THE UNHEARD VOICES TRUST ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Charity Registration Number 1097339
THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2025 FINANCIAL STATEMENTS CONTENTS PAGE Trustees Annual Report Independent Auditor's report Statement of Financial Activities 10 Balan sheet Statement of Cash Flow 12 Notes to the Financial Statements 13-24
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statcments for the Charity for Ihc y¢ar ended 31 March 2025. The Triistees have adoplcd ihe provisions of the Statement of Recommended Practice (SORP) 'Accoiinting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements ofthe Charity. The financial ateMentS have been prepared in accordance with the accounting policies Sct out in note I to tlic accounts and coinply with tlic Chai"ily's governing documcnl (trust deed), Ihe Charities Act 201 l and Accoiinting and Reporting by Charities.. Stalement of Recommended Practice (sccond edition) and Financial Reporting Standard FRS 102. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name THE UNHF,ARD VOICES TRUST Charity registration number 1097339 Prineipal and Registered office 7 Bradman HoLLq¢ AbcTcorn Pla¢e St John'5 Wood London NW8 9XY THE TRUSTEES Thc Trustees who served during the period were as follows.. Mr Mukarram Sattar (Head Trustcc) Mr Brian White Mr JOI Sungitsa The Trustees who hold the title to investment propcrtics of the Charity.. Mr Mukarram Sattar (Head Trustee) Mr Brian White The Secretary who scrvcd during the period.. Ms Saraswathi Ramiah
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT Iconunuedl YEAR ENDED 31 MARCH 2025 Bankers Santander Corporate Banking Bridle Road Bootle L304GB Auditor Arif Malida Chartered Accountants & Registered Auditors 66 Moyser Road, London SW166SQ
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT (co ntinu YEAR ENDED 31 MARCH 2025 OB,IECTtVES AIMS & ACTIVITIES FOR THE PUBLIC BENEFIT The objects of The Unheard Voices Trust (the Charity) are as follows.. In awaiding scholarships, exhibitions. bursaries or maintenance allowances tenable at any school, university college, or oiher educational esiablishment in Europe or North America approved by the Trustees for per50115 under 25 or whosc parents or guardians are resident in the Indian Sub Continent or such other couiitry as the Trustees shall from time to time deteTmine OT who are attending a maintained school OT an educational establishment in Europe or North ATnerica and who are need itj fanCial assistance. In providing financial assistance, ourfits, clothing, instruments or books to such persons on leaving school, university or such other educational establishments to PTepare thern for or assist their entry into a trade profession or service. In awarding to such persons, grants or maintenance allowances io enable them to travel either in Europe or North America OT elsewhere ill fvrtherance of their education. In otherwise furthering the education of such peTsons. 5. The relief of poverty in the Indian Sub Continent by fu)ancially supporting the imTrediate families of students who benefit from object l). 6. The relitf of poverty by financially supporting any such persons as the Trustees shall from time to time detemine by providing monies towards the cost of housing, feedin& hospitalization and maintaining such persons. The Charity aims to achieve ils objectives and perfomi its charitable activities by providins grants to instittitions and individuals for the above objects. This Es on a short and long tem] basis. The main objective for the Charity is to continue its grant5 programs and awarding scholarships to iT)dividuals and institution5. The Strateg for the Charity to a¢hieve this is to continue its grants program of awarding scholarships to both individuals and institutions who are resident in EuTope, North America or the lJ)dian Sub Continent. The chlty regularly receives grant applications which are a55essed, Teviewed and detailed for merit prior to any grant making. VUND RAISING The charity is currently self sufficient and doe5 not fund rai.%e funds from the gener81 public. The charity relies upon the net cash flow restsurces from its investtnent income in OTdeT to fund its objectives. Accordingly. a fund- raising standards infOratIon disclosure is not compiled. PUBLIC BENF.FJT The Trustees have refeTred to the Charities Cornmission's guidance on Public Benefit, including the guidance 'Public benefit.. running a Charity (PB2)',and confirni that the charitable activities are undertaken for public benefit. These activities include grants or scholarships to individuals OT oiganisations for the fuflherance of education and relief of poverty in th¢ Indian Sub Coniinent by financially supporting immediate families of Students. In addition, the objective of investment activities are to providc an annuiry incoTne source to provide further long temi income sources to fi]rther the Charity's main objects ouilined OD page 3 above. Deiails of the grants programme foT public b¢nefit aTe detailed in achievements and perfornlanoe below. The Charily intends to continue this prograTnme for the long term in accordance with the guidance issued by the Chaiiiies Commission. GRANT MAKING POLICIES The Charity has established its grant Tnaking policy to achieve its objects for the public benefit. Applications from individua15 and institutions whose purpose falls within the areas in which the Charity currently works are eligible to be considered foT grants. Overseas grants are only made for purposes considered (o be charttable by the Charity Commission for England and Wales to organi5ations thai have charitable or not-for-profjt statlls in their countries, or to individua15 considered in need of chatitable donations as outlined in the objects. The Charity receives grant applications directly and reviews them actively on a case by Case basis.
