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2021-12-31-accounts

Charity registration number 1023334

Company registration number 01510380 (England and Wales)

THE WORLD ZOROASTRIAN ORGANISATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mrs Meher Amersey Dr Kersey Antia Dr Jehan Bagli Mr Maneck Bhujwala Mrs Armaity Engineer Mrs Benafsha Engineer Mulla Mr Russi Ghadiali Dr Parmis Khatibi Mr Homi Khusrokhan Mr Jimmy Madon Mr Kayomarsh Mehta Mr Dadi Mistry Mr Darius Mistry Mr Dinyar Modi Dr Zenobia Nadirshaw Mrs Manijeh Parki Mr Kersi Shroff Mr Sam Vesuna Mr Fariborz Rahnamoon Mr Rustam Dubash (Appointed 21 February 2021) Mr Darayus Motivala (Appointed 21 February 2021) Mr Rumi Sethna (Appointed 7 February 2021) Ms Shirin Mehri (Appointed 26 September 2021) Ms Shahin Bekhradnia (Appointed 26 September 2021)

Secretary Mrs Benafsha Engineer Mulla Charity number 1023334 Company number 01510380 Registered office World Zoroastrian House 1 Freddie Mercury Close Feltham UK TW13 5DF Auditor Nash Harvey Group LLP The Granary Hermitage Court Hermitage Lane Maidstone Kent ME16 9NT

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

CONTENTS

Page
Trustees report 1 - 4
Statement of trustees responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 27

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity’s objects and principal activities are:

The main objectives and activities for the year continued to be charitable aid for the medical treatment and education of Zoroastrians, the advancement of the Zoroastrian religious faith, and the relief of poverty among Zoroastrians. The strategies employed to assist the charity to meet these objectives have regrettably been curtailed in the current period due to the Covid pandemic.

The trustees have always paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Achievements and Performance of the organisation are given in detail in the accompanying Annual Report prepared by the Managing Committee.

Financial review

The charity generated a net increase in funds of £ 122,783 .

Principal Funding Sources

Aside from the income generated from trading and social activities , the principal funding source for the charity is by way of donations. Throughout the year donations received amounted to £262,289 .

Expenditure in the year has been in the form of assistance to the Zoroastrian community, thus supporting the key objectives of the charity. The charitable works are worldwide .

Reserves Policy

Much of the company’s charitable work cannot be expressed in financial terms and the aim of the directors is to accumulate a sufficient corpus of funds so that this work can be carried on effectively and efficiently . Donations targeted at individuals or events are passed through the hands of the company as quickly as possible, but donations to the various funds generally are being accumulated, subject always to the directors’ discretion.

Investment Policy

The charity's investments were securely managed this year, despite the uncertain market conditions. The intention of the board has always been to hold investments for the long term.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Risk Management

Despite the uncertainty of the stock market, the directors continue to regard a carefully managed portfolio of blue-chip securities as offering the best long-term prospects for a portion of the charity’s funds. Investment in the charity’s own premises adds a further balance to the risk of equities alone. Thirdly, a relatively high level of cash is maintained at all times unless suddenly depleted by emergency relief work.

Internal risks are minimised by the numbers and professional qualities of the managing committee and the fact that these financial statements are available, together with a full annual report of the charity’s work, to the members of the Organisation in the UK and the rest of the world.

Plans for Future Periods

The charity plans to continue the activities outlined above in the forthcoming years.

The trustees are mindful that some of these plans do need to be put on hold du e to the impact of the Covid pandemic to safeguard the charity’s funds in this time of diminished resources.

The trustees are confident that the charity can weather the current crisis and retain the goodwill of the community and of its supporters

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 1 st August 1980 and registered as a charity on 30 th June 1993. The company was established under a Memorandum of Association, amended by special resolutions on 24 th April 1993 and subsequently on 23 rd September 2012, 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 of £1.

