COMPANY REGISTRATION NUMBER: 1403266 CHARITY REGISTFIATION NUMBER: 277185 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Financial Statements 31st March 2024 BRIAN PAUL LIMITED Chartered Accountants & Statutory Auditors Chase Green House 42 Chase Side Enfield Middlesex EN2 6NF The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantse Financial Statements Year ended 31st March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members statement of financial activities (including income and expenditure account) 12 Statement of financial position 13 statement of cash flows 14 Notes to the financial statements 15 The following pages do not fomi part of the financial statements Detailed statement of financial activities 35 Notes to the detailed statement of financial activities 38 The Zoroastrian Trust Funds Of Europe {Incorporated) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {¢ontlnuedJ Year ended 31st March 2024 The trustees, who are also thg directors for tho purposes of compary18w, prÈsÈnt their report and the financial statements of the charty for the year ended 31st March 2024. R8ference and admIt)[strati￿ dètsil¥ Registered charlty namo The Zoroastrian Trust Fun(* Of Europg Ilncory)or8tedl Charity r*9iStrntlon number 277185 Company roglBtratlon numbgr 1403266 Prfnclpal offi¢e ond regLStered office zoi08stn.an Centre 44D Alexandra Avenua Harrow Midd18sex HA2 9TL United ￿ngdorn Managgm•nt Committ8è President Vice President Honorary T￿asUrer Honorary Secretary 8 YZ & Jt cornmunl￿tlon5 Offi￿r Joint Honorary Secretary XYZ Fun Club Coordinator & Jl Cornmunications Officer Special Project Officei Special Project Officer Ir8ni8n Community Engagemant Officer Communications Officèr Mr Malcolm M Deboo Mr Behram R Kapadia Mr Javid S Canteenwala Mr Rohinton F Munshi Ms Jesmin Sorab Miss Shazneen Y MUr￿h1 Mr Kobad S Avari Mr Yazad H Dalal Mr Khashayar Khoshraviani Dr Koka Karishma Tho Truste¢$ Mr Ru51 K D3lal Mr Dorab E Mistsy OBE Mrs Bapsy Da5tur Company $8cretsry Mr Rohinton F Mun5hi Auditor Brian Paul ￿rnited Chartered Account8nls & Registered Auditors Chase Gi88n House 42 Chase Side Enfield Middlesex EN2 6NF Bankers National Westminster Bank P 315 Stalion Road Harrow Middlesex HA12AD The Zoroastrian Trust Funds Of Europe {Incorporatedl Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Director's Report) {￿ntinUe&l Year ended 31st March 2024 Structures governanco and management The Company is limited by guarantee and was incorporated in 1978. It ￿ registered as a Charjty with the Charity Commission. Its operations are governed by rts Memorandum and Articles of Asswialion. The Chaiity was sel up lo advan￿ the Zoroastrlan Teligious faith, provide and maintain a burial ground and lo relieve poverty among Zoioaslrians, as detailed in the Charity's constitution. In so doing the Trustees confirm that they have complied with the duty in section 1715lg of the 2011 Charit￿S Act lo have regard to the guidance published by the Charty Commission in respect of public benefit. Appointment of Dlrectors and Trustees Management CommTitee Members are elected annually al the AGM by the Members of the Association, when one third of the Committee retire by iotation. Trustees are also elected directly by ass¢xiation members but serve for a period of seven years. Although the consif(ulional documents of the association draw a distinction b*ween Trustees and management Committee members, under Companies Act and for Chaity Commission purposes both these above categories are Irealed as Directors and Trustees. The President is elected directly by members present al an AGM from amongst the newly consti(Lrted Management Committee at its first meeting after an AGM. OrganisatSon and Management The Charity relies largely on the unpaid and voluntary serVi￿S of ils Trustees Managemènt Committee and a large number of volLtnleers. The Charity is run by the Trustees and Management Committee, who meet on a [[￿nthlY basis and also wmmunic8le frequently by email and on conference calls. The President, together with ea¢h portfolio holding member of the ManageffEnt Committèe is responsible for the day lo day running of the Charity. Specific sub-wmmrttees such as the Finance Sub-cornmittee and the Housè Commrtteè are charged with spe¢rfi¢ responsibilities. The Trustees provide periodic guidance and review the affairs of the Charity at meetings with the portfolio holders and at specific meetings of the Trustees. Induction of Management Commlttee Memb&rs and Trustees Newsy elected Members and Trustees are required lo familiafise Ihemsefves with relevant publications of the Charity Commission and Companies House Dn their dulles and responsibilities. A programme of mentoring newly elected Members by their more experien¢ed colleagues is also in plaGe. Related Partles The Charity has no subsidiarigs or related parties. Risk Management The Management Committee and the Trustees undertake a revlew of the Charity's financial assets, availab￿ reserve5 and potential liabilities as a measure of prudent risk managèment at least once each year. From time lo time other Strateg￿ and operational risks faced by the Charity in relation lo ils property and ils activities are also reviewed. Appropriate measures including the use of insurance are taken to mrtigate partially or eliminate Gomplelely their potential impact. The Zoroastrian Trust Funds Of Europe (Incorporated) Company Llmlted by Guarantee Trustees, Annual Report Ilncorporating the Director's Report) fcontlnuedj Year ended 31st March 2024 Oblectlves and actlvities The Charity seeks to proV￿e services of a religious, social and cuttural natu￿ to Members of the Zoroastrian Farth, one of mankind's oldest religions, now recognised as one of the nine major religions practised in the UK and Europe. The Charty maintains the only Zoroastrian Place of Worship in Eijrope al the Zoroastrian Centre in Harrow as well as the first Zoroastrian Burial Ground in Europe at Brookwood in Surrey. Th8 ¢elebralKtrn of Zoroastrian festivals and the conduct of prayers, rttuals and ieluious worship are a cornerstone of its activities. Th@ Charity actively partieipales in Wor￿W￿e Zoroastrian c4)mmunty affairs part￿UlarlY in relation to education, We￿are, and social uplift. Th8 Charity also parhcipales actively in UK and European Inter-faith organisations. Strategic report The following sections for achievements and