## ## ## ## |||CONTENTS|| |---|---|---|---| ||||Page| |Notice AGM|||3 —5| |Report ofthe Management
Committee|||6 —43| |Independent
auditors'|report||44-48| |Statement offinancial|activities||| |Statement offinancial|position||50| |Statement ofcash flow|||51| |Notes to the financial statements|||52-70| |Minutes ofAGM held|Saturday|18'"December 2021|71 —81| |Acknowledgements|||82 —86| |Tribute to Her Majesty|Queen|Elizabeth II|87-88| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Registered|charity name|charity name|The Zoroastrian|The Zoroastrian|Trust Funds OfEurope| |---|---|---|---|---|---| |Charity registration||number|277185||| |Company|registration|number|1403266||| |Principal|office and registered||Zoroastrian|Centre for Europe|| |Office and|place ofbusiness||440 Alexandra||Avenue| ||||Harrow||| ||||Middlesex||| ||||HA2 9TL||| ||||United Kingdom||| ## ## |President||Mr M M Deboo|| |---|---|---|---| |Vice President||Mr BRKapadia|| |Vice President (External)||Mrs SBSadri|| |Treasurer||Mr JSCanteeuwala|| |Secretary||Mr RFMunshi|| |Joint Treasurer||Mr KSAvari|| |||Mr D EMistry OBE|| |||Mr G D Buhariwala|| |||Mr DJKarkaria|| |||Ms JSorab|| |||Mrs PFKiani|| |||Miss SYMunshi|| |Company|Secretary|Mr RFMunshi|| |Auditor||Brian Paul Limited|| |||Chartered
Accountants|4 Registered Auditors| |||Chase Green House|| |||42 Chase Side|| |||Enfield|| |||Middlesex|| |||EN2 6NF|| |Bankers||National
Westminster|Bank Plc| |||Harrow Town Centre|| |||315Station Road|| |||Harrow|| |||Middlesex|| |||HA1 2AD|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||||2022||2021| |---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted||| |||||funds|funds|Total funds|Total funds| ||||Note|6|6||6| |Income and endowments|||||||| |Donations
and legacies|||5|88,763|225,376|314,139|602,560| |Investment
income|||6|49,407|94,798|144,205|127,874| |Covid-19 furloughed
grant|received||7|15934||15,934|22,923| |Total income||||154,104|320,174|474,278|753,357| |Expenditure|||||||| |Expenditure
on charitable|activities||8,9|231,647|154,454|386,101|336,924| |Total expenditure||||231,647|154,454|386,101|336,924| |Net gains on investments|||10|102,205|196,103|298,308|751,697| |Net income and net movement||in|funds|24,662|361,823|386,485|1,168,130| |Reconciliation
offunds|||||||| |Total funds brought
forward||||2,538,427|4,870,553|7,408,980|6,240,850| |Total funds carried forward||||2,563,089|5,232,376|7,795,465|7,408,980| ## ## ||||||2022|2021| |---|---|---|---|---|---|---| |||||Note||| |Fixed assets||||||| |Tangible
fixed assets||||15|2,356,388|2,428,059| |Investments||||16|4,235,754|4,268,417| ||||||6,592,142|6,696,476| |Current assets||||||| |Debtors||||17|26,531|25,755| |Cash at bank and|in|hand|||1,191,799|700,600| ||||||1,218,330|726,355| |Creditors: amounts||falling|due within one year|18|15,007|13,851| |Net current assets|||||1,203,323|712,504| |Total assets less|current||liabilities||7,795,465|7,408,980| |Net assets|||||7,795,465|7,408,980| |Funds ofthe charity||||||| |Restricted
funds|||||5,232,376|4,870,553| |Unrestricted
funds|||||2,563,089|2,538,427| |Total charity funds||||19|7,795,465|7,408,980| ## ## ## |||||2022|2021| |---|---|---|---|---|---| |Cash flows from operating|activities||||| |Net income||||386,485|1,168,131| |Adjustments
for:|||||| |Depreciation
oftangible
fixed assets||||71,671|71,993| |Net gains on investments||||(298,308)|(751,697)| |Dividends,
interest and rents|from|investments||(144,128)|(127,580)| |Other interest receivable
