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, bLi￿arIeS 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 pa￿￿t5. or guardians are resident in tlie Indian Sub Continent or such other
country as the Trustees shall fi￿1￿ 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
gra￿t5 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. OVe￿taS gi'ants are only made foi. pui'poses considered to be charitable by
the Chai'ity Commission for England and Wales to O￿anIsatIOnS 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 lit￿liSed 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 pl￿pertY 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(conkn￿G0j
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 A￿pted 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 a￿llOrf$ 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.
L￿r￿S￿nsiL11ty rs lo read the olher infomiakn'on a￿, in d￿n9 so, (j]n￿derWhelh&r the other infcffiiation is material
inconsislentwith the financial stat8ments, or oUrkn<)W￿ge 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 olherinforn81￿rn. 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 p￿parIng the financial statements, the trustees are responsible for as5es8ing the charity's £bility to continue as
a going COn￿rn, 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. MIsstate￿ents 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 r￿UlatiOns. Ill identifying and assessing
risks ol material misstaternent in respect of Irregularities, inciuding traud and non-compliancè with laws aTrd
gulalions, our prO￿d￿re8 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 signifi￿￿1 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 circurn5tsn￿5 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 signlficantdek￿n(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
{.￿rnIT￿RI: 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 pa￿e 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 b￿18. 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 ch￿Ille$
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 b￿15 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-alloc￿tI0Th 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 rele￿ed 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
B￿la￿ce 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 repreSe￿Ied 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 inc0￿e 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