REGISTERED CHARITY NUMBER: 1202193 REPORT OF THE TRUSTEES ANO FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST DecEM8ER 2023 FOR AVICENNA FOUNDATION Watergates Ltd 109 Coleman Ro•J LeicesleT LE5 4LE
AVICENIIA FOUNDATION coi¥rENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST DECEMBER 2023 Report of tho Tru¥t¢•s 1 to 3 Ind•pend•nt Examlngrfs R•port stat•mwt of Flnanclal ktlvltl St•t•ment of Flnanclal PItIon stat•m•nl of Cash Flow¥ Notes to th• PA•tèment of Ca¥h Flows Not08 to th• Flnandal Statwn•nts 9 to 12
AVICENNA FOUNDATION REPORT OF ThE TRUSTEES FOR ThE YEAR ENDED 31ST DECEMBER 2023 The trustees prent their rgport the financ4al statemonts of the chartty for the year ended 31st December 2023. The truste8s have adopted the prowsions of Accounting and Repx)rtiTrg by Charmes". ststernenl of Recommended Prnctrce applicable lo charities preparing their aeeounts in accordance with the Financial Reporbno Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}. OBJECTIVES AND ACTIVITIES Obj•¢tSves and alms The AvTcenna Foundation w83 established lo eMpr yOLtng British Muslims by providing acce88 to 8ducalion, mgntoring, and leadership development cwortunttses. Its missM)n Is to break down thè soci(%conomic barriers fac8d by many )Ung Muslims, offering schdarships and p8rsonal development programmes aimed al nurturing future leaders. The FoundatiM's MSK)n is to support SOC¢81 mobility and help young Muslims excel In thair choson careers. {JrnatelY making a po$Ve ContrUt)n io society. Slgnlfi¢ant a¢tSvlt50• The Foundation's key Iniuatlves are focused on enhandng •Jucalbnal access ar¥J profe$$10n devolopm8nl: S¢holar3hips.' Aviwina offers stholarships lo higPfrFQtèntial sludents from underpriviloggd backgrounds, enabling them to pursue hher education and meaningful careers. In addition, the FoUndatn runs a Leadership Development Programme, which SUPPXJrts slud8nts by offering taik)red mentorin9, ¢oachins, and networking opportunitl8s {Islam ChannelllAvicenna Fwnd8t)nl. As 81 the year end we had 29 scholars for the 202312024 cohort. Communlty and NefvrkIng Events.. In January 2024, the Avocenna Foundation PKisled its officLg1 launch at the Hous8 of Commons. The event featured prominent sp8akers and brought togelhgr over 160 guosls from various $8Ctors, includlng pditi'cs aTrJ business. Scholars from the Foundation a signrficanl rol8 Sn organising the ¢venL Publ1¢ n•fil Thè Trusteès have given duè ¢Yerati to the Chartty Commis8ion'$ publ¢shed guidance on the Publlc 8enefrt Requirement. Volunts•rn Wo have a $mail numbor of vc4unt8ws who assist on an ad4Joc basis. STRATEGIC REPORT ACHIEVEMENT AND PERFORMANCE Leadership In Action: The launch event al the House of Commons undgrsc(Yed the Foundallon'5 gNj Influence. Scholars a¢trvely portiupated In managing the event. net%thing with influgnlial figures. and showcasing their leadership skills. This seNed as a signfficant learning experience for Ihem{Avi¢enna Founda¢1). Educational Milestones.. The Foundation's scholarship aThJ mentor# pn)grammes have supportèd students from di¥advanlaged backgrourKls. includirg Ihoso SILJn9 al top unNgrsth'es like Oxford. Scholars hav8 reported considerable personal and Fwfessional growth. benefftting from Avicenna's leadership and eoaching Initiatives. Social Impact.. The Foun(laknn has contribed lo tho s(tial mobility of young British Muslims. helpSng Indniiduals from refwJee and disadvantaged backgrounds become the first in their families lo attend university. These su(xess stories demonstrate the tangible impact of the Foundation's work.
