HFA Corporate And Financial Governance
Halal Food Authority (HFA) would like to shed more light on our corporate and financial governance to ensure the industry, as well as consumers, that we do not dispense any of our finances to untoward activities or bodies.
As a company that has been serving the Muslim community and the halal industry for twenty years, we are a body that work tirelessly to facilitate, support and enhance halal trade globally especially to UK/ EU exporters and our integrity is of the utmost importance to us.
The HFA are governed by a team of voluntary trustees and we receive no foreign aid, nor do we distribute our generated funds in any way (internally OR externally). The HFA shall have an independent budget financed from the following resources:
– The subscription and fees charged by the HFA in return for the services provided such as Halal audit for up to a full man-day. Certification proposal that contains certification fees will be provided upon receiving completed application form online.
– Sponsorships and fees received for conference or training conducted which do not compromise the HFA Impartiality at all.
– Other resources as determined by the Board of Directors.
The utilisation of the income received from any source shall be applied solely towards the achieving the objectives in line with vision of HFA.
All HFA surplus and yields directly go back to the Halal Food Foundation (HFF), the charitable arm of the HFA. The HFF is a registered UK charity concerned with education, outreach work, making bonds within the Muslim community and creating awareness on leading a halal and healthy lifestyle.
Funds attributed to our charitable arm are used for educational purposes and of course reserved for potential educational projects, events and workshops that are to be governed by the charity in the future.
Statutory accounts that kept records about the company, and financial and accounting records get prepared from the HFA’s financial records at the end of financial year. Statutory accounts must include the following items:
– a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year;
– a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year;
– notes about the accounts; and
– a director’s report
Policies of Delegated Authority
The HFA shall have a Finance Policies and Procedures Manual covering its day-to-day operations. The list of delegated authorities is prepared and maintained by the Financial Controller, approved by the Chief Executive and Chairman and acknowledged by all employees.