REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
THE ALMAGHRIB FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
THE ALMAGHRIB FOUNDATION |
THE ALMAGHRIB FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 9 |
THE ALMAGHRIB FOUNDATION (REGISTERED NUMBER: 08353213) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st January 2024. The trustees have adopted the provisions of 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 |
Objectives and aims |
The charity's objects are specifically restricted to the following: |
a) advancement of education for the public benefit in the Islamic Faith |
b) the relief of poverty in particular but not exclusively by the provision of grants |
Significant activities |
The charity received donations from individual donors and businesses who support its activities. |
The charity provides scholarships for educational purposes in relation to teaching the Islamic faith. |
During the year the charity did not provide any scholarships due to lack of seminars. |
It is expected that during 2024/25 such scholarships will be provided. |
Volunteers |
The board of trustees act as volunteers for the charity. |
FINANCIAL REVIEW |
Financial position |
The total income for the year amounted to £13,112 (£3,330: 2023), where as total resources expended were £1,098 (1,093 : 2023) leaving a surplus for the year of £12,014 (Surplus £2,237 : 2023). |
The total unrestricted funds of the charity as at 31 January 2024 amounted to £43,766 (£31,752 : 2023). |
Reserves policy |
The trustees consider that the reserves held are sufficient to continue the charities activity in future years. The trustees actively review the major risks which the charity faces on a regular basis and have also examined other operational risks faced by the charity. The trustees confirm that they have established systems to mitigate the significant risks. |
Going concern |
The trustees consider the charity to be a going concern. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Our Governing Document is our Memorandum and Articles of Association. |
The charity was admitted, registration with the Charity Commission of England and Wales on 9 January 2013. |
THE ALMAGHRIB FOUNDATION (REGISTERED NUMBER: 08353213) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The Management Committee of the Association, which comprises all the trustee/directors, has the power to appoint |
trustee/directors at any time. All trustee/directors retire at the Annual General Meeting and are eligible for re-election. |
Induction and training of new trustees. |
Following appointment, new trustees will be introduced to their new role and are requested to familiarise themselves with contents of the trusts constitution and to the policies and procedures adopted by the charity. They are also requested to read a number of publications from the Charity Commission to ensure that they are aware of the scope of their responsibilities under the Charities Act. |
The new trustees will work with existing trustee assisting on particular activities and projects run by the charity. Once |
confident they will then be given the task of leading a activity or project as necessary. |
Decision making |
The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits. |
The trustees meet regularly to review progress of the charity and take any decisions in relation to the activities provided by the charity. |
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to those risk. Appropriate controls are in place to mitigate financial risks and overseen by trustees. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Principal address |
22 Hazelhurst Road |
Bradford |
BD9 6BJ |
Trustees |
Approved by order of the board of trustees on |
THE ALMAGHRIB FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Other |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 31,752 |
THE ALMAGHRIB FOUNDATION (REGISTERED NUMBER: 08353213) |
BALANCE SHEET |
31ST JANUARY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 5 |
Unrestricted funds | 31,752 |
TOTAL FUNDS | 31,752 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
THE ALMAGHRIB FOUNDATION (REGISTERED NUMBER: 08353213) |
BALANCE SHEET - continued |
31ST JANUARY 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE ALMAGHRIB FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st January 2024 nor for the year ended 31st January 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st January 2024 nor for the year ended 31st January 2023. |
THE ALMAGHRIB FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Other |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 31,752 |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
5. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/2/23 | in funds | 31/1/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 31,752 | 12,014 | 43,766 |
TOTAL FUNDS | 12,014 | 43,766 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 13,112 | (1,098 | ) | 12,014 |
TOTAL FUNDS | ( |
) | 12,014 |
THE ALMAGHRIB FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
5. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1/2/22 | in funds | 31/1/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 29,515 | 2,237 | 31,752 |
TOTAL FUNDS | 29,515 | 2,237 | 31,752 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 3,330 | (1,093 | ) | 2,237 |
TOTAL FUNDS | 3,330 | (1,093 | ) | 2,237 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/2/22 | in funds | 31/1/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 29,515 | 14,251 | 43,766 |
TOTAL FUNDS | 29,515 | 14,251 | 43,766 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 16,442 | (2,191 | ) | 14,251 |
TOTAL FUNDS | 16,442 | (2,191 | ) | 14,251 |
THE ALMAGHRIB FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
6. | RELATED PARTY DISCLOSURES |