2021-08-31-accounts - The Al-Khoei Benevolent Foundation

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		Page
Report ofthe Trustees	I	to	6
Report ofthe Independent Auditors	7	to	9
Statement ofrdnancial Activities		10
Balance Sheet
Cash Flow Statement		12
Notes to the Cash Flow Statement		13
Notes to the Financial Statements	14	to	23
Detailed Statement ofFinancial Activities	24	to	25

		fo	r the Year En	ded 31Au u	st 2021
						2021	2020
			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	fund	funds	funds
		Notes	K		K	K	K
INCOME AND ENDOWMENTS
FROM
Donations and legames			1,353,712	597,130		1,950,842	1,197,593
Cliaiitable nctivilies
Schools operations			1,399,396			1,399,396	1,323,556
Nursery Operations			123,295			123,295	203,957
DFID				182,324		182,324	140,487
Other mcome			326,462			326,462	291,789
Total			3,202,865	779,454		3,982,319	3,157,382
EXPENDITURE ON
Charitable activities
Schools operations			1,390,653			1,390,653	1,374,990
Orsnts and Donations			533,720	508,036		1,041,756	926,883
Supportcosts			332,845	8,950	36,613	378,408	378,565
Nursery Operations			107,745			107,745	101,194
OFIO				192,14/i		192,146	I30,211
Total			2,364,963	709,132	36,613	3,110,708	2,911,843
NET
INCOME/(EXPENDITURE)			837,902	70,322	(36,613)	871,611	245,539
RECONCILIATION	OF FUNDS
Total funds brought	forward		1,999,830	(18,864)	6,160,828	8,141,794	7,896,255
TOTAL FUNDS CARRIED
FORWARD			2,837,732	51,458	6,124,215	9,013,405	8,141,794

					2021	2020
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	fund	funds	funds
	tnotes	f	f	f	f	f
FIXEDASSETS
Tannble assets	11	1,67t,614		6,124,215	7,795,829	7,854,269
CURRENT ASSETS
Debtors	12	149,230	64,982		214,212	185,286
Cash ai bank and in hand		1,438,214	19.373		1,457,587	366.750
		1,587,444	84,355		1,671,799	552,036
CREDITORS
Amounts (ailing due wuhin onc year	13	(421,326)	(32,897)		(454,223)	(264,511)
NET CURRENT ASSETS		1,166,118	51,458		1,217,576	287,525
TOTAL ASSETS LESS
CURRENT LIABILITIES		2,837,732	51,458	6.124.215	9,013,405	8,141.794
NET ASSETS		2,837.732	51,458	6,124215	9013405	8,141,794
FUNDS	14
Unrcstrictcd t'unde					2.837.732	1,999.830
Restricted lands					51.458	118.864)
Endowment I'unde					6,124.215	6,160,828
TOTAL FUNDS					9,013.405	8,141,794

				for t	he Year Ended	31An nst 2021
						2021	2020
					I%ates
Cash tlows from	operating	activities
Cash generated 1'rom operations						1,097,447	281,806
Nei cash provided	by operating		activities			1,097,447	281,806
Cash flows from	investing	activities
Purchase oftangible fixed assets						(6,610)	(34,375)
Net cash used in	investing activities					(6,610)	(34,375)
Change in cash	and cash equivalents			in the
reporting period						1,090,837	247,431
Cash and cash equivalents		at	the beginning of
the reporting period						366,750	119,319
Cash and cash equivalents		at	the end	ofthe
reporiing period						1,457,587	366,750

				2021	2020
				8
Net income	for the	reporting	period (as per the Statement ofFinancial
Activities)				871,611	245,539
Adjnstmenls	for:
Depreciation	charges			65,050	69,030
(Increase)/decrease		in debtors		(28,926)	7,796
Increase/(decrease)		in creditors		189,712	(40,559)
Net cash provided		by operations		1,097,447	281,806

	At 1/9/20	Cash flow	At 31/8/21
Net cash
Cash at bank and in hand	366,750	1,090,837	1,457,587
	366,750	1,090,837	1,457,587
Total	366,750	1,090,837	1,457,587

Depreciation is pro	vided at the following an	mial rates in ord	er to write	offeach asset
Freehold properhes	in London	Cost	ofbuilding	over 50 years
Freehold properties	m Swansea	Cost	of building	over 25 years
Freehold property	m Mancheste&	Cost	ofbuilding	over 15years
School Fquipment		20%	on cost
Fixtures and tlttings		15/	oi& cost
OAice equipment		20%	on cost

