Charity number.. 1112626 Alexis and Anne-marie Habib Foundation Trustees, Report and Financial Statements 31 December 2020 Alexis and Anna-marie Habib Foundation REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2020 Trustees A Habib DrA-M Habib F Habib Charity registered number 1112826 Principal offlce clo Spinnaker Capital Limited 6 Grosv6nor Street London W1K4PZ Independent auditor Blick Rothenberg Audit LLP Chartered Ac¢ounlanls 16 Great Queen Street London WC2B SAH Bankers Barclays 1 Churchill Place Canarywharf London E14 5HP Page 1 Alexls and Anne-marie Hablb Foundation TRUSTEES. REPORT For the year ended 31 December 2020 The Trustees present their annual report together w￿th the audited financial statemenls of Alexis and Anne-marie Habib Foundation Ilhe foundation) foi the year ended 31 December 2020. The Trustees confirm that the Annual report and financial statements of the foundation comply with the current slalutory requirements, the requirements of the foundation's governing document and the provisions of the Slalemenl of Recommended Practice ISORP), applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Results The nel outgoing resources for the year ended 31 December 2020 were £1,907,a9212019- £1,052,949). Review of governance and management The Alexis and Anne-marie Habib Foundation I'the foundation") is a Irusl, with charitable status and governed by its Trust Deed. The Trustees meet regulady lo agree funding policy, monitor income and expenditure and allocate funds. New appointments musl be proposed and agreed by cur￿n1 Iruslees. The foundation seeks lo advanca, promote or carry out such charitable purposes as the Trustees in their absolute discretion see fil. The foundation aims lo identify bright, academically lalenled, disadvantaged high school and university students in Lebanon and provide them with long term financial support so that they can maximise their educational potential. The foundation provides grants lo charitable organisalions and individuals in line with the foundation's grant making policies detsiled below. The Trustees consider that they have complied wilh Section 4 of the Charities Act 2011 with regard to the guidance on public benefit published by the Charity Commission. Trustees The Trustees during the year were as followg.. A Habib Dr A-M Habib F Habib Review of activities During the year ended 31 December 2020, 8 total of £1.809,063 {2019 - £1,082,885) was granted to charitable organisations and individuals. Inv8Stm8nt policy and performanGe The Iruslees invest in bank fiduciary deposits, money market wrporale bonds and hedge funds. This policy will be reviewed annually. All Iruslees have control over the investments account. However, in practice, A Habib, one of the trustees. will make the investment recommendations and these will be agreed upon at board meetings. The aim of the investments is to ensure that operating costs and granl making activity can be funded solely wlh income on these liquid inveslmenls. Income generated from investments was £412,691 12019 £679,190). Investments held decreased in market value by £107.517 {2019- £97,837). Reserv9$ poII¢y The foundation has been PTimarily funded through contributions from Spinnaker Capital Limited. No active fundraising from outside conlribulors is expected. Page 2 Alexis and Anneuarie Habib Foundation TRUSTEES, REPORT ICONTINUEDI For the year ended 31 December 2020 The organisalion does not have subslanlial reserves lied to fixed assets. The foundation aims lo fund operating expenses and charitable dislribulions solely through the income on the investment of ils liquid assets. The foundation aims lo make annual charitable distributions equivalent lo approximately 50A of ils liquid assets. through long-term preferential temi loans as well as scholarships and cash grants. Major rlsks The Trustees have assessed the major risks to which the foundation is exposed and are confidenl that the necessary management systems and slralegles have been implemented lo miligale those risks. Grant maklng poll¢les The foundation's aims are lo identify br￿h1, academically lalenled. disadv2ntaged high school and university students in Lebanon and provide them with long term fin8ncial support so that they can maximise their 6ducational polenlial. The foundation's grants are made lo ¢harilable organisalions and individuals. The foundation also aims to support development of the educational infraslruclure within Lebanon, throLJgh the building andloT financing of schools targeted al disadvantaged children. and olhewse. The foundation may also provide granlslloans for any other charitable purposes as determined by the Trustees. Grants are decided by the Iruslees based on recommendations made by the board of advisors who review all the appli¢alions and recommend amounts. The Iruslees, in close coordination with the board of Advisors, ensure that the highest