Charity number: 1159070 ALTAJIR TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ALTAJIR TRUST CONTENTS Legal and Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statement5 9-16
ALTAJIR TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Professor Charles Tripp Dr Noel Brehony C.M.G. Dr Melanie Gibson Dr Elisabeth Kendall Director Alistair Muir Charity registered number 1159070 Principal office 11 Elvaston Place London SW7 5QG Independent examiner James Mathieson FCA Lindeyer Francis Ferguson Limited Chartered Accountants North House 198 H igh Street Tonbridge KentTN9 IBE Bankers Emirates NBD Emirates NBD House 25 Knightsbridge London SWIX 7LY 83rcl3ys Bank PLC Private Bank I Churchill Place London E14 5HP Solicitors Taylor Wessing 5 New Street Square London EC4A 3TW Page I
ALTAJIR TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of Altajir Trust I'the charity" or "the Trust") for the year ended 31 December 2024. The Trustees conf irm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191 (Charities SORP IFRS 10211. The Legal and Administrative information on page I forms part of this report. Structure, governance and management The Trust is a Charitable I ncorporated Organisation {"CIO"l incorporated on 4 November 2014 (registered charity number 11590701. It was formed to convert an unincorporated charity of the same name (registered charity number 284116, now dissolved) to CIO status. The original Trust was founded by His Excellency Mohamed Mahdi Al Tajir I'the Founder") and the CIO continues to be financed through his and his family's charitable donations. The Trust does not actively raise f unds. It seeks to continue philanthropic work through the caref ul management of the resources made available by the Founder and his family. The Board of Trustees, who meet quarterly, administer the charity. A Director, appointed by the Trustees, runs the day-to-day operations of the charity, subject to the approval of the Trustees. The Trustees receive no remuneration or benefits and have no related party connections with the charity. The Trustees are appointed by the Board of Trustees. The Trust Deed provides for a minimum of three Trustees and a maximum of twelve. The induction process for newly appointed Trustees includes a f ull briefing f rom the Director on the Trust's objectives and activities, a meeting with the Chairman and the provision of documentation including the Trust Deed, past annual reports and accounts and a copy of the Charity Commission guidance 'The Essential Trustee,. At the quarterly Trustees, meetings the Trustees agree the broad strategy and areas of activity of the Trust including grant making and until 2023 scholarships,. they also review the cash flow against identified future requirements and consider risk management and overall performance against objectives. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the trustees is delegated to the Director. Alistair Muir was appointed interim Acting Director on I, November 2023 on a part-time basis and remains Acting Director. The pay and remuneration for the staff are set by benchmarking with similar small charities. Annual pay adjustments are made with the approval of the trustees using the State Pension as a marker. Objectives and activities The object of the CIO is, for the public benefit, the advancement of education in Britain or in any of the Arab states or Islamic states for communities in need, with a particular but not exclusive emphasis on subjects of relevance to the Arab states or Islamic states and the publication of books in English and Arabic furthering the understanding of the history and religions of those states. Page 2
ALTAJIR TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The focus of the Trust's activities is currently on the following broad objectives for the public benefit: funding institutions, exhibitions and other events as well as publications and lectures to make aspects of Islamic culture and history better known to a wider audience in the United Kingdom and in the Middle East; supporting charitable institutions providing educational assistance and health care to deprived communities in the Levant; and contributing through grants to the cost of conservation of Islam ic artefacts and manuscripts in the United Kingdom and to assisting conservation in Muslim countries. In carrying out these activities the Trust has itself organised conferences and published and distributed a number of books. It has otherwise sought to pursue its objectives through grants to, and partnerships with, other institutions. In recent years these have included Asia House, the British Museum, the Centre for Christian-muslim Studies, the Council for British Research in the Levant, Mosaik Education, St John of Jerusalem Eye Hospital, Stirling University, and the Victoria and Albert Museum. In setting objectives and planning for activities, the