REGISTERED CHARITY NUMBER: 802000 Re ort of the Trustee5 and Auditod Finan£ial Stgtemenls for the Year F.nded 31 Au 115t 2024 for The Al-Khoei Benevolent Foundation Merali's Chanered Accountants & Siaiuiory Auditors S¢ottish Provident House 76-80 College Road Hatrow Middlesex HAI IBQ
The Al-Khoei Benevolent Foundation Contents of the Financial Statements for the Year Ended 31 Au ust 2024 Page Report of the Trustees Report gf the Independent Auditors Statement of Financial Aetivities B4laDee Sheet 10 Cash Flow Statement Notes to the Cash FloTrY Statement 12 IYote$ to the Financi1 Statements 13 to 21 Detalled Statement of Flnancial Activitles 22 to 23
The Al-Khoei Benevolent Foundation ort of the Trustees for the Year Ended 31 Au ust 2024 The tru.Et¢¢s present their report with Ihe fit]ancial siatements of the eharity for the year ended 31 August 2024. Thc trustees hav¢ adoptcd the provisions of AccountingT and Reportinb by Chariti¢s.' Statement of Recommended Practice applicable its charitics preparing IheiT accounts in aLcordance witli thc Financial Reporting Standard applicable in ihe UK and R¢public of Ireland IFRS 102) (effective l January 20191. OBJECTII'ES AND ACTIVITIES Ohjetlive$ and #ims The objects ol'th¢ charity as sel out in ihe charity's trust deed is to advance the Islamic r¢ligion by all or any of the follo.In ni¢ans'. a) Providing and maintaining mosques and religious cenir¢s for the worship of Islami¢ religion. b) Teaching and educaiing young niembers of ihe Islamie communiiy in the do¢trines and practices of the Islaniic religion. Stratcgles and Significant Actli,Itles The Charity En pursuance ol-its cliariiablc aims and objectlV¢5 carries oui a wide range of activities in the following seciors.. al General charitabl¢ purposes bl Educaiion and training c) The prevention or relief of poverty d) Religious activities The eharily concentrates 115 activities around children and young people. ¢ld¢rly and old people. and as w¢ll as general public. The Charity operates mosques and religious ecnlres at B Tondesbury compl¢x in North London, Swansea and Manchester. Thes¢ mosques are open to tlie g¢neral public as placc of worship for ihc fnllowers of Islamic faith. Religious centr¢s organises various rcligiious activities and functions and piovid¢s inforniation io rais¢ the awareness of the Islamic faith. The mosque and centre in Manch¢ster is cu)Tently n]n by The Shia Welfare Assoctatton. an independent organisaiion. The charity also operaies Al-sadiq school for boys. Al-zahra school for gir15 and Al-Ghadeer llUTS¢ry for pre school age children. All these insliluiions are licenced by the OFSTED and follows UK national curriculum. The schools provide full lime education for up lo 400 pupils. In addiliiin. pupilb aiiend elabs¢s in Islamic studies and Arabic, which tske up around ien perLentag¢ of pupils lime. GrAntmaking The Cliarity administered eollcction and distribuiion iTrf various religious dues like Khums. Zakat. Sadaqal in accordance with the teachings of Islamic laith. The charity coll¢ets general donation5 and ar¢ distributed in pursuance of ihe Charitys objectives io support educalion and training. relief of poverty and various religious activities. Volunteers W¢ encourabye all mernb¢rs of our mosques and ¢¢ntres to be involv¢d in voluntary activtties and to share iheir skills with oth¢rs. Volunteeis are not paid any salaries bul only rcimbursed ieasonable out of PLickel exp¢nses such as Iravel costs. All volunteers working Hqih childT¢n or oiher vulnerdble groups arc CRB cheek¢d. ACHIEVfr.IMENT AND PERFORNIA.NCE HOM. our xetivities deliver public benefit A wide rangc of activities arc carried out in pursuanc¢ of the chariiable aiins and objectives. Th¢ tTUStee8 consid¢r that these activities, summarised below. provide benefit io ihe wider community. Page I
The Al-Khoei Benevolent Foundation orl of the I'rustees for the Year Ended 31 Au ust 2024 ACHIEVEMEN"I- AND PLRTrORMANCL Religiou% g¢tii'itie.s Our mosques are open for prayers, worship and for the activities associated with our faith. Thc ¢tr¢S ar¢ opcn for the wider public. DurinbT the year under review, we offer a ranbye of religious servh¢e5 and aciivities includEllb'. Prayers Our mos4ucs are available daily for prayers to the generdl publE¢ vf IslamÈe faith. We have hundreds of people aiiending our mosqu¢ for Pldyers. Festivals The Mosques celebrale Ramadat] and serve food for those atiending our Mosques wish lo break their fasl together. We also hthld SPCfTal ev¢nts aT]d seTY¢ food during th¢ Islamic months ot. Muhaam and Safar on the annual commemorarion of th¢ martyrdom of Imam Huss¢in, th¢ grandson of Prophet Muhammad IPBUH). The Mosques celebraie the birth and commemoraie the manyrdom of all Imams of Shia Ishna Ashari faith during the year. We hold weekly gathering in the mosqltes for worship, prayers and recitaiion of supplications every Thursday evening. Cl1 marriages The Mosques provide Muslim couples with an appropriate location for iheir civil marriage and Nikkah (Islamic marriage). Quran cla55e5 Memorisalion and recitalion of the Quran are considered important elements of religTiOUS education and training. We coniinue 10 provide this facility for young people in the mosque. Inter-faith eients We enLourage and le2d by example the commemoralion of national symbolic occasions like Remembrance Sunday. We often hold public manifestation of our faiih e.g. street walks to commemorate cenain ei'enls such as ihe forrieth day after th¢ a5sacre al Kaiba13 (Arba¢en) or Good Friday procc55101)s, and thus arc a 5lgTriificant opportuniiy 10 build bridges betw'¢cn diff¢rent faiths by ¢OTnmunicating the philosophy and principles they are based upon. Religious dues li is part ol. our faith that we should offer Zak#i, Khums. and Sadaqai. They are collected in accordance wilh the leaching of Islam and disiribuied for a number of specilic purposes includkng io help others and io further the ieachings of Islam. Page 2
