AMC TRUST
Report and Accounts
for the year ended 31 December 2024
Registered Charity Number 1132067
Taylors Chartered Accountants & Registered Auditors Rosedean House 4 Argyle Road Herts EN5 4DX
AMC TRUST Report and accounts Contents
| Page | |
|---|---|
| Trustees' Report | 1 |
| Independent examiner's report on the accounts | 7 |
| Statement of Financial Activities | 8 |
| Balance sheet | 9 |
| Notes to the accounts | 10 |
| Detailed Statement of Financial Activities | 13 |
AMC TRUST
The report of the trustees for the year ended 31 December 2024.
The trustees present their annual report and accounts for the year ended 31st December 2024.
The board of trustees are satisfied with the performance of the charity during the year and the position at 31st December 2024 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.
Name, registered office and constitution of the charity
The Principal Office is 2nd Floor, Unit 5, 318 Lincoln Road, Enfield, EN3 4AA Charity Registration Number 1132067 Telephone Number 0208 606 3458
Objectives and Activities of the Charity
The Objectives of the charity are:
To relieve poverty and assist the needy in any part of the world.
To advance education and in particular amongst those in need anywhere in the world. To promote such other charitable purposes as may from time to time be determined.
The charity aims to acheive these objectives by:
Promoting education by providing financial assistance to schools in meeting their annual expenditure. Paying the full running costs of Kamran Public School in Lahore.
Paying the full running costs of Khudam Ul Quran girls middle school in Jalah Jeem, Malsi, Pakistan. Assisting students by paying their fees and related costs.
Paying for the running expenses of a clinic in Lahore, Pakistan.
Maintaining a Welfare Centre in Lahore, Pakistan providing for the daily needs of widows and the elderly.
Paying for the running expenses of Sana's Technical Training Academy. This academy has been set up to train the local women sewing and dressmaking to enable them earn a reasonable living.
An explanation of the charity's strategies for achieving its stated objectives.
AMC Trust is a charity that primarily focuses on poverty relief and education. The Trust aims to support poor and destitute families by meeting the educational needs of their children who will be able to take their family out of poverty and become self sufficient. The trust will also work with other non profit making educational providers by providing them with financial assistance for development and support for poor students.
Currently the Trusts primary objectives are to support existing projects already under the management of the Trust. The Trust operates a centre in Lahore, Pakistan that has several educational and welfare projects. AMC Trust supports other charities and organisations who are working in Education and Welfare.
Kamran School has started summer courses for mothers to teach them basic language. The school intends to expand on this by starting evening and weekend courses for mothers.
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AMC TRUST The report of the trustees for the year ended 31 December 2024.
Details of significant activities that contribute to the achievement of the stated objectives.
The AMC Trust Centre in Lahore continued to manage the assets that were transferred to the Trust.
The Centre has the following charitable projects that are managed and exclusively financed by AMC Trust;
Kamran Public School – there are around 260 full time students at the school. Around two thirds of the parents make a monthly contribution of 10% of the actual cost of their child’s education.
Neesa Welfare Centre – the centre provides welfare support to local elderly and widows. There is a drop-in centre where the elderly can attend in person to apply for various different types of welfare support, including assistance with costs towards the marriage of their children and emergency grants.
Kamal Clinic – a new and much bigger free medical clinic has been built that provides advice and basic medicines for around 100 patients every day. The clinic also held an Eye Camp at Kamran Public school which was a big success.
Sana's Technical Training Academy - This academy was set up at the Lahore centre to train local women sewing and dressmaking.
AMC Trust Centre, Lahore, supports a number of Girls Schools by paying for salaries for teachers to teach English.
The centre has taken over Khudan Ul Quara'an girls school in Jalha Jeem, Malsi, District Valeri. The school has 160 pupils.
A review of charitable activities undertaken by the charity
During the year ended 31 December 2024, the Trust paid out £572,208 in direct donations. This included the full running costs of the AMC Trust Centre in Lahore, Pakistan.
Approximately 91% of the donations were for education and 9% were for welfare.
The trustees consider this to be a good and prudent year for the Trust and in line with its long term objectives.
Grant-Making Policy
AMC Trust works with other non profit organisations, charities and in some cases individuals who may need support and assistance. Other than the existing organisation the trustees have worked with in the past, all new applicants will need to provide references and full details of the needs and how the grant will be spent. Each application is considered on its own merits and a progress report to monitor ongoing progress is required for larger and long term grants.
