2025-02-28-accounts - Omid Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

OMID TRUST – TRSUTEES’ ANNUAL REPORT – FOR PERIOD 22 JAN 2023 TO 29 FEB 2024

The below is a report for a small charity whose income is under £500,000 (with assets worth less than £3.26million). The report seeks to meet the requirements set out in ' Guidance: Prepare a charity trustees annual report, namely to address:

“your charity’s name, registration number, address and trustee names
its structure and details of how it is managed, including how it recruits trustees
its activities and objectives in the year
its achievements and performance, including reporting on its public benefit
a financial review including any debts and details of your reserves policy (if applicable)
details of any funds held as a custodian trustee”

REPORT

Charity’s name, registration number, address and trustee names

Charity’s name: The Omid Trust (‘ the Trust ’)
Charity registration number: 1189194
Address: 4 Sharon Close, Long Ditton, Surrey, KT6 5HD
Trustees: (i) Navid Pourghazi; (ii) Mohammad Ali Pourghazi

The Trust’s structure and details of how it is managed, including how it recruits trustees

The Trust is constituted as a limited company and governed by Articles of Association that can be found online. Its Trustees are also the company directors. The Trust is managed by its two Trustees/Directors. It is not currently actively recruiting trustees, though the means for recruiting new trustees/directors is set out in the Articles of Association.

Summary of the Trust’s work and objects

The Trust is a grant making charity that provides scholarships to Iranian students who have insufficient financial means to study Masters degrees in the UK. The Trust currently partners with Cambridge University, St Edmunds College, and the Cambridge Commonwealth, European and International Trust (“ CCEIT ”) in order to provide the Omid Cambridge Scholarship. This scholarship is for students who are accepted onto Masters degrees at Cambridge University.
As a general matter, the Trustees understand that they are to have regard to the guidance issued by the Charity Commission on public benefit.

Where the Trust’s money comes from

The Trust’s income comes from its investment in property in Scunthorpe, UK. More specifically, the Trust’s income comes from the rent paid by tenants in that property.

The Trust’s activities and objectives in the past Accounting Year

In the past accounting year (22 Jan 2023 to 29 Feb 2024), the Trust was continuing with the redevelopment of its property investment in Scunthorpe. That redevelopment project started around summer 2020. The continuation of this project has meant that the Trust’s money has been tied up and not available for making grants in the usual way. No Omid Cambridge Scholarship was offered or made for the academic year 2023/2024. Nonetheless, some £12,000 has been “spent” by the Trust by setting it aside as a reserve for grants that will be made in the future when the Trust resumes its ordinary grant making activities.

The Trust’s achievements and performance, including reporting on its public benefit

10.The paragraphs above are repeated. The Trust’s activities and achievements in the last year have been focussed on improving its investments so as to increase its annual income and financial security and thereby enable it to have a greater public benefit within its objects in future years. Before the redevelopment project began, the Trust’s income from the two tenanted units that it had at that time was around £14,000 p/a. More recently, following the completion of the bulk of the redevelopment work, the income of the Trust has risen to around £67,000 p/a, and it is expected that this may rise to between £80,000 to £85,000 p/a.

A financial review including any debts and details of your reserves policy (if applicable)

11.See above for details of the financial review.
12.In terms of debts, the following individuals had given the Trust interest-free loans to assist the Trust with its outgoings during the redevelopment work. These loans were given at various stages. By the end of the previous accounting year – namely 29 Feb 2024, the outstanding debts were as follows:
12.1. Mohammad Ali Pourghazi – £27,500
12.2. Navid Pourghazi – £25,000
12.3. Khashayar Ghaffarzadeh – £15,000
13.By the time of writing, in light of repayments of part of the loans, the outstanding debts have reduced to the following sums:
13.1. Mohammad Ali Pourghazi – £15,000
13.2. Navid Pourghazi – £10,000
13.3. Khashayar Ghaffarzadeh – £10,000
14.As at date of 29 Feb 2024, the reserve held by the Trust was £48,000.

Details of any funds held as a custodian trustee

15.Not applicable.

