REGISTERED CHARITY NUMBER: 1115318 REPORT OF THE TRUSTEES AND, AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IMRCH 2024 FOR OMID FOUNDATIQN AKS A(fv18ers Llmited, Statutory Audltor Fourth & Fffth Floors 14-15 Lower Grosvemr Place London SW1W OEX
OMID FOVNDATK)N CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pago Referencè and Admlnlstratlve Detalls Report of tho Trusto85 2 to 4 Report of the Ind•ptnd6nt Audltors 5 to 8 statsmgnt ol Flnanc1741 Actlvltles, Balancè Shaèt 10 Cash Flow Statement 11 Notes to the Flnan¢lal Statem•ntS 12 to 18 Detalled Statement of Flnanclal AGtlvltla$ 19
OMID FOUNDATION REFERENCE AND ADMINISTrATIVE DEfAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Ms R Izadi Mr A Bagherzadeh Mr A lttihadieh Ms M Halati PRINCIPAL ADDRESS 63 Rutland Gate London SW7 1PJ REGISTERED CHARITY NUMBER 1115318 AUDITQRS AKS Advlsers Limlted, Ststutory Audttor Fourth & Fith Floors 14-15 Lt)wer Grosvenor Flace Lonckjn SW1W OEX BANKERS Nafv4e$t Bank Pl¢ South Kenslngton Statlon &anoh PO Box ND 592 18 Cromwell Place LorOn SVV7 2LB Page 1
OMID FOUNDATION REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2tr24 The tr.usteeF prpsent thelr rep)rt with the tirBncial statements of tPÈ charity for the year ended 31 March 2024. The trustees have adopted the provisions of AGGounting and Reporting by Charities.. Statement of Recommended Practice apF4icable to charitles prerIng their accounts In accordance with the FinanGial RepJrting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Omid FourvJation is a charitable trust estatlished in April 2006. The charity is ntrOlled ty its governirg document, a deed of trust dated 26 April 2006 and constitutes an unincorporated charity. It is registered with the Charity Commission in the UK and was granted charitae status ty the Charity Commission on 14 July 2006. Organlsatlonal structure The trust deed allows a new trustee to appointed at ary time either ty way of r8placement or addition. A trustee may be appointed or discharged ty a resolution of a meeting of the trustees, provided that a 'memorandum declaring suoh apFX)intment or discharge Shall be signed as a deed, either at the meetiro the person presiding, or in some other manner directed ty the meeting, and attested ty two other trust8 yesent at the meeting. When new trustees are apwinted they are given an introduction to to the work of the trust and provlded wlth the Informatlon they need to fulfil thelr roles, which includes irformatlon about the role of trustees and charty law. The Trustee6 meet riOdiCallY a8 and when requlred. The TrL*t works c106ely with other registered charities,experts and NGOS whose objectives overlap with its mission. Risk management The Trustees have a duty to identify and review the risks to which the charlty 1$ exposed ar¥J to ensure appropriate controls are in aGe. to provide reasonable assurance against fraud and error. QBJECTIVES AND ACTIVITIE8 Objectives and aims The pyimary objectives of the Trust are that the Trustees shall hold the capltal and Income of the Trust Fund upon trust for th8 promotlon of education and the relief of poverty distress Dr suffering ty providing assistance, support, education and training and conducting academic research on disadvantaged young women throughout the world. The Trustees shall not apply ary part of the Trust FurTrd directly in relief of pubtic funds, but may apply the whole or part of the Trust Fund in supplementing public funds. The Trustees may, in their discretion. for the Feriod of 21 years from the date of the Deed of Trust, instead of applying the income or the Trust In any year, accumulate all or ary part of such Income as an accretion to and as part of the capltal of the Trust, without prejudi to their right to apply the whole or ary part of such accumulated income In any subsequent year as if the same were IrKome of the Trust ari6ing in the current year. signlflcant aetivitles Within the pafameters of Its object to promote the education and the relief of poverty distress or suffering providing assistare support education and training tc and GonduGlng academic research on dlsacfvantaged young women throughout the world, the Trust's main activities are. (al Improviro its understanding of the local Issues of the geographiGal areas in whiGh it is active,through the assistance of prOfessnal8 who have exFert knowledge of those localities., (b) training of its own staff. Ic) im ernenting projeGts-aGtivities-progftmmes in those localities ty either im ernenting them itself, implementing .them in CollaratIon with other NGOS and expertslwofessional,. (d) awarding grants to other NGOS or exFrtIprofesSiOnaIS in order for tl%m to Implement their own programmes,. (el training freelance professiorEls and stsff of the other NGC8 on trauma-lnformed care and other areas of the Trusts expertise. During the year under revlew,the Trust disbursed £229,548 for the ave described projects-activities-programmes. Publlc benefit The Trustees have referred to the guidance.issued ty the Charity Commissiorfs neral guidanoe Dn puljic benefit when reviewing the Trust's aims and objectives and In ptanning its future activities. In particular, they have considered how planned activiUè8wiII contrtbLftÈ to the aims,and otyectives set. Page 2
