The Habib University Trust Year ended 31 March 2025 Annual Report and Financial Statements Year ended 31 March 2025 England and Wales Registered Charity Number 1152151
The Habib University Trust Year ended 31 March 2025 CONTENTS Contents Charity inforniation Trustees annual report Independent auditor's report Statement of financial activities Balance 8heet 10 ststement of cash flows Notes to the finanLial slat¢ments 12-14
The Habib University Trust Year ended 31 March 2025 Registered charity name Th¢ Habib University Trust Charitv registration number 1152151 Charity Commission England and Wales Prineipal office Habib House 42 Moorgate Lond()n EC2R 6JJ Trustees Charles Dorsey Mackay James Caan Syed Kausar Kazmi Paheen Habib Asif Rangoonwala Murtaza Jessa Auditors K K Associales Chart¢r¢d A¢¢ountants and Registered Auditors 305 Crown House. Park Royal North Circular Road London NWI07PN Bankers Habib Bank AG Zurich 142 Wigmore Street London WIU3SH
THE HABIB UNIVERSITY TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2025 The trustees present their report and accounts for the year ended 31 March 2025. The accounts havc been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's governing document, the Charities Act 201 l and th¢ Statement of Recommended practice: Accounting and Reporting by Charities prcparing their accounts in accordance with the F inancial Reporting Standard FRS 102 (Charities SORP FRS102) issued in 2019. STRUCTURF. GOVFRNANCE AND MANAGEMENT The affairs of The Habib University .1 rust are governed by the 'l rust Dccd dated 7 Fcbruary 2013. The charily is managed by a board of trustc¢s. In the year ended 31 March 2025, the following persons served as trustees: Charles Dorsey Mackay James Caan Syed Kausar Kazmi Faheen I labib Asif Rangoonwala Murta/A Jcssa ORJECTIVFS AND ACTIVITIFS The objectives of The Habib University Trust arc to further such objectb of Habib Univcrsity OLindation (a Pakistani registered Charity) as are ex¢lusively charitable according to F,nglish l.aw as thc Trustccs shall from time to timc dctcrminc in consultation with the Pakistani Charity. No grant was r¢ceiv¢d trom any gov¢rnm¢nt organi7.ation. FINANCIAL REVIEW AND RESERVES POLICY Thc donation re¢¢ipts are expected to increas¢ in ihc next year. trust¢¢s have considered ihe n¢L'd to maintain free regerves. The Charity does not have any paid staff and since thc year ¢ndcd have appointed a consultant to assist wilh the administration work. Thc monthly commiim¢nts arc ncgyligible and ar¢ mei from thc donations. Thc trustees therefore fL'It that it is unnecessary to hold significant free reserves. The unrestricted funds at 31 March 2025 w¢r¢ £57,966. RISK MANAGEMENr The charity tAkes robust steps to manage the risks involved in achieving of its aim and objectives. 'I'h¢ Board of Trustees reviews significant risks, and makes sure thal they are taking appropriate measures to manage and reduce their impact. Managers manage resources, monitor perforniance and have also established, and manage, an effective internal control environment. This is supported by systems, processes and procedures. PUBLIC BENEFIT The charity develops strategic plans to make certain that we provide maxtmum public benefit and achieve our strategic objectives, which fall under purposes defined by the Charities Act 2011 . FUTURE PLANS Since the year end the charity has expended a substantial amount as grant to Habib University Foundation in Karachi, Pakistan in line with the objects of the charity.
