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2024-05-31-accounts

Trustees’ annual report (including Directors’ report) for the period

From:

1 June 2023 to 31 May 2024

Charity name: Algbra X Charity registration number: 1197329

Objectives and activities

SORP
reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 The object of the CIO is to advance for public benefit such
charitable purposes (according to the law of England and
Wales) as the Trustees see fit from time to time.
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		 Algbra X supported a number of community-based initiatives
aligned with the organisation’s values of inclusivity and
diversity.
By 31stMay 2024, Algbra Group had set up a system of direct
donations from its customers using its banking platform, on
behalf of Algbra X. Support and Donations for the following
causes were collected:
•
Ramadan Lights (by Algbra X).
•
Family Support Campaign (by Algbra X).
•
The BEAM Foundation
•
Great Ormand Street Hospital
•
Islamic Relief
•
Medical Aid for Palestine
•
Médecins Sans Frontières
•
Priceless Planet Coalition
•
UNICEF
•
WWF
•
Patchwork Foundation
•
Ramadan Tent Project
Statement confirming
whether the Trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The Trustees have had regard to the Charity Commission’s
guidance on public benefit when planning all events and
determining how best to utilise funds raised.

Additional information (optional)

You may choose to include further statements where relevant about:

SORP
reference
Policy on grant making Para 1.38 The Charity has a clear and comprehensive grant making
policy which sets out a fair and transparent process on how
grants are made.
Policy on social investment
including program related
investment		 Para 1.38 [N/A]
Contribution made by
volunteers		 Para 1.38 [N/A]
Other In order to ensure transparency and effective governance as
well as grant making, the Charity has also opted for the
following policies:
-
Donor Code of Conduct Policy
-
Due Diligence Policy
-
Ethical Fundraising Policy
-
Safeguarding Policy
-
Trustee Expenses Policy
-
Financial Handling Policy
-
Privacy Policy
-
Data Protection & GDPR Policy
-
Conflict of Interest Policy
-
Anti-Harassment & Bullying Policy
-
Equality, Diversity and Inclusion Policy
-
Risk Management Policy

Achievements and performance

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
benefits to society as a
whole.		 Para 1.20 Building on the success of the 2023 Ramadan Lights
feature in London, 2024 saw an expansion of this project
with the Lights moving to the landmark of Oxford Street.
Over 30,000 lights were used as part of the feature which
was in place from 10thMarch 2024 till 10thApril 2024. It is
estimated around 15 million would have seen the lights in
person over the month with even more people online, with
the lights receiving international recognition.

Tre

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41 N/A
Performance of fundraising
activities against objectives
set		 Para 1.41 N/A
Investment performance
against objectives		 Para 1.41 N/A
Other N/A

Financial review

Review of the charity’s
financial position at the end
of the period		 Para 1.21 As at 31 May 2024, Algbra X had £38,904.62 cash in
hand
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 N/A
Amount of reserves held Para 1.22 Algbra X does not hold a specific amount in reserve, as
the charity does not incur material regular commitments.
Reasons for holding zero
reserves		 Para 1.22 N/A
Details of fund materially in
deficit		 Para 1.24 N/A
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 Algbra X is supported by Algbra Group Limited (‘Algbra’)
and keeps its cash balance in credit. In the opinion of
the Trustees, given the low running costs and the
support provided by Algbra, there is no
material uncertainty about the charity
continuing as a going concern.

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 The principal sources of funds for the charity are
contributions from Algbra and donations from Algbra’s
customers.
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46 N/A
A description of the principal
risks facing the charity		 Para 1.46 N/A
Other N/A

Structure, governance and management

Description of charity’s
trusts:
Type of governing document:
for example,trust deed,
memorandum and articles of
association etc		 Para 1.25 Memorandum and Articles of Association
How is the charity
constituted?
for example limited company,
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 The first charity Trustees were appointed for a term of at
least one year and not more than five years, the precise
term for each being set by the Trustees at their inaugural
meeting. This is subject to alteration by them within the
terms of the Constitution at any subsequent properly
convened meeting.
Apart from the first Trustees, every Trustee must be
appointed for a term of three years by a resolution
passed at a properly convened meeting of the charity
Trustees.

