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2024-12-31-accounts

Registered Company Number: 14790001 Registered Charity Number: 1208651

THE WAQF FUND

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1

THE WAQF FUND (A company limited by guarantee)

COMPANY INFORMATION

Trustees Professor Kamil Omoteso
Dr Muhammad Qattan
Dr Emir Camdzic
Company registration number 14790001
Charity registration number 1208651
Registered office 22-28 George Street
Birmingham
B12 9RG
Principal office 22-28 George Street
Birmingham
B12 9RG
Independent auditor Sayer Vincent LLP
110 Golden Lane
London
EC1Y 0TG
Bankers NatWest Bank PLC
Precinct Centre
Oxford Road
Manchester
M13 9NX
Solicitors Bates Wells
10 Queen Street Place
London
EC4R 1BE

2

THE WAQF FUND (A company limited by guarantee)

CONTENTS

Page
Trustees' report 4 - 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Cash flow statement 13
Notes to the financial statements 14 - 20

3

THE WAQF FUND (A company limited by guarantee)

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024

The Trustees present their annual report and the financial statements for the period ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

In the period the accounting reference date was changed to 31[st] December from 30[th] April accordingly the Income and Expenditure figures relate to the eight months ended 31[st] December 2024 whilst the comparatives relate to the year ending 30[th ] April 2024. The comparatives have been headed as ‘2023’ since the accounting period falls predominantly in that year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Waqf Fund is a company limited by guarantee by its Memorandum and Articles of Association. The company operates as a registered charity and is a subsidiary of Human Appeal (company number 08553893) which also operates as a registered charity. The Group is part of a wider network of affiliated but independent charitable entities around the world which share the “Human Appeal” name.

Organisational structure

The charitable company is managed by the Board of Trustees, all of whom are Directors of the company, who consider all significant matters such as strategy and major expenditure at their meetings. The Trustees are responsible for the running of the charity delegating day-to-day operations to a Waqf Manager; Mr Morshed Alam.

Recruitment and appointment of Trustees

Trustees are appointed to the Board by decision from the board of Trustees of the parent Charity Human Appeal.

Induction and training of Trustees

Newly appointed Trustees are introduced to the operations of the Charity by staff and Trustees. They are familiarized with the Charity’s governing documents and their responsibilities as Trustees.

Risks and Uncertainties

The major risks to which The Waqf Fund is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. Being a subsidiary of Human Appeal; The Waqf Fund is subject to most of the Risks and Uncertainties which the parent organisation encounters. The risks and certainties centre around the difficulties and strictures of fundraising in the Middle East. Risks are reduced by the organisation employing qualified personnel who operate according to written procedures. The Trustees consider the insurance arrangements of the company to be adequate. During the financial period qualifying third party indemnity provision was in place for the benefit of the Directors of the company.

Fundraising

The Waqf Fund adheres to all relevant statutory regulations including the Data Protection Act 2018 and the Charities Act 2011. The Charity is registered with the Fundraising Regulator and strives for best practice in fundraising by adhering to the Code of Fundraising Practice and is committed to the Fundraising Promise. The Charity’s approach mainly utilises Digital Fundraising and does not use third party organisations to fundraise on its behalf. The Charity greatly values the generosity shown by all its donors and supporters .

Objectives and activities

The purpose of the Charity is to operate under Waqf (which is the Islamic equivalent of endowments) principles, Waqf donations are funds that have been given to The Waqf Fund subject to the restriction that they are to be held as capital or

4

THE WAQF FUND (A company limited by guarantee)

TRUSTEES' REPORT (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

spent on a long-term charitable asset with the aim of generating a return while the original investment remains intact. In our model donated funds are invested in low risk assets and the returns generated from these investments are applied in the following way i) 80% on humanitarian and development projects ii) 10% is re-invested iii) 10% towards administrative costs. The expenditure on projects is in accordance with the original donors’ wishes and utilises Human Appeal’s charitable work to deliver them. The charitable objects of the Charity, as stated in the Memorandum and Articles incorporated on 10[th] April 2023 and as amended by special resolution registered at Companies House on 2[nd] January 2024 as amended on 11[th] March 2025, are:

For the public benefit to further any purpose which is exclusively charitable according to the law of England and Wales including the relief of poverty and financial hardship and the promotion of the efficiency and effectiveness of charities and the effective use of their charitable resources.

