Charity registration number 241048
THE SAIFEE FOUNDATION OF EUROPE
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SAIFEE FOUNDATION OF EUROPE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mazoon-e-Dawat il-Haq, Syed Qaidjoher bhaisaheb Ezzuddin - | Appointed 23 September 2024 |
|---|---|---|
| Chairman | ||
| (Name as in passport Qaid Joher Ezzuddin) | ||
| Shahzada Husain bhaisaheb Burhanuddin - Vice Chairman | Appointed 23 September 2024 | |
| (Name as in passport Husain Syedna Mufaddal Burhanuddin | ||
| Saifuddin) | ||
| Farazdaq bhaisaheb Husaini - Operating Trustee | ||
| (Name as in passport Farazdaq Zainuddin) | ||
| Shaikh Mohammed bhai Shaikh Yunus bhai Essajee - Secretary | Appointed 23 September 2024 | |
| (Name as in passport Mohammed Essajee) | ||
| Shaikh Alihussain bhai Hasanali - Treasurer | ||
| (Name as in passport Alihussein Yusufali Hasanali) | ||
| Mustansir bs bin Farazdaq bhaisaheb Husaini | Appointed 23 September 2024 | |
| (Name as in passport Mustansir Farazdaq Zainuddin) | ||
| Shaikh Yunus bhai Shaikh Abdulqadir | ||
| (Name as in passport Yunus Abdulkader) | ||
| Shaikh Ibrahim bhai Shaikh Ismail bhai | ||
| (Name as in passport Ibrahim Esmail Mohamedali Sheikh) | ||
| Shaikh Ameer bhai Taiyebali bhai Kaderbhai | ||
| (Name as in passport Amirali Taibali Kaderbhai) | ||
| Shaikh Zainulabedeen bhai Shaikh Hatim bhai Jafferji | Appointed 23 September 2024 | |
| (Name as in passport Zainulabedin Hatim Jafferji) | ||
| Dr Shaikh Siraj bhai Natalwala | ||
| (Name as in passport Siraj Natalwala) | ||
| Shahzada Ammar bhaisaheb Jamaluddin DM | Term expired 23 September 2024 | |
| (Name as in passport Ammar Mohammed Burhanuddin | ||
| Jamaluddin) | ||
| Shabbir bhaisaheb bin Shahzada Jamaluddin Saheb | Term expired 23 September 2024 | |
| (Name as in passport Shabbir Ammar Jamaluddin) | ||
| Huzaifa bhaisaheb Mohammedi | Term expired 23 September 2024 | |
| (Name as in passport Huzaifa Zainuddin) | ||
| Ibrahim bhaisaheb Zaini | Term expired 23 September 2024 | |
| (Name as in passport Ibrahim Jafar Zaini) | ||
| Shaikh Mohammed bhai Dudhwala | Term expired 23 September 2024 | |
| (Name as in passport Mohammed Hussain) | ||
| Shaikh Abdulhusain bhai Khanbhai | Term expired 23 September 2024 | |
| (Name as in passport Dilaver Esmail Khanbhai) |
THE SAIFEE FOUNDATION OF EUROPE
LEGAL AND ADMINISTRATIVE INFORMATION
Shaikh Mustafa bhai Alibhai (Name as in passport Mustafa Alibhai) Shaikh Shabbir bhai Shaikh Ibrahim bhai (Name as in passport Shabbir Ibrahim Sheikh)
Term expired 23 September 2024 Term expired 23 September 2024
Dr Shaikh Moiz bhai Dungarwalla Term expired 23 September 2024 (Name as in passport Moez Rajabali Dungarwalla) Dr Shaikh Aliasger bhai Rangwala Term expired 23 September 2024 (Name as in passport Aliasgar Ibrahim Rangwala) Mulla Ammar bhai Shaikh Shabbir bhai Abidali Term expired 23 September 2024 (Name as in passport Ammar Shabbir Abidali)
Trustees holding Shahzada Ammar bhaisaheb Jamaluddin DM title of properties (Name as in passport Ammar Mohammed Burhanuddin Jamaluddin) during the year
Farazdaq bhaisaheb Husaini - Operating Trustee (Name as in passport Farazdaq Zainuddin)
Charity number 241048
Principal address 6 Mohammedi Park Rowdell Road Northolt Middlesex UB5 6AG
Auditor TC Group 5th Floor 3 Dorset Rise London EC4Y 8EN Bankers Habib Bank AG Zurich Habib House 42 Moorgate London EC2R 6JJ Barclays Bank Plc Leicester Leicestershire LE87 2BB Solicitors Broadfield Law UK LLP One Bartholomew Close London EC1A 7BL
THE SAIFEE FOUNDATION OF EUROPE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 16 |
THE SAIFEE FOUNDATION OF EUROPE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
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 Trust's deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities for the public benefit
The objects of the Trust are the advancement of religion, the relief of poverty, the advancement of education and learning, the provision of medical aid and any other objects of a charitable nature beneficial to the public at large. These objects are achieved by the granting of Qardan Hasana (interest free loans), as well as by giving donations from the unrestricted funds.