and|similar income|||(77)|(293)| |Interest payable and similar charges||||211|215| |Accrued income||||(240)|(6,240)| |Chengesin:|||||| |Trade and other debtors||||(776)|3,469| |Trade and other creditors||||1,396|358| |Cash generated
from operations||||16,234|358,356| |Interest paid||||(211)|(215)| |Interest received||||77|293| |Net cash from operating
activities||||16,100|358,434| |Cash flows from investing|activities||||| |Dividends,
interest and rents|from|investments||144,128|127,580| |Purchase oftangible assets|||||(1,330)| |Purchases
ofother investments||||(178,660)|(1,054,345)| |Proceeds from sale ofother|investments|||509,631|270,915| |Net cash from/(used
in) investing||activities||475,099|(657,180)| |Net increase/(decrease)
in|cash|and cash|equivalents|491,199|(298,746)| |Cash and cash equivalents|at beginning||ofyear|700,600|999,346| |Cash and cash equivalents|at end ofyear|||1,191,799|700,600| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Donations
and legacies|Donations
and legacies|Donations
and legacies||||||| |---|---|---|---|---|---|---|---|---| |||||||Unrestricted|Restricted|Total Funds| |||||||Funds|Funds|2022| |||||||||E| |Donations||||||||| |Donations:
(other)||||||51,595||51,595| |Budal Ground
Fund -||Upkeep||and funerals||32,683||32,683| |WZCC||||||2,790||2,790| |Place ofworship|||||||774|774| |Medical relief fund|||||||13,734|13,734| |Poor Peoples Project|||||||2,053|2,053| |Religious funds|||||||7,811|7,811| |Mobed fund|||||||18,895|18,895| |Sesquicentennial|Fund for||Propagation||of|||| |Zoroastrianism,|Inter-faith||and|Goodwill|||5,760|5,760| |Library
Fund Other|||||||25,496|25,496| |AAJEA Development||Fund|||||50,000|50,000| |AAJEA Mobed Fund|||||||50,000|50,000| |Faddoon
M Madan MBE Mobed Fund|||||||50,853|50,853| |Subacriptions||||||||| |Ordinary
membership||subscriptions||||1,095||1,095| |Life membership|subscriptions|||||600||600| |||||||88,763|225,376|314,139| |||||||Unrestricted|Restricted|Total Funds| |||||||Funds|Funds|2021| ||||||||f|| |Donations||||||||| |Donations: (other)||||||85,352||85,352| |Burial Ground
Fund -||Upkeep||and funerals||14,563||14,563| |WZCC||||||||| |Place ofworship|||||||177|177| |Medical relief fund|||||||17,921|17,921| |Poor Peoples Project|||||||1,078|1,078| |Religious funds|||||||7,945|7,945| |Mobed fund|||||||20,327|20,327| |Sesquicentennial|Fund for||Propagation||of|||| |Zoroastrianism,|Inter-faith||and|Goodwill|||8,000|8,000| |Educational
fund||||||||| |Minoo M Khalifa|memorial||fund for 8WZYC|||10,000||10,000| |Dolly & Hoshang|Rustomji||Khambatta||bequest|381,556||381,556| |Minoo M Khalifa|fund|for J|Noruz &S H Navroze||||53,850|53,850| |Subscriptions||||||||| |Ordinary
membership||subscriptions||||1,041||1,041| |Life membership|subscriptions|||||750||750| |||||||493,262|109,298|602,560| ## ## ## ## |6.|Investment
income|Investment
income|||||||| |---|---|---|---|---|---|---|---|---|---| ||||||||Unrestricted|Restricted|Total Funds| ||||||||Funds|Funds|2022| ||||||||9|E|6| ||Dividend
Income||||||49,383|94,745|144,128| ||Bank Interest received||||||24|53|77| ||||||||49,407|94,798|144,205| ||||||||Unrestricted|Restricted|Total Funds| ||||||||Funds|Funds|2021| ||Dividend
Income||||||39,550|88,031|127,581| ||Bank Interest received||||||91|202|293| ||||||||39,641|88,233|127,874| |7.|Other income||||||||| ||||||Unrestricted||Total Funds|Unrestricted|Total Funds| |||||||Funds
f|2022
6|Funds
6|2021| ||Covid-19 furloughed||grant|received||15,934|15,934|22,923|22,923| |8.|Expenditure
on|charitable||activities|by fund|type|||| ||||||||Unrestricted|Restricted|Total Funds| ||||||||Funds|Funds|2022| ||||||||6|6|| ||Other Charitable|expenses|||||652||652| ||Welfare funds||||||62,839||62,839| ||Place ofworship|expenses|||||37,080||37,080| ||Burial Ground
