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2023-04-30-accounts

Charity registration number: 1192578 Company registration number: 11960360

IAC UK

(A CHARITABLE COMPANY LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

IAC UK

CONTENTS

FOR THE YEAR ENDED 30 APRIL 2023

_______________

Pages
Legal and Administrative Information 2
Trustees’/Directors’ Report 3 - 7
Independent Examiner’s Report 8 - 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13 - 21

1

IAC UK

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 APRIL 2023

_______________

Trustees/Directors Dr Junaid Mohammad Azam
Abadul Haque
Imran Farooq
Mohammad Zaheer Yaqoob
Principal Address Kings Court
17 School Road
Birmingham
B28 8JG
Charity registration number: 1192578
Company registration number: 11960360
Independent Examiner Wahid Gazge FCA
Cliveden Avenue
Birmingham
B42 1SW
Bankers Barclays Bank Plc
Birmingham
B14 7LA

2

IAC UK

TRUSTEES’/DIRECTORS’ REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their report and independently examined financial statements for the year ended 30 April 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

Governing document/Constitution

IAC UK (working names ‘International Aid Charity’ and ‘International Aid Charity UK’) is a charitable company and is also registered as a charity. The company was incorporated on 24 April 2019 (Company number 11960360) and established under a Memorandum of Association (as last updated on 23 November 2020), which established the objects and powers of the charitable company and is governed under its Articles of Association. The charity was registered with the Charity Commission on 30 November 2020, with Charity number 1192578.

Recruitment and training of Trustees/Directors

The Board of Trustees/Directors currently consists of four members who were recruited due to their commitment and expertise. Role descriptions, where applicable, are issued to each Trustee and a full induction is given setting out the obligations of a Trustee. The list of current Trustees/Directors can be found on page 2 of this document.

Trustees

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The Charity is principally based in Birmingham (UK) but works with donors and organisations across the United Kingdom and abroad. The Trustees/Directors are responsible for the governance of the Charity, and the day-to-day management is performed by a team of volunteers and consultants when required.

Volunteers

The charity is being run through the kind help of many committed volunteers making up the equivalent time of at least three full time employees. The Trustees/Directors would like to thank all the volunteers without whom the Charity would not be able to run.

3

IAC UK

TRUSTEES’/DIRECTORS’ REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Related parties

There were no related party transactions in the year or the prior year.

Keys risks and uncertainties

The Trustees/Directors actively review the major risks which the Charity faces on a regular basis, in particular those relating to its operations and finances. They are satisfied that systems are in place to mitigate the charity’s exposure to the major risks. The risk management strategy comprises:

The strategy will be reviewed regularly by the Trustees/Directors.

Aims, objectives and activities

Aims, objectives and intended impacts

Objects:

(1) The prevention or relief of poverty, anywhere in the world, by:

(a) Providing grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty;

(b) Providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be selfsufficient; and

(c) Developing the capacity and skills of the members of any socially and economically disadvantaged community, anywhere in the world, in such a way that they are better able to identify and help meet their needs and to participate more fully in society.

(2) To advance the Islamic religion for the public benefit, anywhere in the world, in accordance with the ‘ahl-us-sunnah wal-jamma’ah’ methodology as understood by mainstream Sufi traditions, mainly but not exclusively through the holding of prayer meetings, lectures, and producing and/or distributing literature on Islam, to enlighten others about the traditional orthodox Islamic religion.

4

IAC UK

TRUSTEES’/DIRECTORS’ REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Public benefit statement

The section of this report above entitled ‘Aims, objectives and activities’ sets out the aims and priorities of the Charity. The Trustees/Directors have considered this matter, in conjunction with the guidance contained in the Charity Commission’s general guidance on public benefit, and have concluded:

Review of achievements and performance for the year

Food Aid

During the year to 30 April 2023, the primary focus continued to be to provide food aid to refugees and orphans in Turkey through our Food Box distribution campaigns including the vital help given over the bitterly cold months through our Winter Food Box programme which sees us deliver thousands of boxes of food supplies but also winter blankets and coal bags for heating. We have had a number of trips this year with dozens of volunteers joining us in Turkey for the distribution work and to see the work and needs of the community in Reyhanli (Antakya) first hand. Furthermore, like last year, the charity also provided food aid through our Qurbani campaign in deprived areas within Malawi, Pakistan and Kenya.