The Al-Khoei Benevolent Foundation ort of the Trustees for the Year Ended 31 Au ust 2024 ACHIEVEMENT AND PERFORMAYCE Community #¢tivities Al-S#diq and Al-zahra School W¢ll ¢%lablished bchools ihdt provide priniary eduLalion in a mix¢d sctting up to Year 2 and single sex educatton from Y¢or 3 to Year I l. They are situated in the UTban district of Brondesbury in the London Borough of ilrent and provide fvll-time education for up to 400 pupils. Thc schools are foundLd on the Quran and the leathinbs of th¢ Prophet Mohammed and his PTobieny. Throu&h trainin&J in the art of building strong communily reldtionships and taking effectiv¢ public actionq, the schools have giv¢n pupils ihe oonfidcncc lo participat¢ in public life for th¢ good of their communiti¢s. The School and Nurscry also offers bursaries and discount on fees for families who are not abl¢ lo afford to pay the 11 fees provided that the child demonstratcs very blood aczd¢mic history. The school fees is sel up in a way not lo exclude those on lower income. Al-Ghadeer Nursery We SiTive to support and provide children with the necessary skn"115 lo help cnable them develop a guod foundation in learning and expressirhg themselves Ihrough play. This in turn helps children io a¢quirc ind¢pcndence. confidence and ¢ff¢ctive communi¢atlOD. Halls and rooms Our halls and rooms are available io us¢ by local groups. organisations and communitie5. Prison seniee Tlie charily is a m¢mb¢r of the prison service ch3plaincy council acting as advisory role for Sliia Muslim prisoners in HM Prisons. It also nominai¢s sc55ional and part lime Shia Chaplains lo ihe prison servtce to Supplement chaplaincy servi¢¢5 already offered to Muslim pri50n¢rs. Youth Attii'ities The Cliarily affers facililieb for youth to gather and involve in educational and sports activtties and to develop the youth to bc active and law abiding members of the comrnuniry. Women Women and family programme at mosqu¢s offer advice and counselling for coup1¢5 and empowering women in Society offering ihem educaiional and sports facililies. The Charity also runs an academie arn? to deal with research on th¢ Shia community and other ieli&?1gus ¢ommunities and Taises the con¢ern.% of religious and ethnic n)inorities ai ditTerent foruiii%. Interfaith ei'ents Th¢ L.harity is a niember of Faith FoTum foi London and contributes to thc cohesion and the needs of faith communitie5 in London. The Charity is a membeT of the Rcligious Educaiion Council and 1.% involved in the development of r¢ligiou8 education curriculum and takes part activities and cclebraiions of other faiths and regularly holds con)munity ev¢nls and sharing of food, Iftar. Th¢ Charily is one of ihe founding member and hosts the offic¢5 of the Mosques and Imams National Advisory Board on it premises. MtNAB aims lo rnise siandards in mosques and ihe iraining of Imain5. Centr¢ for Academic Shia Studies Th¢ acadeniic ami of MINAB (Cass) undertakes research on Shia and other religious minority affoirs, produces papers and bTiefing dUmen1S. FIlANCIAL RENqEW Princlpal funding SOr£e5 One of Ihe Charity's main sources of income is Ihe Collection of donations and religious du¢s from general public. During Ihe year th¢ Charity received total donations and religiou.% dues of £838,23212023.. £712.9851 Reasonable fees arc charged ¥0 srndents for the schools. During rhe year the Charity g¢n¢rated total school ineome of £1.481,330 (2023. £1.557.815). The foundation also operates a fee poying nursery. Durinby the y¢ar, the Charity generated total nursery fe¢ income ol. £152,930 (2023.. £137,273). Page 3
The Al-Khoei Benevolent Foundation ort of the Trustees for the Year Ended 31 Au ust 2024 FINANCIAL REVIEW Jni'estnient polic!, and nbjeclives Th¢ Charily's cash res¢rves are held in current and saving bank a¢¢ounts. Any int¢r¢st ¢arned is added to the general fund reserve and uscd for the generdl charitable purposes. Reserves policv Unrestricted fijnds r¢serve is maintaiTh¢d to cover governanc¢ costs and io respond to various application of grants and donations. Restricied fi]nd reserve are held to bc used within ¢¢rtain resiriciions of th¢ relevant funds. ET]downellt fund reservc Tepresenls the total cost of certain prop¢rties after annual depr¢¢iation charge. In s¢ttingT up ihe Charity reserve policy, the trus(ees have id¢ntified two unrestricted funds as delail¢d in the notes. The resiricied nds aTe disiribulcd stricily in accordancc with the religious restriLtions or oih¢T restrictions impos¢d on the relevani fund. They hav¢ also set up an Indowmeni tund for cenain propert1¢5 owned by the Charity. Th¢ eharity policy on unrestricted ndS is to hold unrestrici¢d funds not committ¢d OT invested in Tangible Fixed Assets to meet 3 10 6 months expendire5. The current unr¢stricted funds of £2,945.379 noi committed to tangible fixed assets are sutTicient to cover 3 to 6 monihs expenditure. STRUCTURE, GOVERNANCE A'D mANAGEmE'T Governing documcnt The Al-Klioei Benevolent Foundation was con.