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 N/A
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51 Board of Three Trustees
Three members of part-time staff
Relationship with any related
parties		 Para 1.51 The relationship with Algbra is governed by a
memorandum of understanding which defines the roles
and services provided to the charity and the basis of
remuneration, if any.
Other N/A

Reference and administrative details

Charity name Algbra X
Other name the charity uses N/A
Registered charity number 1197329
Charity’s principal address 22 Upper Brook Street, London, W1K 7PZ

Names of the charity Trustees who manage the charity

Trustee name Office (if any) Dates acted if not for
whole year		 Name of person (or body)
entitled to appoint trustee
(ifany)
1 Zeiad Idris Chair
2 Fateema Habib
3 Timothy Morgan-
Wynne		 Treasurer
4
5

– Corporate Trustees names of the directors at the date the report was approved Director name N/A

Name of Trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year
N/A

Funds held as custodian Trustees on behalf of others

Description of the assets
held in this capacity		 N/A
Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects		 N/A
Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets		 N/A

Additional information (optional)

Names and addresses of advisers (optional information)

Type of adviser Name Address

Name of chief executive or names of senior staff members (optional information)

Nizam Uddin, Huma Tariq, Omer Duzyol

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The company has taken advantage of the small companies’ exemption in preparing the report above.

The Trustees declare that they have approved the Trustees’ report (including directors’ report) above.

Signed on behalf of the charity’s Trustees/directors

Signature(s)
Full name(s)
Position (for example
Secretary, Chair, etc)
Date

ple
tc)		 Zeiad Idris Timothy Morgan-Wynne


Chairperson		 Treasurer
17 April 2025
Charity Name No (if any)
Algbra X 1197329
Receipts andpayments accounts CC16a
For the period
from		 01 June 2023
Period start date		 To 31 May2024
Period end date
Section A Receipts and payments Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest
£
163 400
-
-
-
-
-
-
-
163 400
-
-
-
163 400
127 071
187
-
-
-
-
-
-
-
127 258
-
-
-
127 258
36 142
-
2 762
38 905		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
to the nearest £
163 400
-
-
-
-
-
-
-
163 400
-
-
-
163 400
127 071
187
-
-
-
-
-
-
-
127 258
-
-
-
127 258
36 142		 Last year
to the nearest £
163 400 -
- -
- -
- -
- -
- -
- -
- -
Sub total(Gross income for
AR)		 163 400 -
A2 Asset and investment sales,
(see table).
-
- -
Sub total - -
Total receipts
A3 Payments
-
Payments to Charitable Organisations 127 071 -
Administrative expenses 187 -
- -
- -
- -
- -
- -
- -
- -
**Sub total ** 127 258 -
A4 Asset and investment
purchases, (see table)
-
-
**Sub total ** - -
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
-
36 142 - - 36 142 -
- - - - -
2 762 - - 2 762 -
38 905 - - 38 905 -

Section B Statement of assets and liabilities at the end of the period

Categories
B1 Cash funds
CCXX R1 accounts (SS)		 Details
1		 Unrestricted
funds
to nearest £
38 905
-		 Restricted
funds
to nearest £
-
-		 Endowment
funds
to nearest £
38 905 - -
1 - - -
- - -
Total cash funds 38 905 - -
(agree balances with receipts and payments
account(s)) OK OK OK
Unrestricted Restricted Endowment
funds funds funds
Details to nearest £ to nearest £ to nearest £
B2 Other monetary assets - - -
- - -
- - -
- - -
- - -
- - -
Details Fund to which
asset belongs		 Cost (optional) Current value
(optional)
B3 Investment assets - -
- -
- -
- -
- -
Details Fund to which
asset belongs		 Cost (optional) Current value
(optional)
B4 Assets retained for the - -
charity’s own use - -
- -
- -
- -
- -
- -
- -
- -
Fund to which Amount due When due
Details liability relates (optional) (optional)
B5 Liabilities -
-
-
-
-
Signed by one or two trustees on
behalf of all the trustees		 Signature Print Name Date of
approval
T M Morgan-Wynne 17/04/2025
Zeiad Idris 17/04/2025

CCXX R2 accounts (SS)

2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALGBRA X

Independent examiner's report to the trustees of Algbra X

I report to the charity trustees on my examination of the accounts of Algbra X for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. 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.

Andrew Harker FCCA Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ

Date: 17 April 2025