Fund||—Upkeep and funerals||||26,455||26,455| ||Repairs and maintenance||||||34,273||34,273| ||Depreciation||||||2,249|69,422|71,671| ||WZCC||||||2,082||2,082| ||Educational
funds|||||||23,051|23,051| ||Religious funds|||||||33,365|33,365| ||Medical relief fund|||||||13,361|13,361| ||Library funds||||||||| ||Sesquicentennial|Fund for||Propagation|of||||| ||Zoroastrianism,|Inter-faith||and Goodwill||||15,255|15,255| ||Support costs||||||66,017||66,017| ||||||||231,647|154,454|386,101| ## ## ## |||||||Unrestricted|Restricted|Total Funds| |---|---|---|---|---|---|---|---|---| |||||||Funds|Funds|2021| |||||||E|f|E| |Other Charitable|expenses|||||463||463| |Welfare funds||||||29,148||29,148| |Place ofworship|expenses|||||31,651||31,651| |Burial Ground
Fund - Upkeep and funerals||||||23,145||23,145| |Repairs and maintenance||||||33,013||33,013| |Depreciation||||||2,572|69,422|71,994| |WZCC||||||666||666| |Educationalfunds|||||||18,700|18,700| |Religious funds|||||||33,474|33,474| |Medical relief fund|||||||15,720|15,720| |Library funds|||||||200|200| |Sesquicentennial|Fund for||Propagation|of||||| |Zoroastrianism,|Inter-faith|and Goodwill|||||8,546|8,546| |Support costs||||||70,204||70,204| |||||||190,862|146,062|336,924| |Expenditure
on|charitable||activities|by|activity type|||| ||||||Activities|||| ||||||undertaken|Support|Total funds|Total fund| ||||||directly
6|costs
6|2022
f|2021
f| |Other Charitable|expenses||||652||652|463| |Welfare funds|||||62,839||62,839|29,148| |Place ofworship|expenses||||37,080||37,080|31,651| |Burial Ground
Fund - Upkeep and||||||||| |funerals|||||26,455||26,455|23,145| |Repairs and maintenance|||||34,273||34,273|33,013| |Depreciation|||||71,671||71,671|71,994| |WZCC|||||2,082||2,082|666| |Educational
funds|||||23,051||23,051|18,700| |Religious funds|||||46,726||46,726|49,194| |Library funds||||||||200| |Sesquicentennial|Fund for|Propagation||||||| |ofZoroastrianism,|Inter-faith||and|||||| |Goodwill|||||15,255||15,255|8,546| |Governance costs||||||66,017|66,017|70,204| ||||||320,084|66,017|386,101|336,924| ## ## ## ## |||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |10.|Net gains|on investments||||||||| |||||||||Unrestricted|Restricted|Total Funds| |||||||||Funds|Funds|2022| ||||||||||E|| ||Realised|gain/(loss)|||on sale of investments|||7,310|14,024|21,334| ||Unrealised||gain/(loss)|||on investment||94,895|182,079|276,974| |||||||||102,205|196,103|298,308| |||||||||Unrestricted|Restricted|Total Funds| |||||||||Funds|Funds|2021| |||||||||E|E|E.| ||Realised|gain/(loss)|||on sale of investments|||1,016|2,260|3,276| ||Unrealised||gain/(loss)|||on investment||232,011|516,410|748,421| |||||||||233,027|518,670|751,697| |11.|Net income|||||||||| ||Net income||is stated||after charging/(crediting):|||||| ||||||||||2022|2021| ||||||||||E|E| ||Depreciation||oftangible|||fixed assets|||71,671|71,993| |12.|Auditors|remuneration||||||||| ||||||||||2022|2021| ||||||||||E|E| ||Fees payable for the||||audit ofthe financial||statements||6,000|5,880| |13.|Staff costs|||||||||| ||||||||||2022|2021| ||||||||||F|E| ||Wages and||salaries||||||87,418|89,010| ||Social security costs||||||||3,367|3,612| ||Employer|pension||contribution|||||1,734|1,870| ||||||||||92,519|94,492| ## ## ## ## |Tangible fixed assets||||| |---|---|---|---|---| |||Freehold|Fixtures and|| |||property
f|fittings|Total| |Cost||||| |At 1stApril 2021 and|31stMarch 2022|3,492,131|179,315|3,671,446| |Depreciation||||| |At 1st April 2021||1,076,261|167,126|1,243,387| |Charge for the year||69,843|1,828|71,671| |At31stMarch 2022||1,146,104|168,954|1,315,058| |Carrying
