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2020-12-31-accounts

�ŚĂƌŝƚLJ�ZĞŐŝƐƚƌĂƟŽŶ�E Ž͘�ϭϭϭϲϳϱϭ

THE ASFARI FOUNDATION

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE ASFARI FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Ayman Asfari (Chair) Mrs Sawsan Asfari Mr John Ferguson FCA Dr Marwan Muasher Ms Rasha ElMasry Mr Adeeb Asfari Mr Kareem Asfari �ŚŝĞĨ��džĞĐƵƟǀĞ�K ĸ ĐĞƌ Saba Almubaslat Charity number 1116751 Company number 05938633 Registered office Acre House 11-15 William Road London NW1 3ER United Kingdom Auditor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers Metro Bank 1 Southampton Row London WC1B 5HA EFG Bank AG Bleicherweg 8 P.O. Box 6012 8022 Zurich Solicitors Bircham Dyson Bell 50 Broadway Westminster London SW1H 0BL

THE ASFARI FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
^ƚĂƚĞŵ ĞŶƚŽĨƚƌƵƐƚĞĞƐΖƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ϱ
Independent auditor's report 6 - 8
^ƚĂƚĞŵ ĞŶƚŽĨĮŶĂŶĐŝĂůĂĐƟǀŝƟĞƐ ϵ
Balance sheet 10
Statement of cash fows 11
Notes to the accounts 12-24

ASFARI FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

Introduction

The Trustees present their report and accounts for the year ended 31 December 2020.

The accounts have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Constitution

The Asfari Foundation is a company limited by guarantee (company number 05938633) and a registered charity governed by its memorandum and articles of association. Charity number in England and Wales: 1116751.

Directors and Trustees serving during the year and since the year end:

Mr Ayman Asfari (Chair) Mrs Sawsan Asfari Mr John Ferguson FCA Dr Marwan Muasher Mrs Rasha ElMasry Mr Adeeb Asfari Mr Kareem Asfari

Asfari Foundation Vision and Mission

The vision of the Foundation is of a world where people actively work together to create productive, inclusive, and just societies. Our mission is to educate young people from Syria, Lebanon, Palestine, and the UK, and to strengthen civil society organisations in their communities.

Asfari Foundation Objectives

ASFARI FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

The Asfari Foundation works through three Programmes with specific themes:

The Youth Learning, Entrepreneurship & Innovation Programme

Well-educated and engaged young people, working together with others as active members of society can make a genuine contribution to the development of their communities. The Asfari Foundation’s objective is to address the structural and systemic issues that restrict the educational, vocational and business opportunities available to young people. It does so by investing in organisations and initiatives that contribute to the overall vibrancy, professionalism, effectiveness and accountability of innovation and entrepreneurship ecosystems in Palestine and Lebanon.

The Civil Society Programme

A strong, vibrant and resilient civil society is key to the development of all healthy, participatory democratic societies and thus critical to the future of Syria, Palestine and Lebanon. The Asfari Foundations aims to foster a strong and sustainable civil society that is able to effectively bring people together for the common good, providing quality information to citizens and policymakers, serving those in need and advocating for change. The Asfari Foundation currently focuses on civil society in, or of, Syria and Lebanon (including Palestinian organisations working in these countries). To do this, we support organisations and initiatives that contribute to the vibrancy, professionalism, effectiveness and governance of the civil society sector as a whole. We also continue to support and develop the Asfari Institute for Civil Society and Citizenship at the American University of Beirut which has become a regional centre with civil society expertise, providing support through research, convening and education.

Strategic Learning and Engagement Programme

The Foundation’s partners work on societally transformative issues in one of the most combustible regions in the world. The data they generate offers rare insight into how civil society in the Middle East is developing; but their capacity to collect and share it is limited. The Foundation wants to leverage this data by creating an online portal (Midan) to become a digital learning and knowledge exchange for its peers, partners and wider practitioner and research communities, both in the Arab region and beyond. Midan will capture and present partner data and best practices to stakeholders across regional and global networks, helping to shape global understanding of the challenges of the region, and to share the innovative solutions and approaches developed in that context. Midan will also offer formal and non-formal e-learning in the Foundation’s key thematic areas, in Arabic, to increase accessibility and relevance.

Performance of fundraising activities against objectives

The Asfari Foundation does not actively raise funds, income is received through donations from the Asfari Family to meet its objectives.

Organisational Structure

The Asfari Foundation’s Articles of Association provides for a minimum of three Trustees, who are also directors for the purpose of company law. Trustees are selected for their skills and abilities to ensure that the overall governance is sound and meets its legal and moral obligations.

Newly appointed Trustees undertake a series of meetings with the Asfari Foundation’s senior management to ensure they gain a full understanding of the Foundation and their responsibilities.

All grants paid by the Asfari Foundation are independently agreed by the Trustees collectively, following recommendations by the Projects Committee. Trustees with conflicts of interest declare these in advance and do not participate in related decision making.

Saba Almubaslat is the only Senior Manager at the Foundation for the year. In her capacity as the Chief Executive Officer, she is accountable for the team’s performance and has the overall responsibility to ensure proper management of the foundation, so that its objects are met, and resources are well managed.

Future Plans and Recent Developments

The Asfari Foundation continues to make grants that strengthen organisations with a focus on youth education (entrepreneurship, education system improvement, and higher education provision), and in the field of civil society (governance, citizenship, and media). We support this work in Lebanon, Palestine, Israel, and the UK.

ASFARI FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

In its strategic plan for 2020, the Asfari Foundation envisaged mainstream use of digital capacity and technology to maintain partner support and to be able to respond to the needs of their communities at scale. As a result, when COVID 19 interrupted the traditional mediums of programme delivery, the Foundation reached out to partners and worked with them to amend their delivery plans so that most of their services are provided through digital platforms. To support partners through this digital transformation, the Asfari Foundation released The Digital Transformation Fund and the Digital Challenge, both of which offer partners access to quality digital learning, mentoring and financial support to operationalize such transformation in their line of business. In addition, and as a responsible donor, the Foundation is working closely with its partners to allow a thorough review of project plans and offered partners the option of a ‘no-cost extension’, to ensure they have additional time to conclude their activities, without any negative implications caused by COVID 19 lockdown time, which put most of the partners’ projects on hold for a period of 3-4 months.

Financial Review

Total income for 2020 amounted to £3.7m million (2019: £5.2 m). Donations from the Asfari family constitute the principal source of income for the Foundation. Over the years, the family has made substantial donations to the Foundation. The Foundation also receives income from its investments.

Total expenditure on charitable activities for 2020 was £3.4 million (2019: £4.4 m). Of this total, £2.8 million (2019: £3.7 million) was spent on grants awarded across the Foundation's programmes. Support costs to operate the organisation amounted to £0.6 million (2019: £0.7m).

At 2020 year end, the funds of the Foundation were entirely unrestricted and amounted to £15.2million (2019: £16.4 m). During 2020, funds declined by £1.2 million (2019: augmented by £2.0 million) as a surplus of income over expenditure was offset by a net loss on investments.

Reserves Policy

In line with the recommendations of the Charity Commission, the Trustees have a regularly reviewed Reserves policy. This recognises that the income of the Foundation varies year on year and so to enable the Foundation to plan its activities, it is prudent to hold reserves. The policy also recognises that the reserves that represent the fixed assets and the restricted funds of the Foundation are not freely available and thus are to be distinguished from free reserves. In the annual review of the Reserves Policy the Board decided that in the prevailing economic climate it would be prudent to ensure that we have cover for 12 months of expenditure in our reserves. These reserves are held to ensure that the Trust can continue to engage in its charitable work even if adverse economic conditions constrain annual income.

