Charity registration No: 326272 Ismaili Trust (UK) Financial Statements 31 December 2023
Ismaili Trust (UK) Contents Page Trustees and Trust Information Report of the Trustees Independent Auditor's Report Consolidated Statement of Financial Activities 10 Balance Sheet 11 Consolidated cash flow statement 12 Notes to the Accounts 13-22
Ismalll Trust (UK) Trustees and Trust InforntiOn Year ended 31 December 2023 Registered charity name Ismaili Trust (UK) Charlty registration number 326272 Trustees Mr N Ilassam Mr N Jivraj Mr M Esmail (resigned 29 lanuary 2024) Ms AB Nasser (appointed 29 January 2024] Principal Office Ismaili Centre 1-7 Cromwell Road South Kensington London SW7 2SL Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE
Ismaili Trust (UK) Report of the Trustees Year ended 31 December 2023 The trustees present their report and the audited financial statements of the charity for the year ended 31 December 2023. Structure, governance and management l. Legal status and Governlng document The organisation is a charitable trust, registered as a charity on 30 March 1983 and is constituted under a trust deed dated 30 December 1982. 2. Appolntment The trustees who held office during the financial year and at the date of this report are set out on page 2. The trustees are appointed in accordance with the rules set out in the Trust deed. 3. Inductlon and Tralnlng New trustees appointed during the year undergo orientation to brief them on their legal obligations under charity, the decision-making processes, the objectives and strategies, and recent financial performance of the Trust. 4. Organisation The Board of Trustees is responsible for the overall strategy and direction of the Charity. The trustees give their time on a voluntary and unpaid basis. The Board of Trustees corresponds and meets regularly to manage and guide the day to day running of Trust. 5. Rtsk Management The trustees have examined the principal areas of Trust's operations and have considered the major risks that could arise in these areas. In the opinion of the trustees, the Trust has appropriate procedures in place, which provide reasonable assurance that any risks are mitigated to an acceptable level. There are therefore no major risks which could have a significant effect on the charity's activities. 6. Interests of Board of Trustees No trustees had, at any time during the year, any interests in the Trust which are required to be disclosed in this report. Objectives and activities The objectives of the charity as set out in its Trust Deed is to work for the benefit of the Ismaili Community and in particular for the relief of poverty and advancement of education. The charity also aims to support members ofthe community at the time of bereavement. Due regard has been given to the public benefit guidance issued by the Charity Commission.
IsmalIl Trust (UK) Report of the Trustees Year ended 31 December 2023 Achievements and performance The charity has met all its financial commitments. Flnanclal review In the trustees, opinion. there are adequate assets available to fulfil the obligations of Ismaili Trust (UK). A summary of the result of Ismaili Trust [UKJ's activities during the year is given in the Statement of Financial Activities on page 10. During the year total income of the charity amounted to £117,060 (2022 £66,475), all being income from rent and interest. The total funds at 31 December 2023 were £2,754,018 (2022 - £2,652,280), all of which were unrestricted funds. Reserves pollcy The trustees have reviewed the reserves of the group and whilst they currently show unrestricted funds of £2,754,018 they consider their free reserves (notably cash at bank) to be £467,328. The trustees will be supporting the development of the burial site within its subsidiary and further funds required for development will be raised via donations from the community. As such the trustees feel the current level of free reserves to be reasonable. Plans for future periods The trustees have from time to time deliberated on the need for further burial grounds for use by the community in view of its growing population and have been seeking opportunities to acquire suitable sites. Following a rigorous search, the trustees were able to identify such a site during 2020 at Farnham Park Cemetery and, completed the acquisition in October 2020 using its wholly owned subsidiary, Farnham Cemetery Ltd. The charlty's subsidiary is looking to initially develop a burial ground on part of the site and will then review options for the remainder of the land. The Charity received donations from either individual members of the community and/or their corporate entities to facilitate this acquisition.