Trustee5 have given due consideration to general guidance published by the Charity Commission relating to public benefit. Grant-makin8 and scholarship policy The Trustees invite applications from existing and other potential partner institutions through direct contact and through the Trust's website which h35 recently been redesigned. Details of how to apply for grants are set out on the website from which an application form can be downloaded. The trustees decided in November 2022 that without a firm assurance of extra funding the Trust should suspend the scholarship programme which could by now help only two students and leave little for anything else; the money could be more effectively used through grants to appropriate organisations with a significant multiplier effect and greater public benefit. The trustees continue to review applications for grants at their quarterly meetings against the Trust's current aims and in light of the projected availability of funds. Grants, once made, are kept under regular review against a three year forward plan and through dialogue with partner institutions to ensure the eff icient and effective use of the grants for the purposes for which they were made. Achievements and performance The Trust made twelve grants during the year consistent with its aims and objectives and taking full account of Charity Commission guidelines. The direct expenditure on core charitable activities, made under the following headings, amounted to.. Grants for projects Student support Events and publications 78,516 24 Page 3
ALTAJIR TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 All of us, Trustees, and staff, acknowledge the vital and generous funding for all our activities by His Excellency Mohamed Mahdi Al Tajir and his family. Financial review The Trust acknowledges with thanks the Donor's generous funding of its activitie5. Total donations of £218,535 {2023.. £218,535), including gifts in kind of £2,53512023- £2,535), were received in the period. Total expenditure for grants made and operating costs was £193,18012023: £207,029). Funds carried forward were £137,657 {2023'. £110,901). Reserves policy Charity Commission guidance requires trustees to consider the need for a charity to maintain reserves. Free reserves are defined as funds which are neither restricted nor designated and which are not tied up in fixed assets necessary for operations these are reflected in the charity's general reserve. The general reserve provides a degree of protection to the charity in the event of downturn in income or unexpected additional expenditure. The Trustees decided to reduce the general reserve in 2022 to about five months, operating costs which is about £70,000,. they again balanced expenditure against donations over 2024 to maintain the reserves level at about £70,000. At 31 December 2024 free reserves were £137.37112023: £110,386). Risk management Risks and uncertainties facing the charity have been identified with the following plans and strategies to manage them.. Misuse of grants to organisations: use of a standard form as the basis for examination of grant applications followed by d iscussion with applicant organisations before grants are recommended to trustees for decision,. monitoring of the use of grants through close dialogue with grant recipients; assessment before and after of value for money of the project funded. Matching income from donations with expenditure.. close f inancial monitoring through full monthly review of the f inancial position against a nnual budget including income from donations and other sources, actual and forecast expenditure, including a five-year lease commitment 12022-20271 (but see below) and other contingent liabilities,. supplemented when necessary with additional weekly reviews. Early warning to trustees of any impending shortfall or surplus with recommended action including use of reserves. The budgetary position is reviewed at each trustees meeting, held a minimum of three times a year and when necessary is discussed with the Donor's family. This remains important since the Trust continues to be particularly reliant on the Donor's ability to provide funds in a timely way. Plans for the future periods In order to enhance the resources available for grants, the Trustees decided to relinquish the lease on their premise5 in London in August 2025. Thereafter, the Trust will conduct its business wholly online. Thi5 should release some £55,000 for grants annually. Page 4
