THE UNHEARD VOICES TRUST ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity Registration Number 1097339
THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2024 FINANCIAL STATEMENTS CONTENTS PAGE Trustees Annual Report Independenl Auditorfs report Statement of Financial Activities io Balance sheet Statement of Cash Flow 12 Notes to the Financial Stalements 13-24
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Tlie Trustees present their ani)ual report togethei. with the audited fiiiancial stateinents for the Charity for the year ended 31 March ?014. Tlie Triistees have adopt¢d th¢ provisions ol- the Staiement of Reeoiniiiended Pi'actice (SORPI 'Accountiiig and Repoi'fing by Charities" (FRS I O?) in piepai'ints the aiiiiLldl report and fiiiancial statements of tlie Charity. Tlie financial statemenis have beeii prepared in accordance with tlie accoLinting policies set OLIt in note I to tlie accoiints and comply with the Charity's govemingT doeLimenl (Irust deed), Ilie Charities Act 201 l and Accounting and Repoiting by Charities.. StateiDent ot Recommended Practice (second edition) aiid Financial Reporting Standard FRS102. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity Thame THE UNHEARD VOICES TRUST Char&ty registration number 1097339 Prineipal and Registered offiee 7 Bradman Flouse Abercorn Pla¢¢ 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.lol)n Siing*itsa The Triistees who hold the title to investment propertie5 of the Cliarity: Mr Mukarram Sattar (Head Trustee) Mr Brian White The Secretary who served during the period.. Ms Saraswaihi Rainiah Bdrtkers Santander Corporate Banking Bridle Road Bootle L30 4GB
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT (continu6dl YEAR ENDED 31 MARCH 2024 Auditor A Tif Malida Chartered Accouiitants & Regi5teied Aiiditoi's 66 Mojser Road, Londoii SW166SQ
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT (co ntinu6 YEAR ENDED 31 MARCH 2024 OB.IECtIWES AlITrlS & ACTI[TIEs FOR THE PLIBLIC BENEFIT The objects of The Unheard Voices Trust (the Charity) are as follows-. In awarding scholarships, exhibitions, bLiarIeS or maintenance allowances tenable at any School, univeT5ity college, or other eduiation&l establishment irt Europe or Ni Orth Ainerica approved by the Trustees foi. perSOllS under 25 or whose pat5. or guardians are resident in tlie Indian Sub Continent or such other country as the Trustees shall fi1 tiine to tinie d¢tenMine or who are attendin¥ a n)aintained school or ali educaiional establishmenr in Eiirope or North America and who are need in fiiiancial as515tance. Iii providing financial assistance, outfits, clotlTring, insti'uinents or books to sucli persons on leaviniy school, university or such other eduLational establishments io prepare them for or assist tlieir eniry into a trade profession or service. In awarding to such persot]s, grants or Inaintenanct allowances to enabl¢ them to travel either in Europe or North America or elsewlitre in furtlieiance of tlieii. education. In oihcrwise furtliti'ing the education of such per50n5. The reliet of poverty in the Indiaii Sub Continent by financially 5UPPOrtinfT the itntnediate faiMilie5 of students who benefit from objeci I l. 6. Tlie lief of poverty by tinanLially supporting any sllch persons as the Trustees shall from tirne to time determine by providing rnonies toward5 the cost of housing. feeding, hospilalization and maintaining such persons. The Charity aiffis to achieve 115 objectives and perform its tharitable activities by provid&ng orants to institutions and iiidividuals for the above objects. Tliis is on a short and long tem basis. The main objective for the Chariry is to coiitinue its grants prograrns and awardiDg 5cholar5hips to individua15 and institutions. The straieiy for the Charity to achieve this is to continue its grants piDgrarn of awarding scholarships to both individuals and Insiirlliions who are resident in Eui'ope, North Anierica or the Iiidian Sub Continent. The Charity regulaTIy re¢eives grani applications which are assessed, reviewed and detailed for rnerit prioi. to any grant making. FUiYD RAISING The charity is ¢urrently self sufficient and does not fiind raise funds from the general public. The chartty relies upon the net cash flow re50ufLES ti.om its invesimenl income in order to fund its objectives. Accordingly, a fund- raising standard5 information disclosuie is not coinpiled. PUBLIC BENETrIT Tlie Trustees liave refei'j'ed to tlie Cliai'itie5 Coniniission's guidance on Public Beneti¢ in¢luding the guidanee -Public benefit.. rullninÉ) a Cliai'ity IPB?I'.and confii-iii that tlie chariiable a¢tiviti¢s ale undertaken lor publi¢ benefit. These activities includc uiranis oi. scholarsliips to individuals or organisation5 for the furtherance of educativn and relief of poverty in the Indian Sub Continent by finaiicially supporting imrnediate familics of 5tud¢n15. In addition, the obje¢iive of Investment activities are to provide an annuity incoine source to provide further long terni incoime si)UTces to furtlier Ilie Cliarity-s main objects outlined oli pane i above. Details of the grat5 prog7raTllTn¢ foi publi¢ benefit are derailed in achiepernents and perfomiance below. The Charity intends to continue this prograinme for the lon¥ term in accordance wtth the guidance issued by the Charities Comrnission. GRANT MAKING POLICIES The Charity lias established its grant making policy to achieve its object5 for the public benefit. Appli¢ations from individuals and Institutions whose purpose falls within the area5 in which the Chai'ity CU¢tlY works aTe eligibl¢ to b¢ coll5idered for grants. OVetaS gi'ants are only made foi. pui'poses considered to be charitable by the Chai'ity Commission for England and Wales to OanIsatIOnS thL?r have charitable oi. not-for-profit status in Iheii. countrie5, or to iiidividLials ¢onsidei'ed in need of charitable donations as outlined in iht objects. The CliaTlty receives grant application5 directly and reviews them actively on a case by case basis.
