CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period Period: Financial Year End 2022 Charity name: The Ali Foundation Charity registration number: 1198189 Objectives and Activities SORP reference Para 1.17 Summary of the purposes of the charity as set out in its goveming document The Ali Foundation is involved in projects that aims lo provide aid in the following areas= General Charitable Purposes Educalionltraining Disability The Prevention Or Relief Of Povety Summary of Ihe main activities in relation lo those purposes for the public benefil, in particular. the activities, projects or services identified in the accounts. Para 1.17 and 1.19 The prevention or relief of poverty in rural Pakistan by providing water filtration systems and grants lo charities. or olher organisalions working to prevent or relieve poverty - To advan the education of children of school age in rural Pakistan by providing scholarships. school supplies and by providing funding to education institutions which the trustees think fil. I can confirm that the truslees are aware of the Public guidance and when thinking about projects lo uptake. that the guidance will be followed. Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit Para 1.18
Achievements and Perfomiance SORP relerence The charity remains in the process of trying to open a bank account. Summary of the main achievefflents of the charity, identifying the difference the charity s work has made to the circumstsnces of its beneficiaries and any wider benefits lo society as a whole. Para 1.20
Financial Review Review of the charity s financial position al the end of the eriod Slalemenl explaining the policy for holding reserves statin are held Amount of reserves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going concem Para 1.21 No actlvlty occured Pa 1.22 Nla Para 1.22 Para 1.22 No bank account Para 1.24 Nla Para 1.23 Nla Structure, Governance and Management Descriplion of charity's trusts: Type of goveming document Ilru51 deed ro¥al charter How is the charity constituted? le.g uiiiiicorporaled association. CIO) Trustee selection methods including delails of any constilulional provisions e.g. election to post or name of any person or body entitled lo appoint one or more trustees Nla Para 1.25 Trust Deed Para 1.25 cio Para 1.25 Every trustee must be appoinled Ifor a term of three yearsl by a resolution passed at a properly convened meeting of the charity trustees. Reference and Administrative details Chari name other name the chari uses Re istered chari number Charity's principal address The Ali Foundation NIA 1198189 Office 2 Gallery Court Arcadia Avenue London N3 2FG
Names of the charity trustees who manage the charity Trustee namè Dates acted If not for whol• ear Office lif any) Name ol person lor body) entitlèd toa olnt trusteo ifan Arshad Ali NIA NIA Rabia Ali NIA NIA Farhan Ali NIA NIA Co orate trustees - names of the directors at the dale the re Director name ortwasa roved Nla Name of tnjstees holding tille to propety belonging to the charity Truslee name Dates acted rf not for whole ear Nla Funds held as custodian trustees on behalf of others Description of the assets None held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls wilhin the custodian charity's objects Nla Details of arrangements for safe custody and segregation of such assets from the charity's own assets
Additional informalion (optional) Names and addresses of advisers (Optional information) Type of Name Address adviser Accountant Taylor Associates 1. Floor, Gallery Court. 28 Arcadia Avenue. N3 2FG Exemptions from disclosure Reason for non-disclosure of ke NIA ersonnel details Other o tional information Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the charlty's trustees Signature(s> Full name{s) Position (eg Secretsry, Chair, etc) A£SklAQ /ILI Date 71b/lo23
Charity registration number 1198189
THE ALI FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
THE ALI FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Arshad Ali Mrs Rabia Ali Mr Farha Ali Charity number 1198189 Accountants Taylor Associates 1st Floor Gallery Court 28 Arcadia Avenue London N3 2FG
THE ALI FOUNDATION
CONTENTS
| Page | |
|---|---|
| report | 1 |
| Accountants' report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 7 |
THE ALI FOUNDATION
REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The Trustees present their annual report and financial statements for the Period ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities Act 2011 and "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
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
Achievements and performance
Financial review
It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the Period.
Structure, governance and management
The is a company limited by guarantee.
The Trustees who served during the Period and up to the date of signature of the financial statements were: Mr Arshad Ali Mrs Rabia Ali Mr Farha Ali
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The report was approved by the Board of Trustees.
Mr Arshad Ali
31 October 2023
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THE ALI FOUNDATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE ALI FOUNDATION FOR THE PERIOD ENDED 31 DECEMBER 2022
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Ali Foundation for the Period ended 31 December 2022, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 31 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Ali Foundation and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ali Foundation and the charity's Trustees as a body, for our work or for this report.
It is your duty to ensure that The Ali Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Ali Foundation. You consider that The Ali Foundation is exempt from the statutory audit requirement for the Period, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Ali Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Taylor Associates
31 October 2023
Chartered Accountants
1st Floor Gallery Court 28 Arcadia Avenue London N3 2FG
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THE ALI FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
Notes
Net income for the Period/
Net movement in funds
Fund balances at 9 March 2022
Fund balances at 31 December 2022
The statement of financial activities includes all gains and losses recognised in the Period.
All income and expenditure derive from continuing activities.
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THE ALI FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2022
| 2022 Notes £ Income funds Unrestricted funds The financial statements were approved by the Trustees on 31 October 2023 Mr Arshad Ali Trustee |
£ |
|---|---|
| - | |
| - | |
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THE ALI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The Ali foundation is a charity.
1.1 Reporting period
The entity was incorporated on 09 March 2022 and its reporting date is 31 December 2022. Therefore the financial statements being presented are for a period shorter than one year.
1.2 Accounting convention
The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The is a Public Benefit Entity as defined by FRS 102.
The has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
1.5 Income
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE ALI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the has 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 contingent asset.
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
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THE ALI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022
2 Critical accounting estimates and judgements
In the application of the ’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the Period.
4 Employees
The average monthly number of employees during the Period was:
| 2022 | |
|---|---|
| Number | |
| Total | - |
There were no employees whose annual remuneration was more than £60,000.
5 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
6 Related party transactions
There were no disclosable related party transactions during the period.
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