ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Against the Odds Twenty Years of Fuelling Arab Social Innovation
Twenty years ago, we set out with a bold conviction: that the Arab world was rich in talent, ideas, and resilience—and that if we could support local social entrepreneurs with the right tools, we would transform lives at scale. Our founder, Tarek Ben Halim, was committed to moving beyond traditional grant-making and unlocking the power of local social enterprises to drive lasting change across the Arab world. In those early conversations, we didn’t imagine change. We committed ourselves to it.
We believed then, as we still do today, that Alfanar is a risk worth taking. Over the past two decades, Alfanar has grown from an idea into an anchor institution within the region’s social innovation ecosystem. To date, we have deployed over £8 million in funding to more than 200 social enterprises across Egypt, Lebanon, Jordan, and Palestine. These ventures are building solutions to improve education, expand access to finance, strengthen climate resilience, and preserve cultural heritage.
In 2025 alone, our investees are projected to directly impact over half a million lives. But numbers only tell part of the story. In Lebanon, where infrastructure has crumbled and institutions have frayed, Lebanese Alternative Learning has opened new doors to digital education for thousands of students. In Palestine, Flowless is tackling one of the region’s most acute challenges—water scarcity—through technology that is now drawing interest from across the globe. These are not stopgap solutions. They are scalable models with the power to shift systems.
And they are being built in the face of extraordinary headwinds. Since 2020, development aid to the Middle East has declined by 7.4%, even as the region faces a £495 billion annual SDG funding gap (OECD). These shortfalls are not abstract—they are felt daily by the very communities in which we work. And in this climate of retreat, Alfanar’s model is more than innovative—it is essential.
Through a combination of flexible capital and deep and sustained engagement, we work to transform high-potential social ventures into sustainable, scalable engines of change. Our model enables organisations not just to survive crisis, but to adapt and grow. We are proud of how far we have come, but we are under no illusion about the scale of the work ahead. In the face of overlapping crises—conflict, displacement, economic uncertainty, and climate disruption —what’s needed now is not just resilience, but reinvention.
That is why, as we look forward, we remain anchored by four core commitments: prioritising impact for youth and vulnerable women; doubling down on high-potential enterprises; building bridges for ecosystem collaboration; and pioneering new funding models to multiply capital.
The road to a more just and sustainable Arab world is long. And it is not linear. But it is being built by the entrepreneurs, families, and communities we serve. We are honoured to walk it alongside them.
Lubna S. Olayan Chair Alfanar Board of Trustees
Safia Tmiri Executive Director Alfanar
Table of Contents
Who We Are & What We Do 1 Real Change. Real Stories. 2024 5 Financial Statements 19 People & Governance 24 Independent Auditors Report 36 Statement of Financial Activities 43 Supporter Network 62
WHO WE ARE WHAT WE DO
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ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
WHO WE ARE
Mission
Alfanar is the Arab world’s first venture philanthropy organisation—established to fund, support, and scale highimpact social enterprises tackling the region’s most urgent challenges. We invest where it’s hardest and where it matters most, combining catalytic capital with deep, hands-on support to amplify both social impact and financial sustainability.
Vision
To build a thriving impact economy in the Arab world—where locally-led social enterprises drive inclusive growth, resilience, and long-term systemic change.
Values
Rooted Authenticity
We are firmly committed to the Arab World and believe in the amplifying power of rooted capital, expertise and ventures that align with our values and sovereignty.
Radical Disruption
We invest in the crazy, fearless, rule-breaking social entrepreneurs who challenge the status quo and seek innovative, scalable solutions to the region’s structural challenges.
Transformative Ambition
We envision creating an impact economy with social enterprises and partners delivering on an over-size purpose: leading positive, systemic social change and achieving sustainable financial impact.
Total Transparency
We follow rigorous transparency when reporting on our grantees, funds deployment and the dual focus on financial and social impact across our portfolio.
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ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
WHAT WE DO
Venture philanthropy—where it’s hardest, and where it matters most.
Our Venture Philanthropy Model is built for fragility, backed by evidence and powered by people. We apply the tools of private investment to social good—offering support beyond funding. We help social enterprises build viable business models that multiply every dollar of support into long-term, locally-owned impact.
Patient Capital
Long-term, flexible funding—from grants and zero-interest loans to convertible capital—that gives social enterprises the runway to grow and adapt where others fail.
Impact First
Each enterprise’s impact model is tailored to define, measure, and communicate outcomes that matter— moving beyond outputs to meaningful, data-driven results.
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Instruments:
Grants & Zero-Interest Convertible
Awards Loans Loans
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Tools:
Financial
Sustainability & ModellingImpact DashboardImpact Reporting &Evaluation
Impact
Multiplier
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Hands-On Support
Tailored trainings and one-onone support to help founders and social enterprises grow and scale impact.
Impact Network
Social enterprises gain access to a powerful network of investors, sector experts, and peer organisations— spanning the Global South, the Gulf, and Europe—amplifying their reach, visibility, and long-term resilience
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Tools:
Learning Portfolio Expert
Studio Managers Mentor
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Opportunities:
Study Market Impact Connector
Missions Exploration Events
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FUNDING THEMES
In 2024, Alfanar restructured its portfolio around four key verticals, articulating the most pressing and systemic challenges in our region. Within these focus areas, we are committed to driving sustainable impact with a focus on marginalised communities—including women, youth, children, and refugees.
