Company registrdlion number. 08193475 Charlty registration number. 1150876 The Idries Shah Foundation (A company limrted by guarantee) Annual Report and Finan¢lal Ststements for the Year Ended 31 March 2025 // WESTCOTTS ¢HARTEAEO AC¢OUNTANTS • RVSINE$¥ ADVISERS
The Idries Shah Foundation Contents Reforence and Administrative Det811s 2to7 Trustees, Report Independent Examlnerf5 Report Statement of Flnanclal AVIeS 10t011 Balan Sheet Notes to the Hnanci81 Ststements 12to27
The Idries Shah Foundation Reference and Administrative Details Trustees: Saira Shah Clare Maxwell-Hudson Dan Whitaker Kri Centofanti {appointed 12 November 20241 Sara Jane Hall {appolnted 12 November 2024) Charlty Raglstratlon Numbor 1150876 Company Reglstratlon Number 08193475 The charity 15 incy)rporated In England and Walos. 8&90 Paul Street London EC2A 4NE Westcotts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ R•gl$tered Offl¢e Independ&nt Examlner Page 1
The Idrles Shah Foundation Trustees, Report FOR THE YEAR ENDED 31 MARCH 2024 The trustees are pleased to present Ihelr Annual report together with the finandal Statements of the Charty for the year end8J 31 March 2025. whlch are also prepared to meet the requlrements for a Directors, Report and Accounts for Companies Act purposes. The financial statements have been prepared In accordance with the accounting policie5 set out in note 1 to the financial Statements and comply with the Charitls Articles of Association, the Companies Act 2006 and "Accounting and Reporung by Charities.. Statement of Recornmended Pr8clice ISORP) applicable lo charities preparing their accounls in ac(x)rdance with the Financlal Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021" las amended for accounting peri(Ids commencing from 1 January 20191 The Idries Shah Found8tion is a registered Charlty (No. 11508761 and a Company Limited by Guarantee {No. 081934751 and was incorporated on 29th August 2012. OBJECTIVES AND ACTIVITIES The objects of the charitable company, as set out In the Articles of Association are:_ The advancement of educatlon by the dissemination and promotion of the WOTk5 of Idries Shah.. and The promolDn of the arts. culture and h8ritage wth partlcular (but not exGlusivel reference to the works of Idrfes Shah. The aim of the Charity is to promote tolerance and cultural understanding by the dissemination of Sufi ide8s as widely as possible. Sufi culture and heritage stress values of respect and toleran towards all human beings. These ideas, which con5tftule a philosophlcal system originatlng from within the Islamlc world, promote A baland mental outlook, the ability to thlnk for oneself, a non-lilerallst approach lo religion, tolerance towards other people and itleas, women's rights, humour and common sense. For more than 40 years, Idries Shah collected centuries of traditlonal Sufi literabjre from across the Middle East and Asla, translatlng the original Persian, Arabic and Urdu malerfal Into English. This canon Inclydad "leaching-storles, which Svfis have used from time immemorial lo help people think more floxibly, as well as saylngs, proverbs and aphorisms. Shah made much of this material available lo the wider Westem public for th8 first time and he offered an Srnlerpretalion of this invaluable resource that was uniquely framed for our tlmes. Taken as a whole. Shah's corpus remains a unlque source of Sufi literature in the English 18nguag& and represents probably the most comprehenslve collection of Sufi stories in the world. Shah's works drew extensively Irom past Sufi luminaries, including Jalaluddln Rumi, Hafez, Sheikh Sa'adi of Shiraz, Fadduddin Attar, Ibn el-Arabi, El-Ghazzali and Omar Khayyam all widely acknowledged as philosophers and thinkers who contributed profoundly lo the developrnent of human thought and society- The Tru51ees are aiming to achieve the charitable objectives by disseminating the works of Idries Shah. In pvrsuance of the charitable aims the Trustaes, approach includes the following: M8inlalning the complete works of Idries Shah, unedited and accessible wlhout cost lo the reader, vla our website. Conllnuing to promote the existence of thls resource by developing our website and by any other means which appear relevant and effective. Pagg 2
The Idrles Shah Foundation Trustees. Report Putting the works in contemporary context by the commlsslon of infomed artldes and other publications. Acceptlng SLJitable partnershlps for charltable dlslrfbution of these W0S. Selling physical and electronic books by Idries Shah, to support our charitable activities. The Trustees recognlse that the aims of the Charfty are such that their approach must be developed over a medium to long-lerm period. PUBLIC BENEFIT The Trustees are aware of the Charlty Commission guidance on Charity and Public Benefit and ¢onfirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. The Trustees wnslder that the information contained within the Trustees, Report about th8 Charitys aims, activities and achievements demonslrates the benefft lo the public. ACHIEVEMENT AND PERFORMANCE The foundation is very proud to have completed its republishing of the complete works of Idrles Shah In English. This now conslilutes a comprehensive, free, online library of Shah's books. which Is hosted on our website. Importantly. this work is not edited in any way and thus provides a valuable relerence resource. Edltlons in Farsi, Darl and Turkish are also available for free via our website and it Is hoped that Shah's contribution to human thought will help nourish a non-literalist way of thought that promotes toleranc&, common sense and women's rights. ISF also hosts Èlghteen fully Illustrated children's books based on st0ri8s by Idries Shah. both in physical and electronic formal. These books are availoble free to read on its website. and available for purchase which helps support our free content. As the pledge lo make the entirety of Shah's works available for free has bean realised, ISF has entered a new phase as th& custodian8 of those works. The Charity is In a strong posltion lo achieve its core misslon- guaranteeing Idries Shah's full, unedited works remain freely available lo the public. ISF is deeply grateful for the financl81 donatlons il has received In support of Ihls effort. PLANS FOR THE FUTURE Saira Shah has begun a major new InltiatNe, of putting Shah's works Into ntext for a new general. To this end. she is writing a series of artides looking at this extraordinary corpus In the light of advances In psychology and neurology Ihal have b&en made since Shah's death. At the same time, ISF GonUnu85 Its core mission of making the unedited Works available for free. And 11 continues to seek partners for charitable dislribuilon of both origlnal and translated versions. FINANCIAL REVIEW Investments The board monitors the income being generated and the capitsl value of its investments on a regular basis. Page 3
The Idrles Shah Foundation Trustees, Roport Property Investments: . Th8 Foundation has one rental property. currenuy worth around £500.000. Flxod Asset Investments: The Foundation's financlal assets are In a hlgh interest account, currently paying interest al 3.85%.- The balance stands at £250,000. The Found81ion's pollcy regardlng propety and fix8d asset Investments remains under revlew. Totsl Income Income from all sources (donations & legacles, book sale5, property Income. and Investment funds. income) totalled £70,796 {2024= £96,695) Property income totalled £17,241 (2024: £25,945) Income from bcK*ks sales= £16,00012024.' £16,036) Unrestricted donations tot811&d.' £25,682 (2024: £38.6271 No reslrlcted donations were generated for specific projects. ResouK& Utlllsation Sn progresslng the charftable objectlves and in fundraising, the Foundation has ulilised resources of £173,481 {2024'. £251,159) After adjusthient for the movement In the valu& of Ihe investments, nel expendlture totalled 91,267 12024: £211.939) RESERVES The board recognises the need to maintain a reserve suffiaent to ensure Ihal the Foundation is able lo meet all oTrgoing commitments. The balance sheet. remalns strong with net assets at 31 March 2025 of £0.8m {2024= £0.9m 2023= £1.11 milllon.. 2022= £1.29 millionl- RISK POLICY The Trustees have assessed the major financial and operational risk5 to which Ihe charity Is 9xposed. In doing so the Board have adopted the following policies for koy areas: _ 8udgets are sel in respect of each charltable activity allowlng the Board to rnonilor the actual results Sn comparison w((h expectslions. In respect of the propety investment prIraMMe a regular revlew is maintained lo monltor relevant legislation (both national and locall and the propety market generally to ensure Ih8t the impact of any potential adverse changes is minimlsed. The Board obtains appropriate professitsnal advlce prlor to any transactions conceming acquisition or disposal of Investment propety- A mainlenanca programme is established to ensure that the property and contents are kept in good order Page 4
The Idrles Shah Foundation Trustees. Report Appropriate insurance cover is obtalned for the Foundation's activities incluslve of c¥)ver for the investment property and contents. The Board recogllise that. in working lo publish and distribute books as widely as possible, the Foundalion must seek the provision of services from sub-conlraclors who may be outside of the UK and olher Induslrialised nations. By necessity, some of the providers of services may be in are8S that are not readily accesslble by the Foundation. To ensure that charhable funds are only used in support of the charitable objects the Board woukl-. Appoint lo the management committee thosa who are known lo have experfence and knowledge of the publishlng, distributlon and print (both in hard and electronic copy) and of the geographical areas I socleties that the charity is looking lo reach out to. Where the use of suppliers of goods and services local to the geographical area of interest Is neSSary for the delivery of the charitable objectives, the management committee will seek (wherever pos5ible} those th a proven track record in their field and wlll: . Agree objectives and costs beforehand. 