Ismallfi Trust (UK) Report of the Trustees Year ended 31 December 2023 Trnstees. responslblllty and internal control Law applicable to charities requires the trustees to prepare financial statements, which give a true and fair view of the state of affairs of the Trust at the end of the financial year and of its incoming resources and application of resources for the year then ended. In doing so, the trustees are required to: Select suitable accounting policies and then apply them consistently Make judgements and estimates that are reasonable and prudent Prepare the financial statements on a going concern basis unless it becomes inappropriate to presume that the Trust will continue in the foresee2ble future State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements The Trustees have overall responsibility for ensuring that the Trust has appropriate systems of internal controls, financial and otherwise. They are also responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Trust, and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that.. The Trust is operating efficiently and effectively; Its assets are safeguarded against unauthorised use or disposition; Proper records are maintained and the fjnancial information used within the Trust is reliable; and The Trust complies with relevant laws and regulations. Auditors A resolution to re-appoint Saffery LLP will be submitted to the Annual General Meeting. The trustees, annual report was approved on . trustees by.. . and signed on behalf of the board of Mr N Kassam Trustee Mr N Jivraj Trustee Ms AB Nasser Trustee
Ismaili Trust (UKI Independent Auditor's Report to the Trustees Opinion We have audited the financial statements of Ismaili Trust (UK) (the 'parent charity? and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated staternent of financial activities, balance sheets, consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the Ul< and Republic of Ireland (United Ilingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group and parent charity's affairs as at 3 1 December 2023 and of the group's and the parent charity's incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have Loncluded that the trustees, use of the going concern basis of accounting in the preparation ofthe financial statements is appropriate. Based on the work we have performed, we have not identified any tnaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon.
Ismaili Trust (UK) Independent Auditorfs Report to the Trustees (contlnued) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the Trustees, Annual Report is inconsistentin any material respect with the financial statements,. or the parent charity has not kept sufficient accounting records,. or the parent charity's financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accc)unting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Audltors, responsibilities for the audit of the financlal statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under thatAcL Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free frorn material misstatement, whether due to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a rnaterial mlS5tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Ismaili Trust (UK) Independent Auditor's Report to the Trustees (continued} Identifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with trustees and updating our understanding of the sector in which the group and parent charity operate. Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Comtnission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement di.sclosures. We reviewed the parent charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the ris1< of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likelywe would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: . This description forms part of our auditor's report.
Ismaili Trust (UK) Independent Auditor's Report to the Trustees (continued) Use of our report This report is made solely to the parent charitys 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 parent charity trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the lIest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charitys trustees as a body, for our audit worl for this report, or for the opinions we have formed. Sthfvj LOP Saffery LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. gLJ4 Ivfr Saffery LLP is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2006
Ismaili Trust (UK) Consolidated Statement of Financial Activities (includlng Income and Expenditure account) For the year ended 31 December 2023 Unrestricted funds 2023 Restricted funds 2023 Total Funds 2023 Total Funds 2022 Notes Income Donations Investment Income Other income 60.000 10.260 46,800 60,000 10,260 46,800 20,000 46,475 Total income 117,060 117.060 66,475 Expendlture Governance costs 15,322 15,322 14,323 Total expendfiture 15,322 15,322 14,323 Net income 101,738 101,738 52,152 Reconciliation of funds.. Total funds brought forward 2,652,280 2,652,280 2,600,128 2,754,018 2,754,018 2,652,280 Total funds carried forward All gains and losses are included above. The surplus for the year for Companies Act purposes was £230,604 (2022: £100,726) The notes and accounting policies on pages 13 to 22 form part of these accounts. 10
