REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Strategic Report, Trustees' Report and |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
for |
Fahmaz Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Strategic Report, Trustees' Report and |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
for |
Fahmaz Trust |
Fahmaz Trust |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Reference and Administrative Details | 1 |
Strategic Report | 2 |
Trustees' Report | 3 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 | to | 15 |
Fahmaz Trust |
Reference and Administrative Details |
for the Year Ended 31st March 2024 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Danton Partners |
7 Merlin Courtyard |
Gatehouse Close |
Aylesbury |
Buckinghamshire |
HP19 8DP |
ACCOUNTANTS | Smartax Limited |
38 Station Road |
North Harrow |
Harrow |
Middlesex |
HA2 7SE |
Fahmaz Trust |
Strategic Report |
for the Year Ended 31st March 2024 |
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2024, in compliance with s414C of the Companies Act 2006. |
Financial review |
The trustees have agreed that the charity continues to require a strong level of reserves in order to meet its objectives of investing in revenue generating assets. |
In order to keep expenditure to bare minimum, the directors haven't hired any external personnel. All the essential administrative work is handled by the Trustees. |
The trustees have assessed the major risks to which the organisation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The overall risk is deemed moderate. |
Principal funding sources |
The charity currently has a very small donor base and the funding stream is limited. |
The main donor has been the trustees and Shield Foods UK Ltd and this will continue to be so in the near future. |
Plans for future periods |
The Trustees consider they need time to gather a reasonable amount of funding to enable investments in high yielding assets. The income of these assets will then be used to fund various small charitable projects at domestic and international stages. |
Approved by order of the board of trustees on 24th January 2025 and signed on its behalf by: |
Fahmaz Trust (Registered number: 09344898) |
Trustees' Report |
for the Year Ended 31st March 2024 |
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. |
OBJECTIVES AND ACTIVITIES |
Objects and aims |
The charity's objects are to support exclusively charitable purposes as the trustees think fit, mainly but not exclusively |
- the prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient, |
- the relief of need in individuals arising from their youth, age, gender, infirmity or disability, financial hardship or social circumstances, |
- the treatment and care of persons suffering from mental or physical illness of any description or in need or rehabilitation as a result of such illness, |
- the relief of need and suffering among victims or natural or other kinds of disaster. |
The charity is continuing to support projects both at international and at domestic level and in many different areas. |
The charity's aim is to continue providing financial assistance as per the Memorandum and Articles. |
ACHIEVEMENTS AND PERFORMANCE |
Charitable activities |
During the year, the charity continued to carry out its charitable objectives by making various grants to individuals and institutions in carrying out its humanitarian activities. |
PUBLIC BENEFIT |
Activities undertaken to further public benefit |
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. |
TRUSTEES AND OFFICERS |
The trustees and officers serving during the year and since the year end were as follows: |
Trustees: |
Mr H M G Daya |
Mrs A Daya |
Mr M H G Daya |
Sheikh N Mohammed |
Chairman: |
Mr H M G Daya |
Fahmaz Trust (Registered number: 09344898) |
Trustees' Report |
for the Year Ended 31st March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Nature of governing document |
The charity is a company limited by guarantee and registered as a charity with Registered Charity No 1160897. The company was established under the Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
Recruitment and appointment of trustees |
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 A H Daya |
Mr H Daya |
Mr M H Daya |
Sheikh N Mohammed |
The trustees are selected for their understanding and sympathy with the aims and objectives of the charity, combined with a willingness to offer time and expertise to support these. |
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
The trustees meet a number of times a year to agree strategic direction and policy of the charity. The day-to-day responsibility of running the charity rest with all the directors. |
They are responsible to ensure that the charity delivers its specified services. They are also responsible for |
developing skills and applying best practice. |
The directors do not recommend payment of a final dividend. |
Fahmaz Trust (Registered number: 09344898) |
Trustees' Report |
for the Year Ended 31st March 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Fahmaz Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: |
- select suitable accounting policies and apply them consistently; |
- observe the methods and principles in the Charities SORP; |
- make judgements and estimates that are reasonable and prudent; |
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable |
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Fahmaz Trust |
Independent examiner's report to the trustees of Fahmaz Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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 accounts to be reached. |
Sajjad Rajan CTA FCCA ACA |
Danton Partners |
7 Merlin Courtyard |
Gatehouse Close |
Aylesbury |
Buckinghamshire |
HP19 8DP |
24th January 2025 |
Fahmaz Trust |
Statement of Financial Activities |
for the Year Ended 31st March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 220,704 |
Fahmaz Trust (Registered number: 09344898) |
