2023-03-31-accounts

THE UNHEARD VOICES TRUST

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

Charity Registration Number 1097339

THE UNHEARD VOICES TRUST

YEAR ENDED 31 MARCH 2023 FINANCIAL STATEMENTS

CONTENTS	PAGE
Trustees Annual Report	1-6
Independent Auditor's report	7-9
Statement of Financial Activities	10
Balance sheet	11
NotestotheFinancialStatements	12-23

THE UNHEARD VOICES TRUST

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements for the Charity for the year ended 31 March 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

The financial statements 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 (trust deed), the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS102.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name THE UNHEARD VOICES TRUST Charity registration number 1097339 Principal and Registered office 7 Bradman House Abercorn Place St John's Wood London NW8 9XY

THE TRUSTEES

The Trustees who served during the period were as follows:

Mr Mukarram Sattar (Head Trustee) Mr Brian White

Mr John Sungitsa

The Trustees who hold the title to investment properties of the Charity:

Mr Mukarram Sattar (Head Trustee) Mr Brian White

The Secretary who served during the period:

Ms Saraswathi Ramiah

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THE UNHEARD VOICES TRUST

TRUSTEES ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2023

Bankers

Santander Corporate Banking Bridle Road Bootle L30 4GB

Auditor

Arif Malida Chartered Accountants & Registered Auditors 66 Moyser Road, London

SW16 6SQ

Exemptions from Disclosure

The charity is classified as a small charity as defined by the latest Charities SORP (second edition) and has taken advantage from various reduced disclosure framework available under the Act. These include:

• e Exemption from preparation of a cash flow statement.

• e various reduced disclosure requirements on the statement of financial activities and notes to the financial statements due to small charity size as outlined in Charities SORP (FRS 102) Second edition.

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THE UNHEARD VOICES TRUST

TRUSTEES ANNUAL REPORT (continuea)

YEAR ENDED 31 MARCH 2023

OBJECTIVES, AIMS & ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of The Unheard Voices Trust (the Charity) are as follows:

1. In awarding scholarships, exhibitions, bursaries or maintenance allowances tenable at any school, university college, or other educational establishment in Europe or North America approved by the Trustees for persons under 25 or whose parents or guardians are resident in the Indian Sub Continent or such other country as the Trustees shall from time to time determine or who are attending a maintained school or an educational establishment in Europe or North America and who are need in financial assistance.

2. In providing financial assistance, outfits, clothing, instruments or books to such persons on leaving school, university or such other educational establishments to prepare them for or assist their entry into a trade profession or service.

3. In awarding to such persons, grants or maintenance allowances to enable them to travel either in Europe or North America or elsewhere in furtherance of their education.

4. In otherwise furthering the education of such persons.

5. The relief of poverty in the Indian Sub Continent by financially supporting the immediate families of students who benefit from object 1).

6. The relief of poverty by financially supporting any such persons as the Trustees shall from time to time determine by providing monies towards the cost of housing, feeding, hospitalization and maintaining such persons.

The Charity aims to achieve its objectives and perform its charitable activities by providing grants to institutions and individuals for the above objects. This is on a short and long term basis. The main objective for the Charity is to continue its grants programs and awarding scholarships to individuals and institutions. The strategy for the Charity to achieve this is to continue its grants program of awarding scholarships to both individuals and institutions who are resident in Europe, North America or the Indian Sub Continent. The Charity regularly receives grant applications which are assessed, reviewed and detailed for merit prior to any grant making.

FUND RAISING

The charity is currently self sufficient and does not fund raise funds from the general public. The charity relies upon the net cash flow resources from its investment income in order to fund its objectives. Accordingly, a fundraising standards information disclosure is not compiled.

PUBLIC BENEFIT

The Trustees have referred to the Charities Commission’s guidance on Public Benefit, including the guidance ‘Public benefit: running a Charity (PB2)’,and confirm that the charitable activities are undertaken for public benefit. These activities include grants or scholarships to individuals or organisations for the furtherance of education and relief of poverty in the Indian Sub Continent by financially supporting immediate families of students. In addition, the objective of investment activities are to provide an annuity income source to provide further long term income sources to further the Charity’s main objects outlined on page 3 above. Details of the grants programme for public benefit are detailed in achievements and performance below. The Charity intends to continue this programme for the long term in accordance with the guidance issued by the Charities Commission.