Learning
Education and skilling models that build critical skills at all stages to prepare learners for productive and fulfilled lives
K-12 Adult Early years Digital skills foundations upskilling
Earning
Platforms and services that bridge access to finance and employment to help underserved populations gain dignified livelihoods
Microfinance Employment platforms
Climate
Technologies and ventures that build scalable solutions to optimise yields, water resources and consumption waste to enhance sustainability
Agriculture Recycling Water Waste
Heritage
Creative ventures and studios that revive the region’s heritage practices to create sustainable and authentic products and perspectives
Textiles & crafts Arts & culture Narratives
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REAL CHANGE. REAL STORIES. 2024
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This is What Change Looks Like
Funds disbursed to Social enterprises in the Arab region £712K
85K 38 Lives Social Impacted Enterprises
In 2024, Alfanar deepened its commitment to fragile communities across the Arab world—channeling catalytic capital and hands-on support to the social enterprises building futures from the ground up.
Alfanar deployed £712K in flexible, high-impact grants to 38 locally led social enterprises—catalysing solutions for education, livelihoods, climate resilience, and cultural preservation. Of these, 24 ventures accelerated their growth, while 14 received seed funding to launch innovative models. Together, they transformed outcomes for 85,000+ people across underserved communities, proving that strategic funding unlocks both scale and systemic change.
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Scaling Solutions Where It Matters Most
What We Delivered
11K
5K
6K
11
children jobs created tonnes of CO ₂ endangered educated (women, emissions crafts and refugees, and avoided via traditions youth) csmart safeguarded solutions
What We Have Unlocked
+23%
+34%
average increase in financial sustainability—enabling enterprises to generate more revenue and reduce donor dependency.
rise in impact multiplier— amplifying every pound invested into deeper, more measurable outcomes.
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Egypt
Powering Potential
Egypt is at a critical juncture. With a population exceeding 114M, the country faces converging challenges—rising youth and female unemployment, widespread learning poverty, and acute environmental pressures. Yet amid these challenges lies extraordinary potential. Alfanar is investing in high-impact social enterprises that drive scalable solutions.
£120K
£1.7M
77%
Grants disbursed
Self-generated revenue
Cost recovery rate
Learning
Earning
Climate
482
4K+
2K+
Students with improved learning outcomes
Jobs, expanding income in underserved communities
Tonnes of materials recycled via innovative waste-to-energy models
56% children in learning poverty (World Bank). Alfanar supports models like Man Ahyaha that deliver skills-based education to the most marginalised —laying the foundation for lifelong opportunity.
In the labour market, 19% youth and 18% women are unemployed (Macrotrends, The Global Economy 2023). Alfanar grant recipients like Future Eve Foundation are shifting the narrative—offering job training and employment to women and young people.
As the #1 contributor of plastic waste to the Mediterranean (Carnegie Endowment), Egypt urgently needs scalable, circular solutions. Alfanar works with enterprises such as Delta Oil, Plstka, Bekia, and WMC to diverte waste using innovative solutions.
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Egypt
An Engine of Economic Mobility
Since Alfanar first worked with Future Eve Foundation in 2012 to support their flagship Amal Project, the initiative has transformed from reaching 250 women in 3 villages to empowering 24,000+ women across 82 villages in 6 governorates.
Our flexible funding and capacitybuilding support helped Future Eve develop Amal into a nationally recognised model for women's economic inclusion, generating measurable impact: 126 new microbusiness categories created, 34% average increases in household incomes, and strengthened agricultural value chains.
exponential reach, economic transformation, and readiness for scale
Portfolio Enterprises in Egypt
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Lebanon
Scaling Solutions Amidst Crisis
With a population of 5.8M, Lebanon faces one of the deepest economic collapses in modern history. Half of the children live in learning poverty, 1.7M people experience food insecurity, and youth unemployment soared to 48% – placing immense strain on a fragile social fabric. Yet even in the face of crisis, local innovation continues to thrive—and Alfanar is investing in the social enterprises leading that charge.
£460K
£2.9M
58%
Grants disbursed Learning
Self-generated revenue
Earning
Cost recovery rate
Climate
11K
718
676
Students with improved learning outcomes
Jobs created expanding income in various communities
Tonnes of recycled goods and materials
48% of children face learning poverty (World Bank). Through catalytic support to Lebanese Alternative Learning, Alfanar is helping scale offline-digital education platforms that reach underserved communities.
In a market where 48% youth (UNDP), and 15% women (World Bank) are unemployed, Alfanar backs incomegenerating enterprises like B.O.T. to create jobs for vulnerable youth.
With 1.7M experiencing food insecurity (WFP), Alfanar launched a climate-focused accelerator, supporting six ventures tackling waste management, recycling, and sustainable design.
Heritage
With Lebanon’s artisanal heritage at risk, Alfanar continues to support enterprises like L’Artisan du Liban, which preserve traditional crafts while creating dignified employment for women and rural artisans.
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Lebanon
Where Funding Creates Multiplier Impact
Since 2020, Alfanar’s catalytic funding and hands-on support have empowered Lebanese Alternative Learning (LAL) to provide free, offline digital education to over 22,000 learners via its award-winning Tabshoura platform. Results show 15% improvement in student performance and 80% better classroom outcomes.
Beyond funding, Alfanar helped strengthen LAL’s business model, scale its revenue-generating ConsultEd Solutions, and refine its theory of change.
With official approval from Lebanon’s Ministry of Education to integrate Tabshoura into the national curriculum— LAL is expanding impact to new markets.
verified impact, systemic change, and scalable growth
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Portfolio Enterprises in Lebanon
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Jordan
Advancing Education, Preservation, and Youth Opportunity
Jordan, home to 11.5M people, faces a dual challenge: one of the highest youth unemployment rates in the region and a rapidly deteriorating natural and cultural environment, with a 50% decline in renewable water resources since 1975 (Ecomena). In this fragile yet opportunity-rich context, Alfanar has made Jordan a long-term priority—building relationships with high-potential social enterprises that are restoring livelihoods, transforming education, and preserving heritage at scale.