Zakat distribution

Zakat distribution is another key characteristic of our work and Zakat funds were used in the year to provide much needed relief for refugee families in Turkey to provide food, shelter and monetary grants to both refugee families and the families of scholars.

Emergency Aid - Turkey

In February 2023, multiple earthquakes occurred in Turkey in the south-eastern region of Antakya, where we already worked with refugees on the border, killing over 50,000 and injuring hundreds of thousands of people, and destroying infrastructure throughout the region. We started collecting immediately and worked to provide immediate food aid relief and housing repairs in the region through our established teams and partners.

Delivery partners

IAC USA, IAC Turkey, Sustainable Aid Foundation (Malawi), Star of Hope Association (Kenya) and Helping Little Angels (Pakistan). The charity would like to thank its many delivery partners in the UK and abroad for helping IAC UK to fulfil its projects through their networks.

5

IAC UK

TRUSTEES’/DIRECTORS’ REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Financial review

The principal source of funding for the Charity is from individual donors. Voluntary donations received in the period amounted to £978,957 (2022: £302,291). This increase is due to a greater emphasis on campaigning for new projects on social media and through volunteer networks and unfortunately due to the earthquake disaster that occurred in eastern Turkey in February 2023. Charitable expenditure in the period came to £580,523 (2022: £276,724). Support costs are kept under tight control and monitored regularly.

Reserves Policy

The Charity holds unrestricted funds which have been provided to the charity via donations and charitable activities. Under the terms of the donations, the charity must retain the assets in perpetuity and can only use the income to support its charitable activities.

The unrestricted funds represent income earned but not yet utilised in supporting charitable activities. At 30 April 2023, the charity held unrestricted and undesignated reserves of £36,059 (2022: £28,943). Restricted funds at the end of the period came to £568,543 (2022: £178,080).

Going Concern

The Charity reported a cash inflow for the period of £464,829 (2022: Inflow of £24,567) and expects to make an inflow in the coming year. After making further appropriate enquiries and gaining assurances over income levels, the Trustees/Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and at least 12 months, as required, from the date of the signing of these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Future plans

The Charity intends to continue with the projects it has started and to grow them further, whilst looking into new avenues of work both by adding more projects and also by expanding our work into new countries in the forthcoming year.

Orphans & Education Funds - The charity raised funds in the prior year through fundraising campaigns to support Orphans and also Education and is in the process of starting to design projects with its partners to help deliver targeted and planned help in the near future.

Turkey Emergency relief - We will continue to work with our teams and partners in the region to help distribute the funds collected in the most appropriate manner to meet both immediate and longer term needs of the earthquake survivors.

6

IAC UK

TRUSTEES’/DIRECTORS’ REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Statement of Trustees/Directors’ responsibilities

The Trustees/Directors are required to prepare financial statements for each financial year in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources, including the net income and expenditure for the year. In preparing those financial statements, the Trustees/Directors are required to:

The Trustees/Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and all other applicable law. 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.

Accounts preparation

The Trustees/Directors confirm that the accounts comply with current statutory requirements, and with those of the governing instrument.

This report was approved by the Trustees/Directors on 06 September 2024 and signed on their behalf, by:

Abadul Haque Trustee

7

IAC UK

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Independent Examiner’s Report to the Trustees/Directors of IAC UK

I report on the financial statements of the charity for the year ended 30 April 2023 are set out on pages 10 to 21.

This report is made solely to the charity’s Trustees/Directors, as a body, in accordance with section 145 and the regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s Trustees/Directors those matters I am required to state to them in an independent examiner’s 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/Directors as a body, for my work, for this report, or for the opinions I have formed.