The policy of the Trust continues to be to seek additional support and provide for the aims as stated.
The Trustees confirm that they have paid due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objects for the year.
Activities and achievements
The Trust is regulated by the Financial Conduct Authority (FCA) for specific activities effective from 13 December 2022.
The Trust operates Qardan Hasana scheme in pursuance of its charitable aims. The Trustees consider that this activity provides benefit both to the community members and the wider public in general.
Financial review
The Statement of Financial Activities set out on page 7 shows the Trust's income and expenditure for the year ended 31 December 2024.
The Trust received a donation of £7,000,000 from a related party in the year and grant commitments of £14,000,000 payable over the next two years and as a result, the total income amounted to £21,120,320 (2023: £187,000). This included rental income of £120,320 (2023: £107,000) and unrestricted donations of £21,000,000 (2023: £80,000).
Total expenditure amounted to £2,788,906 (2023: £165,461), an increase of £2,623,445 on the prior year.
After allowing for the unrealised loss on the Trust's investment properties for the year of £nil (2023: £86,000), overall, the net movement in funds for the year resulted in a surplus of £18,331,414 (2023: a deficit of £64,461).
The balance sheet set out on page 8 shows the financial position of the Trust at 31 December 2024.
Total assets less liabilities amounted to £28,309,059 (2023: £9,977,645) which is represented by the accumulated balances on the unrestricted income funds.
The net assets of the unrestricted income funds are held to meet the ongoing overheads and administrative expenses and also to be applied towards the Trust's charitable objectives.
Qardan Hasana loans advanced during the year amounted to £4,724,401 (2023: £2,376,000) an increase of £2,348,401 on the previous year. Loans outstanding at the year end amounted to £6,099,849 (2023: £4,516,406). An increase of £1,583,443 on the previous year.
Reserves policy
The policy of the Trust is to hold funds in excess of those needed to meet normal operating costs as this enables the Trust to continue to grant Qardan Hasana loans as and when required.
The balance held as unrestricted funds at the year end was £28,309,059 (2023: £9,977,645), of which £24,780,059 (2023: £6,448,645) are regarded as free reserves, after allowing for funds represented by investment properties. All unrestricted funds of the Trust are held for its general purpose.
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THE SAIFEE FOUNDATION OF EUROPE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Social investment
Due to the tenets of the Dawoodi Bohra faith, interest can neither be received or paid and as a result the Trust provides a programme related scheme in the form of interest free loans (commonly referred to as Qardan Hasana) in order to directly further its charitable purposes. The scheme is available to other connected charities, businesses, community members and the public at large.
Risk management
The Trustees have assessed the major risks to which the Trust is exposed in particular those relating to the operations and finances of the Trust and are satisfied that systems are in place to mitigate their exposure to the major risks.
Plans for the future
The policies and purposes of the Trust shall continue under the provisions of the Trust Deed.
Structure, governance and management
The Trust was established by a trust deed dated 28 August 1964 effected by the late 51st Dai al-Mutlaq, His Holiness Dr Syedna Taher Saifuddin (RA).