Ismaili Trust (UIQ Balance Sheets at 3 1 December 2023 2023 Charity 2022 Charity Group Group Notes Fixed assets Tangible fixed assets Investments 2,778,430 141,885 loo 141,985 2,617,353 141,885 100 141,985 2,778,430 2,617,353 Current assets Cash at bank and in hand Debtors 467,328 1,223 342,417 2,482,292 543,408 22,309 275,249 2,319,280 10 468,551 2,824,709 565,717 2,594,529 Credltors: Amounts falling due within one year 11 492,963 2,590 530,790 3,015 Net current (lfiabllltles) / assets (24,412) 2,822,119 34,927 2,591,514 Total assets less current IlabiIities 2,754,018 2,964,104 2,652,280 2,733,499 Funds Unrestrlcted funds 12 2,754,018 2,964,104 2,652,280 2,733,499 Total funds 13 2,754,018 2,964,104 2,652,280 2,733,499 Approved by the Board of Trustees on . d on its beh Ifby Mr N Kassam Mr N Jivraj Ms AB Nasser Charity number: 326272 The notes and accounting policies on pages 13 to 22 form part of these accounts. 11
Ismalll Trust (UK) Consolidated casb flow statement Year ended 3 1 December 2023 2023 2022 Note Net cash provided by operating activities 15 84,997 282,884 Cash flows from investing actlvities: Purchase of property, plant and equipment Net cash used fin finvestlng actlvltles (161,077) (188,933) (161,077) (188,933) Change in cash and cash equivalents in the reporting period (76,080) 93,951 Cash and cash equivalents at the beginning of the reporting period 543,408 449,457 Cash and cash equivalents at the end of the reporting period 16 467,328 543,408 12
Ismaili Trust (UK) Notes to the accounts Year ended 31 December 2023 Accounting policies Basis of preparation These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Ismaili Trust (UK) constitutes a public benefit entity as defined by FRSIO2. The trustees consider that there are no material uncertainties about the Charity's abilityto continue as a going concern. Consolldatlon These accounts present the results of the Charity and its wholly owned subsidiary Farnham Cemetery Limited. The Charity has taken advantage of the exemption under section 408 of Companies Act 2006, not to publish its own Statement of Financial Activities. The Charity made a surplus for the financial year of £230,604 (2022: £100,726). Investments Investments are stated at historical cost less provision for any diminution in value. Fund Accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the tems of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Fixed Assets Tangible assets are init1211y recorded at cost, and subsequently stated at cost less any accumulated depreciation and impainnent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated iTnpairmentlosses. 13
Ismaili Trust (UKJ Notes to the accounts (continued) Year ended 31 December 2023 Fixed Assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an assetas a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Impafirment of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combinatiopirrespective of whether other assets or liabilities of the charity are assigned to those units. Incoming Resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy incorne is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if 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 contrarted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. 14
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonablei justifiable and consistent basis. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.10 Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrumenL Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrumenL 15
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 1.10 Financial instruments (continued) Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significan( these are assessed individually for impairmenL Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result In a carryfing amount of the financlal asset that exceeds what the carrying amount would have been had the impafirment not prevfiously been recognfised. 1.11 Crltlcal estimate and judgements and key sources of estimation uncertainty In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. Donatlons and legacies Unrestrlcted funds Restrlcted funds Total funds 2023 Total funds 2022 Donatlons Gift aid donations 60,000 60,000 20,000 60,000 60,000 20,000 16
