Charity number: 1159070
ALTAJIR TRUST
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ALTAJIR TRUST
CONTENTS
| Legal and Administrative Information | 1 |
|---|---|
| Report of the Trustees | 2 – 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-16 |
ALTAJIR TRUST
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025
| Trustees | Professor Charles Tripp |
|---|---|
| Dr Melanie Gibson | |
| Dr Elisabeth Kendall (stepped down 16/1/26) | |
| Dr Noel Brehony (stepped down 2/9/25) | |
| Professor Dawn Chatty (appointed 16/1/26) | |
| Professor Scott Redford (appointed 16/1/26) | |
| Director | Alistair Muir |
| Charity registered number | 1159070 |
| Principal office | 5th Floor |
| 167-169 Great Portland St | |
| London | |
| W1W 5PF | |
| Independent examiner | James Mathieson FCA |
| Lindeyer Francis Ferguson Limited | |
| Chartered Accountants | |
| North House | |
| 198 High Street | |
| Tonbridge | |
| Kent TN9 1BE | |
| Bankers | Emirates NBD |
| Emirates NBD House | |
| 25 Knightsbridge | |
| London | |
| SW1X 7LY | |
| Barclays Bank PLC Private Bank | |
| 1 Churchill Place | |
| London | |
| E14 5HP | |
| Solicitors | Taylor Wessing |
| 5 New Street Square | |
| London EC4A 3TW |
Page 1
ALTAJIR TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the financial statements of Altajir Trust (“the charity” or “the Trust”) for the year ended 31 December 2025. The Trustees confirm 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 (FRS 102)” (effective 1 January 2019) (Charities SORP (FRS 102)). The Legal and Administrative information on page 1 forms part of this report.
Structure, governance and management
The Trust is a Charitable Incorporated Organisation (“CIO”) incorporated on 4 November 2014 (registered charity number 1159070). 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 AI Tajir (“the Founder”) and the CIO continues to be financed through his and his family’s charitable donations. The Trust does not actively raise funds. It seeks to continue philanthropic work through the careful 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 provides for a minimum of three Trustees and a maximum of twelve. The induction process for newly appointed Trustees includes a full briefing from 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; 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 1[st] 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 2025
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 Islamic 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 Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
Grant-making and scholarship policy
The Trustees invite applications from existing and other potential partner institutions through direct contact and through the Trust's website which has 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 efficient 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 | 80,000 |
| Events and publications | - |
All of us, Trustees, and staff, acknowledge the vital and generous funding for all our activities by His Excellency Mohamed Mahdi AI Tajir and his family.
Page 3
ALTAJIR TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Financial review
The Trust acknowledges with thanks the Donor's generous funding of its activities. Total donations of £218,535 (2024: £218,535), including gifts in kind of £2,535 (2024: £2,535), were received in the period. Total expenditure for grants made and operating costs was £243,245 (2024: £193,180). Funds carried forward were £131,990 (2024: £137,657).
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, In September 2025 after moving out of the office at 11 Elvaston Place they reduced it again to £50,000; they again balanced expenditure against donations over 2025 to maintain the reserves level at about £50,000. At 31 December 2025 free reserves were £131,933 (2024: £137,371).
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 discussion 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 financial monitoring through full monthly review of the financial position against annual budget including income from donations and other sources, actual and forecast expenditure, including a five-year lease commitment (2022-2027) (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
The Trust moved out of the office at Elvaston Place in August 2025, the Trust will now continue to operate online.
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 4
ALTAJIR TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on 18 August 2026 and signed on their behalf by:
Professor Charles Tripp Trustee
Page 5
ALTAJIR TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ALTAJIR TRUST
Independent examiner’s report to the trustees of Altajir Trust
I report to the trustees on my examination of the accounts of the Charitable Incorporated Organisation (‘the CIO’) for the year ended 31 December 2025.