Respective Responsibilities of Trustees/Directors and Examiner

The Trustees/Directors are responsible for the preparation of the financial statements. The Trustees/Directors consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.

Having satisfied myself that the company is not subject to audit under charity or company law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the Trustees/Directors, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

8

IAC UK

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 30 APRIL 2023

_______________

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention:-

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Signed on 06 September 2024:

Wahid Gazge FCA

Cliveden Avenue Birmingham B42 1SW

9

IAC UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 APRIL 2023

_______________

Unrestricted Restricted
Total		 Unrestricted Restricted Total
Funds Funds 2023 Funds Funds 2022
Note £ £ £ £ £ £
Income from:
Donations and legacies 2
49,608 929,349		 978,957 19,733 282,558 302,291
_ _ __ __ __ __
Total income 49,608 929,349 978,957 19,733 282,558 302,291
_ _ __ __ __ __
Expenditure on:
Raising funds 3 855 -
855		 - - -
Charitable activities 4 41,637 538,886 580,523 39,252 237,472 276,724
_ _ __ __ __ __
Total expenditure 42,492 538,886 581,378 39,252 237,472 276,724
_ _ __
__		 __ __
Net income/(expenditure)
before transfer 7,116 390,463 397,579 (19,519) 45,086 25,567
Transfers between funds - - - 9,579 (9,579) -
_ _ __ __ __ __
Net movement in funds 7,116 390,463 397,579 (9,940) 35,507 25,567
Reconciliation of funds
Total funds brought forward 28,943 178,080 207,023 38,883 142,573 181,456
_ _ __ __ __ __
Total funds carried forward 36,059 568,543 604,602 28,943 178,080 207,023
_ _ __ __ __ __

The notes on pages 13 to 21 form part of these financial statements.

10

IAC UK

BALANCE SHEET

AS AT 30 APRIL 2023

_______________

2023 2022
Note £ £ £ £
Current assets
Debtors 8 6,000 -
Cash at bank and in-hand 14 671,852 207,023
__ __
677,852
207,023
Current liabilities
Creditors (due within 1 year) 9 73,250 -
__ __
Net current assets 604,602 207,023
__ __
Net assets 604,602 207,023
__ __
Funds
Unrestricted funds: General reserve 10,11 36,059 28,943
Restricted funds 10,11
568,543 178,080
__ __
604,602 207,023
__ __

The notes on pages 13 to 21 form part of these financial statements.

The financial statements were approved by the Trustees/Directors on 06 September 2024 & signed on their behalf, by:

Abadul Haque Trustee

11

IAC UK

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2023

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023		 CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
_______________
Note 2023
2022
£ £
Cash flows from operating activities:
Net cash provided by operating activities 13 464,829 24,567
__ __
Cash flows from investing activities:
None - -
__ __
Net cash provided by investing activities - -
__ __
Increase / (decrease) in cash & cash equivalents
in the reporting period 464,829 24,567
__ __
Cash & cash equivalents at the beginning of
the reporting period 207,023 182,456
__ __
Cash & cash equivalents at the end of the
reporting period 14 671,852 207,023
__ __

The notes on pages 13 to 21 form part of these financial statements.

12

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

1. Accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The following principal accounting policies have been applied:

a) Incoming resources

Income includes the total funds received during the period and comprises donations collected directly or by volunteers and income from fundraising events. Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Income tax reclaimable under the Gift Aid Scheme is recognised on an accruals basis once income is considered probable.

Donors are given the option to restrict their donation when it is made. Any Gift Aid claimed on restricted donations is classed as unrestricted income.

b) Resources expended and basis of allocation

Expenditure is included when incurred and has been shown in the Statement of Financial Activities inclusive of non-recoverable Value Added Tax.

Expenditure on operational programmes is recognised in the period in which it is incurred.

Currently all costs are directly attributable to specific activities, but where required, certain shared costs will be apportioned to general funds and activities in furtherance of the objects of the Charity.

c ) Funds accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees/Directors in furtherance of the general objectives of the company and which have not been designated for other purposes.

