review The Charity received donation and funds £12,476 during the period. Total outgoin9 resources amounted lo £10,260 of which £9,972 was expended on direct charitable activities and £288 on the costs of running the office and on other Governance costs. Total available funds at 31 December 2023 amounted lo £14,709 of which £14,709 related lo unreslricled funds and £nil was available lor ieslricled purposes. The Trustee5 are satisfied that the charity's activities during the period have mel their objedives and are satisfied with the financial positDn al the period end. The Iruslees, annual report was approved on 17 May 2024 and signed on behalf of the board of trustees by.. Mrs Ahmed Trustse
LOC FOUNDATION Independent Examiner's Report to the Trustees of LOC FOUNDATION Year ended 31 December 2023 I report to the trustees on my examination of the financial slalemenls of LOC FOUNDATION {Ihe chariv) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance wbth the requirements of the Charities Act 2011 {'Ihe Act,). I report in respect of my examination of the charittys financial slalemenls carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charty Commission under section 145151{bl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material resped_' accounting records were not kept in respect of the charty as required by section 130 of the Ad., or the finaneial statements do not &cord with those records,. or the financial statements do not comply wlh the applicable requirements concerning the fom) and conlenl of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which Is not a matter considered as part of an independent examination. I have no concems 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. KBM KBM UK LTD Independent Examiner 1 Concord Business Centre Concord Ro1 London UK W3 OTJ
LOC FOUNDATION Statement of Financial Activities Year ended 31 December 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Total Income 9.726 2,750 12,476 11,968 9,726 2.750 12,476 11,968 Expendlture Expenditure on raising funds.. Costs of other tsading activities Expenditure on Charitable aclmlies Total expenditure 288 1,148 1,436 288 9.972 10.260 280 10.953 11,233 8.824 8,824 Not incomg 8.290 16,0741 2,216 735 Transfers belween funds (6.0741 6.074 Net movement in funds 2.216 2.216 735 Reconciliation of fund$ Total funds brought forward Total funds carried forward 12.342 12,342 14.558 11,607 12,342 14,558 The statement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from contsnuing aclivilie8. The not88 on pages 7 to 12 forrn part of the¥e finan¢lal 8tstemgnts.
LOC FOUNDATION Statement of Financial Position 31 December 2023 2023 2022 Current assets Cash al bank and in hand 15.709 13,493 Credltors: amounts falllng due wlthln one year N9t current assets 11 1,151 14,558 1,151 12.342 Total as$9t$1g$$ currgnt Ilabllltles 14.558 14.558 12,342 12.342 Net assets Funds ot the charlty Unreslricled funds 14.558 12,342 12.342 Total charty funds 12 14.558 These financial slalements were approved by the board of trustees and authorised for issue on 17 May 2024. and are signed on behalf of the board by.. Mr S Ahmed Trustee The notes on pages 7 to 12 forni part of these flnanclal ststements.
LOC FOUNDATION Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operatlng act1v1e$ Nel income 2,216 735 Adjustments for.. Interest payable and similar charges 27 24 Changes in." Trade and other creditors 1449} 310 Cash generated from operations 2,243 Interest paid Nel cash from operating activities 127) 2.216 1241 286 Net increase in cash and cash equivalents Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at end of year 2,216 13,493 15,709 286 13,207 13,493 The note5 on pages 7 to 12 fomi part of these flnanclal statements.
LOC FOUNDATION Notes to the Financial Statements Year ended 31 De¢ember 2023 General infomiation Th¢ charity is a publrc benefit enlily and 8 iegistered charity in England and Wales and is unincorporaed. The address of the pllncipal office is 18 Chestnut Walk, Watford, WD24 6NS, England. Statement of compllan¢e These financial slalements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance Mrilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Chariknes SORP IFRS 1021} and the Charities Act 2011. Accounting policies Basls of preparation The fi'nancial statements have been prepared on the historical cost basts, as modrfied by the revaluation of certain financi81 assets and liabilities and investment properties measured at fair value through income or expenditure. The financial slalemenls are prepared in slerDng, which is the functional currency of the entity. Going concem There are no material uncertainties about the charitys ability to continue. Judgements and key sources of estimation uncertainty There are no material uncertainties about the CharitS abilty to continue. Fund accounting Unreslricled funds are available for use at the discretion of the twstsos to furthgr any of the charitys purposes. Designated funds are unrestrided funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to reslriclions on their expenditure declared by Ihg donor or through the terms of an appeal, and fall into one of two $ub<las$es.' rgslricted income funds or endowment funds.