The following areas of work are given priority;
Poverty Relief Education Disasters and Emergency Relief Medical Aid
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AMC TRUST
The report of the trustees for the year ended 31 December 2024.
Structure, Governance and Management
Nature of the Governing Document and constitution of the charity
AMC Trust is a registerd charity. The primary governing document is the declaration of Trust made on 1 January 2009.
The first trustees are:
Khalid Chaudhry Faria Chaudhry Zahid Chaudhry Khalida Chaudhry
and they are to hold £5,000 on the trusts declared in the deed.
The methods adopted for the recruitment and appointment of new trustees
The Trust must have at least three and a maximum of seven trustees at all times. The existing trustees are responsible for the recruitment of new trustees. They are selected on the basis of skill, knowledge and experience needed for the effective administration of the charity.The trustees are appointed by a resolution of the trustees passed at a special meeting. Currently there are no requirements to appoint new trustees.
The organisational structure of the charity and how decisions are made.
The trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefit.
The trustees meet together as a body and are responsible for all decisions taken in relation to the running of the charity.
Relationships between the charity and related parties
AMC Trust is a family run charity and receives donations from the chief executive officer and trustee, Khalid Chaudhry. The Trust also receives donations from other Chaudhry family businesses.
The Chaudhry family has donated freehold land and buildings, situated in Lahore, Pakistan to the Trust. The trust makes regular donations to AMC Trust, Lahore to maintain the services it provides.
The major risks to which the charity is exposed and reviews and systems to mitigate risks
Currently the main risk is the possible loss of income from donations. The trustees are always working to mitigate this and have a long term plan to diversify the investment portfolio of the Trust and acquire freehold commercial property assets that will generate secure rental income.
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AMC TRUST The report of the trustees for the year ended 31 December 2024.
Financial Review
Policies on reserves
The charity's aim is to have a minimum of 6 months reserves to keep providing assistance to its current projects including the AMC Trust centre in Lahore, Pakistan.
Principal funding sources and how expenditure in the year under review has supported the key objectives of the charity.
Currently the Trust mainly relies on donations from businesses that are controlled by the Chaudhry family as well as other donors and well wishers.
The investment policy and objectives, including the extent to which social, environmental or ethical considerations are taken into account.
The Objectives of AMC Trust are wholly for the Public Benefit.
AMC Trust manages and operates its investments under the following policies;
To support other charities by the acquisition of the freehold of assets and property leased by the charities with a view to provide them with security of tenure and on affordable terms.
To acquire and develope freehold assets that will generate long term and secure income for the Trust.
Availability and adequacy of assets of each of the funds
The board of trustees is satisfied that the charity's assets in the general fund are available and adequate to fulfil its obligations in respect of each fund.
Transactions and Financial position
The financial statements are set out on pages 8 to 13 and have been prepared in accordance with the statement of recommended practice; Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Statndard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011. As stated in the introduction to this report, the trustees consider the financial performance of the charity during the year to have been satisfactory.
The Statement of Financial Activities show net outgoing resources for the year of a revenue nature of £ (37,232) (2023 £ 170,445).
The total reserves at the year end amounted to £2,809,864 (2023 £2,847,096).
Free unrestricted liquid reserves amounted to £2,621,808 (2023 £2,659,040).
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AMC TRUST The report of the trustees for the year ended 31 December 2024.
Specific changes in fixed assets
Changes in fixed assets are shown in detail in the notes to the accounts.
Plans for Future Periods
The Eye Camp held at Kamran Public School was a big success. The trustees have decided to also hold this at their girls school in Jalha Jeem, Malsi, Dist. Valari, Pakistan.
The name of the Chief Executive Officer and other senior staff member(s) to whom day to day management of the charity is delegated by the charity trustees.
The chief executive officer is Mr Khalid Chaudhry. He is responsible for the day to day management. Other duties are allocated to the other Trustees stated below:
The members of the Board of Trustees of the Charity during the year ended 31st December 2023 were :-
Mr Zahid Chaudhry Mr. Khalid Chaudhry Chairman Mr Kamal Chaudhry Mr Mohammed Bilal Chaudhry Mr Kamran Chaudhry
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AMC TRUST The report of the trustees for the year ended 31 December 2024.
Statement of Trustees' Responsibilities
The Charities Act requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the auditor in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 24 August 2025.