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT { continuedl YEAR ENDED 31 MARCH 2024 The Cliarily piDvides a balan¢e of gi'ants to both individuals and iiistilutioiis for scholarships, iiTredical assistance and ediicational advanceineiit. The Charitv a5Se55ts the movetnenl in ÉTrr?É nis year on yeai. and oiin5 to ensuiE that grants are maintained on a consistent ba5T5 every year cottsiderEn¥ tlie Cliai'ity's casli tlow. ACHIFVEMEINTS & PERFORfvIANCE & ITrlONITORlING ACHIW,EmENT Charitable nranis of £40,86412013.. £74,568). Ivere lower tl)Is year as the average value of each grant application request was lower. A total of 41 nrani payments werc released iotalliiig £40.864. Due to elevated Inflation. the nuinber of grant applications increased lioni individuals applyingw for living expenses. More applications ivere received froni iiidividuals and the Chai'ity ivas able to ¢¢tt¢r for fuiiher individual grant donations. rhe Trrants made liave allowed the beneficiarics ro enliance their education via bcliolarsliips and oilier relief otr kx)vety dependiiiiy on rhe type of grant. The Cl)arily achieves its objective5 throiinh its grant5 programme. As part of ongoinu review between the Trustees, a review is Inade of the g13llts paid 10 individuals and institutions to ensure the grants are paid in liiie with its objectives. The Charity ensuies ro maintain tlie value of 115 ¥rants progr? rnine. Nl'hilsi tlie Cliai'ily lias various governance cos15 includin(T loan repaynients l ititerest it 15 inteiided that an} SLirplus cash floiv in atier deductioi) of g7overnance c05t5 is litliSed 10 the gyraiits programtn¢. Natui'ally tiiniiin is a ftClOT wlien reviewinbj tlie annual accounts £ind a fall in nranrs froni one year io the Dext coiild be due to tiining ofihe grant approval and subsequent payineni. The charity is satisfied with its renial incoine return against IllVe5tsneiit made. The net reiital income te1Ved has allowed the continuity of lh¢ grants programme over the years. FINANCIAL REVIEW Tnvesttnent income was similar to last year £314,8441?023.. £322,057). The investment inconie over the last several vears has allowed the Charity to reduce dependence on the Heèd Trustee for voluntary donation In¢oFne. DoDation income for this year was £835,000 {2023.. Nil). These donatlQll5 are largely one-off donation receipts from corporate donoi's who provided tundin¥ in order for the charity to become debi fr¢¢ and fully s¢lf- sufficient. The charity loan was not renewed and fully repaid in February 2024. The net income has and will be used to t'und th¢ future rjranis progranime for the Charity. The Trubiees are 5atisfJed iliat this will allow future grants and scholarships to be Inaiiitained. Property investrnenl management costs inci'eased to £146,J??1?023.. £111.0151 primarily due to an increase in Service ch*r¥es and plpertY loan iDtert5t. Total grants paTd in the form of¥rant5 and scholarships totalled £40,864120?2.. £74.5681. Governance and Support Cost5 were £3,04512a? j.. £i,0541 apportioned to grant rnaking aciivilies. The decrease was dut to reduction of'profe5sional fees incurred by the chaTIty. Grants provided to individuals involve students undei1aking further study or oihei. apprentices uttdertaking work role study. The Trustees are satisfied with the curiEnt progress of the Chariiy and ale pleased witli an increase in donor applications following opening of tnrcrprises after an intemaiional lockdown. The net Surplus for the year after all grant payments and expense5 15 £959,0131?02i.' £133,4201. The net surplus wa5 due to the increase in donation incorne used to repay bank loan. INVESTMENT POLICIES The Charity's policy in I'elation ro investment 15 that, in the lon¥ term, it should produce an intom¢ return that allows the Chttrity to pursue tts charit2ble objectives as flllly as possible whilst tnaintaininÉ> the value of investments. The Charity has ideniifTed property iiivesiments as a suitable Ii)n¥-ttrm investment that allows the Charity to achieve it5 iiivestinenl policy and therefoi'e all charity investinents art in invcsirneni property. The ch21.ily aim5 to acliieve a gross yield on investinent inLuTll¢ between 4.6D/D as a suitable low risk yitld for tl)e charity. The gr05s propeny yield achieved is 5.50/01202i'. 5.5Q/ol.
