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The The Habib Habib University University[Trust] Trust

Year Year ended ended[31] 31 March March 2024[2024]

Annual Annual Report Report and and Financial[Financial] Statements[Statements] Year Year ended ended[31] 31 March March[2024] 2024

England England and and Wales Wales Registered Registered Charity Charity Number Number 1152151[1152151]

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The The Habib Habib University University Trust Trust

Year Year[ended] ended 31 31 March[March][2024] 2024

CONTENTS CONTENTS

CONTENTS CONTENTS
Contents Contents	2 2
Charity information Charity information	3 3
Trustees annual report Trustees annual report	4-5 4-5
Independent auditor's report Independent auditor’s report	6-8 6-8
Statement offinancial activities Statement of financial activities	9 9
Balance sheet Balance sheet	10 10
Statement of cash flows Statement ofcash flows	11 11
Notes to the financial statements Notestothefinancialstatements	12-14 12-14

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The The Habib Habib University University[Trust] Trust

Year Year ended ended[31] 31 March March[2024] 2024

Registered charity name Registered charity name	The Habib University Trust The Habib University Trust
Charity registration number Charity registration number	1152151 Charity Commission England and Wales 1152131 Charity Commission England and Wales
Principal office Principal office	Habib House Habib House
	42 Moorgate 42 Moorgate
	London London
	EC2R 6JJ EC2R 6JJ
Trustees Trustees	Charles Dorsey Mackay Charles DorseyMackay
	James Caan James Caan
	Iqbal Mohammed Kadwani (resigned 19May 2023) Iqbal Mohammed Kadwani (resigned 19 May2023)
	Syed Kausar Kazmi Syed Kausar Kazmi
	Faheen Habib Faheen Habib
	Asif Rangoonwala AsifRangoonwala
	Murtaza Jessa (appointed I April 2023) Murtaza Jessa (appointed
Auditors Auditors	K K Associates K K Associates
	Chartered Accountants and Registered Auditors Chartered Accountants and Registered Auditors
	305 Crown House, Park Royal 305 Crown House, Park Royal
	North Circular Road North Circular Road
	London London
	NWIO 7PN NW10 7PN
Bankers Bankers	Habib Bank AG Zurich 142 Wigmore Street Habib BankAG Zurich 142 Wigmore Street
	London London
	WIU3SH W1U 3SH

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THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST TRUSTEES TRUSTEES ANNUAL[ANNUAL] REPORT REPORT YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024[2024]

The The trustees trustees present present their their report[report] and[and] accounts accounts for for the[the] year year ended[ended] 31[3][1] March March[2024.] 2024. The The accounts accounts have[have]

been been prepared prepared in in accordance accordance with with[the] the accounting accounting policies policies set set out out[in] in note note[I] |[to] to the[the] accounts accounts and[and] comply comply

with with[the] the charity's charity’s governing governing document, document,[the] the[Charities] Charities Act Act 2011 201[1] and and[the] the Statement Statement[of] of Recommended Reconunended practice: practice: Accounting Accounting[and] and[Reporting] Reporting by[by][Charities] Charities preparing preparing[their] their accounts accounts[in] in[accordance] accordance[with] with[the] the

Financial Financial Reporting Reporting Standard Standard FRS FRS 102 102[(Charities] (Charities SORP SORP FRSI FRS102)[02)] issued[issued] in[in][2019.] 2019.

STRUCTURE, STRUCTURE, GOVERNANCE[GOVERNANCE][AND] AND MANAGEMENT MANAGEMENT

The The affairs affairs of of The The Habib Habib University University Trust Trust are are governed[governed][by] by[the] the Trust Trust Deed Deed[dated] dated 7[7][February] February[2013.] 2013. The[The]

charity charity is is managed managed by by a a board board of of trustees. trustees. In In the the year year ended ended 31 31 March March 2024, 2024, the[the] following following persons persons served served as as trustees: trustees:

Charles Charles Dorsey Dorsey Mackay Mackay

James James Caan Caan Iqbal Iqbal Mohammed Mohammed Kadwani Kadwani (resigned (resigned[19] 19 May May[2023)] 2023)

Syed Syed Kausar Kausar Kazmi Kazmi

Faheen Faheen Habib Habib

Asif Asif Rangoonwala Rangoonwala

Murtaza Murtaza Jessa[Jessa] (appointed (appointed[I] | April April[2023)] 2023)

OBJECTIVES OBJECTIVES[AND] AND ACTIVITIES ACTIVITIES The The[objectives] objectives[of] of The The Habib Habib University University Trust Trust are are[to] to[further] further[such] such objects objects[of] of Habib Habib[University] University Foundation Foundation[(a] (a Pakistani Pakistani[registered] registered Charity) Charity) as as are are exclusively exclusively[charitable] charitable according according[to] to English English Law Law as as the the Trustees Trustees shall shall from from time time to to time time determine determine in in consultation consultation with with the[the] Pakistani Pakistani Charity. Charity. No No[grant] grant was was received received from[from] any any government government organization.[organization.]

FINANCIAL REVIEW FINANCIAL REVIEW

The The donation donation[receipts] receipts are are[expected] expected[to] to increase increase[in] in[the] the[next] next year. year.

RISK RISK MANAGEMENT MANAGEMENT The The charity[charity] takes takes robust[robust][steps] steps to to manage manage[the] the risks risks involved involved[in] in achieving achieving of[of] its[its][aim] aim and[and] objectives. objectives. The The Board Board of[of] Trustees Trustees[reviews] reviews[significant] significant risks, risks,[and] and makes makes sure sure[that] that they they are are[taking] taking appropriate[appropriate] measures measures to to manage manage and and reduce reduce their their impact. impact. Managers Managers manage manage resources, resources, monitor monitor performance performance and and have have also also established, established, and[and] manage, manage, an an[effective] effective internal internal control[control] environment. environment. This[This] is is supported supported by by systems, systems, processes processes and[and] procedures. procedures.

PUBLIC BENEFIT PUBLIC BENEFIT

The The charity[charity] develops develops strategic strategic plans plans to to make make certain[certain][that] that we we provide provide maximum maximum public public benefit benefit and and achieve achieve our our strategic strategic[objectives,] objectives, which which fall fall under under purposes purposes defined defined by by[the] the[Charities] Charities Act Act 2011. 2011.

FUTURE FUTURE PLANS PLANS Since Since the the year year end end the the charity charity[has] has expended expended a a substantial substantial amount amount as as grant grant to to Habib Habib University University Foundation Foundation in[in] Karachi, Karachi,[Pakistan] Pakistan[in] in line line with with the[the][objects] objects of of the[ the] charity. charity.

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THE THE HABIB HABIB UNIVERSITY UNIVERSITY TRUST TRUST

TRUSTEES TRUSTEES ANNUAL[ANNUAL] REPORT REPORT YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024 2024

RESPONSIBILITIES RESPONSIBILITIES OF OF THE THE TRUSTEES TRUSTEES

The The charity's charity's[trustees] trustees are are responsible responsible for[för] preparing preparing the[the] Trustees Trustees[Annual] Annual[Report] Report[and] and[the] the[financial] financial statements statements[in] in accordance accordance with with applicable applicable law law[and] and regulations. regulations.

The The law[law] applicable applicable to to charities charities[in] in England England and and Wales Wales requires requires the the trustees trustees to to prepare prepare financial financial statements statements for for each each financial financial year. year. Under Under that that law law the the trustees trustees have have elected[elected] to to prepare prepare the[the] financial financial statements statements in in accordance accordance with with United United Kingdom Kingdom Generally Generally Accepted Accepted Accounting Accounting Practice Practice (United (United Kingdom Kingdom Accounting Accounting Standards Standards and[and] applicable applicable law). law). The The[trustees] trustees must must not[not] approve approve the[the] financial[financial] statements statements[unless] unless they they are are satisfied satisfied[that] that they give they give a a true true and[and] fair fair view view of[of][ the] the state state of[of] affairs affairs of[of][ the] the charity[charity] and and the the income income and and expenditure expenditure of of the[the][charity] charity for for that that[period.] period. In In preparing preparing these these[financial] financial statements, statements,[the] the trustees trustees are are required required to: to: ‘ select suitable select suitable[accounting] accounting[policies] policies and[and][then] then apply[apply][them] them consistently; consistently; observe observe[the] the methods methods and and[principles] principles[in] in[the] the[Charities] Charities SORP; SORP;
' make make judgements judgements[and] and accounting accounting estimates estimates[that] that are are reasonable reasonable[and] and prudent; prudent; state state whether whether applicable applicable accounting accounting standards standards[have] have been been followed, followed, subject subject to to any any material material departures departures[disclosed] disclosed and[and] explained explained[in] in[the] the financial[financial] statements;[statements;]
- prepare prepare[the] the financial[financial][statements] statements on on[the] the[going] going concern concern[basis] basis[unless] unless[it] it[is] is[inappropriate] inappropriate[to] to presume presume that that[the] the charity charity will will continue continue in in operation. operation.

The The trustees trustees are are responsible responsible[for] for[keeping] keeping[adequate] adequate accounting accounting records records[that] that are are[sufficient] sufficient[to] to show show[and] and explain explain[the] the[charity's] charity’s[transactions] transactions and and disclose disclose with with reasonable reasonable accuracy accuracy at[at] any any time time[the] the financial financial position position of of the the charity charity and and enable enable them them to to ensure ensure that that the the financial financial statements statements comply comply with with[the] the Charities[Charities] Act Act 201 2011[1] and and[the] the Charity Charity (Accounts (Accounts and and Repons) Reports) Regulations Regulations 2008. 2008. They They are are[also] also responsible responsible[for] for safeguarding safeguarding[the] the assets assets[of] of[the] the[charity] charity[and] and[hence] hence for[for] taking taking reasonable reasonable[steps] steps[for] for[the] the prevention prevention and[and] detection detection of of fraud fraud and and other other irregularities. irregularities.

AUDITORS AUDITORS

Each Each of of the the persons persons who who is is trustee trustee at[at] the the[date] date of of approval approval of of this this report report confirms confirms that: that:
e • So So far far as as they they are are aware, aware, there there is is no no relevant relevant audit[audit] information information of of which which[the] the company’s company's auditor auditor[is] is unaware: unaware: and and
e They They have have taken taken all[all] steps steps[that] that they they ought ought[to] to have have taken taken as as a a trustee trustee to to make make themselves themselves aware aware of of any any relevant relevant[audit] audit information information and and to[to] establish establish that that[the] the company's company’s auditor auditor is is aware aware of of the[the] information. information.
K K K K Associates, Associates, Chartered Chartered Accountants Accountants[and] and Registered Registered Auditors, Auditors,[have] have been[been] re-appointed re-appointed as as auditors[auditors] for for the the ensuing ensuing year. year.

Sig Signed d on on behalf behalf of of the the trustees trustees I-labib Habib House House 42 42 Moorgate Moorgate

London London EC2R EC2R 6JJ[6JJ] United United Kingdom Kingdom Murtaza Murtaza Jessa[Jessa]

Date: Date: 17 17 January January 2025 2025 Trustee Trustee

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Independent Independent Auditor’s Auditor's Report Report to to the[the] Trustees Trustees of of The The Habib Habib[University] University[ Trust] Trust Opinion Opinion