perforrnance and financial review form the strategic report of the charity. Achievements and perfomianc$ The Association 15 gTaleful lo its in-house investment sub-commtitee which handles the management of the investments. The sub-committee reports to the Finance committee and periodically also reports to the Trustees and the Management Committee. Financial review The Income of the Charity for the year ended 31st March 2024 was £1,350,097 12023.. £925,535), whereas the costs of Charitable Activities were £1.043.462 {2023'. £600,309) and Govemance Costs were £72,32612023.. £67.8891 The realised gain on Investments was £7,881 12023= £nill whereas the unrealised gain amounted to £95,511 12Q>23'. Ioss £1SO,9021. The nel movement in funds for the year was a surplus sum of £337,701 12Q23.. £66,4351_ The Chari(y benefited from ils prudent investment policy. The portfolio is constantly reviewed by the inveslmènl sub-committee and also by the Trustees and the full managing commttee. The FKJlicy of investing in blue chip dividend paying Companies as well as reputable dividend paying investment trusts and funds helped in providing 8 Steady income stream for the charity_ During thè year the overall nel assets of the charity inGreased from £7,861,901 to £8,199,602. The income of the charty is primarily derived from voluntary donations made by members of the community, subscriptions, major donations from munificent patrons and other benefactors, bequests as well as investment income and gains. The subslanlial reserves prudently held by the charity have stood il in good stead during these uncertain economic times. The results of the year are set out in detail on page$ 12 - 38 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Truste8s' Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31st PlIarch 2024 Financial revlew (continuedj Inv9Stment Powers and Pollcy All investments held by the Charity have been acquired in accordance with the powers invested in the Trustees and Management Committee by the Articles of Association The investment policy of the Charity aims at balancing the need for growth and income while preserving capf(al. The Trustees and Management Committee rernain responsible for determining the Investment policy and its implemental￿n, bul the task of maintaining the portfolio has been delegated lo o sub-commiliee and independent brokers Charles Stanley, acting in consultation with the Trustees. The inveslfftent policy 1$ based on the following ¢rileria'. 1. A reasonable spread of investments across mainly UK market sectors including a significant proportion in hiqher income yielding stocks. UK government securities and treasury deposits. 2. Exercising prudence in balancing security of capital with the need lo generatè income. complying wrth charity legislat￿n and the Charity's wnstilulion. Reservgs Pollcy Upon the Sale of the fr￿hold propety al 88 Compayne Gardens in 2005, sixty-five {65} percent of the surplus was transfetr&Y lo the Unrestricted Designated Funds in order to ensure that income and gains from these investments will balance or exceed the running and maintenance expenditure of the association. This would ensure that the charity would have sufficient income to maintain ils current level of activities for the foreseeable future. For thè purpose of the runnin9 COSt5 and maintenance of the Zoroastrian Centre. a reserve is funded by the investment portfolio. Trustees. responsibilities statèment The trustees. who are also diredors for the purposes of company law. are responsible for preparing the Injslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally AC￿pted Accounting PraclKel. Company law requires the charity trustees lo prepare financi81 statements for each year which give a tnje and fair view of the stale of affairs of the charitable company and the incoming resources and application of resourees, including the income and expenditure. for that period. Letter of representation We have fU￿illed our responsibil(£ies, os Iruslees, as set out in the lems of the audf( engagement datèd 23 September 2015, for the preparation of the financial statements in accordance with the Companies Act 2006 and Unrtèd Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) which gwe a true and fair view of the financial position of the Company as of {31 March 20241 and of the results of ils operations and its cash flows for the year then ended and for making a¢curale representations lo you. The financial ststements are free of material misstatements. including omissions. We believe that those uncorrected misstatements identified during the audit are Immaterial both individually and in aggregate to the financHI statements as a whole. We consider, as Iruslees, that having regard lo the pos(cion of the company at the date of this letter and the cir¢umslances which we consider likely lo occur during the coming year, there is a reasonable expectation that the company has adequate resouices to continue operations for the foreseeable future. For this reason, we believe that it is appropriate to adopt the going concern basis in preparing the financial statements. The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Trustees, Annual Report {In¢orporating the Director's Reportl (Conflnuedj Year ended 31st March 2024 In preparing these financial 8latemenls. the Iruslee5 are required lo.. select Suitab￿ accounting policies and then apply them consistenlty., observe the methods and principles in the applicable Charf(ies SORP.. make judgments and accounting estimates that are feasonable and prudentr, stale whether applicable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial stslemènts on the going concern basis unless it is inappropriate to presume that the chartty will continue in business. The trustees are responsible for keeping adequate acttDunling records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Gharity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chattty and hence for tsking reasonabk steps for the prevention and detection of fraud and other irregularrties. Auditor Each of the persons who is a trustee al the dale of approval of this report confi'rms that". so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee lo make Ihemsefves aware of any relevant audrt information and to establish that the charity's auditor is aware of that infomialion. The Iruslees, annual report and