.OMID FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORIMNCE The Trust works closely with numerous exFerts, professional, Institutions, organisatiorts, companies and NGOS to imF4ement its projects-activities-programmes. It also works with volunteers of all ages who either Fyovide pro-bono servi5 to the Trust or speqFhead awareness-raising arKI fundralsing initiatwe8 for the Trust's projects-activities-programmes. FINANCIAL REVIEW Flnanclal posltlon DuriThJ the year, the Trust had revenues of £238,319 (2023.. £242,810) from interest earnings, Glft Ald refunds, donated serviGe¥, and funds raised from the general public and other agencie, and dislxjrsed £229,548 (2023.. £222,667) to cover its own operating expenses, Carry out research and tralnlng actfvities, a8 well as wojects-activities-programmes that It has selected to support. As shown in the Statement of Financial Activities, the Tnjst still hold funds o.f £585,W7 (2023.. £576,436) which will be used for the TrusV8 projects-activities-programmes. PLANS FOR FUTURE PERIOD Going fomard the Trust will oontinue to develop programmes that provide marginalised young women of the Persian s[king world, and the adults who WOTk with them, with skills and transformative kn¢)wledge that promote equity, life skills, errK)tional intelligence, and Gommunity engagement. The programmes will ern?er young women directly and indireGtly, by working tth wlth the yourYJ women and wrth their closest InflueerS, who are typical parents, educators, Garing adults, mental health professionals and the community at large. Engaging thth with the young women and with their influencers has a multiplier effect that increases exponentially the impact and effectiveness of the Tru8Vs work. The aim is thus rK)t only to emF()wer the young women but to also establish a broad base of self-help and peer SUPFK)rt capaiJlitie8 across the community.This will not only create a group of young women with self-help and peer suppjrt skills, but also empower young, marginalised women to move from a 'ICtiM Script to one of 'ÈuNivoff' and develop a sense of id8ntity and Se-WOrth through skills building and peer Gounselling grouFE. All program8 are delivered online which mearE that program beneficiaries £$) mt n*d to ke based in sFecif geograthlc IoGation8. STRUCTURE, GOVERNANCE AND MANAGEMENT Govémlng document The charity 18 corrtrolled ty its governing document, a deed of trust ar¥J constitutes an Unincorporated charlty. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Truslees and the financial statement8 in accordance with applicable law and United Kingdorn Accounting Standard8 (United Kingdom General Accepted Accountirg Practice) including Financial Reporting Standard 102 'The Financial ReForting Standard appllcable In the UK and Republlc of Ireland" The law applicabl• to charlth'eB in England and WaleB, the Ch8rltie6 Act 2011, Charity (Account8 and ReFQrt8) Regulation8 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incomiro resources and application of resources, in¢luding the income and exFenditure, of the charity for that Feriod. In eFering those financlal statements, the trustees are required to Sele suitable accounting rK)licieÈ and then apply them consistenty,. obseNe the methods and principles in the Charity SORP,, make ju(ÈemerrtS and estlmates that are reasonable and prthent; state whether applicable acGounting stanLÈrds have teen followed. 8ubiect to any material deFertures disclosed and explained in the financial statement8, prepare the financial statements on the going concern losis unless It 18 Inappropriate to presume that the ctrArity will continue in business. Page 3
OMID FOUNDATION REPORT OF THETRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - contlnued The trustees qre responsible for keeping proper accounting records which disclose with reasonatle accuracy at any time the financial Fosition of the charity and to enable them to ensure that the financial statements ¢omFJy with the Charities Act 2011, the Chanty (Accounts and ReFXlrts) RegUtIonS 28 and the provisions of the trust deed. They are also re5p)nsible for safeguarding the assets of the cttarity and hence for takir reasonable steps for the prevention and detection of fraud and other irregularities, In so far as trustees are aware.. - there 18 no relevant audit information of which the charitys auditor Is unaware. and the trustees have taken all steps that they ought to have taken to make them8efves aware of ary relevant audlt Informatlon and to establlsh that the auditor is aware of that information AUDITORS. The auditors, AKS.Adv16er8, will kx prowsed.Yor.re4pF()Intrnert at the forthcoming Annual General Meeting. Approved by Order of toard,of trustees on 14 September 2024 and signed on it8 behalf ty: MS M Halati - Tru8tee Page 4