GRANT MAKING POLICIES

The Charity has established its grant making policy to achieve its objects for the public benefit. Individuals and institutions whose applications purpose fall within the areas in which the Charity currently works are eligible to be considered for grants. Overseas grants are only made for purposes considered to be charitable by the Charity Commission for England and Wales to organisations that have charitable or not-for-profit status in their countries, or to individuals considered in need of charitable donations as outlined in the objects. The Charity receives grant applications directly and reviews them actively on a case by case basis.

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THE UNHEARD VOICES TRUST

TRUSTEES ANNUAL REPORT (continueg)

YEAR ENDED 31 MARCH 2023

The Charity provides a balance of grants to both individuals and institutions for scholarships, medical assistance and educational advancement. The Charity assesses the movement in grants year on year and aims to ensure that grants are maintained on a consistent basis every year considering the Charity’s cash flow.

ACHIEVEMENTS & PERFORMANCE & MONITORING ACHIEVEMENT

Charitable grants of £74,568 (2022: £39,758), were considerably higher this year. A total of 57 grant payments were released totalling £74,568. Due to the high inflation, the number of grant applications increased from individuals applying for living expenses. There was an increase from last year of individual grants approved. More applications were received from individuals and the Chairty was able to cater for further individual grant donations. The grants made have allowed the beneficiaries to enhance their education via scholarships and other relief of poverty depending on the type of grant. The Charity achieves its objectives through its grants programme. As part of ongoing review between the Trustees, a review is made of the grants paid to individuals and institutions to ensure the grants are paid in line with its objectives. The Charity ensures to maintain the value of its grants programme. Whilst the Charity has various governance costs including loan repayments / interest it is intended that any surplus cash flow in after deduction of governance costs is utilised to the grants programme. Naturally timing is a factor when reviewing the annual accounts and a fall in grants from one year to the next could be due to timing of the grant approval and subsequent payment. The charity is satisfied with its rental income return against investment made. The net rental income received has allowed the continuity of the grants programme over the years. Furthermore, the reduction in bank loans secured against these investment properties has allowed the charity to become closer to full self sufficiency for its financing. The charity does not expect a material impact to its activities from the rise of interest rates in 2023/2024.

FINANCIAL REVIEW

Total incoming resources were £322,057 (2022: £273,099) comprised of £313,078 from investment income, interest of £8,979 from HMRC on Gift Aid due from 2013. Donation income for this year was nil (2022: Nil). The increases in investment income indicate the income levels are returning to Pre-Covid level. The investment income over the last several years has allowed the Charity to reduce dependence on the Head Trustee for voluntary donation income. The net income has and will be used to fund the future grants programme for the Charity. The Trustees are satisfied that this will allow future grants and scholarships to be maintained. Finally, the Trustees have concluded the Gift Aid matter with HMRC and with an minor amendment, HMRC have released the Gift Aid Monies. The Trustees decided to utilise these monies in loan repayments.

Property investment management costs increased to £ 111,015 (2022: £92,720) primarily due to an increase in Service charges and property loan interest. Total grants paid in the form of grants and scholarships totalled £ 74,568 (2022: £39,758). Governance and Support Costs were £ 3,054 (2022: £ 7,229) apportioned to grant making activities. The decrease was due to reduction of professional fees incurred by the charity.

Grants provided to individuals involve students undertaking further study or other apprentices undertaking a work role study. The Trustees are satisfied with the current progress of the Charity and are pleased with an increase in donor applications following opening of enterprises after an international lockdown. The net surplus for the year after all grant payments and expenses is £ 133,420 (2022: £ 133,392), nearly same as last year. Despite increase in Incoming resources, the net surplus was similar to 2022 due to the increase in grants paid.

INVESTMENT POLICIES

The Charity's policy in relation to investment is that, in the long term, it should produce an income return that allows the Charity to pursue its charitable objectives as fully as possible whilst maintaining the value of investments. The Charity has identified property investments as a suitable long-term investment that allows the Charity to achieve its investment policy and therefore all charity investments are in investment property. The charity aims to achieve a gross yield on investment income between 3-5% as a suitable low risk yield for the charity. The gross property yield achieved is 5.5% (2022: 4.8%).