The Trustees named on the legal and administrative information page have served during the year and up to the date of this report, except as noted. Trustees are appointed by the Dai al-Mutlaq for a period not exceeding five years. Trustees may be reappointed at the end of a term of five years. The current Trustees term will end on 27 August 2029.
The 53rd Dai al-Mutlaq, His Holiness Dr Syedna Mufaddal Saifuddin (TUS) has confirmed and validated the appointment of the Trustees named on the legal and administrative information page and has graciously permitted the Trustees of the Trust to continue to function as such in accordance with the provisions of the Trust Deed.
Meetings of the Trustees are held to agree the strategy and areas of activity of the Trust including the consideration of grants and Qardan Hasana (interest free loans), reserves and risk management policies and activities. The day to day administration of the Trust is carried out by the Operating Trustee.
The Trustees consider the board of Trustees as comprising the key management personnel of the Trust in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year.
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THE SAIFEE FOUNDATION OF EUROPE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 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).
The law applicable to charities in England and Wales 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 Trust and of the incoming resources and application of resources of the Trust for that year.
In preparing these 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 Charities 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; and
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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 operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees and signed on their behalf by:
Farazdaq Bhaisaheb Husaini Operating Trustee Dated: 9 September 2025
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THE SAIFEE FOUNDATION OF EUROPE
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE SAIFEE FOUNDATION OF EUROPE
Opinion
We have audited the financial statements of The Saifee Foundation of Europe (the ‘Trust’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, including Financial Reporting Standard 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:
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give a true and fair view of the state of the charity’s affairs as at 31 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; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust 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 Trust’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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' report; 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; or
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we have not received all the information and explanations we require for our audit.
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THE SAIFEE FOUNDATION OF EUROPE
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SAIFEE FOUNDATION OF EUROPE
Responsibilities of Trustees
As explained more fully in the Statement of Trustees' Responsibilities, the Trustees 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 Trust’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 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 145 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 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the reporting framework being FRS102, Charities SORP (FRS 102), Charities Act 2011 and the Financial Conduct Authority's (FCA) rules and regulations.
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We understood how the charity is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including Trustees' meeting minutes.
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of Trustees' meeting minutes.
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We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the income recognised.
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The charity is a regulated entity under the supervision of the Charity Commission and the Financial Conduct Authority. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
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THE SAIFEE FOUNDATION OF EUROPE
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SAIFEE FOUNDATION OF EUROPE
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
TC Group
22 September 2025
Statutory Auditor
5th Floor 3 Dorset Rise London EC4Y 8EN
TC Group is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE SAIFEE FOUNDATION OF EUROPE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Income from: Donations 3 Rental income 4 Total income Expenditure on: Raising funds Rental property expenses 5 Charitable activities Grant and educational aid 6 Total charitable expenditure Total expenditure Net loss on investments 12 Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 January 2024 16 Fund balances at 31 December 2024 16 |
2024 £ 21,000,000 120,320 21,120,320 45,256 2,743,650 2,743,650 2,788,906 - 18,331,414 9,977,645 28,309,059 |
2023 £ 80,000 107,000 187,000 39,753 125,708 125,708 165,461 (86,000) (64,461) 10,042,106 9,977,645 |
|---|---|---|
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THE SAIFEE FOUNDATION OF EUROPE
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Investment properties 14 Current assets Debtors falling due after one year 15 Debtors falling due within one year 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2024 £ £ 3,529,000 9,463,441 10,643,058 5,041,697 25,148,196 (368,137) 24,780,059 28,309,059 28,309,059 |
2023 £ £ 3,529,000 1,401,550 3,125,666 1,994,177 6,521,393 (72,748) 6,448,645 9,977,645 9,977,645 |
2023 £ £ 3,529,000 1,401,550 3,125,666 1,994,177 6,521,393 (72,748) 6,448,645 9,977,645 9,977,645 |
|---|---|---|---|
| 9,977,645 | |||
| 9,977,645 |
The financial statements were approved by the Trustees on 9 September 2025
Farazdaq Bhaisaheb Husaini Operating Trustee
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THE SAIFEE FOUNDATION OF EUROPE
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 20 Investing activities Investment income received Net cash generated from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ £ 2,927,200 120,320 120,320 3,047,520 1,994,177 5,041,697 |
2023 £ £ (961,264) 107,000 107,000 (854,264) 2,848,441 1,994,177 |
|---|---|---|
Analysis of changes in net funds
The Charity does not have any debt, as such the net debt position is equivalent to the cash at bank. Changes in net debt position are equivalent to the movement as shown on the statement of cash flows above.