REPORT OF THE INDEPENDENT AUDITORS TQ T.HE TRUSTEES OF OMID FOUNDATION Oplnion We have atte0 the financial statements of Omid Foundation (the 'chariV> for the year ended 31 March 2024 which comprise tk statement of FinarLial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, inGluding a summary of significant accountiro Folicies. The financial reporting framework that FES en applied in their preparation is apIGable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), inGluding Financial Reporting Standard 102'The Flnancial Rep)rting Standard applicable in the UK and Republic of Irelantt. In our opinion the financial statements.. give a true and fair view of the State of the charitvs affairs as at 31 March 2024 and of rts incomirvJ resources and application of resources, for the year then ended., have been proper prepared in accordance with United Kingdom Generally Accepted Accountlng Practice, inGluding Financial Reportin9 Stsndard 102 'The Financial ReFOrtlng Standard appiiGable In the UK and Republic of Irelantt, and have been prepared In accordanoe wrth the requirements of the CharÉie8 Act 2011. Basls for oplnlon We Gonducted our audit in accordance with Interrotional Standards on Auditlffj (UK) (ISAS (UK)) atKJ applicable law. Our responsikillties ur¥Jer those standards are further descrited in the Auditors spon8ibllities for the audit of the financial statements,section of our rewrt. We are indeperKlent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical reswnsibilities in accordafft with these requirements. We Èelieve that the aud evldence we have obtalned18 Sufficlent and approwiate to provlde a basis for our opinion. Concluslons relatlng to golng coneorn In auditing the flnanclal statements, we have concluded that the trustees, use of the golng cofKern tesls of accounting in the preparation of the financial Statements Is appropriate. Based on the work we have Ferformed, we have not identified any materlal uncertaintles relating to events or conditions that, individually or collectively, may cast s5gnifiGant doubt on the GhariV8 abS11ty to Gontinue as gJlrYJ concem for a period of at least e1ve monthg from when the financial statsments are guthorlsod fo Issue, Our reswn8ibilities arKI the re8ponsiblllties of the trLtstees with re8FeCt to going conrn are described In tr relevant 8e¢tions of this report. other Infomwtlon The trustees are resFonsible for ottEr information, The other .informatlon comprlses tPE irrformation ncluded In the.Annual Rewr¢ other than the flnarnial statements and our ReFQrt of the lThjendent Auditors thereon. Our opinion on the flnanclal statements does not cover tho othor irformation and, Èxcapt to the extgnt ot1MiSe explicitly ststed in our reF¥Jrt, we do rnt express any form cf assurance Co[uST0n thereon. In connection with our audit of the financial statements, our resFKJnsibility is to read the other information and, in doing SD, consider whether the other information is materially inconsistent with the finanGial statements or our knowledge obtained in the audit or otherwise apKEars to materially misstated. If we identty swh material IrTh)nsistencies or apFErent material misstatements, we are required to determine whether this gwe8 rise to a material misstatement in the financial statements themseEves. If, based on the work we have performed, we conclude that tfrEre is a material misstatement Of this other informatton, We Are requlred to rep)rt that faGt. We have nothing to report in this regard. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OMID FOUNDATION Matters on which we g4re requlred to report by exceptlon We have nothing to reFM)rt in reSFEGt Df the following mattetB where the Charities (AGcounts and Repx)rts) Regulations 2008 requires us to report to you if, in our opinion., the information gwen in the ReFrt)rt of the Trustees is inconsistènt in ary material resFect with the financial stalernents, or Su1G1ent aGcourrtitvJ reGords have rKJt Ixen kept., or the financlal statements are not in agreement with the accounting records and returns., or we have not recetved all the InfOrtiOn and exFlanations.we require for our aLKJrt. Responslblllties of trustees As exyained more fully In the Statement of Trustees, Responsibilities, the trustees are responslble for the eFgration of the financial statements which give a true and fair view, and for such interrral control as the trustees determine is necessary to enable the preparation of financial statemerrts trat are free from materlal mlssktsment, whettrEr due to fraud or error. In preparing the financial statements, the. trustees are resFonsible for asse8sirKJ the charivs akn'lity to GOnnUe as a golng concern, disclosing, as appllcable, matter8 related to going concern and uslng the going concern basis of accounting unless the trustee8 either intend to liquidate the charity or to cease OFerations, Dr have no realistic alternatlve. but to do so. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OMID FOUNDATION Our responslbllities for th& audlt of the finan¢ial statements We have teen appointed as auditors under Section 144 of tho Charitie8 Act 2011 and report in accordan¢È with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about Wheer the financial statements as'a whole are free from material misstatement, whether due to fraud or error, and to issue a ReFort of the IndeFEndent ,AfIt0r8 that [ludeS our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conductsd in accordatKe with ISAS (UK) will always detect a material misstatement when it exist8. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably trE exFECted to influence the economic decision8 of users taken on the basis of these financial statements. The extent to whlGh our procedure8 are capable of detectlro Irregularities, IlUdIng fraud 18 detailed telow.. Irregularities, including fraud are instances of non-compliance wth laws and regulations. We designed pyocedures in line with our resw)n8ibilitie8 Outlined abjve, to dett materlal mi86tatement8 In respect or Irregulan'ties, including fraud. We Identlff ed areas of laws and regulations that could reasonabW expected to have a materlal effect on the financlal statements from our.. general commerclal and sector experience., through verbal and wrltten communications with those charged with governance and other management. qnd V.a inspe,Gtlon of ttr Charities regulatory and legal corre8wndence. We di8Gussed wlth those charged wlth governance and other management the policies arKI procedures regarding complian* with laws and regulatiorB. We communicated identif18d laws and regulations to our team and remained alert to ary indicators of TrJn-compliarsce throughout the audit, we also specifically Gonsidered where and haw fraud may occur withln the chanty. The Fotentlal effect of these laws and regulations on the financial statements varles corBiderably.' Flrstly, the charity is subject to laws and regulations that dlrectty affect th8 financial Statements, Includiro: the charit18 constitution, relevant financial rewrting standards,. charity law., the Statement of Recommended Practice apFJicable to charrties preparing their accounts in accordance wlth FRS 102 (effective from 1 January 20191,. and we assess the extent of complianGe wlth Ihe8e laws and regulatlons as part of our procedures on the related finanoial statement item8. Secondty the chanty Is subject to mary other lawg and regulations where the consequences of n-compliance could have a material effect on the amounts or disclosures in the financlal statements, far instance through the imposition of fines and penalties, or through losses arfsing from litigations. We iderrtified the following areas as those most likely to have such an affect.. legislation directty appllcable to charrties sector SLLh as the Charities Act 2011. ernoyMent 18gislatlon,' ha4lth and safety lÈgi8lation' th¢ regulatory requirements of the Charity Commission" and the making overseas donations, GDPR,. anti-LYibery and corruption legislation., International Audltlng Standards (UK) Ilmlt the required procedures to identify non-compliance with tse l'aws and regulatlon6 to the procedures, and no procedures over and abye those already noted are required. These limited procedures did not KIentify any actual or SUSFected non-compliarts whlch laws and regulatlon¥ that could have a material imFect on the financlal statements. In relation to fraud, we perfomed the following sFe¢iC prc¢edures in addition to tP)Se alreacty notsd: ChallerKJing assumptions made ty management in its significant accounting estimates l(krrtifying and testing journal entries, in particular any entries Fosted with unusL£I nominal ledger account comnatiOns. Performing anatytical procedures to identify UXpected movement6 in account balances whiGh may be indicative of fraud,. - Ensuring trot testing undertaken on both the Staterrent of FInarla1 Activity (SOFA), and the [Balan Sheet] [statement of Financial Posrtion] inGILJdes a number of items selected on a random tasis; Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OMID FOUNDATION