15 October 2024

Omld Trust Charlty No. 1189194 Company No. 09142393 Tru5tees' Report and Unaudlled Accounts 28 February 2025

Omid Trust Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Finantial Activities Summary Income and Expenditure Account Balance Sheet 6t07 Note5 to the Accounts 8t013 Detailed Statement of Financial Activities 14tolS PaEe I

Omld Trust Trustees Annual Report The trustees, who 4re also dlrertor5 of the charlty forthe purposes of the Companies Act 2006, present thelr report wlth the unaudtted financial statements of the charity for the year ended 28 February 2025. REFERENCE AND ADMINISTRATNE DETAILS Company No. 09142393 Charlty No. 1189194 Registered Offlce 4 Sharon close Long Ditton Surrey KT65HD Dlrertors and Trustoes The Directors of the tharltable company are Its Trustees for the purposes of d)arfty law. The following Directors andTrusiees served during the year: Ali Pourghazi Navid Pourghazi Accountants Fllntham Mackenzle 277-279 Chiswick High Road London W4 4PU The Trusteès are re5ponslble for keeping proper aecountlng records that disclose wlth reasonable accuracy at anytime thefinandal p051tlon of the tharlty and to enable them to ensure thatthe flnancial statements comply with the Companles Art 2006. The Trustees are also responsible lor 5afeguardin8 the a55ets of the charity and hence taking re45onabSe steps for the prevention and detectlon of fraud and other Irregularlties. The above repoit has been prepared in accordance wlth the provislon5 appli¢able to companies subJect to the small companles reglme as set out in Part 15 of the Companle$ Act 2006 and In accordance with the Charrtles 50RP IFRS 1021. 51gned on behalf of thè board Ali Pourghail Trustee 22 May 2025 Page 2

Omid Trust Independent Examiners Report Independent Examlner's Report to the trustees of Omld TNst I report to the charfty trustees on my examination of the financial statements of Omid Trust for the year ended 28 February 2025. Responsibilitles and basis of report As the charity'5 trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparatlon of the financial statements in atcordance with the requirements of the Companles Art 20061'the 2006 Act. Having sat15fied myself that the financial Statements of the Charlty are not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out uniler section 145 of the Charities Act 20111'the 2011 ALt'I. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Att. Independent examlner's statement I have completed my examlnatlon. I can confirm that no material matter5 have come to my attention in connection wlth the examination giving me cause to belleve-. accounting records were not kept in accordance with sertion 386 of the 2¢y)6 Act,. or • the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements under sertion 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination,. or the financial statements have noi been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the financial statements to be reached. Flintham Mackenzie 277-279 Chiswick High Road London W4 4PU 22 May 2025 Page 3

Omld Trust Ststsment ot Financial Activities for the year ended 28 February 2025 UnrerIC1ed funds Total funds Totsl fund5 20Z5 2025 2024 Notes Income and endowments from: Other trading activities 83,151 83,151 64,277 Total 83.151 83,151 64,277 Expenditure on: Charitable activities Other 12,(KlO 32,740 12,0(KJ 32,740 12,OCKJ 26,841 Total 44,740 44,740 38,841 Net Eains on investments Net income 38,411 38,411 25,436 Transfers between fund5 Net income before other gaSnslllassèsl 38,411 38,411 25,436 Other galns and losses Net movement in funds 38,411 38,411 25,436 Reconciliatlon of funds: Total funds brought forward 588,144 588,144 562,708 Total funds carrled forward 626.555 626,555 588,144 Page 4

Omid Trust Summary Income and Expendire Account for the year ended 28 February Z025 202S 2024 Income 83,151 64.277 Gross Income forthe year Expenditure 83,151 64,277 38.460 44,429 Interest payable 311 381 Totsl expendlture for the year Net income before tax for the year 44,740 38,841 38.411 25,436 Net Income forthe year 38,411 25,436 Page 5

Omld Trust Balance Sheet at 28 February 2025 Company No. 09142393 Notes 2025 2024 Fixed a55ets Investments 727,306 727,306 727,306 727,306 Current assets Debtors Cash at bank and In hand 5,302 4,556 9,858 171,5981 161,7401 665,566 1,687 27,444 29,131 1126,6111 197,4801 629,826 Creditors: Amount falling due within one year Net current Ilabllitiès io Total assets less Current liabllltles Creditors: Amounts falling due after more than one year li 14.2801 16,9511 Provlsions for Ilabllltles 12 134,7311 134,7311 Net assets excluding pension asset or Ilabilty Totsl net assets 626,55S 588,144 626,555 588,144 The funds of the charity Re5trlcted funds Unrestri¢ted funds General funds 13 13 443,759 405,348 443,759 405,348 Reserves Revaluation reserve 13 182,796 182.796 182,796 182,796 Total funds 626.555 588,144 These accounts have been prepared in accordance with the special provisions of Part 15 of the CompanSes Act 2006 relating to small companies. For the year ended 28 February 2025 the company was entitled to exernption under sertlon 477 of the Companies Art 2006 relating to small companies. The members have not required the company to obtain an audit In accordance with sectlon 476 of the Companies Act 2(N)6. The direttors acknowledge their responsibllities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 22 May 2025 And signed on its behalf by.. Page 6