LOC FOUNDATION Notes to the Financial Statements fcDntynuedJ Year ended 31 December 2023 Accounting policies (conllnued) Incomlng resources Ail incoming resources are included in the slalement of finan¢k?l a¢livthes when entillemenl has passed to the charity., rt is probable that the economic benefits assocsated with the transaction wll flow lo the charity and the arnounl can be reliably measured. The following specific policies are applied lo particular Categories of income.. income from donations or grants is recognised when there is evidence of enlillemenl lo the gift. receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and enlitlemenl is established. income from donated gocxls is measured al the fair value of the goods unless this is impracliGal 19 measuie ieliably, in whiGh case the value is derived from the cost to the donor or the estimated Tesale value. Donated facilities and serwees are recognised in the accountg when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. in¢ome from ¢onlra¢ls for the supply of seNices is recognised with the delivery of the contracted service. This is classrfied as unreslricled funds unless there is a contradual requirement for il to be spent on a particular purpose and returned rf unspent. in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is in¢urrgd. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which (( reiales.. expenditure on raising funds includes the costs of all fundraising actiwlies. events, non- charitable trading aclivilies. and the sale of donated goods. expenditure on charitable actNilies includes all cos15 incurred by a charity in undertaking activities that further its charitable aims for the benefit of rts beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charrtable activities. other expenditure includes all expenditure that is nef(her related to raising funds for the charity nor part of ils expenditure on charitable acliwties. All costs are allocated lo expenditure categorie5 reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs are apportioned between the activf(ies they contribute lo on a reasonable. justifiable and consislenl basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the amount receivable or payable including any related transactk)n costs.
LOC FOUNDATION Notes to the Financial Statements (contlnued) Year ended 31 December 2023 Accounting policies ft4nlinued) Flnancial instruments (eontsnuedj Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequendy measLtred al amortised cost. Where investments in shares are publicly Irad9d or their fair value can otherwise be mgasured reliably, the investment is subsequently measured al fair value with changes in fair value re¢ognised in income and expendillfre. All other such investments are subsequently measured at cost less impairment. Other financial inslrumenls, including derivatives, are inilialty reGognised al fair value. unless payment for an asset is deferred beyond normal bu5ine5S term5 or financed al a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt inslrumenl. Other financial instwmenls are subsequently measured at fair value. with any changes iecognised in the slalement of financial activities. with the exceptlon of hedglng Instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the $18lement of financial activrties in whh the initial gain w85 recognised. For all equty instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually 01 grouped on the basis of similar credit risk characteristics. Any reversals of impairment are re¢ognised immediately. lo the extent that the reversal does not result in 8 carrying arnounl of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been reco9nised. Donatlons and legacies Unreslricled Funds Restricted Total Funds Funds 2023 Donations Donations 8,412 2,750 11,162 Gifts HMRC GfftAid 1,314 9,726 1.314 12,476 2,750 Unrestricted Funds Restricted Totsl Funds Funds 2022 Donatlon$ Donations 6,785 3,471 10,2