amount||||| |At 31stMarch 2022||2,346,027|10,361|2,356,388| |At 31stMarch 2021||2,415,870|12,189|2,428,059| |Freehold Properties|Breakdown|||| |||Harrow|Brookwood|Total| |||8||8| |Cost at 1st April 2021||3,471,080|21,051|3,492,131| |Depreciation||||| |At 1stApril 2021||1,068,273|7,988|1,076,261| |Charge for the year||69,422|421|69,843| |At 31stMarch 2022||1,137,695|8,409|1,146,104| |Carrying
amount||||| |At 31st March 2022||2,333,385|12,642|2,346,027| |At 31st March 2021||2,402,805|13,063|2,415,870| ## ## ## ## ## |Investments|| |---|---| ||Listed| ||investments| |Cost or valuation|| |At 1st April 2021|4,268,417| |Additions|178,660| |Disposals|(509,631)| |Fair value movements|298,308| |At 31stMarch 2022|4,235,754| |Impairment|| |At 1stApril 2021 and 31st March 2022|| |Carrying
amount|| |At31stMarch 2022|4,235,754| |At 31st March 2021|4,268,417| ## |All investments
shown above are held at valu
Financial assets held at fair value|ation.||| |---|---|---|---| ||Listed|Premium|| ||Investments|Bonds|Total| |||6|| |Cost at 1stApril 2021|4,267,482|935|4,268,417| |Additions|178,661||178,660| |Disposals|(509,631)||(509,631)| |Fair value movements|298,308||298,308| |At 31st March 2022|4,234,819|935|4,235,754| |Historical cost at 31st March 2022|3,991,541|935|3,992,476| |Historical cost at 31st March 2021|4,183,053|935|4,183,988| ## |17.|2748,421)and net rea
Debtors|lised gain at 31st|March 20|22 amounted|to 621,334(2021:63,27|7).| |---|---|---|---|---|---|---| ||||||2022|2021
f| ||Other debtors||||26,531|25,755| ||The debtors above include the following||amounts|falling due|after more than one year:|| ||||||2022|2021| |||||||6| ||Other debtors||||8,000|13,000| |18.|Creditors: amounts|falling due within|one year|||| ||||||2022|2021| ||Accruals and deferred|income|||12,090|12,329| ||Other creditors||||2,917|1,522| ||||||15,007|13,851| ||||||0
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UJ|| ## ## |Analysis|of net a|sse|ts between funds|||| |---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Total Funds| |||||Funds|Funds|2022| ||||||F|| |Tangible|fixed assets||||2,356,388|2,356,388| |Investments||||2,297,987|1,937,767|4,235,754| |Current|assets|||265,102|938,221|1,203,323| |Net assets||||2,563,089|5,232,376|7,795,465| |||||Unrestricted|Restricted|Total Funds| |||||Funds|Funds|2021| |||||6|6|6| |Tangible|fixed assets||||2,428,059|2,428,059| |Investments||||2,317,549|1,950,868|4,268,417| |Current|assets|||220,878|491,627|712,505| |Net assets||||2,538,427|4,870,554|7,408,981| |Analysis|ofchanges||in net debt|||| |||||||At| |||||At 1 Apr 2021
F|Cash flows|31 Mar 2022
f| |Cash at|bank and|in|hand|700,600|491,199|1,191,799| ## ## ## ## ## |Year ended 31"|M|ar|ch|2022||||||| |---|---|---|---|---|---|---|---|---|---|---| ||||||||||2022f|2021f| |Income and endowments||||||||||| |Donations
and legacies||||||||||| |Donations:
(other)|||||||||51,595|85,352| |Burial Ground
Fund - Upkeep||||and funerals|||||32,683|14,563| |WZCC|||||||||2,790|| |Place ofworship|||||||||774|177| |Medical relief fund|||||||||13,734|17,921| |Poor Peoples Project|||||||||2,053|1,078| |Religious funds|||||||||7,811|7,945| |Mobed fund|||||||||18,895|20,327| |Sesquicentennial
Fund for Propagation|||||ofZoroastrianism,||Inter-faith|and||| |Goodwill|||||||||5,760|8,000| |Educational
fund|||||||||25,496|| |Bequests|||||||||150,853|445,406| |Ordinary
membership||subscriptions|||||||1,095|1,041| |Life membership
subscriptions|||||||||600|750| ||||||||||314,139|602,560| |Investment
income||||||||||| |Dividend