THE HABIB UNIVERSITY TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2025 RESPONSIBILITIES OF THE TRUSTEES The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicabl¢ law and r¢gulations. The law applicable to charities in England and Wales requircs the trustees to prepare financial statcmcnts for each financial year. Under that law the trustees have elected to prepare the financial stdtements in accordance with United Kingdom Generally Accepted Accounting Practice {Unitcd Kingdom Accounting Standards and applicable law). The trustees must not approve thc financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and ihe income and expenditure of lh¢ charily for ihat period. In preparing these financial statements, the trustees are rcquired to- selcct suilablc accounting policies and thcn apply them consistently? observe the methods and principles in the Charities SORP. mdkL' judgem¢nts and accounting eslimales thai are reasonable and prudent. state whethcr applicable aLwunting standards have been f()Ilowed. subject to any matLrial dcpartures disclosed and cxplained in the financial statements; prepare ihe financial stalements on the going conccrn basis unless it is inappropriale to presume that the charity will Continue in operation. I'he trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with r¢asonablc acLuracy at any lime the financial position of thc charity and enable them to cnsure that the financial statements comply with the Charitics Aci 2011 and thL' Charity (Accounts and Rcports) R¢gulalions 2008. They are also responsible for safL'guarding ihe assets of the charity and hence for taking reasonabl¢ steps for the prcvcntion and detection of traud and other irr¢gularities. AUDITORS Each of the persons who is trustee at the date of approval of this report confirnis that: So far as they are aware, there is no relevant audit inforniation of which the company's auditor is unaware. and They have taken all step8 that they ought to have taken as a trustee to make themselves aware ofany relevant audit inforniation and to establish that the company's auditor is awarc ol the infonnation. K K Associates, Chartered Accountants and Registcred Auditors, have been re-appointed as audilors for the ensuing year. Signed on behalf of the trustees Habib House 42 Moorgate London EC2R 6JJ United Kingdom Murtaza Jessa Trustee Date". 26 January 2026
Independent Auditor's Report to the Trustees of The Habib University Trust Opinion We have audited the financial statements of The Habib University Trust (the 'charity') for the year ended 31 March 2025 which comprise Ststement of Financial Activities, Balance Sheet. Statement of Cash Flows. and notes to the financial statements, including a summary of significant accounting policies. The finala1 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 The Financial Repothng Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted AoUntIng Practi). This report is made solely to the charity's trustees, as a body. in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements= give a true and fair view of the state of the charity's affairs as 8t 31 March 2025, and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance With the requirements of the Charities Acl 2011. Basls for opinion We conducted our audit in accordance with Intemational Slandards on Auditing (UK) IISAS (UK)) and applTr¢able law. Our responsibilities under those standards are fijrther described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charty in accordance with the ethical requirements that are relevant to Our audit of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our otherethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Concluslons relatlng to going concern We have nothing to réport In respect of the following matters in relation to which the ISAS (UK) requlre us to report to you where.. the Iruslees, use of the going con¢em basis of accounting in the preparation of the financial statements is not appropriate: or the twstees have not disclosed in the financial ststements any identified material uncertainties that may cast significant doubl about the charity's ability to continue to adopt the going concem basis of accounting for a period of at least twelve months from the dale when the financial statements are authorised for issue. Other infomiatlon The trustees are responsible for the other infomation. The oth8r infomiation comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomation and. except to the extent otherwise explicitly stated in our report, we do not express any form of assuran condusion thereon. In connection with our audit of the finanaal statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be malerially misslated. If we identify suth malerial inconsistenaes or apparent material misstatements, we are réquired to determine whether there is a material misstatement in the financial slatements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of Ihis other information, we are required to report that fact. We have nothing to report in this regard. [continued ...] Pa9e 6
