Charity number: 1110735
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees Dr N N Zaki, Trustee Dr M Zaki, Trustee Mr D A Zaki, Trustee Dr N Khan, Trustee Charity registered number 1110735 Principal office Pax Hill Bentley Farnham Surrey GU10 5NG Accountants Wise & Co Chartered Accountants Wey Court West Union Road Farnham Surrey GU9 7PT Bankers HSBC 33 The Borough Farnham Surrey GU9 7NJ
Page 1
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Nuzhat Zaki Charitable Educational And Welfare Trust for the 1 April 2021 to 31 March 2022.
Objectives and activities
a. Policies and objectives
The primary objects of the Trust are towards the advancement of education, the relief of sickness and the relief of poverty, hardship and distress in India or elsewhere throughout the world by such exclusively charitable means as the trustees shall from time to time determine.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The charity has acted for the benefit of the public throughout the year by providing support and education to poor and under-privileged individuals.
In setting objectives and planning activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
Achievements and performance
a. Review of Activities
The financial activities and position of the Trust are as shown in the annexed accounts.
Due to the continued impact of Covid-19 and the ability to travel, the charity has not been able to review and support projects in the way it would like to. This is expected to change in the coming year with a trip planned to India to be able to review projects.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Reserves policy
The charity reviews its reserves on a regular basis and currently has sufficient reserves to support the expected activities.
The Charity reserves are invested in the capital base of its property portfolio. It therefore has a policy of distributing all reserves that are not being allocated for reinvestment into the property portfolio.
Page 2
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
c. Financial review
During the year the charity continued to receive rental income from the investment properties as well as donations. Income has increased during the year to £26,434 (2021: £22,453). The income has been able to support the activities for the charity during the year and the net income has been carried forward to support the future work of the charity.
Page 3
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
a. Constitution
The Trust was created by a deed dated 19th December 2004 and later amended by a supplemental deed dated 1st July 2005.
The Trust is registered under the Charities Act 1993, Charity Registration Number 1110735 with effect from 5th August 2005.
b. Methods of appointment or election of Trustees
A new trustee, or new trustees, may be appointed at any time (either by way of replacement or addition), but so that the total number of trustees shall at no time exceed four.
A trustee may be appointed or discharged by a resolution of a meeting of the trustees, provided that a memorandum declaring such appointment or discharge shall be signed as a deed, either at the meeting by the person presiding or in some other manner directed by the meeting and attested by two other personnel present at the meeting.
c. Organisational structure and decision-making policies
The trustees will review projects that are inline with the charities objectives and make a decision as to the level of support to provide and for what term.
Plans for future periods
Future Developments
The Charity believes that to sustain the work it is doing, it will maintain and manage its current property portfolio in order to continue to generate regular long term income, to use for its charitable purpose.
Page 4
TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 PAARCH 2022 Prxhc•l e&h financol whth lair of the ol affaif5 crf the Chaity of ts inccffiing reg(wr ststements. the TTu8tee5 are ryiuired to." Obse the methods pnrts Charities SORP IFRS 1021. ste whether appkable UK ACcntIrj stdd5 IFRS 1021 hth been frAkyAl, to mat•n epartures disclowj arKI eypLM# in ttle tha81 stslwrwts., Ch¥ty conb.nue ¥) tsjwrw. t Chartys tTan$Xt and thsckjse wrth reaxrfth &curw at Y tme firtad F05rt of the Cttarty aThJ enable to erre that the finaroal atwts c<ffiply %4Yth the Ch8rrts Ad 2011. the Cttanty lAc¢nIS Reryisl R&3ulat*)ns 2(K18 of the Trust deed They are IE5FrfJns1e for Ilr D A Zakl ITrusteel 24 January 2023 P4eS