Ismaill Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 Other income 2023 2022 Rental income 46,800 46,800 46,475 46,475 Analysis of total resources expended Current year Other dlrect costs Staff costs Support costs Total 2023 Grants Governance 15,322 15,322 Total resources expended 15,322 15,322 Prior Year Other direct costs Staff costs Support costs Total 2022 Grants Governance 14,323 14,323 Total resources expended 14,323 14,323 AIlocatlon of support costs Current year 2023 2022 Bank charges Governance costs: Audit and accountancy 271 510 15,051 13,813 15,322 14,323 Staff costs The average numbers of employees during the year was nil (2022: nil). 17
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 Trll5tee remuneration No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. Tangible fixed assets - Group Long leasehold property Freehold property Total Cost or valuation At l January 2023 Additions At 31 December 2023 2,597,828 161,077 2,758,905 19,525 2,617,353 161,077 2,778,430 19,525 Depreciatlon At I lanuary 2023 and 31 December 2023 Net book value 31 December 2023 2,758,905 19,525 2,778,430 31 December 2022 2,597,828 19,525 2,617,353 Charlty Long Ieasehold property Freehold property Total Cost or valuation At l January 2023 Additions At 31 December 2023 122,360 19,525 141,885 122,360 19,525 141,885 Depreclation At l January 2023 and 31 December 2023 Net book value 31 December 2023 122,360 19,525 141,885 31 December 2022 122,360 19,525 141,885 18
Ismaili Trust (UK) Notes to the accounts (contlnued) Year ended 31 December 2023 Investments Movement in value: 2023 2022 Group Charity Group Charity Cost at 31 December 2023 100 100 Historical cost at 31 December 100 100 2023 The charity owns 100 % of the issued share capital of Farnham Cemetery Limited, a company registered in England and Wales (12846190). The subsidiary undertaking, Farnham Cemetery Limited is involved in the development of building projects. A summary of the subsidiary undertaking results for the year is given below: 2023 2022 Gross income 49,899 46,471 Gross expenditure (excluding gift aided profits to charity) (178,765) (95,046) Net surplus before donating profits to charity (128,866) (48,574) At the balance sheet date the aggregate share capital and overdrawn reserves of the subsidiary undertaking stood at £209,985 (2022: £81,119). 10 Debtors 2023 2022 Group Group Charity Charfity ATnounts owed by group undertakings VAT recoverable Other debtors 2,482,292 2,316,014 1,223 2,830 19,479 3,266 1,223 2,482,292 22,309 2,319,280 19
Ismalll Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 11 Creditors 2023 2022 Group Charity Group Charlty Amounts due wlthln one year: Accruals Other creditors 13,855 479,108 2,590 12,065 518,725 3,015 492,963 2,590 530,790 3,015 12 Unrestricted Income funds Group Current year Balance at I lanuary Losses on revaluatfion Balance at 31 December 2023 Incomlng Outgolng 2023 resources Resources /Transfers General funds 2,652,280 2,652,280 117,060 15,322 2,754,018 117,060 (15,322) 2,754,018 Prloryear Balance at l January Losses on revaluation Balance at 31 December 2022 Incomlng Outgolng 2022 resources Resources /Transfers General funds 2,600,128 66,475 66,475 14,323 2,652,280 2,652,280 2,600,128 (14,323J Charity Current year Balance at l January Losses on revaluation Balance at 31 December 2023 Incoming Outgoing 2023 resources Resources /Transfers General funds 2,733,499 233,439 2,834 2,964,104 2,733,499 233.439 (2,834) 2.964,104 20
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2023 12 Unrestricted income funds (continued) Prioryear Balance at l January Losses on revaluation Balance at 31 December 2022 Incoming Outgoing 2022 resources Resources /Transfers General funds 2,632,773 104,202 3,479 2,733,499 2,632,773 104.202 (3,479) 2,733,499 13 Analysis of net assets between funds Funds balances are represented by: Group Unrestricted funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Tangible fixed assets Net current assets 2,778,430 (24,412) 2,778,430 (24,412) 2,617,353 34,927 2,754,018 2,754,018 2,652,280 Charity Unrestricted Restricted funds 2023 Total funds 2023 Total funds 2022 funds 2023 Tangible fixed assets Fixed asset investments Net current assets 141,885 100 141,885 100 141,885 100 2,822,119 2,822,119 2,591,514 2,964,104 2,964,104 2,733,499 14 Taxation Ismaili Trust (UK] is a registered charity and can claim exemption from Corporation Tax on income and gains which are applied for charitable purposes under section 505, Income and Corporation Taxes Act 1988. The subsidiary company is subjert to Corporation tax. 21
Ismaili Trust (UK) Notes to the accounts (contlnued) Year ended 31 December 2023 15 Reconcillation of net income to net cash flow from operating activities 2023 2022 Net income for the reporting period (as per the statement of financial activitles) Decrease in debtors (Decrease) / Increase in creditors 101,738 52,152 21,086 (37,827) 202,706 28,026 Net cash Inflow from operatlng actlvlty 84,997 282,884 16 Analysis of changes In net debt Balance at I lanuary 2023 Balance at 31 December 2023 Cash flows Cash in hand 543 408 76,080 (76,080) 467,328 543,408 467,328 22