Public Benefit

The Trustees develop strategic plans to make certain that they deliver maximum public benefit and achieve the strategic objectives which fall under purposes defined by the Charities Act 2011. The Trustees have carefully considered the Charity Commission’s general guidance on public benefit in setting objectives and planning activities.

ACHIEVEMENTS, PERFORMANCE AND STRATEGY

Review of activities

Being the first year of operation the activities were focussed on formulating strategy, setting up the organisational structure, developing policies and procedures and implementing systems and processes.

Remuneration Policy

Pay and remuneration of The Waqf Fund’s staff including key management personnel is set by reference to sector benchmarks.

Financial Review

This was the first period of operation of the Charity and as such the Trustees are satisfied with the financial performance of the organization. A surplus of £1,143 of Unrestricted was generated in the period as well as a surplus of £417,353 against Endowment Funds. The Trustees are grateful to the donors for their generosity and are in the process of identifying suitable investment opportunities for the endowment funds.

Strategy

The Charity’s strategy is to:

Statement of trustees' responsibilities

The Trustees (who are also directors of The Waqf Fund for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial period. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to ensure that:

5

THE WAQF FUND (A company limited by guarantee)

TRUSTEES' REPORT (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 21st September 2025 and signed on their behalf by -

Professor Kamil Omoteso Chair of the Board of Trustee

6

THE WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WAQF FUND

Opinion

We have audited the financial statements of The Waqf Fund (the ‘charitable company’) for the period ended 31[st] December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 Waqf Fund'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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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.

7

THE WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE WAQF FUND (Continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 an auditor’s report 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.

8

THE WAQF FUND (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE WAQF FUND (Continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

9

THE WAQF FUND (A company limited by guarantee)

TO THE MEMBERS OF THE WAQF FUND (Continued)

INDEPENDENT AUDITOR'S REPORT

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard Senior Statutory Auditor for and on behalf of Sayer Vincent LLP 110 Golden Lane, London, EC1Y 0TG

Date: �����������������

10

THE WAQF FUND (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE FOR THE PERIOD ENDED 31 DECEMBER 2024

Note
Donations, Legacies &
Grants
3
Total Income
Cost of Raising
4
Funds
Charitable Expenditure
4
Total Expenditure
Net Movement in Funds
Reconciliation of Funds
Funds Brought Forward
Surplus/(Deficit) in Year
Funds Carried Forward		 Unrestricted
Funds
£
145,759
145,759
68,440
76,176
144,616
1,143
0
1,143
1,143		 Endowment
Funds
£
417,353
417,353
0
0
0
417,353
0
417,353
417,353		 Total 2024
£
563,112
563,112
68,440
76,176
144,616
418,496
0
418,496
418,496		 Total 2023
£
0
0
0
0
0
0
0
0
0

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 11 to the financial statements.

In the period the accounting reference date was changed to 31[st] December from 30[th] April accordingly the Income and Expenditure figures relate to the eight months ended 31[st] December 2024 whilst the comparatives relate to the year ending 30[th ] April 2024. The comparatives have been headed as ‘2023’ since the accounting period falls predominantly in that year.

The notes on pages 14 to 20 form part of these financial statements.

11

THE WAQF FUND (A company limited by guarantee)

BALANCE SHEET FOR THE PERIOD ENDED 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
8
Current assets
Debtors: amounts falling due within one year
9
Cash at bank and in hand
Creditors: amounts falling due within one
Year
10
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestricted
Endowment		 2024
£
1,013
34,823
417,385
452,208
(34,725)
417,483
418,496
418,496
1,143
417,353
418,496		 2023
£
0
0
0
0
0
0
0
0
0
0
0		 2023
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

In the period the accounting reference date was changed to 31[st] December from 30[th] April accordingly the Balance Sheet date refers to 31[st] December 2024 whilst the comparatives refer to 30[th ] April 2024. The comparatives have been headed as ‘2023’ since the accounting period falls predominantly in that year.

