2022-08-31-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 ofFinancial 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 2022
							2022	2021
				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	fund	funds	funds
			Notes		8
INCOME AND ENDOWMENTS
FROM
Donations and legacies			2	306,589	277,655		584,244	1,950,842
Charitable activities			3
Schools operations				1,567,241			1,567,241	1,399,396
Nursery Operations				129,333			129,333	123,295
DFID					213,522		213,522	182,324
Other mcome				1,268,512			1,268,512	326,462
Total				3,271,675	491,177		3,762,852	3,982,319
EXPENDITURE	ON
Charitable activities
Schools operations				1,442,601			1,442,601	1,390,653
Grants and Donations				284,641	250,345		534,986	1,041,756
Supportcosts				296,065	11,072	36,613	343,750	378,408
Nursery Operations				99,765			99,765	107,745
DFID					214,500		214,500	192,146
Total				2,123,072	475,917	36,613	2,635,602	3,110,708
NET INCOME/(EXPENDITURE)				1,148,603	15,260	(36,613)	1,127,250	871,611
RECONCILIATION		OF FUNDS
Total funds brought	forward			2,837,732	51,458	6,124,215	9,013,405	8,141,794
TOTAL FUNDS CARRIED
FORWARD				3,986,335	66,718	6,087,602	10,140,655	9,013,405

		Bala s~lA	nce Sheet r sass
					2022	2021
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	fund	funds	funds
	Notes		f		f	f
FIXEDASSETS
Tangible assets	11	25,188		6,087,602	6,112,790	7,795,829
CURRENT ASSETS
Debtors	12	174,915	65,909		240,824	214,212
Cash at bank and in hand		4,186,550	98,902		4,285,452	1,457,587
		4,361,465	164,811		4,526,276	1,671,799
CREDITORS
Amounts falling due withm one year	13	(400,317)	(98,094)		(498,411)	(454,223)
NET CURRENT ASSETS		3,961,148	66,717		4,027,865	1,217,576
TOTAL ASSETSLESS
CURRENT LIABILITIES		3,986,336	66,717	6,087,602	10,140,655	9,013,405
NET ASSETS		3,986,336	66,717	6,087,602	10,140,655	9,013,405
FUNDS	14
Unrestricted funds					3,986,336	2,837,732
Restricted funds					66,717	51,458
Endowment funds					6,087,602	6,124,215
TOTAL FUNDS					10,140,655	9,013,405

				for	the Year Ended	31Au ust 2022
						2022	2021
					Notes
Cash Ilows from operating	activities
Cash generated from operations						(62,205)	1,097,447
Net cash (used in)/provided	by operating		activities			(62,205)	1,097,447
Cash flows from investing	activities
Purchase oftangible fixed assets						(3,429)	(6,610)
Sale oftangible fixed assets						2,893,499
Net cash provided by/(used	in) investing		activities			2,890,070	(6,610)
Change in cash and cash equivalents		in	the
reporting period						2,827,865	1,090,837
Cash and cash equivalents	at the beginning			of
the reporting period						1,457,587	366,750
Cash and cash equivalents	at the end	ofthe
reporting period						4,285,452	1,457,587

RECONCILIATION OFN	ET	INC	OME	TO NET CASH FLOW FROM OPER	ATING	ACTIVITIES
						2022	2021
						8
Net income for the re ortia	gp	eriod	( as	er tbe Statement ofFinancial Activities	)	1,127,250	871,611
Adjustments for:
Depreciation charges						53,451	65,050
Profit on disposal offixed assets						(1,260,482)
Increase in debtors						(26,612)	(28,926)
Increase in creditors						44,188	189,712
Net cash (used in)/provided	by	operations				(62,205)	1,097,447

	At 1/9/21	Cash flow	At 31/8/22
	f
Net cash
Cash at bank and in hand	1,457,587	2,827,865	4,285,452
	1,457,587	2,827,865	4,285,452
Total	1,457,587	2,827,865	4,285,452