ALTAJIR TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trnstees, responslbllltles statement The Trustees are responsible fo¢ preparing ihe Trustees, Report and the financial statements in accordance with applicable law and United Kin8dom Accounting Slaildards {Uriiled Kin8dom Geneially Accepled Actounling Prarticel. The law applicable to charities in England & Wales requires the Truslee5 to prepare financlal statements for each flnancial year which give a true and fair vlew of the state of affalrs of the charlty and of the Incomlng resources and applScation of resources of the charity for that period. In preparing these financial statemenis, the Trustees are required to: select sultable accountln8 pollcles and then apply them consistently: observe the methods and principles In the Charllies SORP; make Sudgments and accounting estimates that are reasonable and prudenl,. and prepare the financial stalement5 on the going concern basi5 unless It Is Inapproprlate to presume that ihe charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explaln the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financlal statements comply with the Charitles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and ihe provisions of the trust deed. They are alsD responsible for safeguarding the assets of the charrty and hence for taking iÈasonable steps for the prevention and detectlon of fraud and other irregularities. Thls report was approved by the 8oard of Truslees on 2/.q /..*, and signed on their behalf by: Profes50r Charl•s Trfpp Tru$te• Page 5
ALTAIIR TRUST INDEPENDENT EXAMIMER'S REPORT TO THE TrUSTEES OF ALTAIIR TRUST Indep1nd¢ examlnerfs report to the tNSteN of Altallr Trwl I report to the trustees on my examirbition of the attounts of Ihe Charttable Incorpordted OrBanisatiDn I'tl CIO'} for the yeaf ended 31 December 2024. R05pDn5ibllltles basls of report As the chaftiy trustee5 of the CIO YO are responsible for thè prepardtiDrb of the acwunis in accordance wlth the requireffttnts of the Chorities Art 20111'the Act'}. I report in respect of rny examlnatlon of the CIO'S accounts carr*d out under 5ectlon 145 of the 2011 Art arKI1n carryirb8 Qut my èxaminatlon I have followed all the appllcable •rectionS 8iven by the Chaity Commlsslon under $tion 14515llbl of the Acl. Indapendent exa•nlrrfs Staten(rt I have cornpletsd rnry txamSnatlDn. I wnfirm thgt no matersal matter5 have rpme to rny attentiLTrn in wnnection with the examination givir& m?. cause to belleve that in any materlal respect: l. aOunting rec4Jrds were Thot kepi In respect ol the CIO as requlred section 130 of the Att,. or 2. the ac(ounts dc not accord with tFp)5e rec'ords" or 3. the accouits do not £OlllPiV Wlth the applicable qUireMentS wnc¢minB the fomi and content ot occounts set Ot in the Charltles (Accounts abMI Reports) Resul8tion$ 2(X)8 other than any requlremenl Ihat Ihe iccount5 glwe a 'It and lalr view whichls not a mauer consldered as parl of an Independent examlnatiDn. I have no Loncerns and have (ome across no other m•ll¢rs In connectlon with the examlnatlon to which altention should be drawn in this rEport in order io enable • proper understanding of the accounts io be roached. J•ffle5 hieson FCA Undeyer Frnn¢ls Fer8uson Umllod Chartered Accouniants North House 198 Hi8h Street Tonbridge Kent TN9 18 Daled: ... -o.yJcqJ2j.... Page 6
ALTAJIR TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Totalfunds 2023 TotolAunds Notes Income from: Donations Charitable activities 218,535 1,401 218,535 943 Total Income 219,936 219,478 Expenditure on: Charitable activities 193,180 207,029 Total expendlture 193,180 207,029 Net Income and net movement In funds 26,756 12,449 Reconciliation of funds: Total funds brought forward 110,901 98,452 Total funds carrled forward 137,657 110,901 There were no restricted or endowment funds in the current or preceding period. Page 7
ALTAJIR TRUST BAI.ANCE SHEET AS A T31 DECEMBER 2024 2024 Mot¢1 Rxeo au8ts Tg{bIl 515 Current asieti StOCK ol publlcatlw Debton Ca¥h ai bank In Iwd 6,661 8,228 114.&33 io 8.281 134.wj 149,574 Crndli. 4mo•Jnts fallln9 Ou8 thln onl y•ar 129.522 { 12.2031 (19,1361 N•1 137,371 110.386 N•t 4weti 137.657 110,W1 Ch•rlty Iijndi Vnrestrlct•d lun 1a7.657 110,901 Th8 ffn8ncl•l Itatsrn•nts wer• approv¢d by th Board ol TriBt•th on ..L / l_12 j. and ilyd on Ih8lr hall Vy: Profeuor Chirtei Trlpp TnMte• 118retw C.M.G. Irwtee Page 8
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 I'charities SORP FRS 102,1, the Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 102,1 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted. The f inancial statements are presented in pounds sterling and rounded to the nearest pound. There are no significant areas of judgement or estimation uncertainty. 1.2 Income Donations are recogni5ed when the charity has entitlement to the funds, the receipt is probable and the amount can be reliably measured. This is usually on receipt. Gifts in kind such as donated services and facilities are reco8nised at the date they are utilised and are measured at their estimated fair value. 1.3 Expendlture Generol Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably. Gmnts payable Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Trust. Charitable artiwties The Trustee5 have identified three main charitable activities: grant making, student support and events and publications. Support costs have been allocated on the basis of direct costs (including grants payable) attributable to each activity. Page 9