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 Meher Amersey

Dr Kersey Antia Dr Jehan Bagli Mr Maneck Bhujwala Mrs Mani Clubwala (Resigned 21 September 2021) Mrs Hutoxy Cowasjee (Resigned 23 May 2021) Mrs Armaity Engineer Mrs Benafsha Engineer Mulla Mr Russi Ghadiali Dr Godafreed Irani (Resigned 21 September 2021) Dr Parmis Khatibi Mr Homi Khusrokhan Mr Jimmy Madon Mr Kayomarsh Mehta Mr Dadi Mistry Mr Darius Mistry Mr Minoo Mistry (Resigned 21 February 2021) Mr Dinyar Modi Dr Zenobia Nadirshaw Mrs Manijeh Parki Mrs Monaz Patel (Resigned 13 March 2021) Mr Kersi Shroff Mr Filli Vapiwala (Resigned 2 September 2021) Mr Sam Vesuna Mr Rostam Yeganegi (Resigned 21 September 2021)

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Mr Tehemtan Arjani (Resigned 21 August 2021) Ms Tushna Ghadially (Resigned 19 June 2022) Mr Fariborz Rahnamoon Mr Firoz Motafram (Resigned 13 March 2021) Mr Rustam Dubash (Appointed 21 February 2021) Mr Darayus Motivala (Appointed 21 February 2021) Mr Rumi Sethna (Appointed 7 February 2021) Ms Shirin Mehri (Appointed 26 September 2021) Ms Shahin Bekhradnia (Appointed 26 September 2021)

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.

New trustees are co-opted to the Management Committee and are nominated or can offer themselves for

election at the following Annual General Meeting.

Directors serve the Organisation voluntarily and draw no remuneration or benefits in kind. The directors are Trustees for the purposes of the Charities Act as amended by Statutory Instrument 2000 (No. 2868) and this report should be taken as the Trustees Report as required by that legislation and by the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005).

The monthly management committee meetings are conducted via video conferencing facilities. All directors

receive monthly board minutes.

Day to day responsibility for the provision of the services rests with the senior management team who are primarily located in the United Kingdom. They communicate regularly by email and meet on a regular basis .

Applications for grants are brought before the management committee at their monthly meetings, and considered. Where necessary, further information is sought from trustees geographically closer to the applicant. Decisions to make grants are minuted although telephonic discussions may not be. Clear and urgent cases may be beyond discussion with the full committee but are minuted at the subsequent meeting. Verification of the destination of restricted funds is usually obtained from the donee in the form of an acknowledging letter of thanks .

During the year under review the charity held Abacus Education Limited as a wholly owned subsidiary for the purpose of channelling its proposed commercial activities.

Charity regulations are not the same throughout the world and the charity welcomes and encourages Zoroastrians everywhere to form national associations which will network with The World Zoroastrian Organisation Limited.

Trustee Induction and Training

Most trustees are already familiar with the work of the charity and have a wide knowledge of business and commerce. They are guided by the Memorandum and Articles of Association, a copy of which is distributed to new members along with copies of the latest financial statements.

Auditor

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

In accordance with the company's articles, a resolution proposing that Nash Harvey Group LLP be reappointed as auditor of the company will be put at a General Meeting.

The trustees r eport was approved by the Board of Trustees.

Type text here

.............................. Mr Rumi Sethna Trustee Dated: .........................

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also the directors of The World Zoroastrian Organisation Limited for the purpose 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).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

Opinion

We have audited the financial statements of The World Zoroastrian Organisation Limited (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,

we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowledge and experience of the sector,

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation,

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud, and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships,

tested journal entries to identify unusual transactions,

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias, and

investigated the rationale behind significant or unusual transactions.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation, reading the minutes of meetings of those charged with governance,

enquiring of management as to actual and potential litigation and claims, and

reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

David Smith Bsc FCA (Senior Statutory Auditor) for and on behalf of Nash Harvey Group LLP

.........................

