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2023-12-31-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 2023

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Meher Amersey 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 Darius Mistry Mr Dinyar Modi Dr Zenobia Nadirshaw Mrs Zerbanoo Gifford Mr Kersi Shroff Mr Sam Vesuna Mr Fariborz Rahnamoon Mr Rustam Dubash Mr Darayus Motivala Mr Rumi Sethna Ms Shahin Bekhradnia Ms Pia Sutaria Mrs Manijeh Parki Mr Tirdad Sarooshian Secretary Mrs Benafsha Engineer Mulla Charity number 1023334 Company number 01510380 Registered office World Zoroastrian House 1 Freddie Mercury Close Feltham UK TW13 5DF Independent examiner Ward Divecha Limited 29 Welbeck Street London W1G 8DA

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

CONTENTS

Page
Trustees report 1 - 3
Statement of trustees’ responsibilities 4
Independent examiner’s report 5 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 24

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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 been reinstituted post 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 £25,473 .

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 £71,714.

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. 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. 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 2023

Risk Management

Despite the uncertainty of the stock market, the directors continue to regard a carefully managed portfolio of bluechip 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 confident that the charity can weather the prevailing uncertain financial conditions 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 (Resigned 21 July 2023) Dr Jehan Bagli (Resigned 31 July 2023) 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 Tirdad Sorooshian (Appointed 01 May 2024) Mr Darius Mistry Mr Dinyar Modi Dr Zenobia Nadirshaw Mrs Manijeh Parki Mr Kersi Shroff Mr Sam Vesuna Ms Pia Sutaria Mr Fariborz Rahnamoon Mr Rustam Dubash Mr Darayus Motivala Mr Rumi Sethna Ms Shirin Mehri (Resigned 20 June 2023) Ms Shahin Bekhradnia Mrs Zerbanoo Gifford Ms Freny Pavri (Resigned 31 July 2023)

(Appointed 01 May 2024)

(Resigned 20 June 2023) (Resigned 31 July 2023)

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

The trustee’s report was approved by the Board of Trustees.

Mr Rumi Sethna

Trustee

Dated: 07 September 2024

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

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 EXAMINER’S REPORT

TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The World Zoroastrian Organisation Limited

The World Zoroastrian Organisation Limited for the year ended 31.12.2023 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

INDEPENDENT EXAMINER’S STATEMENT

TO THE TRUSTEES OF THE WORLD ZOROASTRIAN ORGANISATION LIMITED

Since the charitable company’s gross income is below £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Adil Divecha (Independent examiner) For and on behalf of Ward Divecha Limited Chartered Accountants & Statutory Auditors 29 Welbeck Street W1G 8DA

07 September 2024

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
68,588
3,126
Charitable activities
4
79,051
-
Other trading
activities
5
2,015
-
Investments
6
17,552
-
Total income
167,206
3,126
Expenditure on:
Raising funds
7
39,074
-
Charitable activities
8
88,880
36,551
Total expenditure
127,954
36,551
Net gains/(losses) on
investments
12
29,628
-
Net incoming/(outgoing)
resources
68,880
(33,425)
Other recognised gains and losses
Other gains or
losses
14
(9,982)
~~,~~
-
Net movement in funds
58,898
(33,425)
Fund balances at 1 January
2023
4,217,096
573,931
Fund balances at 31
December 2023
540,506
4,275,994		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
71,714
129,527
1,505
79,051
76,854
-
2,015
4,016
-
17,552
10,913
-
170,332
221,310
1,505
39,074
43,657
-
125,431
94,468
34,565
164,505
138,125
34,565
29,628
(42,697)
-
35,455
40,488
(33,060)
(9,982)
18,243
-
58,731
(33,060)
4,791,027
4,158,365
606,991
4,816,500
4,217,096
573,931
25,473		 Total
2022
£
131,032
76,854
4,016
10,913
222,815
43,657
129,033
172,690
(42,697)
7,428
18,243
25,671
4,765,356
4,791,027