the strategic report were approved on 30￿ December 2024 and signed on behalf of the board of trustees by- 'MrM M Deboo Presldent J S Canteenwala Treasurer The Zoroastrfan Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) Year ended 31st March 2024 Opinion We have audited the financial slalemenls of The Zoroastrian Trust Funds of Europe {Ineorporated) (the 'charily? for the year ended 31st March 2024 which comprise the slalement of financial activities (including income and expendrture a￿o￿ntI, slalement of financial position, slalement of cash flows and the ￿lated notes, including a summary of significant accounting policies. The financial reporting framework that has been applEd in their preparation is applicabl& law and United Kingdom A¢¢ounting Sl?ndards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalements.. give a true and fair view of the slate of the charity's affairs as al 31 sl March 2024 and of ils incoming resources and application of resource$, including its income and expenditure, for the year th8n 8nd8d,' have been properly prepared in accordance with United Kingdom Generally Accepted A￿OUntIng Practice., have been prepared in accordance wth the requiiemenls of the Companies Act 20Ckn. Basis for op5nlon We conducted our audit in accordance with Inlemational Standards on Audiiing (UK) IISAS lu￿) and applicable law. Our responsibilrties under those standards are further des¢nbed in the auditor's responsibilities for the audit of the fIna￿la1 statements section of our report. We are independent of the charity in a¢rnrdan¢e with the ethical requirements that are relevant lo oui audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is Sufficient arKI appropriate to provide a basi8 for our opinion. Conclusions relating lo golng concern In auditing the financwl statements, we have concluded that the Irustee$' use of the going COn￿M basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identrfied any maleiial uncertainties relating to events or conditions that, indr￿IdUallY or ¢olle¢tively, rnay Gast significant doubl on the charity's ability to continue as a going concern for a period of at least ￿e1ve months Irom when the financial slalemenls are aulhorised for issue. Our responsibilities arKI the rèsponsibilities of the trustees wth iespect to going concem are described in the relevant sections of this report. The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) Iconiinued) Year ended 31st March 2024 Other informatlon The other inforniation comprises the infomalion included in the annual report, other than the financial slalemenls and our auditor's report thereon. The trustees are responsible for the other infomiation_ Our opinion on the financial statements does nol cover the other information and, except lo the extent otherwise explicitly stated in our report, W8 do not expres5 any fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is lo read the other information and. in doing so, consider whether the other infomialion is materially inconsistent with the financial slatemenls, or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent fflal8rial misstatements, we are required lo determine whether the￿ is a material misstatement in the financial sialements or a material misslalement of the other infomiation. If, basèd on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on olher matters prescribod by the Companies Act 2006 In our opinion, based on the work undertaken in the coursè of the audit.. the infomation given in the Iruslees, report for the financial year for which the financial statements ?re prepared is consistent wf(h the financial statements- and the Iruslee5' report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowlèdge and understanding of the charity and its environment obtained in the course of the audit, we have not Kjenlified material misslalements in the tru5tees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, In Dur opinion". adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial slalements are not in agreement with the accounting records and returns., or certain discbsures of Iruslees. remuneration specrfied by law are not made.. or we have not recelved all the Infomation and explanations we require for our audit. The Zoroastrlan Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Independent Auditor's Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporatedl (contlnuod) Year ended 31st March 2024 Responsibilities of trustees As explained more ful￿ in the Iruslees. responsibilities slalernent, the trLJslees (who ar8 also the directors for the purposes of company lawl are responsible for the preparation of the finan¢ial slalemenls and for being satisfied that they give a true and fair view, and for such inlemal control as the Iruslees detemiine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the tru31ees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as appli¢3ble, matters related to going concern and using the going concern basis of accounting unless the trustees e(ther intend lo liquidate the charty or to cease operat￿nS, or have no realistic alternative bul to do so. The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Indep8ndent Auditorfs Report to the Members of The Zoroastrian Trust Funds Of Europe {Incorporated} (contlnued) Year ended 31st March 2024 Auditorfs rgsponsibilitie5 for the audit of thg financlal statements Our objectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from malerkAI misstatement, whether due la fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuiance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delect a material misslalement when il exists. Misstatements can arisè from fraud or error and are considered material rf, individualty or in the aggreg21e, they could reasonably be expected to influence the economie decisions Df users tsken on the basis of these finarKial statements. Irregularities. including fraud, are instanees of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material misstatements in respect of irregularities, in¢ludin9 fraud. The extènt to which our procedures are Capable of detecting iiregularilies. including fraud is detailed below- Audit rèport irregularities Ther& is a presumed risk that revenue may be misstated due lo the improper recognition of revenuè. To address this risk, we obtained an understanding of the company's revenue ￿CognItion policies and compared these to the accounting standard, performed a walklhrough lo confirm our understanding of the processes and controls through which the business initiates, record5, processes and rew)rts revenue lonsactions. We tested a sample of revenue transactions lo supporting evidence and tested, on a sample basis. revenue reL8led balances in the balance sheet. Irregularities, including fraud. are instances of non-complian￿ with laws and regulation5. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, in¢luding fraud. The extent lo whlch our procedures are capable of detecting irregul8ri1ies. induding fraud is detailed below The extent to whSch the audit was considered capable of detecting Irregularlties including fraud. Our approach to idenlfying and assessing the risks of material misstatement in ￿Spect of irregularities, including fraud and non-compliance with laws and regulations, was as follows". the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regtjlalions applicable to the company through discussK)ns with directors and other management, and from our commercial knowledge and experience of the pharma￿￿tIcal sectOT', we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the ¢ompany, including the Companies Act 2006, UK Taxes Acts, data protection, anti-bribery, emplOy￿ent, environmental and health and safety legislation and Char"ty Act 2011 regulations- we assessed the extent of compliance with the laws and regulations identrfied above through making enquifies of management and inspecting legal coiiespondence,. and identified laws and regulations were communicated wf(hin the audit team regulady and the team remained alert lo instanGes of non-compliance throughout the audit. The Zoroastrian Trust Funds Of Europe {Incorporated) Company Limited by Guarantee Independent Auditor'5 Report to the Members of The Zoroastrian Trust Funds Of Europe (Incorporated) (conUnvedJ Year ended 31st March 2024 We assèssed the susceptibilty of the company's financial statements to material misstatement, including obtaining an understsnding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibilty to fraud. their knowledge of actual, suspected and alleged fraud, considering the inlemal controls in place lo mitigate risks of fraud and non-complrance with laws and regulations, and To address the risk of fraud through management bia5 and override of controls, w9.. perfomied analytical procedures to identify any unusual or unexpected relationships- tested journal entries lo identify unusual liansactions., invasligaled the rationale behind signifiGanl or unusual transactions,. and In response to the risk of iffegularf(ies and non-compliance with laws and regulations, we designed pro¢edures which included. bul were not limited lo.. agreeing financial statement disclosures lo underfying supporting documentath)n'. enquiring of management as to actual and potential litigation and cLgims,' There are inherttnt limitations in our audrt procedures described above. The more ramoved that laws and regulat￿nS are from financial transaction$, the less like￿ it is that we would b￿Qme aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-¢omplianc9 w(th laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. As part of an audit in accordan￿ with ISAS {UKI, we exercise professional jud9m8nt and maintain professional sceplicism throughout the audit We also". Identify and assess the risks of material misslalement of the ffnancial statements. whether due to fraud or error, design and perform audr( procedures responsive lo those rÉsks, and obtain audit evidence that is sufficient and appropriate lo providè a basis for our opinion The risk of not detecting a material miss181emenl resulting from fraud is hEher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understsnding of internal control relevant to th8 audit in order lo design audit procedures that are appropriate in the circumstances, blrt not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related dis¢losures made by the trusl88S. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audff( evidence obl8ined, whether a material uncertainly exists related lo e￿nts or conditions that may cast significant doubl on the charity's abllily to continue as a going concern. If we conclude that a material Ljncertainty exists, we are required to draw attention in our audilorfs report to the related disck)sures in the financial statements or, if such disclosures 10 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Independent Auditor's Report to the Members of The Zoroastrlan Trust Funds Of Europe (Incorporated) (¢aitrtln￿Itj Year ended 31st March 2024 are inadequate, to modfy our opinion. Our conclusions are based on the audit evidenGe obtained up to the dale of our auditor's report. However, future events or condTtions may cause the ¢harily to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including ihe disclosures, and whether the financial statements represent the underfying transsclions and events in a manner that achieves fair presentation. We communicale with those eharged with govemance regarding, among other matters, the planned scope and liming of the audrt and signrficant audr( findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so that we might stste to the charity's members those matters we are required lo state lo them in an auditor's report and for no other purpose. To the fullest extent pemttted by law. we do not accept or assumè responsibilty to anyone other than the charity and the Gharity's members as a body, for our audft work, for thi5 report, or for the opinions we have formed. Parvez Dalal FCCA, ACA Senior Statutory Auditor For and on behalf of Brlan Paul Limited Chartered Accountants & Reglstered Auditors Chase Green House 42 Chase Side Enfield Middlesex EN2 6NF 3rf January 2025 11 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Llmlted by Guarantee ststement of Financial Actlvltles (including income and expenditure account) Year ended 31st March 2024 2024 Reslricled funds Total funds 2023 Unrestricted funds Total funds Nolg Income and endowments Donations and legacies Investment income 164,574 61,378 972,274 151,871 1,136,848 213,249 754.344 171.191 Total income 225,952 1,124,145 1,350,097 925.535 Expenditure Expènditure on charitable 8Ctivilies Total expenditur& 350,860 764,928 1.115,788 668,198 350,860 764,928 1.115,788 668,198 Net lossesllgainsl on investments (29,759) 173,6331 1103,3921 190,902 Net income and net movement in funds 195,149) 432,850 337,701 66,435 Reconciliation of funds Total funds brought forward Total funds carried for*iard 2.262,849 5,599.052 7.861,901 7,795,466 7,861,901 2.167.700 6,031,902 8,199,602 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page$ 15 to 38 form p3rt of the$e Ilnanclal statements. 