**Charity number : 271513** ## **ZVM RANGOONWALA FOUNDATION** ## **AUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2025** ## ## ## ## ## ||Page| |---|---| |Reference and Administrative Detailsofthe Charity,itsTrustees and Advisers|| |Trustees' Report|1 - 2| |Trustees' Responsibilities Statement|3| |IndependentAuditor'sReportonthe Financial Statements|4-7| |StatementofFinancial Activities|8| |Balance Sheet|9| |StatementofCash Flows|10| |Notestothe Financial Statements|11- 19| ## ## ## ## ## ## ## ## ## ## **ZVM RANGOONWALA FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** ## **Activities and Achievements(continued):** An additional £1,328,331 (2024 : £535,000) was also released from ZVM Rangoonwala Foundation to its partner ZVMG Rangoonwala Trust (Pakistan) for its own operation and programme costs as well as towards grants for its local partners. ## **ZVMG Rangoonwala Trust, Pakistan** The ZVMG Rangoonwala Trust was founded in 1963 in Pakistan by the late Mr. Mohamed Aly Rangoonwala, in memory of his parents, Zuleikhabai Abdur Rehman and Valy Mohamed Gany. The Trust is rooted in the principles of its founder, who strongly believed in free trade, fair competition, and the responsibility of the fortunate to alleviate poverty and raise the standard of living for the less fortunate. The Trust’s key activities include providing institutional donations to organisations across Pakistan, as well as delivering direct services to communities in Karachi. The overall mission of the Trust is to empower communities to help themselves. ## **Geographical Reach:** During the financial year 2024-25, the ZVM Rangoonwala Foundation funded projects and programs across various regions, including the UK, Pakistan, Bangladesh, India, Sri Lanka, Africa, the USA, Afghanistan, and some donations span multiple locations (primarily in South Asia countries). ## **Financial Review:** ## **Financial Summary:** |**Item**|**2025(£)**|**2024 (£)**|| |---|---|---|---| |TotalIncome|1,666,169|2,885,000|| |TotalGrantsPaid|2,276,328|1,752,591|| |AdministrativeCosts|79,950|66,402|| |ReservesatYear-End|535,550|1,249,634|(| ## **Reserves Policy:** The Charity holds £535,550 in unrestricted reserves. The Trustees' policy is to maintain a level of reserves sufficient to cover at least 12 months of core operating and administrative expenditure. This ensures the Foundation can maintain its infrastructure and oversight of long-term projects regardless of short-term funding fluctuations. At the current expenditure level, the reserves significantly exceed this minimum requirement, providing a robust cushion for future operations. ## **Governance:** **Trustee Recruitment & Meetings:** As the charity is a family foundation, the majority of the trustees are Rangoonwala family members. ## • The Board met 4 times during the year. ## **Risk Management:** Principal risks include grantee due diligence and income concentration. We mitigate these through rigorous partner vetting. **Conflicts of Interest:** Trustees declare conflicts annually and abstain from related decisions. ## **Plans for 2025-2026** Continue to monitor grants and take on new grants which meet our charitable objectives in the UK and globally. , Approved by order of the members of the board of Trustees and signed on its behalf by ## **Mrs M Dalamal** (Chair of Trustees) _**Date:**_ Page 2 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## **ZVM RANGOONWALA FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZVM RANGOONWALA FOUNDATION (CONTINUED)** intentional concealment, forgery, collusion, omission or misrepresentation. > A further description of our responsibilities for the audit of the financial statements is located on the Financial > Reporting Council's website at:[www.frc.org.uk/auditorsresDonsibilities.] This description forms part of our Auditor's Report. ## **Use of our report** This report is made solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Mark Nelligan FCA (senior statutory auditor) For and on behalf of **Wellden Turnbull Limited** Chartered Accountants Statutory Auditors Albany House Claremont Lane Esher Surrey KT10 9FQ Date: **29/04/2026** Wellden Turnbull Limited are eligible to act as auditors in terms of the Charities Act 2011. Page 7 ## ## |Note
**Income from:**
Donations and legacies
4
**Total income**
**Expenditure on:**
Charitable activities
8
**Total expenditure**
**Net (expenditure)/income before net losses on**
**investments**
Net losses on investments
11
**Net movementinfunds**
**Reconciliationoffunds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Unrestricted
funds
2025
£
1,666,169
1,666,169
2,356,277
2,356,277
(690,108)
(23,976)
(714,084)
1,249,634
(714,084)
535,550|Total
funds
2025
£
1,666,169
1,666,169
2,356,277
2,356,277
(690,108)
(23,976)
(714,084)|As restated
Total
funds
2024
£
2,885,000
2,885,000
1,818,594
1,818,594
1,066,406
1,066,406
183,228
1,066,406
1,249,634| |---|---|---|---| |||1,249,634
(714,084)
535,550|| ## ## |**Fixed assets**
Investments
**Current assets**
Cash at bank andinhand
**Current liabilities**
Creditors: amounts falling due within one
year