Investment policy and performance

To mitigate financial risk, the Trustees have an investment policy that evolves in line with the strategic goals for the organisation. In the short term, the Foundation's investment objective is growth. Longer term (beyond 10 years), the objective is to provide income to support the Foundation's programme expenditure. The Asfari Foundation’s Investment Committee reviews, monitors investments, and provides investment support to the Board.

Over the period of investment, the portfolio has performed well, despite the reduction in market value in 2020. In 2020 the Foundation maintained its investment portfolios with Credit Suisse to give greater diversification of the total investments in accordance with policy. In addition, the Foundation has direct shareholdings in three listed stocks and stakes in a private equity investment.

Public benefit statement

The Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

Risk Management

A comprehensive risk register is managed by the Foundation and, for each risk, specific mitigations are put in place. The risk register is regularly reviewed by the CEO, the team and the Trustees to ensure risks are appropriately managed. An Audit and Risk Committee monitors and advises the Board on audit, risks, and policy development. Risks to which the Foundation is exposed to are regularly reviewed, and systems are established to mitigate them.

ASFARI FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 In 2020, the followin8 rlsks to the Foundation were IdentSfSed by Trustees and stsff, the loll¢)WI￿ tontro15 Weve in place lor act￿ risk mana¢ement. principal risk5 and Countermeasures identrfwd by Tru5to•s Ihdud'. Bu￿n9￿5 Contlnulty Appolntment of a repytsbl• •nd eX￿on￿ IT provlder to wwe conrctlvlty ￿thIn a tlmety manner folliwinB èn IT fallure. Approprlate and s￿￿re cloud backup solutions. Br••¢h ot reiul•tJon5 r•prdln¥ th•fU￿ oét•rroth. Mnctlom or l•dlll•thw th• uol bth Rob￿￿ pollcie5 and prrtedures to identify risk5 and rnltl8atlon throu8h effective control5. As>propilaie vettln8 protedur¢s documentlng all InvesU8atlons, ratlonale, and dedsion-maklrrf proc•Mts. In-depth understandlng of fundlng requlr¢ments and proposed vsa8e of funds. Transpareney of Internal fr8m•work IA whl¢h the Foundatlon operates In #¢orO•n¢e wlth all regulatory O￿lIatk+￿S. Careful management of charltable actlvltlt5. (Jfefvl ¥ettln8 of all partnershlps Close monttorln8 of changes to tharilable reKulatloni On£oiTh8 monltortng of medl• coverage and open-source Infrirmation. COVID.1g. ImpllratSonJ on busIn￿ convnulty and F￿ndatIon lryaet In the reBlon Schedule quarterly online meetlngs whh partners; carry out audlt spot checks to ensure fvnds are beln8 Spent •ppropdatdv.' request photo evldence of pro8ressto be uplooded to Grant Mana8emeni System. Establ¢sh robust IT ffjnlrèstructure includln8 remote l secure file shariry and access to Gnnt Management System. Ensu￿ stsff hwe 8ppropri•te broadbarrt ¢onThe¢tlon to susialn w¢ure connectlon durln8 workln8 hours whlle WOfbn8 femotely. Re8ular c•tch up5 wlth staff 5chtduled wlth senlor m￿￿8￿￿t io •nsure h•4fth and wellbeirvd of staff b not beln& adversely affetted tywthl￿froM IKsm•. Stotsm•nt ofdlsdosW• t• •udllor Eath of the tNstees has conftrn￿d that the￿ is no lThformJtion of which they are aware which is relevant to the audlt, but of whlch thè audttor is unaware. They have further wnfirmed that they have taken approprlate steps to Idèntlfy such relevant informa￿)fi afid to establlsh that the audlttsr Is aware of such InlormatloTh. The twstee< report was approved bythe board of Trustets. Mr Ayman Astsd Chalrman

THE ASFARI FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

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In preparing these accounts, the Trustees are required to:

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THE ASFARI FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE ASFARI FOUNDATION

Opinion

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In our opinion, the accounts:

Basis for opinion

t Ğ�ĐŽŶĚƵĐƚĞĚ�ŽƵƌ�ĂƵĚŝƚ�ŝŶ�ĂĐĐŽƌĚĂŶĐĞ�ǁ ŝƚŚ�/ŶƚĞƌŶĂƟŽŶĂů�^ƚĂŶĚĂƌĚƐ�ŽŶ��ƵĚŝƟŶŐ�;h<Ϳ�;/^�Ɛ�;h<ͿͿ�ĂŶĚ applicable law. Our ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ƵŶĚĞƌ�ƚŚŽƐĞ�ƐƚĂŶĚĂƌĚƐ�ĂƌĞ�ĨƵƌƚŚĞƌ�ĚĞƐĐƌŝďĞĚ�ŝŶ�ƚŚĞ��ƵĚŝƚŽƌΖƐ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ĨŽƌ�ƚŚĞ�ĂƵĚŝƚ�ŽĨ�ƚŚĞ�ĂĐĐŽƵŶƚƐ ƐĞĐƟŽŶ�ŽĨ our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the ĂĐĐŽƵŶƚƐ�ŝŶ�ƚŚĞ�h<͕�ŝŶĐůƵĚŝŶŐ�ƚŚĞ�&Z�͛Ɛ��ƚŚŝĐĂů�^ƚĂŶĚĂƌĚ͕�ĂŶĚ�ǁ Ğ�ŚĂǀĞ�ĨƵůĮůůĞĚ�ŽƵƌ�ŽƚŚĞƌ�ĞƚŚŝĐĂů�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶ�ĂĐĐŽƌĚĂnce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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/Ŷ�ĂƵĚŝƟŶŐ�ƚŚĞ�ĂĐĐŽƵŶƚƐ͕�ǁ Ğ�ŚĂǀĞ�ĐŽŶĐůƵĚĞĚ�ƚŚĂƚ�ƚŚĞ�ƚƌƵƐƚĞĞƐΖ�ƵƐĞ�ŽĨ�ƚŚĞ�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ�ďĂƐŝƐ�ŽĨ�ĂĐĐŽƵŶƟŶŐ�ŝŶ�ƚŚĞ�ƉƌĞƉĂƌĂƟon of the accounts is appropriate.

�ĂƐĞĚ�ŽŶ�ƚŚĞ�ǁ ŽƌŬ�ǁ Ğ�ŚĂǀĞ�ƉĞƌĨŽƌŵ ĞĚ͕�ǁ Ğ�ŚĂǀĞ�ŶŽƚ�ŝĚĞŶƟĮĞĚ�ĂŶLJ�ŵ ĂƚĞƌŝĂů�ƵŶĐĞƌƚĂŝŶƟĞƐ�ƌĞůĂƟŶŐ�ƚŽ ĞǀĞŶƚƐ�Žƌ�ĐŽŶĚŝƟŽŶƐ�ƚŚĂt, ŝŶĚŝǀŝĚƵĂůůLJ�Žƌ�ĐŽůůĞĐƟǀĞůLJ͕�ŵ ĂLJ�ĐĂƐƚ�ƐŝŐŶŝĮĐĂŶƚ�ĚŽƵďƚ�ŽŶ�ƚŚĞ�ĐŚĂƌŝƚLJ͛Ɛ�ĂďŝůŝƚLJ�ƚŽ�ĐŽŶƟŶƵĞ�ĂƐ�Ă�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ�ĨŽƌ�Ă�ƉĞƌŝŽĚ of at least twelve months from when the accounts are authorised for issue.

KƵƌ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ĂŶĚ�ƚŚĞ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŽĨ�ƚŚĞ�dƌƵƐƚĞĞƐ�ǁ ŝƚŚ�ƌĞƐƉĞĐƚ�ƚŽ�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ�ĂƌĞ�ĚĞƐĐƌŝďĞĚ�ŝŶ�ƚŚĞ�ƌĞůĞǀĂŶƚ�ƐĞĐƟŽŶƐ�ŽĨ this report.

K ƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ

dŚĞ�ŽƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ�ĐŽŵ ƉƌŝƐĞƐ�ƚŚĞ�ŝŶĨŽƌŵ ĂƟŽŶ�ŝŶĐůƵĚĞĚ�ŝŶ�ƚŚĞ�ĂŶŶƵĂů�ƌĞƉŽƌƚ�ŽƚŚĞƌ�ƚŚĂŶ�ƚŚĞ�ĂĐĐŽƵŶƚƐ�ĂŶĚ�ŽƵƌ�ĂƵĚŝƚŽƌΖƐ�ƌĞƉort ƚŚĞƌĞŽŶ͘�dŚĞ�dƌƵƐƚĞĞƐ�ĂƌĞ�ƌĞƐƉŽŶƐŝďůĞ�ĨŽƌ�ƚŚĞ�ŽƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ�ĐŽŶƚĂŝŶĞĚ�ǁ ŝƚŚŝŶ�ƚŚĞ�ĂŶŶƵĂů�ƌĞƉŽƌƚ͘�KƵƌ�ŽƉŝŶŝŽŶ�ŽŶ�ƚŚĞ�ĂĐĐŽƵŶts ĚŽĞƐ�ŶŽƚ�ĐŽǀĞƌ�ƚŚĞ�ŽƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ�ĂŶĚ͕�ĞdžĐĞƉƚ�ƚŽ�ƚŚĞ�ĞdžƚĞŶƚ�ŽƚŚĞƌǁ ŝƐĞ�ĞdžƉůŝĐŝƚůLJ�ƐƚĂƚĞĚ�ŝŶ�ŽƵƌ�ƌĞƉŽƌƚ͕�ǁ Ğ�ĚŽ�ŶŽƚ�ĞdžƉƌĞƐƐ�Ăny form ŽĨ�ĂƐƐƵƌĂŶĐĞ�ĐŽŶĐůƵƐŝŽŶ�ƚŚĞƌĞŽŶ͘�KƵƌ�ƌĞƐƉŽŶƐŝďŝůŝƚLJ�ŝƐ�ƚŽ�ƌĞĂĚ�ƚŚĞ�ŽƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ�ĂŶĚ͕�ŝŶ�ĚŽŝŶŐ�ƐŽ͕�ĐŽŶƐŝĚĞƌ�ǁ ŚĞƚŚĞƌ�ƚŚĞ�Žther ŝŶĨŽƌŵ ĂƟŽŶ�ŝƐ�ŵ ĂƚĞƌŝĂůůLJ�ŝŶĐŽŶƐŝƐƚĞŶƚ�ǁ ŝƚŚ�ƚŚĞ�ĂĐĐŽƵŶƚƐ�Žƌ�ŽƵƌ�ŬŶŽǁ ůĞĚŐĞ�ŽďƚĂŝŶĞĚ�ŝŶ�ƚŚĞ�ĐŽƵƌƐĞ�ŽĨ�ƚŚĞ�ĂƵĚŝƚ͕�Žƌ�ŽƚŚĞƌǁ ŝƐĞ�Ăppears ƚŽ�ďĞ�ŵ ĂƚĞƌŝĂůůLJ�ŵ ŝƐƐƚĂƚĞĚ͘�/Ĩ�ǁ Ğ�ŝĚĞŶƟĨLJ�ƐƵĐŚ�ŵ ĂƚĞƌŝĂů�ŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ�Žƌ�ĂƉƉĂƌĞŶƚ�ŵ ĂƚĞƌŝĂů�ŵ ŝƐƐƚĂƚĞŵ ĞŶƚƐ͕�ǁ Ğ�ĂƌĞ�ƌĞƋƵŝƌĞĚ�to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, ǁ Ğ�ĐŽŶĐůƵĚĞ�ƚŚĂƚ�ƚŚĞƌĞ�ŝƐ�Ă�ŵ ĂƚĞƌŝĂů�ŵ ŝƐƐƚĂƚĞŵ ĞŶƚ�ŽĨ�ƚŚŝƐ�ŽƚŚĞƌ�ŝŶĨŽƌŵ ĂƟŽŶ͕�ǁ Ğ�ĂƌĞ�ƌĞƋƵŝƌĞĚ�ƚŽ�ƌĞƉŽƌƚ�ƚŚĂƚ�ĨĂĐƚ͘

We have nothing to report in this regard.

K ƉŝŶŝŽŶƐ�ŽŶ�ŽƚŚĞƌ�ŵ ĂƩĞƌƐ�ƉƌĞƐĐƌŝďĞĚ�ďLJ�ƚŚĞ��Žŵ ƉĂŶŝĞƐ��Đƚ�ϮϬϬϲ

In our opinion, based on the work undertaken in the course of our audit:

D ĂƩĞƌƐ�ŽŶ�ǁ ŚŝĐŚ�ǁ Ğ�ĂƌĞ�ƌĞƋƵŝƌĞĚ�ƚŽ�ƌĞƉŽƌƚ�ďLJ�ĞdžĐĞƉƟŽŶ

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not ŝĚĞŶƟĮĞĚ�ŵ ĂƚĞƌŝĂů�ŵ ŝƐƐƚĂƚĞŵ ĞŶƚƐ�ŝŶ�ƚŚĞ�ĚŝƌĞĐƚŽƌƐΖ�ƌĞƉŽƌƚ�ŝŶĐůƵĚĞĚ�ǁ ŝƚŚŝŶ�ƚŚĞ�ƚƌƵƐƚĞĞƐΖ�ƌĞƉŽƌƚ͘

THE ASFARI FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE ASFARI FOUNDATION

ZĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŽĨ�dƌƵƐƚĞĞƐ

�Ɛ�ĞdžƉůĂŝŶĞĚ�ŵ ŽƌĞ�ĨƵůůLJ�ŝŶ�ƚŚĞ�ƐƚĂƚĞŵ ĞŶƚ�ŽĨ�ƚƌƵƐƚĞĞƐΖ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͕�ƚŚĞ�dƌƵƐƚĞĞƐ͕�ǁ ŚŽ�ĂƌĞ�ĂůƐŽ�ƚŚĞ�ĚŝƌĞĐƚŽƌƐ�ŽĨ�ƚŚĞ�ĐŚĂƌŝƚLJ�ĨŽƌ�the ƉƵƌƉŽƐĞ�ŽĨ�ĐŽŵ ƉĂŶLJ�ůĂǁ͕ĂƌĞ�ƌĞƐƉŽŶƐŝďůĞ�ĨŽƌ�ƚŚĞ�ƉƌĞƉĂƌĂƟŽŶ�ŽĨ�ƚŚĞ�ĂĐĐŽƵŶƚƐ�ĂŶĚ�ĨŽƌ�ďĞŝŶŐ�ƐĂƟƐĮĞĚ�ƚŚĂƚ�ƚŚĞLJ�ŐŝǀĞ�Ă�true and fair ǀŝĞǁ͕�ĂŶĚ�ĨŽƌ�ƐƵĐŚ�ŝŶƚĞƌŶĂů�ĐŽŶƚƌŽů�ĂƐ�ƚŚĞ�dƌƵƐƚĞĞƐ�ĚĞƚĞƌŵ ŝŶĞ�ŝƐ�ŶĞĐĞƐƐĂƌLJ�ƚŽ�ĞŶĂďůĞ�ƚŚĞ�ƉƌĞƉĂƌĂƟŽŶ ŽĨ�ĂĐĐŽƵŶƚƐ�ƚŚĂƚ�ĂƌĞ�ĨƌĞe from material misstatement, whether due to fraud or error. In preparing the accounts, the Trustees are responsible for assessing the ĐŚĂƌŝƚLJ͛Ɛ�ĂďŝůŝƚLJ�ƚŽ�ĐŽŶƟŶƵĞ�ĂƐ�Ă�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ͕�ĚŝƐĐůŽƐŝŶŐ͕�ĂƐ�ĂƉƉůŝĐĂďůĞ͕�ŵ ĂƩĞƌƐ�ƌĞůĂƚĞĚ�ƚŽ�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ�ĂŶĚ�ƵƐŝŶŐ�ƚŚĞ�Őoing ĐŽŶĐĞƌŶ�ďĂƐŝƐ�ŽĨ�ĂĐĐŽƵŶƟŶŐ�ƵŶůĞƐƐ�ƚŚĞ�dƌƵƐƚĞĞƐ�ĞŝƚŚĞƌ�ŝŶƚĞŶĚ�ƚŽ�ůŝƋƵŝĚĂƚĞ�ƚŚĞ�ĐŚĂƌŝƚĂďůĞ�ĐŽŵ ƉĂŶLJ�ŽƌƚŽ�ĐĞĂƐĞ�ŽƉĞƌĂƟŽŶƐ͕�Žƌ�have no ƌĞĂůŝƐƟĐ�ĂůƚĞƌŶĂƟǀĞ�ďƵƚ�ƚŽ�ĚŽ�ƐŽ͘