Mr Khalid Chaudhry Trustee
6
AMC TRUST Independent examiner's report on the accounts
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the the preparation of the accounts.
The Charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5) (b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examintaion includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Rajesh Gulabivala ACA
Taylors
Chartered Accountants
Rosedean House 4 Argyle Road Herts EN5 4DX
Dated 24 August 2025
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AMC TRUST
Statement of Financial Activities for the year ended 31 December 2024
| Unrestricted | Unrestricted | Restricted | Total | Last Year | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Total Funds | ||
| Notes | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Incoming resources from generated funds | |||||
| Voluntary Income | 399,607 | - | 399,607 | 304,225 | |
| Investment Income | 130,000 | - | 130,000 | 130,000 | |
| Other Incoming Resources | 13,881 | - | 13,881 | 9,615 | |
| Total incoming resources | 543,488 | - | 543,488 | 443,840 | |
| Costs of charitable activities | 579,520 | - | 579,520 | 272,195 | |
| Governance costs | 1,200 | - | 1,200 | 1,200 | |
| Total resources expended | 580,720 | - | 580,720 | 273,395 | |
| (Net outgoing resources)/net incoming resources | |||||
| before transfers between funds | (37,232) | - | (37,232) | 170,445 | |
| (Net outgoing resources)/net incoming resources | before | ||||
| Other recognised gains and losses | (37,232) | - | (37,232) | 170,445 | |
| Other recognised gains and losses | |||||
| Net movement in funds | (37,232) | - | (37,232) | 170,445 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,659,040 | 188,056 | 2,847,096 | 2,676,651 | |
| Total Funds carried forward | 2,621,808 | 188,056 | 2,809,864 | 2,847,096 | |
| All activities derive from continuing operations |
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AMC TRUST Balance Sheet as at 31 December 2024
| Notes | Notes | 2024 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 5 | 2,656,794 | 2,656,794 | ||
| Current assets | |||||
| Debtors | 6 | 210,007 | 165,007 | ||
| Cash at bank and in hand | 113,438 | 195,670 | |||
| Total current assets | 323,445 | 360,677 | |||
| Creditors:- | |||||
| amounts due within one year | 7 | (44,533) | (44,533) | ||
| Net current assets | 278,912 | 316,144 | |||
| Total assets less current liabilities | 2,935,706 | 2,972,938 | |||
| Creditors:- | |||||
| amounts due after more than one year | 8 | (125,842) | (125,842) | ||
| Net assets excluding pension asset / liability | 2,809,864 | 2,847,096 | |||
| Net assets including pension asset / liability | 2,809,864 | 2,847,096 | |||
| Unrestricted income funds | |||||
| Unrestricted revenue accumulated funds | 2,621,808 | 2,659,040 | |||
| Designated revenue funds | - | - | |||
| Unrestricted capital funds | |||||
| Designated fixed asset funds | - | - | |||
| Total unrestricted funds | 2,621,808 | 2,659,040 | |||
| Restricted capital funds | |||||
| Restricted revaluation reserve | 188,056 | 188,056 | |||
| Total restricted funds | 188,056 | 188,056 | |||
| Total charity funds | 2,809,864 | 2,847,096 |
Trustee Mr Khalid Chaudhry Approved by the trustees on 24 August 2025
9
AMC TRUST Notes to the Accounts for the year ended 31 December 2024
- 1 Accounting policies
Basis of preparation of the accounts
The financial statements have been prepared in accordance with the statement of recommended practice; Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Statndard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011 and include the results of the charity's operations which are described in the Trustees' Report, all of which are continuing.
Accounting convention
The financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of freehold land and buildings and fixed asset investments.
The charity is entirely dependent on continuing grant aid and as a consequence the going concern basis is also dependent on the continuing grant aid.
Incoming Resources
Incoming resources are accounted for on a receivable basis.
All grants, including grants for the purchase of fixed assets , are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Investment Income
Rental income is included in the income and expenditure account net of collection charges on a receivable basis.
Bank interest is included on an actual receipts basis.
Investments held by the charity
The policy for including investments in the accounts is as follows :-
Unlisted investments have been included in the balance sheet at a valuation provided by the trustees.
Investment property
Charities are exempt from the full provisions of SSAP19. However, the trusteees have adopted a policy that investment property is revalued on the basis of the best estimate of the trustees on an annual basis and any surplus or deficit is transferred to revaluation reserves. No depreciation is provided on the investment property.