2. Eslabllsh a method whereby the local agent regularly reports on acuvlty and adilevements. STRUCTURE. GOVERNANCE AND MANAGEMENT The organisation Is a Charftable Company Limited by Guarantee, Incorporated on 29th August 2012 and reglslered as a charity on 18th February 2013. The ch8ritable company is govemed under Its Artldes of Association that sets oul the objects and powers of the company. Board of twstees The trustees, who are also the Directors for the putpose of company law. and who have served durlng the aUnting period are: Clara M8xwell-Hudson Danlel Whitaker Centofanti (appointed 12 November 20241 Sara Jane Hall (appointed 12 November 2024) Saira Shah Saira Shah declares a beneficial interest in the Estate of Idries Shah land may therefore receive royalties from book sales). Under the Charitys Conflict of Interest policy, she has made a written declaration of interest and recuses herself from any decisions Ilnked to the Estste. including book sales and distribution, and the minute5 of b08rd meetings clearty state where this has been the case. l of the Trustees are members of the Company and guarantee lo contrlbute £1 in the event of wlnding up. The number of Truslees shall not be le5S than three. The Trustees may appoint a person who is willing to act as a Truslee either to fill a casual vacancy or as an additional member of the board. New Trustees are selected with regard to the knowledge, sklll and exp&rtise appropriate for ttr8 effective administration of the Charity and the delivery of the charitable obj8ctiVe5. Pag8 5
The Idries Shah Foundation Trustees. Report New Trustees are brlefed on Ihelr legal obligations under charlty and company law, on their rolo and responsibililles as Trustees, the charity commission on public benefit, the contents of the governing document, the decision making process, the buslness plans and the recent financial performance of the Chaiity. The Trusteas are Govered by trustees, Indemnlty insurance. Professlonal advlsers Accountancy Weslcotts Chartered accountants was formally appointed by the board on 4 December 2024 to be ISF'S accountants. The company has extensive experlence a5s5sting charities. Legal ISF'S legal advisers are Stone Klng. recognised as one of the leading law fimis for charitles in the UK. Management Board of trustees The board dlrecls, within a strateglc plan, the overall financial and operational strategy of the Foundation and monltors progress accordingly. The board meets fomally a year. Virtual meellngs of the board are also held on a regular basis and as necessary wlth the appolnted project rnanagement committee members., along with regular email exchanges. Policy doGurnents The Foundatlon has pollcy and management documents that, subsequent to revislon in August 2024 flow comprise: 1. Trustees, Code of Conduct 2. Conflict of Interest Policy 3. Risk Policy 4. Investment Pollcy 5. Related Parties Reglster 6. Expenses Policy 7. Purchaslng & Payments Pollcy 8. GDPR Policy 9. Board skills analysSs 10. Pollcy Review schedule 11. ReseNes Policy 12. Social Media Policy Page 6
The Idries Shah Foundation Trustees. Report Expense claim fomi D8daration of Interests. and Related Party Tr8nsactions form Statemenl of trustees. responslblllties The trustees {who are also the directors of The Idries Shah Foundation for the purposes of company law) are responsSble for preparing the trustees. report and the financlal statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Acceplad Accounting Pradlcel. Induding FRS 102 'The Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland" The report and accounts have been prepared in accordance wh the provislons In the Companles Act 2006 relating to small companles. Company law requires the tTuslees lo prepara financial statements for each finan¢lal year. Under company law the trustees must not approve the financial statements unless they are Satisfi that they give a true and fair view of the slate of affair5 of the charitable company and of the Incoming resources and applicatlon of resources, induding its income and expenditure, of the charitable company for that perd. In preparing these financial statements. the trustees are required to= select suftable accounllng policSes and apply them consisteniiy., observe the methods and principles In the Charlties SORP., make judgements and estimates that are reasonable and prudent.. state whether 8pplicabla accounting standards, comprfsing FRS 102 have bean followed, sublecl to any material dep8rturés disclosed and explained In the financlal statements- and preparo the financial statements on the golng concern basis unless it is inappropriate to presume that the charitable company wlll continue in business. The Iruslees are responslble for keeplng proper accounting records that can dlsclose with reasonable accuracy at any lime the financial