�ƵĚŝƚŽƌΖƐ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ĨŽƌ�ƚŚĞ�ĂƵĚŝƚ�ŽĨ�ƚŚĞ�ĂĐĐŽƵŶƚƐ

KƵƌ�ŽďũĞĐƟǀĞƐ�ĂƌĞ�ƚŽ�ŽďƚĂŝŶ�ƌĞĂƐŽŶĂďůĞ�ĂƐƐƵƌĂŶĐĞ�ĂďŽƵƚ�ǁ ŚĞƚŚĞƌ�ƚŚĞ�ĂĐĐŽƵŶƚƐ�ĂƐ�Ă�ǁ ŚŽůĞ�ĂƌĞ�ĨƌĞĞ�ĨƌŽŵ �ŵ ĂƚĞƌŝĂů�ŵ ŝƐƐƚĂƚĞŵ ĞŶƚ, 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 accounts.

/ƌƌĞŐƵůĂƌŝƟĞƐ͕�ŝŶĐůƵĚŝŶŐ�ĨƌĂƵĚ͕�ĂƌĞ�ŝŶƐƚĂŶĐĞƐ�ŽĨ�ŶŽŶͲĐŽŵ ƉůŝĂŶĐĞ�ǁ ŝƚŚ�ůĂǁ Ɛ�ĂŶĚ�ƌĞŐƵůĂƟŽŶƐ͘�t Ğ�ĚĞƐŝŐŶ�ƉƌŽĐĞĚƵƌĞƐ�ŝŶ�ůŝŶĞ�ǁ ŝth our ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͕�ŽƵƚůŝŶĞĚ�ĂďŽǀĞ͕�ƚŽ�ĚĞƚĞĐƚ�ŵ ĂƚĞƌŝĂů�ŵ ŝƐƐƚĂƚĞŵ ĞŶƚƐ�ŝŶ�ƌĞƐƉĞĐƚ�ŽĨ�ŝƌƌĞŐƵůĂƌŝƟĞƐ͕�ŝŶĐůƵĚŝŶŐ�ĨƌĂƵĚ͘�dŚĞ�ĞdžƚĞŶƚ�to which our ƉƌŽĐĞĚƵƌĞƐ�ĂƌĞ�ĐĂƉĂďůĞ�ŽĨ�ĚĞƚĞĐƟŶŐ�ŝƌƌĞŐƵůĂƌŝƟĞƐ͕�ŝŶĐůƵĚŝŶŐ�ĨƌĂƵĚ͕�ŝƐ�ĚĞƚĂŝůĞĚ�ďĞůŽǁ ͘

As part of our planning process:

dŚĞ�ŬĞLJ�ƉƌŽĐĞĚƵƌĞƐ�ǁ Ğ�ƵŶĚĞƌƚŽŽŬ�ƚŽ�ĚĞƚĞĐƚ�ŝƌƌĞŐƵůĂƌŝƟĞƐ�ŝŶĐůƵĚŝŶŐ�ĨƌĂƵĚ�ĚƵƌŝŶŐ�ƚŚĞ�ĐŽƵƌƐĞ�ŽĨ�ƚŚĞ�ĂƵĚŝƚ�ŝŶĐůƵĚĞĚ͗

Kǁ ŝŶŐ�ƚŽ�ƚŚĞ�ŝŶŚĞƌĞŶƚ�ůŝŵ ŝƚĂƟŽŶƐ�ŽĨ�ĂŶ�ĂƵĚŝƚ͕�ƚŚĞƌĞ�ŝƐ�ĂŶ�ƵŶĂǀŽŝĚĂďůĞ�ƌŝƐŬ�ƚŚĂƚ�ǁ Ğ�ŵ ĂLJ�ŶŽƚ�ŚĂǀĞ�Ěetected some material ŵ ŝƐƐƚĂƚĞŵ ĞŶƚƐ�ŝŶ�ƚŚĞ�ĂĐĐŽƵŶƚƐ�ĞǀĞŶ�ƚŚŽƵŐŚ�ǁ Ğ�ŚĂǀĞ�ƉƌŽƉĞƌůLJ�ƉůĂŶŶĞĚ�ĂŶĚ�ƉĞƌĨŽƌŵ ĞĚ�ŽƵƌ�ĂƵĚŝƚ�ŝŶ�ĂĐĐŽƌĚĂŶĐĞ�ǁ ŝƚŚ�ĂƵĚŝƟŶg ƐƚĂŶĚĂƌĚƐ͘�dŚĞ�Ɖƌŝŵ ĂƌLJ�ƌĞƐƉŽŶƐŝďŝůŝƚLJ�ĨŽƌ�ƚŚĞ�ƉƌĞǀĞŶƟŽŶ�ĂŶĚ�ĚĞƚĞĐƟŽŶ�ŽĨ�ŝƌƌĞŐƵůĂƌŝƟĞƐ�ĂŶĚ�ĨƌĂƵĚ�ƌĞƐƚƐ�ǁ ŝƚŚ�ƚŚĞ�ƚƌƵƐƚĞĞƐ�ŽĨ the charity.

��ĨƵƌƚŚĞƌ�ĚĞƐĐƌŝƉƟŽŶ�ŽĨ�ŽƵƌ�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝƐ�ĂǀĂŝůĂďůĞ�ŽŶ ƚŚĞ�&ŝŶĂŶĐŝĂů�ZĞƉŽƌƟŶŐ��ŽƵŶĐŝů͛Ɛ�ǁ ĞďƐŝƚĞ�Ăƚ͗�ŚƩƉƐ://www.frc.org.uk/ ĂƵĚŝƚŽƌƐƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘�dŚŝƐ�ĚĞƐĐƌŝƉƟŽŶ�ĨŽƌŵ Ɛ�ƉĂƌƚ�ŽĨ�ŽƵƌ�ĂƵĚŝƚŽƌΖƐ�ƌĞƉŽƌƚ͘

THE ASFARI FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE ASFARI FOUNDATION

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's membĞƌƐ�ƚŚŽƐĞ�ŵ ĂƩĞƌƐ�ǁ Ğ�ĂƌĞ ƌĞƋƵŝƌĞĚ�ƚŽ�ƐƚĂƚĞ�ƚŽ�ƚŚĞŵ �ŝŶ�ĂŶ�ĂƵĚŝƚŽƌƐΖ�ƌĞƉŽƌƚ�ĂŶĚ�ĨŽƌ�ŶŽ�ŽƚŚĞƌ�ƉƵƌƉŽƐĞ͘�dŽ�ƚŚĞ�ĨƵůůĞƐƚ�ĞdžƚĞŶƚ�ƉĞƌŵ ŝƩĞĚ�ďLJ�ůĂǁ͕�ǁ Ğ�ĚŽ�ŶŽƚ�accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rich (Senior Statutory Auditor)

for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom .........................