$tituted as a charitable trusl with the Charity Commission on 23 Augusi 1989 under rhe charity number 0802000. It is governed by 8 dced of trust dÈt¢d 15 Augusi 1989. Recruitment and appointment of nem. trstee5 Tn]st¢C5 are appointed by resoluiion of the existing trustees. Organisational structure The charity Iruslees are responsible for the &Tcneral control and [tna&TCrnent of Ihe charity.The tnjsiees giv¢ their time freely and receiv¢ Tho Temuneration or otlier financial bcnefils. The trustees Ineet iogether as a body and are responsible for 311 dccisions taken in rclolion to the aifairs of The Al-kho¢i Foundation in ihc United Kingdom. The board is chaired by the Secr¢tary Cjeneral. who is on¢ of the t5¢ees. The irustees s¢¢k spiritual guidance and inspiration in religious mai(ers from both ihe Central Committee and the Prebidenl in recognition of their religious %tarus. They merely ¢ndLirse religiou5 n12tr¢rs and are not involvcd in daily running of the chariry. They do noi hawe any influenc¢ over the trusiees. The C¢ntral Committe¢ is on honorary committce based in ih¢ holy city of Najaf, Iraq. The prcsidcnt is an HonoTary title given to Ayatollah of the Shia faiili who is also based in Najaf, Iraq. Inductlon and training of the. tru5ttes Following appainrment, new trustees are introduccd io rheir neiv role and given copies of the trust deed and a guèdc io the policies and procedures adopted by our charity. A number of publications from the Charity Conynission are a150 provided includinb ihe guidance on charities and public benefit and on thc advaneem¢nt of the religion foT public benefit. This ¢nsures thai new Iruslees ar¢ awaTe of the scope of their responsibilities under the Charities Act. Initially, n¢w tTUStees work with existing ftwste¢5 assisiing on particular aciiviti¢s and projects run by the Charity. After salisfaciory feed back fri)m existing Irusicc5 they are then given the task of leading a particular activity or project, r¢porting progress at trustees, meeting5. REFERECE AND ADMINISTRATIVE DETAILS Rtgi5tered Chjrih. nujnber 802000 Principal addresi Cheveninbw Road London NW6 6TN Page 4
The Al-Khoei Benevolent Foundation Re ort of the Trustees for the Year Ended 31 Au ust 2024 Trustees Mr S S Khoei Ir S F H Milani Idecea5¢d 2.9.2024) Mr S M H Faghihe-moussavi Dr M E Mesbahi (appointcd 22.4.2025) AuditOTS M¢rali'5 Chariered Accounlanis & Siatutory Auditors Scollish ProvJd¢nt House 76-80 Collegc Road HaoW Middles¢x HAI IJ3Q STATEMENT OF TRUSTEF.S' RESPONSIBJLITIES The trustees are r¢sponsible for preparin& the Report of the Truslees and the financial Slal¢m¢nts in accordance with applicable law and United Kingdom Accounting Standards (Unitcd Kingdom Gen¢rally Accepted Accotsnting Praclice). The law applicable to chariti¢s in Ingland and Wales, the Charities Act 2011, Charity (Accounts and Reports) R¢gulalion$ 2008 and the proi'isions of rhc trust deed requires The Irustees to prepare financial statements for cach financial year wl)ich give a tru¢ and fair view of thc state of aftairs of the charity and of the incomin&7 icsources and application of resources. includinb ihe income and exp¢nditUTe. of the charity for that period. In preparing those financial slAlemcnts, the tNslees are required to 5¢1ect suitable accovnting policies and then apply them consisiet]tly,' observe the methi)ds and principles in the Charity SORP.. make judLyem¢nls and esiimaies thal are reasonable and prudent., state wheihcr applicable accounting standardb have been followed. subjeci to any material departUTes disclosed and explained in the financial siatemenl5; prepare Ihe financtal stateinenls on the going ¢onccrn basis unless il is inappropriate to prcsuin¢ that the chariiy will coniinue in busine%s. Thc trustees are rcsponsiblc for keeping propeT accounting record5 which disclose with Itas()nabl¢ accuracy ai any lime the financial posiiion ol the charity and io ¥nablc th¢m to cnsure ihat Ihe linancial .%tatements comply M'ith the Charitres Act 201 I, the Charaty IA¢counis and Reporfs} Regulation5 2008 and the provisions of the trusr deed. They are also r¢sponsible lor safeguarding the assc¢s of the charity and hence for iakiTrg r¢asonable steps for the prevention and deiection of fraud and other irreguldrili¢5. Approved by order ofihe board of trustees on 30 June 2025 and signed on ils behalf by- Dr M E Mesbahi - TTUSteé Page 5
Re ort of the Inde endent Auditors to the Trustees of The Al-Khoei Benevolent Foundation Opinion We have audiied ihe financial staiemenls of The Al-Khoei Benevolent Foulldalion (the charity.) for thc year ended 31 August 2024 which con)prise Ihc Statcmenl of Financial Aciii'iiies. the B21ance Sheet, th¢ Cash Plow Statement and notes to the financial stat¢ni¢nts. includingT a summary of si&mificani accouniin&' policies. The financial reportinbF framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenrs.. givc a trne and fBir view of the state of th¢ charity's aftairs as at 31 Au&iust 2024 and of lis incoming resources and application of rcsouTces. for th¢ ycar ihen ended,. have been properly prepared in a¢cordance witl) Unit¢d Kingdom Generally Accepted Accounting Practice- and have been PT¢pared in ac¢ordan¢e with the requir¢ments of the Chariti¢s Act 2011. Basis for opinitsn We conducted our audit in accordance with InteTnalional Standards on Audiiing (UK) (ISAS (UK)) and applicable law. Our Tesponsibilities under those standards arc further described in the Auditors, Tesponsibilities for thc audii of the financial slatements seciion of our report. W¢ are independent of th¢ charity in accordance with thr eihi¢al Tcquirements that are relei'ant to our audit of the financiol statements in Ihc UK. including the FRC.'s Eil)ital Standard, and we Iiav¢ fulfilled our oih¢r ethical reNponsibililies in accordance wilh these rcquircmcnis. We believc that rhe audii evid¢nce we have obtaincd is sutlicient and appropriaie to provide a basis for our opinion. Conclusions relatlng to going c&ncern In auditing the financial siaiement5, we have concluded that the tjustees, use of the ¥oin¥ concern basis of accounting in the pr¢paration of ihe financial stateTnents is appropriate. Based on th¢ work we hav¢ perfomied, we hav¢ not identified any material uncertainli¢s relating to ¢vcnls or conditions