Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
Registered number: 05945378 Charity number: 1116597
WOLSEY CHARITABLE TRUST
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 17 |
Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | N Merali, Chairman |
|---|---|
| F Merali | |
| A Merali | |
| A Dewji-Aliu | |
| Company registered number 05945378 Charity registered number 1116597 Registered office Radius House 51 Clarendon Road Watford WD17 1HP Company secretary N Merali Accountants Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP |
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the WOLSEY CHARITABLE TRUST for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
WCT's main objectives for giving continued during the year.
-
Operational funding provided for Zahra International School in a remote village, Khirwa Jalapur, some 80 km from New Delhi
-
Small contributions to various individuals in their charitable exercises
-
Ad hoc support for The Salaam Centre, Harrow project as and when.
c. Grant-making policies
The trustees apply the funds of Wolsey Charitable Trust at their discretion and in accordance with the charitable purposes and objectives of the charity.
WCT receives solicitations for donations at random from various global entities. None of these requests can be entertained under the current commitments.
Achievements and performance
a. Review of activities
Our main activity this year has been supporting Zahra Society via Ideas to Impact and The KSIMC of London, colloquially known as Hujjat Stanmore.
Financial review
a. Reserves policy
It is the Trustees' policy to aim to create reserves above three months running costs. The level of reserves is monitored and reviewed annually by the Trustees.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
b. Principal funding
The Wolsey Charitable Trust is primarily funded by Nizar and Farida Merali. No non family donations are solicited or encouraged. However if any party do decide to contribute it will not be rejected in totality.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 30 August 2006.
The principal object of the company is the relief of sickness and financial hardship and to provide for better education, either generally or individually, in various parts of the world, but particularly in Africa and India.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Policies adopted for the induction and training of Trustees
Trustees will in the near future explore online training modules on all matters necessary to enable them to perform their duties effectively.
d. Related party relationships
The trustees recognise that Related Party relationships can present potential or actual conflicts of interest and create the appearance that the trustees decisions are based on considerations other than the best interests of the Charity. Accordingly, it is the Charity’s preference generally to avoid all Related Party relationships as far as possible.
e. Risk Management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
-
Nizar and Farida will continue allocating part of their income to WCT in the forthcoming year and also to bolster the foundation fund invested with Satis.
-
The school in India will continue to receive its funding from WCT and via Ideas to Impact. Including management charges it’s estimated to amount to £10,000 per month.
-
Nizar and Farida have pledged £10,000 per month for 4 years staring June 2026 to BW Foundation towards the final Phase 3 of the Salaam Centre community centre project in Harrow.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ 084B7B1C4A29423... N Merali (Chair of Trustees) Date: 17-12-2025
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
Independent Examiner's Report to the Trustees of WOLSEY CHARITABLE TRUST ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
This report is made solely to the Company'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 Company'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 Company and the Company's Trustees as a body, for my work or for this report.
Signed: Simon Speller
17-12-2025 Dated: FCA
Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 187,500 9,141 196,641 2,823 172,800 175,623 21,018 2,602 23,620 463,052 23,620 486,672 |
Total funds 2025 £ 187,500 9,141 196,641 2,823 172,800 175,623 21,018 2,602 23,620 463,052 23,620 486,672 |
Total funds 2024 £ 62,500 8,023 |
|---|---|---|---|
| 70,523 | |||
| 2,536 55,085 |
|||
| 57,621 | |||
| 12,902 36,365 |
|||
| 49,267 | |||
| 413,785 49,267 |
|||
| 463,052 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 05945378
BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 10 | 344,569 | 338,079 | ||
| Current assets | |||||
| Cash at bank and in hand | 147,516 | 132,168 | |||
| 147,516 | 132,168 | ||||
| Current liabilities | |||||
| Creditors: amounts falling due within one | |||||
| year | 11 | (5,413) | (7,195) | ||
| Net current assets | 142,103 | 124,973 | |||
| Total net assets | 486,672 | 463,052 | |||
| Charity funds | |||||
| Unrestricted funds | |||||
| General funds | 12 | 486,672 | 463,052 | ||
| Total unrestricted funds | 12 | 486,672 | 463,052 | ||
| Total funds | 486,672 | 463,052 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
N Merali, Chairman 084B7B1C4A29423... (Chair of Trustees) Date: 17-12-2025
The notes on pages 9 to 17 form part of these financial statements.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General information
Wolsey Charitable Trust is a charitable company, incorporated in the United Kingdom. Its registered office address is Radius House, 51 Clarendon Road, Watford, Herts, WD17 1HP.
2. Accounting policies
2.1 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
WOLSEY CHARITABLE 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 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 raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.6 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.
2.7 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 Company 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 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 Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. Income from donations and legacies
| Unrestricted funds 2025 £ Donations 187,500 Unrestricted funds 2024 £ Donations 62,500 |
Total funds 2025 £ 187,500 |
|---|---|
| Total funds 2024 £ 62,500 |
4. Investment income
| Unrestricted funds 2025 £ Income from listed investments 6,711 Bank interest receivable 2,430 9,141 Unrestricted funds 2024 £ Income from listed investments 6,030 Bank interest receivable 1,993 8,023 |
Total funds 2025 £ 6,711 2,430 |
|---|---|
| 9,141 | |
| Total funds 2024 £ 6,030 1,993 |
|
| 8,023 |
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Investment management costs
| Unrestricted funds 2025 £ Investment management fees 2,823 Unrestricted funds 2024 £ Investment management fees 2,536 Analysis of grants Grants to Institutions 2025 £ Grants, Charitable donations 108,967 Grants to Institutions 2024 £ Grants, Charitable donations 12,999 |
Total funds 2025 £ 2,823 |
|---|---|
| Total funds 2024 £ 2,536 |
|
| Total funds 2025 £ 108,967 |
|
| Total funds 2024 £ 12,999 |
6. Analysis of grants
The Company has made the following material grants to institutions during the year:
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. Analysis of grants (continued)
| Name of institution BW Foundation Zahra Society Lady Fatema Trust The KSIMC of London John Lyon School Ideas to Impact Foundation Other grants to institutions |
2025 £ 3,500 16,974 1,000 40,000 8,343 35,000 104,817 4,150 108,967 |
2024 £ 6,000 - 5,000 - - - |
|---|---|---|
| 11,000 1,999 |
||
| 12,999 |
7. Analysis of expenditure by activities
| Charitable donations Charitable donations |
Grant funding of activities 2025 £ 108,967 Grant funding of activities 2024 £ 12,999 |
Support costs 2025 £ 63,833 Support costs 2024 £ 42,085 |
Total funds 2025 £ 172,800 |
|---|---|---|---|
| Total funds 2024 £ 55,084 |
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Travel expenses Independent examiners fees Professional fees Bank charges Other expenses |
Total funds 2025 £ 10,300 3,180 49,590 475 288 63,833 |
Total funds 2024 £ 7,181 3,360 31,392 152 - |
|---|---|---|
| 42,085 |
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,100 ( 2024 - £2,000 ).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, expenses relating to travel costs totalling £ 10300 were reimbursed or paid directly to 2 Trustees (2024 - £7,181 to 2 Trustees) .
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. Fixed asset investments
| Cost or valuation At 1 April 2024 Revaluations At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 11. Creditors: Amounts falling due within one year 2025 £ Accruals and deferred income 5,413 |
Listed investments £ 338,079 6,490 344,569 344,569 338,079 2024 £ 7,195 |
|---|---|
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Statement of funds
Statement of funds - current year
| Balance at 1 April 2024 £ Unrestricted funds General Funds - all funds 463,052 Statement of funds - prior year Balance at 1 April 2023 £ Unrestricted funds General Funds - all funds 413,785 |
Income £ 196,641 Income £ 70,523 |
Expenditure £ (175,623) Expenditure £ (57,621) |
Gains/ (Losses) £ 2,602 Gains/ (Losses) £ 36,365 |
Balance at 31 March 2025 £ 486,672 |
|---|---|---|---|---|
| Balance at 31 March 2024 £ 463,052 |
13. Summary of funds
Summary of funds - current year
| Balance at 1 April 2024 £ General funds 463,052 Summary of funds - prior year Balance at 1 April 2023 £ General funds 413,785 |
Income £ 196,641 Income £ 70,523 |
Expenditure £ (175,623) Expenditure £ (57,621) |
Gains/ (Losses) £ 2,602 Gains/ (Losses) £ 36,365 |
Balance at 31 March 2025 £ 486,672 |
|---|---|---|---|---|
| Balance at 31 March 2024 £ 463,052 |
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Docusign Envelope ID: DB84D40C-DE6B-4889-8A88-9035CFB02456
WOLSEY CHARITABLE TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 344,569 Current assets 147,516 Creditors due within one year (5,413) Total 486,672 |
Total funds 2025 £ 344,569 147,516 (5,413) 486,672 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ - - - - |
Endowment funds 2024 £ 338,079 132,168 (7,195) 463,052 |
Total funds 2024 £ 338,079 132,168 (7,195) 463,052 |
|---|---|---|---|
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