Please let me know urgently whether payment of zakah is applicable keeping in view the above elaborated situation.
بسم الله الرحمن الرحيم
It is wajib on you to pay 2.5% zakah after completing one year on the cash available in your fund or other cash, gold and silver which you own. Zakah shall be wajib on the amount of fund so long as it is in form of cash though it is meant for future expenses.
Allah knows Best!
Darul Uloom Deoband