Grants
Disbursed
£77K
In 2024, we disbursed £77K in grant funding alongside strategic support to locally rooted ventures, catalysing sustainable solutions that respond to Jordan’s most urgent challenges while unlocking its latent potential.
Learning
Earning
Heritage
60% of children live in learning poverty (Science Direct). To help address deep learning deficits, Alfanar supports enterprises including Curio, Ketabi, and Jusoor Labs that use digital tools for more accessible, relevant, and engaging learning for underserved students.
Youth unemployment exceeds 40% (Macrotrends 2023), women’s unemployment stands at 23% (Country Economy 2023). Through an innovative blend of life skills, robotics, and entrepreneurship training, Alfanar is accelerating enterprises that are preparing underserved youth for the job market of tomorrow.
40% of traditional handicrafts are at risk of extinction (Research Gate). Alfanar supported social enterprises like KUVRD and Hands of Sitti, which are reviving Jordan’s artisanal traditions while creating dignified employment opportunities—particularly for women and refugee communities.
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ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Jordan
Building Futures Through STEM and Opportunity
Robotna joined Alfanar’s accelerator in 2019 and by 2024, secured a place in our catalytic funding portfolio—reflecting its potential to transform education and economic opportunity for underserved youth.
Alfanar’s flexible funding and strategic support have strengthened Robotna’s impact measurement & reporting, network access and scalability & credibility.
Together, we co-developed a three-year growth plan, ensuring Robotna expands equitable access to STEM education, life skills, and digital careers for marginalised youth in Jordan and beyond.
proven growth trajectory, systemic impact, and sustainable pathways for youth
Portfolio Enterprises in Jordan
ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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Palestine
Resilience Through Innovation
With a population of 5.8 million, Palestine faces one of the most acute and protracted development challenges in the region. Youth unemployment stands at 48% (UN), women’s unemployment at 40% (Palestinian Central Bureau of Statistics 2023). In this complex and constrained environment, Alfanar is investing in social enterprises that are not just surviving adversity—they’re engineering solutions built for resilience.
£55K
£90K
65%
Grants disbursed Earning
Self-generated revenue
Climate
Cost recovery rate
20
237
48
Jobs created
Cubic metres of water saved and treated
Tonnes of Reduction in CO ₂ emissions
More than 60% of children live in learning poverty (Cambridge University). Alfanar is exploring opportunities to support enterprises working in learning and heritage—two sectors where social innovation can protect both human potential and cultural identity.
40% of agricultural land has been lost due to worsening water scarcity (UNCTAD) with losses dramatically amplified by conflict —a critical threat to livelihoods and food security. Flowless, Alfanar’s first catalytic funding recipient in Palestine, is pioneering smart water management solutions in a region where every drop counts.
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ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Palestine
Building Futures Through STEM and Opportunity
Since 2023, Alfanar's catalytic funding and technical support have accelerated Flowless' journey to a globally scalable water-tech solution.
Our support builds on BuildPalestine's foundational work in developing Palestinian social enterprises, demonstrating how strategic ecosystem coordination creates pipeline opportunities.
By facilitating critical connections with agriculture cooperatives, refining impact measurement systems, and strengthening operations, we have helped Flowless save 237,000 m³ of water in Year 1 (enough to supply 1,487 households annually), generate £142K+ in client savings through reduced water/energy costs, and secure three new regional partnerships to optimise utility data systems.
scalable tech, measurable environmental & economic impact, and cross-border potential
This transition from local pilot to cross-border solution exemplifies Alfanar's approach to identifying highpotential ventures and equipping them for systemic impact.
Portfolio Enterprises in Palestine
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ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Amplifying Impact Beyond the Grant
In 2024, Alfanar marked 20 years of supporting locally-led solutions across some of the most complex and underserved communities in the Arab world. This milestone was a moment to sharpen our focus.
As we refreshed our brand, we reaffirmed our core commitment—to drive systems change by strengthening the institutions, ecosystems, and narratives that enable social enterprises to scale. Every convening, campaign, and communication this year was designed with that goal in mind—to build the credibility, capital access, and cross-sector alignment that social enterprises need to deliver impact at scale.
Because if we have learned anything in 20 years, it is that good ideas don’t fail because they don’t work. They fail because they lack the visibility, support, and partnerships to grow.
REPOSITIONING FOR RELEVANCE
Alfanar’s new brand identity launched, marking two decades of bold, catalytic philanthropy—and reaffirming our role as a leader in the impact economy.
GLOBAL STAGE, LOCAL VOICES
Our “Leading the Change” Gala brought together global figures like Dr. Mohammed ElErian, Hala Gorani, Khaled Abdalla, and Mo Amer, alongside a new cultural partnership with Azza Fahmy—raising critical awareness and opening new doors for our social enterprise portfolio.
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Amplifying Impact Beyond the Grant
MEDIA THAT MOVES CAPITAL
Strategic media placements and stories elevated both Alfanar’s model and the work of our investees, bringing much-needed attention to local innovators solving complex challenges.
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DECEMBER 2024
MARCH 2024
DOOCOPEOOrr, TOPE rrr tir TRE [tren
APRIL 2024 AUGUST 2024 OCTOBER 2024
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ECOSYSTEM CONVENINGS: STRENGTHENING THE INFRASTRUCTURE OF IMPACT
THE LIGHTHOUSE: A KNOWLEDGE PLATFORM FOR WHAT WORKS
We convened stakeholders at key regional gatherings—from the Impact Connector event in Lebanon to a high-level ecosystem convening in Jordan— fostering collaboration across the philanthropic, entrepreneurial, and investment sectors.