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THE UNHEARD VOICES TRUST

TRUSTEES ANNUAL REPORT (continuea)

YEAR ENDED 31 MARCH 2023

RISK MANAGEMENT

The Charity has a risk management strategy which comprises:

e An annual review of potential risks; e The establishment of systems and procedures to mitigate those risks identified in the plan and e The implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.

These measures have allowed the Trustees to consider the risks facing the Charity and believe exposure to be minimal. The Trustees’ believe that this approach to risk management is effective and as part of ongoing risk management, the trustees can confirm major risks of the charity have been reviewed and adequate systems are in place to manage these risks.

RESERVES POLICY

The Trustees are satisfied with the current level of unrestricted reserves of £ 4,928,880 as at 31 March 2023 (2022: £4,795,460) held by the Charity and believe the current level is sufficient to continue charitable operations. Free reserves as at 31 March 2023 were minus £ 754,820 (2022: £ 86,760) (current assets less total liabilities including bank loans secured on investment properties which is maturity in March 2024). Whilst free reserves are negative, The Charity considers its unrestricted reserves and current activity as suitable to cover at least one year cash outflow for the Charity.

PLANS FOR FUTURE PERIODS

We expect to continue our charitable grants to individuals and institutions. Net Investment income shall be used to fund the grant programme in furtherance of the Charity’s objects, and it is intended that the Charity will continue to be self-sufficient with infrequent financial dependence from the Head Trustee. The Head Trustees voluntary contributions would be reactivated in the event the Trustees identify significant grant requests. Etc. Investment income is currently the sole source of income and hence the Trustees place attention that viable tenancies are issued to ensure a sufficient rate of return is achieved for the Charity in order to fulfil its objectives. The Charity expects the current operations to continue for the foreseeable future. The Charity expects to redeem its Bank loan with Coutts in FY 24 as it is due for expiry in March 2024.

STRUCTURE, GOVERNANCE & MANAGEMENT

GOVERNING DOCUMENT & HOW THE CHARITY IS CONSTITUTED

The Charity was formed as a trust under a Trust Deed dated 3"! February 2003. The Charitable Trust constituted by this Deed and its property (the Trust fund) shall be administered and managed by the Trustees under the name of The Unheard Voices Trust or by such other name as the Trustees shall from time to time decide with the approval of the Charity Commission for England and Wales (the Commission).

TRUSTEE SELECTION METHODS & INDUCTION / TRAINING

The power of appointing new or additional Trustees remains with Mr Mukarram Sattar (Head Trustee) during his lifetime. The Trustees are satisfied that they are appropriately qualified and trained as Trustees. If new Trustees require guidance or training, they are referred to CC3 “The Essential Trustee” guidance from the Charities Commission and should they require any further training appropriate guidance / external training can be provided. All current trustees have vast experiences in charity affairs.

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THE UNHEARD VOICES TRUST
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
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STRUCTURE & MAN AGEMENT

The Charity operations are managed by the Trustees, The trust deed requires a mininyum of three trustees. Management decisions:dre-consulted. betiyeen the Trustees ahd filitl-approval ismade by. the Head Trustee. The Head ‘Trustee is assisted by the other Trusizes on matters such-as investment, administration, and general guidance for the Charity. The Charity. secretary assis!s the trustess in the administration data management of tlie: charity.trustees Noare-on personnel page |: includingofthe trustees’ trusteesreport, receiveanyThere are remuneration NO changes fom. to thethetrusteescharity since (2022: the NIL), last financial Details yearof current

INVESTMENT POWERS

The Trust Deed provides Wide use of investment powers-forthe Trustees,

TRUSTEES REMUNERATION

No Trustees have received any remuneration for ihe vear ending-31 March 2023, (2022: NIL) AUDITOR

Arif Malide-ttaye been appointed as auditor for the ensuing year,

‘TRUSTEES’ RESPONSIRILITIES

The ‘Trustees are: responsible ‘forpreparing the Trustees’ Anntial Report and the finanéial Statements.in accordance ‘with. appficable lew and United. Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). a ‘The lawapplicable to-charitiés-in England & Wales teqitires the Trustees.to prepare financial statements foreach ‘ondfinancialapplication year which giveefresources'of atrue andthe Charity fair view forof that the period.state.ofInaffairs preparingof the these Charity financialand Statenyents,of the incoming resouites required[to:] ‘the Trustees are

• *. select.suitable-aecounting policies and then apply them consistently; * — observe the methods.and principles in the applicable Charities SORP 2039 (FRS 102); e make judgements and estimates that-are reasonable and pradent; ° state wyhether applicable accounting standards have been follow ed, subject to. ay material departures * disclosed and explained in-the financial statements; — ptepare the financial statemetts-on the going.cencern basis-untess it is.inapproprlate to presume that. the Charity will continue in operation.

timeThe Trusteesare responsiblefor keeping proper accounting records that disclose with reasahable accuracy at any Charities thé financial pésition of ihe Charity and enable them to ensure*thatthe financial statements comply with the They Act.201 1, the Charity (Accounts and Reports) Regulati ons 3008 and the provisions of the trust deed, preventionare also. responsible for safeguarding the assetsOf the-Charity and hencefor taking reasonable.steps for the and detection of fraud and- other imegularities. Approved hy ihe trustees on’... I3lleyf2028. =f and Signed on their behalf. by a Mukarraih Sattar Head Tistee John Sungitsa Trustee

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THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of The Unheard Voices Trust (the “charity”) for the year ended 31 March 2023 which comprise of the Statement of Financial Activities, the Balance Sheet and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true and fair view of the state of the charity’s affairs as at 31 March 2023, and of its incoming resources and application of resources, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities Act 2011.

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 trustees’ 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, except to the extent otherwise explicitly stated in our report, 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.

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THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2023 (continued...)

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:

• e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• e the charity has not kept adequate accounting records; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 6], the trustees are responsible for the preparation of financial statements which 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 charity 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 regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non compliance with law or regulations. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• e Performing analytical and substantive procedures to identify any unusual or unexpected relationships and testing transactional samples and journal entries for appropriateness.

• e Assessing whether judgement and assumptions made in determining accounting estimates indicate potential bias

• e Investigated transactions which appears unusual or significant in value and the rationale of the transaction. e —Enquiring with trustees and the charity whether they are aware or hold knowledge of any non-compliance with laws and regulations.

• e —Enquiring with trustees and the charity of their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

• e Obtaining independent confirmations of cash and investment balances at the year end and testing management's year end bank reconciliations

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THE UNHEARD VOICES TRUST . INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2023 (continued...) e Reviewing accounting estimates for bias and evaluating whether circumstances producing any bias, represent a risk of material misstatement due to fraud, e Reviewing correspondence with HMRC and relevant regulators. e Assessing financial statement disclosures and testing to supporting documentation for compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is alsoconcealment,greater regardingforgery, collusion,irregularitiesomissionoccurringor misrepresentation.due to fraud rather than error, as fraud involves intentional _

• e Reviewing accounting estimates for bias and evaluating whether circumstances producing any bias, represent a risk of material misstatement due to fraud,

• e Reviewing correspondence with HMRC and relevant regulators. e Assessing financial statement disclosures and testing to supporting documentation for compliance with applicable laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor's report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditor's 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.

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66London Moyser SW16 Road 6SQ
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ARIF MALIDA (Senior Statutory Auditor) on
behalf of Arif Malida Chartered Accountants,
Statutory Auditor
pate: (3 [101[202.2...
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Arif Malida is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE UNHEARD VOICES TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

		Unrestricted	Total Funds	Total Funds
		Funds	2023	2022
	Note	£	£	£
INCOME FROM
Investments	2	313,078	313,078	273,099
Other income	2a	8,979	8,979	-
TOTAL INCOME		322,057	322,057	273,099
EXPENDITURE ON
Raising Funds:
Investment management costs	3	(111,015)	(111,015)	(92,720)
Charitable Activities	4/5	(77,622)	(77,622)	(46,987)
TOTALEXPENDITURE		(188,637)	(188,637)	(139,707)
NET INCOME FOR THE
YEAR	6	133,420	133,420	133,392
RECONCILIATION OF FUNDS
Total funds brought forward		4,795,460	4,795,460	4,662,068
TOTAL FUNDS CARRIED
FORWARD		4,928,880	4,928,880	4,795,460

The Statement of Financial Activities includes all gains and losses in the year and prior therefore a statement of total recognised gains and losses has not been prepared. There are no gains or losses on investment assets for the year or prior year.