					2022	2021
						f
Donations	and Religious dues				564,560	1,941,457
Gift aid					19,684	9,385
					584,244	1,950,842
INCOME	FROM	CIIARITABLE	ACTIVITIES
					2022	2021
			Acnidty			f
School &	Nursery	Fee Income	Schools	operations	1,484,102	1,345,524
School Other Income			Schools	operations	83,139	53,872
School &	Nursery	Fee Income	Nursery	Operations	129,333	123,295
Grant - DFID			DFID		213,522	182,324
					1,910,096	1,705,015

				Grant
				funding of
				activities	Support
			Direct	(see note	costs (see
			Costs	5)	note 6)	Totals
Schools operations			1,442,601			1,442,601
Grants and Donations				534,986		534,986
Supportcosts			68,527		275,223	343,750
Nursery Operations			99,765			99,765
DFID			214,500			214,500
			1,825,393	534,986	275,223	2,635,602
GRANTS PAYABLE
					2022	2021
Grants and Donations					534,986	1,041,756
The total grants paid	to	institutions	during the year were f496,696(2021 -	f984,293)
SUPPORT COSTS
			Management	Finance	Other	Totals
				f
Supportcosts			255,145	(26,759)	46,837	275,223
Support costs, mcluded		in the above, are as follows:
Management
					2022	2021
					Support	Total
					costs	activities
Wages k.salaries - Foundation					171,843	155,323
Rates and water					1,620	76
Light and heat					3,858	4,780
Telephone					419	297
Postage and stationery					22	407
Travelling					3,061	3,369
Sundries					266	593
Accountancy fees					9,613	22,200
Publication expenses					13,421	16,172
Repairs a Maintenance					540	1,213
Subscriptions					4,924	4,181
Subsistence					106	438
Advertising					10,659	8,205
Book keeping fees					15,000	20,000
Legal &professional	fees				15,922	20,270
Carried forward					251,274	257,524

		2022	2021
		Support	Total
		costs	activities
Brought forward		251,274	257,524
Cleaning		3,871	2,861
		255,145	260,385
Finance
		2022	2021
		Support	Total
		costs	activities
		f
Bank charges		1,745	2,000
Foreign exchange loss/(gains)		(28,504)	23,691
		(26,759)	25,691
Other
		2022	2021
		Support	Total
		costs	activities
			f
Depreciation oftangible	fixed assets	46,837	59,708

The total wages and salaries for the year was as foll	ows
	31/08/22	31/08/21
Foundation	211,496	212,884
Mosque	25,115	7,300
School	1,140,559	1,195,818
Nursery	91,360	83,663
	1,468,530	1,499,664

STAFF COSTS - continued	STAFF COSTS - continued
The average number ofemployees		during the year		was as	follows
							31/08/22	31/08/21
Foundation							15	15
Mosque							3	3
School							62	68
Nursery							9	11
							89	97
There were 7 average number ofvolunteers			during	the year.
No employees received emoluments		in excess of860,000.
COMPARATIVES FOR THE STATEMENT OFFINANCIAL ACTIVITIES
					Unrestricted	Restricted	Endowment	Total
					funds	funds	fund	funds
						S
INCOME AND ENDOWMENTS		FROM
Donations and legacies					1,353,712	597,130		1,950,842
Charitable activities
Schools operations					1,399,396			1,399,396
Nursery Operations					123,295			123,295
DFID						182,324		182,324
Other rncome					326,462			326,462
Total					3,202,865	779,454		3,982,319
EXPENDITURE ON
Charitable activities
Schools operations					1,390,653			1,390,653
Grants and Donations					533,720	508,036		1,041,756
Supportcosts					332,845	8,950	36,613	378,408
Nursery Operations					107,745			107,745
DFID						192,146		192,146
Total					2,364,963	709,132	36,613	3,110,708
NET INCOME/(EXPENDITURE)					837,902	70,322	(36,613)	871,611
RECONCILIATION	OFFUNDS
Total funds brought forward					1,999,830	(18,864)	6,160,828	8,141,794
TOTAL FUNDS CARRIED FORWARD					2,837,732	51,458	6,124,215	9,013,405