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31 MARCH 2025 The Charity provides a balance of grants to both individuals and institutiot]s for scholarships, medical assisiance nd educational advancement. The Charity assesses the movement in grants year on year and aiTlls to ensure ihat grants are maintained on 8 COIlSlStent basis every year considering the Charity's cash flow. ACHIEVEMENTS & PERFORMANCE & MONITORING ACHIEVEMENT ChaTltable grants of £87,405 {2024.. £40,864} COTnpri5ing a total of 69 grant payments. Due to elevated inflation, the number of grant applications increased from individuals applying for living expenses. More applications were received from individuals. and the Charity wa5 able to Cater for further individual grant donations. The granis 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 PTogran]Tne. As part of ongoing review between the'fruslees, a review is made of the grants paid to individuals and institutions to ensure the gryatjts ale paid in line with its objective5. The Chaiity ensures to maintain the value of its grants prograTlltne. Whi15t the Charity has various governance costs inLluding loan Yepayments l interest it is intended that any SUTplus cash flow in after deduction of governance c05t5 15 utilised io the grants programme. Naturally tuning is a factor when ieviewing the annual accounts and a fall in grants from one year to the next could be due to timing of the gTant appToval and subsequent payinent. The charity is satisfied with its rental income retUTn agast investment tnade. The net rental income received has allowed the continuity of the grants pragramTne over the years. FINANCIAL REVIEW Investment incorne was similar to last year £314,847 (2024.. £314,844). The investment income over the last several years has allowed the Charity to reduce dependence on the Head Trustee foi voluntary donaiion incom¢. Donation income for this year was £452,000 (2024.. £835,000}. These donations are largely one-off donation receipts froin corporate donor5 who piovided funding in order for the charity to become debt free and fully self- sufficient. Therefore no third paty loans are needed. The net income has and will be used to fund the future grants progratnnie for the Chaiity. The Trustees are satisfied that this will allow future gtants, and scholarships to be maintained. Property investment management cost5 increased to £199,959 (2024.. £146,322) primarily dLie to an increase in Service charges. Total grants paid in the fomi of grants and scho2arship5 totalled £87,405 {2024.' £40,864). Governance and Support Costs were £3.044 (2024.. £3,054) apportioned to grant making activities. These expenses were similar to last year. Grants provided to individua15 involve students undertaking furtheT study OT Other apprentices undertaking a work role stiidy. The Trustees aTe satisfied wilh the current progress of the Charity and are pleased with an increase in donor applications follow opening of ¢nterprises after aii international lockdown. The net sury)lus for the year after all grant payment5 and expenses is £485,154 {2024.. £959,613). INVF,STMENT POLICIES The Charity'5 policy in relation io investment 15 that, in the long temi. it should produce an income return that allows the Charity to pursue its chariiable objectives as flllly as possible whilst maintaining the value of investments. The Charity has identified propem, investmcnt5 as a suitable long-ierm investtnent that allows the Charity to achieve its investment policy and therefore all charity investmenis are in investment propeity. The charity airns to achieve a gross yield on investment incoTne between 4-6/0 as a suithble low risk yield for the charity. The gross propeny yield achieved 15 5.5Q/o (2024.. 5.5/0}.
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORTICO rjtinued) YEAR ENDED 31 MARCH 2025 RISK LNAGF.mF.NT The Charity has a risk manageTnent strategy which comprises.. An annual review of potential risks: The establishment of systems and proceduTes to mitigaie those risks idcntified in the plan and The implementation of procedures designed to msnirnise any poiential impact on the Charity should those i-i5k5 matei'ialise. These measures have allowed the Trustees io consider the Tisks facing the Charity and b¢lieve exposure to be minimal. The Trustee5' believe that thi5 approach to risk management is effective and as part of ontsoing risk managemenl, the trustees can coRfirrn major risks of the charity have been Teviewed and adequate sy5teTllS are in place to tnanage these risks. RESERVES POLICY The Trllstee5 aTe satisfied with the current level of unrestricted reserves of £6,373,647 at 31 March 2025 (2024.. £5,888,493) held by the Charity and believe the current level is sufficient to continue charitable operations. Free reserves a5 at 31 March 2025 were £689,94712024.' £204,793) {CUent assets less total liabilities). Comparing to last year, the free Teseryes was in positive. It indicai¢s its unrestricted reserves and current activity as suitsble to cover at least one year cash oufflow for the Charity. PLANS FOR FUTURE PERIODS We expect to continue our charitable grants to individuals and insiitutions. Net Investtnent income shall be used to fund the grant proaTnm¢ in furtherance of the ChaTily's objects. and it is intended that the Charity will continue to be self-sufficient with infrequent financial dependence from the Head I"TUStee. The Head Trustees voluntary contributions would be reactivated in the event the Trustees identify SigFnifiLant grani requests. Etc. Invesiment income is cun"ently the sole SQUTCe of income and hence the Trustees place attention that viable tenancies are issued to ensure a sufficient rate of retum is achieved for the Charity in order to fulfil its objectives. Th¢ Charity expects the current operations to continue foi the foreseeable future. STRUCTUIiE GOVERNANCE & MANAGEMENT GOVERNING DOCUMENT & HOW THE CHARITY IS CONSTITUTED The Charity was fonned as a tn]st under a Trust Deed dated 3 February 2003. The Charitsble Trust constituted by thi5 Deed and its property (the Trust lundl shall be adn)inistered and managed by the Trustees under the name of The Unheard Voice5 TTU5t 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}. TRUSTF.E SELECTION METHODS & INDUCTION I TRAINIIYG Thc power of appointillg new or additional Trustees remains with Mr Mukarram Sattar (Head Trustee) during his lifelime. The Trustees are satisfied that they aTe appropriately qualified and trained as Trustees. If new Trustees require guidance OT training, they arc Teferrcd to CC3 'The Essential Tnjstee" guidance from the Charities Commission and should they require any further training appropriate guidance I cxtetnal training can be provided. All Current tru5tee5 have vast expeTi¢nces in charity affairs.