Responsibilities and basis of report
As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Mathieson FCA Lindeyer Francis Ferguson Limited Chartered Accountants North House 198 High Street Tonbridge Kent TN9 1BE
Dated: 24 August 2026
Page 6
ALTAJIR TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Total funds | Total funds | ||
| £ | £ | ||
| Notes | |||
| Income from: | |||
| Donations | 2 | 218,535 | 218,535 |
| Charitable activities | 2,723 | 1,401 | |
| Other income: | |||
| Sale of donated assets | 16,320 | - | |
| Total income | 237,578 | 219,936 | |
| Expenditure on: | |||
| Charitable activities | 3 | 243,245 | 193,180 |
| Total expenditure | 243,245 | 193,180 | |
| Net (expenditure)/income and net movement in funds | 8 | ( 5,667) | 26,756 |
| Reconciliation of funds: | |||
| Total funds brought forward | 137,657 | 110,901 | |
| Total funds carried forward | 131,990 | 137,657 |
There were no restricted or endowment funds in the current or preceding period.
Page 7
ALTAJIR TRUST
BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Notes | |||||
| Fixed assets | |||||
| Tangible assets | 9 | 57 | 286 | ||
| Current assets | |||||
| Stock of publications | 4,411 | 6,653 | |||
| Debtors | 10 | 96 | 8,261 | ||
| Cash at bank and in hand | 154,503 | 134,660 | |||
| 159,010 | 149,574 | ||||
| Creditors: amounts falling due | |||||
| within one year | 11 | ( 27,077) | ( 12,203) | ||
| Net current assets | 131,933 | 137,371 | |||
| Net assets | 131,990 | 137,657 | |||
| Charity funds | |||||
| Unrestricted funds | 131,990 | 137,657 |
The financial statements were approved by the Board of Trustees on 18 August 2026 and signed on their behalf by:
Professor Charles Tripp Trustee
Dr Melanie Gibson Trustee
Page 8
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 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 (FRS 102) (effective 1 January 2019) ("Charities SORP FRS 102"), the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") 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 financial 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 recognised 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 recognised at the date they are utilised and are measured at their estimated fair value.
1.3 Expenditure
General
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.
Grants 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 activities
The Trustees have identified three main charitable activities: grant making, 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 2025
1 Accounting policies continued
1.3 Expenditure (continued) Governance costs
Governance costs are included in support costs and are directly associated with the general running of the charity as opposed to the direct functions inherent in managing charitable activities.
1.4 Operating leases
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 depreciation
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 20% on cost Office equipment 25% on the reducing balance Computer equipment 25% on cost
1.6 Stock
Stocks 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. Shortterm 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 Status
Altajir Trust is a charitable incorporated organisation (CIO) registered with the Charity Commission in England and Wales. Its registered address is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.
Page 10
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2 Donations
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Donations | 216,000 | 216,000 |
| Gifts in kind | 2,535 | 2,535 |
| 218,535 | 218,535 |
Gifts in kind included donated storage facilities for the stock of books.
3 Charitable activities
| 2025 | 2025 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Direct | Support | ||||
| Grants | costs | costs | Total | Total | |
| £ | £ | £ | £ | £ | |
| Grant making | 80,000 | - | 156,189 | 236,189 | 193,121 |
| Events and publications | - | 2,390 | 4,666 | 7,056 | 59 |
| 80,000 | 2,390 | 160,855 | 243,245 | 193,180 |
Support costs have been allocated between grant making and event activities based on the level of direct costs.