THE UNHEARD VOICES TRUST TRusfEE8 ANNUAL REPORT YEAR ENDEO 31 MARCH 2024 UII TIIF. (- 'R[.4'T.¥ AIIINC..
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPoRT(conknG0j YEAR ENDED 31 MARCH 2024 TRI'%'fF.F'% V<LIII IIY'LJLII
THE UNHEARD VOICES TRUST IINDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2024 Oplnlon We have audited the financial statements of The Unhe8rd Voices Trust Ithe'charity'l for the year ended 31 Maich 2024 which compr158 ol the Statement ol Financ]al Activities, the Balance Sheet. the cash flow statement and the related notes. including significant accounting polic165. The financial reporting fiamewoik that has been applied in their preparation is appSicable law and United Kingdom Accounting Sland8rds including FRS102 The Financial Reporting Stsn(tard applicable in the UK and Republic of Ireland (United Kingdom Generally Apted Accounting Practi) In our opinion the finanoal statements.. give a true and fair view of the state of the charity's affairs 8S at 31 March 2024, and of its incoming resources and application ol resources. for the year then ended., have been properly preparecl in accordan with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordan with the requirements of the Charities A¢t 2011. 835is for opinion We ¢onducted our audit in accordance with Intematsonal Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards 8re further described in the Auditor's responsibilities for the audit of the financial staletnents section of our pOrt. We are Indepenrjenl of the charity in accordan with the ethi¢al requirements that are relevant to our audit of the financial slaiements in the UK. including the FRC'S Ethi¢al Standard. and we have fulfilled ourother ethical responsibilities In accordance with these requirements. We believe that the audit evidence we hav8 obtained 15 suffici8llt and appropriate to provide s bssis for our opinion. Con¢luslon$ latIng to golng concern In auditing the financial staternellts, we have concluded that the trustees. use of the going concern basis of accountillg in the preparation of th8 financial statemènts is appropriate. Based on the work we have performed, we have not identified 8ny malerisl unc8rt8inti8s relating to events or conditions that, Individually or collectively, may cast significant doubt on Ihe charity'$ 8bility lo continue as a going concein for a period of al least twelve months from when the finan¢13I statements are aulhorised for issue. Our responsibilities and the responsibilibes of the Iru5tees wrth respect to goino concern are des¢ribe(I In the relevant sectyons of this report Other informatfjon Th8 other Inform8tion infomaknon in thetmst*s' annual report, otrer than IfE fin8noal statements 8nd our allOrf$ report thereon. The trustee5 8r6 respmsible forlhe othei infofTnation contained withill the annual report. Our opiniM on the finanasl statements does not coverthe otrEr infonnation and, exTrptto the extent otherwBe expli¢ilty stated In our report we do notexpres8 any form of8ssur8nce conclusion Ihereon. LrSnsiL11ty rs lo read the olher infomiakn'on a, in dn9 so, (j]nderWhelh&r the other infcffiiation is material inconsislentwith the financial stat8ments, or oUrkn<)Wge obtsined In the course ofthe audrt 01 othetwise apFEaf5 to be matenally misstated. Ilwe Idenknfy such material inwrBislenae8 or apparent m8terial mis8talements, we are required to deternine whetherthis gives rise lo a maten31 misslakmenl In the financial statetnents thernselves. If. based on the WQFk we have performed, we condude that there is a material misstatement oflhrs olherinforn81rn. we are requiral to report th8t fact. Vve have fK)Ihing to in tt)is regard.
THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEEO OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2024 (continued...) Matters on whlch we are requlrèd to report by exception We have nothing lo report in respect of the followng matters in la0"orn lo which the ChaFIt1&5 (Accounts and Report51 Regulations 2D08 require us to report to you if. in our opinion the information given in the financial statements is inconsistent in any material sPeCt with the trustees, report", or the charity has not kept adequ8te accounting iecords", or the financial statements ale not in agreement with the accounting COrdS and returns, or we have not reTrived all the information explanations we require for our audit. Responslbililses of trust&es As explained more fully in the trustees, responsibilities statement Iset out on page 61, the Iru5tees are sponSible for the preparation of finan¢i81 statements which give a true and fair view, and for such Internal Control as the trustees delemine 15 necessary to enable the piep8ration of financial slalernenls that are free from m8teri81 misstatement. whether due to fraud or error. In pparIng the financial statements, the trustees are responsible for as5es8ing the charity's £bility to continue as a going COnrn, disclosing, as applicable. matters relsted to going concern and using the going concern basis of accounting unless the trustees either Intend to IN4uidate the charity or lo cease operations, 01 have no realistic alternative but to do so Auditor's responslbilltfjes for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in 8CCordan with gulations made under section 154 of that Act. Our objectives sie lo obtain ressonable 85surance about whether the financial slalements 88 a whole are free from rnaleri81 misstatement. whether due to fraud or error, and to issue an auditor'8 report that includes our opinion. Reasonable assurance is a high level