These procedures Ajid not Idertfy aw actual or susFected fraudulent irregularty that oould have a material impact on the financial statemerrts. Cming to ttrp inherent limltations of an audit, there is an unavoidable rfsk that we may not have detected some mateiial rT7iSStatements in the financial statements, even th)ugh we have propedy yanned and FRrformed our audit in accordance. with International Auditiro Standards UK). For example, the further removed n-complianc8 Wlth laws and regulations is from the events and transaGtions reflected in the finanGial statements, the less likely the procedures that we are required to urertake would identify It. In addition, as wlth ary audit, there remains a high ri8k of non-dete¢tion of irregularities, as tfrEse rnJht involve collusion, forgery, intentlonal omissions, misrepresentation, or the overrlde of internal controls, We are not responsible for preventing non-compllance with laws and regulations or fraud, arvj canTrJt be exFected to detect rL)n<ompliance with ali laws and regulations or every incidence of fraud. AB part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintsin professional scepticism throughout the alt. We also. Identlfy and assess the rlsks of material misstatement of the finanoial ststement8, whether due to fraud or error, deslgn Ferform audit procedures resFonsive to those risks, and obtain audit evidence that is SLffficient and appropriate to provide a Exsis for our opinion. The risk of not deterting 8 material misslatement resulting from fraLKI is higher than for one resulting from error, as fraud may involve collusion, forgery, Intentlonal omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the ¢ircumstarte8, but not for the purp)se of expressing an opinion on the effectweness of the charitys intemal control. Evaluate the appropriateness of accounting poliGie3 used and the reasonatl¢nes8 of acGOUrting estlrnates and related disclosures made ty the trustees. Conclude on the approprlateness of the trustees, LEe of the going Concern basis of accounting and, tOBed on the audit evfdenee obtained, whether a material uncertalnty exlsts related to events or conditlons that may cast Slgnificant doubt on the charitys abilty to ¢ontlnue as a golrrJ concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Rep)rt of the IndeFeent Auditors to the related disclosures in the financial statements or, if suoh disGlosureG are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of t Independent Auditors. However, future everts or conditions may cause the charity's to cease to oontinL as a going concern. Evaluate the overall presentation, struGture and Gontent of the financial 8tatements, including the dlsclosures, and whether the financial statements repyesent the undertying transactions and èvents In a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned SQOFe and timing of the audit and signtrficant audlt flryjings, including any slgnff icant def ioierKies in inkmal Gontrol that we identify during our audiL Use of our report Thls report is made Sblely to the ¢hartys trustees, as a In aGGordance wrth Part 4 of the Charitie8 (AGcounts and Rerts) Regulations 2008. aiKlIt work has teen uTrJertaken 80 that we might state to the charltV8 trustees those matters we are required to state to them In an audltors, rewrt and for no other purp)se. To the fullest extent permitted ty law, we do not accept or a8sume responsibilty to aryon8 olher than the Charity and the charlvs trustees as a Ixjty, for cur audit work, for thi8 report, or for the opinion8 we have formed. Wisc44 L AKS Advlsers Lim ted, Statutory,Aud Fourth & Fffth Floors 14-15 Lower Grosvenor Place London SW1W OEX Date.. Pag? 8
OMID FOUNDATIQN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 21)24 34.3.24 Total funds Unrestricted Restricted fun¢J functs Total furKIè Notes INCOME AND ENDOMIENTS FROM tk)nations and legacies 225,3 225.909 239,769 Investment income 11410 12,410 3,041 Total 238,319 238,319 242,810 EXPENDITURE ON Raising funds 13,096 13,096 9,660 Charitable actlvltles Research & Training Direct cost and grants Dlrect programme8 and grant8 Other 210,093 .XO,093 207,522 8,3eo Total 229,548 229,648 2,666 NEf INCOME 8,771 8,771 20,144 RECONCILIATION OF FUNDS Total funds brought fOard 676,438 676,438 556,2g2 TOTAL FUNDS CARRIED FORWARD 686,207 685,207 576,436 The notes form part of these financial statements Page 9
OMID FOUNDATION BALANCE SHEEr 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unre8triGted Restricted. fund funds Notes CURRENT ASSErs Debtors .Cash at LBnk 2,110 587,057 2,110 687,067 1,551 578,485 685,187 689,167 580,036 CREDITORS Amounts falling due Yéithin one year 10 (3,980) (3,960) (3,6CQ) NEf CURRENT ASSETS 686,207 686,207 576,436 TOTAL ASSEf8 LESS. CURRENT LIABILITIES, 686,207 686,20Y 576,436 NEf ASSErs 686,207 085,207 576.436 FUNDS Unrestricted fund4 11 68S,207 576,436 TOTAL FUNDS 685.207 576,436 The financlal statements were approved ty the Board of Trustees arLI authorised for issue on 14 September 2024 and were signed on its behalf Lry.. MB M Halatl- Trust The notes form part of these financial statements Page 10