The financial statements for The Waqf Fund (Company Number 14790001) were approved and authorised for issue by the board and were signed on its behalf on 21st September 2025.

Professor Kamil Omoteso Chair of the Board of Trustee

The notes on pages 14 to 20 form part of these financial statements.

12

THE WAQF FUND (A company limited by guarantee)

CASHFLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2024

Reconciliation of net income/ expenditure to net cash flow from operating activities

Net income for the reporting
period per the SOFA
Adjustments for:
Depreciation
Increase in debtors
(Decrease) in creditors
Net cash utilised by operating activities
Cash flows from investing activities:
Purchase of property, plant, and equipment
Net decrease/ (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Consisting of:
Cash at bank and in hand		 2024
£
418,496
337
(34,823)
34,725
418,735
(1,350)
417,385
0
417,385
417,385		 2023
£
0
0
0
0
0
0
0
0
0
0

The notes on pages 14 to 20 form part of these financial statements.

13

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

1. Company information

The Waqf Fund is a charitable company limited by guarantee, without share capital and governed by its Memorandum and Articles originally dated 10 April 2023 and amended by Special Resolution on 2 January 2024. Originally called International British Waqf; the company changed its name to The Waqf Fund on 2 April 2025.

The company was originally registered as a charity with the Charity Commission on 13 June 2024 having remained dormant until 1 May 2024. The Waqf Fund is a public benefit entity.

The Principal Address and Registered Office is 22-28 George Street, Birmingham B12 9RG.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements of the Charity, which is a public benefit entity under FRS 102, 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[st] January 2019) – (Charities SORP (FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland – (FRS 102) and the Charities Act 2011.

The financial statements have been prepared on a going concern basis under the historical cost convention.

2.2 Going concern

When preparing these Financial Statements, the Trustees have assessed the Company's ability to continue as a going concern. As a result of this assessment no material uncertainties have been identified by the Trustees that may cast significant doubt about the ability of the Company to continue as a going concern. The Trustees consider the fact that the Charity is a subsidiary of Human Appeal and can call upon the support and resources of that organization as a major factor in reaching this judgement.

2.3 Incoming resources

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and that the amount can be measured reliably.

2.4 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.

2.5 Cash and cash equivalents

Cash at bank and cash in hand includes non-interest bearing accounts held at call with banks, and cash in hand. Cash equivalents includes monies deposited for less than 120 days or available within a 120 day notice period, without interest penalty.

2.6 Fund accounting

Unrestricted funds: All donations are considered unrestricted unless specifically stated by the donor. Unrestricted

14

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

funds comprise the accumulated surplus or deficit on the statement of financial activities which are available for use at the discretion of the trustees of Human Appeal in furtherance of the objectives of the charity.

Endowment (Waqf) funds: These are funds that have been given to The Waqf Fund subject to the restriction that they are to be held as capital or spent on a long-term charitable asset. Waqf is employed to generate a return while the original investment remains intact. Waqf returns are used to cater for long-term projects. Waqf is the Islamic equivalent of endowments.

2.7 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and impairment charges.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method unless where stated otherwise.

Depreciation is provided on the following basis:

Computer Equipment - 4 years Fixtures & fittings - 4 years

2.8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.

Debtors

Debtors are measured at the settlement amount after any trade discount offered.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.

Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

As a registered charity, the company is exempt from taxation of its income and gains to the extent they fall within the charity exemptions in the Corporation Taxes Act 2010 or Section 256 Taxation of Chargeable Gains Act 1992.

The company is able to recover Value Added Tax charged on its purchases to the extent to which it relates to the charity’s VAT taxable supply.