of assuran but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will 31way5 detect a material misslatemenl when il exists. MIsstateents can £r15e from fraud or error £rFd are considered m8terial Il, Individually or in the sggregate, they could reason8bly be expected to influence the economi¢ decisions of users taken on the basis of these finanoal slalement5 Itregularities, Includiw fraud, are Instan of non-¢ompli2nTr with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslaiemenl8 In respect of Irregularities. ncluding fraud. The specific procedures for this engagetnent and the extent to which these are capable of detecting irregularities, including fraud 15 detailed below.. We planned our audit so that we have a reasonable expectation ofdelecting material misstatements in tt)e financial statements resulting from irregularities. fraud or non compliance with law or rUlatiOns. Ill identifying and assessing risks ol material misstaternent in respect of Irregularities, inciuding traud and non-compliancè with laws aTrd gulalions, our prOdre8 included the following". Perfom)Ing analytical and Substantive procedures to Identify any unusual or unexpected relatiollships and testing transactional samples and journal entries for appropriateness. Assessing ¥thether judgement and assumptions made in detem)Ining accounting eslimales indic8te potential bias Investigated transactions which appears unusual or signifi1 in value and the r8tion8le of the transadion. Enquinng with tiustees and the ch8rity whether they are aware or hold knowledge of any non-complianc8 with 18ws and iegulalions. Enquiiing with trustees and the charity of their intemsl controls estsblishe(I to mrtigate risk related to fraud or non-compli8nce with laws 8nd Egulations. Obtaining indeperFdenl confimations of cash and investment balan¢es st the year and and testing 8nagement's year end bank cOnCl118tIOrn$
THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2024 {continued...) Reviewing accounting estimates for bias and evaluabng whether circurn5tsn5 producing any bias. represent a risk of material misstatement due to fraud, Reviewing correspondence with HMRC and relevant regulators. Assessing financial statement disclosures and testing to supporbng documentation for cornpliance witt) applicable laws and wulations. Because of the inherent limit8tions of an audit. there is a r15k that we will not detect all Iiregularities. includiTrg Èhose leading to a material misstatement in the finanrial staternents or non-compli8nce with regulation. Thi5 risk increases the more that cotnp1lan with s law or regulabon is MOVed from the events and tr3ns3clions lleCted in the financial 5t8temenls. as we will be less likely to become aware ol Instan$ ol non-complian. The risk is also greater regarding irregularilies occurring due to fraud rather Ih8n error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the 8udit of the fin8ncial statemerits is located on the Financial Reporting Council's website at. hltps'llwwi.frc org.uklauditorslaudit-assur8ncelauditor-s-responsibilibes-for-the- auditof-the-filde5cripbon-of-the-auditoi%E2Q/o80•1099s-responsibilrties-for. This description forms part ol our auditor's report. Wecommunr2tewiththose chaigedNMlh governance regardit¥J, among othermattets, plann*f scope ts.mito oItrE auditand significantaudil findiros. Includi any signlficantdekn(jeS in intetnal control thatwe identify dunng our audit. Use of our report This report is m8de solely to the charity's trustees. as a body. in accordano with Part 4 of the Charities IAtcounts and Reports) Regulations 2008 Our 8uditwork has been undertaken so thatwe might state to the charity's trustees those matters we are required to state lo them in 8n auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢Trpt or assume responsibility to 8nyone other th8n the charity 8nd the charity's trustees as 8 body, for our audit wort, for this report. or for the opinions we have fomied. ARIF MALIDA (Senior Statutory Auditor) on behalf of Arif Malida Chartei'ed Accountants, Statutory Auditor 66 Moyser Road London SW16 6SQ Date.. Is..l.ILIzo.ty...... Arrf Malid8 IS 81igibl8 to 8Ctas an auditorin ttrnns of section 7212 of the Companies Act 2006.
THE UNHEARD VOICES TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted Funds Total Funds 2024 Total Funds 202) Not• INCOME FROM Investinents Oth¢r iiicome Donation incoTne 314,844 314,844 )13,078 8.979 835,000 835,000 TOTAL INCOME 1,149,844 1.149,844 322.057 EXPENDITURE ON Raising Funds: Investment managein¢nt costs {146,322) (146,322) Charitable Activities 415 (43,909) {43,909) 177,62• TOTAL EXPENDITURE {190,23I) (190,2311 (188.637) NET INCOME FOR THE YEAR RECOINCILIATION OF FUNDS Total fLinds broiight forward TOTAL FUNDS CARRIED FORWARD 959,613 959,613 133.420 4,928,880 4,928,880 4,795,460 5,888,493 5,888,493 4,928.880 The Statement of Financial Activities incliides all gaiiis and losses iii tlie year aiid prior tlierefore a statement ot total I'ecognised gains and losses lias iioi been prepai'ed. Tliere are no gains or losses o investment assets for the year or pi'ior year. All of the above amounts relate to continuing activities. There are no restiicied fuiids all activities are unresiricled. 10
THE UNHEARD VOICES TRUST BALANCE SHEET AS AT 31 MARCH 2024 NOIO -&6,70l1 -T',RIIFNT il.4SF,I' IJL'liliw 12 12A IK7113 {.rnITRI: Anil)onl% lilliiix Milbiii IiJl¥ I'far 1*7.fi4111 T()TAL.,I.%%F:I'4 I.>.4% I'I'RRI,-NT I.IAiIII.)'I'IP.. 14 S,XX8.4¥3 16 S.X88.4123 4J8X.4I)3
THE UNHEARD VOICES TRUST Statement of Cash Flow 31 MARCH 2024 ft.1>4?
