Charlty Reglstratlon No. 1172788 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Laila Manji Dr. Nina Rajani (Appointed 30 April 20241 Charity number 1172788 Principal addre55 Acre House 11-15 William Road London NWI 3ER Accountants HW Fisher Professional servI￿s Limited Accountants Acre House 11-15 William Road London NWI 3ER NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) CONTENTS Page Trustees report Accountsnts. report Statement of financial activities Balance sheet Notes to the financial statements NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their report and financial statements for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity commission, the Charities Act 2011 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their financial ststements in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective from l January 20191. Objectives and activities The charity's objects are to advance the education of ￿rIS between the ages of 5 to 16 who are resTdent in the poor communities in Tanzania by awarding grants and financial scholarships for the beneficiary girls, who come from sections of the community which live in poverty and who would not otherwise have the opportunity to receive an education throughlack of funds. Athievements and perfomiance The charity has paid no grants during the year to institutions12023'. £20,962) as the charity moved to a bi-annual donation cycle. Next Grants will be disbursed in the year ending September 2025 lJanu3ry-April 20251 and the next cycle of donations will be made in the year ending September 2027 lJanuary-April 20271. The Trustees have complied with their duty in section 17 of the Charities Art 2011 to have due regard to guidance published by the Charity Commission. rinantial rewew During the year. investment income of £23,87012023'. £15,663) were received by the charity and charitsble expenditure of £8,020 12023.. £28,858) was inturred. The Tru5tee5 have carefully considered the minimum amount of re5erve5 that they should hold, having tsken into account that they wish the Trust to continue for the long teim and grants to be made in the future. The minimum amount of reserves that the Tru5tee5 will allow 15 £150,(W and thi5 level was maintained throughout the year. It is the Tru5tee5' intention to make grants in the future where they see fit in line with the objertive5 of the charity. Strurture. governance and management The charity is a Charitable Incorporated Organisation. Eoverned by it's constitution. The Trustees who Se￿ed during the year and up to the date of signature of the financial statements were.. Laila Manji Dr. Nina Rajani IAppointed 30 April 20241 Trustees are appointed by majority vote of the board of Trustees. On appointment Trustees are provided with the constitution and a copy of the financial ststements. The Trustees report was approved bythe Board of Trustees. L.,1. A4_ Lalla ManS1 Trustee 29 Jul 2025 Dated.. .................... NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) CHARTERED ACCOUNTANTS, REPORT TO THE TRusfEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL sfATEMENTS OF NASEEM MANJI EDUCATION TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024 In order to assist you to fulfil your duties under the Charities Act 2011. we have prepared for your approval the financial ststements of Naseem Manji Education Trust for the year ended 30 September 2024. which comprise the statement of financial activities and Balance Sheet and the related notes fiom the charity'5 accounting record5 and from information and explanation5 you have given us. A5 a pract15ing member firm of the Institute of Chartered Accountsnts in England and Wale5, we are Subject to it5 ethical and other professional requirements which are detailed at http"./lwww.ic3ew.com/en/members/regulations-standards-and-guidance/. Thi5 report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 13 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Naseem Manji Education Trust and stste those matter5 that we have agreed to State to the charity's Trustees, as a body, in thi5 report in accordance with ICAEW Technical Release 07116 AAF. To the hjllest extent permitted by law. we do not accept or assume responsibility to anyone other than Naseem Manji Education Trust and the charity'5 Tru5tee5 as a b¢xly, for our work or for thi5 report. It is your duty to ensure that Naseem Manji Education Trust has kept adequate accounting record5 and to prepare ststutory financial statements that give a true and fair view of the assets. liabilities. financial position and deficit of Naseem Manji Education Trust. You consider that Naseem Manji Education Trust is exempt from the Statutory audit requirement for the year, and is not required to obtain an independent examiner's report. We have not been instructed to carry out an audit or a review of the financial statements of Naseem Manji Education Trust. For this rea50n, we have not verified the accuracy or completene55 of the accounting records or information and explanation5 you have given to us and we do not. therefore. express any opinion on the statutory financial statements. HW Flsher Professlonal Servlces Llmlted Chartered Accountants Acre House 11-15 William Road London NWI 3ER 29 Jul 2025 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted funds