DONATIONS	DONATIONS	AND LEGACIES
							2021	2020
							8
Donations and		Religious dues					1,941,457	1, 176,999
Gilt aid							9,385	20,594
							1,950,842	I,197,593
INCOME FROM CHARITABLE			ACTIVITIES
							2021	2020
			Activity
School	&Nursery Fee Income		Schools	operations			1,345,524	1,240,013
School	Other Income		Schools	operations			53,872	83,543
School	&Nursery Fee Income		Nursery	Operations			123,295	203,957
Grant -	DFID		DFID				182,324	140,487
							1,705,015	1,668,000
CHARITABLE ACTIVITIES COSTS
						Grant
						funding of
						activities	Support
					Direct	(see note	costs (see
					Costs	5)	note 6)	Totals
Schools operations					1,390,653			1,390,653
Grants and Donations						1,041,756		1,041,756
Support	costs				32,624		345,784	378,408
Nursery	Operauons				107,745			107,745
DF ID					192,146			192,146
					1,723,168	1,041,756	345,784	3,110,708

GRANTS P	A	YAB	L	K
								2021f	2020 f
Grants and Donations								l,t)41,756	926,883
The total grants paid				to	tnstitutions	during the year were 8984,293(2020-	6879,785)
SUPPORT	COSTS
						Management f	Finance	Other f	Totals
Support costs						26'0.385	25.691	59,708	345,784
Support costs,		included			in the above, are as follows:
Management
								2021	2020
								Support	Total
								costs	activities
Wages & salaries - Foundatton								155,323	156,692
Rates and water								76	3,191
),ight nnrl hnat								4,780	3,201
Telephone								297	269
Postage and	stanonery							407	223
Travelling								3,369	2,250
Sundries								593	766
Accountancy		fees						22,200	22,440
Pubhcation	expenses							16,)72
Repairs &Matntenance								1,213	1,602
Subscriptions								4,181	1,893
Subsistence								438	585
Advertising								8,205	4,860
Book keeping		fees						20,000	15,000
Legal &professional				fees				20,270	41,448
Bad debt									1,500
Prison visit									242
Cleantng								2,861	1,298
								260,385	257,460
Finance
								2021	2020
								Support	Total
								costs	activities
Bank charges								2,000	1,487
Foreign exchange			loss/(gains)					23,691	(14,322 )
								25,691	(12,835)

The total Wages and salaries for the year	The total Wages and salaries for the year	was as follows
			31/08/21	31/08/20
				I
Mosque			7,300	12,834
School			1,195,818	1,123,868
Nursery			83,663	88,830
Foundation			212,884	210,447
			1,499,664	1,435,979
The average number ofemployees	during	the year was as follows
			31/08/21	31/08/20
Mosque			3	2
School			68	69
Nursery			11	10
Foundation			15	16
			97	97

No employees received emoluments in excess of660,000.	No employees received emoluments in excess of660,000.	No employees received emoluments in excess of660,000.	No employees received emoluments in excess of660,000.
COMPARATIVES FOR THE STATEMENT OFFINANCIAL ACTIVITIES
		Unrestricted	Restricted	Endowment	Total
		funds	funds	fund	funds
		I	8
INCOME	AND ENDOWMENTS FROM
Donations	and legacies	571,512	626,081		1,197,593
Charitable	activities
Schools operations		1,323,556			1,323,556
Nursery Operations		203,957			203,957
DFID			140,487		140,487
Other income		291,789			291,789
Total		2,390,814	766,568		3,157,382

¹tes to the Financial Statements -continued for the Year Ended 31Au ust 2021	¹tes to the Financial Statements -continued for the Year Ended 31Au ust 2021	¹tes to the Financial Statements -continued for the Year Ended 31Au ust 2021	¹tes to the Financial Statements -continued for the Year Ended 31Au ust 2021
COMPARATIVES FOR THK STATEMENT OF FINANCIAL ACTIVITIES - continued
		Unrestricted	Restricted	Endowment	Total
		funds	funds	fund	funds
		t	g	I
FXPFNDITIIRF. ON
Charitable activities
Schools operations		1,374,990			1,374,990
Grants and Donations		311,712	615,171		926,883
Support costs		336,846	5,106	36,613	378,565
Nursery Operations		101,194			101,194
DPID			130,211		130,211
Total		2,124,742	750,488	36,613	2,911,843
NET INCOME/(EXPENDITURE)		266,072	16,080	(36,613)	245,539
Transfers between funds		(23,814)		23,814
Net movement in funds		242,258	t6,080	(12,799)	245,539
RECONCILIATION	OF FUNDS
Total funds brought	forward	1,757,572	(34,944)	6,173,627	7,896,255
TOTAL FUNDS CARRIED FORWARD		1,999,830	(18,864)	6,160,828	8,141,794
INTANGIBLE FIXEDASSETS
					Trademarks
					8
COST
At I September 2020 and 31 August 2021					3,450
AMORTISATION
At 1 September 2020 and 31 Aagust 2021					3,450
NKT BOOK VALUE
At 31 August 2021
At 31 August 2020