12 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Statement of Financial Position 31st March 2024 2024 2023 Note Flxed assets Tangible r￿ed assets Investments 14 2,213.827 15 5,360.009 2,284,991 4,357.059 7,573.836 6,e42.050 Current assets Debtors Cash at bank and in hand 16 37,319 636,801 221.662 1.299.033 674,120 1.520,655 CredStois- amounts falling due within one year Net Gurrent assets 17 48,354 300,804 625,766 1,219,851 Total assets less current liabilitios 8,199,602 7,8S1,901 N8t assets 8,199,602 7,861,901 Funds ofthe charity Restricted funds Unrestricted funds 6,031,SD2 2,167,700 18 8,199.602 5,599,052 2,262.849 7,861,901 Total charity funds These financial stslemenls were approved by the board of trustees and aulhorised for issue on 30th December 2024 and are signed on behalf of the board by.. rMMDeboo Presld8nt J S Canteenwala asurer The notes on pag￿ 15 10 38 form part of these financial stst•m•nts. 13 The Zoroastrian Trust Funds Of Europe {Incorporated) Company Limited by Guarantge statsment of Cash Flows Year ended 31st March 2024 2024 2023 Cash flows from operating activlllgs Net income 337.701 66,435 Adjuslm8nls for. Depreciation of tangible fixed assets Nel Ilossesllgains on investments Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Accrued expensesllin¢omel 71.164 71,397 1103,3921 190,902 1203,2151 1166,5161 110,0341 14,6751 403 421 30.796 3.378 Changes in.. Trade and other debtors Ttade and other creditors 184,303 1299.9361 7.790 1195,0911 282.419 Cash generated from Operat￿nS 248.670 Interest paid Interest wewed 14031 10.034 14211 4,675 Nel cash from operating activities 17,421 252.924 Cash Ilows from inve$ling actlvities Dividends. interest and rents from investments Purchases of other inve3tment5 Proceeds from sale of other invastmenls 203,215 166,516 1949.5251 1328,8971 66,657 16.691 Nel cash lused inllfrom investing activities 1679.6531 1145,6901 Net increase in cash and cash equivalent5 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1662.2321 1,299.033 107,234 1.191,799 636,801 1,299,033 The notss on pages 15 to 33 fomi part of th•¥• finan¢lo1 $tatsm•nts. 14 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notgs to the Financial Statements Year ended 31st March 2024 General informatlon The charity is a public benefft enlily and a private company limited by guarantee, regisleTed in England and Wales and a registered charity in England and Wales. The address of the registered Offi￿ is Zoroastrian Centre, 440 Alexandra Avenue, Harrow, Midélesex, HA2 9TL, United Kingdom. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Fir￿ncial R8POrting Standard appliGable in the UK and the Republic of Ireland,, the Stslement of Recommended Practice applicable lo charrf(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the CompanEs Act 2006. Accounting pollcles Basis of prepardtion The financial statements have been prepared on the hislori¢al cost basis, as modified by the revaluation of certain financial assets and liabilities ané investment properties measured at fair value through income 01 expenditu￿. The financial statements are prepared in sterling, which is the functional currency of the entty. Going concern The charity Considers that there a￿ no material uncertainties about the charity's ability to eonlinue as a going Gon￿￿. The most significant areas of uncertainty that affect the carrying value of assets held by the charty Is the performance of investment markets Isee the investment policy performance and risk management sections of the trustees annijal report for more infomialionl. Judgements and key source5 of estimation uncertainty In producing these accounts the twslees have considered accounting policies and relgvant eslimales. In the Iruslee5 opinion and to the best of their knowledge significant accounting entries are based upon facts. However, these accounts do include estimates in relation to useful life of assets and immaterial accruals. 15 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantse Notes to the Financial Statements Ic¢)ntlnue Year ended 31st March 2024 Accounting pollcles {¢ontlnuedJ Fund accounting Unreslrtied funds are available for use at the dis¢retion of Ihe Iruslees to further any of the chority's purposes. DesEnated funds are unrestricted funds earmarked by the trustees for particukr future project or commitm8nt as set out in the notes lo the accounts Reslricled funds are subjected lo restrictions on their expendtiure deGlared by the donor or through the terms of an appeal, and fall into one of two sub-cla$se$'. reslri¢led income funds or endowment funds. The charity has no sel policy on transfer between funds, wth individual transfers arising as a Consequen￿ of specific funding requirements. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. il is probable that the economic benefrts associaled with the transaction will flow lo the charity and the amount can be reliably measured. The following specrfic policies are applied to particular ￿tegOrieS of income.. income from donations or grants is recognised when there is evidence of entitlement to the grft. recwpl is probable and rfcs amount can be measured reliably. logacy income is reGognised when receipt is probable and enlillemenl is established. incorne from donated goods is measured al the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the account5 when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is cLgssrfied as unreslricled funds unless there is a contractual requirement for it lo be spent on a particular purpose and ￿lumed if unspent. in which case rt may be regarded as restricted. 