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 fina￿la1 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 I￿land (United Kingdom Generally Accepted A￿oUntIng 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
re￿iVed 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 prO￿dureS
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 GirGUmslan￿s, 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
CHAR￿ABLE 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