All of the above amounts relate to continuing activities. There are no restricted funds all activities are unrestricted.

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THE UNHEARD VOICES TRUST

BALANGE SHEET

AS AT 321 MARCH 2023

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|||||||| |---|---|---|---|---|---|---| |FIXED|ASSETS:|2023|2022| |Note|£|£|,|£| |Investments (investmént Properties)|40/44|§;683,700|5,683,700| |CURRENT|ASSETS| |Debtors|42|30,029|250,335.| |Cash. at‘bank|and|in|hand|124|26,781|28.947| |56,810|279,282.| |‘CREDITORS:|Amounts falling due within|one| |year|43|(747,487)|(436,411)| |NET CURRENT ASSETS|(690,677)|a2|S74| |TOTAL ASSETS|LESS. CURRENT LIABILITIES|4,993,023|5,826,571| |CREDITORS:|Amounts|falling|due after more|than one| |year|14|(63,143)|1,631.11}| |NET ASSETS|4,928,880|4,795,460| |GeneralCHARITYUnrestricted FUNDS|funds-|16|4,928,880.|4,795;460.| |TOTAL FUNDS|$,928,880|4,795,460|

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These financial statements were approved and authorised for issue by-the boardof Trustees on nS [(0.1m signed on-behalf ofthe boardoftrustees by;. | — Ai ony Iyer i Mukarram Sattar (Head Trustee} John Sungitsa (Trustee) The notes atpages 12 to 23 form part of these-accounts: Charity registration number: 11097339

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THE UNHEARD VOICES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

• a) General Information and Basis of preparation: The Unheard Voices Trust is an unincorporated charitable trust in England & Wales. The address of the registered office is given in the charity information on page | of these financial statements. The nature of the charity’s operations and principal activities are awarding grants to Scholars, educational advancement and relief of poverty as explained in page 3. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis and the functional currency of the charity is in Sterling. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The Charity has applied certain exemptions and does not include a cash flow statement on the grounds that the charity is small. The principal accounting policies are set out below.

• b) Funds: The Charity has a single unrestricted fund. Unrestricted income funds comprise those funds which the Trustees are free to use at their discretion for any purpose in furtherance of the charitable objects and which have not been designated for other purposes.

• c) Incoming Resources: All incoming resources are included in the Statement of Financial Activities (SoFA) once the Charity is legally entitlement to the income after any conditions have been met, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Voluntary Incoming resources including donations are recognised on the statement of financial activities when the Charity is legally entitled to the income, the charity will have been notified of the amounts and the settlement date in writing, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Income is only deferred when the donor has specified that the income is to be expended ina future year. Gift aid is added to the value of the donation to which it relates. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income which includes rental income is recognised on an accrual basis. Investment income is earned through holding Investment property assets for investment purposes. It includes rental income. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

• d) Resources expended: All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required, the amount of the obligation can be measured reliably and has been classified under headings that aggregate all costs related to the category.

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THE UNHEARD VOICES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income including certain professional legal fees as well as bank interest on loans utilised for their acquisition.

Charitable activities consist of Grants payable and costs incurred by the Charity in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant payments made to third parties (individuals and institutions) in the furtherance of the charitable objects of the Trust. Grants are accounted for when the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without conditions. Other support costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and statutory requirements. These include costs relating to the statutory audit and legal fees where relevant.

All costs including support costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis based on estimated time or use.

Vat: Costs are recorded gross of VAT but the Charity is able to claim a portion or all of the VAT paid using the partial exemption method. Irrecoverable VAT has been charged to the Statement of Financial Activities if expenditure does not meet the partial exemption test and is included with the expenditure to which it relates to.

• e) Investments: Investments comprise of Investment properties held to earn rental income to support the charity’s objects and are included at market value as at the balance sheet date. No depreciation is provided on investment properties. The Trustees assess the valuation on an annual basis. Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.

Unrealised gains or losses on investments represent the movement in market values during the year it arises and are credited or charged to the statement of financial activities based on the market value at the year end. Any realised gains or losses on investments are calculated as the difference between sales proceeds and opening market value or purchase value (if purchase date later).