					Fixtures
		Freehold	School		and	Office
		properties	Equipments		fittings	equipment	Totals
			8		8
COST
At	I September 2020	8,605,774	284,	122	294,412	511,160	9,695,468
Additions					3,652	2,958	6,610
At	31 August 2021	8,605,774	284,	122	298,064	514,118	9,702,078
DEPRECIATION
At	1 September 2020	799,830	283,662		274,220	483,487	1,841,199
Charge for year		48,712	230		5,111	10,997	65,050
At	31 August 2021	848,542	283,892		279,331	494,484	1,906,249
NET BOOK VALUE
At	31 August 2021	7,757,232		230	18,733	19,634	7,795,829
At	31August 2020	7,805,944			20,192	27,673	7,854,269

		2821	2070
			8
Trade debtors		61,191	47,460
Other debtors		21,378	33,149
Inter-funds temporary	balances	32,897	60,214
Prepayments		21,377	12,055
Accrued income		77,369	32,408
		214,212	185,286

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE	YEAR
	2021	2020
Trade creditors	83,526	77,052
Social security and other taxes	21,029	17,286
Other creditors	8,283	13,804
Nursery deposits	5,400	6,200
Wages tk Salaries	(48)
Inter-funds —ALKW	(47,509)	60,214
Inter-fund DFID	80,406
Deferred mcome	280,936	67,755
Accrued expenses	22,200	22,200
	454,223	264,511

MOvEMENT IN FU	N	DS
					Net
					movement	At
				At 1/9/20	in funds	31/8/21
Unrestricted funds
General Fund				1,842,193	756,672	2,598,865
Khums Sehem Imam				157,637	81,230	238.867
				1,999,830	837,902	2,837,732
Restricted funds
Al-Kawthar/Orphans	&	Widows		(31,759)	80,145	48,386
DFID Fund				12,895	(9,823)	3,072
				(18,864)	70,322	51,458
Endowment funds
Endowment Fund				6,160,828	(36,613)	6,124,215
TOTAL FUNDS				8,141,794	871,611	9,013,405
Net movement m funds,		included	in the above are as follows:
				Incoming	Resources	Movement
				resources	expended	in funds
Unrestricied funds
General Fund				2,894,693	(2,138,02 1 )	756,672
Khums Sehem Imam				308,172	(226,942)	81,230
				3,202,865	(2,364,963 )	837,902
Restricted funds
Khums Sehem Sadaat				308,172	(308,172)
Al-Kawthar/Orphans	&	Widows		288,959	(208,814)	80,145
DFID Fund				182,323	(192,146 )	(9,823)
				779,454	(709,132)	70,322
Endowment funds
Endowment Fund					(36,613)	(36,613)
TOTAL FUNDS				3,982,319	(3,110,708)	871,611

					Net	Transfers
					movement	between	At
			At	1/9/19	in funds	funds	31/8/20
					8	8
Unrestricted funds
General Fund			1,757,572		108,435	(23,814)	1,842,193
Khums Sehem Imam					157,637		157,637
			1,757,572		266,072	(23,814)	1,999,830
Restricted funds
Al-Kawthar/Orphans	&Widows		(37,563)		5,804		(31,759)
DFID Fund				2,619	10,276		12,895
			(34,944)		16,080		(18,864)
Endowment funds
Endowment Fund			6,173,627		(36,613)	23,814	6,160,828
TOTAL FUNDS			7,896,255		245,539		8,141,794
Comparative net movement		in funds, included	in the above are as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
						8
Unrestricted funds
General Fund					2,006,129	(1,897,694 )	108,435
Khums Sehem Imam					384,685	(227,048)	157,637
					2,390,814	(2,124,742)	266,072
Restricted funds
Khums Sehem Sadaat					384,675	(384,675)
Al-Kawlhar/Orphans	&Widows				241,406	(235,602)	5,804
DFID Fund					140,487	(130,211)	10,276
					766,568	(750,488)	16,080
Endowment funds
Endowment Fund						(36,613 )	(36,613)
TOTAL FUNDS					3,157,382	(2,911,843 )	245,539