Launched as a monthly newsletter and webinar series, The Lighthouse is Alfanar’s platform for insight-sharing, sector learning, and ecosystem storytelling—bringing donors, entrepreneurs, and changemakers into deeper alignment.
WHY IT ALL MATTERS
Scaling solutions in fragile contexts isn’t just about funding more. It’s about making the right investments in visibility, credibility, and alignment. In 2024, we moved beyond celebrating 20 years—we used it to accelerate the next chapter of systems change.
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Looking Ahead
DEEPEN THE VALUE OF VENTURE 01 PHILANTHROPY
In 2025, we are strengthening the core of what makes Alfanar effective: a venture philanthropy model that combines capital with capability. We are undertaking a full review of our grant-making and support processes to ensure that our framework is transparent, rigorous, and aligned with the needs of the region’s most promising social enterprises. We are expanding our Impact Measurement Hub to embed datadriven learning and share practical tools across our ecosystem.
SCALE IN LEBANON AND JORDAN 02
In Lebanon and Jordan, compounding economic crises and protracted displacement continue to put immense pressure on already overstretched systems. In response, Alfanar will expand its portfolio in both countries by supporting eight additional high-impact social enterprises by 2026, with a particular focus on youth employment and livelihoods. In a region like Lebanon and Jordan, where over 1.75 million young people remain out of work (UNDP) (Macrotrends), we believe scalable, enterprise-led models can offer durable solutions, locally anchored and regionally relevant.
DOUBLE DOWN ON EGYPT’S POTENTIAL 03
Egypt continues to represent Alfanar’s most significant opportunity for long-term impact. With a population exceeding 110 million and a dynamic but underfunded social enterprise landscape, we will replicate and scale proven models in the earning and climate sectors, with the goal of reaching more than 10,000 new beneficiaries by 2027. We are also deepening our partnerships within the Egyptian ecosystem to ensure that growth is matched by sustainability and system-wide collaboration.
DRIVE LOCALISED SOLUTIONS IN PALESTINE 04 AND SYRIA
In the region’s most fragile environments, traditional aid often fails to deliver longterm value. That is why we are focused on supporting solutions rooted in local capacity and built for resilience. In Palestine, we are launching a national EdTech initiative in collaboration with BuildPalestine and a consortium of social enterprises to address critical learning loss among more than 1.4 million students in Gaza and the West Bank (Ministry of Education). In Syria, we are actively exploring partnerships to introduce learning and earning interventions through communitybased networks. In both settings, we remain committed to reaching the communities that others too often leave behind.
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FINANCIAL STATEMENTS
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Financial Overview
INCOME PERFORMANCE: FY2024 01 RESULTS AND VARIANCE DRIVERS
In FY2024, Alfanar recorded total income of £1.98 million, representing a 19.2% year-on-year decrease from FY2023 (£2.45 million). This variance was anticipated and primarily attributed to the close-out of the GIZ-funded programme in Q1 2024, alongside delayed execution timelines for three institutional funding agreements (Impact Europe, RDPP, SPARK), now scheduled for activation in FY2025. The decline reflects a planned transition year and does not indicate a structural drop in fundraising capability. Rather, income activity was intentionally aligned with internal restructuring and long-term growth planning.
UNRESTRICTED INCOME: STABILITY 02 INDICATORS AND STRATEGIC FLEXIBILITY
Despite external volatility, unrestricted income remained stable at £368,000, comprising £181,000 from Board contributions, £96,000 from Alfanar Inc., US, and £91,000 from individual donors. Board giving increased 9.7% from FY2023, while individual donor contributions declined 70.4%—in line with lower event-driven activity and reduced donor engagement. A targeted re-engagement strategy is underway. Unrestricted funds accounted for 18.6% of total income and remain critical for covering core operational costs, managing cash flow variability, and absorbing timing mismatches between grant disbursement and programme delivery. The current unrestricted-to-operational cost ratio remains within risk tolerance thresholds.
EVENTS-BASED REVENUE: PERFORMANCE 03 ANALYSIS OF 20TH ANNIVERSARY GALA
The FY2024 20th Anniversary Gala generated £817,000 in gross revenue and an additional £185,000 in pledges for early FY2025. This event represented the single largest unrestricted revenue source in FY2024 and delivered a 12.5% net return on fundraising activity. 23% of attendees were new to Alfanar’s database, offering potential for cultivation. The gala also served as a reputational milestone, securing programmatic commitments from two HNWIs and supporting operational coverage across Q3–Q4.
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Financial Overview
GRANT DISBURSEMENT AND LEVERAGE 04 EFFICIENCY
Total grant disbursements reached £712,000 across 18 enterprises in Lebanon, Egypt, Jordan, and Palestine. This represents 35.9% of total FY2024 expenditure and aligns with Alfanar’s historical programme delivery ratio. Each grant was paired with bespoke technical assistance, focused on enterprise-level financial controls, governance upgrades, and data-driven performance frameworks. Preliminary SROI estimates from Q2 reporting suggest a leverage ratio of £1:£3.7 in social value created, pending final validation. Enterprise progression metrics show 61% of investees met or exceeded quarterly KPIs across revenue growth, user reach, and unit cost efficiency.