thai. individually or eollectively, rnay cast significant doubt on the charity's ability to continu¢ as a going concern for a period of at leasi twelve months from when ih¢ financial staivn)enls arc auihorised for issu¢. Our responsibilities and the responsibiliti¢5 of the tNstees Trth rt5peci io goitJb* concern are described in the relevant sections of this repon. olhor informatio Th¢ tTusiees arL responsible for the oth¢r infornulion. Th¢ other infom)aiion comprises the inforniation included in ihe Annual Report, other than th¢ financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial stat¢mcnts does not cov¢r the other inforn)alion and. except to the exteni oihenvrse explicitly stated in our report, we do not express any fom] of assurance conclusion thereon. In connection with our audit of the financial stateii)ents, our responsibility is to read the othcr inforn)ation and, in doing 0, consider wheth¢r the other information is malerially inconsisieni wilh th¢ financial staiemenls or our knowlcdgFe obtained in the audit tsr othenvisc appears to b¢ materially misslaled. If we identify such matcrial intonsist¢n¢ies or apparent material missial¢mcnis. we arc required to derermine wheiher tbis Lyives rise to a n)aierial niisstatemeni in the financial siarements themselves. If, b85ed on th¢ work w¢ have performed, we conclude thal thcrc is a niaierial Tnis%tatement of thi5 other infonnation, we are required to report that fact. W¢ have nothing to r¢port in this regard. Matters on M'hich M'e are Tequired to report bv exception We hav¢ nothing io repon in rcspeci ol'the following matters wh¢rc the Chariites (Accounts and Reports) Regulations 2008 require5 U5 to repon io you if. in our opinion.. the infom)#lion given in the Report of the Trustees is inconsistent in any mat¢rial respect with th¢ financial statem¢nts'. or sufficient accounting records hav¢ not been kepi. or Ihe finaneial statcinenls ale not in agreenieni ivith thc accounting record5 and ietums,. or we have not received all the inforniaiion and explanations we require for our audit. Responsibilltles of trustees As cxplained mtsre fi]Ily in the Staten)cnt of TTusiees' Responsibilities. The trust¢¢s are responsible for the preparation of ihe financial Slatenicnis which &TiVC a Irue and fair view, and foi such internal control 05 the iNsiees dcleri))ine is necessary to enable the pr¢paralion of financial st411eillenls Ihat are frtt from malcrtal misslalement, whether due io fraud or em)r. In preparing the financial Slalem¢nts, the Irusiees are r¢sponsible for assessing the charity's ability to coniinu¢ as a going concern. disclossng, as applicable. mattcrs Telared 10 going eonc¢rn and using the going concern basis of accouniin&i unlcss the trustees either intend to liquidate the charily or to cease operations, or have no realistic aliemative but to do so. Page 6
Re ort of the Inde endent Auditors to the Trustees of The Al-Khoei Benevolent Foundation Our re5pon5ibilitie5 foT the audit of the financial statements Wc havc be¢n appoint¢d as ayditois under Section 144 of the Cha¥ities Aci 2011 and report in accordance with the Act and relevant rebFulations made or having effect th¢reund¢T. Our objectives are (o obtain rcasonablc assuran¢c aboui whcthcr thc financial statMentS as a whole are free from matcrial InLSStalement. whether due to fraud or error, and lo issuc a Report of the Indcpcndent Audilor5 that includes our opinion. Reasonable a5.%ufdn¢e is a high level of assurance. bui is noi a guaraniee ihai an audii conducled in accordance with ISAS {UK} will always deieci a material misstatement when it ¢xists. Misstat¢menlS can arise from fraud or error and are considered material if. individtsally or in the aggrcgate. they could rca%onably b¢ ¢xp¢cted to influene¢ the ¢conomie deeisivns of users iaken on ihe basis of these financial siaiements. The extent to which our procedures are capable of detecting irrcgularities, including fraud is dctsil¢d below.. W¢ idenlify and ass¢ss tlie risks of niaierial misslatement of the Financial state]ents, w'hether due to fraud or error. and then design and perfomi audit procedures responsive to thDse risks, including obtaining audii eifidence thai is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential rl%ks related to irrtgularlties In identifying and assessing risks of malcrial misstatcment in rcspcct of iTr¢gulariti¢s. tncluding fraud and non-compliancc witli laws and regulations, OUT procedures included the following.. eE]quiring ol. managenierti and Iruslees including obtaining and reviewing supporting docutnentation conccrning the charItS policies and procedllres relating io.. identifying, evaluaiinbT and complying with laws and rebyulations and whether they were aware of any instances Don-complianee., detecting and responding to the risks of traud and whether they have knowledtse ot'any acNal. suspecied or alleged traud,. Ihc inlemal controls ¢slablished to mitiga1¢ risks relat¢d to fraud or non-compliance M'ith laws and regulaiions; performing analjiical procedures lo identify any unusual OT unexpected relationships that may indi¢at¢ risks of material mis5taten*ni due 10 fraud. discussing among th¢ ¢nga¥emenl ieatn regarding how and where fraud ini¥hi occur in the financial slalements and any poiential indic4tor5 of fraud. obtaining an understanding of thc legol and rcgulatory frainework (hal the charity operales in, focusing on Ihosc laws and regulations ihal had a dircci ¢ffect on tlJ¢ financial statements or that had a fundamenlal effeci on the operations of tlie charity_ Th key laws and rebFulaiions we considered in this coniext included ¢he Charitics Aci 2011 and ChaTlti¢s SORP (FRS 102). Audit response to risks identified As a result of perforn)ing