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's Report to the Trustees of Nuzhat Zaki Charitable Educational And Welfare Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 6
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 25 January 2023 Stephen South FCA
Wise & Co Chartered Accountants
Wey Court West Union Road Farnham Surrey GU9 7PT
Page 7
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 7,500 18,934 26,434 8,892 8,892 17,542 (20,000) (2,458) 400,123 (2,458) 397,665 |
Total funds 2022 £ 7,500 18,934 26,434 8,892 8,892 17,542 (20,000) (2,458) 400,123 (2,458) 397,665 |
Total funds 2021 £ 7,501 14,952 22,453 12,122 12,122 10,331 (12,000) (1,669) 401,792 (1,669) 400,123 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
NLiZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST &4LAIKE SHEET AS AT 31 MARCH 2022 Flx•d assets 3&583 40. 123 Crndtrs.. rnn13 f81l.ry c 10 40. 123 397,666 4,723 Tolal n•t •M•ts 4W.123 Charlty fvnds 4Ql, 123 T¢tsl fun 397.665 4,123 IAr D A Zaki (Trusteel Date". 24 January 2023 pe9
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Nuzhat Zaki Charitable Educational And Welfare Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 10
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Page 11
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Voluntary Income
| Unrestricted funds 2022 £ Donations 7,500 Unrestricted funds 2021 £ Donations 7,501 3. Other Income Unrestricted funds 2022 £ Rental Income 18,934 Interest - Total 2022 18,934 Unrestricted funds 2021 £ Rental Income 14,920 Interest 32 Total 2021 14,952 |
Total funds 2022 £ 7,500 |
|---|---|
| Total funds 2021 £ 7,501 |
|
| Total funds 2022 £ 18,934 - |
|
| 18,934 | |
| Total funds 2021 £ 14,920 32 |
|
| 14,952 |
Page 12
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Charity activities 8,892 Unrestricted funds 2021 £ Charity activities 12,122 |
Total 2022 £ 8,892 |
|---|---|
| Total 2021 £ 12,122 |
5. Analysis of expenditure by activities
| Charity activities Charity activities |
Activities undertaken directly 2022 £ 6,067 Activities undertaken directly 2021 £ 11,967 |
Support costs 2022 £ 2,825 Support costs 2021 £ 155 |
Total funds 2022 £ 8,892 |
|---|---|---|---|
| Total funds 2021 £ 12,122 |
Page 13
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Sponsorship Repairs and maintenance Donations Management fees Council tax Repairs and maintenance Donations Management fees |
Activities 2022 £ 20 2,651 120 3,276 6,067 Activities 2021 £ 195 8,434 120 3,218 11,967 |
Total funds 2022 £ 20 2,651 120 3,276 |
|---|---|---|
| 6,067 | ||
| Total funds 2021 £ 195 8,434 120 3,218 |
||
| 11,967 |
Analysis of support costs
| Bank charges Accountancy fees Bad debt |
Activities 2022 £ 85 1,200 1,540 2,825 |
Total funds 2022 £ 85 1,200 1,540 |
|---|---|---|
| 2,825 |
Page 14
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Bank charges Foreign currency (gains)/losses |
Activities 2021 £ 93 62 155 |
Total funds 2021 £ 93 62 |
|---|---|---|
| 155 |
6. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,200 | - |
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 15
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Investment property
| Valuation At 1 April 2021 Surplus on revaluation At 31 March 2022 |
Freehold investment property £ 360,000 (20,000) |
|---|---|
| 340,000 |
The 2022 valuations were made by Pearsons Estate Agents, on an open market value and existing use basis.
9. Debtors
| Other debtors Creditors: Amounts falling due within one year Accruals and deferred income |
2022 £ - 2022 £ 1,200 |
2021 £ 1,540 |
|---|---|---|
| 2021 £ - |
10. Creditors: Amounts falling due within one year
Page 16
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 400,123 | 26,434 | (8,892) | (20,000) | 397,665 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 401,792 | 22,453 | (12,122) | (12,000) | 400,123 |
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Investment property 340,000 Current assets 58,865 Creditors due within one year (1,200) Total 397,665 |
Total funds 2022 £ 340,000 58,865 (1,200) |
|---|---|
| 397,665 |
Page 17
NUZHAT ZAKI CHARITABLE EDUCATIONAL AND WELFARE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Investment property Current assets Total |
Unrestricted funds 2021 £ 360,000 40,123 400,123 |
Total funds 2021 £ 360,000 40,123 |
|---|---|---|
| 400,123 |
Page 18