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES a) General Jnformation and Basis of preparatioll: The Unheard Voices Trust is an unincorporated chai'itable triist in Eiigland & Wales. The addi'ess of the regisiered ol'fiee is giiven in the cliai'ity information on pae l of Iliese tinancial stateinents. The natui'e of the cliarity's opei'ations and principal <lLtivities al'e awarding grants to Scholai's. educational advancemeiit and relief of poverty ag e.xplaiiied iii page 3. Tli¢ Charity coiistitutes a public benefit entity defined by FRS I O? The financial 5tateThents have b¢cn PFcpai¢d in aceordance with Accouiiting aiid Reporting by Charities-. Statement of Reconimeiided Pi'actice applicable to charities preparing their accounts in accordance with tlie Finaiicial Reporting Staiidard applicable in tlie UIC and Repiiblic ot Ireland (FR$ 102) issued in October 2019. tlie Financial Reportiiig Staiidard applicable iii tlie United Kingdoin and Republic of Ireland (FRS 10?). the Charities Act 2011. and UK Generally Accepied Practice. Tlie fiiiancial statemenis are prepared on a goingF coi)cern basi8 aiid the funetioiial ciirrency of the charity is in Sterling. Tlie Iinancial statemeiils have been prepai'ed und¢r the histoi'ical cost conveiition, moditied to include the I'evaluation of invesrinei)I pi'operties at lair value. The Cliarity has applied certain e.xemptions and does not incliide a cash tlow statement 011 tht LFrouiid5 tliat the charity is small. The principal accounting policies are set oiit below. b} Funds: The Cliarity has a single Linrestricted fund. Unresti'icted income funds coinprise thoge funds whicli the TrLlStees al'e free to use at their discretion for any purpose in furtherance of tlie charitable objects and which have noi been designated for oilier purposes. c) Incoming Resources: All incoming resources are incliided iii the Statement of Fiiiancial Activities (SOFA) once the Charitv is legally entitlement to the income after any conditions have been met. there is sufficient certainty or receipt and so it is probable thai the incoine ivill be received, and tlie ainount of income ieceivable can be Ineasured reliably. Voluntary Incoming resoLirces including donations are recobnised on the statement of financial activities when the Charity is legally entitled to the iiicome. tlie charity will have been notified of the amounts and the seitlemeiit date in writing, it is certain that the resoui'ces will be received and the monetaiy value of incoining resources can be measured ivith suificient reliability. Income is only deferred when the doiior has specified that the income is to be e.Kpended iii a fiiture year. Gift aid is added to the value of tlie donation to wliich it relates. If there are conditions attacl)ed tD the donation and tliis requires a level of perforn)ance before entitlemeiit can be obiained then income is deferred uniil tliose conditions are tiilly met oi. the fiilfilment of those Londitions is within the control of tlie charity and li is probable that they will be fiilfilled. Investment incoine which includes rental income is rectsiynised on an aLcru81 b18. Iiive5tinent income is earned throuoh holding Investment property asseis for iiivestment PLifp05es. It includes rental inc(Ime. Wliere it is not practicable to ideiitify investinent maiiag7eTllent tost5 inciirred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amoiint can be measured reliably. Interest iiicome is recognised using the etfective interest Inethod and dividend and l'ent incoine is i'ecogii)ised & tlie ch21'ity's riglit to receive payment is established. d) Resourees e.xpended: All expenditure is included oli ali aecruals bk)sis is reeognised when there is d Itiyal or coiistriictive obligFalioii to pay for expenditure. il is probable that 5ettleinent will be required. Ihe ainount Lif the obligation can be measiired reliably and been classified iindei. headings that aggregare all costs related to the category.