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 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 15 1 1
Tangible assets 16 3,761,539 3,765,577
Investments 17 555,082 398,826
4,316,622 4,164,404
Current assets
Debtors 18 15,332 33,516
Cash at bank and in hand 518,129 657,330
533,461 690,846
Creditors: amounts falling due within
one year 19 (33,583) (64,223)
Net current assets 499,878 626,623
Total assets less current liabilities 4,816,500 4,791,027
Income funds
Restricted funds 20 540,506 573,931
Unrestricted funds 4,275,994 4,217,096
4,816,4500 4,791,027

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 2023, 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 07 September 2024

Mr Dinyar Modi Mr Rumi Sethna Trustee Trustee oO Company Registration No. 01510380

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Notes
£
£
£
Cash flows from operating activities
Cash generated from operations
24
(30,125)
Investing activities
Purchase of investments
(216,516)
89,888
17,552
,
(131,693)
Proceeds from disposal of investments
47,603
Investment income received
10,913
Net cash used in investing activities
(109,076)
Net cash used in financing activities
-
Net increase/(decrease) in cash and cash
equivalents
(139,201)
Cash and cash equivalents at beginning of year
657,330
~~,~~
Cash and cash equivalents at end of year
518,129		 £
125,435
(73,177)
-
52,258
605,072
657,330

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 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 2023

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).

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.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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 payments 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 2023

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.

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations and legacies

Unrestricted Restricted Total **Unrestricted ** Restricted Total
funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Legacies receivable - - - 68,866 - 68,866
Donated goods and services 68,588 3,126 71,714 60,651 1,505 62,166

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities

Fund raising Fund raising
activity
activity
income income
2023 2022
£ £
Fund raising activity income 30,736 28,539
Charitable rental income 48,315 48,315
79,051 76,854
5 Other trading activities
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Trading activity income: Subscriptions
2,015 4,016
6 Investments
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 15,730 10,154
Interest receivable 1,822 759
17,552 10,913

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Other fundraising costs 297 1,103
Depreciation and impairment 2,342 2,756
Support costs 36,435 39,798
Fundraising and publicity 39,074 43,657
39,074 43,657
Charitable activities
2023 2022
£ £
Depreciation and impairment 1,696 1,995
Financial assistance to individuals and appeals. 49,568 47,145
~~,~~
51,264 49,140
Share of support costs (see note 9) 27,108 31,330
Share of governance costs (see note 9) 47,059 48,563
~~,~~
74,167 129,033
Analysis by fund
Unrestricted funds 88,880 94,468
Restricted funds 36.551 34,565
125,431 129,033

8 Charitable activities

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Support costs

Staff costs
Bank charges
Communications
General Office
Postage
Premises
Publicity and Hospitality
Repairs
Travel
Independent examination
Accountancy and Audit
Legal and professional
Annual Report
General Administration
Premises
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
£
£
3,717
21,062
1,128
-
1,284
-
-
1,025
-
27,154
-
8,847
-
19,943
-
340
-
-
5,000
-
435
-
14,351
-
828
-
299
-
5,084
63,543
47,059
36,435
-
27,108
47,059
~~,~~
63,543
47,059
105		 2023
£
24,779
1,128
1,284
105
1,025
27,154
8,847
19,943
340
5,000
435
14,351
828
299
5,084
110,602
36,435
74,167
110,602		 Support
costs
Governance
costs
£
£
3,950
22,388
760
-
1,395
-
457
-
892
-
32,726
-
9,614
-
21,334
-
-
-
-
-
-
4,636
-
15,017
-
792
-
221
-
5,509
71,128
48,563
39,798
-
31,330
48,563
71,128
48,563		 2022
£
26,338
760
1,395
457
892
32,726
9,614
21,334
-
-
4,636
15,017
792
221
5,509
119,691
39,798
79,893
119,691

Governance costs includes payments to the independent examiner of £5,000.

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:

2023 2022
Number Number
2 2

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2023
2022
£
£
23,732
25,434
1.047
904
24,779
26,338		 (Continued)
2023
2022
£
£
23,732
25,434
1.047
904
24,779
26,338
26,338

There were no employees whose annual remuneration was more than £60,000.

