Chv4rfty reg19tritiott ttllmbtr 1198154 MADEENAT AbELM CULTURAL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 MADEENAT AL-ELM CULTURAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Ihstees Mr MAsif Mr Hassan Hessari Mr J Salehi Mr A H S Al-Fayyadh Mrm M I M RAkFayyadh Charity iufflber 1198154 Principal address SO Northwi¢kAvenue Middlesex HA3 OAB Aecountants Rehncyshaheen Chartered Accountants I27￿1278 Greenford Road Gr¢¢nford Middlesex UB6 OHH MADEENAT AL-ELM CULTURAL FOUNDATION CONTENTS Trustee5' rei Accountat￿, report Statement of finallcral activili¢s Statement of fiDan¢i81 position Notes to th¢ finoncial statrm¢nts MADEENAT AL-ELM CULTURAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR EIVDED 31 M4RCH2024 The trustees present their annual report and ftnancial statements for the year ertded 31 March 2024. The financial statement5 have been prepared in accordance with the accounting poli¢ies sei out in note I to the financial statements and comply with the ¢haTity's governing document, the Charities Act 2011 ond "Accounting and Reportin8 by Chariiies.. Siatement of Recommended Practice applicable to Charities preparing th¢ir accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leff￿tIYe l January 20191. Objectives and attivitie5 The charity strives to advan¢¢ the Islamic Religion in the Unitsd Kingdom for the benefit of the public through the provision and maintenance of a building used for religious pra¢ii¢e, th¢ ¢ondu¢ting of religiou5 Cere￿onIeS or the celebration of marriages or funerals. promoting the study of religious c¢remoni¢s or the ¢el¢bration tsf tnarriages OT 5cripture5. the holding of prayer meding& the holding of lectures to enlighten others about the Islamic Religion, the holding of Farsi language clas5¢S and Quran clas5e5. The preventton and reliefof povety within local communities ill the UK and acr055 the world by providing grants and items to individuals in need w]d other charities or organisaiions to relieve povttty. Publrc beAefii The trusiees have paid due r¢¥ard w guidance issued by th¢ Charity Commission in deciding what activitie5 the charity should ndertake. Achievements and performanee Significani (Jcfivities and0chieveme￿lS ijgainsi objecliFYs Sinc¢ the Charity was fornied, no activity has tak¢n platt bui the Trustees are hopefijl to commence ¢haritsbl¢ projects in th¢ next year. FIDgnel81 revlew Reservespolicy It is the policy of the ¢harity that unr¢stri¢tsd funds which have not been designaied for a specific use should be maintsined ai a level equivalent to betwecn three and six moDih's expenditure. The trustees consider that reser¥e5 at this level will ensure tha( in the event of a significant drop in fvnding. they will b¢ able to continue the charity's curr¢nt activiries while consideration is given io ways in which additional fijnds may b¢ raised. This level of reserves has been maintained throughout th¢ year. Structure? governanee and mAD&gem¢nt The ¢harity is a charitiable Inco￿orated organisation registered with the Charity Commission in March 2022 undcr charity number 1198154. It is governed by the constitution dated 7 March 2022. The trustees who served during the year and up to the date of si8Thatur¢ of the financia] statements werE'. Mr MA5if Mr H&ssan Hessari Mr J Salehi Mr A H S Al-Fayyadh Mrm M I M RAI-Fayyadh REcniilmenl andL7PPQintrBenl ofirustge None of the trustees h&s any beneficial ir]tere5t in the charity. MADEENAT AL-ELM CULTURALFOUNDATION TRUSTEES, REPORT (coNfiNUED) FOR THE YEAR ENDED 31 MARCH2024 The trustees, report was approv¢d by the Board of Truste¢s. Mr Has Try$t¢e 27 January 2025 MADEENAT AL-ELM CULTURAL FOUNDATION CHARTERED ACCOUNTANTS, REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MADEENAT AL- ELM CULTURAL FOUNDATION FOR THE YEAR ENDED 31 MARCH 2024 In order to a55iSt you to ￿trI1 your duties under the Charitie5 Act 201 l. we have prepared for your approval