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Costs of generating fLinds coinprise those costs directlv attribLltable to managiiig tlie investinent poi'tfolio and rdisiiiLs investineiit incoine incliidiiig certain professional legal fees as well as bank Charitable activities consist of Grants pavable and costs inciii'ied by the Cliai'ity in the delivery ot. its activities for its benefiLldrEes. It includes botli costs that cali be allocated dir¢ctly to such activities and tliose costs of an indireci natui'e necessary to support tlicin. Gi'ant paymenis Inade to third parties (individiials and iiistitution5) iii tlie fiirtlieiaiice of the cliaritable objects of Ilie Ti'u5t. Gi'ants (ire accounted for wlieii the recTpient has a reasonable expectation that tliey will receive a grant and tlie Triistees have agreed to pay the graiit without coiiditions. Other siippoit costs comprise all cosis involviiig tlie public accoiintability of the Cliarity and its coinpliaiice with regJLilation and sralutory reqiiiren)ents. Tliese iiiclude costs relating to Ilie statutory aLidit and legal fees where relevant. All costs Includin support cosis air allocated betw¢en the expeiiditure categyories of the Stateinent Llt Financial Activities on a basis designed to r¢tlect tlie use of tlie I'esource. Costs i'elatiiig io a particulai. activity al'e allocated directly, others are apportioned on an appropriate basis based on estiinated time or Llse. Vat.. Costs are recorded gross of VAT but tlie Charity is able to claiTn a portioii or all of the VA T paid iising the partial exeinption metliod. Irrecovei'able VA T has been chaiged to the Statement of Fiiiancial Activities if e.*peiiditui'e does not meet the partial e.Yemption test and 15 included witli the expenditiire to which it relates to. el Investments- Iiivestinenis comprise of Investineiit prOpe1t¢S held to earn rental income to siippoit the cliarity's objecis and al'e incllided at rnarket valiie as at the balaiicc sheet date. No depi'eciation is pIDvided on investment pi'operties. The Trustees assess tlie valuation on an annual basis. Investment properties for whicl) laii. valLie can be Ineasured reliably ivithout iindue cost oi. effort are nieasuied at laii. value ai each ieporting date with chan(re5 in tail. value recognised in -nei gains I (losses) on investinents in the SOFA. Unrealised gains or losses on investments represent the movement in market valiies during the year it arises aiid are credited or cliarged to tl)e statement of financial activities based oli tl)e inarket value at the year end. Any realised gdins oi. losses on investments are calciilaiLd as the difference between sales proceeds and opening Inarket valiie or purchase value (if purchase date later). Realised gains #nd losses: All gJdili% aiid los%e8 are taken lo tlie statement of financial activities as tliey arise. Reali5ed gains and losses on investmenis are calculated as the difference between siles proceeds and their opening caiyying value or their purchase value if acquired subseqLient to the first day of the financial year. Unrealised gains aiid losses are calculated the differenLe between the fair value at the year end and their carrying valiie. Realised and unrealised investment gains and losses are eoinbined in the Stateinent ot Financial Activities. g) Debtors and ereditors receivable I pavable withill one year- Debtors and creditors witli no stated interest rate and i'eceivable or payable within one Jear are recorded ai trdnsaction pi'ice. Any losses arisiiig from impairnient are recognised iii expenditure. h) Loans and Borrowings.. Loans aiid borrowings are initially I'ecognised at the transacti(In price
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 iiicludingF transaciion costs. Subsequently, tliey are measured al ainortised cosr using the effective interest rat metliod. 1¢55 impiirment. If an arrangement constitutes a finaiice ti'ansaction it is measured at pi'e5ent valLI¢. i) Impairment: Assets not measured at lair valu¢ are reviewed lor any indication tliat the asset m&y be irnpaii'ed at eacl) balance 51ieet date. If such indication exisis, the recoverable ainount of tlie asget, or the &5set's casl) generating unit is estiiiiated and conipared to tlie carryii)g aiiiount. Where the carryiiig amount txceeds its recovei'able ainount, an impaii'incnt1055 is reLognised in the profit and 1055 Linle55 tlie asser $ carried ai a revalued amount wliei'e tlie iinpairnicnt loss is a revalllation decrease. j) Taxation: The trust is a registered and excmpt charity within the meaning of Schedule 3 chIlle$ Aci 201 l and therefoi'e 15 not liablc to income t&x from its cliaritable activities. kl Cash Flow Statement: Tlie Trustees have taken advantage of the exemption under Charitie% SORP IFRS I O?) from incliiding a casli Iloiv statemeni in ilie financial statements on the ground5 Ihat the charity is small. l} Going Coneern: The financial statcmenls h2ve been prepared on a going coiicerii b15 as tlie trustees believe tliat no matei'i31 unLertainties exist. The tnjstees have coiisidered the level ol'funds held and the expected level of incoine