THE UNHEARD VOICES TRUST TRUSTEES ANNUAL REPORT l¢oniirtuedJ YEAR ENDED 31 MARCH 2025 STRI'CTUR IAYAC.EMENT The ('h3rit)' opemtioiis ar¢ nianaged tlie Trnxteeg. The MI deed requires a minimuni ol'three TnJstee5. Nfanagem¢ni decisiDns are consulted between the Trustees and fin31 apprnial is made bi the Head Trustee. Th¢ Head Trusiee iy 24515ted b). the LTrihLr Truslie5 ThatteT5 su¢Ii M5 Ini'¢slitt¢'Dt. &dmiDiqttatioi). and genernl guidanet for the C'h2rity. Tlie Chariry secretary. a541515 Ilie Irusieeq in th¢ administr8tion d&a tnanablemenl of the htstity. No persannel including Iruste¢s receive any rwnunerdtion }n7 The chariti i?0?4.. NIL). Detsi15 nf cuyrthi tTh5tC¢s are OD page l of the Irosrees r¢pi)rt. The 8re no chaiiges io rht trusiL'es since tht I7 financial )'ear. T POII'ERS The Trust Deed pn)iides K%'id¢ u5r of iiii'estrneni txTr4vers for the'frustCLS. TRLISTg REfvI 'NE114TION No Trustee& receil'ed an} remuneration for Ihc >'cr cndinL¥ 31 MArch ?0•S.1)0*4.. NIL) AIIDITO Arif have been appoinr¢d as aodiior for the ensuing %Yar. TRLisfEES' RESPOsIBIL The Iriislees aTe responsible tor prcparingtli¢ Twsttcs Annual Report and th¢ rtnancial siatements In accordaile Yith 8pplicable la, and I'.nited Kit)4dorn AccL)untiii¥ 8tandar&8 I ljniied Kingdom Gener1), Accepted AcEovnting PTriliLel. The laiv applicable to charities tn bM8land & Wales requires Ihc Trustees to PT¢parr lin101 51JtenTrents for ¢aih financial jear iithi¢h give d rrue faÈr view of the sta¢¢ of affairs of th¢ Charit). and of the incominLF ie_qour£e4 d appliLaiion of rr%otsfitg ofthL C-harity for ih¥t PeYit>d. In prtPa[s th¢se financi81 telrnI5. the Trustees ar¢ te4Lured to.. selecl su&table accountin lIcit5 and Ihen applj ihem ionsi51entl)': observe th¢ Te(hS principlcs in ihe applicable Cliarities SORP 7019 IFRS 10? mttk'e jud8eni¢nt5 and tima1¥S thaT are rea50nablt and prudeni.. state iYh¢ther applicable aciountbn¥ SEaT¥d8rds ha&e been followed. subject lo any niaterial departures dis¢10sed and eNplained in ihe financial statement8: prcp&rc Ihc financial sÈaiem¢nLty i)n the going concenj basis unles5 li is inappropriate to presume ihat the I'harTty' iiiill cnnt1nue opcratton. The Trustees ar¢ responsitsle for keeping proper xcounlin¥ recoTds that di5cliTrse ¥viih rL'asoNtbl¢ #¢¢iiracY ai ony tirne the financial posilioii of the charity ttnd ¢nable thein to ensure Ihal the financial stateinenis compl!. ii'irh the ChAriti¢s.4ct ?01 l. the C'harity- 1.4ccount5 ond Rvports) REItIn75 ?008 and Ehe pros.isi011g of ih¢ irusi d¥¥d. Thu. ar¢ also re5p)nsibl¢ for safeguardintt the asseis uf the Ch8ritk' and hen¢t for taking YtAsonttbl¢ 51cps lor th prth'ejtion sJ)d d¢l¢¢lion ol" iraud and other irregularities. -4pprpved by th¢ irusl¢es on . d Signed on eir b¢haifb wn SEthar Hctt TTUlltr John Suftsitsa TTusie¢
THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of The Unheard VolS Tiust Ithe"charty'l for the year ended 31 March 2025 which comprise of the Statement of Financial Activities, the Balance Sheet, the cash flow slalemenl and the related notes, including significant accounting policies. The financial reporting framework that has been applied iri their preparation is applicable law and United Kingdom Accounting Standards including FRS102 'The Financial Reporting Standaid applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted AoUntIng Practicel. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as al 31 March 2025, and of its incoming resources and application ol resoLJrces, for the year then ended., have been properly prepared in accordance with United Kingdorn Genei8lly Accèpted Accounting Practice.. and have béen prepared in accordance with the requirements ol the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Qur responsibilitie5 under those sland8rds are further descnbed In the Auditorfs 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 ale relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have fu1fi11ed our other ethical responsibilities In accordance with these requirernents. We believe Ihat the audil evidenc8 we have obtained is sufficient and appropnate to piovide a basis for our opinion. Conclusions relatTrng to golng concern In auditing the financial statements, we have concluded that the IIu8lees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work w& have performed, we have not identified any tnaterial untsrtainties relating to events or conditions Ihal, individualty 01 collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to 90ing concern are described in the relevant sections of this report. Other infomiation The other infottnab.on DJmprises inforrnab.on IncluiÈd Iri the IIu5tee5' annual 1x}rt, otherthan the finanaal statements and our auditorfs report thereon. The twslee5 are responsib forthe other informats'on contained within the annual report. Our opinion on the firian(ial statements does not covei the othei infoTrnatK)n and, exp(tO the extent otherwise expli(itty stated in our report, we do not expSS any fonn olassUran Conclusi Ihereon. Our responsibility is to lead Ihe other inlomiation and, In doing so, con5iderwhether the other inforrrab.on is tnaterial inconsstent Vwilh the financial statements, or our knowledge obtained in the course ofthe audit or olherwAse appears lo be materially misstated. we identrfy such material inconsislenoes Of apparent material misstatemènts, we are required lo detertnine wheU)erthis gives rise to a material tnisstatement in the finanoal statements tIEmselves. 11, based on work we hav8 perfotmed, we condude that there is a tnatWi31 misstatement olthis other informabon. we a required to report thatfad. Vve have nothing to rei)yt in this regard.
THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2025 {continued. .) Matters on which we are required to report by exception We have nothing to port in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo rèpori to you if, in our opinion.. the information given in the financial statements is inconsistent in any material SpeCt with ihe Iruslees. ieport., or the charity has nol kept adequate accounting records., or the Iinancial Statements are not in agreernent with the accounting re¢ord5 and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully In the ttU5tees' responsibilities sl8lement Iset out on page 61. 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 detemine is necessary to enable the preparation of financial slalernents that ale 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, malters related to going concern and using the going concern basis of accounting unless the trustees either intend lo 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 accoid8nce with iegulations made under section 154 01 that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frotn mat8rial tnisstatement, whether due to fiaud or error, and to issue an audito¢s report that include5 our opinion. Reasonable assurance is a high level ol assurance but is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will always delect a tnateiial misstatement when it exists. Misslatemenls can arise from fraud or error and are considered rnaterial If. individually or in the ag9reg8te, they could reasonably be expeded to influence the economic decisions of users taken on the basis ol these financial statemenis. Itregularities, including fraud. ale instances of non-complianoe with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect m8terial misstatements in respect of irregulanlies, including Iiaud. The specific procedures foi this engagement and the extent to which these are capable of delect1ng irregularities, including fraud is detailed below.. We planned our audit so that we have a reasonable expectation of detecting material misstatements In the financial slalements results'ng from irregulaiits'es, fraud or non compliance with law or iegulations. In identifying and assessing risk5 Of material misstaternent In respect of irregularitie5. including fraud and non-complian with laws and regulations, our procedures included the followng.. Performing analytical and substantive procedures lo identify any unusual or unexpected relationships and testing Iransactional samples and journal entries for appiopriatene5S. Assessing whether judgement and assumptions rnade In deterrnining accounting estimates indicate potential bias Investigated transactions which appears unusual or significant in value and the rationale of the Ir8n58Ction. Enquiring with trustees and the charity whether they are aware or hold knowledge of any non-compliance with laws and regulations. ENquiring with trustees and the chanty ol their internal controls established to mitigate risk related to fraud or non-compliance with laws and iegulations. Obtaining independent confirmations of cash and investment balances at the year end and testing managemenvs year end bank reconciliations
THE UNHEARD VOICES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNHEARD VOICES TRUST YEAR ENDED 31 MARCH 2025 (continued...) Roviewing accounting estimates for bias and evaluating whether circumstance5 producing any bias, represent li5k of material mi5Statement due to fraud. Reviewing correspondence with HMRG and relèvant regulators. A55essing fi'nancial statement disclosures and le5ting to supporting documentation for compliance with applicable laws and regulats"on5. Because ol the inherenl lirnitalions of an audit. there is a risk that we will not delect all irregularities, including those leading to a material rnisstatetnent in the financial statements or non-compliance with regulation. This iisk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial siatements. a5 we will be less likely lo becotne aware of instances of non-compliance. The risk is also greater regarding irregulaiitie5 occurring due lo fraud rather than error, a5 fraud involves intents'onal concealment. forgery, collusion, omi55ion or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's website at.. https".Ilwww.frc.org.uklauditoislaudit-assurancelauditor-s-responsibilities-for-the- audit-of-Ihe-fildesciiption-of-the-audiloiD/oE2Q/o80Yo99s-resporisibilities-for. This description foitns part of our auditor's report Wecommunr3lewththose chargedwith g0Veman regarding. arnor¥J othermattets, the pk3nned Scope and liming ofthe ar significant 3udrtfindings, induding 3ny signrfrant defKpnues in intern81 coritrol that we identify during our audit. Use of our port Thi5 report is made solely to the charity's trustèes. as a body, in accordanGe with Part 4 of ihe Charities (Accounts and Reports) Regulations 21X)8. Our audit work has been undertaken so that we might state to the chaiify's trustees those matters we ale required to state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibi5ity to anyone othei than the charity and the charity's tiustees as a body. foi our audit work, for thi5 report, or lor the opinions we have formed. ARIF MALIDA {Senior Statutory Auditor) on bchalf of Arif Malida Chartcrcd Accountants, Statutory Auditor 66 Moyser Road London SW16 6SQ Date: Arif Malida is eligible to acl as an 8uditorffn tenns olsection 1212 ofihe Companies Act 2006.
