Charfty registration No: 326272 Ismaili Trust (UK) Financial Statements 31 December 2024
Ismaili Trust (UK) Contents Page Trustees and Trust Enformation Report of the Trustees Independent Auditor's Report Consolidated Statement of Financial Activities 10 Balance Sheet li Consolidated cash flow statement 12 Notes to the Accounts 13-22
Ismafilfi Trust (UK) Trustees and Trust Inforniation Year ended 31 Decernber 2024 Registered ctLarity name Ismaili Trust (UK) Charity reglstration number 326272 Trustees Mr N Kassam Mr N Jivraj Mr M Esmail (resigned 29 January 2024) Ms AB Nasser (appointed 29 lanuary 2024) Prlnclpal Offlce Ismaili Centre 1-7 Cromwell Gardens South Kensington London SW7 2SL Independent Audltors Saffery LLP 71 Queen Victoria Street London EC4V 4BE
Ismaili Trust (UK) Report of the Trustees Year ended 31 December 2024 The trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. Structure, governance and management l. Legal status and Governfng document The organisation is a charitsble trust, registered as a charity on 30 March 1983 and is constituted under a trust deed dated 30 December 1982. 2. Appointment The trustees who held office during the financial year and at the date of this report are set oul on page 2. The trustees are appointed in accordance with the rules set out in the Trust deed. 3. Inductlon and Training 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 perfonnance of the Trust. 4. Organtsatton The Board ofTrustees is responsible for the overall strategy and direction of the Charity. The tSteeS give theirtime 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. Rlsk Management The trustees have examined the principal areas of Trust's operations and have considered the rnajor 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 acceptsble 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 reporL Oblectives 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 of the communityat the time of bereavemenL Due regard has been given to the public benefit guidance issued by the Charity Commission.
Ismaflfi Triist (UEQ Report of the Trustees Year ended 31 December 2024 Achievements and performance The charity has met all its financial COTnmitrnents. Financial revlew 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 (UK)'s actItieS durlng the year is given in the Statement of Financial Activities on page 10. During the year total income of the charity amounted to £63,235 (2023: £117,060). all being income from rent and interesL The total funds at 31 December 2024 were £2.800,464 (2023: £2,754,018), all of which were unrestricted funds. Reserves policy The trustees have reviewed the reserves of the group and whilst they currendy show unrestricted funds of £2,800,464 they consider their free reserves (notably cash at bank) to be £356,775. 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 perlods The trustees have from time to tlme 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 suitsble sites. Following a rigorous search, the trustees were able to identify such a site during 2020 at Farnham Park Cemetery and, completed the 2CqUl%ltion in October 2020 using its wholly owned subsidiary Farnham Cemetery Ltd. The charitys 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 frorn either individual members of the community and/or their corporate entities to facilitate this acquisition.
Ismaili Trust (UKJ Report of the Trustees Year ended 31 December 2024 Trustees. responsibility 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 ofthe 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 consistendy 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 foreseeable future stste 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 financial information used within the Trust is reliable; and The Trust complie5 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 (UK) Independent Auditorfs Report to the Trustees Opinion We have audited the financial statements of Ismaili Trust (UIQ (the 'parent charity) and its subsidiary (the 'grDUP? for the year ended 31 December 2024 which comprise the consolidated statement 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 UK and Republi of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the flnancial statements: give a true and fair view of the state of the group and parent chariws affairs as at 31 December 2024 and ofthe group's and the parent chariws incoming resources and application of resour$ for the year then ended; have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISL% (UK)) and applicable law. Our responsibilities under those standards are further described in the Audltor's responsibilities for the audit of the financial staternents section of our reporL 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 ethiLal 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 relatlng to going concern In auditing the financial ststernents, we have conduded that the tnistees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivelyi may cast significant doubt on the group or the parent charitys ability to continue as 2 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 respect to going concern are described in the relevant sections of this reporL Other information The trustees are responsible for the other infonnation. The other information comprises the inforniation induded in the annual reporL other than the financial ststements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon.