We We have have audited audited[the] the[financial] financial statements[statements] of[of][ The] The[Habib] Habib University University[Trust] Trust (the[(the] ‘charity’)[•charity')][for] for[the] the[year] year[ended] ended 31 31 March March 2024 2024 which which comprise comprise Statement Statement[of] of Financial Financial Activities, Activities,[Balance] Balance Sheet,[Sheet,] Statement[Statement] of[of] Cash[Cash] Flows,[Flows,][and] and notes notes[to] to the[the] financial[financial] statements, statements, including including a a summary summary[of] of[significant] significant[accounting] accounting policies.[policies.] The The financial financial[reporting] reporting framework framework including including[Financial] Financial[that] that has has Reporting[Reporting] been been[applied] applied[Standard] Standard[in] in their their102[102] preparation preparation[Thc] The Financial[Financial] is[is][applicable] applicable Reporting[Reporting][law] law[Standard] Standard[and] and United[United] applicable[applicable] Kingdom[Kingdom] in in Accounting[Accounting] the the UK UK and and[Standards,] Standards,Republic Republic of of Ireland Ireland (United (United Kingdom Kingdom[Generally] Generally Accepted Accepted Accounting Accounting Practice).[Practice).] This This report report is[is] made made solely solely[to] to the[the][charity's] charity's[trustees,] trustees, as as a a body, body,[in] in accordance accordance[with] with[Part] Part 4[4] of[of] the[the] Charities[Charities][(Accounts] (Accounts and and Reports) Reports) Regulations[Regulations] 2008. 2008. Our[Our] audit[audit] work work has[has] been been[undertaken] undertaken so so that[that] we we might[might][state] state[to] to the[the] charity's[ charity's] trustees[trustees] those those matters matters we we are are required required to[to][state] state[to] to them them in[in] an an auditor's[auditor's] report report[and] and for[for] no no other[other] purpose. purpose.[To] To the[the][fullest] fullest[extent] extent permitted permitted by[by] law,[law,] we we do do not not[accept] accept or[or] assume assume[responsibility] responsibility[to] to anyone anyone[other] other[than] than the[the][charity] charity[and] and[the] the[charity's] charity's trustees trustees as as[a] a[body,] body,[for] for our our[audit] audit[work,] work,[for] for this[ this][report,] report,[or] or for[for] the[the] opinions[opinions] we we have[have][formed.] formed.

In In our our opinion opinion the the financial financial statements: statements:
e give give a a true true and and fair fair view view of of the the state state[of] of the the[charity's] charity's affairs affairs as as at[at][31] 31 March March 2024, 2024, and and of[of][its] its incoming incoming resources resources and and application application of[of] resources, resources, including including its[its] income income[and] and expenditure, expenditure,[for] for[ the] the year year then[then] ended;[ended;]
e have have been been properly properly prepared prepared[in] in accordance accordance[with] with United United[Kingdom] Kingdom Generally[Generally] Accepted Accepted Accounting[Accounting][Practice;] Practice; and and

e have have been been prepared prepared[in] in accordance accordance[with] with[the] the requirements requirements of[of][ the] the[Charities] Charities Act[Act] 2011.[2011.] Basis Basis[for] for opinion opinion We We conducted conducted our our audit audit in[in] accordance accordance[with] with International International Standards[Standards] on on Auditing[Auditing][(I-JK)] (UK) (ISAs[(ISAs][(I-JK))] (UK)) and[and] applicable[applicable] oflaw. requirementslaw.of requirements the theOur Our financial financial[responsibilities] responsibilitiesthat thatstatements statements are are relevant relevant under under section sectionthose those to to[of] of our our standards ourstandards ouraudit audit report. report.[of] of are are the the We Wefurther[further] financial financialare are independent independent described described statements statements of[of][in] in thethe thethe in in Auditor's charityAuditor's[charity] the the LJK, UK,in[in] including includingresponsibilities[responsibilities] accordance accordance the the[with] with FRC's FRC’s[for] forthe[the] the[the] Ethical Ethical ethical ethicalaudit[audit] Standard, Standard, and and we we[have] have fulfilled fulfilled our our other[other] ethical ethical[responsibilities] responsibilities[in] in accordance[accordance] with[with] these[these][requirements.] requirements. We[We] believe[believe] that that the the audit audit evidence evidence we we have have obtained obtained[is] is sufficient sufficient and and appropriate appropriate[to] to provide provide a a basis basis[for] for our our opinion.[opinion.]

Conclusions Conclusions[relating] relating[to] to[going ] going concern concern We We have have[nothing] nothing to[to] report report[in] in respect[respect][of] of[ the] the[following] following[matters] matters[in] in[relation] relation to[to] which[which][the] the[ISAs] ISAs[(UK)] (UK)[require] require us[us] to[to][report] report to where: to you you where:

e the the[trustees'] trustees’ use use[of the] of the[going] going concern concern basis basis[of] of accounting[accounting][in] in[the] the[preparation] preparation[of] of the[the] financial[financial][statements] statements[is] is[not] not appropriate; appropriate; or or
e • the thesignificantperiod significantperiod trustees trustees[of] of[at] at doubt doubtleast[least] have have twelveabout about[twelve] not not disclosed disclosed the themonths months[charity's] charity's[in] in[from] fromthe[the] ability ability[the] the[financial] financial[date] date[to] to whencontinue continue[when][statements] statements[the] the[to] to[financial] financial[adopt] adopt any any identified[identified][the] the[statements] statements[going] goingmaterial materialconcern concernare[are][authorised] authorised[uncertainties] uncertaintiesbasis[basis] of of[for] foraccounting accounting issue.[that][issue.] that may may for for[cast] cast a a

Other Other information information

The The trustees trustees are are responsible responsible[for] for the[the] other other[information.] information. The The[other] other information[information][comprises] comprises the[the] information[information] included[included]

in in the the trustees' trustees’ annual annual report, report, other other than than[the] the[financial] financial statements statements and and our our auditor's auditor's report report thereon. thereon. Our Our opinion opinion on on

the the financial financial statements statements does does not not cover cover[the] the other other information information and, and,[except] except to[to] the[the] extent extent otherwise[otherwise] explicitly explicitly stated stated in in our our report, report, we we do do not not express express any any form form[of] of assurance assurance conclusion conclusion thereon. thereon.