16 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Financial Statements (coiitlnue(4 Year ended 31 st March 2024 Accountlng pollcles (continued) Resources expended Expenditu￿ is recognised on an ￿ru815 basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststemenl of financial actfvilies to which it relates". expenditure on Taising funds includes the costs of all fundraisSng actfvities. events, non- charitable trading aclwilies, and the sale of donated goods. expenditure on ch8r((able acliv((ies includes all costs incurred by a charity in und8rtaking livilies that further ils charitable aims for the benefit of Ils beneficiaries, including those support costs and costs relating to the governan￿ of the charity apportioned to charf(able livilie6. other expendf(ure includes all expenditure that is neither relal8d lo raising funds for tho charity nor part of ils expenditure on charitable aclThiities. All eosts are allocated to expenditure categories reflecting the use of the resourGe. Direct costs attributable to a single activty are allocated directly lo that aclivty. Shar8d costs are apportioned be￿een the activities they contribute to on a reastsnable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently slated al cost less any accumulated depreciation and a¢cumulaled impairment losses or at a ievalued amount. Deproclatlon Depreeiation is calculated so as to wri(e off the ¢Dsl or valuation of an asset, less ris residual value, over the useful economic life of that asset as follows: Freehold property Fixtures and fillings 2Yo slraighl line 15°/ts reducing balance 17 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Financial Statements (Contin￿ Year ended 31st March 2024 Accounting poll¢19S (contsnu8¢lJ Investments Investments are a form of basic financial instrument and are initially recognised al th￿r IransaolKJn value and subsequently measured al their lair value as at the balance sheet date using the closing quoted market price. The slalemenl of financial activities includes the nel gains and losses arising on revaluation and disposals during the year. The eharily generally does not acquire pul options, derivatives or other Complex financial inslrumenls. Investments are mgde in equities, funds and money market deposits. The main forms of financial risks fxed by the charity are thal of a lack of support from the comniunty. volatility in equity markets and investment markets due to wider economi condrtions, the attrtude of investors lo investment risk and chang85 in sentiment concerning equities and wf(hin particular sectors or subsectors. Invgstrnent Income and bank interest Investment income and bank interest are apportioned lo the credit of the unutilised restricted funds, general and designated unrestr￿ed funds based on the value of the relevant funds at the beginning of the year. Investment income and bank interest have not been allocated lo those funds whiGh were ￿1 aside for the acquisf(ion and refurbishment of properties. Realised gains or lossès on sale of Investments All gains and losses are taken lo the Statement of Financial A¢tivf(ie8 as they arise. The gains or kjsses on the sale of the investments are apportioned to the credit or debil of the unutilised restricted funds and the general and designated unrestricted funds based on the value of the relevant funds al the beginning of the year. The gains and losses on the sale of investments have not been allocated to those funds which have been utilised for acquis((ion and refurbishment of properties. Unrealis•d gains or losses on investments Unrealised gains and Ioss8s are calculated as the difference between the fair value al the year end and their carrying value. Unrealised gains or losses arising on the valuation of investments are apportioned to the credit or debit of the unulilised restricted funds and the general and designated unreslrieted fijnds based on the valLJ2 of the relevant funds al the beginning of the year. Unrealised gains or losses arising on the valuation of investments have not been allocated lo those funds which have been utilised for acquisition and refurbishment of properties. Urbreal&sed gains arising on the revaluation of the freehold property acquired from reslriGted funds are apportioned to the credit of the restricted fund. Llfe subscriptions Lrfe subscriptions received during the year are taken into the income and expenditure account. 18 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notos to the Financial Statements (eontinuedj Year ended 315t March 2024 Accounting policies (continue Flnancial instrumènts A financial asset or a financial liability is recognised only when the entity becomes a paty lo the contractual provisions of th6 inslrumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any r8laled transaction costs, unless the arrangement consl(cules a financing transaction, where it is recognised al the pr8s8nt value of the future payments discounted al a market rale of interest for a similar debt instrumènt. Current assets and current liabilities are subsequently measured al the cash or other consideration expected to ba paid or received and not diswunted. Debt inslrumenls are subsequenlty measured at amortised c(18t. WheTe inveslmenls in shares or preference shares are publicly traded or their fair value can othen￿lSe be measured reliably, the investment is subsequently measured al fair value with changes in fail value recognised in income and expendiluie. All other such investments are SLJbsequ&ntly measured al cosl18ss impaiiment. Irrecoverable VAT Irrecovefable vat is charged against the expendf(ure heading for which il is incurred. Penslons Employee5 of the charity are enlitled lo join a contribution 'money purchase, scheme. The charity contribution is restricted lo the Contributions disclosed in note 12. The costs of defined contribution scheme are included within support and governance costs and charged lo the unrestricted funds of the charity. The money purchase plan invests the contribulions made by the employee and employer in an investment fund to build up over the term of the plan. The pension fund is then converted into a pension upon the ernployee's normal retirement age which is defined as when they are eligible for 8 State pension. The charity has no liability beyond making ils contributions and paying aGr055 the deductions for the employee's conliibutions. Llmlted by guarantee The Company 15 limited by guarantee and was in¢orporated in 1978 in EngLgnd and Wales. 