THE ASFARI FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Unrestricted
funds funds
2020 2019
Notes £ £
Income and endowments from:
�ŽŶĂƟŽŶƐĂŶĚůĞŐĂĐŝĞƐ 3 3,340,917 4,806,309
Investment income 4 351,790 443,225
Other income 5 12,012 -
Total income 3,704,719 5,249,534
Expenditure on:
�ŚĂƌŝƚĂďůĞĂĐƟǀŝƟĞƐ 6 3,418,482 4,410,090
Net gains/(losses) on investments 11 (1,475,713) 1,192,547
Net movement in funds (1,189,476) 2,031,991
Fund balances at 1 January 2020 16,433,464 14,401,473
Fund balances at 31 December 2020 15,243,988 16,433,464

�ůů�ŝŶĐŽŵ Ğ�ĂŶĚ�ĞdžƉĞŶĚŝƚƵƌĞ�ĚĞƌŝǀĞ�ĨƌŽŵ �ĐŽŶƟŶƵŝŶŐ�ĂĐƟǀŝƟĞƐ͘

dŚĞ�ƐƚĂƚĞŵ ĞŶƚ�ŽĨ�ĮŶĂŶĐŝĂů�ĂĐƟǀŝƟĞƐ�ĂůƐŽ�ĐŽŵ ƉůŝĞƐ�ǁ ŝƚŚ�ƚŚĞ�ƌĞƋƵŝƌĞŵ ĞŶƚƐ�ĨŽƌ�ĂŶ�ŝŶĐŽŵ Ğ�ĂŶĚ�ĞdžƉĞŶĚŝƚƵƌĞ�ĂĐĐŽƵŶƚ�ƵŶĚĞƌ�ƚŚĞ� Companies Act 2006.

THE ASFARI FOUNDATION BALANCE SHEEr AS AT31 DECEMBER 2020 2020 Tan8ible assets Investments 7,072 13,878.543 12.498 15M77,303 13,885,615 15089.801 Oet*tor5 Cash at baThk and In hand 15 717,391 2.663.686 1,042.796 L262.883 3.381,077 12,022,704) 2,305,679 1961,0161 Cr•dlth: •mounts f•Nln4 du• wlthln one yt•r 16 I.3￿373 L343.663 Tgt•l •sws l•Js current Il•bllltle$ 15.243.988 16A33.464 ome funds Unrestrlcted funds 15,243,988 16,433,464 15.Z43,988 16.433A64 28.07.2021 TheJccountswwe •pproved tythe bo•rd of dlre¢tofs and authorfsed forlssue on......................... and are 51grned on its behalf ty.. MrAymanAsfarl Ichalrl Cofflp•rry No. 05938633 10-

THE ASFARI FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
�ĂƐŚŇŽǁ ƐĨƌŽŵ ŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ
�ĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ ŽƉĞƌĂƟŽŶƐ
19
/ŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ
Purchase of tangible fxed assets
Proceeds on disposal of investment property
Purchase of other investments
Investment income
E ĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ ͬ;ƵƐĞĚŝŶͿŝŶǀĞƐƟŶŐ
ĂĐƟǀŝƟĞƐ
E ĞƚĐĂƐŚƵƐĞĚŝŶĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
-
-
-
351,790		 2019
£
£
1,049,013
(194)
8,137,358
(8,978,639)
443,225
351,790
-
1,400,803
1,262,883
2,663,686		 £
481,667
(398,250)
-
83,417
1,179,466
1,262,883

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

ϭ �ĐĐŽƵŶƟŶŐ�ƉŽůŝĐŝĞƐ

�Žŵ ƉĂŶLJ�ŝŶĨŽƌŵ ĂƟŽŶ

dŚĞ��ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ�ŝƐ�Ă�ĐŚĂƌŝƚĂďůĞ ĐŽŵ ƉĂŶLJ�ůŝŵ ŝƚĞĚ�ďLJ�ŐƵĂƌĂŶƚĞĞ�ŝŶĐŽƌƉŽƌĂƚĞĚ�ŝŶ��ŶŐůĂŶĚ ĂŶĚ�t Acre House, 11-15 William Road, London, NW1 3ER.

ϭ͘ϭ �ĐĐŽƵŶƟŶŐ�ĐŽŶǀĞŶƟŽŶ

dŚĞ�ĂĐĐŽƵŶƚƐ�ŚĂǀĞ�ďĞĞŶ�ƉƌĞƉĂƌĞĚ�ŝŶ�ĂĐĐŽƌĚĂŶĐĞ�ǁ ŝƚŚ�ƚŚĞ�ĐŚĂƌŝƚLJΖƐ��ƌƟĐůĞƐ�ŽĨ��ƐƐŽĐŝĂƟŽŶ͕��ƚŚĞ��Žŵ panies Act 2006 and Η�ĐĐŽƵŶƟŶŐ�ĂŶĚ�ZĞƉŽƌƟŶŐ�ďLJ��ŚĂƌŝƟĞƐ͗�^ƚĂƚĞŵ ĞŶƚ�ŽĨ�ZĞĐŽŵ ŵ ĞŶĚĞĚ�WƌĂĐƟĐĞ�ĂƉƉůŝĐĂďůĞ�ƚŽ�ĐŚĂƌŝƟĞƐ�Ɖƌeparing their accounts ŝŶ�ĂĐĐŽƌĚĂŶĐĞ�ǁ ŝƚŚ�ƚŚĞ�&ŝŶĂŶĐŝĂů�ZĞƉŽƌƟŶŐ�^ƚĂŶĚĂƌĚ�ĂƉƉůŝĐĂďůĞ�ŝŶ�ƚŚĞ�h<�ĂŶĚ�ZĞƉƵďůŝĐ�ŽĨ�/ƌĞůĂŶĚ�;&Z^�ϭϬϮͿ�;ĞīĞĐƟǀĞ�ϭ�:ĂŶƵĂry ϮϬϭϵͿΗ͘�dŚĞ�ĐŚĂƌŝƚLJ�ŝƐ�Ă�WƵďůŝĐ��ĞŶĞĮƚ��ŶƟƚLJ�ĂƐ�ĚĞĮŶĞĚ�ďLJ�&Z^�ϭϬϮ͘

dŚĞ�ĂĐĐŽƵŶƚƐ�ĂƌĞ�ƉƌĞƉĂƌĞĚ�ŝŶ ƐƚĞƌůŝŶŐ͕�ǁ ŚŝĐŚ�ŝƐ�ƚŚĞ�ĨƵŶĐƟŽŶĂů�ĐƵƌƌĞŶĐLJ�ŽĨ�ƚŚĞ�ĐŚĂƌŝƚLJ͘�D ŽŶĞƚĂƌLJ�Ăŵ ŽƵŶƚƐ�in these accounts are rounded to the nearest £.

dŚĞ�ĂĐĐŽƵŶƚƐ�ŚĂǀĞ�ďĞĞŶ�ƉƌĞƉĂƌĞĚ�ƵŶĚĞƌ�ƚŚĞ�ŚŝƐƚŽƌŝĐĂů�ĐŽƐƚ�ĐŽŶǀĞŶƟŽŶ͕�ŵ ŽĚŝĮĞĚ�ƚŽ�ŝŶĐůƵĚĞ�ŝŶǀĞƐƚŵ ĞŶƚ�ƉƌŽƉĞƌƟĞƐ�ĂŶĚ�ĐĞƌƚĂŝŶ ĮŶĂŶĐŝĂů�ŝŶƐƚƌƵŵ ĞŶƚƐ�Ăƚ�ĨĂŝƌ�ǀĂůƵĞ͘�dŚĞ�ƉƌŝŶĐŝƉĂů�ĂĐĐŽƵŶƟŶŐ�ƉŽůŝĐŝĞƐ�ĂĚŽƉƚĞĚ�ĂƌĞ�ƐĞƚ�ŽƵƚ�ďĞůŽǁ͘