the above. we ideniificd managenient nverride of controls, r¢v¢nu¢ r¢¢ognitian including occurrence and classilication of donation and school income and the occurrence and classification of donation paym¢nis as k¢y audil malters. Our procedures to respond to risks Identified included the following.. In addressing Il)¢ risk of fraud thTough n)anagemeni override of eonirols. testing the appropriatenebs of joumal enlries and other adjustment5. a55e55ing wh¢ther lh¢ jiidgements rnade in making aecouniing esiimaies are inditative of a poienrial bias. and evaluating the cliarity'5 rational¢ of any Significant tran%aciions tl)at are Linusual or ou15ide ihe noFmal course of business. Substanlive teslin&F on donation in¢om¢ and school incom¢. Substantive iesiing on donation paymenis io ensure such payments are properly authorised, paid in accordanc¢ with ihe purpose and condilion5 of grants (no misapplicaiion of resiricied funds}. paymenis are M'ithin the objectii'es of the charity and accurate allocalion across fijnds. A further dcscripli()n of our responsibilities for the audii of Ihe financial statements ig locaied Lin ihe Financial Reponing Council's website at Msryv.frc.org.uWaudiiorsiesponsibiliiies. This descriprion lornis pan of our Repott ot rhe Independcn1 Audirors. Page 7
ort of the Inde endent Auditors to the Trustees of The Al-Khoei Benevolent Foundation se of our report is r¢port is mad¢ solely io the chariiys trllstees, as a body, in accordance wilh Part 4 of th¢ ChariiEes IAc¢ounis and Rcportsl egulalions 2008. Our audit w'ork has been undertaken so Ihdl we mighi slate lo rhe charity's trustce5 those matters we arc requircd to ie 10 them in an auditor5, report and for no oiher purpose. To the lullesl exienl perniittcd by low, w¢ do not accept or assume onsibility to anyone othcr than the chaTitv and tlic ¢harity'S trustees as a body. for our audit WOTk, for this report. or for the we have forn)ed. Chartcre Scottish P 76-80 Colle Harrow Middlc%x HAI IBQ cc iants & St t House e Road utory Auditor5 30 Jun¢ 20 Page 8
The Al-Khoei Benevolent Foundation Statement of Financial Activities for the Year Ended 31 Au ust 2024 2024 Total funds 2023 Total funds Unrestricted Restricted Endowment funds funds fund -Notes INCOME AND ENDOWMENTS FROM Donations and legacÈ¢s 715,655 122,576 838.231 712.985 Charitable actiiryties S¢hDnls opcraiions Nursery Operations 1.481,330 152,390 1,481.330 152,390 1,557,815 137,273 21.865 DFID Inve5tJnenl incon)e Other income 13.641 2.189 13.641 2,189 Total 2.365.205 122.576 2,487.781 2.429,938 EXPENDITURE ON Charilable activitie5 Schools operalions Grants and Donations Support costs Nursery Operations DFID 1.646.572 676.145 319,915 127.070 1.646,572 780,500 366.924 127.070 1,626,342 584,095 390,230 103.137 6,557 104,355 6,952 40.057 Total 2.769.702 111,307 40.057 2,921.066 2,710,361 NET IINCOMEI(F.XPETr4DITURE) Transfer¥ between funds 1404,497) (263,7131 11.269 (102,723) {40,057) 3()6,436 (433.285} (280,423) 15 Net movement in funds 1668,210) {91,454} 326.379 (433.285) (280.423) RECONCILIATIOfi OF FUh'DS Total tunds brought forward 3,676,597 132,646 6,050.989 9.860,232 10.140.655 TOTAI. FUNDS CARRIF.D FORWARD 3.008,387 41.192 6,377,368 9,426.947 9.860.232 The notes fonn pan of these financial statements Page 9
The Al-Khoei Benevolent Foundation Balance Sheet 31Au ust 2024 21124 Total funds 2023 Total funds Unrestricted Restricted Endowment funds funds fund Notes FIXED ASSETS TaEhgible assets 12 63,009 6.377,368 6,440,377 6,064,680 CURRENT ASSETS Debtors Cash at bank and in hand 13 163.053 3,233.804 163,053 3,307,552 187,752 3,989,594 73,748 3,396,857 73,748 3,470,605 4.177.346 CREDITORS Amounts falling duc within one year 14 (451,479) {32,556) {484,0351 (381.794) NET CURRENT ASSETS 2,945,378 41.192 2,986,570 3,795,552 TOTAL ASSETS LESS CURRENT LIABILITIES 3,008,387 41,192 6.377.368 9,426,947 9,860,232 NET ASSETS 3.008.387 41,192 6,377,368 9.426,947 9.860.232 Unrestricted funds Restricied fvnds Endowment ndS 3.008,387 41.292 6,377,36S 3.676.597 132.646 C),050.989 TOTAL FUIYDS 9,426,947 9.860.232 Tbe linancial siaiem¢nts w¢r¢ approved by the Board of Trustees arLd authoriscd for issue on 30 June 2025 and w¢re signed on its half by.. Dr M E Mesbahi - Trustee Tl)e notes forn] part of these financial statements Page 10
The Al-Khoei Benevolent Foundation Cash Flow Statement for the Year Ended 31 Au ust 2024 21124 2023 Notes Cash flows from operating activities c.ash generated from opcrdtions (259,074) {293.953) Net cash used in operating activities (259,074) (293,953) Cash flows from investing gctivities Purchase of tangible fixed abseis Int¢resi received 1436,6091 13,641 (1.9051 Net cash used in investing aetiviiies {422,9681 (1,905) Change in cash and cash equii'alents In the reportimg period Cash and cash equii'alents •t th¢ b¢giDnig of the reporting period {682,042) 1295,858) 3.989.594 4,285,452 C#5h and eash equlvalents at the end of the reporting period 3,307,5S2 3.989,594 The notes form part of ihese financial statements Page 11
The Al-Khoei Benevolent Foundation Notes to the Cash Flow Statement for the Year Ended 31 Au ust 2024 RECONCILIA TION OF NET EXPEfs'DITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nf l expenditur¢ for the reporling period (a5 p¢r the Statement of Financial Aftivitie5) Adjustments for". Depreciation charges JnteTest received Decrea.%e tn debtors Increaselldecrease) in credators (433,285) {280.423} 60.912 113,641) 24,699 102,241 50.015 53.072 (116,617) Net cash used in operations (259,074} (293.953) Af4ALYSIS OF CIIANGES IN NET FuDs At 119123 Cash flow At 3118124 Net cash Cash at bank and in hand 3,989,594 (682,042) 3.307.552 3,989,594 (682,042) 3.307.552 Total 3,989.594 1682,0421 3.307,552 The notes forni part of these financial statements Page 12
