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.
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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
$￿tion 14515llbl of the Acl.
Indapendent exa•nlrrfs Staten￿(rt
I have cornpletsd rnry txamSnatlDn. I wnfirm thgt no matersal matter5 have rpme to rny attentiLTrn in wnnection
with the examination givir& m?. cause to belleve that in any materlal respect:
l. a￿Ounting rec4Jrds were Thot kepi In respect ol the CIO as requlred section 130 of the Att,. or
2. the ac(ounts dc not accord with tFp)5e rec'ords" or
3. the accouits do not £OlllPiV Wlth the applicable ￿qUireMentS wnc¢minB the fomi and content ot
occounts set O￿t in the Charltles (Accounts abMI Reports) Resul8tion$ 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
T￿g{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 ily￿d 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