1.2 Going concern

These accounts are prepared on the going concern basis.

dŚĞ�ƚƌƵƐƚĞĞƐ�ŚĂǀĞ�ĐŽŶƐŝĚĞƌĞĚ�ƚŚĞ�ĞīĞĐƚ�ŽĨ�ƚŚĞ��ŽǀŝĚͲϭϵ�ŽƵƚďƌĞĂŬ͘�dŚĞ�ŽƵƚďƌĞĂŬ�ŚĂƐ�ĐĂƵƐĞĚ�ůŝƩůĞ�ĚŝƐƌƵƉƟŽŶ�ƚŽ�ƚŚĞ�ĐŚĂƌŝƚLJ͛s ĂďŝůŝƚLJ�ƚŽ�ĐŽŶƟŶƵĞ�ĂƐ�Ă�ŐŽŝŶŐ�ĐŽŶĐĞƌŶ�ƚŽ�ĚĂƚĞ͘�dŚĞ�ƚƌƵƐƚĞĞƐ�ĐŽŶƐŝĚĞƌ�ŝƚ�ƵŶůŝŬĞůLJ�ƚŚĂƚ�Ă�ƉƌŽůŽŶŐĞĚ�ŽƵƚďƌĞĂŬ�ǁ ŝůů�ĐĂƵƐĞ�ƐŝŐŶŝĮcant ĚŝƐƌƵƉƟŽŶ͘��ĐĐŽƌĚŝŶŐůLJ͕�Ăƚ�ƚŚĞ�Ɵŵ Ğ�ŽĨ�ĂƉƉƌŽǀŝŶŐ�ƚŚĞ�ĂĐĐŽƵŶƚƐ͕�ƚŚĞ�ƚƌƵƐƚĞĞƐ�ŚĂǀĞ�Ă�ƌĞĂƐŽŶĂďůĞ�ĞdžƉĞĐƚĂƟŽŶ�ƚŚĂƚ�ƚŚĞ�ĐŽŵ ƉĂŶLJ ŚĂƐ�ĂĚĞƋƵĂƚĞ�ƌĞƐŽƵƌĐĞƐ�ƚŽ�ĐŽŶƟŶƵĞ�ŝŶ�ŽƉĞƌĂƟŽŶ�ĨŽƌ�ƚŚĞ�ĨŽƌĞƐĞĞĂďůĞ�ĨƵƚƵƌĞ͘�dŚƵƐ�ƚŚĞ�ƚƌƵƐƚĞĞƐ�ĐŽŶƟŶue to adopt the going ĐŽŶĐĞƌŶ�ďĂƐŝƐ�ŽĨ�ĂĐĐŽƵŶƟŶŐ�ŝŶ�ƉƌĞƉĂƌŝŶŐ�ƚŚĞ�ĂĐĐŽƵŶƚƐ͘

1.3 Charitable funds

hŶƌĞƐƚƌŝĐƚĞĚ�ĨƵŶĚƐ�ĂƌĞ�ĂǀĂŝůĂďůĞ�ĨŽƌ�ƵƐĞ�Ăƚ�ƚŚĞ�ĚŝƐĐƌĞƟŽŶ�ŽĨ�ƚŚĞ�dƌƵƐƚĞĞƐ�ŝŶ�ĨƵƌƚŚĞƌĂŶĐĞ�ŽĨ�ƚŚĞŝƌĐŚĂƌŝƚĂďůĞ�ŽďũĞĐƟǀĞƐ͘

1.4 Incoming resources

/ŶĐŽŵ Ğ�ŝƐ�ƌĞĐŽŐŶŝƐĞĚ�ǁ ŚĞŶ�ƚŚĞ�ĐŚĂƌŝƚLJ�ŝƐ�ůĞŐĂůůLJ�ĞŶƟƚůĞĚ�ƚŽ�ŝƚ�ĂŌĞƌ�ĂŶLJ�ƉĞƌĨŽƌŵ ĂŶĐĞ�ĐŽŶĚŝƟŽŶƐ�ŚĂǀĞ�ďĞĞŶ�ŵ Ğƚ͕�ƚŚĞ�Ăŵ ŽƵŶƚƐ� can be measured reliably, and it is probable that income will be received.

�ĂƐŚ�ĚŽŶĂƟŽŶƐ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ�ŽŶ�ƌĞĐĞŝƉƚ͘�KƚŚĞƌ�ĚŽŶĂƟŽŶƐ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ�ŽŶĐĞ�ƚŚĞ�ĐŚĂƌŝƚLJ�ŚĂƐ�ďĞĞŶ�ŶŽƟĮĞĚ�ŽĨ�ƚŚĞ�ĚŽŶĂƟŽŶ͕ ƵŶůĞƐƐ�ƉĞƌĨŽƌŵ ĂŶĐĞ�ĐŽŶĚŝƟŽŶƐ�ƌĞƋƵŝƌĞ�ĚĞĨĞƌƌĂů�ŽĨ�ƚŚĞ�Ăŵ ŽƵŶƚ͘�/ŶĐŽŵ Ğ�ƚĂdž�ƌĞĐŽǀĞƌĂďůĞ�ŝŶ�ƌĞůĂƟŽŶ�ƚŽ�ĚŽŶĂƟŽŶƐ�ƌĞĐĞŝǀĞĚ�ƵŶĚĞƌ� ' ŝŌ��ŝĚ�Žƌ�ĚĞĞĚƐ�ŽĨ�ĐŽǀĞŶĂŶƚ�ŝƐ�ƌĞĐŽŐŶŝƐĞĚ�Ăƚ�ƚŚĞ�Ɵŵ Ğ�ŽĨ�ƚŚĞ�ĚŽŶĂƟŽŶ͘

WƌŽƉĞƌƚLJ�ŝŶĐŽŵ Ğ�ŝƐ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ƚŚĞ�ĨĂŝƌ�ǀĂůƵĞ�ŽĨ�ƚŚĞ�ĐŽŶƐŝĚĞƌĂƟŽŶ�ƌĞĐĞŝǀĞĚ�Žƌ�ƌĞĐĞŝǀĂďůĞ�ĂŶĚ�ƌĞƉƌĞƐĞŶƚƐ�Ăŵ ŽƵŶƚƐ�ƌĞĐĞŝǀĂďůĞ� for services provided, net of discounts, VAT and other sales related taxes.

1.5 Resources expended

Resources expended are recognised in the period to which they relate.

�ŝƌĞĐƚ�ĐŚĂƌŝƚĂďůĞ�ĞdžƉĞŶĚŝƚƵƌĞ�ĐŽŵ ƉƌŝƐĞƐ�Ăůů�ƚŚĞ�ĞdžƉĞŶĚŝƚƵƌĞ�ƌĞůĂƟŶŐ�ƚŽ�ƚŚĞ�ĂĐƟǀŝƟĞƐ�ĐĂƌƌŝĞĚ�ŽƵƚƚŽ�ĂĐŚŝĞǀĞ�ƚŚĞ�ĐŚĂƌŝƚĂďůĞ� ŽďũĞĐƟǀĞƐ͘

^ƵƉƉŽƌƚ�ĐŽƐƚƐ�ƌĞƉƌĞƐĞŶƚ�ĐŽƐƚƐ�ƚŚĂƚ�ĐĂŶŶŽƚ�ďĞ�ĚŝƌĞĐƚůLJ�ĂƩƌŝďƵƚĞĚ�ƚŽ�ƚŚĞ�ĐŚĂƌŝƚĂďůĞ�ĂĐƟǀŝƟĞƐ͘