					Net	Transfers
					~IIOVClllellt	hehveen	At
			At	I/9/19	in funds	funds	31/8/21
						8
Unrestricted funds
General Fund			1,757,572		865,107	(23,814)	2,598,865
Khums Sehem Imam					238,867		238,867
			1,757,572		1,103,974	(23,814)	2,837,732
Restricted funds
Al-Kawthar/Orphans	&Widows		(37,563 )		85,949		48,386
DFID Fund				2,619	453		3,072
			(34,944)		86,402		51,458
Endowment funds
Endowment Fund			6,173.627		(73,226)	23,814	6,124,215
TOTAL FUNDS			7,896,255		1,117,150		9,013,405
A current year 12months		and prior year 12months	combined	net movement	in funds, included	in the above are as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
							8
Unrestricted funds
General Fund					4,900,822	(4,035,715)	865,107
Khums Sehem Imam					692,857	(453,990)	238,867
					5,593,679	(4,489,705 )	1,103,974
Restricted funds
Khums Sehem Sadaat					692,847	(692,847)
Al-Kawthar/Orphans	&	Widows			530,365	(444,416)	85,949
DFID Fund					322,810	(322,357)	453
					1,546,022	(1,459,620 )	86,402
Endowment funds
Endowment Fund						(73,22G)	(73,22G )
TOTAL FUNDS					7,139,701	(6,022,551 )	1,117,150

	Detailed	Statement ofFinancial	Statement ofFinancial	Activities
	il	Y	s»d a~sr A	iisii
					2021	2020
						E
INCOME AND ENDOWMENTS
Donations and legacies
Donations and Religious dues					t 94t 457	1,176,999
Gia aid					9,385	20,594
					1,950,842	1,197,593
Charitable activities
School &Nursery Fee Income					1,468,819	1,443,970
School Other Income					53,872	83,543
Grant - DFID					182,324	140,487
					1,705,015	1,668,000
Other income
Other mrnme					326,462	291,789
Total incoming resources					3,982,319	3,157,382
EXPENDITURE
Charitable activities
Misc school expenses					25,131	37,883
Printing postage & stationery					6,840	13,072
Light and heat					23,355	35,269
Transport and travel					116	184
Telephone					6,241	6,311
Rates					17,835	25,532
Repairs &Maintenance					15,291	11,972
Legal &Professional					2,460	8,125
Wages & salaries —School					1,195,818	1,123,868
Bank charges and interest					1,937	2,016
Depreciation					5,341	5,417
Cleaning					2,370	9,769
Insurance					27,465	26,080
StnffTraining					14,491	22,334
Misc nursery expenses					2t,282	12,163
Wages &Salanes - Nursery					83,663	88,830
Subscnption					13,660	10,045
School meal - expenses					19,657	21,395
Saturday school expenses					25,212	38,554
Wages and salaries - DFID					64,822	66,tl90
Travelling - DFID					600	10,821
Legal &prof. fees - DFID					68,610	52,500
Swansea Mosque expenses					5,239	5,655
Sermon food					17,618	42,039
iraq Expenses —DFIV					48,219
NPAC —DFID					9,895
Donations to institutions					984,294	879,785
Donation payments					57,462	47,098
					2,764,924	2,603,607

		for the Year Ended	31Au ust 2021
			2021	2020
				K
Support costs
Management
Wages &salanes - Foundation			155,323	156,692
Rates and water			76	3,191
Light and heat			4,780	3,201
Telephone			297	269
Postage and stationery			407	223
Travelling			3,369	2,250
Sundries			593	766
Accountancy	fees		22,200	22,440
Publication expenses			16,172
Repairs &Maintenance			1,213	1,602
Subscriptions			4,181	1,893
Subsistence			438	585
Advertising			8,205	4,860
Book keeping fees			20,000	15,000
Legal &professional		fees	20,270	41,448
Bad debt				1,500
Prison visit				242
Cleaning			2,861	1,298
			260,385	257,460
Finance
Bank charges			2,000	1,487
Foreign exchange loss/(gains)			23,691	(14,322)
			25,691	(12,835)
Other
Preehold property			48,711	48,711
Fixtures and	fittings		10,997	14,900
			59,708	63,611
Total resources	expended		3,110,708	2,911,843
Net income			871,611	245,539