COST ALLOCATION & OPERATIONAL 05 EFFICIENCY
Operating expenses were in line with budget forecasts, with 62.9% allocated to programme delivery and 37.1% to administrative costs. No unbudgeted variance exceeding ±5% was recorded across expenditure categories. Internal audit and donor compliance reviews yielded no major findings. Reserve balance helped cover 2024 deficit with surplus unrestricted funds reinvested in reserve capital and pipeline development for FY2025. See reserves policy section below for more details.
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Financial Highlights
GBP ,000's
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Income Expenses
£1,985 £2,075
Inc. US Other (e.g. Gala)
115 236
Board
181
Other
45 Institutional
Donations95 732 SG&A353
Programme
1043
People
oo Events 443
817
Grants Committed Funding by Theme
£712 £712
Palestine
7.8% Egypt
16.9%
Jordan
10.7% Learning
30.5% Earning
32.9%
Heritage SESO Support
7.9% 1.1%
2@
Lebanon Climate
64.6% 27.5%
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Notes:
Expenses refers to expenditures excluding grants Programme expenses includes project-related staff People refers to core staff Overall compensation amounts to £1,008m— with programme staff at £270k and operations staff at £738k
FY2025 FORWARD VIEW: RISK, PIPELINE, AND CAPITAL STRATEGY
Entering FY2025, Alfanar holds a qualified funding pipeline of £2.6 million, 72% of which is at final negotiation or contract-drafting stage. Cash-on-hand and receivables position the organisation to meet Q1–Q2 programme obligations without liquidity strain. Key priorities include conversion of soft pledges from the 20th anniversary event, diversification of HNWI contributions, and formal launch of SPARK and RDPP funding tranches. From a capital deployment standpoint, Alfanar will maintain its dual focus on grant disbursement and capacity-building while expanding blended finance through Anara Impact Capital. Risk exposure remains low, with multi-year funder agreements in place, and no pending contingent liabilities.
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Reserves Policy
The Board policy is to hold free reserves which represent the next six months’ projected expenditure budget after deducting expenditure funded by currently held restricted reserves, confidently expected and guaranteed income. On 31 December 2024, Alfanar’s free reserves target range, based on an ambitious budget was £650k to £700k.
On 31 December 2024, reserves held totalled £ 632k (2023: £1,435k), of which £457k represented restricted funds (2023: £923k) and £175k represented unrestricted funds (2023: 512k).
Designated funds on 31 December 2024 were £5k (2022: £4k), leaving general reserves at £170k (2023: £508k). Included within this is the value of a programme-related equity investment of £80k, which the trustees regard as not being free reserves, leaving free reserves at £90k (2023 £428k). This is below the reserves target range, covering four months’ projected expenditure. However, the Board expect the free reserves to increase after year end as some pledges from the Gala are still being received and the recruitment of a fundraising team is being finalised. The Board are reviewing the 2025 and 2026 budgets and closely monitor expenditure and cashflows to ensure free reserves return to the target level.
Having considered the low general reserves position, the Board remains confident that Alfanar remains a going concern given the multi-year funding agreement already in place and the current pipeline development. A critical focus will remain on strengthening free reserves and ensuring financial resilience throughout 2025 and 2026.
ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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PEOPLE & GOVERNANCE
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Structure, Governance & Management
Alfanar is a registered charity (No. 1105048) and a company limited by guarantee (No. 5141908) with no share capital. The Memorandum and Articles of Association provide that the liability of each member is limited to £1 in the event of the Charity being wound up. Alfanar’s Memorandum and Articles of Association were most recently updated on 26 April 2023, reflecting the changes in the charity’s objects.
To further the objects of the Charity, the Trustees established a trading subsidiary ‘Beacon Social Capital’, which was incorporated on 27 December 2018 (No. 11741458). This company has yet to commence direct trading, but it did establish a subsidiary entity in Lebanon, which it is a majority shareholder in – Alfanar Social Capital SAL (No. 1028982) – in November 2022.
Alfanar’s head office in London employed eight staff members as of December 2024, with three employees based in Egypt, seven based in Lebanon and six employees based in Jordan.
Alfanar operates a branch in Egypt registered with the Ministry of Social Solidarity and International Cooperation (No. 67/2021, MOSS reference: 21991433314205). The registration was renewed in December 2024 for three years. Alfanar in Egypt is led by a Country Director with the support of a Finance Manager and a Portfolio Manager.
Alfanar in Lebanon (No. 907) is an association setup in Lebanon. It opened its bank account at BEMO Bank in June 2021. Following Alfanar’s review of its objects, Alfanar in Lebanon also reviewed its Articles of Association to match those reviewed objects and both entities signed a revised affiliate agreement in 2024. Alfanar in Lebanon is led by a Country Director and supported by our teams working on various projects funded by GIZ, Impact Europe, RDDP. For the purposes of these financial statement and accounting purposes, Alfanar Association in Lebanon is treated as a branch of the UK registered charity.
Alfanar in Libya (No. 1651) is an affiliate of the UK registered Charity. Due to security issues, Alfanar’s activity in Libya was suspended .
On 12 September 2023, Alfanar established a branch in Jordan, registered with the Ministry of Social Development (No. 2023072002). Alfanar in Jordan is led by the Country Director with the support of a Social Investment Manager and our teams working on projects funded by Impact Europe, RDPP and DRC.
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Alfanar, Inc., US is an independent affiliate 501(c)(3) not-for-profit entity (EIN-7531970321) that actively supports Alfanar’s mission through fundraising outreach to increase public support and grants. Its transactions are not included in these financial statements. It reports independently to the US Internal Revenue Service and the states of Massachusetts and New York. Alfanar seconds around 10% of the time of its Executive Director, Operations Director, Finance Manager and Communications Manager to support Alfanar, Inc., US with outreach and engagement, Board reporting and annual filings.
