Charity registration number 1175621
Company registration number 10424252 (England and Wales)
ILHAM FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ILHAM FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Na'Imah Abdul Khalid
Mr Francis Ventura
(Appointed 6 April 2023)
Mr Muhammed Amim Zainuddin Bin Daim
Mr Muhammed Amir Zainuddin Bin Daim
Charity number
1175621
Company number
10424252
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Independent examiner
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
ILHAM FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 12
ILHAM FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 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 charity's governing document, the Companies Act 2006 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

As per our Charity Commission application, the charitable distributions will be exclusively for:

 

A) The prevention and relief of poverty

B) The advancement of education

C) The advancement of health and the saving of lives

D) The advancement of the arts, culture, heritage, or science

E) The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity 

F) The advancement of environmental protection or improvement 

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives
Financial review

The results for the year are as set out on page 3. Total income from donations and other income was £260 (2023: £250,004). This together with total expenditure incurred in the year of £3,193 (2023: £6,907) and a grant of £200,000 (2023: £NIL) resulted in a net deficit of £202,933 (2023: net surplus of £243,097).

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 12 October 2016. It was registered as a charity with the Charity Commission on 8 November 2017.

 

ILHAM FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs Na'Imah Abdul Khalid
Mr Philip Marriott
(Resigned 20 July 2023)
Mr Francis Ventura
(Appointed 6 April 2023)
Mr Muhammed Amim Zainuddin Bin Daim
Mr Muhammed Amir Zainuddin Bin Daim

The trustees' report was approved by the Board of Trustees.

Mr Francis Ventura
5 September 2024
ILHAM FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ILHAM FOUNDATION
- 3 -

I report to the trustees on my examination of the financial statements of Ilham Foundation (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Dated: 20 September 2024
ILHAM FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
-
-
-
-
250,000
250,000
Investments
3
260
-
260
4
-
4
Total income
260
-
260
4
250,000
250,004
Expenditure on:
Charitable activities
4
3,193
200,000
203,193
6,907
-
6,907
Total expenditure
3,193
200,000
203,193
6,907
-
6,907
Net income/(expenditure) and movement in funds
(2,933)
(200,000)
(202,933)
(6,903)
250,000
243,097
Reconciliation of funds:
Fund balances at 1 April 2023
(2,813)
250,000
247,187
4,090
-
4,090
Fund balances at 31 March 2024
(5,746)
50,000
44,254
(2,813)
250,000
247,187

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ILHAM FOUNDATION
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
546
-
Cash at bank and in hand
49,215
250,814
49,761
250,814
Creditors: amounts falling due within one year
10
(5,507)
(3,627)
Net current assets
44,254
247,187
Net assets excluding pension liability
44,254
247,187
The funds of the charity
Restricted income funds
11
50,000
250,000
Unrestricted funds
(5,746)
(2,813)
44,254
247,187

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 5 September 2024
Mr Francis Ventura
Company registration number 10424252 (England and Wales)
ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Charity information

Ilham Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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 their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Income from donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£
Donations and gifts
-
250,000
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
260
4
ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Expenditure on charitable activities
Unrestricted funds
Unrestricted funds
2024
2023
£
£
Legal and professional fees
1,981
2,999
Accoutnancy fees
810
1,328
Independent examinatino fees
343
2,500
Bank charges
59
80
3,193
6,907
Grant funding of activities (see note 5)
200,000
-
203,193
6,907
Analysis by fund
Unrestricted funds
3,193
6,907
Restricted funds
200,000
-
203,193
6,907
5
Grants payable
Restricted funds
2024
£
Grants to institutions (1 grant):
Education institution
200,000
-
6
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
4
5
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
546
-
10
Creditors: amounts falling due within one year
2024
2023
£
£
Borrowings
1,388
-
Accruals and deferred income
4,119
3,627
5,507
3,627
11
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
250,000
-
(200,000)
50,000
ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Restricted funds
(Continued)
- 11 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
-
250,000
-
250,000
12
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 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
(2,813)
260
(3,193)
(5,746)
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
4,090
4
(6,907)
(2,813)
13
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Current assets/(liabilities)
(5,746)
50,000
44,254
(5,746)
50,000
44,254
ILHAM FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Analysis of net assets between funds
(Continued)
- 12 -
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Current assets/(liabilities)
(2,813)
250,000
247,187
(2,813)
250,000
247,187
14
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

At the year end, the company owed one of the directors £1,388 (2023: £NIL).

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