Balance Sheet |
31st March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 220,704 |
TOTAL FUNDS | 220,704 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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. |
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 |
Fahmaz Trust |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | CHARITY STATUS |
The charity is limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. |
The address of its registered office is: |
38 Station Road |
North Harrow |
Harrow |
HA2 7SE |
The principal place of business is: |
Unit 4 Chancerygate Business Centre |
Stonefield Way |
Ruislip |
HA4 0JA |
These financial statements were authorised for issue by the trustees on 24 January 2025. |
2. | ACCOUNTING POLICIES |
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. |
Summary of significant accounting policies and key accounting estimates. |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Statement of compliance |
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. |
Basis of preparation |
Fahmaz Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. |
Going concern |
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. |
Income and endowments |
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general |
nature is recognised when the charity has entitlement to the income, it is probable that the income will be |
received and the amount can be measured with sufficient reliability. |
Donations and legacies |
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. |
Grants receivable |
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment income |
Interest on funds held on deposit is included when receivable and the amount can be measured charity; this is normally upon notification of the interest paid or payable by the bank |
Expenditure |
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable |
settlement is required and the amount can be measured reliably. Expenditure is recognised on an accruals basis. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. |
Charitable activities |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Grant expenditure |
Grants payable are charged in the year when the offer is conveyed to the recipient. Grants offered subject to |
conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Where a grant has been made for the benefit of an individual, or a group of individuals, through the means of an institution, this is recorded as a grant to the institution. |
Grant provisions |
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. |
Support costs |
Support costs include central functions such as governance cost, finance and information technology incurred directly in support of expenditure on the objects of the charity. They have been allocated to activity cost categories on a basis consistent with the use of resources, for example based on the total direct costs of each activity type. |
Governance costs |
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. |
Taxation |
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. |
Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Foreign exchange |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. |
Exchange differences are recognised in the statement of financial activities in the period in which they arise. |
Fund structure |
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. |
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. |
Financial instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. |
3. | DONATIONS AND LEGACIES |
31.3.24 | 31.3.23 |
£ | £ |
Donations |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
4. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Interest on investments | 2,337 | - |
5. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
6) | note 7) | Totals |
£ | £ | £ |
Humanitarian Activities | 82,000 | 1,011 | 83,011 |
All of the above and prior year expenditure relates to unrestricted funds. |
6. | GRANTS PAYABLE |
31.3.24 | 31.3.23 |
£ | £ |
Humanitarian Activities | 82,000 | 40,050 |
The total grants paid to institutions during the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Orison Charitable Trust | 46,000 | 37,550 |
Compassion for humanity | 1,500 | - |
SnehaSadan | 5,500 | - |
The Zahra Trust | - | 2,500 |
The total grants paid to individuals during the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Humanitarian Activities | 29,000 | - |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
7. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Humanitarian Activities | 21 | 990 | 1,011 |
Support costs, included in the above, are as follows: |
31.3.24 | 31.3.23 |
Humanitarian | Total |
Activities | activities |
£ | £ |
Bank charges | 21 | - |
Accountancy fees | 990 | 900 |
1,011 | 900 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 220,704 |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
Accruals and deferred income |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 220,704 | (56,674 | ) | 164,030 |
TOTAL FUNDS | (56,674 | ) | 164,030 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 26,337 | (83,011 | ) | (56,674 | ) |
TOTAL FUNDS | ( |
) | (56,674 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 261,654 | (40,950 | ) | 220,704 |
TOTAL FUNDS | 261,654 | (40,950 | ) | 220,704 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (40,950 | ) | (40,950 | ) |
TOTAL FUNDS | - | (40,950 | ) | (40,950 | ) |
Fahmaz Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
11. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 261,654 | (97,624 | ) | 164,030 |
TOTAL FUNDS | 261,654 | (97,624 | ) | 164,030 |
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 | 26,337 | (123,961 | ) | (97,624 | ) |
TOTAL FUNDS | 26,337 | (123,961 | ) | (97,624 | ) |
12. | RELATED PARTY DISCLOSURES |
During the year, donations received from Mr H and Mrs A Daya, who are trustees, amounted to £24,000 (2023: £NIL). |
13. | COMPANY LIMITED BY GUARANTEE |
The liability of each member is limited to £1 by guarantee. |