posllion of the charitable company and enable them to ensure that the finanelal statements comply with thg Companies Ad 2006. They are also responsible for safeguardlng the assets of the eharltablo company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrlty of the corporate and financial Information Induded on the charitable companls website. Legislation govemlng the preparation and dissemlnallon of financial statements may éiffer from leglslatlon Sn other jurisdictions. Small companies provislon statement This report has been prepared in accordance with the small companies regime under the Comp8nles Act 2006. The annual report was approved by the tnjstaes of the charity on behalf by. 2411212025 and signed on its Clare Maxwell-Hudson Trustee Page 7
The Idries Shah Foundation Independent Examiner's Report to the trust•es of The Idries Shah Foundation ('the Company,) I report to the ch8rlly trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responslbilltles and basls of report As the tharily's Iruslees of the Company land also Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Compan18s Act 20061'lhe 2006 Act'}. Having satisfied myself that the accounts ot the Company are not required to be audited under Part 16 of the 2006 Act and are eSigible for independent examination, I report in respect of my examination of your charily's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l- In carrying out my examinallon I have followed the Directions glven by the Charity Commission under sectlon 145{51{b) of the 2011 Ad. Independent examiner's statement I have completed my examination. I fA)nfimi that no Matters have come to my allenlion in nnectIOn wlth the examination givlng me cause lo believe: 1. accounting records ware nol kept in respèct of The Idries Shah Foundation as required by sedon 386 of th8 2006 Act,. or 2. the accounts do not accord with those records; or 3. the accounts do not cornply 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 15 not a matter considered as part of an independent ex8mination; or 4. the accounts have not been prepared in accordanc8 wllh the methods and principles of the Statement of Recommended Practice for 8CCOLJnfjng and reporting by charities lapplicable lo charities preparing their accounts in accordance wllh the Financial Reportlng Stsndard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in connectlon with the examinallon to whlch attention should be drawn In this report In order to enable 8 proper undorstanding of the accounts to be reached. Catherine Wllliams FCA DChA Independent Examiner Westcotts (SWI LLP 47 Boutport Stre81 Bamstaple Devon EX311SQ Dale:. Page 8
The Idries Shah Foundation statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrlcted funds Total 2025 Total 2024 Notg Income and Endowments from: Donatlons and legades Charitable actlvtties Investment income 25,682 16,000 29,114 25,682 16.000 29.114 38,627 16,036 38,032 Total income 70,796 70,796 92,695 Expendlture on: Ralsing funds Charitable actlvllles {15.5831 1157.898) 1173,481 } {15,583) 1157,898 (31.8101 1219.3491 1251,1591 Total expenditure Gainslllosses) on Investment assets {173,4811 11,418 11.418 53,475) Net expenditure Net movement In funds 191,267 191,267 {211.9391 {211,9391 (91,267) 191,2671 Reconclllation of funds rotal funds brought forward Total funds carfed forward 21 900.687 4,746 4,746 905.433 1,117,372 905.433 809,420 814,166 All of the charity's actSvilies derlve from conlinulng operations during the above tsvo periods. The funds breakdown for 2024 is shown in nots 21. The notes on pages 12 to 27 fomi an integral part of these financial ststem&nts. Page 9
The Idries Shah Foundation (Registration number: 08193475) Balance Sheet as at 31 March 2025 2025 2024 Noté Flxed assets Intanglble assets Tanglble assets Investments 14 3,252 700 525,000 528.952 4,019 4,052 843,247 16 851.318 Current assets Stocks Debtors Cash at bank 8nd in h8nd 17 18 19 10,000 775 286,353 297,128 (11,9141 285,214 52,025 5,540 20,264 77,829 Credltors,. Amounts falllng due wlthin one year 20 23,7141 Net current assets 54.115 Net assets 814.166 )5.433 Funds of the charity: Restrlctsd Income fund8 Restricted funds 4.746 4.746 Unrestrlcted income funds Unrestricted funds 809,420 900,687 Total funds 21 814.166 905,433 For the financial year ending 31 March 2025 the charity was entitled to exemptlon from audit under section 477 of the Companies Act 2006 relatlng lo small companies. Directors, responsibillties: The members have not required the charlty to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responslbllities for complying with the qUirements of the Act with respect to accountlng records and the preparation of aCUnIs. These financlal statements hav& been prepared in accordance wlth the special provisions relating to companies subject to the small companies reglme within Part 15 of the Companles Ad 2006. The notes on pages 12 to 27 form an integral part of these financial statements. Page 10