• f) Realised gains and losses: All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

• g) Debtors and creditors receivable / payable within one year: Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

• h) Loans and Borrowings: Loans and borrowings are initially recognised at the transaction price

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rat method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

• i) Impairment: Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

• j) Taxation: The trust is a registered and exempt charity within the meaning of Schedule 3 Charities Act 2011 and therefore is not liable to income tax from its charitable activities.

• k) Cash Flow Statement: The Trustees have taken advantage of the exemption under Charities SORP (FRS102) from including a cash flow statement in the financial statements on the grounds that the charity is small.

• 1) Going Concern: The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. The charity is reliant on the Head Trustee’s support for any shortfall of funds in the event the charity is not able to redeem its bank loan with Coutts or another bank provider, redemption due March 2024.

• m) Key sources of estimation uncertainty: The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Investment properties: the charity’s investment properties, held to earn rental income for charitable activities, are measured using the fair value model and stated at their fair value as at the reporting date. The Trustees have used their experience of the property market and market evidence of transaction prices of similarly placed properties to asset the appropriate value as at the reporting date which they feel is reliable. The Trustees collectively have vast experience in property related matters.

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

2.	INCOME FROM INVESTMENTS
		Unrestricted	Total		Funds	Total Funds
		Funds			2023	2022
		£			£	£
	Rental Income	313,078		313,078		273,099
		313,078		313,078		273,099
2a.	OTHERINCOME
		Unrestricted	Total		Funds	Total Funds
		Funds			2023	2022
		£			£	Ss
	Interest on Gift Aid	8,979			8,979	-
		8,979			8,979	273,099
3.	RAISING FUNDS:
	INVESTMENTMANAGEMENT COSTS
		Unrestricted	Total	Funds		Total Funds
		Funds			2023	2022
		£			£	£
	Investment Management Costs	111,015	111,015			92,720
		111,015	111,015			92,720
		Unrestricted	Total		Funds	Total Funds
	Comprising:	Funds			2023	2022
		£			£	£
	Rent, rates, insurance and utilities	11,168			11,168	8,335
	Service Charges	57,244			57,244	50,702
	Repairs & Maintenance	0			0	308
	Legal& Professional	7,386			7,386	2,645
	Loan Interest	35,217			35,217	30,730
	Total	111,015	111,015			92,720

Property management costs relate to direct costs attributable to the investment property as itemised above.

4.	CHARITABLE ACTIVITIES
		Unrestricted	Total Funds — Total Funds
		Funds	2023	2022
		£	£	£
	Grant making activities	74,568	74,568	39,758
	Support Costs& Governance Costs	3,054	3,054	7,229
		77,622	77,622	46,987

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NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

Grants are separated between institutional and individual grants below between activity types, The grants for scholarships, allowances or educational purposes to individuals and institutions relate to the objects of the Charity as detailed in the Trustees report.

A. ANALYSIS OF GRANTS TO INSTITUTIONS AND INDIVIDUALS

Activity	2023	2023	2022	2022
	Institutions	Individuals	Institutions	Individuals
	£	£	£	£
Educational Advancement /	19,644	11,491	21,204	3,750
Welfare
Maintenance Allowances/Living or	-	15,164	-	7,274
Funeral Expenses
Healthcare& ReliefofPoverty	9,181	-	1,500	6,030
Others	19,088
TOTAL	47,913	26,655	22,704	17,054

B. ANALYSIS OF TOTAL GRANTS BY ACTIVITY TYPE

Activity	2023	2022
	£	£
Educational Advancement / Welfare	31,135	24,954
Maintenance Allowances/Living	15,164	7,274
Expenses
Healthcare& ReliefofPoverty	9,181	7,530
Others	19,088
TOTAL	74,568	39,758

C. ANALYSIS OF MAJOR INSTITUTIONAL GRANTS

Institutional grants (at or exceeding £ 1,000) were paid as follows:

Name	2023	Activity
	£
University ofCalifornia	13,427	Education
Sapna Caterers Ltd	2,667	Education Event
Filament Publishing Ltd	1,050	Education
Indus Health Network	9,181	Healthcare& Reliefof
		Poverty
2023TOTAL	26,325

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

Name	2022	Activity
	£
Tufts University	16,004	Education
Filament Publishing	2,700	Education
Hope And Prosperity	1,500	Education
Yahweh Music School	1,000	Education
Iron Aid Foundation	1,500	Healthcare& Reliefof
		Poverty
2022TOTAL	22,704

4. CHARITABLE ACTIVITIES CONT ...

There were no grants payable at the year end (2022: NIL).