OMID FOUNDATION CASH FLOWSTATEMENT FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Notes 31.3.23 Cash flows from operatlng actlvltles Cash gerErated from operatlons 14 (3038) 16,083 Net Gash (used in)Iprovided ty OFeratirE actlvrtles (3,838) 16,083 Cash floyts from Investlng actlvltles Interest received 12,410 3,041 .Net cash provlcled by Inve$tlng actrvitie8 12.410 3,041 Changé In cash and cash equlvalents In thé raportlng périod Cash and cash equlval•nts at the beglnnlng of the raportlng perlod Cash and cash equlvalénts at thé end of the reportlng perlod 8,572 19,124 678.486 559,361 687,067 fi78,485 The notes form part of these financial statements Page11
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTINQ POLICIES Basls of preparlng the flnanclal statements The financial statement5 of the charity, which is a puLlic beneftt entity under FRS 102. have teen prepared in accordance wrth the Charrties SQRP (FRS 102) 'Accourting and Rep)rting by Charities". Statement of Recommended Practice applicable to charities preparing ttrEir accounts in accordance with the Financial Repjrting Standard applicable in the UK and Republ of IrelarKI (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial ReportiThJ Standard applicable in the UK and Republic of Ireland and the Charities AGt 2011. TtE financial statements have been weFEred under the historical cost Gonvention. Preparatlon of the flnanclal statements on a going concern basts TtE financial statemehts are drawn up on the going concern basis Which assumes Omld Foundation wlll continue in OFerational existence for the foreseeable future, The Board of Trustees have given due considera.On to the working Gapital and Gash flow requirements of Omid Foundation. The bjard of Trustees consider Omid Foundation Gurrent and foreGast Gash resourGe8 to be sufficient to cover th8 VrkIng capital requiremerts of the Gharity for at least 12 months from the date of signing the financial statements. crftlcal accountlng Judgements and key sources of èstlmatlon uncertalnty The preFfiration of the financial statements requires the &)ard of Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance Sheet date arKI the amounts fepjrted for income and expendrture during the perlod. However, ttr nature of e8tlmation ffRans that actual outcomes could differ from those estimates., Incom• All incoming resources are recognised on the Statement of Financial Activities once the charty has legal entitlement to the Incoming resources, it 18 certain that the resources will received the monetary value of incoming resources can be Easured with sufficient reliablity arKt accuracy. Unrestrlcted Charltable donations are recognlsed In the flnanclal statement8 when the charltable )nation has een recewed, or if, before receipt, there is SLrfficient evidence to provide the necessary certainty that the donatlon will tx received and the value of the incomiro resources can t* measured wEth sulficient rellablllty. Donated profe88lonal seNlces and donated facilitles are recognlsed as Income when the charlty has control over the Item, ary conditions associated with the donated item have been met, the receipt of economic tenefit from the use by the charity of the item is prot£ble and that economic benefrt can te measured reliably. In accordance with the Charities SORP IFRS 102), the general volunteer tlme Is not .re¢ognised. on receipt, donated profes6lonal services and donated fa¢ilrtie8 are recognlsed on the bas18 of the alue of the glft to the charty which Is the amount the charity would have teen willing to pay to obtain 8ervices or facilities of equivalent economic berefit on the open market,. a corresponding amount Is then recognlsed in expenditure in the period of receipt Expendlture Llabllities are re¢ognised as expenditure a8 soon as there Is a legal or constructive obllgation ommittlng the charity to that expenditure, it is probable that a transfer of econornlc benefits will be required in settlement and the amount of the obllgation Gan be measured reliabty. Ex[ndItUre 18 accounted for on an accruals basis and has IRen classified under headirEs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have teen allo¢ated to activities on a basis corEistent wth the use of resources. A further analysis of thls exFEndlture is given In the mtes to the flnanclal ststements. Cost of ralslng funds comwises the costs of commercial trading and thelr assoGiated supwrt costs. cèntiriued...