OmldTNst Balance Sheet All Pourghaz Trustee 22 May 2025 Page 7

Omid Trust Notes to the Accounts for the year ended 28 February 2025 l Accountlng polldes Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettive I January 20151 (Charlties SORP IFRS 10211, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Acl 2006. Change In basls of accounting or to previ0115 accounts There has been no change to the accounting pollcies Ivaluatlon rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund atcounting Vnrestricted funds These are available for use at the di5cretiorb of the trustees In furtherance of the general objects of the charlty. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market value5. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income Is included in the Statement of Financlal Activities ISOFAI when the charity becomes entitled to, an(1 virtually certain to receive, the Income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gr05s in the SOFA. DonatSons anil legacies Voluntary income received by way of grants, donatSons and gift5 is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts grftldonation to whlch it relates. Donated service5 and These are only included in income (with an equivalent amount in expendlturel where the benefit to the Charity is reasonably quantifiable, measurable and material. The value of any volunteer help received is not included in the accounts. This is included in the accounts when receivable. Thls Include5 any gain or loss resulting from revaluing investments to market value at the end of the year. Volunteer help Investment income Gain5lllossesl on revaluation of fixed ssets Gainslllossesl on investment assets This includes any gain or loss on the sale of Investments. Page 8

Omid Trust Notes to the Accounts Expendituie Recognition of expenditure Expenditure is recogni5ed on an accruals basis. Expenditure include5 any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management Costs. These comprise the costs Incurred by the Charity in the delivery of its artivities and services in the furtherance of its objerts, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs a55ociated with meeting the constitutlonal and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together wlth a share of other administration costs. These are support Costs noi allocated to a particular activity. Expenditure on raising funds Expenditure on charitable artlvltles Grants payable Governante costs Other expendlture Taxation The charity is exempt from corporation tax on Its charitable actlvities. Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All galns or10sses are taken to the Statement of Financial Activities s they arise. Trade and other debtors Trade and other debtors are recognlsed at the Settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposlts with banks and other short-term hlghly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilitie5. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other ¢reditors Short term ¢reditor5 are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provlsions are norrnally recognised at their settlement amount after allowing for any trade discounts due. Re¢elpt of donated goods, facilities and servl¢es All donated goods, facilities and ServIS received are recognlsed within incoming resources and expenditure at an estimate of the value to the charity. Page 9

Omld Trust Notes to the Accounts 2 Company 5tatU5 The company is a prhvate company limited by guarantee and consequently does not have share capital. 3 Ststement of Flnandal Artlvltles- prlor year Unrestrlct ed funds Totsl funds 2024 2024 Income and endowments frorn: Other trading activities Total 64,277 64.277 64,277 64,277 Expenditure on: Charitable activities 12,000 26,841 12,(K)O 26,841 Other Total 38,841 38,841 Net income 25,436 25.436 Net income beforè othèr galns/llossesl Othei galns and losses: Net movement In funds 25,436 25,436 25,436 25.436 Rècontlllatlon of funds: Tttal funds brought forward Total funds carrled foTh¥ard 562,708 562,708 588,144 588,144 4 Income from other trading artivrties Unrestricted Total Total 2025 2024 83,151 83,151 83,151 64,277 64,277 83,151 S Expenditure on charitable artlvlties Unrestrlrted Total T¢)tsl 2025 2024 Expenditure on choritable t7ctivities 12,0 12,0( 12,000 Governt7nce costs 12,0 12,000 12,000 Page 10