' ŽǀĞƌŶĂŶĐĞ�ĐŽƐƚƐ�ŝŶĐůƵĚĞ�ƚŚĞ�ĐŽƐƚƐ�ŽĨ�ĐŽŵ ƉůŝĂŶĐĞ�ǁ ŝƚŚ�ĐŽŶƐƟƚƵƟŽŶĂů�ĂŶĚ�ƐƚĂƚƵƚŽƌLJ�ƌĞƋƵŝƌĞŵ ĞŶƚƐ�ĂŶĚ�ŚĂǀĞ�ďĞĞŶ�ĂůůŽĐĂƚĞĚ�ƚŽ� ƚŚĞ�ĐŚĂƌŝƚĂďůĞ�ĂĐƟǀŝƟĞƐ�ŝŶ�ƚŚĞ�ƐĂŵ Ğ�ƉƌŽƉŽƌƟŽŶƐ�ĂƐ�ƐƵƉƉŽƌƚƐ�ĐŽƐƚƐ͘

^ƚĂī�ĐŽƐƚƐ�ĂŶĚ�ĚĞƉƌĞĐŝĂƟŽŶ�ŚĂǀĞ�ďĞĞŶ�ĂůůŽĐĂƚĞĚ�ŝŶ�ĨƵůů�ƚŽ�ƐƵƉƉŽƌƚ�ĐŽƐƚƐ͘

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

ϭ �ĐĐŽƵŶƟŶŐ�ƉŽůŝĐŝĞƐ

;�ŽŶƟŶƵĞĚͿ

1.6

dĂŶŐŝďůĞ�ĮdžĞĚ�ĂƐƐĞƚƐ�ĂƌĞ�ŝŶŝƟĂůůLJ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ĐŽƐƚ�ĂŶĚ�ƐƵďƐĞƋƵĞŶƚůLJ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ĐŽƐƚ͕�ŶĞƚ�ŽĨ ĚĞƉƌĞĐŝĂƟŽŶ�ĂŶĚ�ĂŶLJ impairment losses.

�ĞƉƌĞĐŝĂƟŽŶ�ŝƐ�ƌĞĐŽŐŶŝƐĞĚ�ƐŽ�ĂƐ�ƚŽ�ǁ ƌŝƚĞ�Žī�ƚŚĞ�ĐŽƐƚ�Žƌ�ǀĂůƵĂƟŽŶ�ŽĨ�ĂƐƐĞƚƐ�ůĞƐƐ�ƚŚĞŝƌ�ƌĞƐŝĚƵĂů�ǀĂůƵĞƐ�ŽǀĞƌ�ƚŚĞŝƌ�ƵƐĞĨƵů�lives on the following bases:

20% Straight Line &ŝdžƚƵƌĞƐ͕�Įƫ ŶŐƐ�Θ �ĞƋƵŝƉŵ ĞŶƚ ϮϬй �^ƚƌĂŝŐŚƚ�>ŝŶĞ

ying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

&ŝdžĞĚ�ĂƐƐĞƚ�ŝŶǀĞƐƚŵ ĞŶƚƐ�ĂƌĞ�ŝŶŝƟĂůůLJ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ƚƌĂŶƐĂĐƟŽŶ�ƉƌŝĐĞ�ĞdžĐůƵĚŝŶŐ�ƚƌĂŶƐĂĐƟŽŶ�ĐŽƐƚƐ͕�ĂŶĚ�ĂƌĞ�ƐƵďƐĞƋƵĞŶƚůLJ�ŵ easured Ăƚ�ĨĂŝƌ�ǀĂůƵĞ�Ăƚ�ĞĂĐŚ�ƌĞƉŽƌƟŶŐ�ĚĂƚĞ͘���ŚĂŶŐĞƐ�ŝŶ�ĨĂŝƌ�ǀĂůƵĞ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ�ŝŶ�ŶĞƚ�ŝŶĐŽŵ Ğͬ;ĞdžƉĞŶĚŝƚƵƌĞͿ�ĨŽƌ�ƚŚĞ�LJĞĂƌ͘�dƌĂŶƐĂĐƟŽŶ� costs are expensed as incurred.

1.8

�ƚ�ĞĂĐŚ�ƌĞƉŽƌƟŶŐ�ĞŶĚ�ĚĂƚĞ͕�ƚŚĞ�ĐŚĂƌŝƚLJ�ƌĞǀŝĞǁ Ɛ�ƚŚĞ�ĐĂƌƌLJŝŶŐ�Ăŵ ŽƵŶƚƐ�ŽĨ�ŝƚƐ�ƚĂŶŐŝďůĞ�ĂƐƐĞƚƐ�ƚŽ�ĚĞƚĞƌŵ ŝŶĞ�ǁ ŚĞƚŚĞƌ�ƚŚĞƌĞ�ŝƐ�Ăny ŝŶĚŝĐĂƟŽŶ�ƚŚĂƚ�ƚŚŽƐĞ�ĂƐƐĞƚƐ�ŚĂǀĞ�ƐƵīĞƌĞĚ�ĂŶ�ŝŵ ƉĂŝƌŵ ĞŶƚ�ůŽƐƐ͘�/Ĩ�ĂŶLJ�ƐƵĐŚ�ŝŶĚŝĐĂƟŽŶ�ĞdžŝƐƚƐ͕�ƚŚĞ�ƌĞcoverable amount of the ĂƐƐĞƚ�ŝƐ�ĞƐƟŵ ĂƚĞĚ�ŝŶ�ŽƌĚĞƌ�ƚŽ�ĚĞƚĞƌŵ ŝŶĞ�ƚŚĞ�ĞdžƚĞŶƚ�ŽĨ�ƚŚĞ�ŝŵ ƉĂŝƌŵ ĞŶƚ�ůŽƐƐ�;ŝĨ�ĂŶLJͿ͘

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10 Financial instruments

dŚĞ�ĐŚĂƌŝƚLJ�ŚĂƐ�ĞůĞĐƚĞĚ�ƚŽ�ĂƉƉůLJ�ƚŚĞ�ƉƌŽǀŝƐŝŽŶƐ�ŽĨ�^ĞĐƟŽŶ�ϭϭ�͚�ĂƐŝĐ�&ŝŶĂŶĐŝĂů�/ŶƐƚƌƵŵ ĞŶƚƐ͛�ĂŶĚ�^ĞĐƟŽŶ�ϭϮ�͚KƚŚĞƌ�&ŝŶĂŶĐŝĂů

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

&ŝŶĂŶĐŝĂů�ĂƐƐĞƚƐ�ĂŶĚ�ůŝĂďŝůŝƟĞƐ�ĂƌĞ�ŽīƐĞƚ͕�ǁ ŝƚŚ�ƚŚĞ�ŶĞƚ�Ăŵ ŽƵŶƚƐ�ƉƌĞƐĞŶƚĞĚ�ŝŶ�ƚŚĞ�ĂĐĐŽƵŶƚƐ͕�ǁ ŚĞŶ�ƚŚĞƌĞ�ŝƐ�Ă�ůĞŐĂůůLJ enforceable ƌŝŐŚƚ�ƚŽ�ƐĞƚ�Žī�ƚŚĞ�ƌĞĐŽŐŶŝƐĞĚ�Ăŵ ŽƵŶƚƐ�ĂŶĚ�ƚŚĞƌĞ�ŝƐ�ĂŶ�ŝŶƚĞŶƟŽŶ�ƚŽ�ƐĞƩůĞ�ŽŶ�Ă�ŶĞƚ�ďĂƐŝƐ�Žƌ�ƚŽ�ƌĞĂůŝƐĞ�ƚŚĞ�ĂƐƐĞƚ�ĂŶĚ�ƐĞƩůĞ the liability simultaneously.