THE UNHEARD VOICES TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Unrestricted Funds Total Funds 2025 Tota5 bunds 2024 Note INCOME FROM Investtnenls Other incom¢ Donalion income 314,847 8,715 452,000 314,847 8,715 452,000 314,844 2a 2a 835,000 TOTAL U4ICOME 775,562 775,562 1,149,844 F.XPFNDII'URE ON Raising Funds: Investment management costs (199,959) (199,959) (146,322) Charitable Activities 415 (90,449) (90,449) (43,909) TOTAL EXPENDITURE (290,408) (290,408) (190,231) f4ET INCOME FOR THE YEAR RECONCILIATION OF FUNDS TOL71 funds broiight fonvard TOTAL FUNDS CARIUED FORWARD 485,154 485,154 959,613 5,888,493 5,888,493 4,928,880 6,373,647 6,373,647 5,888,493 The Statement of Financial A¢tivities includes all gains and losses in ihe year and prior therefore a stateinent of total re¢ognised gains and losses has not been prepared. There are no gains or losses on inveslment assets for thc year or prior Ye.. All of the abovc aTnounts relate to continuing activitie5. There are no restricted funds all activities are unrestricted. 10
THE UNHEARD VOICES TRUST BALANCE SHEET AS AT 31 MARCH 2025 FIXED ASSETi'. Invcstments IlnvrsimeDt Propertie?l Iolf 1 4,683,700 5.683.700 CURRENT ASSETS D¥biurs Casli ai buiik aRd in haiid 12 12A 30226 76%.418 18.703 ?98 •47 CREDITORS: AmouAt8 falling due withÉn one l'ear 13 148,7110) 157.0401 NET CURRENI T ASSFTS 740.954 ?59.310 TOTAL ASSETS LFtsS C.URRENT LIABJLITIES 6.430.654 .943.QlO CREDITORS: AmouDts falling due after more than one ye8r 14 1.$7.01171 1$4f171 NET ASSFTS 6,373,647 5.888.4Q) CHARITY FL'NDS General lJnrestriLted tunds 16 6,373.647 i.888.493 TOTAL FUNDS 6,373.647 ).888.493 iese financial sialernents iYLTe approied and authori5¢d for issue by tlie bLwd ofTTUStees on nd gigned on bel)alf of the board ol-¢ru5tees t)).: Mukarrnm Sattar IHead TTU5teel Jahn Sungitsa (Trustee} The notes at pages I I to ?4 fomi part vf these account%. Charity regystration iiiiniber.. IU97i39
THE UNHEARD VOICES TRUST Statement of Cash Flow 31 MARCH 2025 2025 2024 Cash flows from operatillg activities Net Income l {expenditurel for the fiRan¢ial year 485.154 959,613 ChongES In.. (Increase) / Decrease in debtQTS Increase l (Decrease) in creditors 111,5231 (6,4501 11,326 (699,4731 Cash generated from l (used in) operations (17,973) (688.147) Net C85h from l (used inl operating activities 467,181 271.466 Cash n(bW5 fro financing a¢tivitie5 Net cash (used in) l from financing activities Net increase l {deerease) in cash and cash equivalents 467,181 271,466 Cash and cash equivalents at beginning of year Cash and cash equivalent5 at enij of year 298,247 26,781 765,428 298,247 12
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES a) General Information #nd Basis of preparation: The Unheard Voices Trust is an unincorporated charitable trust in England & Wales. 'I'he address of the registercd office is givcn in the charity infoiination on pagc l of these financial statements. The nature of the charity's operations and principal activities are awarding grants to Scholars, educational advancement and relief of wverty as cxplained in pagc 3. The Charity constitutes a public benefit entity as defined by FRS 102. The finanLial statements havc been preparcd in accordance with Accounting and Reporting by Ch8rities.' Statement of Recommended Practice applicable to charities preparing their accounts in acc()rdance with tlie Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued in October 2019, thc Financial Reporting Standard applicable iii the United Kingdom and Rcpublic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted PractLC¢. The financial statements are prepared on a going concern basis and thc functional currency of the charity is in Sterling. The financial statements have been prepared under the historical ¢ost convention, modified to include the revaluation of investment propertics at fair value. b) Fullds: 'fhe 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 furthcrance of the charitable objects and which have not bccn designated for other purposes. ¢} Incoming Resources: All incoming resources are included in the Statement of Financial Activities (SOFA) onc¢ the Charity is Icgall}' entitlemcnt to the income after any conditions have been met, there is sufficient certainty or receipt and so it is probabl¢ that ihe income will be received, and the amount of income receivable can be measured reliably. Voluntary, In¢oming resources including donations are recognised on thc statement of fan¢al ctivities whcn the Charity is legally entitled to the incom¢, the charity will have been notified of the amounts and the settlement date in writing, it is c¢rtain that the resourc¢5 will be receivcd and the Inonctary value of incoming resoiirces can be measured with su1¢]ent reliability. Incom¢ is only deferred when the donor has Specified that thc inconie is to be expend¢d in a fi]ture year. Gift aid is added to the value of the donation to which il relates. If there arc conditions attachcd to the donation and this requires a Icv¢l of performance bcfore ¢ntitlement can be obtained then income is deferred until those conditions are fully met or the fulfilTnent 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 re¢ognised on an ac¢rual basis. Invcstment income is carned through holding Investment propety assets for investmcnt purposes. It includes rental income. Where it is not practicable to idcntify investment managcment costs inciirred within a schcm¢ with reasonable accuracy the invesiment income is reported net ot. these costs. It is included when the amount can be measurcd rcliably. Interest income is recognised using the effective interest method and dividend and renr in¢ome is recognised as the charity's right to receive paytncnt is established. d) Resources expended: All expenditure is in¢luded on an accruals basis and is recognis¢d when there is a legal or constructive obligation to pay for expenditurc, it is probable that settleincnt will be required, the amount of the obligation can be measurcd rcliably and has been cla%sified under headings that aggregate all costs related to the category. 13
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Costs of generating funds comprise those eosls directly attributable lo managing thc irjvestment portfolio and raising inv¢stment incoinc includÈng certain professional legal fees as well as bank interest on loans utilised for their acquisition. Charitable activities consist of Grants payabl¢ and costs incurred by the Charity in th¢ delivery of its activities for its beneficiaries. It includc9 both costs that can be allocated dirccily to guch activities and those costs of an indirect nature n¢c¢4sary to support them. Grant payments made to third parties (individuals and institutions) in Ihc furtherance of thc chJTltable objects of th¢ I'rust. Grants are accoiinted for wh¢n the recipient has a Teasonable expectation that the)1 will receive a graiil and the Trustee8 have agreed to pay th¢ grant without conditions. Other support costs comprisc all costs involving thc public accountability of the Charity and its Compliance with regulation Jnd statutory rcquircinents. These include ¢ostg relating to the statutory audit and legal fees where relevant. All costs including support costs are allocated betwe¢n th¢ expenditurc categories of the Statetnent of Financial A¢tsvities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated dire¢tly, others are apportioned on an appropriate basis based on estimated lime or use. Vat: Costs are recorded gross of V A T but the Charity is able to claim a portion or all of the V AT paid using the partial exemption method. Irrecoverable VAT has been charged to the Statemeiit of Financial Activities if ¢xp¢ndiliire does not Tneet the partial exemplion test and is included with rhe expenditure to which it relates to. e) Investments: Investments cotllprisc of Investment propcrtlcs held to earn rental in¢ome to support the charity's objcctq and are included at market value as al the balance sheet dat¢. No depreciation is provided on inveslmenl propcrties. 'I'he Trustees assess the valiiation on an annual basis. Investment properties for which fair value can be eured reliably wiihoiit undue cost or effort are measured at fair value at each reporting date with changeg in fair value recognised in 'net gains / (losses) on investments, in the SOFA. Unrealised gains or losses on invcstm¢nts represent the movement in market values during the year it arises and are ¢i'edited or charged to the statement of financial activilics bas¢d on the market value at the year end. Any realised gains or losses on investments arc calculated as the difference between sales proceeds and opening markct value or purchase valu¢ (if piirchase date later)- Realised gains and losses: All gains and losses arc tskell to the statement of financial activities as thev arise. Realiscd gainq and losses on investments are calculaled as thc diffcreiice between sales proceeds and their opening carrying vali1¢ or their purchase value if acquired subsequent to the first day of the financial year. Unrealiscd gains and losses arc Calculated as the difference between the fair value at the year end and their Larrying value. Realised and unrealised invcstment gains and loss¢s are combined in the Stateinent of F'inancial Activities. g) Debtors and creditor5 receivable / payable within one year: Debtors and creditors with no stated intgr¢st rate and receivable or payable witliiii on¢ year are recordcd at transaction price. Any losses arising from iTnpairnient are recognised in expenditure. 14
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rat method, less impairn]cnt. If an arrangement constitutes a finanee transaction it is measured at present value. h) Impairment: Assets not measured ai fair value are revicwcd for any indication that the asset may be impaired at cach balance sheet dat¢. Ifsiich indication exists, the recoverablc amoiinl ofthe asset, or the asset's cash gcneraling unil 15 estimated and compared lo the carrying amouni. Where ihe carrying amount exceeds its recoverable amoiint, an impaiiineiit loss is recogniscd ID the profit and loss unless the asset 15 ¢arried at a revalued amount where the impairnient loss is a revaluation decrease. i} Taxation: The trust is a r¢gi%lered and exempt charity within the meaning of Schedule 3 Charities Act 2011 and therefore is not liable to income tax from its charitabl¢ activities. j) Going Concern: The financial statements liave been prepared on a going concern ba51S as the trust¢es believe that no maierial iincertainties exist. The trustees hav¢ Considered the Icvcl of funds held ]d th¢ expected level of incoine and cxpenditure for 12 months from authorising these financial stalements. The budgeted incoine and expenditure are suffici¢nl with the levcl of reserves for the charity to bc able to continue as a going concern. k) Key 50ur¢es of estimation uncertainty: The key assumptions concerning the future and other key sourccs of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying ainounts of assets and liabilitics within the next financial year include.. Investment properties: the charity's investinent properties. held to carn rental income for charitable a¢tivities, are tn¢asured using the fair value model and stated at their fair value as at the reporting date. The Trustees have used their cxperience of the propcrty market and markct evid¢nc¢ of transaction priccs of similarly placed properties to asset the appropriate value as at the reporting date which they feel is reliable. The I'rustees collectively have vast experience in property related matters. 15
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 INCOME FROM IfwFSTMENTS Unrestricted Funds Total Tr'unds Total Funds 2025 2024 Rental Income 314,847 314,847 314,847 314,844 314,844 314,847 OTHER INCOME Unrestricted Funds Total Funds Total Funds 2025 2024 Interest Income Donation Income 8,715 452,000 8,715 452,000 835,000 460,715 460,715 8,979 RAISING FUNDS: INVESTMENT MANAGEMENT COSTS Unrestricted Funds Total Funds 2U25 Total Funds 2024 Investment Management Costs 199,959 199,959 146,322 199,959 199,959 146,322 Unrestricted Funds Total Funds 2025 Total Funds 2024 Comprising." Renl, rate5, injurance and utilities Service Charges Legal & Profe.fsional Loan IKlere31 15,549 173,879 10,531 15.549 173,879 10,531 18,437 82,030 8,477 37,378 199,959 199,959 146,322 Property manag¢ment costs relatc to direct costs attributable to the investment property as itemised above. CHARITABLE ACTIVITIES Unrestricted Funds Total Fund5 2025 Total Funds 2024 Grant making activities Support Costs & Governan¢e Costs 87.405 3.044 87,405 3,044 40,864 3,045 90,449 90,449 43,909 16
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Grants are separaled 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 INSTJTirrIoNS AND INDIVIDUALS Aetivity 2025 2025 2024 Institutions Individuals Inslitutions 2024 Individuals Educational Advanccrnent I Welfare Maintenancc AllowanceslLiving or Funeral Expenses Healthcare & Relief of Poverty Others 39,179 15.373 21.144 1,000 6,630 2,051 1,250 15,910 11,672 12,500 1,560 TOTAL S7,481 29,924 23,954 16,910 ANALYSIS OF TOTAL GRAIYTS BY ACTIVITY TYPE Activity 2025 2024 Educational AdvanceTnent / Welfare 54.552 Maintenance AllowanceslLiving 8,681 Expenscs Healthcare & RcSief of Poverty 24,172 Othcrs TOTAL 87,405 22,144 17,160 1.560 40,864 C. ANALYSIS OF MAJOR INSTITUTIONAL GRANTS Enstitutional grants (at or ex¢eeding £ 1,000) were paid as follows.. Name 2025 Aetivity University of California APPS UK Foundation Revert2Reality Hope and Prosperity Charity 34.179 5,000 5,000 1,000 Education Education Hutnanitarian Support Maintenancc AllowancestLiving Expenscs Healthcare & Relief of Poverty Indus Health Network 11,042 2025 TOTAL 56,221 17
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Namc 2024 Activity Univcrsity of California Hope and Prosperity Charity 21,144 1,000 Education Maintcnancc AllowanceslLiving Expenses Healthcare & Relief of Poverty Indus Healih Network 1,560 2024 TOTAL 23,704 CHAIUTABLE ACTtVlTIES CONT ... There were no grants payable at the year cnd (2024.. NIL)- 4A. GOVERNANCE & SUPPORT COSTS Unrestricted Funds Total Funds 2025 Total Funds 2024 Governance". Audit Fces Support Costs: Bank Charges 3,000 3,000 44 3,000 45 3,044 3,044 3,045 All governance and support costs related to general activities.