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies continued 1.3 Expenditure (contlnued) Governonce costs Governance costs are included in support costs and are directly associated with the general running of the charity as opposed to the direct f unctions inherent in managing charitable activities. 1.4 Operating lease5 Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the lease term, 1.5 Tangible fixed assets and depreclation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated realisable value of each asset over its expected useful life, as follows: Fixtures & fittings Office equipment Computer equipment 20% on cost 25% on the reducing balance 25Yo on cost 1.6 Stock Stock5 are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.7 Financial instruments The charity only has financial instruments which are classified as basic financial instruments. Short- term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in the Statement of Financial Activities. 1.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 1.9 Statu5 Altajir Trust is a charitable incorporated organisation ICIOI registered with the Charity Commission in England and Wales. Its registered address is 11 Elvaston Place, London, SW7 5QG. Page 10
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Donations 2024 2023 Donations Gifts in kind 216,000 2,S35 216,000 2,535 218,535 218,535 Gifts in kind relate to donated storage facilities for the stock of books. Charitable actlvities 2024 2024 Dlrect costs 2024 Support costs 2024 2023 Grants Total Total Grant making Student support Events and publications 78,516 114,605 193,121 160,680 46,339 io 24 35 59 78,516 24 114,640 193,180 207,029 Page 11
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Grants paid 2024 2023 Council for British Research in the Levant The British Museum Columbia University University of Stirling Mosaik Education Victoria & Albert Museum Solomon Academic Trust Aiyal Foundation for Education Museum of Modern Art World Monuments Fund Britain St John of Jerusalem Eye Hospital Native Scientists Amala Education Jordan Arab British Centre Original Projects The Big Give 9,910 10,000 10,000 425 2,500 5,000 4,000 5,000 5,000 2,500 5,000 7,300 10,000 10,000 5,000 10,000 5,000 1,244 2,562 78,516 31,925 Page 12
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Direct costs 2024 2023 Bookselling expenses Stock adjustment Student maintenance 16 19 1171 9,207 24 9,209 Support costs 2024 2023 Staff costs Travel and entertaining Premises costs Office costs Subscriptions Bank ch3rge5 Insurance Professional fees Depreciation Advertising Governonce costs.. Independent examination fees 47,090 184 59,185 1,346 749 80 679 92,349 243 58,303 4,790 1,079 128 620 1,114 229 2,414 229 1,500 3,984 4,240 114,640 165,895 Page 13
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs 2024 2023 Wages and salaries Social security costs Pensions costs 41,750 4,S35 805 88,308 4,041 47,090 92,349 The average number of employees during the year was 112023.. 21. No member of staff earned over £60,000 per annum in the period or the previous year. None of the Trustees received any remuneration in the period. No expenses were reimbursed to trustees during the year12023'. £nill. Key management personnel are considered to be the trustees and the director. The remuneration of key management personnel during the year was £47,35912023.. £49,717). Net income 2024 2023 This is stated after charging: Independent examination fees 3,984 4,240 Page 14
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets Flxtures & ffttings Offl¢e equipment Computer equipment Total Cost At l January and 31 December 2024 14,556 8.607 2,956 26,119 Depreciation At l January 2024 Charge for the year 14,556 8,607 2,441 229 25,604 229 At 31 December 2024 14,556 8,607 2,670 25,833 Net book value At 31 December 2024 286 286 At 31 December 2023 515 515 10 Debtors 2024 2023 Trade Debtors Prepayments and accrued income 34 8,227 8,228 8,261 8,228 11 Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals Other taxation and social security Wages payable 4,397 4,000 1,066 2,740 5,114 4,013 1,451 8,558 12,203 19,136 Page 15
ALTAJIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Operating lease commitments At 31 December 2024 the charity Was committed to making the following payments under non- cancellable operating leases: 2024 2023 Buildings.. Payable not later than one year Payable later than one year not laterthan five years 27,721 43,435 27,721 13 Related party transactlons There are no related party transactions in the year. In the prior year £2,266 was paid to the son of the previous director (now acting director) for assistance with the digitising of historic records. Page 16