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**
Note
11
12|246,474
246,474
(13,500)|2025
£
302,576
302,576
232,974
535,550
535,550
535,550
535,550|1,095,164
1,095,164
(5,700)|As restated
2024
£
160,170
160,170
1,089,464| |---|---|---|---|---| |||||1,249,634| |||||1,249,634| |||||1,249,634| |||||1,249,634| ## ## |**Cash flows from operating activities**
Net cash usedinoperating activities
**Cash flows from investing activities**
Purchase of investments
**Net cash usedininvesting activities**
**Cash flows from financing activities**
**Net cash providedbyfinancing activities**
**Change in cash and cash equivalentsinthe year**
Cashandcash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notesonpages11to19form part of these financial statements|2025
£
(682,309)
(166,382)
(166,382)
(848,691)
1,095,165
246,474|As restated
2024
£
1,066,706
(160,170)
(160,170)
906,536
188,629
1,095,165| |---|---|---| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**Donation and legacies**||| |---|---|---| ||Unrestricted|Unrestricted| ||Funds|Funds| ||2025|2024| ||£|£| |Donation and legacies|1,666,169|2,885,000| ## ## |**Grants to institutions:**
Grants to institutions relating to education and livelihoods
Grants to institutions relating to health and disability
Grants to institutions relating to community
Grants to institutions relating to arts and culture
Grants to ZVMG Rangoonwala Trust (Pakistan).|2025
£
394,078
213,851
270,067
70,000
947,996
1,328,331
2,276,327|As restated
2024
£
257,214
544,211
336,418
79,348
1,217,191
535,000
1,752,191| |---|---|---| ## ## ## ## ## ## ## |**NameofCharity**|**Amount**(£)|**Purpose**| |---|---|---| |Art South Asia Project|70,000|Arts education and development charity| |Ayati|15,000|Disability centre in Sri Lanka| |||Non-profit organisation dedicated to supporting British| |British Pakistan Foundation|100,000|Pakistanisinthe UK| |Dasra|30,000|Rebuild Fund, fund to support grassroots NGOsinIndia| |Deafreach|15,000|Supporting a school for deaf childreninBurundi| |Diverse Abilities|15,000|Disability charity in Devon| |Gasworks|4,500|Art residency programme| |GDST|6,500|Debate programme for secondary schoolsinLondon| |MAITS|80,000|Promotionofresearch and educationinSouth Asia.| |Habib University Trust|38,000|Towards an endowment for university scholarships| |Wheels to Heal|20,000|Recycled disability equipment programme| |Menterra|200,000|Social fund for education, agriculture and healthinIndia| |Motivation|35,000|Wheelchair and mobility programme in India and Nepal| |||Research think tank committed to producing research| |Equi|10,000|and policy recommendations on issues affecting the UK| |Pakistan High Commission|15,000|Community programmesinLondon| |Starlight|13,333|Hospital training programmeinthe UK| |Enliven Mama Africa|4,000|Girls vocational traininginGhana| |International Award Association|16,857|Programme for young peopleinZambia| |30 Birds Foundation|25,000|Girls education programmeinAfghanistan| |Upsign|20,800|STEM teacher training programmeinPakistan| |**Total**|733,990|| ## ## ## |Bank charges
Printing, postage and
stationary
Computer costs
Legal and professional
Consultancy
Art exhibition costs
Insurance
Travelling
Memberships
Audit and accounts fees||Support
costs
£
590
838
789
19,350
43,930
786
13
5,853
721149|Governance
costs
£
71800
71800|2025
£
590
838
789
19,350
43,930
786
13
5,853
71800
791949
2024
Basisofallocation
£
560 General support
180 General support
7,281 General support
12,023 By time spent
39,464 By time spent
430 General support
764 General support
-
General support
-
General support
Governance -Statutory
_5]00_work
661402| |---|---|---|---|---| ## ## |Support costs
Grants payable
Support costs
Grants payable
Unrestricted
funds
2025
£
79,949
2,276,328
2,356,277
As restated
Unrestricted
funds
2024
£
66,403
1,752,191
1,818,594|Total
2025
£
79,949
2,276,328
2,356,277| |---|---| ||As restated
Total
2024
£
66,403
1,752,191
1,818,594| ## ## ## ## ## |**Cost or valuation**
At1 July 2024 (As restated)
Additions
Foreign exchange movement
At30 June 2025
**Net book value**
At 30 June 2025
At30 June 2024 (As restated)|Unlisted
investments
£
160,170
166,382
(23,976)
302,576
302,576
160,170| |---|---| ## |Trade creditors
Accruals and deferred income|2025
£
5,700
7,800
13,500|2024
£
5,700
5,700| |---|---|---| ## ||As restated||||Balance at| |---|---|---|---|---|---| ||Balance at 1|||Gains/|30 June| ||July 2024|Income|Expenditure|(Losses)|2025| ||£|£|£|£|£| |General funds|1,249,634|1,666,169|(2,356,277)|(23,976)|535,550| ## ## ## |Fixed asset investments
Current assets
Creditors due within one year
**Total**
Unrestricted
funds
2025
£
302,576
246,474
(13,500)
535,550|Total
funds
2025
£
302,576
246,474
(13,500)
535,550| |---|---| ## |Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Gainsoninvestments
Increaseincreditors
**Net cash provided by/(used in) operating activities**|2025
£
(714,084)
23,975
7,800
(682,309)|2024
£
1,066,406
300
1,066,706| |---|---|---| ## ||2025|2024| |---|---|---| ||£|£| |Cashinhand|246,474|1,095,165| ## |At 1 July
2024
1,095,165
1,095,165|At 30 June
Cash flows
2025
£
£
(848,691)
246,474
(848,691)
246,474| |---|---| ## ## ## ##