Awqaf SA Annual Financial Statements are audited annually.
The latest audited Annual Financial Statements are for the financial year ended 28 February 2019 which were signed off by AWQAF SA auditors on the 13th October 2020. The latest AGM was held on 12th November 2020 virtually. Unaudited financials for the financial year ended 28 February 2020 were also considered and adopted subject to final audit. The Chairman’s Review and CEO Review were also presented.
Click here to view the Audited Annual Financial Statements for the year ended 28 February 2019
Click here to view the Financial graphs showing various facets of AWQAF SA are provided here from inception 2001 -2020.
Click here to view the Chairman’s Report 2019 & 2020
Click here to view CEO Review 2019 & 2020
Our accounting is done on a daily basis and hopefully will be on a real-time basis as upgrades are currently being studied to improve our systems with the view that donors will have immediate access to information on their waqf donations and progress of the organisation, inshallah.
KEY POINTS TO NOTE REGARDING AWQAF SA ANNUAL FINANCIAL STATEMENTS & ACCOUNTING POLICIES:
Awqaf SA is an ASSET BASED Islamic charitable endowment WAQF FUND. Its Annual Financial Statements must be read and interpreted in the light of how the waqf system works. Key points:
- Waqf Funds: Waqf funds are capital in nature and may not be consumed.
- 100% Policy: Awqaf SA has a 100% policy in terms of Waqf funds collected. No commissions. No deductions. 100% of waqf funds donated by donors are credited to their waqf donation accounts.
- Long Term: Waqf funds are long term in nature and may not be spent on consumption expenditure.
- Asset Investment: Waqf Funds may only be invested in capital and infrastructure assets.
- Cash & Cash Equivalents: These are temporarily held in profit sharing accounts for waqf investment opportunities.
- Infrastructure: Waqf Funds may be invested in income-generating/ productive assets or other social/religious infrastructure projects.
- Waqf Revenues: Waqf revenues represent the income generated from investment assets ie rentals, profits, dividends
- Downstream Expenditure : Only waqf revenues may be used for downstream “care” / consumption and developmental projects, eg education, elders, healthcare, subsidies, stipends, etc. Non-waqf revenues in the form of of general sadaqa/lillah may also be used for projects and programmes.
- Continuous growth: Awqaf SA needs to grow its waqf capital and asset base on a continuous basis to have the ongoing sustainable capacity to meet community needs.
- Community Sovereign/ Solidarity Fund: Awqaf SA aims to be the Community Sovereign/ Solidarity Fund of the Ummah. As the Fund belongs to Allah, the Community Sovereign Fund becomes the protector and security, and “takaful” of the community to ensure that in both prosperous and lean times, the Ummah has self-sufficiency – inshallah. For this, support is needed for the whole community.
- Remuneration: Save for full-time staff, NO remuneration is paid to Mutawallees/ Trustees/CEO/ Deputy CEO/ Secretariat/ Management Board/ Committee members.
- Volunteer: Alhamdulillah, Awqaf SA is largely a volunteer-driven organisation.