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 Inforn￿tiOn
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