and expenditiire for l• months froin authoi'ising these financial statements. The budg¢ted incoine and expenditure are sufficieiit with tlie level of reserves for the charity to be able to continue as a going concern. Tlie cliai'ity is reliant on the Head Ti'ustee's suppoit foi. aiiy shortfall of fuiids in the event the cliarity is not able to redeem its bank loan wiÉli Coiitts or another bank provider, redemptioii due March 2024. m) Key sources of estimation uncertainty: The key assumptions concerning the futUTe and other key soui'ces of estimdtiuii uncertainty at tlie reponiiig date tliat have J si¥iiificanr risk of causing a material adjustment to tlie carryiiig amoiints of assets and liabilities witliin the next finaiicial year include.. Investment properties: tlie charity's investment piopei'iies, held to eai'n rental ine()me for cliaritable activities, are illLabiired usintt the fair value Inodel aiid stated at th¢ii. fair value as at the i'eporting date. The Ti'LlStees have ilsed their e.xperience of the pi'operty market and iiiarket evidence ot ti'ansactioll pi'ices of similarly placed properties to asset the appropriate valiie as at the reporting date which they feel is reliable. The Trustees collectively have vast ¢xpeTience in property I'elated matters. 15
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 INCOME FROM INVESTMENTS Unrestricted Funds Total Funds Total Fund5 2024 Rental In¢oine 314,844 314,844 313.078 314,844 314,844 313.078 OTHER INCOME Unregtrieted Funds Total Fund5 Totsl Funds 2024 Iiiterest 011 Gift Aid Doiiation liicome 8,979 835,000 835,000 835,000 83i,000 8,979 114ISlNG FUNDS: INVESTTrIENI' f*iANAGEfvIENT COSTS Unrestrieted Funds Total Fund$ 2024 Totsl Fiiiids Investment Management Costs 146,322 146J22 146,J22 146,322 Unrestrieted Funds Totgl Funds 2024 Total Funds 20•3 Comprisin. R¥nl. r(Iles, InSLifL7vce and tliilities Servic¥ Churgg5 Legal & Prufe.v)ional Loan Inrerc5t 18,437 82,030 8,477 18,437 82,03 8,477 37,3678 57.244 7,386 35.217 Total 146,322 146,322 Property manageinent costs relate to direct e05ts attributable to the investmeiit property as itemised above. CHARITABLE ACTtVITIES Unrestricted Funds Total Funds Total Funds Grant making activities SLlPPOrt Costs & Govcrnaiice Costs 40,864 3,045 40,864 3,045 74,568 3,054 43,909 43,909 77.622 16
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Grants are separated between inslitiitional and individual grants below between activitv types, The grants foi. scholarsliips. allowances or ediicational purposes to individuals and institutsons relate ro tlie objects of the Charity as detailed in tlie Trustees report. A. ANALYSIS OF GRATr4TS TO INSTITUTIONS AND INDIVIDUALS Aetivity 2024 Institutions Individuals 2023 2023 Individuals Institutions Ediicational Advancemeiit / Welfare Maintenance AllowanceslLiviiig or Fiiiieral Expenses Healthcare & Relief of Poverty Othcrs 21,144 1,000 19,644 11,491 1,250 15,910 15,164 1,560 9,181 19,088 TOTAL 23,Y54 16,910 22,704 17,054 ANALYSIS OF TOTAL CRANTS BY ACTIVITY TYPE Aetivity 2024 2023 Educational AdvanLement I Welfare ?2,144 Maiiitenaiice AllowanceslLiving 17.160 Expenses Healtlicare & Relief of Poverty Otl)ers TOTAL 40,864 15,164 1,560 9,181 19.088 74,568 C. ANALYSIS OF IItAJOR INSTITUTIONAL CRANTS Institutioiial grants lat or e.xceeding £ 1,0001 were paid as follow5.. Name 2024 Activity University of California Hope and Prosperity Charity 21,144 1,000 Education Mainteiiance AllowanceslLiviiig Expe113es Healtlicai'e & Relief of Poverty Indiis Health Network 1.560 2023 TOTAL 23,704 17
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Name 2023 Activity Univei'sity of Califomia Sapna Catei'ei's Ltd 13.427 2,667 I,OiO 9,181 Education Ediicatioii Event Educaiion Healthcare & Reliet of Poverty Indu.% Healih Netiwork 2023 TOTAL 26,325 CHARITABLE ACTtVITIES CONT ... There weTe no grants payable at the year end {?Q23.. NIL}. 4A. GOVERNANCE & SUPPORT COSTS UThreslrieted Fund Total Funds 2024 Total Fuiids Goveniance.. Aiidit Fees SLlPPOrt Costs.. Bank Cliarges 3.000 3,000 3,000 54 45 45 3,045 3,045 3,054 All oovernaiice and 5UPPOrt Costs related to general activities.
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 EXPENDITURE ANALYSIS Chdiritable %ctivities 2024 1.otal 2023 Toial Inanageillent cos15 Direct 146.322 146.322 fjrant Makiiig Direct 40.864 41).864 74.568 Audit Fee8 Govemanie 3.000 J,000 3.000 Prolessionlll FLes Govetn47nce Bank chargis 45 45 54 fte-alloctI0Th of upport 1]d eov¢rnllnce eosts to rllnt.% making activity 'rot#l o%penditure 3.045 13.0001 2024 146J22 43,909 190,231 'lotal expenditure 202J 77.622 18¥.6)7 NET INCOME FOR THE YEAR Net Income is stated alter cliar(Fing l (ci'editingl.. 2024 2023 Audii Fees 3,000 3,000 3,000 3,000 AUDIT FEES The auditoi s remuneratioii amounts to an audit fee of£ 3,00012023.. £3,000}. EMPLOYEES The Charity no employees during the year ended 31 March 2024 {202J'. Nil)- TRUSTEE REI MUNERA TION AND EXPENSES No Trustee received any remiineration for ihe year ended J l March ?024 (2023.. NIL). No Trustee received any expenses reimburseinents for the year ended i l Marcli 202412023.. Nil).