OMID FOLINDATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Expendlture Expenditure on charitable activities iwlthes the costs of tIE Gharty'& services undertaken to further the purFvse of the charity and their associated SUPFQrt costs. Other expenditure represents those items not falling into any other heading. Charitable actlvlties Charitable activities comprlses those Costs Incurred ty the charity in the delivery of its activities and services for its tenefioiarie8. It includes both Gosts that Gan be allocated diteGtly to SUGh actbvities ?nd thosè costs associated of an iThJirect nature rrfessary to support them. ,13overnan¢é ¢osts Governance costs Cgmprise all Gosts invofving the public account8blllty of the trust and tts GomF4iance with regulation and gooL8 practice. These costs Incluck costs related to audit and management fees together with an apportionment of overtEad and support ¢ostS. Allocatlon and apportlonment of costs Supwrt costs are those functlons that assist the work of the charity but do not directly undertake charitable activities. Support cost5 include back offlce costs, finance, Fersonnel, payroll and governancè costs which supwrt the charivs 8oGiety services and activities. These costs have teen allocated Ieen cost of raising fuThJ8 aTrJ expenditure on charitable activitie8. The bases on which 8UPPOrt costs have been allocated are set out in the notes. Taxatlon The charity is an institution within the meaning of the Charrties Act 2011 and as such is a charity within the meanlng of Section 506(1) of the Taxes Act 1988, Accordingly, the charity Is potentlalw exempt from taxation in resFECt of income or caprtal gain8 Within categories oovered ty Sects'on 505 of the Taxes Act 1988 or Sectlon 256 of the Taxatlon of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclu81vely to charitable purp)ses, The charlty receive8 no simllar exemption in resFect of Value Added Tax. For this reaaon, the clprity is generally unable to recover input VAT it suffers oh gjods and serviGes purchased. The charlty is not registered for VAT, as the trustees conslder the charity's sources of Income are exempt from VAT. VAT is inclLKled within the attributable cost under resources expended. Fund accountlng Unrestricted funds can tx UGed in a'ccordance with the charitsbie objective8 at th8 dlscrétion of the trtee8. R6gtrl¢ted funds. oan onty uged for particulat restrlcted purposes wlthln thp objects of the Gharltat)le comparycharity Restrictions arise when SFecified ty the donor or when funds are ralsed for partiGular restricted pUrple8. Further explanation of the nature and purpjse of each fund is ircluded in the notes to the financial statements. Forelgn cufrencles Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exclpnge differences are taken into account in arriving at the OFefating reGult. Flnanclal Instruments Financial assets <inclLKling cash aTrJ debtors) and financial liabilities are recognised when the Gharity becomes a FBrty to the contractual provisions of the instrument. Additionally, all financial assets. a liabilities are Glassified according to the substance of the contractual arraroements entered into. Financial assets and liabilities are initially measured at transaction price (inoluding trdwaction costs) and are subsequently remeasured where apF41cable at amortlsed cost Page 13 continuéd...
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- ¢ontinuad FOR THE YEAR ENDED 31 MARCH 2(r24 ACCOUNTING POLICIES- contlnued Flnanclal Instruments FIn¢la1 assets Incle cash. debtors, other debtor4 Fyepayments.and accrued incomp. FinanGial liabilitles include creditors, other credrtors, accruals and deferred iroome. GOING CONCERN At the time of approvlng the financial statements, there is no change in the charitys income, outgoiros and actwities. The trustees ha6 made an assessment and has a reasonaue exwtation that Gharity has adequate resources to continue in operats'onal existence for the foreseeable future. Thus the trustees continues to adopt going concern basi8 of aGcounting in prepariro the financial ststement8. DONATIONS AND LEGACIE8 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Donatlo Gift aid Donated seNlces and facilities. 218,825 A,684 1400 218,825 4,884 2,400 234,912 2,457 2,400 226,9. 226,909 239,769 INVESTMENT INCQME 31,3.24 Total funds 31.3,23 Total fund8 Unrestrlcted Restrlcte(f funds f.unds Ceposit account interest 12,410 11410 3,041 RAISING FUNDS Ralslng donatlons and legacles 31.3.24 Total funds 31.3.23 Total fun¢J8 Unrestrlcted Restricted funds. funds Telephone Postage and stationery Indireot expenses 1928 4,526 5,641 2,928 4,526 6,641 3,755 3,124 2,781 13,095 9,660 Page 14 continued..