In In connection connection with with our our audit audit of of the the financial financial statements, statements, our our[responsibility] responsibility is is to[to] read read the the other other information information and, and, in[in] doing doing so, so, consider consider whether whether the the other other information information[is] is materially materially inconsistent inconsistent with[with] the the financial financial statements statements or or our our knowledgeinconsistencies inconsistenciesknowledge obtained obtained or or apparent apparentin[in] the the audit audit material materialor or otherwise otherwise[misstatements,] misstatements, appears appearswe weto to are arebe berequired required materially materially to to misstated. misstated. determine determine Ifwhether Ifwhether we we identify identifythere there such such is is a a materialmaterial materialmaterial misstatement misstatement in[in][the] the[financial] financial statements statements or or[a] a material material misstatement misstatement[of] of the[the] other other information. information. If,[If,] based based on on[the] the work work we we[have] have performed,[performed,] we we conclude[conclude][that] that there[there] is is a a material material misstatement misstatement of of this this other other information, information, we we are are required required to to report report[that] that fact. fact.

We We have have nothing[nothing] to[to] report report[in] in this this regard. regard.

[continued [continued[...J] ...]

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Independent Independent Auditor's Auditor’s Report Report to to[the] the Trustees Trustees of of The The Habib Habib[University] University Trust[Trust]

[continued [continued ...] J

Matters Matters on on which which we we are are required required to[to] report report by by exception exception In In the the light light of of our our knowledge knowledge and and understanding understanding of of the the charity charity and and its its environment environment obtained obtained in in the the course course Of of the the

audit, audit, we we have have not not identified identified material material misstatements misstatements in in the[the] trustees trustees annual annual report. report.

We WeReports) Reports)have have[Regulations] Regulations[nothing] nothing[to] to report report2008 2008[requires] requires[in] in[respect] respect us us[of] of[to] to[the][report] thereport following following[to] to you you[if,] if,[matters] mattersin[in] our our[opinion:] opinion:[in] in[relation] relation[to] to[which] which[the] the Charities Charities (Accounts[(Accounts] and[and]

¢ • adequate adequate and and proper proper[accounting] accounting[records] records have have not not been been[kept,] kept, or or returns returns adequate adequate[for] for our our[audit] audit have have not not been been received received from from branches branches not not visited visited[by] by us; us; or or
e — the the information information given given in[in][the] the[trustees'] trustees' report report in[in] inconsistent inconsistent[in] in any any material material respect respect with[with] the[the][ financial] financial statements; statements; or or
• e the the[financial] financial statements statements are are not not[in] in agreement agreement with with the the accounting accounting records records and and[returns:] returns; or or • e certain certain disclosures disclosures of of trustees’ trustees' remuneration remuneration specified specified by by law law are are not not made; made; or or e • we we have[have][not] not received[received][all] all[the] the[information] information[and] and[explanations] explanations we we[require] require[for] for our our[audit;] audit;

Responsibilities Responsibilities[of trustees] of trustees As As explained explained more more fully fully[in] in the the trustees' trustees’[responsibilities] responsibilities statement statement set set out out on on page page 5,[5,] the the trustees trustees are are responsible responsible for for the the preparation preparation Of of the the financial financial statements statements and and for for being being satisfied satisfied that that they they give give a a true true and and fair fair view, view, and and for for such such internal internal[control] control as as the the trustees trustees determine determine[is] is necessary necessary[to] to enable enable the the preparation preparation of[of] financial[financial] statements statements[that] that are are[free] free[from] from material material[misstatement.] misstatement, whether[whether][due] due[to] to fraud[fraud][or] or error. error. In In preparing preparing the the financial financial statements, statements, the the trustees trustees are are responsible responsible for for assessing assessing the the charity's charity's ability ability to to continue continue as as a a going going concern, concern, disclosing, disclosing, as as applicable, applicable, matters matters related[related][to] to going going concern concern and and using using the the going going concern concern basis basis of[of] accounting accounting unless unless the the trustees trustees either either intend intend to[to][liquidate] liquidate the the[charity] charity or or to to cease cease operations, operations. or or have have no no realistic realistic alternative alternative but but to to do do so. so.

Auditor's Auditor’s responsibilities for responsibilities for the the audit audit[of] of the the financial financial statements statements We We have have been been appointed appointed under under section section 145 145[of] of[the] the Charities Charities[Act] Act[2011] 2011 and and report report[in] in accordance accordance with[with][the] the Act[Act] and and relevant relevant regulations regulations made made or[or] having having[effect] effect thereunder. thereunder. Our Our objectives objectives are are to[to] obtain obtain reasonable reasonable assurance assurance about about whether whether the the[financial] financial statements statements as as a a whole whole are are free[free] from from material material misstatement, misstatement, whether whether due due[to] to fraud fraud or or error, error, and and[to] to issue issue an an auditor's[auditors] report report[that] that includes includes our our opinion.[opinion.] Reasonable Reasonable assurance assurance[is] is a a high high level level of[of] assurance, assurance, but but[is] is not not a a guarantee guarantee[that] that an an audit[audit] conducted conducted[in] in accordance accordance with with ISAs ISAs (UK) (UK) will will always always detect detect a a material material misstatement misstatement when when it it exists. exists. Misstatements Misstatements can can arise arise from from fraud fraud or or error error and and are are considered considered material material[if,] if,[individually] individually or or in[in][the] the aggregate, aggregate, they[they] could could reasonably reasonably be be expected expected to[to] influence influence the the economic economic decisions decisions of[of] users users taken taken on on the the basis basis[of] of these these[financial] financial statements. statements.