sl8ndards ol Corporate Governance apply in all aspects of the foundation's aclivilies, including the prO￿sS of selecting candidates and disbursing financial aid. The grants are usually made lo the universily who will distribute to the students. Only reputsble and ac¢redited schoolsluniversilies receive funding. Due lo the unprecedent economic hardship facing the Lebanese population since 2019, as demonslraled in the report compiled by ESCWA Ilhe UN Economic and Social Commission for Western Asia) whiGh eslimalès that °more than 550/0 of the Gounlry's population is now trapped in poverty and struggling lor bare necessities., the Trustees have decided lo make grants that help alleviate the economic hardship ol the most economically deprived. As a result, the Iruslees have decided lo make grants to several institutions for the provision of food boxes that wll be distributed where they are most needed. Volunteers The foundation relies on the contribution of sts Trustees who provide their services free of charge. Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Ac¢ounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepafft financial statements for each financial year which give a true and fair view of the stale of affairs of the foundation and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial slalements, the Trustees are required lo.. select suitable accounting policAes and then apply them consislenlly., obseNe the methods and principles in the charities SORP make jLJdgmenls and accounting eslimales that are reasonable and prudent., prepare the financial statements on the going COn￿M basis unless il is inappropriate lo presume that the foundation will continue in operation. Page 3 Alexls and Anne-marie Habib Foundation TRUSTEES, REPORT ICONTINUEDI Forthe year ended 31 December2020 The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the foundation's transactions and disclose with reasonable accuracy al any time the financial position of the foundation and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (A¢counts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also sponsible for safeguarding the assets of the foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors Each of the persons who are Trustees al the lime when this Trustees, Report is approved has confirmed Ihal.. so far as that Trustee is aware. there is no relevant audi( information of which the ¢harily's auditor is unaware., and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit infomalion and to establish that the charitls auditor is aware of that infomialion. The auditors, Blick Rolhenberg Audit LLP. have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor al a meeting of the Trustees. Approved by order of the members of the board of Truste88 on 28 October 2021 and signed on their behalf by.. A Habib Trustee Page4 Alex15 and Anne-marle Hablb Foundatlon INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXIS AND ANNE-MARIE HABIB FOUNDATION Oplnlon We have audited the linan¢ial slalemenls of Ale￿S and Anne-marie Habib Foundation Ilhe 'charily'l for the year ended 31 December 2020 which comprtse the Ststement of Financial AclThiilies, the Balance Sheet. the Slalemenl of Cash Flows and the related notes. 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 Slandards. inclLJding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. The financial slalemenls have been prepared in accordance with Accounting and Reportino by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in order for the accounts lo provide a true and fair view in accordance with the Generally A￿pIed Accounting Pr8¢ti¢e effective for reporting periods beginning on or after 1 JanLtary 2015. In our opinion the financial slalemenls.. 9ive a true and fair view of the slate of the charills affairs as al 31 December 2020 and of ils incoming resources and appli¢alion of reSoUr￿S for the year then ended.. have been properly prepared in accordance with United Kin9dom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We ¢onducled our audf( in accordance with International Standards on Auditing {UKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the fi'nancial slalemenls section of our report. We are independent of the charity in accordance with the elhical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 relatlng to going concern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the finan¢ial sialemenls is appropriate. Based on the work we have performed, we have not idontified any material uncertainties relating lo events or conditions that, individually or colleclively, may cast significant doubl on the ¢harily's ability lo continue as a going concern for a period of al16asl hNelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections ol this report. Other Information The Trustees are responsible for the other infomialion. The other information comprises the inft)rmation included in the Annual Report, other than the financial statements and our Auditor's Report Ihereon. Our opinion on the financial slalem6nls does not cover the other information and we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other inlormalion is materially inconsistent with the financial slalements or our knowledge obtained in the audit or othe￿iSe appears to be materially misst81ed. If we identify such material inconsistencies or apparent material misslalemenls, we are reqLtired lo delennine whether there is a material rnisslalement in the financial statements or a material misstalemenl of the other infomalion. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. Page 5 ## **Alexis and Anne-Marie Habib Foundation** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXIS AND ANNE-MARIE HABIB FOUNDATION (CONTINUED)** We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the charity's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the charity's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the charity's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the charity operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charity. The key laws and regulations we considered in this context included the Charities Act 2011 and applicable tax legislation. One particular focus area was the risk of fraud through management override of controls. Our procedures to Page 6 ## **Alexis and Anne-Marie Habib Foundation** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXIS AND ANNE-MARIE HABIB FOUNDATION (CONTINUED)** respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the charity for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. Another focus area was non-compliance with the rules of the Charity Commission. One of the charities was authorised and regulated by the Charity Commission throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the charity and the Charity Commission; reviewing in detail the grants made by the charity during the period; and discussion of regulatory matters with the appointed officers of the charity. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. ## **Use of our report** This report is made solely to the charity's 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 charity's 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 responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Blick Rothenberg Audit LLP** Chartered Accountants Statutory Auditor 16 Great Queen Street London WC28 5AH 28 October 2021 Blick Rothenberg Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 7 Alexls and Anne-marle Hablb Foundatlon STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2020 Unrestrictèd funds 2020 Total funds 2020 Tol81 funds 2019 Income from: Donations Investments 4,562 412.691 4.562 412.691 679, 190 Total income Expenditure on- Charitable activities Foreign &xchange loss 417,253 417,253 679, 190 1,887,789 329,039 1,887,789 329,039 1, 158, 169 476, 133 Total expenditure 2,216,828 2,216,828 7,634,302 Net movement in funds before other recogt)Ised galnsl{lossesl Other recognised galnslllossesl: Losses on revaluation of fixed assets {1,799,5751 11,799,575) (955. 112J 1107.5171 1107,5171 (97,837J Net movemgnt In funds Rèconclllation of furtds.. Total funds bmughl forward N81 movement in funds 11,907.0921 11,907,092) (1,052,949) 20,485.818 20,485,818 21,538, 767 11,907,092) 11,907,092) (1,052,949) Total funds carried forward 18,578.726 18,578,726 20,485,818 All activities relate lo continuing operations. The notes on pages 11 to 17 form part of these financial stalemenls. Page 8 Alexis and Anne-marle Habib Foundation BALANCE SHEET As at 31 December 2020 2020 2019 Note Fixed assets Investments 5.685.555 6,473,413 5,685,555 6.473,413 Current assets Debtors Cash and cash equivalen18 179,378 13.615.635 203,005 13,813,480 13.795.013 14,016,485 Creditors.. amounts falling due wsthin one year 10 1182,288 (4,080) Net current assets 13.612.725 14,012,405 Total assets 18ss current liabilities 19,298,280 20,485,818 Creditors.. amounts falling due after morg than one year 11 1719,5541 Net assets excluding pension asset 18,578,726 20,485,818 Total net assets 18,578,726 20,485,818 Charity funds Unreslricled funds 18,578,726 20,485,818 Total funds 18,578,726 20,485,818 The financial ststements were approved and aulhorised for issue by the Trustees on 28 October 2021 and signed on their behalf by.. Ha ib Trustee The notes on pages 11 to 17 form part of these financial slalemenls. Page 9 Alexls and Anne-marie Habib Foundatlon STATEMENT OF CASH FLOWS For the year ended 31 December 2020 2020 2019 Cash flows from operating actlvlties Nel cash used in operating a¢tivilie$ {1,290.8771 (1,631. 174) Cash flows from investing activities Dividends and interest from inveslments Proceeds from sale of investments Purchase of investments 412,691 680.341 687,384 1,204.995 (1. 