On 8 November 2022, Alfanar established a foundation, Stichting Alfanar, registered with the Netherlands Chamber of Commerce (No. 88110834). There is an affiliate agreement between the entities and it actively supports Alfanar’s mission through fundraising outreach to increase public support in the European Union and grants. The financial activities of Stichting Alfanar are included in the Group financial statements. For the purposes of these financial statement and accounting purposes, Stichting Alfanar is a subsidiary of the UK registered charity.
Objects of the Charity
Alfanar’s Memorandum of Association states that the public benefit objects for which it is established are:
-
the advancement of education and learning for the public benefit, and in particular to educate men and women and young people of all ages from a broad range of geographical, ethnic, social and economic backgrounds in the Arab world, to enable them to realise their full potential as individuals, within society as a whole; and
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the relief and prevention of poverty, in particular among socially and economically disadvantaged communities in countries in the Arab world by providing or assisting in the provision of education, training and other support designed to enable members of those communities to generate a sustainable income and be self-sufficient;
provided always that nothing contained herein shall authorise or be deemed to authorise the carrying on of any activity for any purposes except those regarded as charitable by the laws of England and Wales.
In line with its venture philanthropy mission, Alfanar aims to support the growth of sustainable social enterprises delivering quality education, meaningful employment and lasting economic empowerment opportunities to vulnerable children, youth and women across the Arab world.
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Alfanar provides awards, grants zero-interest repayable grants and other forms of patient financing, high-engagement management support, training, mentorship and real-time impact management tools and dashboards to social enterprises that pass due diligence and various phases of our support programming and approval processes. Our support packages – SEED, SUSTAIN, SCALE – aim to grow the impact and financial sustainability of the social enterprises we back. Alfanar in the UK, with the support of Alfanar, Inc., US, and Stichting Alfanar raises and disburses funds to support our venture philanthropy work across Egypt, Lebanon, Jordan, Palestine and elsewhere in the Arab region.
Alfanar's Board of Trustees is responsible for the overall governance of the Charity; it makes decisions on the strategic direction and policies of Alfanar, reviews key and emerging risks and mitigations and delegates day-to-day management and implementation of these decisions to the Executive Director.
All policies are approved by the Trustees to comply with UK legal requirements and good business practice. The Board of Trustees is authorised to appoint new Trustees or to fill vacancies arising through term completion, resignation or death. The Trustees are members and directors for Companies Act purposes. They serve three-year terms and may be re-elected. In 2024, Trustees resolved to introduce a new limit of three terms for any new trustees, with the previous limit of five terms (or exceptionally, six terms) remaining in place for current trustees. Cynthia J. Oakes also serves as a Director of Alfanar Inc. US. The Charity, was elected President of Alfanar in Lebanon in 2023 and is represented by our Executive Director.
Board Meetings
The Board meets quarterly and has conducted both virtual and in-person meetings since 2020. There are three sub-committees reporting to the Board each with specific terms of reference and functions delegated by the Board, which also meet four times a year. It is also supported by an impact fund task force to focus on the setup of an affiliated impact fund.
Investment Committee
The Investment Committee reviews requests for long-term venture philanthropy grants and management support for SUSTAIN social enterprises presented by the Investment Director and Country Directors. The social business plans of suitable social enterprises are scrutinized and endorsed by the committee before review for approval by the Board.
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Finance Committee
The Finance Committee scrutinizes Alfanar's business plans, budgets and management accounts and ensures proper financial procedures and controls are in place and operating. The committee also reviews broader operational matters, internal policy developments and the relationship between Alfanar subsidiaries and affiliates. It also oversees the audit process and reviews and endorses the statutory accounts ahead of Board review and approval.
Nominations Committee
The Nominations Committee helps the Board identify the appropriate mix of skills and capabilities it requires for effective leadership and oversight. Its primary function is to assess and cultivate prospective board members and to review the governance structure.
Impact Fund Task Force
in 2024, the Impact Fund Taskforce helped oversee progress on Alfanar’s efforts to extend the financing lifecycle for social enterprises and social purpose companies, explore impact investments and support the establishment of an independent, but affiliated impact investment fund. It reported on progress at Board meetings.
Trustee Induction & Training
Shortly after the appointment, new Trustees review their job description, and subcommittee Terms of Reference, and have an induction meeting with the Executive Director and the Senior Management Team to review and better understand Alfanar’s business plan and targets, the way it selects and manages social enterprises to maximise impact and financial sustainability, the fundraising strategy and how to support in the achievement of income targets, financial reporting and other operations. They are also given the Charity Commission guidance, “The Essential Trustee”. Additionally, Alfanar’s management team hosts learning gatherings and shares sector and ecosystem updates with Trustees to keep them informed of relevant developments.