19 The Zoroastrian Trust Funds Of Europe {Incorporated) Company Limited by Guarantee Notes to the Financial Statements fcontlnuodj Year ended 31st March 2024 Donatlons and legacie5 Unreslri¢ted Funds Restricted Total Funds Funds 2024 Donations Donations.. lolherl Burial Ground Fund - Upkeèp and funerals wzcc Place of Wofship Medical relief fund Poor Peoples Project Religious funds Mobed fund Sesquicentennial Fund for Propagation of Zoroastrianism, Inler-fai(h and Goodwill Incorne tax recoveTable Beque$l$ 63,684 4.S56 72,077 21,757 63,684 4,656 72,077 26.613 3,022 2.639 502,965 13,247 4,856 3,022 2,639 502,965 13,247 20.545 425,000 20.545 425.000 Subscrlptlons Ordinary membership subscriptions Life membership subscriptions 1,050 1,350 1.050 1.350 164.574 972,274 1.136,848 Unrestricted Funds Re5trKted Total Funds Funds 2023 Donations Donations.. lolherl Burial Ground Fund - Upkeep and funerals vvzcc Place of worship Medical relief fund Poor Peoples Projgcl Religious funds Mobed fund Sesquicentennial Fund for Propagation of Zoroastrianism, Inler-failh and Goodwill Income lax recoverable Bequests 124,753 29,530 2,513 124,753 29,530 2,513 9.642 6,230 2.627 22,047 12,875 9,642 6,230 2,627 22,047 12.875 1,500 1,500 12,242 525,000 12,242 525,000 Subscriptlons Ordinary membership subscriptions Lffe membership subscriptions 1.185 4,200 174,423 1,185 4,200 754,344 579,921 20 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantse Notes to the Financial Statements Year ended 31 st March 2024 Investment income Unrestricted Funds Rastri¢lgd Total Funds Funds 2024 Dividend Income Bank Interest received 58,468 2,910 144.747 7,124 151.871 203,215 10,034 61,378 213,249 Unrestricted Funds Reslrided Total Funds Funds 2023 Dividend Income Bank Interest recelved 54,749 1,537 111,767 3,138 166,516 4,675 56.286 114,905 171,191 Expendlture on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Other Charitable expenses Welfare funds Development expenses Pla￿ ol worship expenses Burial Grou[￿ Fund - Upkeep and funerals Repairs and maintenance Depreciation vvzcc Educational funds Religious funds 'brary funds Sesqu1￿ntennlal Fund for Propagation of Zoroastrianism, Inter-faith and Goodwill Support costs 1.007 40.076 1.007 40,076 70.515 41.439 37,786 74,703 71,164 75,468 33,005 585.992 70,515 41,439 37,786 74,703 1,742 75,468 69,422 33,005 585.992 12.307 12,307 72,326 72,326 344,547 771,241 1,115,788 21 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limlted by Guarantee Notss to the Financial Statements irontinyed) Year ended 31 st March 2024 Expendlture on charltable actlvltles by fund type Icontinu8dl Unrestricted Funds Restricted Total Funds Funds 2023 Other Charf(able expenses welfa￿ funds Development expenses Place of worship expenses Burial Ground Fund - Upkeep and funerals Repairs and maintenance Depreciation 2,367 88,386 2,￿7 88,386 51,146 26,426 228,248 1,975 1,744 51,146 24,002 228,248 71,397 1,744 33.900 73,759 907 69,422 wzcc Educational funds Religious funds Library funds Sesquicentennial Fund for Propagation of Zoroastrianism, Inter-faf(h and Goodwill Support costs 33,900 73,759 907 22,028 22,028 67.889 67.889 468.182 20D,016 668,1S8 Expenditure on charltable actlvltles by activity typo Activities undertaken directly Support Totsl funds costs 2024 Total fund 2023 other Charitable expenses Weware funds Development expenses pla￿ of worship expenses Burial Ground Fund ~ Upkeep and funerals Repairs and maintenance Depreciation wzcc Educational funds Religious funds Library funds sesqUi￿n1ennlal Fund for PrOpagaI￿n of Zoroastrianism, Inter-faith and Gorxlwill Governance costs 1,007 40,076 70,515 41,439 1,007 40,078 70,515 41,439 2,367 105,716 51,146 37,786 74,703 71,164 75,468 33,005 585,992 37,786 74,703 71,164 75,468 33,005 585,992 24,002 228.248 71.397 1.744 33,900 58.854 907 12.307 12,307 72,326 22.028 67,889 72,326 1,043,462 72,326 1,115,788 668,198 22 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Flnancial Statements (¢*fttlnu¢dJ Year ended 31st March 2024 Net (loss8sllgains on Investments Unr8Stri¢led Funds Restricted Totsl Funds Funds 2024 Realised gainlllossl on sale of investment Unrealised gainlllossl on investment 2,268 27,491 5,613 88.020 7,881 95,511 29.759 73,633 103,392 Unrestricted Funds Restr￿ted Total Funds Funds 2023 Realised gainllkjssl on sale of investmenl Unrealised gainllbssl on Investment 162,7671 1128,1351 1190,9021 162,787) 1128,1351 1190,9021 10. Net income Nel income is statéd 8fter chargingllerediling).. 2024 2023 Depr8ciation of tangible fixed assets 71,164 71,397 11. Auditors, remuneration 2024 2023 Fèps payable for the audf( of the financial slalements 6,300 6.180 23 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Llmited by Guarantee Notes to the Financial Statements (Conlthuedj Year ended 31st March 2024 12. Staff costs 2024 2023 Wages and salaries 94.538 89,741 Social securty costs 7,333 2,989 Employer pension contribution 1,881 1,656 103.752 The average weekly number of employges excluding directors was 412023.. 41. In addition to Salaried employees and contribution of lime by the Trustees and the M8nagemnt Committee l Directors wilhoul remuneration, other volunteers contributed a signrfiGanl amount of time to the charrty by providing professional and other services during the year. Due lo the drfficuty in detemiining their value, contributed services are not recorderJ in the financial statements. There are no employees wi(h eTholurnenls above £60,000. 13. Trustee remuneration and expenses None of the Twstees or Management Committee Members received any remuneration nor reclaimed any personal expenses during the year. 14. Tangible fixed assgts Freehokl Fixiures and property fittings Total Cost At 1st April 2023 and 31st March 2024 Depreclation At 1st April 2023 Charge for the year At 31st March 2024 3,492.131 179,315 3,671,446 1,215,947 69,843 1.285,790 170,508 1,321 1,386,455 71,164 171,829 1,457,619 Carrying amount At 31st March 2024 2.206,341 7,488 8,807 2,213.827 2.284,991 At 3151 March 2023 2.276,184 24 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Financial Statements i¢onlinu80) Year ended 31st March 2024 14. Tan9ible fixed assets (continue Freehold Properties Breakdown Harrow Brwkwood Total Cost at 1$1 April 2023 3,471,080 21,051 3,492,131 Depreciation At 151 April 2023 Chargo for the year 1,207,117 69,422 8,830 421 1,215,947 69,843 At 31st Mar¢h 2024 1,276,539 9,251 1,285,790 CaTrying amount Al 31st March 2024 2,194,541 11,800 2.206.341 Al 31st March 2023 2,253,963 12,221 2,276,184 8rookwood is a freehold propety. Depreciation has been provided on freehold properties at 20ts per annum on Slraighl line basis. In the opinion of the Truste8s and Management CommitteelDireclors, the market value as al 31st Mareh 2024 exceeds the bo(It value shown above. All tangible fixed assets are held for conducting the charity's acliv¢ties. These include heritage assets which would have been donated al various times and for which no values can be attribLrtèd within the financial slalements. 