163, 113J Net Cash provlded by Investlng activities 1.093.032 729,266 Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1197,8451 1901.9081 13.813,480 14, 715.388 Cash and cash equlvalents at the end of the year 13,615,635 13,813,480 The notes on pages 11 to 17 form part of these financial statements Page10 Alexis and Anne-marie Habib Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 Accounling policies 1.1 8asis of preparation of financial statements The fin8ncial slalements have been prepared in accordance wf(h the Charities SORP {FRS 1021 Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their account8 in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 102) {effe¢live 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Charities Act 2011. The finan¢ial statements have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fairf view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities". Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Alexi8 and Anne-M8rie Habib Foundation meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 1.2 Donatlons Donations are accounted lor on 8 ￿ceIV￿ble b8sis, having regard lo the likely recoverability of amounts. All arise from continuing. ordinary aclivilies. 1.3 Grants payable Piowsion is made for grant payments at the lime the decision is taken by the trustees, lo the extent that this decision has been communicated lo the recipient of the granl. Where grants have been determined by the Iruslees but have not been notified lo the recipient a contingent li8bilily results and the grant expense is transferred lo a designated fund until such Ilme as it falls due. 1.4 Flxed asset Investments Investments are a form of basic financial instrument and are inilialty recognised at their transaction value and subsequently measured al their fair value as at the balance sheet dale using the closing quoted market price. The slalemenl of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. 1.5 Foreign currencies The foundation's functional and presenlalronal currency is GBP. Monetary assets and liabilities denominated in foreign currencies are translated into sterling al rates of exchange ruling al the Teporting dale. Transactions in forei9n currencies are translated into sleding at the rale ruling on the dale of the Iransadion. Exchange gains and losses are recognised in the Slalemenl of Financial Aclivilies. 1.6 Interèst racaivablo Interest on funds held on deposbt is included when re￿Ivable and the amount can be measured reliably by the foundation., this is normally upon nolificalion of the interest paid or payable by the Bank. Page11 Alexis and Anne-marie Habib Foundation NOTES TO THE FINANCIAL STATEMENTS For the year elided 31 De¢ember 2020 Accounting policies Icontlnuedl 1.7 Taxation As a registered charity the foundation is exempt Irom Corporation Tax. 1.8 Flnanclal InstNments The foundation only trades in basic financial instrument8. Ils nel current asset position is a reasonable measure of ils liquidily al any given time. 1.9 Debtors, creditors and provisions Debtors represent accrued interest on listed inveslmenls, and are initially recognised at market value on purchase of the respective investment. Subsequently they are measured 8t fair value with movement shown under income from inveslmenls. They are derecognised when an investment is sold. All trade and other debtors are initially recognised al transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed foT impairment where there is objective evidence based on observable data that the balance may be impaired. The charity does not hold collateral against ils trade and other receivables so ils exposure to credit risk is the nel balance of trade and other debtors after allowance for impairment. Creditors and provisions are recognised where the foundation has a p￿sent obligation resulting from a past event that will probably result in the transfer of fLJnds lo a third party and the amount due lo sellle the obligation can be measured or estimated reliably. Creditors and provisions are initially recognised al Iransaclion value as none represent a financing transaction. They are only derecognised when they are extinguished. 1.10 Cash and cash equlvalents Cash and cash equivalents includes cash and short term highly liquid investments wlh a short maltjrily o* three months or less from the dale of acquisition or opening of the deposit or similar a¢¢ount. Liability of truste&s The tTuslees shall not be liable for any loss lo the Trust fund unless by reason of w¢lful or indimdual fraud or dishonesty or wrongful omission on the part of the Trustee who is sought lo be made liable. Investment Income un￿StriCted Total funds funds 2020 2019 Bond interest received Bank Inte￿St received Income from swap transaction8 360.056 39,235 13,400 433,288 245,902 412,691 679, 190 Page 12 Alexis and Anne￿ar1e Hablb Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 Expènditurè on charitable activities 2020 2019 Grants payable {see note 51 AudiloTS' remuneration 909,621 3.060 36.141 39.525 1.082,885 2, 100 23,969 49,215 Bank charges and sundry expenses Wages 8nd salaries 988,347 1. 