LOC FOUNDATION Notes to the Financial Statements (conllnued) Year ended 31 December 2023 Donations and lega¢ies (¢on&nu•d) Unreslricled Funds Reslricled Total Funds Funds 2022 Glfts HMRC GiftAid 1,712 1,712 8,497 3,471 11,968 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Furbds 2023 Funds 2022 Costs of other trading activities- Advertising and pUbllty 288 288 280 280 Expenditure on charitable activities by fund type Unrestricted Funds Restrted Total Funds Funds 2023 Charitable Activities Support costs 369 779 8,824 9.193 779 1.148 8,824 9,972 Unrestiided Funds ReslriGted Total Funds Funds 2022 harilable Activities Support costs 978 722 9,253 10.231 722 1,700 9,253 10,953 Expendlture on charltable adivlties by activity type Acliwlies undertaken directly Support costs Total funds 2023 Total fund 2022 Charitable Activities Governance costs 9,193 9,193 779 10,231 722 779 9,193 779 9,972 10.953 10
LOC FOUNDATION Noles to the Financial Statements (conttntse Year ended 31 De¢ember 2023 Independent examination f89S 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements Other financial services 300 300 300 300 600 600 Staff costs The average head count of employees during the year was Nil (2022.. Nill. No employe8 received employee benefits of more than £60,000 during the year12022.' Nil}. f O. Trustee remungration and expenses No salaries or wages have been paid lo employees. including the members of the commrttee. during the yeai. The Trustees received no remuneration or expenses for acting as Iruslees. During the year the total of expense reimbursed to the trustees. incurred in the course of ocling as members of the Charity, amounted lo £NIl. 11. Credltors: amounts falling due within one year 2023 2022 Trade CditorS AccTuals and deferred income 551 600 551 800 1.151 1,151 12. Analysls of charitable funds Unrestricted funds At 1 January 202 At 31 December 2023 Income Expenditure Transfer$ General funds 12,342 9,726 {1,4361 16.0741 14,558 At 1 January 202 At 31 December 2022 Income Expenditure Transfers Ggneral funds 2,897 8.497 11,9801 2.928 12,342 11
LOC FOUNDATION Notes to the Financial Statements l¢onlinuedJ Year ended 31 December 2023 12. Analysis of charitable funds {¢ontinuedJ Restricted funds At 1 January 202 At 31 December 2023 Inwme Expenditure Transfers Reslricled Fund 1- desc in ales 2,750 {8,8241 6.074 Al 1 January 202 At 31 Dember 2022 Income Expenditure Transfers Restricted Fund 1- de8C in alcs 8.710 3,471 19.253) 12.9281 13. Analysis of net assets been funds Unrestricted Totsl Funds Funds 2023 Tangible fixed assets 14,558 14,558 Unreslricled Total Funds Funds 2022 Tangible fixed assets 12,342 12,342 14. Financial instruments Thg carrying amount for each category of financial instrument is as folbws.. 2023 2022 Flnan¢lal assets measured at falr value through Sn¢ome and expendlture Financial assets measured at fair value through income and expenditure 15,708 15. Analysls of changes In net debt At At 1 Jan 2023 Cash flow$ 31 Dec 2023 Cash at bank and in hand 13,493 2,216 15,709 12
LOC FOUNDATION Management Information Year ended 31 December 2023 The following pages do not fom part of the financial statements. 13
LOC FOUNDATION Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donatlons and legacles Donations HMRC GrftAid 11.162 1,314 12,476 10,2S6 1,712 11,968 Total Income 12.476 11.8 Expendlture Costs of other trading activities DetsikdSOFAExpgnditureOnOlh&rTradingA¢tivitio$Type1H 288 280 Expenditure on charitable activitles Purchases Other establishment Legal and professional fees Other office cost5 Other interest payable and similar charges DelailedSOFAExpendilureOnCharilableActiviliesType2H DetailedSOFAExpendilureOnCharilableAclivili&sType3H DetsiledSOFAExpendilureOnCharitableAcliviliesType4H Direct Charitable activity- Communty 147 222 600 152 27 726 978 600 98 24 1.180 923 280 6,870 10.953 8,098 9,972 Total expenditure 10,260 11,233 Ngt Income 2,216 735 14
LOC FOUNDATION Notes to the Detai18d Statement of Financial Activities Year ended 31 December 2023 2023 2022 Costs of other tradlng activities Costs of other trading activities - Advertlslng and publicity Advertising and publ¢ty- Events, Marketing & Fundiaising Costs 288 280 Costs of other trading activities 288 280 Expenditure on charitable activitie$ Charitsble Activities Actlvities undertaken directly DI¢1 charitable tIVity- General Direct charitable activity 1 Donation Direct chartrtable activity- Water Direct charitable activity- Food Dired charrtable activty- Education Direct chaillable activity- Community 147 222 726 978 1.180 923 280 6,870 10,231 8.098 9.193 Govemance costs Governance costs - accountancy fees Governance costs- other office costs Governance costs- bank charges 600 152 27 600 98 24 T19 722 Exp8ndlture on charitable activltie$ 9.972 10.953 15