Irregularities, Irregularities, including including fraud,[fraud,] are are instances instances[of] of non-compliance non-compliance with[with][laws] laws and[and] regulations. regulations. We We design design procedures procedures in in line line with with our our responsibilities, responsibilities, outlined outlined above, above, to to detect detect material material misstatements misstatements in in respect respect of of irregularities, irregularities, including including fraud.[fraud.] The The extent extent to[to] which which our our procedures procedures are are capable capable[of] of detecting detecting irregularities, irregularities, including fraud including fraud[is] is detailed detailed below: below:

We We[obtained] obtained an an[understanding] understanding of[of] the the[legal] legal and and regulatory regulatory frameworks frameworks[that] that are are applicable applicable to[to][the] the[Trust,] Trust, which which[it] it

has has[to] to comply comply[with.] with.[In] In our our risk risk assessment assessment process process detailed detailed discussions discussions and and planning planning took took place place[to] to ensure ensure[that] that

our our[audit] audit procedures[procedures] are are so so designed designed that[that] any any material material irregularity irregularity including including fraud fraud will[will] be be uncovered uncovered when when we we

carry carry[out] out our our tests. tests. Our[Our] meetings[meetings] with[with][the] the company's[company's][management] management[included] included enquiries[enquiries][that] that were were[focused] focused on on

detection detection[of] of irregularities irregularities including including[fraud.] fraud. Discussions Discussions included included consideration consideration[of] of the the risk risk of[of] management management override override

on on[controls] controls[and] and[segregation] segregation of duties[of][duties] reviewed. reviewed.[There] There was was[a] a[limited] limited number number of[of] transactions transactions during during[this] this year.[year.] We We

were were[able] able[to] to verify verify[these] these[transactions.] transactions.

As As[part] part[of] of an an audit audit[in] in accordance accordance with[with] ISAs ISAs (I-JK), (UK), we we exercise exercise professional professional judgment judgment and and maintain maintain professional professional

scepticism scepticism throughout throughout the[the][audit.] audit. We We also: also:

e Identify Identify and and assess assess the the[risks] risks[of] of material material misstatement misstatement of[of] the the[financial] financial statements, statements, whether whether due due to[to][fraud] fraud or or error, error,[design] design[and] and perform[perform] audit[audit][procedures] procedures responsive responsive to to those those risks, risks, and and obtain obtain audit[audit] evidence evidence that that is is resultingintentionalsufficient sufficientresultingintentionaland andfrom fromomissions, omissions,appropriate appropriate fraud fraud is is misrepresentations, misrepresentations, higher higher[to] to provide provide than than a a for forbasis basisone one or the or[for] for the resulting resulting our our override overrideopinion. opinion.from from of of The The intemal internal error, error, risk riskas ascontrol. control. of of fraud fraudnot not detecting detectingmay may involve involvea a material materialcollusion, collusion, misstatement misstatement forgery, forgery,
[continued (continued ...J ...] Page Page[7] 7

Independent Independent Auditor's Auditor’s Report Report to to[the] the Trustees Trustees of of The The Habib Habib University[University] Trust Trust

[continued [continued ...J ...]

e Obtain Obtain an an understanding[understanding][of] of internal internal[control] contro! relevant relevant[to] to[the] the[audit] audit in[in] order[order][to] to design[design][audit] audit procedures[procedures][that] that are are appropriate appropriate in[in] the the[circumstances,] circumstances,[but] but not not[for] for[ the] the purpose purpose[of] of expressing[expressing] an an opinion[opinion] on on the[the] effectiveness effectiveness[of] of the[the] charity's charity's internal internal control. control.
e Evaluate Evaluate the the appropriateness appropriateness[of] of accounting accounting[policies] policies used used and and the the reasonableness reasonableness of[of] accounting accounting estimates estimates and and[related] related disclosures disclosures made made by by the the trustees. trustees.
e Conclude Conclude on on the the[appropriateness] appropriateness of the[of][the][trustees'] trustees’ use use of[of] the the going going concern concern basis basis of[of] accounting accounting and,[and,] based based on on the the audit[audit] evidence evidence obtained, obtained. whether whether a a material material uncertainty uncertainty exists exists[related] related to to events events or or conditions conditions that that may may cast cast significant significantuncertainty unceÅainty doubt doubtexists, exists, on onwe we the the are are[charity's] charity's required required ability ability[to] to draw draw[to] to attention attentioncontinue continue in in as as our our a a auditor's going[auditor's] going concern. concern.report report to toIf If the the we we related concluderelated conclude disclosures disclosures that that a a material materialin in the the financial financial statements statements or, or, if if such such disclosures disclosures are are inadequate, inadequate, to to modify modify our our opinion. opinion. Our Our conclusions conclusions are are based based on on the the audit audit evidence evidence obtained obtained up up to[to][the] the date date[of] of our our auditor's[auditor's][report.] report. However, However, future[future] events events or or conditions conditions may may cause cause[the] the charity[charity][to] to cease cease[to] to[continue] continue as as[a] a[going] going concern. concern.
e Evaluate Evaluate the the overall overall presentation, presentation, structure structure and and content content of of the the financial financial statements, statements, including including the the disclosures, disclosures, and and whether whether the the financial[financial] statements statements represent represent[the] the underlying underlying transactions transactions and and events events[in] in a a manner manner[that] that achieves achieves fair fair presentation. presentation.
We We communicate communicate with with[those] those charged charged with[with] governance governance regarding, regarding, among among other other matters, matters, the the planned planned scope scope and and timing timing[of] of[the] the audit audit and and significant significant audit audit findings,[findings,] including including any any significant significant deficiencies deficiencies in[in] internal internal control[control] that[that] we we identify identify during during our our[audit.] audit.