AVICENNA FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023.. JunelJuty- Rewllment and interview of xholars. JunelJuly- Rukiyah fomially emplo as Director of Opwakns. September- Indudion day at KPMG Offices in London. Septèmber- scholars stsrted uni and invoi¢es were processed. September to November- Mohammad wkIng on Develor)m•nt progrydm and buildiro the c4)aching team. November 30th- firsl development session lo intrcxluce program for Ihe new schdars. December- Coach69 matched vthh scholats and coachirYJ started. De¢emb6r- Laading SELF Proigct intr(KIuc8d to scholars. FINANCIAL REVIEW Financial position Overall. the charity is in a healthy kx)sition as demonstrated by ¢xJr accounts for the p8riod in concem. This 1$ malnly due to effedive cost ¢ontrol. which on$urg$ r rUnnU costs arè kept to an acceptsble level. Avic8nn8 Foundatlon has shown that it is a well run wjaniIn wlh overall surplus funds. Thg chadty had a nel surplus of £626.073. Durlng thg year the chadty r8lsed £939.717 In dirert donations to carry out ils 8ctMties. DurlrKJ the year £262,648 from the funds were exKwsed for projects. The chaty conllnue$ lo work GlcAely wth a rHmiber of partner organisations in order lo cary out its actr'vrU•s. Ro6orv•s pollcy Vve aim lo utilise the funds as s()n as wo klonufy sultsble prcgrammes or stxlars. Th8 fvnds the tharlty IKAds L8 lo ensure that it has suffldent reserves lo Cover the c4)sts of managlng ar adminlslerlng the carity for the fdlowiThJ ygar. Tho Trustees cMsidér it prudent th81 the reserves should be suffiCl for the charitys use. The Truste88 have approd that am unregtnctod reseryes win b8 utltsed in helping the thafty achieve its objective8. Golng concern Currently no concems abtyjt the charity conlinuing as a uw)irvJ ¢oncern. FUTURE PLANS Tho charity is looklno at the oOn8 In vthi¢h11 can1Tr7ease donatlons from vark)us indiwduai8. Prfn¢lpal rfsks and uncertalntiej The principal financial risks and urKertalnties that the carity can fxe is reducbon in donations from key donors as this is the significant porf]'on of the ¢harTVs lundiThJ. The chaTity has raised 8warenass of its advilles and sends out advertiswig malefial of the )rk it does in order to attract more donauons. This has been successful as the amount of donatM)ns have remained ¢nslslenL STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng docum•nt The charity is controlled by its govemirrfJ dorjjment, a of trust and t))n5titiAes a charity incorwratgd organisalion. Re¢rultm8nt and appointment of new trustees AJI tnjstees are involved in any selection process that tskes pla¢e and a vote amongst thg tru51ees Is conducted to appoint any p)srtions within the organisation.
AVICENNA FOUNDATFON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Oryanisational $tTUCture The boar(l of Trustees of the L*arity are reswnsible for the (ari8 strategic direction. The board of Trustees meet on a lermty basis to discuss the activrlies of the chanty. The b¢)ard of trustees are supported through tha aKI of volunteers vtho manag8 the daily runnirKJ of the charity. REFERENCE AND ADMINISTRATIVE DETAILS R8gister•d Charlty number 1202193 Prlnclpal addre 1 C8nad8 Squarg London E14 SAA Tru$t•o8 Tval S Adam A Hafvz Independent Examln•r Walergales Ltd 109 Coleman R¢xl Lelcester LES 4LE roved by order of the board of Irustses on 17th Oct(knr 2024 and skjned on ils b8half by. T Valli- Trustoe
INDEPENDENT EXAMINEifs RÉPORT TO THE TRUSTEES OF AWCENNA FOUNDATION Indopondent •xaminerfs report to the trustees of Avkenna Foursdatlon I report to the charty tNslees on my examinatn of the accounts of Avic£nna Foundatk)n {the Twstl lor thg year ended 31st DecgmLw 2023. Responslbllltle8 and basis of rnport As the charity trustees of the Tnjst y)u are responslble for the preparalion of the accounts in accordance with the requirements of the Chanties Act 2011 1.the Arf). I report in resrrt of my examinatbjn of the Trusys 8nts carried out under set#1 145 of the Ad and in (xrrying out my examinalKJn I have folkjwed 01 apr4icabl8 Directions given by the Charity Commisstjn under Section 14515}Ib} of the ACL Ind•ptsnd•nt examlnerfs stat•ment Since your charilys gross income exceeded £29).