## **Al Ubayd Foundation**
Trustees’ report and Financial statements
For the year ended 31 December 2023
Registered charity no: 1198160
## CONTENT
||Page|
|---|---|
|Legal and Administrative Information|1|
|Structure: Governance and Management|2|
|Independent Examiner’s Report to the||
|Board of Trustees of Al Ubayd Foundation|4|
|Statement of Financial Activities|5|
|Balance sheet|6|
|Notes to the financial statements|7|
## LEGAL AND ADMINISTRATIVE INFORMATION
## **Status**
Charitable Incorporated Organization in England & Wales Registered 7[th] March 2022
Charity Registration Number: 1198160
## **Trustees**
Salatur Rahman Aziza Rahman Aysha Khanom Umama Khanam Sayeed Ahmed
## **Registered Office**
Flat 24 Yates House Roberta Street LONDON E2 6NU
## **Banker**
Lloyds Bank
## **Accountant**
Alamgir Hossain. ACCA 64 Gale Street Dagenham, RM9 4PA
## STRUCTURE: GOVERNANCE AND MANAGEMENT
## **Governing Document**
Al Ubayd Foundation is established as a charitable organization CIO with the Charity’s Commission and is governed by a constitution.
The organization received its charity status from the Charity Commission on the 7[th] March 2022. The organizations is relatively new and small enabling it to be focused on its objectives enabling trustees; to run the day to day work with the support of other members .
The trustees ensure to the best of their ability to ensure proper due diligence is carried out, end use of fund and value for money in implementing projects.
## **Our Aims and Objectives**
To advance the Islamic religion for the benefit of the public in particular but not exclusively by providing classes, seminars and conferences for children and adults 2. The prevention or relief of poverty particularly but not exclusively in Bangladesh and UK by providing: grants, items and services to individuals in need and/or charities, or other organizations working to prevent or relieve poverty
## **Public Benefit**
The Trustees confirm that they have considered the general guideline issued by the Charity Commission in connection with Public Benefit in setting the objectives of the Charity and in particular they have considered hold planned activities further the Charity's objects.
## **Achievements and Performance**
## **Summary of Projects and Events in 2023:**
## **JANUARY:**
- **Home rebuilding for flood victims** –in Sylhet, Bangladesh.
- **Winter blanket distribution** – Distributed to the poor in Zakiganj, Sylhet.
- **Educational material distribution** – Donated to Jamea Rahmania Tahfeezul Quran in Beanibazar, Sylhet.
## **FEBRUARY:**
- **Chicken distribution** – Provided to the needy in Bangladesh.
- **Water pump project (No. 12)** – Built a water pump for access to clean water.
- **Mosque and orphanage project** – Started construction for Jamea Ubaydul Haque Madrassah and orphanage.
## **MARCH:**
- **Roof repair aid** – Distributed tins to families to fix leaky roofs.
- **Ramadan food packs** – Distributed to poor families in Bangladesh.
## **APRIL:**
- **Water pump construction** – Built six water pumps.
- **Ramadan Bazar Fundraiser (9th April)** – Raised funds for UK educational projects with 150 attendees.
- **Charity Car Wash (16th April)** – Fundraiser for Bangladesh and UK projects, attended by 250 people.
- **Zakatul Fitr funds** – Raised to support poor families.
- **Eid gifts distribution** – Provided to poor families in Bangladesh.
## **MAY:**
- **Chicken distribution** – Distributed to needy families.
- **Fundraiser Funday (20th May)** – Raised funds for UK Masjid's educational material; 1000 attendees.
- **Goat meal distribution** – Meals provided to an orphanage in Bangladesh.
- **Water pump (No. 21)** – Built in Jogonatpur for a poor family.
## **JUNE:**
- **Goat meal distribution** – Continued support to the orphanage in Bangladesh.
- **Eid Qurbani meat distribution** – Cows and goats purchased, meat distributed to the poor in Bangladesh.
## **JULY:**
- **Family Funday and BBQ (16th July)** – Raised funds for orphanage construction in Bangladesh, attended by 600 people.
- **Goat and chicken meal distribution** – Continued support to the poor.
## **AUGUST:**
- **Summer Funday and BBQ (6th August)** – Raised funds for a widow project, attended by 400 people.
- **Water pump construction** – Five pumps built in various poor villages.
## **SEPTEMBER:**
- **Goat and chicken meal distribution** – Ongoing support for the needy.
## **OCTOBER:**
- **Eye screening clinic** – Held in a Bangladesh orphanage, helping over 500 villagers.
## **NOVEMBER:**
- **Water pump construction** – Built three water pumps for villages.
## **DECEMBER:**
- **Water pump construction** – Built two water pumps.