12 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments 39,446 (25,437)
Gain/(loss) on sale of investments (9,818) (17,260)
29,628 (42,697)

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Other gains or losses

Other gains or losses
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Foreign exchange gains 9,982 (18,243)

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

15
Intangible fixed assets
Cost
At 1 January 2022 and 31 December 2023
Amortisation and impairment
At 1 January 2022 and 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
16
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2023
3,738,655
66,954
At 31 December 2023
3,738,655
66,954
Depreciation and impairment
At 1 January 2022
-
40,032
Depreciation charged in the year
-
4,038
At 31 December 2023
-
44,070
Carrying amount
At 31 December 2023
3,738,655
22,884
At 31 December 2022
3,738,655
26,922		 Website
£
22,064
22,063
1
1
Total
£
3,805,609
3,805,609
40,032
4,038
44,070
3,761,539
3,765,577

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 Fixed asset investments (Continued)
Listed Unlisted Other Total
investments investments investments
£ £ £
Cost or valuation
At 1 January 2022 398,725 100 1 398,826
Additions 216,516 - - 216,853
Valuation changes 39,446 - - 39,446
Disposals (99,706) - - (100,043)
At 31 December 2023 554,981 100 1 555,082
Carrying amount
At 31 December 2023 554,981 100 1 555,082
At 31 December 2022 398,725 100 1 398,826
2023 2022
Other investments comprise: Notes £ £
Investments in subsidiaries 24 1 1
18 Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 8,016 23,355
Prepayments and accrued income 7,316 10,161
15,332 33,516
19 Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security 898 1,532
Amounts owed to subsidiary undertakings 1,706 46,772
Other creditors 7,806 6,381
Accruals and deferred income 23,173 9,538
33,583 64,223

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 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:

Movement in funds Movement in funds Movement in funds Movement in funds -
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2022 resources expended
1		 January 2023 resources expended 31 December
2023
£ £ £ £ £ £ £
1 450,166 - (16,062) 434,104 1,126 (20,906) 414,324
2 39,205 - - 39,205 - (2,000) 37,205
3 4,462 - (4,260) 202 - - 202
4 93,911 1,320 12,491) 82,740 1,754 (11,967) 72,527
5 19,247 185 (1,752) 17,680 246 (1,678) 16,248
606,991 1,505 (34,565) 573,931 3,126 (36,551) 540,506

Restricted Funds:-

(1) Noshirwan F Cowasjee Medical Benevolent Fund

(2) Emergency Relief

(3) Religious Education

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.

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

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

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 2023

21
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
£
£
Fund balances at 31 December 2023 are represented by:
Intangible fixed assets
1
-
Tangible assets
3,339,420
422,119
Investments
492,791
62,291
Current assets/(liabilities)
443,782
56,096
4,275,994
540,506		 Total
£
1
3,761,539
555,082
499,878
4,816,500

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Related party transactions

No members of the management committee received any remuneration during the year. Establishment and other administration costs amounting to £2,706 (2022: £469) were reimbursed to 1 (2022: 2) 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 (2022: Nil).

During the year :

The World Zarathushtrian Trust Fund, a charity with four common trustees, contributed funds totalling £10,000 to the General Fund (2022: £5,000).

23 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 2023 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 3,915 34,824

THE WORLD ZOROASTRIAN ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

24
Cash generated from operations
2023
£
Surplus for the year
35,455
Adjustments for:
Investment income recognised in statement of financial activities
(17,552)
Foreign exchange differences
(9,982)
Loss/(gain) on disposal of investments
9,818
Fair value gains and losses on investments
(39,446)
Depreciation and impairment of tangible fixed assets
4,038
Movements in working capital:
Decrease/(increase) in debtors
18,184
Increase in creditors
(30,640)
(Decrease) in deferred income
-
Cash generated from operations
(30,125)
25
Analysis of changes in net funds
The charity had no debt during the year.		 2022
£
7,428
(10,913)
18,243
17,260
25,437
4,751
84,421
14,087
(35,279)
125,435