The Al-Khoei Benevolent Foundation Notes to the Financial Statements for the Year Ended 31 Au ust 2024 ACCOUNTING POLICIES Basis of preparing the finaM¢Éal s1?ternents The financial siaternents of ihe Lharity. which 15 0 public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.- Siaiemeni of Recommended Practice applicable to charities prcparingT thcir accounls in ac¢ordanLe wirh rhe FinanLial Reportinb Standard appli¢abl¢ in the UK and Republi of Ireland (FRS 102) (¢ff¢cliv¢ l January 20191,. Finiincsal Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Ircland, and the Chariiies Act 2011. The financial statem¢nts hav¢ becn prepared undcr the historical cost convention. Income All inconie is recognised in the Statein¢nl of Financial Attivilies tsnce the charily has enlitlemenl lo the funds. it is probable thar the income wryll be receivcd and th¢ amount can bc measured reliably. Expenditure Liabililieb are recognised 35 cxpcnditure 3$ soon as there is a legal or consinjctive obligation coinmitting th¢ chariry to Ihat xpenditur¢, Lt is probable thal d iranscer ofeconomic benefits will be requir¢d in 5¢ttlement and the amounl of the obliLFalion can b¢ measured relidbly. Expenditure ib aLcounted for on an accTuals basis and ha5 been classified under h¢adings that aggrcgat¢ all cosi relat¢d io the category. Where costs cannot be dircctly attributcd to particular headings th¢y hav¢ b¢en allocated to activitlcs on a basi5 consistenl wilh the us¢ of resources. Grants offered subject to conditions whi¢b have noi been mct ai the year end date are noied as a commitment bul not accrued as expenditure. Charitgble activities Charitable activiiies cost comprises all the operalTng expen.ses for ils chariiable activities like School, Nursery. DFID and general disbursements of grants and donations. Grants and donations represent donation paid out accordance with the Charity's objectives. DFID is a res¢arch piojeci which Al-Khoei is engaged in by InstÈlute ol Dcvelopinenl SttEdies io gather InforntIon and caryy out res¢arch work on shia muslim minorities in various counrries around ihe world. School and nursery costs rcpresent the totdl direct costs for running and maintaining both the scliools and Tbuf5ery. Allaration and apportlonment of eosts Support cost include administrative Losi relaies to the foundation and liav¢ bccn allocated to attivity cost cal¢8ori¢s on a basis consistenl with the usc ot'r¢sourees. Intangible assets Intangible assets are stat¢d at inittal cost less any pemianent impairn)ents. Tangible fixed assets Tangible fixed assets ale slated ai cost less accuii)ulaled depreciation. Dcprcciation 15 provided al the follow'inb) annual rares in order to TIle off each asset over it5 ¢Stimat¢d uscful life. Frc¢hold propcrties in London Freehold properiies in Swans¢a Freehold property in Manchester School Equipment Fixtures and fittings Office equipment Cost of building over 50 y¢ars Cost of buildinb? over 25 years Cost of building over 15 years 20V/o Oll Cost 150/0 on cost 20°/0 on cost Fund accounting Unrestrictcd incom¢ fiTrnds comprise those ndS which the trnsiees are free to use for any PUTPOSC in fvrtherance of thc chariiable objeciives. Restricied ndS are funds which arc to be used in accordance specific resiriciions imposed by the donors. Resiriciions arise when specified by the donor OT wh¢n funds ar¢ raised for particular reblricied purpLises. Endowmeni fund iepresenis the properties held by the charity and depreciation relatinb to (he property are chargT¢d abTainst the fund. Page 13 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 ACCOUNTING POLICJES- Continued ForeigD curreneies Asseis and liabililics in foreign currencics ar¢ translated into slerling at ihe rates of exchange ruling ai the balance shcet date. Transactions in foreign currencies arc translated into sierling at the rate of exchange ruling at the dale of transaction. ExchanLT¢ differences are taken into accouni in arriving at the operating result. Covernment granls Grants are a¢counied for under the a¢¢Nals model pemiitled by FRS 102. Grants Of revenue nalurc are recgLmised in ihc Stat¢Tneni of Financial A¢livili¢$ in the same period as th¢ related expendilure. Any atcrued elements of grants is included iti dcbtors as accrued income. Golng concern Trustees believe ihal ihe chariws financial siatements should be prepared on a going concern basis on the grounds that CUfTent and future sources of funding or suppor1 will be mor¢ tlian adLquale for th¢ charity's needs. Trustces have consid¢r¢d Ihe operational and financial factor5 for a period of Nclvc nionih5 froni the dale of approval of Ihc financial statemcnis. For the above reason, the trustees coniinue to adopt th¢ going concem basis in preparing ihese financial statements. DONATIONS AND LEGACIES 2024 2023 Donations and Religious du¢5 Gifi aid 819.099 19.132 694,871 18,114 838,231 712,985 INVESTMENT IS¥COME 2024 2&23 Deposit account interest 13,641 INCOME FROM CHARJTABLE ACTIVITIES 2024 2023 Activitv Schools op¢rotions Schools opcrations Nursery Operations DFID School & Nursery Fee In¢ome School Other Income School & Nursery Fee Incoin¢ Grant - DFID 1,376.860 la4,470 152,390 1.452.783 105,032 137.273 21,865 .633.720 1.716.953 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 7) Direct Costs 6) Totals Schools operations Granis and Donations Support costs Nursery Opcrations 1,646.572 1,646,572 780,500 366,924 127.070 780.500 84.OSO 127.070 282.844 1.857.722 780.500 282.844 2,921.066 Page 14 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 A ust 2024 GRANTS PAYABLE 2024 2023 Giants and Donations 780,500 584,095 Th¢ total granis paid to ins¢itutions during the y¢ar WCTe £680.467 (2023 £557.416) SUPPORT