PENNY APPEAL
Financial health, per its FY2024 accounts
The accounts state that total income declined to £13,136,985 from £22,429,858 in the prior year, resulting in a net deficit of £619,645. Despite the income drop, the charity maintained its commitment to charitable activities, spending £10,260,387, which represented 77% of total income. Free/unrestricted reserves stood at £6,363,544, which the trustees consider adequate against their policy target of three months' operational expenditure.
What the accounts disclose
“The charity’s relationship with Esplanade Vale Media Limited, trading as British Muslim TV (BMTV), was terminated in June 2024. Expenditure with the organisation during the year amounted to £325,976.” — page 63
“Following the conclusion of the Charity Commission’ and Information Commissioner’s Office investigations, we have emerged with invaluable insights” — page 7
Regulator actions
The Fundraising Regulator investigated Penny Appeal regarding complaints about misleading information in child sponsorship appeals, the handling of restricted donations, ambiguous terms for Direct Debits, and poor complaints handling. The regulator found that the charity breached the Fundraising Code by failing to clearly communicate how funds were used, omitting essential information about ongoing monthly payments, and not adequately addressing donor concerns. Penny Appeal has agreed to comply with the regulator's recommendations to improve transparency and record-keeping.
Leadership, per the charity’s website
- Mohammed Junaid Akhtar — Chair
- Yassar Khan — Chief Executive Officer
- Fawad Kalsi — Chief Executive Officer
- Ishaq Israr — Director of Programmes
- Ahmad Bostan — Director of Marketing & Communication
- Kamran Shahid — Director of Finance
- Steven Abiona — Director of IT
- Rabea Soofi — Director of Programs
Structured financials (annual return, FY ending 31/12/2024)
Trustees
- Mohammed Junaid Akhtarchair
- Jatinder Singh Panesar
- Mohammed Khizar
- Umar Tariq
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £13.1m | £13.8m |
| 31/12/2023 | £22.4m | £23.8m |
| 31/12/2022 | £23.1m | £22.1m |
| 31/12/2021 | £16.2m | £17.2m |
| 30/04/2021 | £28.7m | £23.3m |
Common questions
Is PENNY APPEAL financially healthy?
The accounts state that total income declined to £13,136,985 from £22,429,858 in the prior year, resulting in a net deficit of £619,645. Despite the income drop, the charity maintained its commitment to charitable activities, spending £10,260,387, which represented 77% of total income. Free/unrestricted reserves stood at £6,363,544, which the trustees consider adequate against their policy target of three months' operational expenditure. Its FY2024 accounts were audited by Armstrong Watson Audit Limited.
Who funds PENNY APPEAL?
Funders whose own accounts filings name PENNY APPEAL as a grant recipient include THE IMAM HUSSEIN FOUNDATION, SAVE AN ORPHAN (INTERNATIONAL).
Known funders
| Funder | Year | Amount |
|---|---|---|
| THE IMAM HUSSEIN FOUNDATION | FY2022 | £3k |
| SAVE AN ORPHAN (INTERNATIONAL) | FY2022 | £-53k |
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| THE PEARS FAMILY CHARITABLE FOUNDATION | 1 | £300k |
| DHAKA AHSANIA MISSION | 1 | £120k |
| OVE ARUP PARTNERSHIP CHARITABLE TRUST | 1 | £11k |
| THE MICHAEL MARKS CHARITABLE TRUST | 1 | £5k |
| THE SIMMONS AND SIMMONS CHARITABLE FOUNDATION | 1 | £3k |