HCO’s Corporate and Financial Governance Policy
Halal Certification Organisation (HCO) would like to highlight our corporate and financial governance to assure the industry and consumers that none of our finances are distributed to untoward activities or bodies.
As a company that serves the community and the Halal industry, we work intensely to promote, support, and strengthen global Halal trade, particularly the UK and EU businesses of consumable products. We also highly value our integrity.
A team of voluntary trustees governs Halal Certification Organisation
(HCO), we do not receive foreign aid, or dispense our generated funds in any way (internally OR externally). HCO has an independent budget that is financed by the following resources:
• The fees charged by HCO in return for the provided services, such as Halal audits certification and consultation fees.
• Sponsorships and payments for conferences or training, those which do not compromise HCO’s Impartiality policy.
• Other resources as determined by the Board of Directors and impartiality committee
HCO proactively gives to the community, by supporting local and global communities through charity programmes. It has partnered with and supports the Islamic Foundation at Markfield (1973) charity, by doing so, HCO contributes towards building bridges between the community and the rest of society (to aid better understanding of each other), research in Islamic economics, banking and finance, Muslim-Christian relations, interfaith dialogue, and Islam in Europe & Britain.
Statutory accounts that hold the company, accounting and financial records are put together from HCO’s financial records at the end of the financial year at the government relevant site. These statutory accounts include the following:
• A ‘balance sheet, showing the value of everything that the company owns, owes and is owed on the last day of the financial year.
• A ‘profit and loss account’, which displays the running sales & costs of the company, and the profit or loss that was made through the financial year.
• Notes about the accounts.
• A director’s report if applicable.