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$t Bank Pl¢ South Kenslngton Statlon &anoh PO Box ND 592 18 Cromwell Place Lor￿On SVV7 2LB Page 1 OMID FOUNDATION REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2tr24 The tr.usteeF prpsent thelr rep)rt with the tirBncial statements of tPÈ charity for the year ended 31 March 2024. The trustees have adopted the provisions of AGGounting and Reporting by Charities.. Statement of Recommended Practice apF4icable to charitles pre￿rIng their accounts In accordance with the FinanGial RepJrting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Omid FourvJation is a charitable trust estatlished in April 2006. The charity is ￿ntrOlled ty its governirg document, a deed of trust dated 26 April 2006 and constitutes an unincorporated charity. It is registered with the Charity Commission in the UK and was granted charita￿e status ty the Charity Commission on 14 July 2006. Organlsatlonal structure The trust deed allows a new trustee to appointed at ary time either ty way of r8placement or addition. A trustee may be appointed or discharged ty a resolution of a meeting of the trustees, provided that a 'memorandum declaring suoh apFX)intment or discharge Shall be signed as a deed, either at the meetiro the person presiding, or in some other manner directed ty the meeting, and attested ty two other trust￿8 yesent at the meeting. When new trustees are apwinted they are given an introduction to to the work of the trust and provlded wlth the Informatlon they need to fulfil thelr roles, which includes irformatlon about the role of trustees and charty law. The Trustee6 meet ￿riOdiCallY a8 and when requlred. The TrL*t works c106ely with other registered charities,experts and NGOS whose objectives overlap with its mission. Risk management The Trustees have a duty to identify and review the risks to which the charlty 1$ 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 assistar￿e 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 prOfess￿nal8 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 Colla￿ratIon with other NGOS and expertslwofessional,. (d) awarding grants to other NGOS or exF￿rtIprofesSiOnaIS 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 a￿ve 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 servi￿5 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 t￿th wlth the yourYJ women and wrth their closest Influe￿erS, 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) RegU￿tIonS 2￿8 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 a￿tte0 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 ap￿IGable 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 con￿rn 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 lThje￿ndent Auditors thereon. Our opinion on the flnanclal statements does not cover tho othor irformation and, Èxcapt to the extgnt ot1￿MiSe 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 Su￿1G1ent 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 InfOr￿￿tiOn 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 GOn￿nUe 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 Whe￿er 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 ,A￿fIt0r8 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, I￿lUdIng 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 det￿t 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. ern￿oyMent 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 t￿se 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 com￿natiOns. Performing anatytical procedures to identify U￿Xpected movement6 in account balances whiGh may be indicative of fraud,. - Ensuring trot testing undertaken on both the Staterrent of FInar￿la1 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 ur￿ertake would identify It. In addition, as wlth ary audit, there remains a high ri8k of non-dete¢tion of irregularities, as tfrEse rn￿Jht 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