the financial statements of Madeenat Al-Elm Culthral Foundation for the year ended 31 March 2024, which comprise the stai¢ment of financial aaivities and the related notes from the Charity's accountin8 rccords and from information and explanations you have given us. As a pra¢tisiDg member firni of th¢ Institute of Chartered Accountants in England and Wales, we are subject to its ethi¢al and other professional requirements which are detailed at https'.l/www.icaew.comlregulation. This report is made to the charity's tThstees as a body, in accordance with the ternis of our engagement lett¢r dated 22 j￿￿¢ 2023. Our work has been und¢rtak¢n sol¢ly to prepare for your approval the financial statements of Madeenat Al-Elm Culiural Foundation and State those nutters that we have agreed to state to the charity's truste¢& as a body, in this rep)rt in accordance with ICAEW Teehnical Release 07116 AAF. fo the fullest txtent permitted by law, we do not aecept or assum¢ responsibility to anyone other than Madeenai Al-Elm Cultural Foundation and the charity's trustees as a body, for our work or for this retK>rt. li is your duty to enswe ihat Madeenat Al-Elm Culturdl Foundation has kept adequ￿¢ accounting r￿OrdS and to prepare statutory finallcial statements that givE a true and fair view of th¢ assets, liabilitie& financial position and surplus of Madeenat Al-Elm Culturaj Foundation. You ¢onsider that Madeenat Al-Elm Cultural Foundation i5 rxcmpt from the statutory audit Tequirement for the year. and is not required to obtain an independent ¢Kaminer's repon. We have not been instruded to carry out an audit or a r¢vi¢w of the financial statements of Madeenat Al-Eltn Cultural Foundation. FtsT thi5 re&50n, we have tLOt verif1￿ the accuracy or completeness of the a¢¢ouniing records or inftsrmation and exp1￿￿10nS you have given to us and we do noL therefore, exprcss any opinion on the ststutory financial slat¢m¢trt5. aheett Ch8rter¢d AceoMntaDts 27 January 2025 127611278 Gr¢enfoTd Road Greenford Middlesex UB6 OHH MADEENAT AL-ELM CULTURAL FOUNDATION STATEMENT OF FINANCIALACTtVlTIES ITrICLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YE4R ENDED 31 K4RCH2024 Unrestrlcted rund3 2024 Unrestrlrted funds 2023 Notes Income from: Charitable activities 20,799 3.480 Totsl incom¢ 20,799 3,480 Expendltsre on: Charitable a¢tivities I J03 560 Totsl ¢xp¢nditu 1.303 560 Npt income and movement In futtds 19.496 2.￿0 Reeotteili#tion offunds: Fund balances at l April 2023 2.￿0 Fund bAlaDte8 *( 31 March 2024 22.416 2,920 Th¢ st*¢men¢ of financial a¢tiviti¢s includes all gain5 and losses recognised in the year. All income and ex￿ndituTe derive from continuing activities. MADEENAT A￿ELm CULTURAL FOUNDATION STATEMEKf OF FINANCIAL POSITION ASAT31 h£4RCH2024 2&24 2023 Notes Current 95sets C&%h at bank and in hand 22,896 3.420 Credltors: fAlllng due w5th1rt one ye4r {480) (500) turrext *s8tts 22.416 2,920 Net gssets excludlng penslw li*biUty 22,416 2,920 The fund5 of th¢ cbarlty UnrestriL*d funds 22.416 2.920 22.416 2,920 The financial statements wer¢ approved by the trustees on 27 January 2025 Mr Hassa Trustee Heswi MADEENAT A￿ELm CULTURAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 37 MARCH 2024 Accounting p)licies Ch*rlty ittforniBtio Madeenat Al-Elm Cultural Foundation is a ¢harithble trust registered with the Charity Cominission ID March 2022 under ch2rity number 1198154. 