COSTS Management Finance Other Totals Support costs 217,187 11.477 54,180 282,844 Support Costs, included in the above. are as follows.. Management 21124 Support costs 21123 Total activities Wages & salaries- Foundation Ratcs and water Light and heat Telephone Poslage and siaiionery Trdvelling Sundries Atcountancy and audit fees Publication Cxpcnses Repairs & Maintertance Subscriptions Subsistence Advertisin Book keeping fees LebFal L. professional fees 119,540 1.251 10.208 3,177 62 4.152 714 13.000 3.410 790 4.013 396 6.256 21.000 29,218 159,995 638 8.792 1271 407 3.781 22 11,600 6.152 1,605 2.826 915 3,467 16,000 16.445 217,187 233,916 Finance 2024 Support costs 2023 Total activities Bank charges FOreITn exchan¥ie10551{&Tains) 1.444 10,033 1,326 566 1,477 1.892 Page 15 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 SUPPORT COSTS - contlnued Other 2024 Support costs 21123 Total activities D¢prcciaiion of tangible fixed assets 54,180 44,292 TRUSTEES, RF.MUNF.RATION AND BLNLFITS There were no Injbiees. remuneration Dr other ben¢fits for the ycar ended 31 August 2024 nor for the year 31 Augusi 2023. Trustees. expenses There were no trustees, ¢xp¢ns¢s paid for the year endcd 31 August 2024 nor for ihe year ended 31 Augusr 2023. Sl'A Tr"b" COSI'S The lolal wages and salarics for th¢ year wos as follows 31108124 31108123 Foundalion Mosque School Nursery 79,038 40,502 1,264.061 113,531 132.346 39.039 1.211,524 97,723 1.497.132 1,480.632 Th¢ av¢rage number of employees during the year was as follows 31108124 31108123 12 Foundation Mosque School Nursery 63 10 61 85 85 There were 8 average number of volunteers dyring the year. No employees received emolunienis in excess of £60.1)00. io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment funds funds fund Total funds INCOME AND Eh'DOWMENTS FROM Donations and leba¢i¢s 417,845 295.140 712,985 Charitable activitles Schools operations Nur&ery Operations DFID ,557,815 137,273 1,557,815 137.273 21,865 21,865 Total 2.112.933 317,005 2.429.938 EXPENDITURF. ON Charltable attivities Schools operalions 1.626,342 1,626,342 Page 16 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - £ontinued Unrestricted Restricted Endowment funds funds fund Total funds Grants and Donations Support costs Nursery Operations DFID 343.567 349.626 103.137 240,528 3,991 584,095 390,230 103,137 6.557 36.613 6,557 Total 2.422,672 251,076 36,613 2,710,361 ,YET INCOMEI(EXPEP*'DITURE) {309.7391 65,929 (36,613} 1280,423) RECONCILIATION OF FUNDS Total funds brouglil forward 3,986,336 66.717 6,087,602 10.140,655 TOTAL FUM)S CARRIED FORWARD 3,676,597 132.646 6.050,989 9,860.232 ii. INTANGIBLE FIXED ASSLTS Trademarks COST At I Septetnber 2023 and 31 August 2024 3.450 AMORTISATIOPI At I September 2023 and 31 August 2024 3,450 NET BOOK VALUE Ai 31 Augusi 2024 Al 31 Augusi 2023 12. TAGIBLE FIXED ASSF.TS Fixtures and rittings Freehold School properties Equipments Office equipment Totals COST At I Scptember 2023 Additions 6.877,468 366.437 284,122 299.504 15,026 518,012 55.146 7,979.106 436.609 At 31 Augusi 2024 7,243,905 284.122 314,530 573,158 8,415,71S DEPRECIATION Al I Scptcmb¢r 2023 Chargc for ycar 826,479 40.058 284,122 291.437 6.731 512.388 14.123 1.914.426 60.912 At 31 Augusi 2024 866.537 284.122 298,168 526.511 1.975,338 NET BOOK VALUE Ai 31 August 2024 6.377,368 16.362 46,647 6,440.377 At 31 August 2023 6,050.989 8,067 5,624 6,064,680 Included above in total nct book value is cost of land amounting to £5,457.496 (2023- £5,252.160}. Page 17 conlinued...
The Al-Khoei Benevolent Foundation ]Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 13. DEBTORS: AMoufiTS FALLING DUE WITHIN ON'E YEAR 2024 21123 Trade debtors Oihci debtors Inler-funds tempordry balances Prepaymenis 43.305 60.559 32,557 26,632 87.873 41.089 34,657 24.133 163.053 187,752 14. CREDITORS: AMOU,YTS FALLING DUE WITHIN ONE YEAR 2024 21123 Tradc rdItOrS Social sc¢urity and othcr taxes Other creditors Inter fund ALKW Inter fijnd DFID Inter fund SADAAT D¢ferrtd incom¢ Accru¢d ¢xp¢ns¢s 53,256 17.259 7.809 14.541) 37.098 50,490 20,541 384 7,101 130.278 (102,7231 256,035 19,688 352,417 20,737 484.035 381,794 15. MOVEMENT IN FUNDS Net movement in funds Transfers betiTreen funds At 3118124 At 119123 Unrtstrleted funds General Fund Khums S¢h¢m Imam Khum.% S¢h¢m Sadaat 3,374,573 302,024 {395,0091 111,2371 1.749 (366,436) 2.613,128 290,7R7 104,472 102.723 3.676,597 14(14,497) 1263,713) 3,008.387 Rcstricted funds Seheii) Sadaat-closed Al-Kawthar/Orphans & Widows DFID Fund 102,723 12,521 17,402 {102,723) 11,269 23,790 17,402 l i2,646 11,269 {102,723) 41.192 EndoTh'm¢Rt fund$ Endowi)cnt Fund 6,050,989 (40,057) 366,436 6,377,368 TOTAL Fuf*DS 9.860.232 1433.285) 9,426.947 Page 18 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 Is. MOVEMENT IN FUN'DS- conlinucd Net movement in funds, included in the 8bov¢ ar¢ as follows.. Incoming Resources Movement resources expended in funds Unrcslricted funds G¢Deral Fund Khums Sehem Imam Khums Sehem Sadaat 2.169,592 193.864 1,749 (2.564.601) {205.101} (395.009) (11.237) 1,749 2,365.205 (2,769,702) (404,4971 Restricted funds Al-Kaw(hailOrphans & Widows 122.576 (111,307) 1,269 Endowment funds End0)ent Fund 140,057) {40.057} TOTAL FUNDS 2.487,781 {2.921,066) {433.285} Comparatives for nvement in funds Net movement in funds At 3118123 At 119122 Unre$tri£ted funds General Fund Khuins Sehem Iinain 3,654.664 331.672 1280.091) (29.648) 3,374,573 302.024 3.986.336 (309,739) 3,676,597 Restricted funds Sehcm Sddaat-closed AI-Kahar1orPhans & Widows DFID Fund 53,692 10.931 2.094 49.031 1,590 15,308 102,723 12,521 17,402 66.717 65,929 132.646 Endow'ment funds Endowment FuT]d 6.087,602 {36,613) 6.050.989 TOTAL FUNDS 10,140,655 (280.4231 9,860,232 Pagc 19 continucd.-.