Omld Trust Notes to the Accounts 6 Other expendlture Unrestricted Total Total 2025 2024 Bank loan and overdraft Interest payable 311 311 381 Motor and travel costs 87 Premises costs 27,269 298 27,269 298 15,546 General administrative costs 2,561 8,266 26,841 Legal and professional costs 4,862 32,740 4,862 32,740 7 Stsff costs There were no employees duringthe year. 8 Investments Freehold Investme nt Property Total Cost or revaluatlon At l March 2024 At 28 February 2025 Net book values At 28 February 2025 At 29 February 2024 9 Debtors 727,306 727,306 727,306 727,306 727,306 727,306 727,306 727.306 2025 2024 Trade debtors Prepayments and accrued income 2,250 3,052 5,302 1,687 1,687 10 Credltors: amounts falling due within one year 2025 2024 Trade creditors Other taxes and social securlty Loans from trustees Other creditors Accruals 60,000 1,313 5,000 600 48,000 1,217 67,500 7,560 2,334 2,475 2.210 71,598 Deferred income 126,611 Page 11

Omld Trust Notes to the Accounts 11 Credltors: amounts falllng due after MO than one year 2025 2024 Bank loans and overdrafts 4,280 4,28 6,951 6,951 12 Provlslons Other provisions Total At l March 2024 At 28 February 2025 34,731 34,731 34,731 34,731 13 Movement In funds Incomlng resources (Sncludlng Resources other expended At l March gainsllosses 2024 At28 February 2025 Restrlcted funds: Unrestrlrted funds: General funds 405,348 83,151 144,7401 443,759 Revaluation Reser¥e5: Revaluation fund 182,796 182,796 Total revaluation reserves 182,796 182,796 Total lund5 588.144 83,151 144,7401 626.555 Purposes and restrirtions in relatlDn to the funds.. Revaluation reserves Represent the amount by which investments exceed their historical cost. 14 Analysis of net assets between fund5 Unrestricted Restrlcted funds funds Total Investments Net current assets Creditors due in more than one year and provlslons 727,306 156,7401 727,306 161,7401 15,0001 139,0111 139,0111 631,555 15,0001 626,555 Page 12

Omld Trust Notes to the Accounts 15 Recon¢lIla0n of net debt At28 February 2025 At l Marth 2024 Cash flows Cash and cash equivalent5 27,444 27,444 122,8881 122,8881 4,556 4,556 Bank loans 16,9511 16,9511 2,671 2,671 14,2801 14,2801 Net debt 20,493 120,2171 276 16 Related party dlsdosures Mr Navid Pourghazi Rent Deposit £5,0[LOan from trustee) £60010ther creditors) Page 13

Omid Trust Detailed Slalement of Financial Artivities for the year ended 28 February 2025 Unrestrlcted funds Total funds Total funds 2024 2025 2025 Income and endowments from: Other trading activities 83,151 83,151 83,151 83,151 64,277 64,277 Total Income and endowments 83,151 83,151 64,277 Expendlture on: Charltable actlvities 12,000 12,OlJO 12,000 12,000 12,000 12,000 Totsl of expenditure on charltable artlvlties 12,(K)D 12,rJ)o 12,000 Other expenditure Bank loan and overdraft interest payable 311 311 381 311 311 381 87 Travel and subsistence 87 Premises costs Rates 2.534 1,080 2,296 2.534 1,080 2.296 8,597 4,693 Light, heat and power Premises insurances Premises repairs and maintenance 21,359 21.359 2,256 27.269 27,269 15,546 General administrative costs, including depreciation and amortisatlon Bank charges General insurances Postage and couriers Software, IT 5UPPOrt and related costs 42 42 47 2,514 250 250 298 298 2,561 Legal and professional costs Accountancy and bookkeeping Management charge5 Solicitor's fees 2,617 2,617 2,740 2,150 3,376 Other legal and professional Costs 2,245 2,245 4,862 4,862 8,266 Page 14

Omld Trust Detailed Statement of Financial Actlvjtles Total of expendlture of other costs 32,740 32,740 26,841 Totsl expendlture Net galns on investments 44,740 44.740 38,841 Net Income 38,411 38,411 25,436 Net income before other galnslllossesl Other Gains 38,411 38,411 25,436 Net movement In funds 38,411 38,411 25.436 Reconclliatlon of funds: Total funds brought forward 588,144 588,144 562,708 Total funds rrIed forward 626,555 626,555 588,144 Page 15

Omld Trust Charlty No. 1189194 Company No. 09142393 Tru5tees' Report and Unaudlled Accounts 28 February 2025

OmldTNst Balance Sheet All Pourghaz Trustee 22 May 2025 Page 7