The Idries Shah Foundation (Registration number: 08193475) Balance Sheet as at 31 March 2025 The financial stalemenls on pages g lo 27 were approved by the trusteos, and aulhorfsed for Issue on 2411212025 and slgned on IheiT behalf by. Clare M8xwell-Hudson Trustee The notes on pages 12 to 27 fomi an Integral part of these financi818t8tements. Page 11
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charity status The charity is Ilmited by guarantee, in(x)rporated In England and Wales, and consequently does not have share capital. Each of the trustees Is Ilabl8 to contribute Bn amount not oxc£eding £1 towards the assots of the charity in the event of15quldaOn. The address of Its regisl8red offi¢e is.. 86-90 Paul Street Lijndon EC2A 4NE 2 Accountlng pollcles Summary of significant accountlng pollcles and key accounting estimates The principal accounting wlicies applied in the preparation of these financi81 statents are set out below. These policies have been consistently applied to all the years presented, unless otherwlse stated. Statement of compliance The financial statements have been prepared In accordance with Accounting and Reporbng by Charities: Stslemenl of Recommended practi (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJbllc of Ireland IFRS 10211 Ilssued in October 20191- Icharilies SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2006. Basis of praparatlon The Idries Shah Foundation meets the definllion of a public benefit enllty under FRS 102. Assets and liabilitie5 are Initially recognised at historical cost or transaction value unless (Aherwise staled In the relevant accounting policy notes. The financial statements are prep8red in sterling which Is the lunctlonal currency of the charity. Going concem The trustees consider that there are no material uncertainties about Ihe charitvs abillty to continue as a golng concern nor any signfficant areas of uncertainty that affect the carrying value of assets held by th8 charity- Exemption from preparlng a cash flow statement The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not Included a cash flow statement in these financial statements. Income and endowments All Income is recognised once the charity has entiuamenl to the income, it is probable that Ihe Income will b8 rerEived and the amount of the income recaivable can be measured reliably. Page 12
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 Donatlons and legacles DOnaOnS are recognised when the charity has been notified In wrlting of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level of perforrn8nce by the charlty before the ch8rily is enlilled lo the funds. the income is deferred and not recognised until either those conditions are fully met, or the fijlfilment of those conditions is wholly wlthin the control of the charity and it is probable that these conditions will be fvlftlled In the reporting period. Investhient InGonJe Dividands are recognised once the dividend has been dedared and notificatlon has begn received of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligation lo that expenditure. It is probable settlement is requlred and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs carsnot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wllh central staff costs allocated on the basis of tlme spent. and depreciation ch8rges allocated on th8 portlon of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs Incurred In attracting voluntary inGome, the management of Investments and those incurred in tradlng activitSes that raise funds. Charitsble actlvities Charitsble expenditure comprises those costs incurred by the charity in the delivery of hs aclivitles and Serv[8 for its beneficiarie5. It includes both costs that can be allocated directly to such acllvities and those costs of an Indirect nature necessary lo support them. Grant èxpenditure Grants payable are payments made lo third parties in the furtherance of Ihe charitable objectives. Where the charfty gives a grant with conditions for its payment being a specific level of service or oulpul to be provid8d, such grants are only recogriised in the Statement of Financial Activities once the recipient of the grant has Provided the $c1C seNice or output. Grants payable without perfomiance conditions are recognised in tho accounts whgn a commitment has been made and communicated to the reciplenl, and there are no conditions to be met relating lo the grant which remaln in the control of the charity. Grantprovlsions Provistins for grants are made when the intentlon to make 8 grant has been communicated lo the reclpS6nt but there is uncertainty about either the dming of the grant or the amount of grant payable. Support costs Support costs indude contral fvjnctions and have been allocated to actiwty cost categories on a basis consistent with the use of resources, for example. 811ocating property costs by floor areas. or per C8Pita. staff Gosts by th8 time spent and other costs by Iheir usaga. Pago 13