1.1 Aeeounting conv¢n¢lon Th¢ fiRanciai 5trdtements have been prepared in accordanc¢ with the charity's tgoveming documEntl, the Charities Act 2011, FRS 102 "The FiDan¢ial Reportin¥ Standard applicable in the UK and Republic of Ireland" I-FRS 102.1 and the Charitirs SORP Accounting and Reporting by Charitl¢s- Stat¢ment of Recommended Practice applicable to eharitie5 pr￿aring their accounts it) a¢cordance with the Financial R¢portsng Stsndard applicable in the UK and Republic of Ireland (FRS 1021" {eff¢ctive l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of the provision5 in th¢ SORP for charities not io prepare a Siatement of Cash Flows. The financial st8tements have departed frojn the Charitics (Arcounts and Reports) Regulations 2(108 only to the extent required to provide a true and faiT view. This departure has involved following the Statement of Recommended Practice for ¢haTitie5 applying FRS 102 rather than the version of the Statement of Recommended Practice which 1$ refe￿¢d to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, whi¢h is the functional currenq of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. ImodifJ¢d to include the revaluation of freehold properties and to include investment properties and Gertain financial instruments at fair valu¢l. The principal aw¢)unting policies adopted are set out below. 1.2 Goillg concern At th¢ time of approving the finanoial statements. the trustees have & reasonable expectation that the charity has ad¢quate resources to continue in op¢rationa] existence for the forese¢abl¢ fU￿re. Thus the trustees Continue to adopt the going concern basis of accountin8 in preparing the finatlcial statements. IJ Charitable funds Uthrestrict￿ fund5 aT¢ available for use atth¢ di%r¢tion of the trustees in furtheranee of their ¢haritable objectives. Restrictrd fi]nds are Subject to specific conditions by donor5 OT 8rantor5 &5 to how they may be used. The purposes and uses of the restri¢t¢d funds are set out in the notes ¢0 the financial 5t4t¢ments. Eiidownietii funds ￿ subject tt> specific conditions by donors th* the capitsl musi be maintained by the Charity. 1.4 1Dcome Income 15 recognised when the charity 1$ legally entitled to it after any perforniante conditions have been me( the amounts can b¢ measured reliably. and it 15 probable That income will be re¢¢ived. C&sh donations are recognised on re¢eipt. Other donation5 aT¢ r￿¢)gnised once the charity has been notified of the donation, unless performance conditions require deferral ofthe amount. In¢om¢ M recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or oth¢Th¥ise if the chartty h&5 been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a continget)t asset. MADEENAT AL-ELM CULTURAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R EJVDED 31 J1£4RCH 2024 Actountlttg policies (Contlnued) 1.5 Expenditure Expenditure 15 reco8nj5ed once there is a l¢gai or construdive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be ￿qUired in settlement. and the amount of the obligation ¢an be measured reliably. Expenditure is ClassifJ￿ by activity. The ¢ost$ of ea¢h activity are made up of the totsl of direct costs and shared costs. inclllding support costs involved in undertaking each actryity. Direct cost5 attributable to a single activity are allouted dire¢ily to that activity. Shared costs which contribute to Jnore than one activity and sUPPOrt costs whirh are not attribuiable to a single activity are app(prtioned bthveen those activithes on a basis consistent with the use of resources. Central staff costs are allwat¢d on the ba515 of time 5penL and depreciation charges are aIlW￿ed on the p)rtion of the asset'5 U5t. 1.6 C&$h •nd ¢a$h equivaleDt5 Cash and cash equivalents include c&%h in hanic d¢posits held at cail with banks, other short-tem liquid investments with tsriginal maturities of three months or less, and bank ov¢rdTaft$. Bank overdrafts are shown within Ix>rrowings in current Bosicfinonclo14usets Basic financial ass￿5. which include debtOTS and c&sh and bank ￿anCeS are initially measured at Iran5action pri¢¢ ?n¢luding transaction costs and are subsequently Carried at amortised cost using th¢ effective interest method unless the a￿angernent ¢Oll5¢itute5 a financing transa¢iion, whert the transaction is measured at the present value of the fijture receipts discounted at A tnarket rdte of interest. Financial assets classified as receivable within