Chartered Accountants Statutory Auditor

The Granary Hermitage Court Hermitage Lane Maidstone Kent ME16 9NT

Nash Harvey Group LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
258,028
4,261
Charitable activities
4
53,663
-
Other trading activities
5
1,020
-
Investments
6
4,941
-
Total income
317,652
4,261
Expenditure on:
Raising funds
7
65,182
-
Charitable activities
8
123,739
23,751
Total expenditure
188,921
23,751
Net gains/(losses) on
investments
12
13,596
-
Gross transfers
between funds
-
-
Net incoming/(outgoing)
resources
142,327
(19,490)
Other recognised gains and losses
Other gains or losses
13
(54)
-
Net movement in funds
142,273
(19,490)
Fund balances at 1 January
2021
4,016,092
626,481
Fund balances at 31
December 2021
4,158,365
606,991		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
262,289
352,659
11,061
53,663
53,339
-
1,020
1,719
-
4,941
3,559
-
321,913
411,276
11,061
65,182
33,287
-
147,490
48,877
2,011
212,672
82,164
2,011
13,596
-
-
-
306,250
(306,250)
122,837
635,362
(297,200)
(54)
(67)
-
122,783
635,295
(297,200)
4,642,573
3,380,797
923,681
4,765,356
4,016,092
626,481		 Total
2020
£
363,720
53,339
1,719
3,559
422,337
33,287
50,888
84,175
-
-
338,162
(67)
338,095
4,304,478
4,642,573

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
21
Unrestricted funds		 2021
£
£
1
3,770,328
357,433
4,127,762
117,937
605,072
723,009
(85,415)
637,594
4,765,356
606,991
4,158,365
4,765,356		 2020
£
£
1
3,775,917
47,257
3,823,175
48,581
818,980
867,561
(48,163)
819,398
4,642,573
626,481
4,016,092
4,642,573

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Mr Dinyar Modi Mr Rumi Sethna Trustee Trustee

Company Registration No. 01510380

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

2021
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
77,731
Investing activities
Purchase of tangible fixed assets
-
Purchase of investments
(322,010)
Proceeds on disposal of investments
25,430
Investment income received
4,941
Net cash used in investing activities
(291,639)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(213,908)
Cash and cash equivalents at beginning of year
818,980
Cash and cash equivalents at end of year
605,072		 2020
£
(1,065)
(47,156)
-
3,559		 £
307,269
(44,662)
-
262,607
556,373
818,980

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The World Zoroastrian Organisation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is World Zoroastrian House, 1 Freddie Mercury Close, Feltham, TW13 5DF, UK.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised on receipt.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure will be recognised in the period in which a liability is incurred and will be classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they will be allocated on a basis consistent with the use of resources, such as in the case of support and governance costs.

Costs of raising funds will be costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Charitable activity costs will be costs incurred on the Charity's charitable operations.

Governance costs will include the costs attributable to the Charity's compliance with statutory requirements, including audit, accounts preparation and legal and professional fees.

Support costs will include any other expense that cannot be directly attributed to one of the other activities.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website 20% straight line.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings No depreciation deemed necessary. Fixtures and fittings 15% reducing balance.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Legacies receivable 187,072 - 187,072 260,625 - 260,625
Donated goods and
services 70,956 4,261 75,217 92,034 11,061 103,095

4 Charitable activities

Fund raising activity income
Charitable rental income		 Fund
raising
activity
income
2021
£
5,348
48,315
53,663		 Fund
raising
activity
income
2020
£
5,024
48,315
53,339

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5 Other trading activities

6
7		 UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Trading activity income: Subscriptions
1,020
1,719
Investments
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Income from listed investments
2,510
-
Interest receivable
2,431
3,559
4,941
3,559
Raising funds
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Fundraising and publicity
Depreciation and impairment
3,242
3,812
Support costs
61,940
29,475
Fundraising and publicity
65,182
33,287
65,182
33,287