158, 169 Grants payable Grants to Institutions 2020 Grants to Individuals 2020 Total funds 2020 Grants paid 1,729,359 79.704 1,809,063 Gr8nts to Inslilutions 2019 Grants to Individuals 2019 Tot81 funds 2019 Grants paid 980, 164 102, 721 1,082,885 The foundation's grants are made lo charitable organisalions and individuals. tha objective of which is to help further the education of academi¢ally lalenled, financially disadvantaged students in Lebanon. During the year the foundation also promded grants lo in81ilulions providing food parcels lo areas of the country where this is mosl needed. Page 13 Alèxis and Anng-marle Hablb Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 Grants payable Icontlnuedl The foundation has made grants in excess of £50,000 lo the following institutions.. 2020 2019 Name of institution The INSEAD Trust for European Management Education {UK Trusll, United Kingdorn Universilé Sainl-Joseph d6 Beyroulh. Lebanon University of Balamand, Lebanon SONACO food parcel programme, Lebanon American Universily of Beiwl. Leb8non Lebanese American University, Lebanon Other grants lo institutions 1.167,600 134,737 70,669 76,660 S7.726 53,756 291, 711 196, 792 t57,072 736, 709 168,211 197.880 1,729.359 980, 164 Staff costs Staff ¢08ls were as follows.. 2020 2019 Wages and salaries 39,525 49,295 The average number of persons employed by the foundation durlng the year was as follows.. 2020 2019 No. No employee re￿iVed remuneration amounting lo more than £60,000 in eilher year. Trustees. remuneration DurÈng the year, no Trustees received any remuneration or other beneffts 120t9- £NIL). During the year, no Trustees received any benefits in kind12019- £NILI. During the year, no Trustees received any reimbursement of expenses {2019 - £NILI. Page 14 Alexis and Anne-marie Habib Foundatlon NOTES TO THE FINANCIAL STATEMENTS For thg yaar ènded 31 December 2020 Investments Listed investments Carrylng value Al 1 JanLtary 2020 Disposals at carrying value Movements in market value of Investments 6,473.413 1680,3411 1107.5171 At 31 December 2020 5,685,555 Net book value At 31 December 2020 5.685,555 Al 31 De¢ember2019 6,473.413 All inveslmanls have been made outside the UK. Debto 2020 2019 Other debtors Prepayments and accrued income 59,047 120.331 60,302 742, 703 179.378 203,005 10. Creditors: Amounts falling due wlthln one year 2020 2019 Accruals and deferred income 2,400 179,888 4.080 Grants accrued 182,288 4.080 Page15 Alexis and Anne-marie Habib Foundation NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2020 11. Creditors.. Amounts falllng due after more than one year 2020 2019 Grants Accrued 719,554 12. Statement of funds Balance at 31 Gainsl December (Losses) 2020 Balance at 1 January 2020 Incorne Expenditure General funds 20.485,818 417.253 12,216.8281 1107,5171 18,578,726 Reconciliation of ngt movemgnt In funds to net cash flow from operatSng actlvities 2020 2019 Nel expenditure for the period las per Statement of Financial Activi(iesl 11,799,575) (955, 112) Adjustments for: Dividends, interests and rents from investments Decrease in debtors (Decreasellincrease in creditors 1390,3191 1.255 11.6801 (679. t90J 1,028 2,IC Net cash used in operating actlvities 12,190,319) (1.631, 174) 14. Analysis of cash and cash èquivalent5 2020 2019 Cash in hand 13,615,635 13,813,480 Total cash and cash equlvalents 13.615,635 13.813,480 Page 16 Alexis and Anne-marie Habib Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 15. Analysis of Ghang&s in net debl At1 January 2020 Cash flows At31 December 2020 Cash al bank and in hand 13,813,480 1197,8451 13.615,635 13,813,480 1197.8451 13,615,635 Page17 Alexis and Anne-lJJarie Habib Foundation INCOME AND EXPENDITURE ACCOUNT Forthe year ended 31 December 2020 2020 2020 2019 2019 Income Bond interest re￿1vable Bank interest receivable Donations Gain on foreign exchange swaps 360,056 39,235 4,562 13,400 433.288 245,902 Gross Income In the reporting period 417.253 679. 190 Less: Grants lo individuals Grants lo institutions 179,7041 11,729,359) (102, 721J (980, 164) 11,809,063) (1,082,885) Management and admini$lration Auditors, remuneration Rent Staff costs 13.0601 119.4641 139.5251 17,4031 19,2741 11501 {2, 100) (10,563) (49,215) (7.609) (5, 797) Bank charges Sundry expenses Inleresl paid 178.8761 (75,284) Foreign exchange loss 1328,8891 (476, 133J 328.889 476, 133 Total expenditure Deficit for the reporting period before other galns and losses 2,216,828 1,634,302 11,799,575) (95& 112J Surplus brought foNard at 1 January 2020 Loss on investment assets 20,48S,818 1107,5171 21.538. 767 (97.837) Surplus carrled fO￿ard at 31 December 2020 18,578,726 20,485,818 THIS SCHEDULE IS NOT FOR PUBLICATION Page 18