Unrestricted funds 2024 2023 Notes Income from: Investments 23,870 15,663 ènditure on- Charitsble activities 8,020 28,858 Net gains/llossesl on investments 121,0161 134,7111 Net out80ing resources 15,1661 147,9061 Other recognised gains and losses Other gains or losses io 13951 1971 Net movèment in funds 15,5611 148,1J)31 Fund balances at i October 2023 506.993 554.996 Fund balances at 30 September 2024 501.432 506.993 The ststement of financial activrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed a55ets Investments li 443.056 453,595 Current a55ets Debtors Cash at bank and in hand 52.809 8,657 4S.661 12,562 61,466 13.0901 58,223 14.8251 Credltors: amounts falllng due wlthln one year Net current assets 58.376 53.398 Total assets less current Ilabllltles 501.432 506.993 Income fvnd5 Unrestricted funds 501.432 506.993 501.432 506.993 29 Jul 2025 The financial statements were approved by the Trustee5 On ......................... L.,1. ffl_ Laila Manji Trustee NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polities Charity information Naseem Manji Education Trust is a charitsble incorporated organi5ation, incorporated in England and Wales. The principal address is Acre House. 11-15 William Road. London. NWI 3ER. 1.1 Accounting convention The financial Statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective from l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements. the Trurtees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitsble objectives. 1.4 Income All income is recognised once the charity has entitlement to the income. there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Expenditure Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis_ All expenses, including support Costs and governance, are allocated to the two charitable artivities in the statement of financial activities. Cost of charitable activities include grants made. Grants payable are payments made to third parties in the furtherance of the charity's objectives. The grants are accounted for where either the trustees have agreed to pay a grant without condition and the recipient has reasonable expectation that they will receive a grant. or any condition attaching to the grant is outside the control of the charity. Provisions of grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. Governance costs comprise all costs involving the public accountsbility of the charity and its compliance with regulation and good practice. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin8 policies (Continued) 1.6 Fixed asset investments Fixed asset investments are inwtially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments15sues' of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Critical accounting estimates and judgements In the application of the charity's accounting w)licies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The Trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements. Im￿stments Unrestrirted funds Unrestrirted funds 2024 2023 Income from listed investments 23.870 15.663 Charitsble activities Unrestritted Unrestrirted funds 2024 fund5 2023 Grant funding of activities (see note 51 20.962 Share of support costs (see note 61 Share of governance costs (see note 61 4.702 3,318 3.336 4,560 8,020 28,858 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Grantspaydble 2024 2023 Grants to institutions: Nurturing Mind, Inc Rotary Club of Dar Es Salaam Oysterbay Scholarship Fund 16,773 4.189 20.962 Support costs Support costs Governance 2024 Support costs Governance costs 2023 Bank charges Accountsncy fees Legal and professional 4.702 4.702 3,318 3.336 3.336 3,725 835 3,318 3,725 835 4.702 3.318 8.020 3.336 4.560 7.896 Analysed between Charitable artivities 4,702 3,318 8,020 3,336 4,560 7,896 Governance costs includes cost to the independent examiner of £Nil12023.' £Nill and other services for £3.31812023'. £3.7251. Trustees None of the Trustees lor any persons connected with them) received any Temuneration or benefits from the charity during the vear. Employees There were no employees during the current or prior year. Nèt gainslllossesl on investments Unrestrirted Unrestrirted funds funds 2024 2023 Revaluation of investments 120.7761 12401 19,8281 124,8831 Gain/l10551 on sale of investments 121,0161 134,7111 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 io Other gains or losses Unrestrirted funds Unrestricted funds 2024 2023 Foreign exchange gain5 13951 1971 li xed asset Investments Sted investments Cost or valuation At l October 2023 Additions Valuation changes Disposals 453.595 17,625 120.7761 17,3881 At 30 September 2024 443,056 Carryryng amount At 30 September 2024 443.056 At 30 September 2023 453,595 12 Debtors 2024 2023 Amounts falling due wthin one year- Other debtors 52.809 45,661 13 Creditors: amounts fallin8 due within one year 2024 2023 Accruals 3,090 4,825 NASEEM MANJI EDUCATION TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Relatèd party transartions During the year. Laila Manji. the trustee has received redemption proceeds amounting to £7.14812023.. £21.8141 on Barak SFf Investments which she holds on behalf of the charity. As on 30 September 2024 included in the debtor, the trustee Laila Manji owed the charity amounting to £52,809 12023.. £45,661) and Barak SF[ Investment held amounting to £62.28912023= 98.1471.