REGISTERED CHARITY NUMBER: 1202193
TRUSTEES' REPORT AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
FOR
AVICENNA FOUNDATION
Watergates Ltd (Statutory Auditor) 109 Coleman Road Leicester Leicestershire LE5 4LE
AVICENNA FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
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Page
Reference and Administrative Details 1
Trustees' Report 2 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Statement of Financial Position 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12 to 18
Detailed Statement of Financial Activities 19 to 20
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AVICENNA FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024
TRUSTEES Mr T Valli Mr S Adam Mr A Hafiz PRINCIPAL ADDRESS 1 Canada Square London E14 5AA
REGISTERED CHARITY NUMBER 1202193 AUDITORS Watergates Ltd (Statutory Auditor) 109 Coleman Road Leicester Leicestershire LE5 4LE COMPANY NUMBER CE031579 (England and Wales)
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AVICENNA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of 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
Objectives and aims
The Avicenna Foundation was established to empower young British Muslims by providing access to education, mentoring, and leadership development opportunities. Its mission is to break down the socioeconomic barriers faced by many young Muslims, offering scholarships and personal development programmes aimed at nurturing future leaders. The Foundation's vision is to support social mobility and help young Muslims excel in their chosen careers, ultimately making a positive contribution to society.
Significant activities
The Foundation's key initiatives are focused on enhancing educational access and professional development:
Scholarships: Avicenna offers scholarships to high-potential students from underprivileged backgrounds, enabling them to pursue higher education and meaningful careers. In addition, the Foundation runs a Leadership Development Programme, which supports students by offering tailored mentoring, coaching, and networking opportunities. As at the year end we had 24 additional scholars for the 2024/2025 cohort.
Community and Networking Events: In January 2024, the Avicenna Foundation hosted its official launch at the House of Commons. The event featured prominent speakers and brought together over 160 guests from various sectors, including politics and business. Scholars from the Foundation played a significant role in organising the event.
Public benefit
The Trustees have given due consideration to the Charity Commission's published guidance on the Public Benefit Requirement.
Volunteers
We have a small number of volunteers who assist on an ad-hoc basis.
STRATEGIC REPORT
ACHIEVEMENT AND PERFORMANCE
Leadership in Action: The launch event at the House of Commons underscored the Foundation's growing influence. Scholars actively participated in managing the event, networking with influential figures, and showcasing their leadership skills. This served as a significant learning experience for them(Avicenna Foundation).
Educational Milestones: The Foundation's scholarship and mentoring programmes have supported students from disadvantaged backgrounds, including those studying at top universities like Oxford. Scholars have reported considerable personal and professional growth, benefitting from Avicenna's leadership and coaching initiatives.
Social Impact: The Foundation has contributed to the social mobility of young British Muslims, helping individuals from refugee and disadvantaged backgrounds become the first in their families to attend university. These success stories demonstrate the tangible impact of the Foundation's work. The Foundation is now supporting two cohorts of Avicenna Scholars thorough university via the scholarship and leadership development programme. In it's second year the Foundation hae made the intentional choice to better structure the support it gives to scholars and focus of organisation sustainability.
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AVICENNA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
FINANCIAL REVIEW
Financial position
Overall, the charity is in a healthy position as demonstrated by our accounts for the period in concern. This is mainly due to effective cost control, which ensures our running costs are kept to an acceptable level.
Avicenna Foundation has shown that it is a well run organisation with overall surplus funds. The charity had a net surplus of £626,073.
During the year the charity raised £939,717 in direct donations to carry out its activities. During the year £262,648 from the funds were expensed for projects.
The charity continues to work closely with a number of partner organisations in order to carry out its activities.
Reserves policy
We aim to utilise the funds as soon as we identify suitable programmes or scolars.
The funds the charity holds is to ensure that it has sufficient reserves to cover the costs of managing and administering the charity for the following year.
The Trustees consider it prudent that the reserves should be sufficient for the charity's use. The Trustees have approved that all unrestricted reserves will be utilised in helping the charity achieve its objectives.
Going concern
Currently no concerns about the charity continuing as a going concern.
FUTURE PLANS
The Charity is also seeking to grow it's leadership programme support and level of pastoral and holistic development.
Principal risks and uncertainties
The principal financial risks and uncertainties that the charity can face is reduction in donations from key donors as this is the significant portion of the charity's funding. The charity has raised awareness of its activities and sends out advertising material of the work it does in order to attract more donations. This has been successful as the amount of donations have remained consistent.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes a charity incorporated organisation.
Recruitment and appointment of new trustees
All trustees are involved in any selection process that takes place and a vote amongst the trustees is conducted to appoint any positions within the organisation.