Ke le

K K Associates, Statutory Auditor

305 Crown House North Circular Rad Park Royal London NW10 7PN

K Date: K Associates, 17 January Statutory 2025 Auditor

305 Crown House

North Circular Rad Park Royal London NWIO 7PN

Date:[17] January 2025

Page Page[8] 8

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST STATEMENT STATEMENT OF OF[FINANCIAL] FINANCIAL ACTIVITIES[ACTIVITIES]

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024[2024]

			Unrestricted Funds Unrestricted Funds	Restricted Funds Restricted Funds	Total Funds 2024 Total Funds 2024	Total Funds 2023 Total Funds 2023
	Note Note		£	£	£	£
INCOME AND INCOME AND
ENDOWMENTS FROM: ENDOWMENTS FROM:
Donations and legacies Donations and legacies		2 2	-	48,893 48,893	48,893 48,893	18,275 18,275
Investments Investments		3 3	-	37,186 37,186	37,186 37,186	9,058 9.058
TOTAL INCOME TOTAL INCOME			-	86,079 86,079	86,079 86,079	27,333 27,333
EXPENDITURE ON: EXPENDITURE ON;
Raising funds Raising funds			(6,167) (6,167)	-	(6,167) (6,167)	(1 ,272) (1,272)
Charitable activities Charitable activities		5 5	(2,036) (2,036)	-	(2,036) (2,036)	(2,000) (2,000)
TOTAL EXPENDITURE TOTALEXPENDITURE			(8,203) (8,203)	-	(8,203) (8,203)	(3,286) (3,286)
NET INCOME/ NET INCOME/
(EXPENDITURE) (EXPENDITURE)			(8,203) (8,203)	86,079 86,079	77,876 77,876	24,047 24,047
OTHER RECOGNISED OTHERRECOGNISED
(LOSSES)/GAINS (LOSSES)/GAINS			-	(12,628) (12,628)	(12,628) (12,628)	35,587 35,587
NET MOVEMENT IN FUNDS NETMOVEMENTINFUNDS			(8,203) (8,203)	73,451 73,451	65,248 65,248	59,634 59,634
RECONCILIATION OF RECONCILIATION OF
FUNDS: FUNDS:
Total funds brought forward Total funds brought forward			23,421 23,421	1,367,211	1,390,632 1,390,632	1,330,998
TOTAL FUNDS CARRIED TOTAL FUNDS CARRIED
FORWARD FORWARD		8,9 8,9	15,218 15,218	1,440,662	1,455,880 1,455,880	1,390,632 1,390,632

The The Statement Statement of of Financial Financial[Activities] Activities includes includes[all] all[gains] gains and and losses losses in in[the] the year. year.

All All of of the the above above amounts amounts relate relate to to continuing continuing activities. activities.

The The notes notes on on pages pages[12] 12 to to[14] 14 form form part part of of these[these] financial financial statements. statements.

9 9

THE THE HABIB HABIB UNIVERSITY UNIVERSITY TRUST[TRUST]

BALANCE BALANCE SHEET SHEET

31 31 MARCH MARCH 2024 2024

==> picture [409 x 265] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2024|2024|2023|2023| |Note|Note|£|£|£| |CURRENT|CURRENT|[ASSETS]|ASSETS| |Debtors|Debtors|6|6|-|7,775|“is| |Cash|Cash|[at]|at|bank|bank|and|and|[in]|in|hand|hand|1,460,280|1,460,280|1,385,257| |1,460,280|1,460,280|1,393,032|1,393,032| |CREDITORS:|CREDITORS:|Amounts|Amounts|[falling]|falling|[due]|due|[within]|within|one|one| |year|year|7|7|(4,400)|(4,400)|(2,400)|(2,400)| |NET|NET CURRENT|CURRENT ASSETS|[ASSETS]|1,455,880|1,455,880|1,390,632| |TOTAL|TOTAL ASSETS|[ASSETS]|[LESS]|LESS CURRENT|CURRENT|[LIABILITIES]|LIABILITIES|1,455,880|1,455,880|1,390,632| |TOTAL|TOTAL NET|NET|ASSETS|ASSETS|10|10|1,455,880|1,455,880|1,390,632| |FUNDS|FUNDS|OF|OF THE|THE|CHARITY|CHARITY| |Restricted|Restricted|[income]|income|[funds]|funds|9|9|1,440,662|1,440,662|1,367,211| |Unrestricted|Unrestricted|income|income|funds|[funds]|8|8|15,218|15,218|23,421|23,421| |TOTAL|TOTAL CHARITY|CHARITY|FUNDS|FUNDS|10|10|1,455,880|1,455,880|1,390,632|1,390,632|

----- End of picture text -----

These These financial financial statements statements were were[approved] approved by by[the] the Board Board[of] of Trustees Trustees and[and] are are signed signed on on[their] their behalf[behalf] by:[by:]

L aza[Jessa] Trustee Trustee

Date; Date: 1 17 7 January Jånuary 2025 2025

The The notes notes on on pages pages 12[12][to] to[14] 14[form] form pan part[of] ofthese[ these] financial financial statements.[statements.]

10 10

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST

STATEMENT STATEMENT OF[OF][CASH] CASH FLOWS FLOWS YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024[2024]

	2024 2024	2023 2023
	£	£
Cash flowsfrom operatingactivities Cash flows from operating activities
Net income Net income	77,876 77,876	24,047 24,047
Adjustmentsfor: Adjustmentsfor:
Foreign currency (losses)/gains Foreign currency (losses)/gains	(12,628) (12,628)	35,587 35,587
Other interest receivable and similar income Other interest receivable and similar income	(37,186) (37,186)	(9,058) (9,058)
Changes in: Changes in:
Trade and otherdebtors Trade and other debtors	7,775 11S	(7,775) (7,775)
Trade and other creditors Trade and other creditors	2,000 2,000	-
Cash generated from operations Cash generated from operations	37,837 37,837	42,801 42,801
Interest received Interest received	37,186 37,186	9,058 9,058
Net cash from operating activities Net cash from operating activities	75,023 75,023	51,859 51,859
Net increase in cash and cash equivalents Net increase in cash and cash equivalents	75,023 75,023	51,859 51,859
Cash and cash equivalents at beginning of year Cash and cash equivalents at beginning ofyear	1,385,257 1,385,257	1,333,398 1,333,398
Cash and cash equivalents at end ofyear Cash and cash equivalents at end ofyear	1,460,280	1,385,257 1,385,257

The The notes notes on on pages pages[12] 12 to to[14] 14 form form part part of of these[these] financial financial statements. statements.