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES COSTS Direct Cost$ DireGt cost and grants 0,093 SUPPORT COST.8 Governance osti Cxher resources exFEnded 6,380 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other teneflts for the year ended 31 March 2024 nor for ttr year eThded 31 March 2023. Trustees, expenses There were m trustees, exF£nses paid for the year ended 31 March 2024 nor for the year endj 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restrlcted fund fyn¢s Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 239,7S9 239,769 Inv&8tment income 3,041 3,041 Total 242,810 242,810. EXPENDITURE ON Raising funds 9,660 9,860 Charltable actlvltles Research & Training Direct programmes and grant8 5,484 207,522 5,484 207,522 Total 222,666 Y22,666 NEf INCOME 20,144 20,144 RECONCILIATION OF FUNDS Total funds brought forward 556,292 558,292 TOTAL FUNDS CARRIED FORWARD 576,436 576,436 pago 15 ontinued...
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 21y24 DEBTQR8: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.324 Cther debtors 1110 1,551 10. ¢REDITORS.. AMOUNTS FALLINQ DUE WITHIN ONE YEAR 81.3.24 31.3.23 Otr oreditor& 8,980 3,6CQ 11. MOVEMENT IN FUNDS Net movement In funds At 31.3.24 At 1.4.23 Unrestrlcted funds Qeneral fund 678,436 8,771 585,207 TOTAL FUNDS 678,436 8,771 Net movement in funds, included in the atrove are as follows: In¢omin9 resourGes Resources, exFended Movement In fund8 Unrestrlcted funds. Gera1 fund 8,319 1229,648) TOTAL FUND8 238,319 ¢229,548) 8,T11 Comparatlvés for movement In tund$ Net movement in fuTras At 31.3.23 At 1.4.22 .Unrestrlcted funds GerEral furKI 556,292 5.76,436 TofAL FUNDS 556,292 20,144 576,436 page 16 continued...
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 IIAARCH 2024 11. IIA)VEMENT IN FUNDS- continued Comparatwe net movement in funds, incled in the alve are as follows.. Incoming resources Fesources expended Movement in funds UnstrIcted funds General fu 242,810 (222,666) TOTAL FUNDS 242,810 (222,666) 20,144 A current year 12 months and prior year 12 months combin8d Position is a8 follow8.. Net movement In funds At 31.3.24 At 1.4.22 Unrestrlctsd funds GerEral fund 556,292 28,915 585,207 TOTAL FUNDS 556,292 28,915 585,207 A current year 12 months 8fKI prior year 12 month8 combined net movement in funds, included In the aLDve are as followB: IOMIng resources Resource8 8XFEnded Movement in funds Unr•strlct•d funds General fur7J 481,129 (452,214) 28,915 TOTAL FUNDS 481,129 1452,214) 28,915 The avallable r¢strioted fund Gan onty be used for workshop projects.. 12. RELATED PARTY DISCLOSURES There were no related paty trdnsactions for the year ended 31 March 2024. Page 17 Gontinued...
OMID FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2(r24 13. ULTIMATE CONTROLLING PAR In the opinion of the trustees , the charity has no ultimate controlling paty. 14. RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net Income for thè reportlng perfod (as per the Statenwnt of Flnanclal Activltles) Adjustments for: Interest r8ceivgd Increase in debtors Increase In creditors 8,771 20,144 (12,410) (3,041) (1,020) Net cash ¢used In)Iprovlded by operatlons (3,838) 16,083 15. ANALY81S OF CHANGES IN NEf FUNDS At 1.4,23 Cash flow At 31.3.24 Net cash Cash at bank 578,486 8,572 587,OS7 678,485 8,572 687,057 Totsl 678,486 8,672 687,067 Page 18
OMID FOUNDATION DEfAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 INCOME AND ENDOWMENTS Donatlon5 and legacles Donatlons Gift aid Donated,servlGes and facllitles 2qltr2S 4,684 1400 234,912 2,45.7 2,400 226,W9 239,789 Investment Income Deposit account interest 12,410 3,041 Total Incomlng resources 238,319 242,810 EXPENDITURE Ralslng donatlons and legacles Telephone Postsge and ststionery ItKJirect exFense6 2,928 4,628 6,841 3,755 3,124 2,781 13,096 9,660 harltsble actlvltles Research & trairsing programme Direct wogrammes al grants 6,621 204,672 5,484 201,522 210,093 207,006 Support costs GovernanG• costs .Audltors' remuneration Accountancy fee8 3,960 3,600 2,400 4360 6,CQO Tota'l resources expended 229,648 222,666 Nét Income 8,771 20,144 This page does not form part of the statutory fInarla1 statements Page 19