Income|||||||||144,128|127,580| |Bank Interest received|||||||||77|293| ||||||||||144,205|127,873| |Other income||||||||||| |Government
grant|||||||||15,934|22,923| |Total income|||||||||474,278|753,356| |Governance costs and expenditure|||||on charitable|activities||||| |Expenditure
on charitable|||activities||||||306,723|250,999| |Wages and salaries|||||||||53,348|56,032| |Legal and professional||fees|||||||7,763|8,405| |Other office costs|||||||||4,578|5,434| |Other interest payable||and similar charges|||||||211|215| |Medical relief funds|||||||||13,443|15,802| |Subscriptions|||||||||35|35| ||||||||||386,101|336,922| |Total expenditure|||||||||386,101|336,922| |Net gains on investments||||||||||| |Realised gain/(loss)|on sale of investments||||||||21,334|3,276| |Unrealised
gain/(loss)||on|investment||||||276,974|748,421| ||||||||||298,308|751,697| |Net income|||||||||386,485|1,168,131| |Year ended 31"M|arch|2022|||||| |---|---|---|---|---|---|---|---| |||||||2022|2021| ||||||||9| |Expenditure
on charitable||activities|||||| |Other Charitable
expenses|||||||| |Activities undertaken|directly||||||| |Other charitable expenses||||||652|462| |Welfare funds|||||||| |Activities undertaken|directly||||||| |Welfare Funds||||||62,839|29,148| |Place ofworship expenses|||||||| |Activities undertaken|directly||||||| |Place ofworship expenses||||||37,080|31,651| |Burial Ground
Fund - Upkeep and funerals|||||||| |Activities undertaken|directly||||||| |Burial Ground
Fund- Upkeep||and funerals||||26,455|23,145| |Repairs and maintenance|||||||| |Activities undertaken|directly||||||| |Repairs and maintenance||||||34,273|33,013| |Depreciation|||||||| |Activities undertaken|directly||||||| |Depreciation||||||71,671|71,994| |WZCC|||||||| |Activities undertaken|directly||||||| |WZCC||||||2,082|666| |Educational
funds|||||||| |Activities undertaken|directly||||||| |Educational
funds||||||23,051|18,700| |Religious funds|||||||| |Activities undertaken|directly||||||| |Religious funds||||||33,365|33,474| |Medical Relief Funds||||||13,361|15,720| |Library funds|||||||| |Activities undertaken|directly||||||| |Library funds|||||||200| |Sesquicentennial
Fund for Propagation||||ofZoroastrianism,|Inter-faith|and Goodwill|| |Activities undertaken|directly||||||| |Sesquicentennial
Fund for Propagation|||of|Zoroastrianism||15,255|8,546| |Governance costs|||||||| |Office salaries||||||53,348|56,032| |Auditors
remuneration||||||6,000|5,880| |Legal and other professional||fees||||1,763|2,525| |Telephone,
printing,
postage||and stationery||||4,578|5,434| |Bank charges||||||211|215| |General expenses||||||82|82| |Subscription
s||||||35|35| |||||||66,017|70,203| |Expenditure
on charitable||activities||||386,101|336,922| ## ## ## ## ## ## |Candidate|Proposer|Seconder| |---|---|---| |Mr. Kobad S.Avari|Mr. Gav D.Buhariwala|Mr. Ratan D.Buhariwala| |Mr. Darius J.Karkaria|Mr. Rustam S.Dubash|Mr. Perses C. Sethna| |Mrs. Shenaz B.Sadri|Mrs. Ashraf F.Falahati|Mr. Jamshid
Falahati| |Ms. Jesmin Sorab|Mr. Rohinton F.Munshi|Mr. Neville F.Sorab| |Mr. Kobad S.Avari|Mr. Gav D.Buhariwala|Mr. Javid S.Canteenwala| |---|---|---| |Mr. Malcolm M. Deboo|Mr. Behram R.Kapadia|Mr. Darius J.Karkaria| |Mrs. Parivash F.Kiani|Mr. Dorab E.Mistry OBE|Mr. Rohinton F.Munshi| |Miss. Shazneen Y.Munshi|Mrs. Shenaz B.Sadri JP|Ms. Jesmin Sorab| |Candidate|Candidate||Pro osed||Seconded| |---|---|---|---|---|---| |I.|Life member|Mr. Rusi K Dalai|Ms..lesmin|Sorab|Mr. Homi B.Keravala.| |2.|Life member|Mrs. Bapsy Dastur|Mr. Javid|S.Canteemvala|Mr. Dorab E.Mistry.| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ##