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 f￿anCial 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 ch￿lty 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 infOr￿atIon 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
aga￿st 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 ￿L￿NAGF.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) {CU￿ent 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 pro￿aTnm¢ 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 I￿7 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 >'c￿r cndinL¥ 31 MArch ?0•S.1)0*4.. NIL)
AIIDITO
Arif have been appoinr¢d as aodiior for the ensuing %Yar.
TRLisfEES' RESPO￿sIBIL
The Iriislees aTe responsible tor prcparingtli¢ Twsttcs Annual Report and th¢ rtnancial siatements In accordail￿e
Yith 8pplicable la￿, and I'.nited Kit)4dorn AccL)untiii¥ 8tandar&8 I ljniied Kingdom Gener￿1), Accepted
AcEovnting PTriliLel.
The laiv applicable to charities tn bM8land & Wales requires Ihc Trustees to PT¢parr lin￿￿101 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 ￿￿tel￿rnI5. the Trustees ar¢
te4Lured to..
selecl su&table accountin￿ ￿lIcit5 and Ihen applj ihem ionsi51entl)':
observe th¢ T￿e(h￿S 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) RE￿I￿tIn7￿5 ?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 Vol￿S 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 A￿oUntIng
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, ex￿p(tO the extent otherwise
expli(itty stated in our report, we do not exp￿SS 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 ASSET*i'.
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 f￿an¢￿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 su￿1¢]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 ￿e￿ured 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
EXPET￿rruRE 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-alloc￿1Oll 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 REcONcIL￿TION
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