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. INVESTMENT PROPERTIES These coinprise entirely of investment properties.. Investment Properties Total Carrying Value (Market Value) At O l April 2023 5.683,700 5,68),700 DEPRCICIATJON At Api'il ?023 Disposttls: At J l March 2024 Carryino Value (Market Value) At 31 Mareh 2024 5,68i,700 5.683,700 At 31 March 2023 I I. ANALYSIS OF MOVEMENTS IN INVESTMENTS Inv¢stineiit Properties.. Carrying value {Inai'ket valLie) at l April 2023 Carrying Value (market value) at 31 Marcli 2024 5.68i,700 5,683,700 The Trustees have &55essed the cai'rying market value of the investment properties and in their opinion, based on market values of similar iiivestment properties,. the cariying valiie at 31 March 2024 reinaiiis a fair reflectioii of market value. The Trustees have assessed Inarket values of the iiivestinent properties by reference to cominercial and residciitial prices in the IoLal area. In the previoiis year, the Trustees have soiighl opiiiion from a qLialilied RICS surveyor w110 has concurred with the opinion of The Tnistees. The Trustees have detail¢d knowledge and understanding ot property valuations for these assets. The historical cost of the properties is as follows.. Investment Properties.. Histoi'ical cost at 31 Marcli ?023 Historieal cost at 31 March 2024 i,683,700 5,683,700 20
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. DEBTORS 2024 2023 Trade Debtors Prepaymeiit5 8,422 261 13,588 16,441 All debtors are falling diie within one year. 12A. Attalvsis of and cash equivalents At l April 2023 £26.781 CA511 flow5 £271,466 At 31 Mareh 2024 £298,247 Casli at bank and in halld 13. CREDITORS: Amounts falling due within one year 2024 Trade Creditors Accruals Deferred Income VAT Other CTeditors Other Creditors Bank Loaii 32,852 6,000 6,636 1,417 7,994 2,741 26,693 16.122 104.2?7 5.129 10,316 585,000 57,640 747,487
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 13A. DEFERRED INCOME Undei. l Over year Tot#1 year .41 start dale l April 2023 Additions during the year Amounts releed io incorne 104,297 104,227 6,636 1104?771 {104,227) Ai end date 31 Marcli 20?4 6.636 6,636 202i Total Under l Over year year At start date l April 2022 Additions duTlll¥ the year Amounts released lo income 86,740 86,740 104,?77 186.7401 104,427 186,7401 At end date 31 March 2023 104.227 104.227 14. CREDITORS: Amounts falling due after more than one year 2024 20?3 Other Creditors 54,517 64,143 54,517 64,143 15. BANK LOAN COMMITMENTS: Duriiig tlie year. 5 discl'etionary slims totalled £ 585,000 ivere paid offthe outStaiidiiig loaii of £ 585,000. These payments were made by corpoi'ate donors. The clidrity has noi refinanced the bank loan.
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN UNRESTRICTED FUNDS I FUND RECONCILIATION Blace at Incomin 01 April Resourees 2023 Outgoing Resources Trjnsfers Balance at JI Mthrch 2024 Unrestricted Fund 4,928,880 1,149,844 (190,231) 5,888,493 PLirpose of unrestricted Fuiids are lor the continuance of the general objects of tlie Charity. Tliere are no restrictions placed oli histoi'ic voluntai'y donatioiis or investments incoine. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net a5setsl (liabilities) Total 2024 Total 20•3 URrestricted Income Funds 5,888,493 5,888,493 5,888,493 4.928,880 Total Funds 5,888,493 4,998,880 Fllnd Balances are repreSeIed by: Total Unrestricted Funds 2024 Total Unrestricted Funds 2023 Tangible Fixed Assets Investment Propertie Current Assets Current Liabilities Non Current Liabilities 5,683,700 5,683,700 316,950 (57,6401 (54,5171 56,810 (747,487) (64,143) Total 5,888,493 4,928,880 17. GOING CONCERN The tiiiancial stateineiits have been prepared on a going concem basis {note l. l)) as the Triistees bLlieYe thai no material uncenainties exist. The Trustees have considered the level of fiinds held and a5 a minimuin the expected level of inc0e and expenditure for the pei'iod of twelve months trom the date of authorisiiig tliese financial stateinents. The continued income and expenditure are sufficieiit with the level of reserves tor the Chkii'ity to be able io continue as a going concern. 23
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18. RELATED PARTY TIL4NSACTIONS Included within Note IJ. Other Creditors is a sum of £ 7,994 {?Q?3'. £1 O.J61 l owed to a pension tund of which tli¢ kl¢ad Triistee Miikai'ram Sattar 15 a member. Thi5 balaiice oived arises as tlie charity aiid tlie pension Iuiid jointly oivn a pi'o rata iiiter¢st iii ali investment property. Tlie rental collection aiid e.Kpenses for tliis inv¢stmeni pi'operty are received and paid by thc Cliai'ity. The Chai'ity owns a 58.75 /0 Illtei'est, aiid the pensioi) lund owns a 41.25070 interest in tlie investineiit property. Tlie investinent property acquired troin an unconnected party at Inarket consideration prevdilinLi at purchase with the charity and pension fuiid providintr pro rata fiinds in the investinent acquisition. The Charity and the pension fund allocate a pro rata split f(>r rental incoTne and rental expeiiditure piii'poses in accordance witli their 51iar¢ of Q/0 ownei'ship in the property. The ainount owed di)d iiicliided in note l i as afoi'eineiiti011ed, relate to the share ol nel rental incoine after expe115es, colleLted by tlie Chai'ity and owed to the Pe115ion Fund. Tl)e balance pajable was reinitted to tlie Pensithn Fund alter the year end. 24