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Saifee Foundation of Europe is an unincorporated charity governed by a trust deed. The Trust is registered in the United Kingdom and its registered address is at 6 Mohammedi Park, Rowdell Road, Northolt, Middlesex, UB5 6AG.
The principal accounting policies adopted and judgement in the preparation of the financial statements are as follows.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Trust's deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2019). The Trust meets the definition of a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust 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 the Trust's charitable objectives.
1.4 Incoming resources
Income is recognised when the Trust has entitlement to the income and that it is probable that the income will be received and the amount of income can be measured reliably.
Where possible, donations are accounted for on a receivable basis. However, it is recognised that voluntary donations cannot be treated in this manner where there is no contractually enforceable right to donations promised. For this reason, voluntary donations are normally accounted for on a receipts basis.
Rental income is accounted for on a receivable basis.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust.
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Governance costs are those incurred in connection with the management of the Trust, organisational administration and compliance with constitutional and statutory requirements.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Tangible fixed assets
Tangible fixed assets costing £3,000 or above are capitalised and stated at cost less depreciation. All assets costing less than £3,000 are expensed. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
Straight line over 5 years
1.7 Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at their estimated fair values as at the reporting end date as determined by the Trustees. The surplus or deficit on revaluation is recognised in the statement of financial activities.
1.8 Financial instruments
The Trust 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 and subsequently measured at their settlement value.
1.9 Foreign exchange
Foreign currency transactions are initially translated at the spot rate at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated at the applicable exchange rates at the year end. The net differences arising have been dealt with through the statement of financial activities.
1.10 Qardan Hasana
Qardan Hasana balances (interest free loans) are initially recognised and measured at the amount received or paid with the carrying amount adjusted in subsequent years to reflect repayments and adjusted if necessary for any doubtful debts.
2 Critical accounting estimates and judgements
The preparation of financial statements requires management to make estimates, judgements and assumptions that affect reported income, expenses, assets and liabilities. However, the nature of estimation means that actual outcomes could differ from those estimates. The valuation of the investment properties may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
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.
Valuation of investment properties
Investment properties are measured using the fair value model and stated at their estimated fair values on the basis of the open market value as at the reporting end date as determined by the Trustees, but with reference to information obtained from third party experts. The Trustees consider the aggregate valuation at the yearend to be materially accurate at £3,529,000.
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 21,000,000 | 80,000 |
The donations include funding commitments of £14,000,000 (£2023: £nil) from a related party payable over two years.
4 Rental income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| United Kingdom - residential properties | 120,320 | 107,000 |
Rental income represents unrestricted funds received from the investment properties held.
5 Raising funds
| Rental property expenses Property management fees Other including repairs and maintenance |
2024 £ 25,475 19,781 45,256 |
2023 £ 18,196 21,557 |
|---|---|---|
| 39,753 |
6 Charitable activities
| Grant funding of activities (see note 8) Support costs (see note 9) Governance costs (see note 9) |
2024 £ 2,599,286 126,005 18,359 2,743,650 |
2023 £ 450 - 125,258 |
|---|---|---|
| 125,708 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year and no expenses were paid on behalf of the Trustees.