Fixed assets and depreciation
All tangible fixed assets, except freehold land and buildings, are stated at cost less depreciation. Freehold land and buildings are stated at a valuation arrived at by the trustees on the basis of open market value in current use.
Depreciation has been provided at the following rates in order to write off the assets (less their estimated residual value ) over their estimated useful economic lives.
Freehold land and buildings Not depreciated
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company , and is therefore included in the relevant costs in the Statement of Financial Activities.
10
AMC TRUST Notes to the Accounts for the year ended 31 December 2024
2 Trustees or connected persons Expenses
No expenses were paid to trustees or persons connected with them.
| 3 Investment Income Rent received from investment properties Gift Aid from HMRC |
2024 £ 130,000 13,881 143,881 |
2023 £ 130,000 9,615 139,615 |
|---|---|---|
4 Trustees' remuneration
Neither the trustees nor any persons connected with them have received any remuneration, either in the current year or the prior year .
5 Tangible functional fixed assets
| Asset cost, valuation or revalued amount At 1 January 2024 At 31 December 2024 Accumulated depreciation and impairment provisions Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 6 Debtors Loans Made 7 Creditors: amounts falling due within one year Deposits Accrued expenses 8 Creditors :- Amounts Falling due after one year Other loans |
2024 £ 210,007 2024 £ 43,333 1,200 44,533 2024 £ 125,842 125,842 |
Freehold Land and buildings £ 2,656,794 2,656,794 - - 2,656,794 2,656,794 2023 £ 165,007 2023 £ 43,333 1,200 44,533 2023 £ 125,842 125,842 |
|---|---|---|
11
AMC TRUST Notes to the Accounts for the year ended 31 December 2024
9 Related party transactions
| Sonesta Nursing Home Ltd Company owned by Chaudhry family Loan Sonesta Nursing Home Ltd Company owned by Chaudhry family AMC Trust Centre, Lahore Centre owned by Chaudhry family Donations made K K Windows Ltd Company owned by Chaudhry family Donations received Chaudhry Company Limited Chaudhry Investments Ltd Company owned by Chaudhry family Donations received Donations received Company owned by Chaudhry family Donations received |
2024 £ (117,160) 2024 £ (50,000) 2024 £ 59,752 2024 £ - 2024 £ (30,000) 2024 £ (150,000) |
2023 £ (117,160) 2023 £ (235,000) 2023 £ 55,079 2023 £ (12,000) 2023 £ - 2023 £ - |
|---|---|---|
12
AMC TRUST Schedule to the Statement of Financial Activities
for the year ended 31 December 2024
| Incoming Resources Incoming Resources from generated funds Voluntary Income Grants, legacies and donations Incoming resources of a revenue nature Donations Received Total Non government and non public bodies Incoming resources of a revenue nature Rent Received Total Total Grants,Legacies & Donations Received Total Voluntary Income Investment Income Gift Aid from HMRC Total Investment Income Total Incoming Resources Support costs of charitable activities Indirect employee costs Travel and subsistence Premises Costs Light and heat General administrative expenses: Web services Bank charges Professional fees in support of charitable activities Other support costs Donations Made Total Support costs Total Expended on Charitable Activities |
Unrestricted Restricted Total Prior Period Funds Funds Funds Total Funds 2024 2024 2024 2023 £ £ £ £ 399,607 - 399,607 304,225 399,607 - 399,607 304,225 130,000 - 130,000 130,000 130,000 - 130,000 130,000 529,607 - 529,607 434,225 529,607 - 529,607 434,225 13,881 - 13,881 9,615 13,881 - 13,881 9,615 543,488 - 543,488 443,840 5,910 - 5,910 1,464 5,910 - 5,910 1,464 - - - 3,041 - - - 3,041 550 - 550 550 852 - 852 510 1,402 - 1,402 1,060 - - - - 572,208 - 572,208 266,630 572,208 - 572,208 266,630 579,520 - 579,520 272,195 579,520 - 579,520 272,195 |
|---|---|
Governance costs that are not direct management functions inherent in generating funds, service delivery and programme or project work (including management and administration costs)
| Specific governance costs Independent Examiner's Fees Total governance costs after reallocation |
Unrestricted Restricted Total Prior Period Funds Funds Funds Total Funds 2024 2024 2024 2023 £ £ £ £ 1,200 - 1,200 1,200 1,200 - 1,200 1,200 |
|---|---|
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