The Idrles Shah Foundation Notes to th• Flnancial Statements for th• Year Ended 31 March 2025 Govomance costs These include the costs attributable lo the chariivs compliance with constitutlonal and statutory requirements, including audit. strateglc management and trustees meetlngs and reimbursed expenses. Taxation The charlty is considered to pass the tests set out In Par8graph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of 8 charttable company for UK corporation tax purposes. Accordlngly. the diarily Is potentially exempt from taxation in respect of income or capital gains recelved within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such Income or gains are applied exclusively to charitable purposes. Intanglble assets Intangible assels are slated in the Balance Sheet at cost less accumulated amortlsation and impairment. They are amortised on a straight line basls over thelr estlmated useful lives. Tan9lble fixed assets Individual fixed assets are Initially recorded at cost, less any subsequent accumulated depreclatiorb and subsequent accumulated impalrment losses. Amortlsation Arnortlsation Is provided on intangible flxed assets so as to write off the cost. less any estimat8d residual value, over thelr expected useful economSc life ag follows.. Amortisatlon method and rate 10 years straight lin& Asset ¢lass Webslte Depreciation and amortlsatlon Depreciation is provided on tanglble fixed assets so as to write off the cost or valuation, less any estimated residual v81ue, over Ihelr expected useful economic lrfe as follows: Depreclation method and rate 30°h reducing balance 30Yo reducing balan Asset class Fixturas, fittings and equipment Compul8r equlpment Investment properties Investment propety Is carried al fair value, derfv&d from the current maTket prices for comparable real estate determined annually by external valuers. The valuers use obseNable market prices, adjusted if necessary for any difference in the nature, locatlon or condition of th& specific asset. Changes in fair volue are recognised in profil or loss. Page 14
The Idrles Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 Flxed a55et Investments Fixed asset investments. other than programme related Invgstments, are included at market value at the balance sheet dale. Realised gains and 5osses on Investments are calculaled 85 the difference been sales proceeds and Ihelr market value al the start of the year, or their subsequent cost, and are charged or credited to the Stslemenl of Flnanck81 ActiMties in the period of disposal. Unreali5ed gains and losses represent the movement in market values during the year 8nd are credited or charged to the Stslement of Financial Activities based on the market value al the year end. Stock Stock is valued at the lower of cost and eslirnaled selllng price less costs to complete and sell, after dug regard for obsolete and slow moving stocks. Cost is delemiined uslng the first-in, first4)ut IFIFO)- Cash and cash equlvalents Cash and cash equivalents comprls& cash on hand and call deposits, and other short-lerm highly liquid investments that are readlly convertible to a known amount of cash and are 5ublect to an inslgnfficant rlsk of thange in value. Fund structure Unreslricled income funds are general funds that are avallable for use al the trustees discretion In furtherance of the oblectives of the charity. Reslrlcled income funds are those donated for use In a particular area or for specific purp)ses. the use of which is restricted lo that area or purpose. Flnanci81 instruments Classlfication Financial assets and financial liabllilies are recognised when the charfty becomes a party lo the contractU81 prowsions of the Instrument. Financial liabilities and equity instruments ara classified accordlng to th8 substance of the contractual arrangements entered Into. An equlty instrument is any contract that evldences a residual interest in the assets of the charity after deducting all ol its liabiliues. Page 15
The Idrles Shah Foundation Notes to the Financlal Statements for the Year Ended 31 March 2025 Recognltlon and measurement All financial assets and liabilitles aro Initially measured 8t transadion price (including transactlon coslsl. expt for those financial assets Classified as al fair value through profil or loss. which are inltially measured al fair value (which is normally the transaction price excluding transaction costs}, unless Ihe 8rr8ngement conslilules a financing transadion. If an arrangement conslitules a financing Irans8clion. the financial asset or financial liability is measured al the present value of the future payments discounted at 8 m8rket late of interest for a simllar debt instrument. Financial assets ané Ilabilities are only offset in the slalemenl of financi81 p05itlon when, and only when there exlsts a legally enforceable right lo set off the recognised amounts and the charity Intends either lo settle on a net basis, or lo reallse the asset and sellle the liability slmullaneously. Financial assets are derecognised when and only when a) the conlraclual rights to the cash