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Our People
Board Of Trustees
Lubna S. Olayan Hussain Al Nowais Cynthia J. Oakes (Chair) Chairman, Former Salomon Brothers, Chair of Executive Al Nowais Investments Morgan Guaranty Ltd, and Committee and Deputy Morgan Stanley Chairperson, Olayan Financing Company mA Maysa Jalbout Sherif Foda Nonresident Fellow in the Chairman and CEO, Center for Universal National Energy Services Education, Brookings Reunited
Investment Committee Maysa Jalbout Cynthia J. Oakes Dr. Barbara Ibrahim (Chair) Former Salomon Brothers, (independent) Nonresident Fellow in the KOs Morgan Guaranty Ltd, and Founding Director, John D. Center for Universal Morgan Stanley Gerhart Center for Education, Brookings Philanthropy and Civic Engagement AOS) Ryan Sturgill Alfred Kettaneh Nafez Dakkak (independent) (independent) (independent) Director, Owner, Konsult Sarl Managing Partner, CrossBoundery Anara Impact Capital
Outgoing Trustees
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Samir Assaf Charlotte Boyle
Senior Advisor, Chair of UK,
General Atlantic & HSBC UNHCR
Ra
Julia Middleton Amjad Bseisu
Founder, CEO,
Common Purpose Enquest PLC
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Finance Committee Sherif Foda Laura Stojcevic (Chair) (independent) AG Chairman and CEO, Managing Director, National Energy Services Goldman Sachs Reunited Charlotte Boyle Siham Bortcosh Chair of UK, (independent) we UNHCR COO, Good Law Project
Outgoing Finance Committee Member
Robert Cartwright Partner, Baker McKenzie
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Our Team
Senior Leadership Team
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Safia Tmiri Nicolas Kröger Fadel Zayan
Executive Director Operations Director Investment Director
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Shenouda Bissada Maya Rahal Suha Abdul Rahim
Egypt Country Director Lebanon Country Jordan and Palestine
Director Country Director
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Partnerships & Communications
Finance & Operations
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Sara Lobo Omar Eldahan Heba Shunbo Taskina Hadi Ahmed El Nabarawi Mohammed Hamad
Head of Finance Finance & Finance
CommunicationsManager DevelopmentOfficer Fundraising AdvisorDevelopment & Investment Manager Officer
“O Haifa Najjar Selena Chávez Doreen Khoury bt ‘4 Brian Dexter Abrar Mohamed Ali Sp Simon Jarjoura
Business Veg Communications Development |RNG Finance Manager Operations Officer Finance Officer
Development Coordinator Consultant
Manager
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Impact
Di
Mohammed Nour Saade Heba Samy
Alradi Impact Officer Impact Officer
Investment
Manager
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Portfolio & Programmes
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Reya Kanaan Ruba Abumraighi Suha Hallab
Portfolio Manager Portfolio Manager Portfolio Manager
Nour Laswi Noor Althafeer Essam Abuessoud
Programme Manager Social Investment Portfolio Manager
Manager
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Sabine Nachef Programme Manager
outgoing team members* Programme Manager ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 30XX**
Key Management Personnel
Alfanar’s Board delegates authority for the operational delivery of the strategy to the Executive Director and the senior management team. The Charity’s senior management team regularly updates the Board on venture philanthropy industry developments, Alfanar’s progress against the business plan impact and sustainability targets, and how the Charity is managing emerging risks. This ensures that Alfanar’s venture philanthropy approach remains in line with best practices.
The Board of Trustees, the senior management team (Executive Director Safia Tmiri who replaced Myrna Atalla from October 2024; Operations Director Nicolas Kroger; and Investment Director Fadel Zayan) and the global leadership team (Senior Management Team and Country Directors, Shenouda Bissada (Egypt), Maya Rahal (Lebanon) and Suha Abdul Rahim (Jordan) are the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give their time freely and no Trustee received remuneration in the year. Alfanar appointed a new Executive Director in 2024. Alfanar aims to recruit a Director of Philanthropy and Partnerships in 2025 to join the senior management team.
Staff Pay
The pay of Alfanar’s staff is set in line with its salary policy and is reviewed periodically concerning the achievement of performance targets and cost of living changes. The Trustees last approved cost of living adjustments in 2022. Given the nature of the charity, the directors endeavour to benchmark against pay levels in other charities of a similar size. The remuneration benchmark is the midpoint of the range paid for similar roles. The organisation started developing a global competency framework, which will also incorporated a revision of Alfanar’s salary scale and approach.
Human Resources
In 2022, the Charity approved a revised delegation of authority, to ensure that roles are properly authorised according to level of responsibility and to maintain effective decision-making and segregation of responsibilities. In line with the approved business plan, the Charity developed a revised organigram forecasting human resource requirements over the coming years.
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Fundraising Statement
We are grateful to the individual, corporate and institutional donors who either pledged or renewed their support to Alfanar in 2024 and longer term, and we thank all those who have contributed to Alfanar’s mission with a donation of money, time, connection or expertise over the past year.
Alfanar received support from 338 donors in total (2023: 69 donors). 112 individual donors provided 27% of income (£560k), with 24 donors (including institutional, foundations / trusts and corporate donors as well as pro-bono support) providing 73% of income (£1,515k).
61% of donors in 2024 were first-time givers, with 44% of income received from firsttime donors
(2023: 25%). The shift to support from institutions, along with the gala dinner in 2024, has resulted in 62.2% of income (£1,289k) raised in 2024 to be unrestricted (compared to 38.4% in 2023).
Alfanar’s dependence on a small number of individual and institutional donors for most of its income remains. In 2024, 63% of income came from just 22 donors giving over £30,000 (7% of donors). 35% of donors who gave to Alfanar in 2023 gave again in 2024. Major donors to Alfanar were most likely to renew their support, with 89 % of top-tier donors (by value) giving again in 2024 (compared to 95% for the previous year).
The arrival of Alfanar’s Egypt-based Development Officer in September 2022 enabled the fundraising team to commit more human resources to institutional fundraising and outreach efforts. Accordingly, significant progress has been made in professionalising and increasing Alfanar’s institutional outreach efforts. These efforts are now bearing fruit, with proposals developed and submitted in 2023 and multiple high-value partnerships with institutional donors secured, including with SODIC, the Asfari Foundation, Drosos, RDPP and DRC and others. New institutional partners are also being cultivated to ensure that a growing number of social enterprises can benefit from Alfanar’s strategic funding and training over the coming years.
