Trustees’ Annual Report for the period
From 15/11/2021 Period start date To 31/03/2023 Period end date
Charity name: Dayax Foundation
Charity registration number: 1196588
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | Our goal is to establish sustainable programs and initiatives in somalia, that will have a lasting impact on the communities we serve. We aim to create job opportunities, improve access to education and healthcare, and provide training and resources to empower individuals to become self- sufficient and contribute to their local economy. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
Education/training, The Advancement Of Health Or Saving Of Lives,Supporting Disability and Orphans |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | Cognisant of our responsibilities as trustees, we confirm our adherence to the Charity Commission's guidance on public benefit. Throughout the reporting period, our decisions and actions have been guided by these principles. We are dedicated to ensuring our charitable activities provide maximum public benefit, particularly in addressing the needs of orphan and disabled individuals in Somalia facing poverty. Our commitment to transparency and accountability is unwavering as we strive to fulfil our mission and objectives. |
Additional information (optional)
You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider |
Para 1.20 | During the reporting period, Dayax Foundation made notable strides in its mission to support orphan and disabled individuals in Somalia facing poverty. Our achievements include providing essential foods to a village, increasing awareness and advocacy, empowering disabled individuals through skills training, building strategic partnerships, and contributing to educational initiatives. While this marks just the beginning of our journey, these |
benefits to society as a achievements signify our commitment to whole. positive change. Looking ahead, we are actively enhancing our marketing efforts, confident that increased visibility will amplify our impact and lead to even greater success in the coming year.
Additional information (optional) You may choose to include further statements where relevant about:
Achievements against objectives set Para 1.41 Performance of fundraising activities against objectives set Para 1.41 Investment performance against objectives Para 1.41 Other
Financial Review
| Review of the charity’s financial position at the end of the period |
Para 1.21 | At the end of the reporting period, Dayax Foundation acknowledges the current financial challenges. However, we remain optimistic about our future prospects. The implementation of a comprehensive advertising strategy is underway to enhance fundraising efforts and secure a more robust financial footing. |
|---|---|---|
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Dayax Foundation maintains reserves to address critical needs, particularly for beneficiaries on a hospital equipment waiting list. The reserves serve as a crucial buffer, ensuring timely support for those requiring medical assistance. The policy emphasises the importance of financial preparedness to fulfil our mission effectively. |
| Amount of reserves held | Para 1.22 | As of 23/01/2024, our reserves stand at £473.20, earmarked for imminent needs and ongoing commitments to beneficiaries. This amount represents a strategic allocation to maintain flexibility and responsiveness in our assistance programs. |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | At present, there are no funds materially in deficit. Dayax Foundation remains vigilant in financial management to prevent deficits and sustain our commitment to beneficiaries and mission. |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | As of 23/01/2024, there are no uncertainties about Dayax Foundation continuing as a going concern. While the financial position poses challenges, the proactive steps taken, including enhanced advertising efforts, aim to strengthen the charity's sustainability and resilience in the long term. |
Additional information (optional) You may choose to include further statements where relevant about:
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | |
| A description of the principal risks facing the charity |
Para 1.46 | |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
Dayax Foundation manages its funds through a bank account. All financial transactions, including cash donations, are deposited into this account. This ensures transparency, ease of tracking, and compliance with financial regulations. The funds in the bank account are utilised to support the charitable activities outlined in our governing document. |
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|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Constitution of the Charitable Incorporated Organisation |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | CIO |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees for Dayax Foundation are selected through a process involving nominations, elections, and possible appointments by existing trustees. Our constitution outlines eligibility criteria, terms of office, and any provisions for external appointments to ensure a diverse and committed board aligned with our charitable objectives. |
Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
|
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 |
Relationship with any related parties Para 1.51 Other
Reference and Administrative details
| Charity name | Dayax Foundation |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1196588 |
| Charity’s principal address | 9 Washwood Heath Road Saltley, Birmingham B8 1SH |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Fozia Jama | 15/11/2021 | Khadija Hussein |
||
| Faiza Halane | 15/11/2021 | Khadija Hussein |
||
– Corporate trustees names of the directors at the date the report was approved
Director name |
||
|---|---|---|
| Khadija Hussein | 15/11/2021 | |
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| Fozia Jama | 15/11/2021 |
Funds held as custodian trustees on behalf of others
Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets
Additional information (optional) Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees Signature(s) Full name(s) Khadija Hussein Position (eg CEO Secretary, Chair, etc) Date 23/01/2024