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 15. MOVEMENT IN F11Tr4DS- ¢ontinutd Comparative nei movement in fimds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General Fund Khums Sehem Imam 2.012.971 99,962 {2,293.062) 1129,6101 1280,091) (29,648) 2.112.933 12,422.672) (309,7391 Restricttd funds Sehei)I Sdd#al-closed A1-Ka%hrIOrpIlanS & Widows DFID Fund 99,963 19.5,177 21.865 150.9321 (193,587) 16,557) 49.031 1.-$90 15,308 317.005 (251.0761 65,929 Endowment funds Endowmcnt Fund (36,613) (36,613) TOTAL FUNDS 2.429.938 12.710,361) {280.423) A curTeni year 12 monihs and prior year 12 month5 combined position is as tollows.. Net Transfers movement between in funds funds At 3118124 At 119122 Unrestrietcd funds Gcnerol Fund Khums Schem Imam Khums Sehem Sadaai 3,654,664 331,672 1675.100) {40,885) 1.749 (366,436} 2,613,128 290,787 104,472 102,723 3,986,336 1714.2361 {263.7131 3.008,387 Re5tricled funds Sehem Sadaat-closed Al-Kawohar/Orphans & Widows DFID Fund 53.692 10.931 2.094 49,031 12,859 15.308 (102,723) 23,790 17,402 66,717 77.198 (102.723) 41.192 EndoKmeni funds End0ent Fund 6.087.602 {76,6701 366,436 6.377,368 TOTAL FUNDS 10.140,655 (713,708} 9,426,947 Pagc 20 continued...
The Al-Khoei Benevolent Foundation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 15, 14IOVEMENT I.N FUNDS- eontinucd A current year 12 months and prior y¢ar 12 months combined ne¢ movement in tiinds, included in the above are as follows.. Incoming Resources Movement resources expended in funds URr¢striettd fund$ GeneFdl Fund Khums Sehcm Imam Khum5 Sehein Sadaat 4.182.563 293.826 1.749 14,857,663) 1334,711) {675.100} (40,885) 1.749 4.478,138 15.192.374) 1714,236) Rertrl¢ted funds Sehem Sadaai-closed Al-KaurtharlOrphans & Widows DFID Fund 99,963 317.753 21.865 {50.932) (304,8941 (6.557) 49,031 12,859 1 S,308 439,581 1362,383) 77,198 Endowment funds Endowneni Fund {76,670) (76,670) TOTAL FUNDS 4,917.719 (5,631.4271 {713,708) The endoMrynent fund represents nel book value of certain freehold piop¢rties. Thc Unrestricted ndS are the receipts and expenditure of thc charity for its objectives without specific restriction on lis use. It is rcpresenled by the charities nei cutteni and its oihcr tangiblc assets. The Restricted funds ale specific funds for spe¢ific purposes. The balance is represenled by nei relevant eurr¢nt assets and its other tangible assei5.. 16. EMPLOYEE BENEFIT OBLIGATIONS The chariry operates a delined ¢ontribution p¢nsion scheme. The charity conmbuied in pension £20,216 12023.. £17,384) during the year. 17. RELATED PARTY DISCLOSURES There were no related parry transactions for the ycor cnd¢d 31 Augusi 2024. Page21
The Al-Khoei Benevolent Foundation Detailed Statement of Financial Activities for the Year Ended 31 Au ust 2024 2024 2023 INColF. AND ENDOWMENTS Donations and legacies Donations and Religious ducs Gift aid 819.099 19,132 694.871 18,114 838,231 712,985 Ini'estment Ineornt Deposit account int¢r¢st 13,641 Charitable xctivltie$ School &. Nursery Fee Income School Oth¢r Incom¢ Grant - DFID 1,529,250 104,470 1,590,056 105,032 21,865 1.633.720 1.716,953 Other income Other income 2.189 Tolal incoming Tesour£es 2,487,781 2.429,938 EXPEYDJTURE Charitable aetivitje5 Misc school expens¢s Printing po8g¢ & staiionery Light and heat Transport and travel Telephone Rates Repairs & Maintenance Leb*al & Prolessional Wages & saldri¢s - School Bank tharg¢s and interest D¢pr¢ciation Cleaning Insurance Siaff Training Misc nursery expenses Wages & Salaries - Nursery Subscription School meal - expenses Saturday school expenses Wag¢% and salaries - DFID Travelling- DFID Legal & prof. fees- l)FID Swansea Mosque expenses Sernion fo(yd Iraq Expenses - DFID Donaiions to insiilulions Carried fonvard 56,907 30.968 69.231 2.130 8.900 26.849 18.512 90 1.264,061 1,279 6.731 6,554 30,288 36.059 13.539 76,541 16,092 115,667 162 8.293 28,804 26,900 4.192 1,211.524 1,248 5,723 7.584 31,394 26.821 5.414 97,723 15,484 40.787 45.264 5,389 184 427 27,424 46,568 557 557.416 2.403,582 18,468 51,147 47.798 11.740 42.940 680,467 2.538.189 This page does not fomi parl of the statutory financial statements Page 22
The Al-Khoei Benevolent Foundation Detailed Statement of Financial Activities for the Year Ended 31 Au ust 2024 2024 21123 Charitable a£tivities Broughi forw3rd Donaiion payments 2.538,189 100.033 2.403,582 26,679 2,638.222 2.430.261 Support ¢0Sts managent WabTes & salari¢s- Foundation Rat¢5 and watcr Light and h¢at Tel¢phone Poslagc and siaiionery Travellin Sundries Accountancy and audit fees Publi¢alion expenses Repairs & Maintenance Subscriptions Subsisience Advertising Book keepin&. f¢e5 Legal & prof¢ssional f¢¢s 119.540 1.251 10.208 3,177 62 4,152 714 13,000 3.410 790 4.013 396 6,256 21,000 29.218 159,995 638 8,792 1.271 407 3,781 22 11,600 6.152 1,605 2,826 915 3.467 16,000 16.445 217.187 233.916 Flnanee Bank charges Foreign exchange lossllgains) 1.444 10,033 1.326 566 11,477 1,892 Other Fr¢chold property Fixtures and fiiiings 40,057 14,123 36.613 7.1)79 54,180 44,292 Total r¢sourc¢s expended 2.921,066 2.710,361 Net expenditure 1433,285) 1280.4231 This page does not forn] part of the statutory financial statements Page 23