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Safeguarding
Alfanar endeavours to protect from harm those who work for and with us, as well as those our social enterprises serve.
As part of our due diligence process with prospective social enterprises, we check for the existence and active use of safeguarding policies and practices. Alfanar has rolled out a new ASSET training module on safeguarding with its social enterprises to ensure that all are effectively trained and supported to implement the systems required to reliably provide safe and effective care to those they serve. Since 2021, when the Board approved revised safeguarding policies as part of our internal staff handbook, all staff received training on these new policies. New joiners receive training on the staff handbook, including safeguarding, as part of induction. In addition, refresher trainings are organised on an annual basis. The safeguarding policies are due to be updated in 2025.
Trustee Cynthia J. Oakes was appointed Board Safeguarding Representative in 2021.
Risk Management
Alfanar’s Board of Trustees has overall responsibility for ensuring Alfanar has an appropriate system of controls, financial and otherwise. It is responsible for keeping proper accounting records, which explain the transactions, disclose the financial position and comply with the Companies Act 2006 and UK GAAP. It is also responsible for safeguarding the assets of the Charity and for taking reasonable steps to detect and prevent fraud and other irregularities. It also has responsibility for identifying and managing the risks faced by the organisations.
Alfanar has a risk register that identifies the major risks to the Charity. This register is regularly updated, and processes are put in place to mitigate risks. It is reviewed by the Trustees bi-annually.
The following were identified as the principal risks facing the Charity in 2025/2026:
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Key Risks
Mitigation
| Key Risks | Mitigation ¢ |
|---|---|
| Insufficient unrestricted funds raised and over- reliance on board. Limited fundraising capabilities prevent Alfanar from raising unrestricted funds |
Recruitment of Director of Partnerships and wider fundraising team to focus on unrestricted HNWI and Corporate funding Board-appointed Champion supporting fundraising Ensure we receive board pledges early Ensure individual donations provide unrestricted funding Reduction of UK footprint to reduce burden on unrestricted funding Negotiate higher ICR rates and pre-approved allocation rates for support staff in project proposals |
| Lack of succession planning sees a drop in efficacy should integral staff/Board members resign |
Recruitment of Director of Partnership Recruitment of new Trustees |
| Failure to launch impact fund |
New managing partner appointed Executive team to provide additional time & effort to ensure the successful launch of the fund Trustees actively supporting setup and fundraising efforts |
| Ability to work in the region compromised because of increased instability in the region and globally and reduction of funding |
Only work through pre-approved organisations and in line with charity commission guidelines Regularly monitor developments and ensure security protocols are in place where required All donor agreements to include force majeure clauses that allow us to halt/delay operations without penalties Ensure regional funding is flexible to allow focus on a single country of operation if necessary Ensure diversity of funding to avoid over-reliance on one single donor |
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Statement of Trustee’s Responsibilities
The Trustees who are also directors of Alfanar for the purpose of company law are responsible for preparing the Annual Report and the financial statements under applicable law and standard United Kingdom accounting practice (UK GAAP).
Company law requires trustees to prepare financial statements that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of those resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the Board of Trustees are required to:
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Select suitable accounting policies and apply them consistently.
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Observe the methods and principles in the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102.
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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Prepare the financial statements on a 'going concern' basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with company law. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the Trustees has confirmed that, so far as they are aware, there is no relevant audit information of which the Charity’s auditor is unaware, and that they have taken all the steps that they individually ought to have taken as a Trustee to make themselves aware of any relevant audit information, and to establish that the Charity’s auditor is aware of that information.
Approval
This report was approved by the Trustees on 1 of July 2025 and is signed on their behalf.
Sherif Foda
TRUSTEE
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Independent Auditors Report
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Opinion
We have audited the financial statements of Alfanar (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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Give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011
Basis 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 group financial statements section of our report. We are independent of the group and parent charitable company 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Alfanar'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 other information comprises the information included in the trustees’ annual report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group 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 group 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
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The trustees’ annual report has been prepared in accordance with applicable legal requirements
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Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:
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Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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The parent charitable company financial statements are not in agreement with the accounting records and returns; or
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Certain disclosures of trustees’ remuneration specified by law are not made; or
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We have not received all the information and explanations we require for our audit; or
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The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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Auditor’s responsibilities for the audit of the financial statement
We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 material misstatement 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-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 extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit
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team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Use of our report
his report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members 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 responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Orchard (Senior statutory auditor)
Date: 11 July 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
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Statement of Financial Activities
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1 July 2025
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SUPPORTER NETWORK
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Our Partners
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Together, we can power the Arab World’s impact economy.
info@alfanar.org.uk
www.alfanar.org @alfanarvp
Alfanar UK
The Conduit Club, 6 Langley St London WC2H 9JA Company registration n. 5141908 Charity registration n.1105048 Tel: +44 1158 88 2835
Alfanar Lebanon
Beirut Digital District (BDD 1280) Nassif El Yazigi St. Bachoura, Beirut, Lebanon Ministry of Social Affairs registration number: 907
Alfanar Egypt
50 Nadi El-Sayd St. (3rd Floor), 12311 Dokki, Giza, Cairo, Egypt Unique registration number: 67/2021; 21991433314205
Alfanar Inc., US
c/o Hurwit & Associates, 1150 Walnut Street (2nd Floor), Newton, Massachusetts 02461 USA EIN-75-31970321
Alfanar Jordan
Shajarah Street, Abdoun, 11183, Amman Jordan Registration No. 420232144
Stichting Alfanar
Saturnusstraat 14, 2516AH The Hague, The Netherlands KVK No. 88110834