- **Gathering in Jamea Ubaydul Haque (25th December)** – Large event with 5000 attendees, food was distributed
## **Risk Management**
The Trustees identify any risks to which the Charity might be exposed, including risks to the Charity's financial position, and reputation. Once these are reviewed, systems will be established to address these risks. The Trustees will going forward, review risk management on a regular basis.
## **Future Plan**
We want to ensure that we are trying to do everything to the best of our abilities and ensure proper due diligence on our partners and implementers and also ensure good end use of fund.
## **Financial review**
In the year 2023 Al Ubayd Foundation raised a total of around £53k (2022: £49k ) the amount is probably a bit less due to inflation and cost of living hardship etc and we spent around £57k (2022: £4.5k) leaving a defecit of £4.3k (2022: £9.5k Surplus).
£7.3k was spent on Fundraising and £50k on charitable projects (details are shown in note 3). The closing fund balance at the end of the year was £5.2k for general unrestricted fund after relevant fund transfer.
## **Trustees Responsibilities in relation to the Financial Statements**
Company law requires the trustees to prepare Financial Statements which give a true and fair view of the state of affairs of the Charity's at the end of the financial year and of its surplus or deficit for the financial period. In doing so the trustees are required to;
- Select suitable accounting policies and apply consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standard have been followed, subject to any material departure disclosed and explained in the financial statements; and
- Prepare the financial statements are on a going concern basis unless it is inappropriate to presume that the charity will continue to operate. We have budget in operation for the next year and hope to achieve expected target.
The trustees are responsible to maintain proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the financial statement comply with the companies act 2006. The trustees are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection or fraud and other irregularities.
These Accounts have been delivered in accordance with the provisions applicable to charities.
## **Approved By:**
_Salatur Rahman_ Salatur Rahman Trustee Date: 21.10.2024
## INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF TRUSTEES OF AL UBAYD FOUNDATION
I report on the accounts of the Al Ubayd Foundation for the year ended 31[st] December 2023, which are set out on pages 5 to 9.
## **Respective responsibilities of Trustees and Examiner**
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**
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(1) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
## **It is my responsibility to:**
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with general Directions given by the Charity Commission.
In the course of my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with Section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
Have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
3. This report is prepared for the internal use of Al Ubayd Foundation only. No responsibility is assumed to any other person.
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
Alamgir Hossain, ACCA Charity Finance and Accounting London
Date:
## NOTES TO THE FINANCIAL STATEMENTS
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1 Accounting policies**
## **a) Basis of accounting**
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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounting policies below have been adopted for material items.
## **b) Incoming resources**
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when Al Ubayd Foundation is entitled to the receipt and the amount can be measured with reasonable certainty. Gifts in Kind for which Al Ubayd Foundation accepts full responsibility for distribution are included in income at their market value when it is distributed and under Charitable Activities at the same value and time. The value of services provided by volunteers has not been included.
Grants, including grants for the purchase of fixed assets, are recognized in full in the Statement of Financial Activities in the year in which they are receivable.
## **c) Resources expended**
Resources expended are recognized in the year in which they are incurred.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
## **d) Tangible fixed assets and depreciation**
Non-programme expenditure of more than £50 per item for buildings, equipment and leasehold improvements is capitalised at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold properties Straight line over the life of the lease Freehold properties 5% straight line Computers and software 25% straight line Fixtures and fittings 15% straight line Office equipment 15% straight line Motor vehicles 15% straight line
## **e) Funds**
General funds are unrestricted funds which are necessary for the proper functioning of the charity and other funds available for use at the discretion of the trustees in furtherance of the charity’s objectives.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds are funds which are subject to specific restrictions as imposed by the donor or nature of the appeal.
## **f) Taxation**
As a registered charity, Al Ubayd Foundation is exempt from taxation of income and gains to the extent these are applied to charitable objective
## STATEMENT OF FINANCIAL ACTIVITIES
## **For the year ended 31 December 2023**
|||**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**2023**|2022|
||**Notes**|£|£|**£**|£|
|**INCOME**||||||
|_Voluntary income:_||||||
|Donations|2|53,130|-|**53,130**|55,089|
|**TOTAL INCOME**||**53,130**|**-**|**53,130**|55,089|
|**EXPENDITURE**||||||
|**Costs of raising funds:**||||||
|Fundraising cost||7,365|-|**7,365**|2,357|
|**Expenditure on charitable activities:**||||||
|Religious||5,779||**5,779**||
|Education||31,078|-|**31,078**|10,917|
|Emergency||5,147|-|**5,147**|17,826|
|Food Project||-|-|**-**|13,300|
|Water Project||3,075|-|**3,075**|1,090|
|UK Projects||5,039||**5,039**||
|**TOTAL EXPENDITURE**|3|**57,483**|**-**|**57,483**|45,490|
|**Net income/(expenditure) and net**||||||
|**movement in funds for the year**||**(4,353)**|**-**|**(4,353)**|9,599|
|**Reconciliation of funds:**||||||
|Transfers between funds|4|-|-|**-**|-|
|Total Funds brought forward|4|9,599|-|**9,599**|-|
|**Total funds carried forward**||**5,246**|**-**|**5,246**|9,599|
The results for the year shown above all derive from continuing operations.