Ismaili Trust (UK) IndependentAuditoffs Report to the Tntstees (contlnued) Our responsibility is to read the other information and. in doÉng so, consider whether the other information is materially inconsistentwith the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 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 exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require u5 to report toyou if, in our opinion: the infOrntiOn given in the Tru5tees' Annual Report is inconsistent in any rnaterlal respect with the financial statements; or the parent charity has not kept sufficient accounting records; or the parent charitys financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanatlons we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of thc 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 misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent chartWs ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis ofaccounting 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. Auditor< responsfibilities for the audit of the financlal statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with re8ulations made under that Act. Our objectives are to obtain reasonable assurance aboutwhether the group and parent financial Statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a material misstatement when it exists. ivlisstatements 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 fi'nancial statements. Irregularities, including fraud. are instances of non-compliance 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 Auditovs Report to the Trustees (continued) Identifying and assessing risks related to :rregularities: We assessed the susceptibility of the group and parent charl5 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 evalu2ced possible incentives and opportunities for fraudulent manipulation of the financial ststernents. 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 (yroup 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 Commission for England and Wales. Audit response to risks identified: We considered the extent ofcornpliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent chariws 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 charitys 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 risk 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 nornial course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stsge 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 w'ith 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 transaction5 reflected in the financial statements, the less likely we 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 reporL
Ismaili Trust (UIQ Independent Audito$ Report to the Trustees (continued) Use of our report This report is made solely to the parent chariws 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 p2rent charity trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibllity 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. Sol4 LLP Saffery LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: 1 July 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Isn]11 Trust (UK) Consolfdated Statement of Finanaal Activities (including Income and Expenditure account) For the year ended 31 December 2024 Unrestricted nds 2024 Restricted funds 2024 Total Funds 2024 Total Funds 2023 Notes Income Donations Investment Income Other income 60,000 10,260 46,800 15,552 47,683 15,552 47,683 Total income 63,235 63,235 117.060 Expendlture Governance costs 16,789 16,789 15,322 Total expendlture 16,789 16,789 15,322 Net income 46,446 46,446 101,738 Reconciliation of funds: Total funds brought forward 2,754,018 2,754,018 2,652,280 2,800,464 2,800,464 2,754,018 Total funds carrfed forward The notes and accounting policies on pages 13 to 22 form part of these accounts. 10
Ismaili Trust (UK) Balance Sheets at 31 December 2024 2024 Charity 2023 Charity Group Group Notes Fixed assets Tangible fixed assets Investments 3.059.569 141,885 loo 141,985 2,778,430 141,885 loo 141,985 3.059.569 2,778,430 Current assets Cash at bank and in hand Debtor5 356,775 39,104 350,621 2,671,660 467,328 1,223 342,417 2,482,292 10 395.879 3,022,281 468,551 2,824,709 Creditors: Amounts falling due within one year 11 654,984 2,670 492,963 2.590 Net current (liabilitles) / assets (259,105) 3,019,611 (24,412) 2,822,119 Total assets less current liabilities 2,800,464 3,161,596 2,754,018 2,964,104 Funds Unrestricted funds 12 2.800,464 3,161,596 2,754,018 2,964,104 Total funds 13 2,800,464 3,161,596 2,754,018 2,964,104 Approved by the Board of Trustees on and igne on its behalf 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
Ismaili Trust (UK) Consolidated cash flow statement Year ended 31 December 2024 Notes 2024 20Z3 Net cash provided by operating activities 15 170,586 84,997 Cash flows from investing activities: Purchase ofpropety, plantand equipment Net cash used in investing actItieS (281,139) (161,077) (281,139) (161,077) Change in cash and cash equivalents in the reporting period (110.553) (76,080) Cash and cash equivalents at the beginning of the reporting period 467,328 543,408 Cash and cash equlvalents at the end of the reporting period 16 356,775 467.328 12
Isn111 Trust (UIQ Notes to the accounts Year ended 31 December 2024 Accounting policies Basis of preparation These finanaal statements have been prepared in compliance with FRS 102, 'The Finanaal Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Cthrities 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 CharlS ability to continue as 3 going concern. Consolidation 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 135 of Charities Act 2011. not to publish its own Ststement of Financial Actlvities. The Charity made a surplus for the ftnancial year of £197,493 (2023: £230,604). Investments Investments are stated at historical cost less provision for any diminution in value. Fund Accounting Unrestricted funds are avallable for use at the dfiscretlon of the trustees to further any of the charity's purposes. Designated fund5 are unrestricted funds earniarked by the trustees for particular tUre projert or commitmenL Restricted funds are subjected to restrirtions on their expenditure declared by the donor or through the ternis of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. Fixed Assets Tangj'ble assets are initially recorded at cost, and subsequently stated at cost less any accurnulated depreciation and impairmentlosses. Any tangible assets Carried at revalued amounts are recorded at the frdir value at the date of revaluation less any subsequent accumulated depreciation and subsequentaccumulated impairmentlosses. 13