13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

IAC UK

_______________

c ) Funds accounting (cont.)

Designated funds are unrestricted funds earmarked by the Trustees/Directors for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

d) Tangible Fixed assets

Tangible fixed assets are depreciated per the following rates:

Furniture & Equipment - 20% annually on a straight line basis

Tangible assets bought for less than £1,000 are not capitalised.

e) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount. Prepayments are valued at the amount paid in advance net of any trade discounts.

f) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

g) Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

h) Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the Financial Statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The directors consider that there are no significant areas of key judgement or estimation uncertainty.

14

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

2. Donations and legacies

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Voluntary donations 49,608 929,349 978,957 293,011
Legacies - - - 9,000
Book donations - - - 280
___ ___ ___ ___
49,608 929,349 978,957 302,291
___ ___ ___ ___
2(A). Analysis of voluntary donations income
By activity Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Zakat distribution - 90,287 90,287 8,564
Food Aid (incl. Qurbani) - 485,273 485,273 241,979
Orphans Fund - 16,368 16,368 13,431
Emergency Aid - 332,499 332,499 15,245
Scholars Fund - 614 614 -
Education Fund - 296 296 654
Donated card fees 17,642 - 17,642 2,685
Not specified by activity 31,966 4,012 35,978 19,733
___ ___ ___ ___
49,608 929,349 978,957 302,291
___ ___ ___ ___

15

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

2(A). Analysis of voluntary donations income (cont.)

By country Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Turkey - 803,811 803,811 217,935
Malawi - 5,500 5,500 5,500
Kenya - 4,000 4,000 4,500
Pakistan - 7,000 7,000 8,000
Afghanistan - - - 15,245
UK - 369 369 4,707
Unspecified location 49,608 108,669 158,277 46,404
___ ___ ___ ___
49,608 929,349 978,957 302,291
___ ___ ___ ___
3. Raising funds
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Marketing costs 855 - 855 -
___ ___ ___ ___
855 - 855 -
___ ___ ___ ___
4. Charitable expenditure
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Grants distributed 10,000 538,886 548,886 234,787
Support costs 31,637 - 31,637 41,937
___ ___ ___ ___
41,637 538,886 580,523 276,724
___ ___ ___ ___

16

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

4(A). Analysis of grants distributed

By activity Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Food Aid (incl. Qurbani) - 348,599 348,599 215,557
Zakat distribution - 90,287 90,287 -
Emergency Aid - 100,000 100,000 19,230
One-off projects 10,000 - 10,000 -
___ ___ ___ ___
10,000 538,886 548,886 234,787
___ ___ ___ ___
By country Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Turkey - 522,386 522,386 197,557
Malawi - 5,500 5,500 5,500
Kenya - 4,000 4,000 4,500
Pakistan - 7,000 7,000 8,000
Afghanistan - - - 19,230
UK 10,000 - - -
___ ___ ___ ___
10,000 538,886 548,886 234,787
___ ___ ___ ___
4(B). Support costs
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Volunteers costs 11,600 - 11,600 10,000
Consultancy costs 17,500 - 17,500 23,900
Office costs 1,180 - 1,180 1,310
Governance costs 1,357 - 1,357 6,727
___ ___ ___ ___
31,637 - 31,637 41,937
___ ___ ___ ___

17

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

5. Net incoming resources for the year

5. Net incoming resources for the year
2023 2022
£ £
This is stated after charging:-
Independent examiner’s fee
 1,250 1,000
___ __

6. Staff & Trustees/Directors costs

There were no employees in the period (2022: None).

During the period £NIL of expenses were incurred for the reimbursement of Trustees’/Directors’ expenses (2022: £Nil). The Trustees/Directors received no other remuneration for this period or the prior period.