All recognised gains and losses are reflected in the Statement of Financial Activities and therefore no separate statement of total recognised gains and losses has been presented.
The notes on pages 7 to 9 form an integral part of these financial statements.
## BALANCE SHEET **As at 31 December 2023**
|**Notes**
**Fixed assets**
Tangible assets
**Current assets**
Debtors
Cash at bank and in hand
**Creditors**: amounts falling due within one year
**Total assets less current liabilities**
**Creditors**: amounts falling due after more than one year
**Net assets**
**The funds of the charity:**
Unrestricted income funds
- Project funds
4
- General fund
4
Restricted income funds
4
**Total charity funds**|**2023**
**£**
**-**
**-**
**-**
**5,246**
**5,246**
**-**
**5,246**
**-**
**5,246**
**-**
**5,246**
**-**
**5,246**|2022
£
-|
|---|---|---|
|||-
-
9,599|
|||9,599
-|
|||9,599
-|
|||9,599|
|||4,867
4,732
-|
|||9,599|
The financial statements were approved by the Trustees on: 17.10.2024 and signed on its behalf by:
## Salatur Rahman Trustee
The accompanying notes on pages 7 to 9 form an integral part of these Financial Statements
||||**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|---|
||||**Funds**|**Funds**|**2023**|2022|
|**2**|**Donations**||£|£|**£**|£|
||General Donation||53,130|-|53,130|55,089|
||Gift Aid||-|-|-|-|
||||**53,130**|**-**|**53,130**|55,089|
|**3**|**Analysis of expenditure on**|**charitable activities**|||**2023**|2022|
|||Direct|Staff|Support|**Total**|Total|
|||costs|costs|costs|**costs**|costs|
|||£|£|£|**£**|£|
||**Cost of generating funds**|7,240|-|125|**7,365**|2,357|
||**Charitable activities**||||||
||Religious|5,681||98|**5,779**|-|
||Education|30,550|-|528|**31,078**|10,917|
||Emergency|5,060|-|87|**5,147**|17,826|
||Food Project|-|-|-|**-**|13,300|
||Water Project|3,023|-|52|**3,075**|1,090|
||UK Projects|4,953||86|**5,039**|-|
||**Total Charitable activities**|49,267|-|851|**50,118**|43,133|
||**Total expenditure**|**56,507**|**-**|**976**|**57,483**|45,490|
## **3.1 Analysis of governance and support costs**
|**Governance cost**
Legal & Other Professional Fees
**Support costs**
Rent
Office Expenses|**2023**
**£**
**900**
**900**
**-**
**76**
**76**
**976**|2022
£
-|
|---|---|---|
|||-
-
-|
|||-|
|||-|
|**3.2**
**Staff cost and number of employees**
The average monthly numbers of
employees in the UK during the year were**:**
Permanent
Temporary
Volunteer (head count)
**Employment costs**
Gross Pay
Employer's national insurance|**2023**
**Number**
**-**
**-**
**-**
**2023**
**£**
**-**
**-**
**-**|2022
Number
-
-
-|
|---|---|---|
|||2022
£
-
-|
|||-|
No employee earned more than £60,000 during the year (2021: None).
## **4 Movement of funds**
|**Movement of funds**||||||
|---|---|---|---|---|---|
||**As at**|**Incoming**|**Resources**||**As at**|
||**01 Jan 2023**|**Resources**|**Expended**|**Transfers**|**31 Dec 2023**|
|**Unrstricted funds**|**£**|**£**|**£**|**£**|**£**|
|Religious|-|6,116|(5,779)|(337)|-|
|Education|3,312|13,778|(31,078)|13,988|-|
|Emergency|-|8,854|(5,147)|(3,707)|-|
|Food Project|-|-|-|-|-|
|Water Project|1,555|-|(3,075)|1,520|-|
|UK Projects|-|12,898|(5,039)|(7,859)|-|
|General funds|4,732|11,484|(7,365)|(3,605)|5,246|
|**Total unrestricted funds**|**9,599**|**53,130**|**(57,483)**|**-**|**5,246**|
|**Restricted funds**||||||
|Restricted funds|-|-|-|**-**|-|
|**Total restricted funds**|**-**|**-**|**-**|**-**|**-**|
|**TOTAL**|**9,599**|**53,130**|**(57,483)**|**-**|**5,246**|