**REGISTERED CHARITY NUMBER:1195037** 

**Report of the Trustees and Unaudited Financial Statements for the Period 2 July 2021 to 30 June 2022** 

**for Mahdi Foundation** 

Merali's Chartered Accountants Scottish Provident House 76-80 College Road Harrow Middlesex HA1 1BQ 



**Mahdi Foundation** 

**Contents of the Financial Statements for the Period 2 July 2021 to 30 June 2022** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**||1||
|**Independent Examiner's Report**||2||
|**Statement of Financial Activities**||3||
|**Balance Sheet**||4||
|**Notes to the Financial Statements**|5|to|6|
|**Detailed Statement of Financial Activities**||7||





**Mahdi Foundation** 

## **Report of the Trustees** 

## **for the Period 2 July 2021 to 30 June 2022** 

The trustees present their report with the financial statements of the charity for the period 2 July 2021 to 30 June 2022. The trustees have adopted the provisions of 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). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objects of the CIO are: -To advance the Islamic religion in the United Kingdom and Worldwide for the benefit of the public by supporting the building of Mosques and Islamic community centres, and funding the publication and distribution of literature to enlighten others about the Islamic religion. -The prevention and relief of poverty in the United Kingdom and Worldwide by providing grants, items, and services to individuals in need and other charities or organisations working to relieve poverty. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

The Charity is controlled by its governing document, Constitution of CIO (foundation) and constitutes as an charitable incorporated organization. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number: 1195037** 

## **Principal address** 

246 Northolt Road Harrow HA2 8DU 

## **Trustees** 

M A Jaffer (appointed 2.7.2021) S H Jaffer (appointed 2.7.2021) M H Jaffer (appointed 2.7.2021) Mrs T M Khaki (appointed 2.7.2021) Mrs M Jaffer (appointed 2.7.2021) 

## **Independent Examiner** 

Merali's Chartered Accountants Scottish Provident House 76-80 College Road Harrow Middlesex HA1 1BQ 

Approved by order of the board of trustees on 28 April 2023 and signed on its behalf by: 

S H Jaffer - Trustee 

Page 1 



## **Independent Examiner's Report to the Trustees of Mahdi Foundation** 

## **Independent examiner's report to the trustees of Mahdi Foundation** 

I report to the charity trustees on my examination of the accounts of Mahdi Foundation (CIO) for the period 2 July 2021 to 30 June 2022. 

## **Responsibilities and basis of report** 

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

It is my responsibility to: 

1.Examine the accounts under section 145 of the 2011 Act; 

2.follow the procedures laid down in the general directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act 

3. state whether particular matters have come to my attention. 

## **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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. 

## **Independent examiner's statement** 

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: 

1. accounting records were not kept in respect of the Charity as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts 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 accounts to be reached. 

Mr MPK Merali 

Merali's Chartered Accountants Scottish Provident House 76-80 College Road Harrow Middlesex HA1 1BQ 

28 April 2023 

Page 2 



**Mahdi Foundation** 

## **Statement of Financial Activities for the Period 2 July 2021 to 30 June 2022** 

|||**Unrestricted**|
|---|---|---|
|||**fund**|
||**Notes**|**£**|
|**INCOME AND ENDOWMENTS FROM**|||
|Donations and legacies||200|
|Investment income|2|27,500|
|**Total**||27,700|
|**EXPENDITURE ON**|||
|**Charitable activities**|||
|Donations||10,001|
|Other||5,280|
|**Total**||15,281|
|**NET INCOME**||12,419|
|**TOTAL FUNDS CARRIED FORWARD**||12,419|



The notes form part of these financial statements 

Page 3 



**Mahdi Foundation** 

## **Balance Sheet 30 June 2022** 

||**Balance Sheet**<br>**30 June 2022**||
|---|---|---|
|||**Unrestricted**|
|||**fund**|
||**Notes**|**£**|
|**FIXED ASSETS**|||
|Investments|4|100|
|**CURRENT ASSETS**|||
|Debtors|5|17,500|
|Cash at bank||10,099|
|||27,599|
|**CREDITORS**|||
|Amounts falling due within one year|6|(15,280)|
|**NET CURRENT ASSETS**||12,319|
|**TOTAL ASSETS LESS CURRENT**|**LIABILITIES**|12,419|
|**NET ASSETS**||12,419|
|**FUNDS**|7||
|Unrestricted funds||12,419|
|**TOTAL FUNDS**||12,419|



The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2023 and were signed on its behalf by: 

S H Jaffer - Trustee 

The notes form part of these financial statements 

Page 4 



**Mahdi Foundation** 

## **Notes to the Financial Statements** 

## **for the Period 2 July 2021 to 30 June 2022** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Investment** 

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. 

**Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity.  Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **2. INVESTMENT INCOME** 

**£** Dividend Income 27,500 

## **3. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the period ended 30 June 2022. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the period ended 30 June 2022. 

## **4. FIXED ASSET INVESTMENTS** 

|**FIXED ASSET INVESTMENTS**||
|---|---|
||**Unlisted**|
||**investments**|
||**£**|
|**MARKET VALUE**||
|Additions|100|
|**NET BOOK VALUE**||
|At 30 June 2022|100|



There were no investment assets outside the UK. 

continued... 

Page 5 



**Mahdi Foundation** 

## **Notes to the Financial Statements - continued** 

## **for the Period 2 July 2021 to 30 June 2022** 

## **5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||
|---|---|
|Accrued income<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other creditors|**£**<br>17,500|
||**£**<br>15,280|



## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

## **7. MOVEMENT IN FUNDS** 

|**MOVEMENT IN FUNDS**|||
|---|---|---|
||**Net**||
||**movement**|**At**|
||**in funds**|**30/6/22**|
||**£**|**£**|
|**Unrestricted funds**|||
|General fund|12,419|12,419|
|**TOTAL FUNDS**|12,419|12,419|



Net movement in funds, included in the above are as follows: 

||**Incoming**|**Resources**|**Movement**|
|---|---|---|---|
||**resources**|**expended**|**in funds**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|27,700|(15,281)|12,419|
|**TOTAL FUNDS**|27,700|(15,281)|12,419|



## **8. RELATED PARTY DISCLOSURES** 

Mahdi Foundation holds 16.67% shares in Family Eyecare Limited and has recognised dividend income of £27500 from Family Eyecare Limited. 

Other Creditors represents amounts payable to Family Eyecare Limited 

Accrued Income represents amounts of dividend declared by Family Eyecare Limited to Mahdi Foundation but not received by 30.06.22. 

Page 6 



**Mahdi Foundation** 

## **Detailed Statement of Financial Activities for the Period 2 July 2021 to 30 June 2022** 

|**Detailed Statement of Financial Activities**<br>**for the Period 2 July 2021 to 30 June 2022**||
|---|---|
|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Donations<br>**Investment income**<br>Dividend Income<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Charitable activities**<br>Grants to institutions<br>**Support costs**<br> **Governance costs**<br>Professional Fees<br>Accountancy fees<br>Total resources expended<br>**Net income**|**£**<br>200<br>27,500|
||27,700<br>10,001<br>3,600<br>1,680|
||5,280|
||15,281|
||12,419|



This page does not form part of the statutory financial statements 

Page 7