Organisational structure
The board of Trustees of the charity are responsible for the charity's strategic direction. The board of Trustees meet on a termly basis to discuss the activities of the charity.
The board of trustees are supported through the aid of volunteers who manage the daily running of the charity.
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AVICENNA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping 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 statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
30th October 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... Mr T Valli - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AVICENNA FOUNDATION
Opinion
We have audited the financial statements of Avicenna Foundation (the 'charity') for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AVICENNA FOUNDATION
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AVICENNA FOUNDATION
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework; - inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, SORP and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to employment regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities as appropriate.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Watergates Ltd (Statutory Auditor) 109 Coleman Road Leicester Leicestershire LE5 4LE
30 October 2025 Date: .............................................
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AVICENNA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Education Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
YEAR ENDED 31.12.24 Unrestricted fund £ 1,840,646 77,739 1,918,385 599,197 190,717 789,914 1,128,471 626,073 1,754,544 |
PERIOD 6.3.23 TO 31.12.23 Total funds £ 939,717 - 939,717 287,292 26,352 313,644 626,073 - 626,073 |
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The notes on page 0 form part of these financial statements
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AVICENNA FOUNDATION
STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 2024
| Notes CURRENT ASSETS Debtors 11 Investments 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31/12/24 Unrestricted fund £ 5,500 1,500,000 281,644 1,787,144 (32,600) 1,754,544 1,754,544 1,754,544 1,754,544 1,754,544 |
31/12/23 Total funds £ - - 648,048 648,048 (21,975) 626,073 626,073 626,073 626,073 626,073 |
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 30th October 2025
............................................. Mr T Valli - Trustee
The notes on page 0 form part of these financial statements
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AVICENNA FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024
| YEAR ENDED 31.12.24 Notes £ Cash flows from operating activities Cash generated from operations 1 1,133,596 Net cash provided by operating activities 1,133,596 Cash flows from investing activities Purchase of current asset investments (1,500,000) Net cash (used in)/provided by investing activities (1,500,000) Change in cash and cash equivalents in the reporting period (366,404) Cash and cash equivalents at the beginning of the reporting period 648,048 Cash and cash equivalents at the end of the reporting period 281,644 |
PERIOD 6.3.23 TO 31.12.23 £ 648,048 648,048 - - 648,048 - 648,048 |
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The notes on page 0 form part of these financial statements
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AVICENNA FOUNDATION
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| YEAR ENDED 31.12.24 £ Net income for the reporting period (as per the Statement of Financial Activities) 1,128,471 Adjustments for: Increase in debtors (5,500) Increase in creditors 10,625 Net cash provided by operations 1,133,596 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow £ £ Net cash Cash at bank and in hand 648,048 (366,404) 648,048 (366,404) Liquid resources Deposits included in cash - - Current asset investments - 1,500,000 - 1,500,000 Total 648,048 1,133,596 |
PERIOD 6.3.23 TO 31.12.23 £ 626,073 - 21,975 648,048 At 31.12.24 £ 281,644 281,644 - 1,500,000 1,500,000 1,781,644 |
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The notes on page 0 form part of these financial statements
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The functional currency of the charity is considered to be pounds sterling because that is the currency of the primary economic environment in which the Charity operates. The financial statements are also presented in pounds sterling, The amounts in the financial statements are presented to the nearest £1, unless otherwise stated.
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies. There are no significant areas requiring material judgements, estimates or assumptions.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
The value of services provided by volunteers is difficult to put a monetary value on and therefore has not been included in accordance with the Charities SORP (FRS102).
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure is classified under the following activity headings:
Charitable activities: Costs associated with the provision of scholarship, community and networking events and alumni network as elaborated on in the Trustees’ Report. These include both direct charitable expenditure, grants payable and support costs relating to these activities. Grants payable to other organisations for relief projects are included in the SOFA when approved by the trustees and agreed with the other organisation.
Support costs: Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs for a single activity are allocated to the particular activity where the cost relates directly to that activity. However, Support costs that represent the support functions of management, finance, human resources, IT and support departments attributable to the management of the Charity's assets, are allocated in proportion to the type of charitable activity during the period.
