**Charity registration number 1200461** **Company registration number CE030785 (England and Wales)** ## **SHARIFA IBRAHIM FOUNDATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **SHARIFA IBRAHIM FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** Mrs Aneela Gull (Appointed 22 September 2022) Mr M Gull (Appointed 22 September 2022) Mr Muaz Gull (Appointed 22 September 2022) **Charity number** 1200461 **Company number** CE030785 **Registered office** 65 Staines Road Hounslow Middlesex United Kingdom TW3 3HW **Accountants** Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW ## **SHARIFA IBRAHIM FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Accountants' report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 9| ## **SHARIFA IBRAHIM FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ The trustees present their annual report and financial statements for the year ended 31 August 2023. 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 CIO's constitution, the Companies Act 2006 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 charity's primary objective is to elevate the educational attainment of primary-aged children who encounter difficulties in mathematics and English. This will be achieved through the delivery of supplemental educational programs designed to reinforce core subject knowledge. Furthermore, the charity will offer a range of developmental activities aimed at cultivating the children's skills, talents, and competencies to foster their growth into well-rounded, contributing members of society. In addition, the charity seeks to enhance the educational prospects of adults with limited English proficiency by providing language instruction to improve their communication and life skills. ## _Public benefit_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake. ## **Achievements and performance** ## _Significant activities and achievements against objectives_ During the year, our charity focused on enhancing the educational outcomes of primary-aged children in Hounslow by providing supplementary English and mathematics tuition. Our programs were designed to bolster their academic foundation and prepare them for future learning. ## **Financial review** ## _Reserves policy_ It is the policy of the CIO 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 CIO’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 year. ## **Structure, governance and management** Sharifa Ibrahim Foundation is constituted as a Charitable Incorporated Organisation registered with the Charity Commission on 22 September 2022 under charity number 1200461. It is governed by its constitution. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: |Mrs Aneela Gull|(Appointed 22 September 2022)| |---|---| |Mr M Gull|(Appointed 22 September 2022)| |Mr Muaz Gull|(Appointed 22 September 2022)| None of the trustees has any beneficial interest in the CIO. All of the trustees are members of the company and guarantee to contribute not more than £10 in the event of a winding up. - 1 - ## **SHARIFA IBRAHIM FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ The Trustees' report was approved by the Board of Trustees. Mr M Gull **Trustee** 9 August 2024 - 2 - ## **SHARIFA IBRAHIM FOUNDATION** ## **CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHARIFA IBRAHIM FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023** In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sharifa Ibrahim Foundation for the year ended 31 August 2023, 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 12 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Sharifa Ibrahim 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 Sharifa Ibrahim Foundation and the charity's trustees as a body, for our work or for this report. It is your duty to ensure that Sharifa Ibrahim 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 surplus of Sharifa Ibrahim Foundation. You consider that Sharifa Ibrahim Foundation is exempt from the statutory audit requirement for the year, 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 Sharifa Ibrahim 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. ## **Reddy Siddiqui LLP** 9 August 2024 ## **Chartered Accountants** 183-189 The Vale Acton London W3 7RW United Kingdom - 3 - ## **SHARIFA IBRAHIM FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2023**_ |||**Unrestricted**| |---|---|---| |||**funds**| |||**2023**| ||**Notes**|**£**| |**Income from:**||| |Donations and legacies|**3**|1,198| |**Total income**||1,198| |**Expenditure on:**||| |Charitable activities|**4**|1,050| |**Total expenditure**||1,050| |**Net income and movement in funds**||148| |**Reconciliation of funds:**||| |Fund balances at 22 September 2022||-| |**Fund balances at 31 August 2023**||148| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **SHARIFA IBRAHIM FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2023**_ |**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**9**
**Net current assets**
**The funds of the CIO**
Unrestricted funds
**10**|**2023**
**£**
388
(240)|**£**
148| |---|---|---| |||148| |||148| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 9 August 2024 Mr M Gull **Trustee** Company registration number CE030785 (England and Wales) - 5 - ## **SHARIFA IBRAHIM FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **1 Accounting policies** ## **Charity information** Sharifa Ibrahim Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 65 Staines Road, Hounslow, Middlesex, TW3 3HW, United Kingdom. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the CIO's [governing document], the Companies Act 2006, 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 CIO is a Public Benefit Entity as defined by FRS 102. The CIO has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the CIO. 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. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO 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. ## **1.3 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 or grantors 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 CIO. ## **1.4 Income** Income is recognised when the CIO 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 CIO 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. Legacies are recognised on receipt or otherwise if the CIO 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. - 6 - ## **SHARIFA IBRAHIM FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.5 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. ## **1.6 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 CIO’s contractual obligations expire or are discharged or cancelled. ## **1.7 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 7 - ## **SHARIFA IBRAHIM FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the CIO’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 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|| ||**£**|**£**| |Donations and gifts|1,198|-| ## **4 Expenditure on charitable activities** ||**Charitable**| |---|---| ||**activities**| ||**2023**| ||**£**| |**Direct costs**|| |**Share of support and governance costs (see note 5)**|| |Support|810| |Governance|240| ||1,050| |**Analysis by fund**|| |Unrestricted funds|1,050| ## **5 Support costs allocated to activities** |Governance costs
**Analysed between:**
Charitable activities|**2023**
**£**
810
240| |---|---| ||1,050| ||1,050| - 8 - ## **SHARIFA IBRAHIM FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2023**_ ## **6 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year. ## **7 Employees** The average monthly number of employees during the year was: **2023 Number** Total - There were no employees whose annual remuneration was more than £60,000. ## **8 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **9 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**|| |---|---| ||**2023**| ||**£**| |Accruals and deferred income|240| ## **10 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 22**|**Incoming**|**Resources**|**At 31 August**| |---|---|---|---|---| ||**September**|**resources**|**expended**|**2023**| ||**2022**|||| ||**£**|**£**|**£**|**£**| |General funds|-|1,198|(1,050)|148| ## **11 Related party transactions** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 9 -