7. Volunteers

The charity is being run through the kind help of many committed volunteers and some consultants who occasionally give their time at heavily discounted rates. The Trustees/Directors would like to thank all the volunteers without whom the Charity would not be able to run. A note must be made of the hard work of those volunteers who help with fundraising and also those who have been personally involved in carrying out distribution of aid. They spent their own time overseas, paying for their own travel and accommodation and all associated costs, in ensuring that the aid reached places where it was needed. The charity is indebted to the service they have provided.

8. Debtors

8. Debtors
2023 2022
£ £
Sundry debtors 6,000 -
___ ___
6,000 -
___ ___
9. Creditors (due within one year)
2023 2022
£ £
Accruals 1,250 -
Deferred income 72,000 -
___ ___
73,250 -
___ ___

18

IAC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

10. Statement of funds

Brought Incoming Resources Fund Carried
forward resources expended transfers forward
£ £ £ £ £
2022-23: Current year
(a) Restricted funds
Zakat – General* 11,871 90,287 (90,287) - 11,871
Zakat – UK
 8,443 - - - 8,443
Food Aid (incl. Qurbani) 81,154 485,273 (348,599) - 217,828
Orphans Fund 65,392 16,368 - - 81,760
Education Fund 1,991 296 - - 2,287
Scholars Fund - 614 - - 614
Emergency Aid - 332,499 (100,000) - 232,499
Fields of Belonging (UK) 9,229 - - - 9,229
Other funds - 4,012 - - 4,012
__ __ ___ ___ ___
Total restricted funds 178,080 929,349 (538,886) - 568,543
__ __ ___ ___ ___

* Any Zakat funds which were donated specifically for an activity are included in the activity specific figures

2021-22: Prior year
(a) Restricted funds
Zakat – General* 27,570 3,857 - (19,556) 11,871
Zakat – UK
 3,736 4,707 - - 8,443
Food Aid (incl. Qurbani) 48,740 241,979 (215,557) 5,992 81,154
Orphans Fund 51,961 13,431 - - 65,392
Education Fund 1,337 654 - -
1,991
Emergency Aid - 15,245 (19,230) 3,985 -
Fields of Belonging (UK) 9,229 - - - 9,229
Donated card fees - 2,685 (2,685) - -
__ __ ___ ___ ___
Total restricted funds 142,573 282,558 (237,472) (9,579) 178,080
__ __ ___ ___ ___

* Any Zakat funds which were donated specifically for an activity are included in the activity specific figures

19

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

10. Statement of funds (cont.)

2022-23: Current year

(b) Unrestricted funds
General reserve
28,943
49,608
(42,492)
_ _ ___
Total funds
28,943
49,608
(42,492)
_ _ ___
2021-22: Prior year
(b) Unrestricted funds
General reserve
38,883
19,733
(39,252)
_ _ _
Total funds
38,883
19,733 (39,252)
_ _____ _
11. Analysis of net assets between funds
(a) Current year
Unrestricted
funds
£
Fund balances at 30 April 2023 are represented by:
Net current assets
36,059
_
Total funds
36,059
__		 -
___
-
___
9,579
_
9,579
_
Restricted
funds
£
568,543
_____
568,543
__		 36,059
___
36,059
___
28,943
_
28,943
_
Total
funds
£
604,602
______
604,602
___

20

IAC UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_______________

11. Analysis of net assets between funds (cont.)

(b) Prior year
 Unrestricted Restricted Total
funds funds funds
£ £ £
Fund balances at 30 April 2022 are represented by:
Net current assets
 28,943 178,080 207,023
__ __ ___
Total funds
 28,943 178,080 207,023
__ __ ___
12. Related parties
There were no related party transactions in the period.
13. Reconciliation of cash flows from operating activities
2023 2022
£ £

Net income / (expenditure) for the reporting period
397,579 25,567
(Increase) / decrease in debtors (6,000) -
Increase / (decrease) in creditors 73,250 (1,000)
___ ___
Net cash provided by operating activities 464,829 24,567
___ ___
14. Analysis of cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 671,852 207,023
___ ___
Total of cash and cash equivalents 671,852 207,023
___ ___

21