11 11

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST

NOTES NOTES TO TO THE THE[FINANCIAL] FINANCIAL STATEMENTS STATEMENTS

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024 2024

1. 1. ACCOUNTING ACCOUNTING POLICIES POLICIES

Basis Basis of of accounting accounting

The The financial financial statements statements have have been been prepared prepared under under the the historical historical cost cost convention convention with with items items recognised recognised at at cost cost or or transaction transaction value value unless unless otherwise otherwise stated stated in in the the relevant relevant note(s) note(s) to to these these

accounts. accounts. The The financial financial statements statements have have been been prepared prepared in in accordance accordance with with the[the] requirements requirements of of the[the] Statement Statement of of Recommended Recommended Practice: Practice: Accounting Accounting and and Reporting Reporting by by Charities Charities preparing preparing their their

accounts accounts[in] in[accordance] accordance with with[the] the Financial Financial Reporting Reporting Standard Standard applicable applicable in in the the UK UK and and Ireland Ireland FRS FRS102[1][ 02][issued] issued[in] in[2019,] 2019,[and] and[the] the[Charities] Charities[Act] Act[2011.] 2011.

The The Trust Trust[constitutes] constitutes a a[public] public benefit benefit entity entity as as defined defined by by FRS FRS 102. 102.

a) a) Funds Funds structure structure

The The charity[charity][has] has restricted restricted and and[unrestricted] unrestricted[funds.] funds.[Restricted] Restricted funds funds are are categorised categorised as as restricted restricted based based on on[the] the[donors'] donors’[restrictions] restrictions on on[the] the[projects] projects[for] for[which] which they they[must] must[be] be[used.] used.

b) b) Income Income recognition recognition

All All income income is is recognised recognised once once the the charity charity has has received received the the funds funds or or donors donors have have committed committed

payment. payment. Any Any[Gift] Gift[Aid] Aid receivable receivable[is] is recognised recognised when when received received by[by][the] the[charitable] charitable trust. trust. The The Trustees Trustees consider consider this this[to] to[be] be the[the] appropriate appropriate and[and][prudent] prudent[ principle.] principle.

c) c) Expenditure Expenditure recognition recognition

	Expenditure is recognised Expenditure is recognised	funds have funds have	been disbursed. been disbursed.	The The	charity charity	follows a strict follows a strict
	evaluation and approval procedure for evaluation and approval procedure for	charitable expenditure and funds are disbursed immediately charitable expenditure and funds are disbursed immediately
	uponapproval. upon approval.
2. 2.	DONATION AND LEGACIES DONATION AND LEGACIES
		Unrestricted Unrestricted	Restricted Restricted	Total Total	Funds Funds	Total Funds Total Funds
		Funds Funds	Funds Funds		2024 2024	2023 2023
		£	£		£	£
	Donations Donations	-	48,893 48,893		48,893 48,893	18,375 18,375
			Restricted Restricted	Total Funds Total Funds		Total Funds Total Funds
			Funds Funds		2024 2024	2023 2023
			£		£	ts
3. 3.	INVESTMENT INCOME INVESTMENT INCOME
	Bank interest income Bank interest income		37,186 37,186		37,186 37,186	9,058 9,058
			37,186 37,186		37,186 37,186	9,058 9,058
		12 12

	THE HABIB THE HABIB	UNIVERSITY TRUST UNIVERSITY TRUST	UNIVERSITY TRUST UNIVERSITY TRUST
	NOTESTO THE NOTES TO THE	FINANCIAL STATEMENTS FINANCIAL STATEMENTS
	YEAR ENDED 31 MARCH 2024 YEAR ENDED 31 MARCH 2024
		Restricted Restricted	Total Total	Funds Funds	TotalFunds Total Funds
		Funds Funds		2024 2024		2023 2023
		£		£		£
4. 4.	OTHER RECOGNISED GAINS/(LOSSES) OTHERRECOGNISED GAINS/(LOSSES)
	Foreign currency (losses)/gains Foreign currency (losses)/gains	(12,628) (12,628)		(12,628) (12,628)		35,587 35,587
		(12,628) (12,628)		(12,628) (12,628)		35,587 35,587
	This represents unrealised foreign currency (losses)/gains arising on restatement movelnents and balances denominated in US Dollars to UK Pounds sterling. This represents unrealised foreign currency (losses)/gains arising on restatement movements and balances denominated in US Dollars to UK Pounds sterling.				of bank account of bank account
5. 5.	CHARITABLE ACTIVITIES CHARITABLE ACTIVITIES
		Unrestricted Restricted Unrestricted Restricted	Total Total	Funds Funds	Total Funds Total Funds
		Funds Funds Funds Funds		2024 2024		2023 2023
	Charitableexpenditure in education Charitable expenditure in education
	sector sector
	Governance costs - Bank charges Governance costs - Bankcharges	36 36 -		36 36		14 14
	- Audit fees - Audit fees	2,000 2,000 -		2,000 2,000		2,000 2,000
		2,036 2,036 -		2,036 2,036		2,000 2,000
6. 6.	DEBTORS DEBTORS
				2024 2024		2023 2023
				£		£
	Donations receivable Donations receivable			-		7,775 7,775
7. 7.	CREDITORS: Amounts falling due CREDITORS: Amounts falling duewithin	within oneyear within one year
				2024 2024		2023 2023
				£		£
	Accruals Accruals			4,400 4,400		2,400 2,400
				4,400 4,400		2,400 2,400