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Grants payable
| Anjuman-e-Burhani (London) Anjuman-e-Saifee (Leicester) Anjuman-e-Jamali (Bradford) Anjuman-e-Hamidi (Manchester) Anjuman-e-Shahabi (East London) Talimy Imdad (Educational aid) |
2024 £ 1,500,000 500,786 100,000 398,500 100,000 - 2,599,286 |
2023 £ - - - - - 450 |
|---|---|---|
| 450 |
9 Support and governance costs
| Support and governance costs | |||
|---|---|---|---|
| Provision for doubtful debts Audit fees Non-audit fees Legal and professional fees Bank charges |
Support costs Governance costs £ £ 84,317 - - 15,300 - 2,636 41,688 - - 423 126,005 18,359 |
2024 £ 84,317 15,300 2,636 41,688 423 144,364 |
2023 £ - 13,200 5,874 105,897 287 |
| 125,258 |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Employees
There were no employees during the year or the prior year.
Other than the Trustees, the Trust relies on the unpaid support of employees of a related party.
12 Net loss on investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Unrealised loss on revaluation of investment properties | - | (86,000) |
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 13 Tangible fixed assets Fixtures, fittings Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 At 31 December 2024 Carrying amount At 1 January 2024 and 31 December 2024 14 Investment properties Fair value At 1 January 2024 and 31 December 2024 |
& equipment £ 47,410 |
|---|---|
| 47,410 | |
| 47,410 | |
| 47,410 | |
| - | |
| 2024 £ 3,529,000 |
The investment properties are stated in the accounts at the Trustees' estimate of the market value at the balance sheet date.
15 Debtors
| Amounts falling due within one year: Burhani Qardan Hasana Donations receivable Prepayments and accrued income Amounts falling due after more than one year: Burhani Qardan Hasana Donations receivable Total debtors |
2024 £ 3,636,408 7,000,000 6,650 10,643,058 2024 £ 2,463,441 7,000,000 9,463,441 20,106,499 |
2023 £ 3,114,856 - 10,810 |
|---|---|---|
| 3,125,666 | ||
| 2023 £ 1,401,550 - |
||
| 1,401,550 | ||
| 4,527,216 |
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
15 Debtors
(Continued)
Qardan Hasana comprise secured and unsecured interest-free loans repayable over one to seven years. The repayment period can be extended at the Trustees' discretion.
16 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Enayat commitments (see note 18) Other creditors Accruals and deferred income |
2024 £ 338,263 10,075 19,799 368,137 |
2023 £ - 5,391 67,357 |
| 72,748 |
17 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 1 January 2024 £ General funds 9,977,645 Previous year: At 1 January 2023 £ General funds 10,042,106 |
Incoming resources £ 21,120,320 Incoming resources £ 187,000 |
Resources expended £ (2,788,906) Resources expended £ (165,461) |
Gains and losses £ - Gains and losses £ (86,000) |
At 31 December 2024 £ 28,309,059 |
|---|---|---|---|---|
| At 31 December 2023 £ 9,977,645 |
18 Enayat commitments
| Enayat commitments recognised at 1 January 2024 Commitments made in the year Enayat paid during the year Enayat commitments recognised at 31 December 2024 |
£ - 2,599,286 (2,261,023) |
|---|---|
| 338,263 |
The above comprises unconditional Enayat approved by the Trustees.
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THE SAIFEE FOUNDATION OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
19 Related party transactions
The Trust by way of influence and Trustees in common, is related to Dawat-e-Hadiyah Trust (United Kingdom) ("Dawat").
During the year, the Trust received an unconditional grant of £21,000,000 (2023: £80,000) from Dawat, that was pledged at £7,000,000 per year for three years. At the year end, £14,000,000 (2023: £nil) was due from Dawat in respect of this grant.
At the year end, £2,668 was also due from Dawat in respect of funds received on behalf of the Trust (2023: £2,883).
At the year end the following amounts were due from businesses owned by the Trustees listed below under the Qardan Hasana scheme:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Alihussain Yusufali Hasanali | - | 800,000 |
| 20 Cash generated from operations 2024 £ Surplus/(deficit) for the year 18,331,414 Adjustments for: Investment income recognised in statement of financial activities (120,320) Fair value gains on investment properties - Movements in working capital: Increase in debtors (15,579,283) Increase in creditors 295,389 Cash generated from/(absorbed by) operations 2,927,200 |
2023 £ (64,461) (107,000) 86,000 (911,948) 36,145 (961,264) |
|---|---|
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