15. Investments Listed Investments Cost or valuation At 1st April 2023 Additions Disposals Fair value movements 4,357,059 949,525 166,6571 120.082 At 31st March 2024 5,360,009 Impairment At 1st April 2023 and 31sl March 2024 Carrying amount At 31st March 2024 5,36Q.009 At 31st March 2023 4,357,059 All investments shown above are held at valualion. 25 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Llmlted by Guarantee Notes to the Financial Statements (contlnued) Year ended 31st March 2024 15. Investments (ct>tstinu Flnancl81 assets held at falr value Listed Inveslrnents Premium Bonds Total Cost at 1st April 2023 Additions Disposals Fair value movements 4,356.124 949,525 166,657} 103,392 16,690 935 4.357,059 949,525 166,6571 103,392 16,690 At 31st March 2024 5,359,074 935 5.360,009 Historical cost al 31st March 2024 3,690,320 935 3,691,255 Historical cost al 31st March 2023 3,393,407 935 3,394,342 The net Unreal￿ed gain al 31st March 2024 amounted lo £95.511 12023.. unrealised loss £190,902) and nel realised gain al 31st March 2024 amounted lo £7.881 12023: £nll). 16. Debtors 2024 2023 Other debtors 37.319 221,622 As of 31 March 2023, the unusually high balances in other debtors include amounts paid in connection with the 8 Vvorld Zoroastrian Youth Congress land the WZCC Conclave). whlch took place in July and August 2023, respectively. 17. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Other crèdrtors 46,264 2,090 15,468 285,336 48,354 300,804 As of 31 March 2023, the unusually high balances in other creditors include amounts receweo)ofoo￿￿>￿￿Ots CO(fJ47JOrin i C4 ￿0 r￿￿￿￿)000(0￿ itror￿l￿I￿ovi(o <0 to cry orno invvooorCO0 T5 JE IL ￿ > J t15 J) U>LL ¢0 i u z ZLL¢0¢￿ O) Pl 10 *LfJ Lnio ¢D V n¢XI o)0 C40 to (OVp*Lnin *¢D LL O LL aiDW JLL a> &￿00¢n£ ID trpww t ¢7) ) ¢0 o) 10 17) rts) Ln LC* o z ¢JJ )￿ to The Zoroastrian Trust Funds Of Europe (Incorporated) Company Llmited by Guarantse Notes to the Financial Statements (eonunue Year ended 31st March 2024 19. Analysis of net assets botween funds Unrestricted Funds Restricted Total Fund$ Funds 2024 Tangible frxed assets Investrnenls Current assets 2,213,827 3,418,925 399,150 2,213.827 5,360,009 625,766 1.941,084 226,616 Net assets 2,167,700 6,031,902 8,199,602 Unrestricted Funds Reslricled Total Funds Funds 2023 Tangible fixed assets Investments Current assets 2,284,991 2.377,482 936,579 2,284,991 4,357,059 1,219,851 1,979,577 283,272 Net assets 2,262,849 5,599,052 7,861,901 20. Analys1$ of changes in net debt At Al 1 Apr 2023 Cash flows 31 Mar 2024 Cash al bank and in hand 1,299.033 1662.232) 636.801 33 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Management Information Year ended 31st March 2024 The following pages do not fom part of thg financlal statements. 34 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Detailed Statement of Financlal Activities Year ended 31st March 2024 2024 2023 Income and endowments Donations and legacies Donations.. {other) Burial Ground Fund - Upkeep and funerals wzcc Place of worship Medical relief fund p[￿1 Peoples Project Religious fvnds Mobed fund Sesquicentennial Fund for Propagation of Zoroastrianism, Inler-failh and Goodwill Income tax recoverable Bequests Ordin8ry membership subscriptions Lrfe rnembership subscriptions 63,684 4,656 72,077 26,613 3.022 2,639 502,965 13,247 124,753 29,530 2,513 9,642 6,230 2,627 22,047 12,875 1,500 12,242 525,000 1,185 4,200 20,545 425,000 1,050 1.350 1,138,848 754,344 Investment ineomg Dividend Income Bank Interest received 203.215 10,034 166,516 4,675 213,249 171,191 Total income 1,350,097 925,535 Govemance eosts and gxpenditure on charitable adivltles Expendf(ure on charitable actimties Wages and salaries Legal and professional fees Other office Costs Other intere51 payable and similar charges Miscellaneous expenses Subscriptions 1,043,462 61,486 7,357 2,984 403 61 35 600,309 56,809 7.182 3.388 421 35 1.115,788 668,198 Totsl expendlture 1.115,788 688,198 35 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Detailed Statement of Financial Activities {¢ontlnu8dJ Year ended 31 st March 2024 2024 2023 Net lossesllgalns} on Investments Realised Igain)Iloss on sale of investments Unrealised Igainllloss on investment 17.8811 195,511) 103.392 190,902 19LI.902 Net income 337.701 66,435 36 The Zoroastrlan Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (eOll*nued) Year ended 31st March 2024 2024 2023 ExpendltLtre on charitable acttvities Other Charltablè expensgs Activitles undertaken directly Other charitable expenses Welfare funds Activitses undertaken dlrecuy Welfare Funds 1,007 2,367 40,076 105.718 Dgvolopment Fund A¢tlvitles undortaken ditrpcdy AAJEA developrnenl expenses Place of worship expgnses Activities undertaken ditB¢tly PlaTr of worship expenses Burial Ground Fund - Upkeep and funerals Activities undertaken directly Burial Ground Fund- Upkeep and funerals Repairs and malntenance Activities undertaken directly Repairs and maintenan Depr8¢iation Activities undertaken directly Depreciation wzcc Activities undertaken directly wzcc 70,515 41,439 51.146 37,786 24,002 74,703 228,248 71,164 71,397 75.468 1,744 Educational funds Aetlvltles undertaken directly Educational funds 33,005 33,900 37 The Zoroastrian Trust Funds Of Europe (Incorporated) Company Limited by Guarantee Notes to the Detsiled Ststement of Financial Activities (conUnueoi Year ended 31st March 2024 Religlous funds Activities undertaken dirK¢Iy Religious funds Library funds Acuvldes undèrtaken directly Library funds Sesqulcentennial Fund for Propagatlon of Zoroastrianism. Inter-faith and Goodwill Activities undertaken directly Sesquicentennial Fund for Propagation of Zoroastrianism Govemance costs Office salaries Auditors, remuneration Legal and other professional fees Telephone, printing. postage and stalb?nery Bank charges Miscellaneou5 expense Subscriptions 585,992 58,854 907 12,307 22,028 61,486 6.300 1,057 2,$84 403 61 35 56,809 6.000 1,182 3,388 421 54 35 72.326 67,889 Expenditure on charitable activities 1,115,788 668,198 38