flows from the flnancial asset expire or are settled. bl the charity Iranslers lo another party substantially all of the risks and rewards of ownershlp of the financial assel, or cl the tharlly, despite having retained some, bul not all, signfficonl risks and rewards of ownership. has transfeffed control of the asset to another party. Fln8ncial Ilabilitie5 are derecLNJnised only when the obllgalion specified in the contract is discharged, cancelled or expires. Investments Investment5 In non-convertible preference shares and non-putt2ble ordinary or preference shares (where shares are publicty traded or their fair value Ss reliably measurable) are me8sured al fair value through profil or loss. Where fair value cannot be measured rèliably, investments are measured at cost less impairment. Investments in subsidialles and associates are measured at cost less Impaimienl. For investments In subsidiaries acquired for consideration including the issu8 of shares qUalIn for merger relief, cost is measured by reference to the nomlnal value of th8 shares issued plus falr value of other conslderation. Any prgmlum is ignored. 3 Income from donations and legacles Unrestricted funds General Totsl 2025 Donations and grfts 25,682 25.682 Unrestrlcted funds General Totsl 2024 Donalions and gffts 38,627 38.627 Pago 16
The Idrles Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 4 Income from charitable actlvities Unrestrlcted funds General Total 2025 SÉle of books 16,000 16.000 UnTestrlded funds General Total 2024 Sale of books 16,036 16,036 5 Investment income Unrestricted funds Genernl Total 2025 Bank interest Income from rents Income from Ilsled investments 9,207 17,241 2.666 9.207 17,241 2,666 29,114 29,114 Unrestricted funds General Total 2024 Income from rents Income from Ilsted investments 25,945 12,087 38,032 25,945 12,087 38,032 6 Expenditure on ralslng funds a) Costs of tradlng artivities Unrestrfcted funds General Total 2025 Investment management fees 130 130 Page 17
The Idries Shah Foundation Notes to the Financial Ststements for the Year Ended 31 March 2025 Unrestricted funds General Totsl 2024 Staging fundraising costs Investment management fees 109 1.333 109 1,333 1,442 1,442 b) Investment management costs Unrestricted funds General Total 2025 Investment property overheads Allocated g0Veman costs Allocated support costs 10,120 2,774 2.559 10,120 2,774 2.559 15,453 15.453 Unrestrlcted funds General Restricted funds Total 2024 Investment property overheads Allocaled govemance costs Allocated support Gosls 12,445 14,479 3,424 12,445 14,479 20 30.348 20 30,368 7 Expendlture on charltable activities UnrestriGted funds General Total 2025 Website and soc181 medla operating costs English, Spanish and other Languages Publlshing Translatlon & Distribution Costs 35,197 35.197 122,701 122,701 157.898 157,898 Page 18
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 Unrestrlcted funds General Restricted funds Total 2024 Web51te and social media operatlng costs Middle East Language Translation and publlshing costs English, Spanlsh and other Languages Publlshing Translation & Distributlon Costs General Education Activities 93,121 61 93.182 22,911 15,633 38,544 81.957 5.608 82.011 5,612 219,349 203.597 15.752 Aetlvlty undertaken directly Support Goveman¢e costs costs 2025 2024 Website and social media operating costs Middle East Language Translation and publlshing costs English, Spanish and other Languages Publishing Translation & Distribution Costs General Education Aclivitles 23,151 5.780 6,266 35,197 93,182 80,706 20,151 21.844 122.701 82,011 5,612 219.349 103.857 25.931 28.110 157,898 Page 19
The Idries Shah Foundation Notes to the Financial Statements for tha Year Ended 31 March 2025 8 Analysls of governance and support Gosts Governance costs Total 2025 Total 2024 Support Costs Amortisalion Depreciatlon Bank charges Exchange dlfferences General office costs Insurance Travel and subslstence Rent Repalrs and maintenance Legal and profession81 766 3,042 1.632 765 1,260 1,815 750 7,561 1,381 2,854 10,446 359 3,796 1,831 817 8,701 786 7,119 28,490 27,191 Total 2025 Total 2024 Governance costs Staff costs Independent Examinerfs remuneration Trustees remuneration and expenses Legal fees Depreciatlon, amortisation and other slmilar costs 28,010 2,580 294 70,166 6,300 1.043 36.740 72 30,884 114.321 Pag8 20
The Idries Shah Foundation Notes to the Financial Ststements for the Year Ended 31 March 2025 9 Net Incomlngloutgoing resources Net outgoing resources for the year Include.. 2025 2024 Loss on dlsposal of fixed assets held for the charivs own use Depreciallon of fixed assets 72 1,671 3,042 10 Trustees remunerallon and expenses No trustees. nor any persons connected with them. have recae any Temuneratlon from the charity during the year. No trustees have received any relmbursed expenses or any other benefits from the charity durlng the 11 Stsff costs The aggregate payro15 costs were 8s follows: 2025 2024 Stsff costs during tha year were: Wages and salarfes Sory81 security costs Penslon costs 27,090 65,000 2,715 2.451 920 28.010 70.166 Th8 monthly 8verag8 number of persons {induding senior management I leadership leaml employed by the charlty during the year was as follows.. 2025 2024 No No Charitable actlvities No employee received emoluments of more than £60,C4JO during the year. 12 Independent examinerfs remuneration 2025 2024 Examinalion of the financial statements 2,580 6,300 Page 21