INTANGIBLE FIXEDASSETS					Trademark
COST
At 1 September 2021 and 31August	2022				3,450
AMORTISATION
At 1 September 2021 and 31 August	2022				3,450
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
TANGIBLE FIXEDASSETS
			Fixtures
	Freehold	School	and	Office
	properties f	Equipments	fittings	equipment	Totals
COST
At I September 2021	8,605,774	284,122	298,064	514,118	9,702,078
Additions			1,440	1,989	3,429
Disposals	(1,728,306)				(1,728,306)
At 31 August 2022	6,877,468	284,122	299,504	516,107	7,977,201
DEPRECIATION
At 1 September 2021	848,542	283,892	279,331	494,484	1,906,249
Charge for year	36,613	230	6,384	10,224	53,451
Eliminated on disposal	(95,289)				(95,289)
At 31 August 2022	789,866	284,122	285,715	504,708	1,864,411
NET BOOK VALUE
At 31 August 2022	6,087,602		13,789	11,399	6,112,790
At 31August 2021	7,757,232	230	18,733	19,634	7,795,829

		2022	2021
		f
Trade debtors		26,668	61,191
Other debtors		44,628	21,378
Inter-funds temporary	balances	81,201	32,897
Prepayments		22,418	21,377
Accrued income		65,909	77,369
		240,824	214,212

CREDITORS: AM	OUNTS FALLING DUE WITH	IN ONE YEAR
			2022	2021
Trade creditors			64,938	83,526
Social security and other taxes			19,611	21,029
Other creditors			10,936	8,283
Nursery deposits			5,400	5,400
Wages k. Salaries				(48)
Inter fund ALKW			(2,654)	(47,509)
Inter fund DFID			137,547	80,406
Inter fund SADAAT			(53,692)
Deferred income			276,725	280,936
Accrued expenses			39,600	22,200
			498,411	454,223
MOVEMENT IN FUNDS
			Net
			movement	At
		At 1/9/21	in funds	31/8/22
			f
Unrestricted funds
General Fund		2,598,865	1,055,799	3,654,664
Khums Sehem Imam		238,867	92,805	331,672
		2,837,732	1,148,604	3,986,336
Restricted funds
Khums Sehem Sadaat			53,692	53,692
Al-Kawthar/Orphans	a Wtdows	48,386	(37,455)	10,931
DFID Fund		3,072	(978)	2,094
		51,458	15,259	66,717
Endowment funds
Endowment Fund		6,124,215	(36,613)	6,087,602
TOTAL FUNDS		9,013,405	1,127,250	10,140,655

			Incoming	Resources	Movement
			resources	expended f	in funds
Unrestricted funds
General Fund			3,178,870	(2,123,071)	1,055,799
Khums Sehem Imam			92,805		92,805
			3,271,675	(2,123,071)	1,148,604
Restricted funds
Khums Sehem Sadaat			92,805	(39,113)	53,692
Al-Kawthar/Orphans	&Widows		184,850	(222,305)	(37,455)
DFID Fund			213,522	(214,500)	(978)
			491,177	(475,918)	15,259
Endowment funds
Endowment Fund				(36,613)	(36,613)
TOTALFUNDS			3,762.852	(2,635,602)	1,127,250
Comparatives for movement		in funds
				Net
				movement	At
			At 1/9/20	in funds	31/S/21
				f
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
TOTALFUNDS			8,141,794	871,611	9,013,405

			Incoming	Resources	Movement
			resources f	expended	in funds
Unrestricted funds
General Fund			2,894,693	(2,138,021)	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)
TOTALFUNDS			3,982,319	(3,110,708)	871,611
A current year 12months		and prior year 12months combined	position is as follows:
				Net
				movement	At
			At 1/9/20	in funds	31/8/22
			f
Unrestricted funds
General Fund			1,842,193	1,812,471	3,654,664
Khums Sehem Imam			157,637	174,035	331,672
			1,999,830	1,986,506	3,986,336
Restricted funds
Khums Sehem Sadaat				53,692	53,692
Al-Kawthar/Orphans	k Widows		(31,759)	42,690	10,931
DFID Fund			12,895	(10,801)	2,094
			(18,864)	85,581	66,717
Endowment funds
Endowment Fund			6,160,828	(73,226)	6,087,602
TOTALFUNDS			8,141,794	1,998,861	10,140,655