Page 11
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 4 | Grants paid | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Gingko | 5,000 | - | |
| Museum of Islamic Arts & Heritage | 5,000 | - | |
| Hope Flowers | 10,000 | - | |
| Al Madhi Institute | 5,000 | - | |
| Mosaik Education | 10,000 | - | |
| University of Aberdeen | 3,000 | - | |
| ITG Shawahid | 5,000 | - | |
| University of Stirling | 2,500 | 2,500 | |
| The British Museum | 10,000 | 10,000 | |
| Solomon Academic Trust | 5,000 | 5,000 | |
| St John of Jerusalem Eye Hospital | 10,000 | 10,000 | |
| World Monuments Fund Britain | - | 10,000 | |
| Grants to individuals | 9,500 | - | |
| Council for British Research in the Levant | - | 9,910 | |
| Museum of Modern Art | - | 7,300 | |
| Native Scientists | - | 5,000 | |
| Amala Education Jordan | - | 10,000 | |
| Arab British Centre | - | 5,000 | |
| Original Projects | - | 1,244 | |
| The Big Give | - | 2,562 | |
| 80,000 | 78,516 |
Grants to individuals includes the payment of tuition fees on behalf of a student attending the City & Guilds of London Art School.
Page 12
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5 Direct costs
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bookselling expenses | 149 | 16 | |
| Stock adjustment | 2,241 | 8 | |
| 2,390 | 24 | ||
| 6 | Support costs | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Staff costs | 51,697 | 47,090 | |
| Commission fees | 5,806 | - | |
| Travel and entertaining | - | 184 | |
| Premises costs | 37,736 | 59,185 | |
| Office costs | 3,704 | 1,346 | |
| Dilapidation costs | 53,664 | - | |
| Subscriptions | 728 | 749 | |
| Bank charges | 100 | 80 | |
| Insurance | 622 | 679 | |
| Professional fees | 2,134 | 1,114 | |
| Profit on disposal | ( 25) | - | |
| Depreciation | 229 | 229 | |
| Governance costs: | |||
| Independent examination fees | 4,460 | 3,984 | |
| 160,855 | 114,640 |
Page 13
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7 Staff costs
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 44,820 | 41,750 |
| Social security costs | 5,720 | 4,535 |
| Pensions costs | 1,157 | 805 |
| 51,697 | 47,090 |
The average number of employees during the year was 1 (2024: 1). 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 year (2024: £nil).
Key management personnel are considered to be the trustees and the director. The remuneration of key management personnel during the year was £51,697 (2024: £47,090).
- 8 Net (expenditure) / income
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Depreciation | 229 | 229 |
| Independent examination fees | 4,460 | 3,984 |
Page 14
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 9 | Tangible fixed assets | ||||
|---|---|---|---|---|---|
| Fixtures & | Office | Computer | |||
| fittings | equipment | equipment | Total | ||
| Cost | |||||
| At 1 January 2025 | 14,556 | 8,607 | 2,956 | 26,119 | |
| Disposals | ( 14,556) | ( 8,607) | ( 2,040) | ( 25,203) | |
| At 31 December 2025 | - | - | 916 | 916 | |
| Depreciation | |||||
| At 1 January 2025 | 14,556 | 8,607 | 2,670 | 25,833 | |
| Charge for the year | - | - | 229 | 229 | |
| Disposals | ( 14,556) | ( 8,607) | ( 2,040) | ( 25,203) | |
| At 31 December 2025 | - | - | 859 | 859 | |
| Net book value | |||||
| At 31 December 2025 | - | - | 57 | 57 | |
| At 31 December 2024 | - | - | 286 | 286 | |
| 10 | Debtors | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Trade Debtors | 28 | 34 | |||
| Prepayments and accrued income | 68 | 8,227 | |||
| 96 | 8,261 | ||||
| 11 | Creditors: amounts falling due within one year | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Trade creditors | - | 4,397 | |||
| Accruals | 4,610 | 4,000 | |||
| Grants payable | 18,000 | - | |||
| Other taxation and social security | 1,300 | 1,066 | |||
| Other creditors | 233 | - | |||
| Wages payable | 2,934 | 2,740 | |||
| 27,077 | 12,203 |
Page 15
ALTAJIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12 Operating lease commitments
At 31 December 2025 the charity was committed to making the following payments under noncancellable operating leases:
| cancellable operating leases: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Buildings: | ||
| Payable not later than one year | - | 27,721 |
- 13 Related party transactions
There are no related party transactions in the current or previous year.
Page 16