one y¢ar are not amortj5ed. Bus1¢f￿a￿tAl1l Ilabililies Basic financial liabilities. includin8 creditors and bank ltsans are initially reco8nised at transartion price unless the arrangement con5tituies a financing iran5action, where the debt instrumenl is measured at the present value of the firture payments discounteAi at a markEt rate of interest Financial liabiliiies classified &$ payable within one y¢ar are not amorti%d. Debt instruments are subsequ¢nlly carried at ￿nortl5¢d cost. using the effectiv¢ intrrE5t ratt methLxJ. Trade ¢rediwrs are obligations to pay for go(MJ5 or service5 that have been acquired in the ordinary course of operdlions from suppliers. Amounts payable are ¢lassified as eurtent liabilities if paymeni is due within one year or less. If not. they are pres¢nted as non-current liabilities. Tradr Cr￿LtOrS are recognised initially at transaction price and subsequently measured ai amortised cost using the effective interest method. Dereeognilion offinqnclal Ilobllide5 Financial liabilitie5 are der¢cognised when the charity's contractual obligations expire or are discharged or cancelled. 1.7 Employe¢ benellts The cost of any unused holiday entitlern¢nt is re¢ognised in the pericKJ in which the employe¢'s services are weived. Termination ben¢fits are recognised imrn¢diAtety as an expense when the charity ts demonsttably committed ￿ temiinate the employment of an etnployee or to provide temiination benefit5. MADEENAT AL-ELM CULTURAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 h£4RCH 2024 Crltleal 8ecounting estimate5 and judgements In the appli¢ation of the charity's aw)unting policies. the trustees are required to make judg¢ments, estimats5 and assumptions about the caryin8 amouni of ￿se1$ and liabilities that are not re4dily apparent from other source5. The estimates and a$5ociated assumptions are based on historical experien¢¢ and other fa¢tor5 that ar¢ L7)nsidered to b¢ relevant. Actual result5 rnay differ from these estimates. The estimaies and underlying assumptions are reviewed on an ongoing basis. Revisions to accouniing estimates are recognised in the perii)d in which the estimate is revised where the revision affects only that period. or in the period ol thc revtsion and future periods wheTe the revision affects both current and future periods. Income from charltable aetivities UDrestricted funds 21124 Unrestritttd fuDd5 2023 Donations 20,799 3,480 Expenditure on ¢kngritable ietlvltits Headlng #gc982 21123 21124 Printing and statitsnery Charitable donations Bank ¢harges 80 703 60 843 Share of support and governance costs (see note 51 460 500 1.303 560 5￿PpOrt eosts 2024 2023 A￿O￿ntanCY 460 soo 460 500 MADEENAT A￿ELm CULTURAL FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (CONTINUED) FOR THE YE4R EIVDED 31 MARCH 2024 Trn$t¢e5 None ofthe trustees lor any ￿rsOn$ connected them) received any remunerdtion or benefits from the charity during the year. Ernployees 2024 Number 2023 Number Totsl There were no employees whose antluai remuneration wa5 more than £60,(M)O. Taxation The charity is exempi from taxation on its activities because all its income is applied for charitabl¢ purKx)s¢s. Credltors- gmouttts falling due wltbln one year 21124 2023 A￿n￿lS aThJ deferred in￿me 480 500 IO Unre5tri¢ted funds The unrestricted fund5 of the Charity ¢omprise the unexpended bala￿¢$ of donaiions and grants which are not Subject ttTr 5￿CifiC Conditiotts by donors and grantors as to how they may be used. These include designaied fvnds which have been set &side out of unrestricted funds by th¢ trustees for specific PUTPOS¢S. At l Aprll 2023 lThcomlng re50urtes Resources expended At 31 Mgreh 2024 2,W20 20.799 11,3031 22.416 Prevlou$ Perlod: At l Aprll 2022 Ineomlng resources Resourees At 31 M&Tch expended 2023 G¢n¢ral funds 3,480 15601 2.920 Re19ted ￿rtY trattsaetions There w¢re no di5closable related party iransaetions during the year.