		Incoming	Resources	Movement
		resources	expended	in funds
		fr
Unrestricted funds
General Fund		6,073,563	(4,261,092)	1,812,471
Khums Sehem Imam		400,977	(226,942)	174,035
		6,474,540	(4,488,034)	1,986,506
Restricted funds
Khums Sehem Sadaat		400,977	(347,285)	53,692
Al-Kawthar/Orphans	/k Widows	473,809	(431,119)	42,690
DFID Fund		395,845	(406,646)	(10,801)
		1,270,631	(1,185,050)	85,581
Endowment funds
Endowment Fund			(73,226)	(73,226)
TOTALFUNDS		7,745,171	(5,746,310)	1,998,861

Detailed Statement of for the Year Ended	Financial Activities 31Au ust 2022
	2022	2021
INCOME AND ENDOWMENTS
Donations and legacies
Donations and Religious dues	564,560	1,941,457
Gift aid	19,684	9,385
	584,244	1,950,842
Charitable activities
School &Nursery Fee Income	1,613,435	1,468,819
School Other Income	83,139	53,872
Grant - DFID	213,522	182,324
	1,910,096	1,705,015
Other income
Gain on sale oftangible fixed assets	1,260,482
Other income	8,030	326,462
	1,268,512	326,462
Total incoming resources	3,762,852	3,982,319
EXPENDITURE
Charitable activities
Misc school expenses	47,431	25,131
Printing postage &stationery	18,405	6,840
Light and heat	56,637	23,355
Transport and travel	582	116
Telephone	7,180	6,241
Rates	20,020	17,835
Repairs &Maintenance	23,041	15,291
Legal &Professional	4,199	2,460
Wages &salaries - School	1,140,559	1,195,818
Bank charges and interest	1,384	1,937
Depreciation	6,614	5,341
Cleamng	7,662	2,370
Insurance	25,997	27,465
StaffTraining	14,934	14,491
Misc nursery expenses	5,605	21,282
Wages &Salaries —Nursery	91,360	83,663
Subscription	16,603	13,660
School meal - expenses	42,665	19,657
Saturday school expenses	41,310	25,212
Wages and salaries - DFID	64,768	64,822
Travelling - DFID	33,004	600
Legal &prof. fees - DFID	58,360	68,610
Carried forward	1,728,320	1,642,197

		for the Year Ende	d 31Au ust 2022
			2022	2021
Charitable activities
Brought forward			1,728,320	1,642,197
Swansea Mosque expenses			9,607	5,239
Sermon food			29,098	17,618
Iraq Expenses - DFID			58,368	48,219
NPAC - DFID				9,895
Donations to institutions			496,696	984,294
Donation payments			38,290	57,462
			2,360,379	2,764,924
Support costs
Management
Wages a salaries	—Foundation		171,843	155,323
Rates and water			1,620	76
Light and heat			3,858	4,780
Telephone			419	297
Postage and stationery			22	407
Travelling			3,061	3,369
Sundries			266	593
Accountancy fees			9,613	22,200
Publication expenses			13,421	16,172
Repairs a Maintenance			540	1,213
Subscriptions			4,924	4,181
Subsistence			106	438
Advertising			10,659	8,205
Book keeping fees			15,000	20,000
Legal &professional		fees	15,922	20,270
Cleaning			3,871	2,861
			255,145	260,385
Finance
Bank charges			1,745	2,000
Foreign exchange	loss/(gains)		(28,504)	23,691
			(26,759)	25,691
Other
Freehold property			36,613	48,711
Fixtures and fittings			10,224	10,997
			46,837	59,708
Total resources expended			2,635,602	3,110,708
Net income			1,127,250	871,611