4A. GOVERNANCE & SUPPORT COSTS

	Unrestricted	Total	Funds	Total Funds
	Funds		2023	2022
	£		£	ne
Governance:
Audit Fees	3,000		3,000	3,000
Professional Fees	a		-	4,226
SupportCosts: BankCharges	54		54	3
	3,054		3,054	7,229

All governance and support costs related to general activities.

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

5. EXPENDITURE ANALYSIS

					2	Charitable activities	Charitable activities	Charitable activities
					g		P	te
					> 8	¥ =	bs] 8	=]
					2e	Oe	Ce			2023 Total	2022 Total
					£	£	g	£		£	£
Investment
management costs				Direct	111,015	-	-		-	111,015	92,720
Grant	Making			Direct	-	74,568			-	74,568	39,758
Audit	Fees			Governance	-	-	3,000		-	3,000	3,000
Professional		Fees		Governance	-	-	-		-	-	4,226
Bank	charges			Support	-	-	-		54	54	3
Re-allocation			of
support and
governance costs to
grants making			activity			3,054	(3,000)		(54)	-	-
Total	expenditure
2023					111,015	77,622	-		-	188,637	-
Total	expenditure 2022				92,720	46,987	-		-	-	139,707
	6.	NET INCOME FORTHE YEAR
		Net Income is stated aftercharging /				(crediting):
										2023	2022
										£	£
			Audit Fees							3,000	3,000
										3,000	3,000

1. AUDIT FEES

The auditor’s remuneration amounts to an audit fee of £ 3,000 (2022: £3,000).

8. EMPLOYEES

The Charity has no employees during the year ended 31 March 2023 (2022: Nil).

9. TRUSTEE REMUNERATION AND EXPENSES

No Trustee received any remuneration for the year ended 31 March 2023 (2022: NIL).

No Trustee received any expenses reimbursements for the year ended 31 March 2023 (2022: Nil).

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

10. INVESTMENT PROPERTIES

These comprise entirely of investment properties:

	Investment	Total
	Properties
	£	£
Carrying Value (Market
Value)
At 01 April 2022	5,683,700	5,683,700
DEPRECIATION
At April 2022	-	-
Disposals:
At 31 March 2023
Carrying Value (Market
Value)
At 31 March 2023	5,683,700	5,683,700
At31March2022	5,683,700	5,683,700

11. ANALYSIS OF MOVEMENTS IN INVESTMENTS

Investment Properties:

£ Carrying value (market value) at 1 April 2022 5,683,700 Carrying Value (market value) at 31 March 2023 5,683,700

The Trustees have assessed the carrying market value of the investment properties and in their opinion, based on market values of similar investment properties; the carrying value at 31 March 2023 remains a fair reflection of market value. The Trustees have assessed market values of the investment properties by reference to commercial and residential prices in the local area. In the previous year, the Trustees have sought opinion from a qualified RICS surveyor who has concurred with the opinion of The Trustees. The Trustees have detailed knowledge and understanding of property valuations for these assets.

The historical cost of the properties is as follows:

Investment Properties:

£ Historical cost at 31 March 2022 5,683,700 Historical cost at 31 March 2023 5,683,700

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

12. DEBTORS

	2023	2022
	£	£
Gift Aid	-	222,840
Trade Debtors	13,588	14,286
Prepayments	16,441	13,209
	30,029	250,335

The Charity has received from HMRC the gift aid debtor relating to voluntary income received for the 2012-13 and 2013-14 financial year. On 20 April 2022 and 21 July 2022, the Charity received settlement of the Gift Aid and conclusion has been reached.

All debtors are falling due within one year.

