**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 pnrt*s Charities SORP IFRS 1021. st*e whether appkable UK ACc￿ntIr￿j st￿d￿d5 IFRS 1021 hth been frAkyA￿l, to mat•n epartures disclowj arKI eypL*M# in ttle tha￿81 stslwrwts., Ch¥ty conb.nue ¥) tsjwrw. t￿ Chartys tTan$Xt￿￿ and thsckjse wrth reaxrfth &curw at ￿Y tme firta￿d F05rt￿ of the Cttarty aThJ enable to er￿re that the finaroal *atwts c**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 p￿e9 **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