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 Charitable activities

Depreciation and impairment
Financial assistance to individuals and appeals.
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds
Restricted funds		 2021
£
2,347
23,770
26,117
59,949
61,424
147,490
123,739
23,751
147,490		 2020
£
2,760
8,401
11,161
14,137
25,590
50,888
48,877
2,011
50,888

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9
Support costs
Support
costs
Governance
costs
£
£
Staff costs
3,539
20,054
Bank charges
2,150
-
Communications
1,143
-
General Office
187
-
Postage
489
-
Premises
26,055
-
Publicity and Hospitality
134
-
Repairs
88,011
-
Travel
181
-
Audit fees
-
1,500
Accountancy
-
1,136
Legal and professional
-
23,373
Annual Report
-
612
General Administration
-
306
Premises
-
14,443
121,889
61,424
Analysed between
Fundraising
61,940
-
Charitable activities
59,949
61,424
121,889
61,424		 2021
£
23,593
2,150
1,143
187
489
26,055
134
88,011
181
1,500
1,136
23,373
612
306
14,443
183,313
61,940
121,373
183,313		 Support
costs
Governance
costs
£
£
2,149
12,178
764
-
1,115
-
2,318
-
1,389
-
20,400
-
1,601
-
13,365
-
511
-
-
1,500
-
1,500
-
6,592
-
1,177
-
453
-
2,190
43,612
25,590
29,475
-
14,137
25,590
43,612
25,590		 2020
£
14,327
764
1,115
2,318
1,389
20,400
1,601
13,365
511
1,500
1,500
6,592
1,177
453
2,190
69,202
29,475
39,727
69,202

Governance costs includes payments to the auditors of £ 1,500 (20 20 : £1,500) for audit fees.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
2 1

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

11 Employees (Continued)
Employment costs 2021 2020
£ £
Wages and salaries 22,877 14,165
Other pension costs 716 162
23,593 14,327
There were no employees whose annual remuneration was more than £60,000.
12 Net gains/(losses) on investments
Unrestricted
Total
funds
2021
2020
£
£
Revaluation of investments 7,946
-
Gain/(loss) on sale of investments 5,650
-
13,596
-
13 Other gains or losses
Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Foreign exchange gains 54
67
14 Intangible fixed assets
Website
£
Cost
At 1 January 2021 and 31 December 2021 22,064
Amortisation and impairment
At 1 January 2021 and 31 December 2021 22,063
Carrying amount
At 31 December 2021 1
At 31 December 2020 1

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2021
3,738,655
66,954
At 31 December 2021
3,738,655
66,954
Depreciation and impairment
At 1 January 2021
-
29,692
Depreciation charged in the year
-
5,589
At 31 December 2021
-
35,281
Carrying amount
At 31 December 2021
3,738,655
31,673
At 31 December 2020
3,738,655
37,262
16
Fixed asset investments
Listed
investments
Unlisted
investments
Other
investments
£
£
Cost or valuation
At 1 January 2021
47,156
100
1
Additions
322,010
-
-
Valuation changes
7,946
-
-
Disposals
(19,780)
-
-
At 31 December 2021
357,332
100
1
Carrying amount
At 31 December 2021
357,332
100
1
At 31 December 2020
47,156
100
1
2021
Other investments comprise:
Notes
£
Investments in subsidiaries
25
1		 Total
£
3,805,609
3,805,609
29,692
5,589
35,281
3,770,328
3,775,917
Total
£
47,257
322,010
7,946
(19,780)
357,433
357,433
47,257
2020
£
1

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
18
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
19
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
20
Other creditors
Accruals and deferred income
20
Deferred income
Arising from Deferred Income
Deferred income is included in the financial statements as follows:
Balance as at 1 January 2021
Deferred in year
Released in year
Balance as at 31 December 2021		 2021
£
357,332
2021
£
57,866
53,717
6,354
117,937
2021
£
606
35,279
8,360
41,170
85,415
2021
£
35,279
2021
£
35,279
-
-
35,279		 2020
£
47,156
2020
£
1,083
42,480
5,018
48,581
2020
£
520
35,279
6,288
6,076
48,163
2020
£
35,279