12A. Analysis of cash and cash equivalents

At 1 April 2022 Cash flows At 31 March 2023 Cash at bank and in hand £28,947 (£2,166) £26,781

1. CREDITORS: Amounts falling due within one year

	2023	2022
	£	£
Trade Creditors	26,693	8,837
Accruals	16,122	7,985
Deferred Income	104,227	86,740
VAT	5,129	4,007
Other Creditors	10,316	28,842
Bank Loan	585,000	-
	747,487	136,411

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

13A. DEFERRED INCOME

				2023
		Under!	Over	Total
		year	1
			year
		i	7a	£
	At start date 1 April 2022	86,740	-	86,740
	Additionsduring theyear	104,227	-	104,227
	Amounts released to income	(86,740)	.	(86,740)
	At end date 31 March 2023	104,227	-	104,227
				2022
		Under 1	Over	Total
		year	1
			year
		£	£	£
	At start date 1 April 2021	84,851	-	84,851
	Additions during the year	86,740	-	86,740
	Amounts released to income	(84,851)	-	(84,851)
	At end date 31 March 2022	86,740	-	86,740
CREDITORS:	Amounts falling due after more	than one	year
				2023	2022
				£	£
Bank Loan				-	975,000
Other Creditors				64,143	56,111
				64,143	1,031,111

1. CREDITORS: Amounts falling due after more than one year

Bank Loans totalling £ 585,000 (2022: £ 975,000) are secured against the investment properties of the Charity. Further loan commitment details are in Note 15.

15.

BANK LOAN COMMITMENTS:

This loan is interest only in quarterly instalments with Coutts. The Loan is a Variable Alternative Rate loan currently interest rate of 6.33154% with maturity on 5 March 2024. During the year, 4 discretionary sums totalled £ 390,000 were paid to reduce the outstanding loan from £ 975,000 to £ 585,000. These payments were made by the Trustees and were not part of the Coutts loan repayment terms which are interest only. The loan is now recognised as a current liability as it is due for expiry in March 2024.

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN UNRESTRICTED FUNDS / FUND RECONCILIATION

	Balance at	Incoming	Outgoing	Transfers	Balance at
	01 April	Resources	Resources		31 March
	2022				2023
	£	£	£	£	£
Unrestricted	4,795,460	322,057	(188,637)	-	4,928,880
Fund

Purpose of unrestricted Funds are for the continuance of the general objects of the Charity. There are no restrictions placed on historic voluntary donations or investments income.

1. ANALYSIS OF NET ASSETS BETWEEN FUNDS

			Net	assets/	(liabilities)	Total 2023	Total 2022
					£	£	£
Unrestricted	Income	Funds			4,928,880	4,928,880	4,795,460
	Total	Funds			4,928,880	4,928,880	4,795,460

Fund Balances are represented by:

	Total Unrestricted	Total Unrestricted
	Funds 2023	Funds 2022
	£	£
Tangible Fixed Assets	5,683,700	5,683,700
- Investment Properties
Current Assets	56,810	279,282
Current Liabilities	(747,487)	(136,411)
Non Current Liabilities	(64,143)	(1,031,111)
Total	4,928,880	4,795,460

17. GOING CONCERN

The financial statements have been prepared on a going concern basis (note 1. 1)) as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and as a minimum the expected level of income and expenditure for the period of twelve months from the date of authorising these financial statements. The continued income and expenditure are sufficient with the level of reserves for the Charity to be able to continue as a going concern. The charity is reliant on the Head Trustee’s support for any shortfall of funds in the event the charity is not able to redeem its bank loan with Coutts or another bank provider, redemption due March 2024.

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

18. RELATED PARTY TRANSACTIONS

Included within Note 13, Other Creditors is a sum of £ 10,316 (2022: 28,842) owed to a pension fund of which the Head Trustee Mukarram Sattar is a member. This balance owed arises as the charity and the pension fund jointly own a pro rata interest in an investment property. The rental collection and expenses for this investment property are received and paid by the Charity. The Charity owns a 58.75 % interest, and the pension fund owns a 41.25% interest in the investment property. The investment property was acquired from an unconnected party at market consideration prevailing at purchase with the charity and pension fund providing pro rata funds in the investment acquisition.

The Charity and the pension fund allocate a pro rata split for rental income and rental expenditure purposes in accordance with their share of % ownership in the property. The amount owed and included in note 13 as aforementioned, relate to the share of net rental income after expenses, collected by the Charity and owed to the Pension Fund. The balance payable was remitted to the Pension Fund after the year end.

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