The Idries Shah Foundation Notes to the Flnancial Statements for the Year Ended 31 March 2025 13 Taxatlon The charity Is a registered charity and is therafore exempt from taxation. 14 Intsnglble fixed assets Webslte Total Cost Al 1 April 2024 Al 31 March 2025 7,655 7,655 7.655 7.655 Amortlsation At 1 April 2024 Charge for the year At 31 Marth 2025 3.637 766 3,637 766 4,403 4,403 Net book value At 31 March 2025 3,252 3.252 Al 31 March 2024 4.018 4,018 15 Tangible fixad assets Fumlture and equlpment Computer equipment Total Cost At 1 April 2024 Disposals At 31 March 2025 19,790 19.4901 7.809 (7,409} 400 27.599 26.899 300 700 Depreciation Al 1 Aprfl 2024 Charge for the year Elimlnated on disposals 18,832 658 19,490 4,715 2,384 17.0991 23.547 3,042 126,589 At 31 March 2025 Net book value 700 At 31 March 2025 300 400 At 31 March 2024 958 3.094 4,052 Page 22
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 16 Flxed asset Investments 2025 2024 Investment properties Other investments 525,000 525,000 318,247 843,247 525,000 Investment propertles Investment propertles Cost or Valuation Al 1 April 2024 525.000 Provlslon At 31 March 2025 Net b¢)ok valu• At 31 March 2025 525.000 At 31 March 2024 s25.0) The f8iT value of the 5nvestmenl propert18s is based on a rÈv(ew carded out by the Trustaes and the Chlef EXeCute. In doSng so Managgrnent consulted with property professionals lo ascertain the likely value that the property may obtsin if marketed 8t the B85an Sheet date. The property is held on a long lease. There has been no valuation of investment propety by an independenl valuer. Pagg 23
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 other Investments Listed Investments Totsl Cost or Valuatlon Al 1 April 2024 Revaluation Oisposals At 31 March 2025 289,471 289,471 11.418 11,418 {300,8891 1300.889 Net book value At 31 March 2025 Al 31 March 2024 289,471 289,471 17 Stock 2025 2024 Stocks 10.000 52,025 18 Debtors 2025 2024 Trade deblo Prepayments Other debtors 2,000 2,761 779 775 775 5,540 19 Cash and cash equivalents 2025 2024 Cash al bank 286,353 20,264 Page 24
The Idrfes Shah Foundation Notes to the Financlal Statements for the Year Ended 31 March 2025 20 Creditors: amounts falling due wlthin one year 2025 2024 Trade credltors Other taxation and soci81 security Other creditors Accruals 2,514 4,338 3,160 3.335 12,881 23,714 1,331 8.069 11,914 21 Funds Balance at Other Incomlng Rasources recognised resources expende¢*ainslllos$esl Balance at 31 March 2025 2024 Unrestricted funds General Funds 900,687 70,796 1173.4811 11.418 809,420 Restrlctod funds Books for Afghan Children Project Spanish Language Project 676 676 4,070 4,070 4.746 4,746 Totsl funds 905.433 70,796 173.481) 11.418 814.166 Balance at 1 Aprll 2023 Other Incoming Resources recognised resources expende{881(I0s$e6} Balance at 31 March 2024 Llnrestrlcted funds General Funds 1.096,854 92,695 {235,387) 153,475) 900.687 Restricted funds Books for Afgh8n Children Proje Spanish Language Project 16,448 115,772) 678 4.070 4,070 4.746 20.518 15,772 Tot81 funds 1,117,372 251,159 153,475 905,433 Page 25
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 22 Analysls of net assets between fvnds Unrestrlcted funds Ganeral Total funds at 31 March 2025 R05tr1cted lunds Intangible fixed assets Tangible fixed assets Current assets Current liablliues Investment properties 3.252 700 292,382 {11,914) 525,000 3,252 700 297,128 (11,914) 525.000 4,746 Totsl net assets 809.420 4.746 814,166 Unrestrictsd funds Genaral Total funds at 31 March 2024 Restricted funds Intangible fixed 8ssel$ Tangible fixed assels Fixed asset investments Current 8ssets Current liabllities 4,019 4,052 843,247 73.083 123,7141 900,687 4,019 4.052 843.247 77,829 123,7141 905.433 4,746 Total nel assets 4.746 Pagg 26
The Idries Shah Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 23 Related party transactions During the year the charity made the following related party transactions.. During the year thè Charity entered into the following transactions with related partles.'- Saira Safia and Tahir Shah are the children of Idries Shah and are the Tnjstees and beneficiaries of the Idries Shah Estate. The Estste holds the wOrtdde IntellectU81 Property Rights of all of Idrles Shah works. These accounts include the fees for agreed Royaltles and Licences granted by the Estate of £7.480 12024.. £7.4801. Al the year end a sum of £1.50012024.. £1,500) in respecl of Royalties was owed to the estate and is reflected within accruals.. Al the balance sheet date the amount due lolfrom was £Nil 12024- £Nil}. Page 27