7. 7.	CREDITORS: Amounts falling due within CREDITORS: Amounts falling duewithin	oneyear one year
			2024 2024	2023 2023
			£	£
	Accruals Accruals		4,400 4,400	2,400 2,400
			4,400 4,400	2,400 2,400
8. 8.	UNRESTRICTED INCOME FUNDS UNRESTRICTED INCOME FUNDS
	Balance at Balance at	Incoming Incoming	Outgoing Outgoing	Balance at Balance at
	31 Mar2023 31 Mar2023	resources resources	resources 31 resources 31	March 2024 March 2024
	£	£	£	£
	Unrestricted funds 23,421 Unrestrictedfunds 23,421	-	(8,203) (8,203)	15,218 15,218

13 13

THE THE HABIB HABIB UNIVERSITY UNIVERSITY TRUST TRUST NOTES NOTES[TO] TO THE THE[FINANCIAL] FINANCIAL STATEMENTS STATEMENTS

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024[2024]

9. 9.	RESTRICTED INCOME RESTRICTED INCOME	FUNDS FUNDS
		Balance at Balance at	Incoming Incoming	Outgoing Balance at Outgoing Balance at
		31 Mar 2023 31 Mar2023	resources resources	resources 31 March 2024 resources 31 March 2024
		£	£	£ z
	Education Education	1,367,211 1,367,211	86,079 86,079	(12,628) 1,440,662 (12,628) 1,440,662
10. 10.	SUMMARY OF ASSETS SUMMARY OF ASSETSAND	AND LIABILITIES AND LIABILITIES	OF EACH OF EACH	CATEGORY OF FUNDS OF CATEGORY OF FUNDSOF
	THE CHARITY THECHARITY

	THE CHARITY THE CHARITY
		Unrestricted Unrestricted	Restricted Restricted	Total Total
		Funds Funds	Funds Funds	Funds Funds
		2024 2024	2024 2024	2024 2024
		£	£	£
	Debtors Cash at bank and in hand Debtors Cash at bank and in hand	19,618 - 19,618	1,440,662 - 1,440,662	1,460,280 - 1,460,280
	Creditors (falling due Creditors (falling due
	within one year) within one year)	(4,400) (4,400)	-	(4,400) (4,400)
	Net assets Net assets	15,218 15,218	1,440,662	1,455,880 1,455,880
	Unrestricted funds Unrestricted funds	15,218 15,218	-	15,218 15,218
	Restricted funds Restricted funds	-	1,440,662 1,440,662	1,440,662
	Total charity funds Total charity funds	15,218 15,218	1,440,662 1,440,662	1,455,880
		Unrestricted Unrestricted	Restricted Restricted	Total Total
		Funds Funds	Funds Funds	Funds Funds
		2023 2023	2023 2023	2023 2023
		£	£	&
	Debtors Cash at bank and in hand Debtors Cash at bank and in hand	25,821 - 25,821	- 1,367,211	- 1,393,032
	Creditors(falling due Creditors (fallingdue
	within one year) within one year)	(2,400) (2.400)	-	(2,400) (2,400)
	Net assets Netassets	23,421 23,421	~1,367,211	1,390,632
	Unrestricted funds Restricted funds Unrestricted funds Restricted funds	23,421 23,421 -	- 1,367,211	23,421 23,421 1,367,211
	Total charity funds Total charity funds	23,421 23,421	1,367,211	1,390,632
11. 11.	None of the Trustees have been paid any remuneration or received any other None oftheTrustees have been paidany remuneration orreceived any other			benefits during the benefits duringthe
	year. year.	14 14

OpenCharities

2024-03-31-accounts

The The Habib Habib University University[Trust] Trust

The The Habib Habib University University Trust Trust

Year Year[ended] ended 31 31 March[March][2024] 2024

CONTENTS CONTENTS

The The Habib Habib University University[Trust] Trust

Year Year ended ended[31] 31 March March[2024] 2024

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST TRUSTEES TRUSTEES ANNUAL[ANNUAL] REPORT REPORT YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024[2024]

FINANCIAL REVIEW FINANCIAL REVIEW

PUBLIC BENEFIT PUBLIC BENEFIT

TRUSTEES TRUSTEES ANNUAL[ANNUAL] REPORT REPORT YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024 2024

RESPONSIBILITIES RESPONSIBILITIES OF OF THE THE TRUSTEES TRUSTEES

AUDITORS AUDITORS

Independent Independent Auditor’s Auditor's Report Report to to the[the] Trustees Trustees of of The The Habib Habib[University] University[ Trust] Trust Opinion Opinion

Other Other information information

Independent Independent Auditor's Auditor’s Report Report to to[the] the Trustees Trustees of of The The Habib Habib[University] University Trust[Trust]

Independent Independent Auditor's Auditor’s Report Report to to[the] the Trustees Trustees of of The The Habib Habib University[University] Trust Trust

Ke le

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST STATEMENT STATEMENT OF OF[FINANCIAL] FINANCIAL ACTIVITIES[ACTIVITIES]

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024[2024]

THE THE HABIB HABIB UNIVERSITY UNIVERSITY TRUST[TRUST]

BALANCE BALANCE SHEET SHEET

31 31 MARCH MARCH 2024 2024

THE THE HABIB HABIB UNIVERSITY TRUST UNIVERSITY TRUST

STATEMENT STATEMENT OF[OF][CASH] CASH FLOWS FLOWS YEAR YEAR ENDED ENDED 31[31] MARCH MARCH 2024[2024]

NOTES NOTES TO TO THE THE[FINANCIAL] FINANCIAL STATEMENTS STATEMENTS

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024 2024

1. 1. ACCOUNTING ACCOUNTING POLICIES POLICIES

Basis Basis of of accounting accounting

a) a) Funds Funds structure structure

b) b) Income Income recognition recognition

c) c) Expenditure Expenditure recognition recognition

THE THE HABIB HABIB UNIVERSITY UNIVERSITY TRUST TRUST NOTES NOTES[TO] TO THE THE[FINANCIAL] FINANCIAL STATEMENTS STATEMENTS

YEAR YEAR ENDED ENDED[31] 31 MARCH MARCH 2024[2024]