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 EXPETrruRE ANALYSIS Charitable activities 202% Total 2024 Total lllvcstmcnt manaEeinent costs Dirtct 199,959 199,959 146,322 Grant Making Dirt¢t 87,405 87,405 40,864 Audit Fees Governanct 3,000 3,(M)O 3,000 Professiona] Ftts Govemance Bank charges Support 44 44 45 Re-alloc1Oll of 5UPPOrt govcrnancc costs to granis making aclivitv T&tAI expenditure 3.044 {3,0001 144) 202S 199,9S9 90,449 290,408 Tota] expenditure 2024 146,322 43.909 190,23 1 NET 1Tr4COMF. FOR THE YEAR Net lThcotn¢ is stated afier charging l (Crediting).. 2025 2024 Audit Fees 3,000 3,000 3,000 3,000 AUDIT FEES The auditor's reinun¢ration amounls to an audit fee of £ 3,000 (2024.. £3,000)- EMPLOYEES The Charity has no employees during the year ended 31 March 2025 (2024.. Nil). TRUSTEE REMUNEIi4TION AND EXPEF4SES No Trustee received any remun¢ration for th¢ y¢ar ended 31 March 2025 (2024.. NIL). No Truste¢ received any expenses reimbursements for the year ended 31 March 2025 (2024.. Nil). 19
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 10. INVESTMENT PROPERTIES These comprise entirely of investment properties.. Investment Properties Total Carrying Value (Market Value) At O l April 2024 5,683,700 5,683,700 DEPRECIATION At April 2024 Disposals: At 31 March 2025 Carrying Value (Market Value) At 31 March 2025 5,683,700 5,683,700 At 31 March 2024 11. ANALYSIS OF MOVEMENTS IN INVESTMENTS Investment Propcrties.. Carrying value (market value) at l April 2024 Carrying Value (markct value) al 31 March 2025 5,683,700 5,683,700 I'hc Trustees have ass¢ssed the carrying Tnarket value of the investment properties and in their opinion, based on market values of similar investment properties: the carrying value at 31 March 2025 remains a fair reflection of Market value. The TrustLcs have assessed market values ofthe investmcnl properlies by reference to comn]crcial and residcntial PTICCS in the local area. In the previous year, the Trustees have sought opinion from a qualified Rtcs surveyor who has conciirred with the opinion of The Trust¢cs. The Trustees have detailed knowledge and understanding of property valuations lor these assets. The historical cost of th¢ properties is as follows.. Invcstment Properties.. Historical cost It 31 Mar¢h 2024 Historical cost at 31 M#rcb 2025 5,683,700 5,683,700 20
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 12. DEBTORS 2025 2024 Trade Debtors Pr¢payments 21,571 8,655 18,422 261 All d¢btors are falling due within one year. 12A. Analysis of easb and cash equivalents At l April 2024 £298,247 Cash flows £467,181 At 31 March 2025 £765,428 Cash at bank and in hand 13. CREDITORS: Amount5 falling due within one year 202S 2024 Trade Creditors A¢cruals Dcferred Income VAT Oihcr CreditOTS Other Creditors 13,794 6,000 11,632 293 13,955 3,026 32,852 6,000 6,636 1,417 7,994 2,741 48,700 57,640 21
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 13A. DEFERRED INCOME 2025 Total Under l Over year year At start date l ApTII 2024 Additions during the year Amounts released to income 6,636 11,632 16,636} 6,636 11,632 {6,6361 At end date 31 March 2025 11,632 11,632 2024 Total Under l Over year year At stan date l April 2023 Additions during the year Amounts released to income 104,227 6.636 (104,227) 104,227 6,636 (104,227) At end date 31 March 2024 6,636 6,636 14. CREDITORS: Amounts falling due after more than one year 2025 2024 Other Creditors 57,(107 54,517 57,007 54,517 22
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 16. MOVEMENT IIY 1IMiESTRICTED Fuf+4DS I FUND REcONcILTION Balance at Incoming 01 April Resources 2024 Outgoing Resources Transfers Balance at 31 March 2025 Unrestricted Fund 5,888,493 775,562 (290,408) 6,373,647 Purpose of unrestrictcd Funds are for the continuance of thc general objects of the Charity. There are no restrictions placed on historic voluntary donations or investments income. 16. ANALYSIS OF NET ASSETS BETWEEN FUF4DS Net assetsl (liabilities) Totxl 2025 Total 2024 Unrestricted Income Fund$ 6,373,647 6,373,647 5,888,493 Total Funds 6,373,647 6J73,647 5,888,493 Fund Balances are represented by: Total Unrestricted Funds 2025 Total Unrestricted Funds 2024 Tangible Fixed Assets - Investment Pr(Jperties Current Assets Current Liabilities No]h Current Liabilities 5,683,700 5,683,700 795,654 (48,7001 (S7,OOD 316,950 (57,640) (54,fj17) Total 6,373,647 5,888,493 17. GOING CONCERN The financial statcments have been preparcd on a going ¢on¢em basis (note l. l)) as the Trustees believe that no material uncertainlies exist. The Irustccs hive considered the level of funds hcld and as a minimum the expected level of income and expendilure for the period of twelve Inonths from the dale of authorising these financial statements. Thc continued incoine and expenditure are sufficient with the level of reserves for the Charity to be able to continue as a going concern. 23
THE UNHEARD VOICES TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 18. RELATED PARTY TRANSACTIONS Included within Notc 13, Other Creditors is a sum of £13,955 (2024.. £7.994) owed to a pension fund of which the Head I'rustc¢ Mukdrram Sattar is a mcmbcr. 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 cxp¢ns¢S for this investmcnt property are received and paid by the Charity. The Charity owns a 58.75 D/0 interest, and the pension fund owns a 41.250/0 interest in Il)e investmcnt propcrty. 'I"he investment propcrty was acquired from an iinconnected party at market consideration prevailing al pur¢hase with the charity and pension fund providing pro rata funds in the investment acquisilion. 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 &Tnount owed and included in note 13 as aforementioned, relate to ihe share of net rental income after expenses, wllected by ihe Charity and owed to the Pension Fund. I'he balance payable was remitted to the Pension Fund after the year end. 24