(XIO your èxaminer mu8t be a mwnber of a listed body. I Can confirrTI that l am qualrfied lo urylertake the examinatK)n bs9 l am a membgr of the ASSOCIaOn of Chartered Certff Accountants. vthich is one of the listed bL¥JigS. I have completed my examination. I confirm that no material matters have c(Mne to my attention in conneclion with the examInan giwn9 me cause lo believe that in any material respecL' accounting records were not kept in respect of the Trust as rsqulred by Sedon 130 of the Act: or tho accounts do not ac¢ord I{h those recor(Is.' or the accounts do not comply vath the appluble requirements concerning the fomi and mnlent of accounts sel out In the Charitles (Accwnts and Rep) Regulthons 2008 other than any roquirttment that the accounts give a true and faiT view vthich is not a matter considered as part of an Independent examination. I have no concems and have come auoss no other matters in 0)nn8cli th the examination to which attenti)n should b8 drawn in this rewrt in order to enable a prOr understanding of the accounts lo reached. N8zlr MalKla FCCA Walergato$ Ltd 109 Coleman Road Lelcesler LES 4LE 17th October 2024
AVICENNA FOUNDATION STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31ST DECEMBER 2023 Unr•$trlct• lund INCOME AND ENtK)WMENTS FROM Donations and legacies 939.717 EXPENDITURE ON Charitabl• actlvltl•s Edueation 262.648 50,996 Total 313.644 NET INCOME 626,073 TOTAL FUND8 CARRIED FORWARD 626,073 The Th)tes fc¥m part of these financial slatemerrtg
AVICENNA FOUNDATION STATEMENT OF FINANCIAL posmoN 31ST DECEIABER 2023 Unrèslrlcte fund Notes CURRENT ASSErs Cash al bank and in haNi 648.Q48 CREDITORS Amounts fallin9 due wthln one (21,975} NEf CURRENT ASSETS 626.073 TOTAL ASSETS LESS CURRENT LIA81LITIES 626.073 NET AsseTS 626.073 FU14DS Unrestricted funds 10 626,073 TOTAL FUNDS 626,073 The financial stalemonts ¥we approved by the Boord of TNste•s and authorised for issue on 17th Oclobar 2024 and wer6 sh3ned on its behatl b. T VaUi- Trustea The notes forn part of Ilw finÈnd81 stalwnents
AVICENNA FOUNDAnOPI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2023 Cash flows from operatlng activit1•5 Cash generated from operatrons 639.048 Net cash provided by operallrvd actrvitles 639.048 Cash flows from financlng actlvltles New loans in T 0,000 Net cash pwded by financing activits8s 9,000 Change In ¢h and cash èqulvalents Sn th8 r•portlng perfod Cash and cash equivahnts at th• beginnlng of the r•portlng period Cash and ¢a8h •qul¥al•nts al th• •nd of lho r•portln9 wrfod The Th)t•s form rort ofthese ffinal $terrnts
AVICENNA FOUNOAnoN NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2023 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING ACTMTIES Net income for tho rnportlng period las perthe Statem•nt of Flnanclal AdvStles) Adlu$tm8nts for.. Increase i) creditr)r¥ 626,073 12,975 Net cash pro¥ld•ql by op•ration8 639,048 ANALYSIS OF CHANGES IN NEf FUNDS Atl.1.23 C•$h flow At 31.12.23 Net cash Cash al bank and in h&)d 648,048 648,048 Dèbt Debts f8lh.ng due wthln 1 year (9,000) {9,000) 19.000) 19,000) Total 639.048 639.048 not85fomi part of blese financh71 ststsm•nis
AVICENNA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial slatements of the charity. Ythich is a putAic befft enlty under FRS 102. havè béan prepared in acc4)rdance the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. statement of Recommen(Jed Practtce #Wicae to ch8rTties preparing thglr accounts In acc£srdan¢e th the Flnancial RepcNling Standard applieab18 in the UK and R8public of Ireland {FRS 1021 (efffecti 1 January 2019),, FinarKial Rewrting Slandard 102 The Financial R8POrting Stsndard apoicable in the UK and Reput4K of Ilan(r and Ihe Charitss Act 2011. The financial stslemenl$ have been prepared under the hist cost corNent)n. Assols and liatlitieS are Initially retsJgnise(l al historKal cost tr8nsacts.on valu6 unl088 olhgNse stalgd in thg relevant aGcounting Oicy r18). Th8 funcliorsal currency of the chadty Is consldered lo b8 pounds slèrfing becau8a that Is the currency of the primary economic enment in whlth the Chanty Drat&s. The financial slalements are also presented in pounds slerliro, The amounts in the finan81 statements are presented to the nearest £1, unless otherwise staled. The preparatn of the financial st8t6manls in c¢)mplianc8 wlh FRS 102 requir8s the use of certain Critic accounts.ng eslimatas. 