Deferred income represents the unexpended element of donations received, pending the Managing Committee's decision as to the application of the funds in line with the donors' request.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2020

£
1
454,752
2
74,189
3
61,733
4
573
5
11,956
6
18,938
7
36,130
8
137,490
9
18,802
10
109,118
923,681		 Movement in funds
Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 January 2021
Incoming
resources
Resources
expended
Balance at
31 December
2021
£
£
£
£
£
£
£
2,250
-
-
457,002
2,861
(9,697)
450,166
-
-
(74,189)
-
-
-
-
-
-
(22,528)
39,205
-
-
39,205
-
-
(573)
-
-
-
-
-
-
(4,926)
7,030
-
(2,568)
4,462
-
-
(18,938)
-
-
-
-
-
-
(36,130)
-
-
-
-
3,342
(1,763)
(36,345)
102,724
1,228
(10,041)
93,911
5,468
(248)
(3,502)
20,520
172
(1,445)
19,247
-
-
(109,118)
-
-
-
-
11,060
(2,011)
(306,249)
626,481
4,261
(23,751)
606,991

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)

Restricted Funds:-

Purposes of Restricted Funds:-

Noshirwan F Cowasjee Medical Benevolent Fund - An income earning corpus from which to provide financial help with medical expenses, specifically where ordinary health provisions prove inadequate in the patient's country of residence.

Gujarat Relief Fund - The relief of poverty amongst the Zoroastrian community in Gujarat.

Emergency Relief Fund - For Zoroastrian community relief in the event of natural disasters.

Mobed Fund - To relieve the problems of members of the priestly class who have fallen upon hard times.

Religious Education Fund - To fund the advancement of the Zoroastrian religious faith.

Poverty Relief Funds - To provide relief from poverty.

Education Funds - To provide loans or grants for the further education of Zoroastrians who would otherwise be unable to complete their studies.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

22 Analysis of net assets between funds

Unrestricted
Funds
Restricted
Funds
£
£
Fund balances at 31 December 2021 are represented by:
Intangible fixed assets
1
-
Tangible assets
3,290,078
480,250
Investments
311,905
45,528
Current assets/(liabilities)
556,380
81,214
4,158,364
606,992		 Total
£
1
3,770,328
357,433
637,594
4,765,356

23 Events after the reporting date

Due to the ongoing Covid-19 circumstances an assessment has been made of any potential impact on the financial statements and going concern. Though the current economic conditions continue to create uncertainty in many charitable areas, the trustees do not have any immediate concerns. The level of donations to the charity has decreased, but this has not had a material effect on the reserves of the charity. After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

24 Related party transactions

No members of the management committee received any remuneration during the year. Establishment and other administration costs amounting to £ 1,919 (20 20: £ 7,627 ) were reimbursed to 2 (20 20 : 4 ) members of the management committee. Some directors do not claim re- imbursement of expenses incurred. Volunteers have postage and other administration expenses reimbursed to them and these are included in the resources expended unless specific to fund raising activities.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (20 20 : Nil).

During the year:

25 Subsidiaries

These financial statements are separate charity financial statements for The World Zoroastrian Organisation Limited.

Separate company financial statements are required to be prepared by law. Consolidated financial statements for the group are not required to be prepared as the group consolidated is classified as small under company disclosure requirements.

Details of the charity's subsidiaries at 31 December 2021 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Abacus Education Limited UK Property Management Ordinary 100.00

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Abacus Education Limited 4,144 26,905

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

26
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
(Decrease) in deferred income
Cash generated from operations
27
Analysis of changes in net funds
The charity had no debt during the year.		 2021
£
122,837
(4,941)
(54)
(5,650)
(7,946)
5,589
(69,356)
37,252
-
77,731		 2020
£
338,161
(3,559)
(67)
-
-
6,572
(7,459)
(15,886)
(10,493)
307,269