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2024 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 impairn]ent that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as 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 statsment of financial activities. EmpaÉrnient offixed assets A rev?ew 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. Prlor 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 srnallest 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 imp2iment testing of goodwill, the goodTMII 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 £ynergie.s of the cornbinatiopirrespective 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 entltlement has passed to the charlty; 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 established. 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 estimatrd 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 contracted SeICe. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspen¢ in which rase it may be regarded as restrictecL 14
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2024 Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure incEudes any VAT which cannot be fully recovered and is classified under headings of the statetnent of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charit2ble 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 charitsble 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 reasonable, 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 Financial instruments A financial asset or a financial liability is recognised only when the tharity 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 arnortised cost Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequendy measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequendy measured at cost less impairn]enL Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nonnal 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 fure payments discounted at a market rate of interest for a similar debt instrument 15
Isn111 Trust (UK) Notes to the accounts (continued) Year ended 31 December 2024 1.10 Financial instruments (continued) Other financial instruments are subsequendy 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 impairnient. 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 significant, these are assessed individually for impairn]ent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk chararteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the fjnancial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 1.11 Critical estimate and judgements and key sources of estimatlon uncertalnty 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. Donations and legacies Unrestricted funds Restricted funds Total funds 2024 Total funds 2023 Donations Gift aid donations 60,000 60,000 16
Ismaili Trust (UKJ Notes to the accounts (continued) Year ended 31 December 2024 Other income 2024 2023 Rental income 47,683 47,683 46.800 46,800 Analysis of total resources expended Current year Other dirert costs Staff Costs Support costs Total 2024 Grants Governance 16,789 16,789 Total resources expended 16,789 16,789 Prior Year Other direct costs Staff costs Support costs Total 2023 Grants Governance 15,322 15,322 Total resources expended 15,322 15,322 Allocation of support costs Current year 2024 2023 Bank charges Governance costs: Insurance 572 271 427 15,790 Auditond accountunLy 15,051 16,789 15,322 Staff costs The average numbers of employees during the year was nil (2023: nilj. 17
Ismaili Trust (UIQ Notes to the accounts (continued] Year ended 31 December 2024 Trustee remuneration No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. Tanglble fixed assets - Group Long leasehold property Freehold property Total Cost or valuatlon At I Ianuary 2024 Additions At 31 December 2024 2,758,905 281.139 3,040,044 19,525 2,778,430 281,139 3,059,569 19,525 Depreciation At l January 2024 and 31 December 2024 Net book value 31 December 2024 3,040,044 19.525 3,059,569 31 December 2023 2,758,905 19,525 2,778,430 Charity Lon leasehold property Freehold property Total Cost or valuation At I January 2024 Additions At 31 December 2024 122,360 19,525 141,885 122,360 19.525 141,885 Depreciation At l January 2024 and 31 December 2024 Net book value 31 December 2024 122.360 19,525 141.885 31 December 2023 122.360 19,525 141,885 18
Isrnaili Trust (UIQ Notes to the accounts (continued) Year ended 31 December 2024 Investments Movement in value: 2024 2023 Group Charity Group Charity Cost at 31 December 2024 loo 100 Historical cost at 31 December loo 100 2024 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: 2024 2023 Gross income 51,225 49,899 Gross expenditure (excluding gift aided profits to charity) (202,272) (178,765) Net deficit before donating profits to charity (151,047) (128,866) At the balance sheet date the aggregate share capital and overdrawn reserves cf the subsidiary undertaking stood at £361,032 [2023: £209,985). 10 Debtors 2024 2023 Group Group Charity Charity Amounts owed by group undertakings VAT recoverable Other debtors 2,671,660 2.482.292 37,784 1,320 1,223 39,104 2,671,660 1.223 2.482.292 19
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 20Z4 11 Creditors 2024 Group 2023 Charity Group Charity Amounts due within one year: Accruals Other creditors 13,245 641,739 2.670 13,855 479,108 2,590 654,984 2,670 492,963 2,590 12 Unrestrirted income funds Group Current year Balance at I lanuary Losses on revaluation Balance at 31 December 2024 Incoming Outgoing 2024 resources Resources /Transfers General ndS 2,754,018 63,235 16,789 (16,789) 2,800,464 2,754,018 63,235 2,800,464 Prioryear Balance at I lanuary Losses on revaluation Balance at 31 December 2023 Incoming Outgoing 2023 resources Resources /Transfers General funds 2,652,280 2.652,280 117,060 117,060 15.322 2,754,018 (15,322) 2,754,018 Charity Current year Balance at I lanuary Losses on revaluatlon Balance at 31 December 2024 Incoming Outgoing 2024 resources Resources /Transfers General funds 2,964,104 201,378 3,886 (3,886) 3,161,596 2,964.104 201.378 3.161.596 20
Ismaili Trust (UK) Note5 to the accounts (continued) Year ended 31 December 2024 12 Unrestricted income funds (continued) Prioryear Balance at I lanuary Losses on revaluation Balance at 31 December 2023 Incoming Outgoing 2023 resources Resources /Transfers General funds 2.733,499 2,733,499 233,439 2,834 2,964,104 233,439 C2,834) 2,964,104 13 Analysis of net assets between funds Funds balances are represented by: Group Unrestrirted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Tangible fixed a55ets Net current assets 3,059,569 (259,105) 3,059.569 C259,105) 2,778,430 (24,412) 2,800,464 2,800,464 2,754,018 Charity Unrestrirted funds 2024 Restricted funds 2024 Total funds 2024 Tot21 funds 2023 Tangible fixed assets Fixed asset investments Net current assets 141,885 loo 141,885 100 141,885 loo 3,019,611 3,019,611 2,822,119 3,161,596 3,161,596 2,964,104 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 subject to Corporation tax. 21
Ismaili Trust (UK) Notes to the accounts (continued) Year ended 31 December 2024 15 Reconclliation of net income to net cash flow from operatlng acttvltles 2024 2023 Net income for the reporting perlod (as per the ststement of financial activities) Clncrease) / Decrease in debtors Increase / (Decrease) in creditors 46,446 101,738 (37,881) 162,021 21,086 (37,827) Net cash Inflow from operatlng acttvlty 170.586 84,997 16 Analysls of changes In net debt Balance at I lanuary 2024 Balance at 31 December 2024 Cash flows Cash in hand 467,328 110,553 3S6,775 467,328 CIIO,553) 356,775 22