11 algo requires man89emenl to exeruse judgement in appIn9 the charitys accounting policies. Therè are no swJnrficanl areas requiring material judgemonts, estimates or assumptlons. INCOME l income 18 reeognised in the Statement of Flnancial Advltt&$ once tha charty has enlillemenl lo tho funds, It18 probable that the income hill be received arKI Ihe amount be meÈsured reliably. The value of $8rvlG68 tnvkled by tnteerS ts difficult trj pul a monetary valué on and ha$ not teen in¢luded in accordance with th8 Charities SORP {FRS102}. EXPENDrruRE Lia.1111es are recognised as oxpendilure as swn as there 1$ a legal or ¢onstructiv8 obligation committing the charf(y to that expenditure. it syobable that a transfer of economic b8nefits 11 be required Sn setuemenl and the amount of the obligafjon can be measured reliably. Expenditure is ac¢ounled lor on an 8c(yuals basis and has b8en cLgSStffed under headings that aggregate all cost related to the category. Where costs cannot be direcdy attn"buted lo partr¢ular headings they have been 811ocated to actiwties a basis con3i8tent wth the use of resour$. ExrKI11ure L8 dassffied under the follcMirvJ aLvity headings.. Charflable a¢tNltl•$: Costs associated wilh the PrnWSKJn of scholarship, commUrty networf(ing events and alumni nehvork as elaboralwl on In the Trustees. Rep)rL These include both direct charitable expenditure, grants payable and support Costs rdating to these activities. l>ants payable to other organisalions for relief projects are indwjed in the SOFA when approved by tho trustees and agreed with the other ¢yganisation. Support costs: Support costs are those functions that assist the Yrk of the charity but do not directly undertake charitable activities. sUprt costs for a single activty are allocated lo the particular activity %there the cost relates dire¢ty to that activty. However. Support o)sts that represent the support function$ of management. finance. human resources, IT and support departments attrtbutable lo the management of the Chantys assèts, 8r8 allocated in protIOn to the type of charitable activity during th8 p8rl¢A. Grants offered Subject lo wndth'ons thi( have not been rnel at the year and date are noted as a commilment but not accrued as expenditure.
AVICENNA FOUNOATION NOTES TO THE HNANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES - continued TAXATION The charty is exgrnpt from tsx on ts charftatrle activit. FUND ACCOUNTING Unrestricted funds can be us&J in attordance the charitable otyectives at the dIsCreon ol the trustee3. Reslricted fvnds On be used for porticular restricted purposes %thIn the objects of the charity. Restnction8 arise when SFwffied by the O)nor or when fufftls are raised for partlcular restricted purposes. DONATIONS AND LEGACIES DOMon3 939,717 The charity benefits gre8ty from Iho invofvomenl and enthusiastic support of its mary volunteer8. In a¢¢ordance wlh FRS 102 and the charib.es SORP IFRS 1021, the e(>Jnoml¢ contiibution of general volunteers Is not rwnlsed in the accouits. CHARITABLE ACTMTIES COSTS Gr•wtt tundlny ol actlvlth• Iwo not• 41 Education 262,e48 GRANTS PAYABLE Education 262,648 The total gr•fits pald lo in#tthtirf during lh• year was a# foltr*48'. Various support 262,648
AVICENNA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- ¢ontSnu8d FOR THE YEAR ENDED 31ST DECEMBER 2023 SUPPORT COSTS G0ManC• costs Management Finance Tot¥ Other resources expend8d 48,899 97 2,000 50.996 TRUSTEES. REMUNERATION ANO BENEFrrs There were rv) tnJslees' remun9ration or other benefts for the year ended 31st Drnber 2023. TRUSTEES. EXPENSES There were no trustees, expense8 lor the ended 31st Oecgmber 2023. STAFF COSTS Wages and salaries Social secunty eosts 20.833 2.352 23,185 The average monthly numbw of employees during the w was 88 follows.. Stsff No emplws rtteived emc4uments In exce88 of £60,0. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and so¢lal 8ecurlty Other créditors 6,338 1,4fj8 14,169 21.975 LOANS An anaIlS of thè maturtty of loans is glven belcw. Amounts falllng due wthln one year on Mand. Other loans -11_
AViCEI4NA FOUNDAnON NOTES TO THE FINANCLAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023 10. MOVEMENT IN FUNDS movem•nt In funds 31.12.23 Unrostricted funds Ggnoral lund 626.073 626,073 TOTAL FUNDS 626.073 626,073 Net mov8ment in fur8, indudthj in ts above are as folb)w8: Incomlny r••our¢•• R••ourc•• Movwn•nt •xp•nd•tb In fund• Unr•8trlct•d fund• Gen8ral lund 939,717 (313,6441 626,073 TOTAL FUNDS 939.717 {313.644) 626,073 11. RELATED PARfY DISCLOSURES During the year. tho following IransactN)ns tcd( plac8 wilh relaled part5 where the Tru8tees were also directors of those ctynpani8s.' Donations of £939.717 was reIVed durfT¥J th6 ytar from r*tod partl8& Amounts ¢)wed lo relatèd part at the wr end £9,((¥). -12-