Independent Auditor's Report to the Trustees of The Habib University Trust [continued . .] Mattors on which w• arè r•quired to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees annual report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= adequate and proper accounting records have not been kept, or r6tums adequate for our audit have not been reiVed from branches not visited by us- or the infomiation given in the trustees, report in inconsistent in any material respect with the financial statements., or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of Irustees, remuneration specified by law are not made; or we have not retrived all the informab'on and explanations we require for our audit., Respon8lbllltles of trustees As explained more fully in the trustees, responsibilities ststement set out on page 5, the truste8s are r8sponsible for thé preparation of the financial statements and for being salisfied that they give a true and fair view, and for such internal control as the trustees delemiine is necessary lo enable the preparation of financial statemenls that are free from material misstatement, whelh8r due to fraud or error. In preparing Ihe financial Statements. the trustees are responsible for assessing tho chaiity's abilty to continue as a going concem, disclosing, as applicable, matters related to going ¢on¢em and using the going concern basis of accounting unless the trustees either intend to liquidate th8 charity or to cease operations, or have no realisli alternative but to do so. Auditor's responslbllStle8 for the audlt of the financlal Statements We have been appointed undef section 145 of the Charftles Act 2011 and report in accordance with the Acl and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurancé about whether the financial statements as a whole are free from material misstatement. vthether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when il exists Misststements can arise from fraud or error and are considered material if. individually or in the aggregate. they coukj reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to detect material misstslements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the Trust, which it has to comply with. In our risk assessment process detailed discussions and planning took plac8 to ensure that our audit procedures are so designed that any material irregularty including fraud will be uncovered when we arry out our tests. Our meetings with the company's management included enquiries Ihat were focused on detection of irregularities including fraud. Discussions included consideration of the risk of management override on controls and segregatson of duties reviewed. There was a limited number of transactions during this year. We were able to verify these transactions. As part of an audit in accordance with ISAS (UK). w8 exerase professional judgmenl and maintsin professional scepticism throughout the audit. We also.. Identify and assess the risks of malerial misstalement of the financial statements, whether due to fraud c error, design and perfomi audrt procedures responsive to those risks, and obtain audit evwjence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resutting from error. as fraud may involve collusion. forgery. intentional omissions, misrepresentatbons, or the ovefflde of intemal control. [continued ...] Page 7
Independent Auditor's Report to the Trustees of The Habib University Trust [continued ...] Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the GirGUmslans, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disdosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast signfficant doubt on the charity's ability to continue as a going ¢oncem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basèd on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the tharity to ase to continue as a going concern. Evaluate the overall presentation, structure and cnntent of the financial statements. including the disclosures, and whether the financial ststements represent the undertying transactions and events in a manner that achieves fair presentalion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significanl deficiencies in internal control that we identify during our audit. k /{ K K A880¢iate8, Ststutory Audltor 305 Crown House North Clrcular Rad Park Royal London NW10 7PN Data: 26 January 2026 Page 8
THE HABIB UNIVERSITY TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restricted Funds Total Funds 2025 Total Funds 2024 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Investments 114.024 114,024 48,671 48,893 37,186 86,079 48,671 TOTAL INCOME 48,671 114,024 162.695 EXPENDITURE ON: Raising funds Charitable activities (3,851) (2,072) (5,923) (3,851) (236,979) (240,830) (6,167) (2,036) (8,203) (234,907) (234,907) TOTAL EXPENDITURE NET INCOMEI (EXPENDITURE) 42,748 (120,883) (78,135) 77,876 OTHF.R RECOGNISED (LOSSES)/GAINS (IOJ76) {IOJ76) (12,628) NET MOVFMENT IN FUNDS 42,748 (131,259) (88,511) 65,248 RECOIYCILIATION OF FUNDS: "l otal funds brought forward TOTAL FUNDS CARRIED FORWARD 15,218 1,440,662 1,455,880 1,390,632 57,966 1,309,403 lJ67J69 1.455,880 The Statement of Financial Activities includes all gains and losses in the year. All of the above amounts relate to continuing activities. The notes on pages 12 to 14 form part of these financial statements.
THE HABIB UNIVERSITY TRUST BALANCE SHEET 31 MARCH 2025 2025 2024 Note CURREIYT ASSETS Debtors Cash at bank and in hand lJ71,769 1,460,280 1,460,280 lJ71,769 CREDITORS: Amounts falling due witbin One year (4,400) (4,400) NET CURRENT ASSETS lJ67J69 1,455,880 TOTAL ASSETS LESS CURRENT LIABILITIES lJ67J69 1,455,880 TOTAL NET ASSETS io 1,367J69 1,455,880 FUNDS OF THE CHARITY Restrictcd income funds Unrestricted incom¢ funds Ja09,403 57,966 1,440,662 15,218 TOTAL CHARITY FUNDS io lJ67,369 1,455,880 These financial statements were approved by the Board of Trust¢¢s and are signed on their behalf by: Murtaza Jessa Trustee Date: 26 January 2026 The notes on pages 12 to 14 forni part of these financial statement4. 10
THE HABIB UNIVERSITY TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 2024 Cgsh flows from operating activities Net income (78,135) 77,876 Adjuslmenlsfor.. Foreign currency (losses)/gains Otlier interest receivable and similar income (IOJ76) (48,671) (12,628) (37,186) Changes in.. Trade and other debtors Trade and other creditors 7,775 2,000 Cash generated from operations (137,182) 37,837 Interest received 48,671 37,186 Net cash from operating activities (88,511) 75,023 Net in¢reAse in ¢a$h and cAsh equivalent$ (88,511) 75,023 Casb and cash equivalents at beginning of year 1,460,280 1,385,257 Cash and Cash equivalents at end of year lJ71,769 1,460,280 The notes on pages 12 to 14 forn] part of these financial statements.