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES - continued
EXPENDITURE
Governance costs: These are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities. Governance support costs are allocated on the basis of support activities provided on clearly interpreted governance matters.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
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|PERIOD|
|6.3.23|
|YEAR ENDED|TO|
|31.12.24|31.12.23|
|£|£|
|Donations|1,840,646|939,717|
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The charity benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
3. INVESTMENT INCOME
Investment income
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|---|---|
|PERIOD|
|6.3.23|
|YEAR ENDED|TO|
|31.12.24|31.12.23|
|£|£|
|-|
|77,739|
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support Direct (see note costs (see Costs 5) note 6) £ £ £ Education 505,641 20,000 73,556 5. GRANTS PAYABLE YEAR ENDED 31.12.24 £ Education 20,000 The total grants paid to institutions during the year was as follows: YEAR ENDED 31.12.24 £ Various support 20,000 6. SUPPORT COSTS Governance Management costs £ £ Other resources expended 176,535 14,182 Education 73,556 - 250,091 14,182 |
Totals £ 599,197 PERIOD 6.3.23 TO 31.12.23 £ - PERIOD 6.3.23 TO 31.12.23 £ - Totals £ 190,717 73,556 264,273 |
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
7. AUDITORS' REMUNERATION
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|---|---|---|
|PERIOD|
|6.3.23|
|YEAR ENDED|TO|
|31.12.24|31.12.23|
|£|£|
|Fees payable to the charity's auditors for the audit of the charity's financial|
|statements|10,200|-|
|Auditors' remuneration for non audit work|1,800|-|
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8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the period ended 31st December 2023.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st December 2024 nor for the period ended 31st December 2023.
9. STAFF COSTS
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|---|---|---|
|PERIOD|
|6.3.23|
|YEAR ENDED|TO|
|31.12.24|31.12.23|
|£|£|
|Wages and salaries|110,104|20,833|
|Social security costs|7,475|2,352|
|-|
|Other pension costs|1,668|
|119,247|23,185|
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The average monthly number of employees during the year was as follows:
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|---|---|---|
|PERIOD|
|6.3.23|
|YEAR ENDED|TO|
|31.12.24|31.12.23|
|Staff|3|1|
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No employees received emoluments in excess of £60,000.
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies |
Unrestricted fund £ 939,717 |
|
|---|---|---|
| EXPENDITURE ON Charitable activities Education Other |
287,292 26,352 |
|
| Total | 313,644 | |
| NET INCOME | 626,073 | |
| TOTAL FUNDS CARRIED FORWARD | 626,073 | |
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
31/12/24 £ 5,500 |
31/12/23 £ - |
| 12. CURRENT ASSET INVESTMENTS Other |
31/12/24 £ 1,500,000 |
31/12/23 £ - |
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£ £
Trade creditors - 6,338
Taxation and social security (39) 1,468
Other creditors 32,639 14,169
32,600 21,975
14. MOVEMENT IN FUNDS
Net
movement At
At 1.1.24 in funds 31.12.24
£ £ £
Unrestricted funds
General fund 626,073 1,128,471 1,754,544
TOTAL FUNDS 626,073 1,128,471 1,754,544
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,918,385 (789,914) 1,128,471
TOTAL FUNDS 1,918,385 (789,914) 1,128,471
Comparatives for movement in funds
Net
movement At
in funds 31.12.23
£ £
Unrestricted funds
General fund 626,073 626,073
TOTAL FUNDS 626,073 626,073
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AVICENNA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 939,717 939,717 |
Resources Movement expended in funds £ £ (313,644) 626,073 (313,644) 626,073 |
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15. RELATED PARTY DISCLOSURES
During the year, the following transactions took place with related parties where the Trustees were also directors of those companies:
Donations of £1.8m (2023: £0.9m) was received during the year from related parties. Amounts owed to related parties at the year end were £9,000 (2023: £9,000).
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AVICENNA FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| YEAR ENDED 31.12.24 £ INCOME AND ENDOWMENTS Donations and legacies Donations 1,840,646 Investment income Investment income 77,739 Total incoming resources 1,918,385 EXPENDITURE Charitable activities Coaching, mentoring & program development 55,509 Scolarship university funding 397,750 Scholar retreats, events and networking 52,382 Grants to institutions 20,000 525,641 Support costs Management Wages 110,104 Social security 7,475 Pensions 1,668 Insurance 1,931 Postage and stationery - Advertising and marketing 55,855 Travelling expenses 25,116 Legal and professional fees 4,800 Subscriptions 1,015 Rent 24,426 Travel and other disbursements 17,701 250,091 Finance Bank charges - Governance costs Auditors' remuneration 10,200 Carried forward 10,200 |
PERIOD 6.3.23 TO 31.12.23 £ 939,717 - 939,717 13,148 249,500 - - 262,648 20,833 2,352 - - 1,012 24,644 - - 58 - - 48,899 97 - - |
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This page does not form part of the statutory financial statements
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AVICENNA FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| YEAR ENDED 31.12.24 £ Governance costs Brought forward 10,200 Auditors' remuneration for non audit work 1,800 Accountancy fees - Professional fees 2,182 14,182 Total resources expended 789,914 Net income 1,128,471 |
PERIOD 6.3.23 TO 31.12.23 £ - - 2,000 - 2,000 313,644 626,073 |
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This page does not form part of the statutory financial statements
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