2.10 Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items where these judgments and estimates have been made include:

Provision for doubtful debts

Debtor balances outstanding at the period end and not received at the date of signing have been considered on a case-by-case basis regarding their recoverability.

15

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

3. Income from charitable activities

Income from charitable activities
Donations and legacies
Parent company grant		 2024
£
3,570
559,542
563,112		 2023
£
0
0
0

4. Support costs

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include management, administration, governance, and facilities costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to costs of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources.

`

Fundraising
Charitable activities		 Total
Support
Costs
£
2,336
21,026
23,362		 Activities
Undertaken
Directly
£
66,104
55,150
121,254		 Total
2024
£
68,440
76,176
144,616		 Total
2023
£
0
0
0

5. Governance

vernance
Auditor’s remuneration (audit)
Auditor’s remuneration (non-audit work)
Legal costs
Trustees’ expenses		 2024
£
4,200
0
2,413
815
7,428		 2023
£
0
0
0
0
0

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include professional fees and costs linked to the strategic management of the Charity.

6. Trustees’ expenses

ustees’ expenses
Meeting costs
Travel expenses		 2024
£
391
424
815		 2023
£
0
0
0

Trustees can claim expenses but are not remunerated.

16

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

7.
Staff costs and emoluments
Gross salaries
Employer’s National Insurance
Employer’s Pension		 2024
£
41,154
4,529
246
45,929		 2023
£
0
0
0
0

The average monthly number of employees during the period was 1.4 (2023: 0). No member of staff earned more than £60,000 in the period (2023: £0).

Key management remuneration amounted to £35,000 (2023: £0), with no pension costs (2023: £0).

8. Tangible fixed assets

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the period
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Computer
Equipment
£
0
1,350
0
1,350
0
337
337
1,013
0

17

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

9. Debtors

Debtors
Owed by group undertakings
Other taxation
Other debtors		 2024
£
34,725
0
98
34,823		 2023
£
0
0
0
0

10. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other debtors		 2024
£
30,525
0
4,200
34,725		 2023
£
0
0
0
0

11. Movement in funds

Unrestricted Funds
Brought forward
Incoming resources
Resources expended
Balance carried forward
Expendable Endowment Funds
Brought forward
Incoming resources
Resources expended
Balance carried forward		 2024
£
0
145,759
144,616
1,143
2024
£
0
417,353
0
417,353		 2023
£
0
0
0
0
2023
£
0
0
0
0

18

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

12. Analysis of assets and liabilities representing funds

Fixed assets
Current assets
Creditors due within one year		 Unrestricted
2024
£
1,013
35,855
(35,725)
1,143		 Endowment
2024
£
0
417,353
0
417,353		 Total
2024
£
1,013
453,208
(35,725)
418,496		 Total
2023
£
0
0
0
0

13. Financial Instruments

Financial assets measured at amortised cost

2024
£
Debtors
34,823
Cash
417,385
452,208
nancial liabilities measured at amortised cost
2024
£
Creditors
30,525
Accruals
4,200
34,725		 2023
£
0
0
0
2023
£
0
0
0

Financial liabilities measured at amortised cost

14. Controlling party

The ultimate parent company is Human Appeal, a charitable company registered in England and Wales (Company Number: 08553893 and Registered Charity Number: 1154288 which is based at 1 Cheadle Point, Carrs Road, Cheadle, England, SK8 2BL.

Human Appeal has the right to appoint and remove the trustees of The Waqf Fund.

Financial statements for the parent company can be obtained from the Human Appeal website www.humanappeal.org.uk

15. Related party transactions

All transactions with the charity's parent company have been disclosed in the appropriate notes. There were no further related party transactions to disclose for 2024 (2023: none).

19

THE WAQF FUND (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 DECEMBER 2024

16. Post-balance sheet events

In March 2025, the charity purchased two properties for a total of £2.01million to be held as investments for the furthering of the charity's purposes. Both properties were purchased with tenants already in place and thus producing rental income from the date of purchase.

20