THE HABIB UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of accounting Th¢ financial statements have been pr¢pared undcr the historical cost convcntion with items recognised at cost or transaction value unless othenvise stated in thc relevant note(s) to th¢s¢ accounts. The financial statements have been prepared in accordance with the requirements of the Statement of Rccommcnd¢d Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland FRS102 issued in 2019, and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102. a) Funds strueture The charity has restricted and unrestricted funds. Restricted funds are categorised as restricted based on the donors, restrictions on the proj¢cts for which they must be used. b) Income recognition All income is rccognised once the charity has received the funds or donors have committed payment. Any Gift Aid receivable is recognised when received by thc charitable trust. The I"rustees consider this to be the appropriate and prudcnt principle. c) Expendlture recognltlon Expenditure is recognised when the funds have been disbursed. The charity follows a strict evaluation and approval procedure for charitable expenditure and funds are disbursed imm¢diatcly upon approval. DONATION AND LEGACIES Unrestricted Restricted Total Funds Total Funds Funds Funds 2025 2024 Donations 114,024 114,024 48,893 Restricted Total Funds Total Funds Funds 2025 2024 INVESTMENT tNCOME Bank interest income 48,671 48,671 48,671 48,671 37,186 37,186 12
THE HABIB UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Restri¢ted Funds Total Funds Total Funds 2025 2024 OTHKR RECOGNISED GAINSI(LOSSES) Foreign currency (losses)/gains {IOJ76) (10?76) (IOJ76) (10,376) This represents unrealised foreign currency (lo.sses)/gains arising oil restatement of bank account movements and balances denominated in US Dollars to UK Pounds sterling. (12,628) (12,658) CHARITABLE ACTIVITIES CHARABLE ACTIVITIES Unreslricled Restricted Total Funds Total Funds Funds Funds 2024 Charitable expenditure in educAtion sector Governance costs - Bank charges Audit fees 234,907 234,907 72 2,000 72 2,000 36 2,000 2,072 234,907 236,979 2,036 DEBTORS 2025 2024 Donations receivable CREDITORS: Amounts falliDg due within ODC year 2025 2024 Accruals 4,400 4,400 4,400 4,400 UNRESTRICTED INCOME FUNDS Balance at 31 Mar 2024 Incoming resources Oulgoing Balance at resources 31 March 2025 Unrestricted funds 15,218 48,671 (5,923) 57,966 13
THE HABIB UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 RESTRICTED INCOME FUNDS Balance at 31 Mar 2024 Incoming resources Outgoing Balance at resources 31 March 2025 Education 1,440,662 114,024 (245,283) 1,309,403 10. SUMMARY OF ASSETS AND LIABILITIES OF EACH CATEGORY OF FUNDS OF THE CHARITY Unrestrieled Funds 2025 Restrieted Funds 2025 Total Funds 2025 Debtors Cash at bank and in hand Creditors (fal ling due within one year) 62 J66 1,309,403 lJ71,769 (4,400) (4,400) Net assets 57,966 1,309,403 lJ67J69 Unrestricted funds Restricted funds 57.966 57,966 I J09.403 I J09,403 Total charity funds 57,966 1,309,403 lJ67J69 Unrestricted Funds 2024 Restricled Funds 2024 I'otal Funds 2024 Debtors Cash at bank and in hand Creditors (falling due within one year) 19,618 1,440,662 1,460,280 (4,400) (4,400) Net assets 15,218 1,440,662 1,455,880 Unrestricted funds Restricted funds 15,218 15,218 1,440,662 1,440,662 Total charity funds 15,218 1,440,662 1.455,680 11. None of the Trustees have been paid any remuneration or received any other benefits during the year. 14