�ĂƐŝĐ�ĮŶĂŶĐŝĂů�ĂƐƐĞƚƐ͕�ǁ ŚŝĐŚ�ŝŶĐůƵĚĞ�ĚĞďƚŽƌƐ�ĂŶĚ�ĐĂƐŚ�ĂŶĚ�ďĂŶŬ�ďĂůĂŶĐĞƐ͕�ĂƌĞ�ŝŶŝƟĂůůLJ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ƚƌĂŶƐĂĐƟŽŶ�ƉƌŝĐĞ�ŝŶĐůƵding ƚƌĂŶƐĂĐƟŽŶ�ĐŽƐƚƐ�ĂŶĚ�ĂƌĞ�ƐƵďƐĞƋƵĞŶƚůLJ�ĐĂƌƌŝĞĚ�Ăƚ�Ăŵ ŽƌƟƐĞĚ�ĐŽƐƚ�ƵƐŝŶŐ�ƚŚĞ�ĞīĞĐƟǀĞ�ŝŶƚĞƌĞƐƚ�ŵ ĞƚŚŽĚ unless the arrangement ĐŽŶƐƟƚƵƚĞƐ�Ă�ĮŶĂŶĐŝŶŐ�ƚƌĂŶƐĂĐƟŽŶ͕�ǁ ŚĞƌĞ�ƚŚĞ�ƚƌĂŶƐĂĐƟŽŶ�ŝƐ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ƚŚĞ�ƉƌĞƐĞŶƚ�ǀĂůƵĞ�ŽĨ�ƚŚĞ�ĨƵƚƵƌĞ�ƌĞĐĞŝƉƚƐ�ĚŝƐĐŽƵŶƚĞĚ Ăƚ�Ă�ŵ ĂƌŬĞƚ�ƌĂƚĞ�ŽĨ�ŝŶƚĞƌĞƐƚ͘�&ŝŶĂŶĐŝĂů�ĂƐƐĞƚƐ�ĐůĂƐƐŝĮĞĚ�ĂƐ�ƌĞĐĞŝǀĂďůĞ�ǁ ŝƚŚŝŶ�ŽŶĞ�LJĞĂƌ�ĂƌĞ�ŶŽƚ�Ăŵ ŽƌƟƐĞĚ͘

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

ϭ �ĐĐŽƵŶƟŶŐ�ƉŽůŝĐŝĞƐ

;�ŽŶƟŶƵĞĚͿ

�ĂƐŝĐ�ĮŶĂŶĐŝĂů�ůŝĂďŝůŝƟĞƐ

�ĂƐŝĐ�ĮŶĂŶĐŝĂů�ůŝĂďŝůŝƟĞƐ͕�ŝŶĐůƵĚŝŶŐ�ĐƌĞĚŝƚŽƌƐ ĂƌĞ�ŝŶŝƟĂůůLJ�ƌĞĐŽŐŶŝƐĞĚ�Ăƚ�ƚƌĂŶƐĂĐƟŽŶ�ƉƌŝĐĞ�ƵŶůĞƐƐ�ƚŚĞ�ĂƌƌĂŶŐĞŵ ĞŶƚ�ĐŽŶƐƟƚƵƚĞƐ�Ă ĮŶĂŶĐŝŶŐ�ƚƌĂŶƐĂĐƟŽŶ͕�ǁ ŚĞƌĞ�ƚŚĞ�ĚĞďƚ�ŝŶƐƚƌƵŵ ĞŶƚ�ŝƐ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�ƚŚĞ�ƉƌĞƐĞŶƚ�ǀĂůƵĞ�ŽĨ�ƚŚĞ�ĨƵƚƵƌĞ�ƌĞĐĞipts discounted at a ŵ ĂƌŬĞƚ�ƌĂƚĞ�ŽĨ�ŝŶƚĞƌĞƐƚ͘�&ŝŶĂŶĐŝĂů�ůŝĂďŝůŝƟĞƐ�ĐůĂƐƐŝĮĞĚ�ĂƐ�ƉĂLJĂďůĞ�ǁ ŝƚŚŝŶ�ŽŶĞ�LJĞĂƌ�ĂƌĞ�ŶŽƚ�Ăŵ ŽƌƟƐĞĚ͘

�Ğďƚ�ŝŶƐƚƌƵŵ ĞŶƚƐ�ĂƌĞ�ƐƵďƐĞƋƵĞŶƚůLJ�ĐĂƌƌŝĞĚ�Ăƚ�Ăŵ ŽƌƟƐĞĚ�ĐŽƐƚ͕�ƵƐŝŶŐ�ƚŚĞ�ĞīĞĐƟǀĞ�ŝŶƚĞƌĞƐƚ�ƌĂƚĞ�ŵ ĞƚŚŽĚ͘

dƌĂĚĞ�ĐƌĞĚŝƚŽƌƐ�ĂƌĞ�ŽďůŝŐĂƟŽŶƐ�ƚŽ�ƉĂLJ�ĨŽƌ�ŐŽŽĚƐ�Žƌ�ƐĞƌǀŝĐĞƐ�ƚŚĂƚ�ŚĂǀĞ�ďĞĞŶ�ĂĐƋƵŝƌĞĚ�ŝŶ�ƚŚĞ�ŽƌĚŝŶĂƌLJ�ĐŽƵƌƐĞ�ŽĨ�ŽƉĞƌĂƟŽŶƐ�from ƐƵƉƉůŝĞƌƐ͘�' ƌĂŶƚƐƉĂLJĂďůĞ�ĂƌĞ�ĐůĂƐƐŝĮĞĚ�ĂƐ�ĐƵƌƌĞŶƚ�ůŝĂďŝůŝƟĞƐ�ŝĨ�ƉĂLJŵ ĞŶƚ�ŝƐ�ĚƵĞ�ǁ ŝƚŚŝŶ�ŽŶĞ LJĞĂƌ�Žƌ�ůĞƐƐ͘�/Ĩ�ŶŽƚ͕�ƚŚey are presented ĂƐ�ŶŽŶͲĐƵƌƌĞŶƚ�ůŝĂďŝůŝƟĞƐ͘�dƌĂĚĞ�ĐƌĞĚŝƚŽƌƐ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ�ŝŶŝƟĂůůLJ�Ăƚ�ƚƌĂŶƐĂĐƟŽŶ�ƉƌŝĐĞ�ĂŶĚ�ƐƵďƐĞƋƵĞŶƚůLJ�ŵ ĞĂƐƵƌĞĚ�Ăƚ�Ăŵ ŽƌƟsed ĐŽƐƚ�ƵƐŝŶŐ�ƚŚĞ�ĞīĞĐƟǀĞ�ŝŶƚĞƌĞƐƚ�ŵ ĞƚŚŽĚ͘

1.11

dŚĞ�ĐŽƐƚ�ŽĨ�ĂŶLJ�ƵŶƵƐĞĚ�ŚŽůŝĚĂLJ�ĞŶƟƚůĞŵ ĞŶƚ�ŝƐ�ƌĞĐŽŐŶŝƐĞĚ�ŝŶ�ƚŚĞ�ƉĞƌŝŽĚ�ŝŶ�ǁ ŚŝĐŚ�ƚŚĞ�Ğŵ ƉůŽLJĞĞ͛Ɛ�ƐĞƌǀŝĐĞƐ�ĂƌĞ�ƌĞĐĞŝǀĞĚ͘

dĞƌŵ ŝŶĂƟŽŶ�ďĞŶĞĮƚƐ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ�ŝŵ ŵ ĞĚŝĂƚĞůLJ�ĂƐ�ĂŶ�ĞdžƉĞŶƐĞ�ǁ ŚĞŶ�ƚŚĞ�ĐŚĂƌŝƚLJ�ŝƐ�ĚĞŵ ŽŶƐƚƌĂďůLJ�ĐŽŵ ŵ ŝƩĞĚ�ƚŽ�ƚĞƌŵ ŝŶĂƚĞ�ƚŚĞ Ğŵ ƉůŽLJŵ ĞŶƚ�ŽĨ�ĂŶ�Ğŵ ƉůŽLJĞĞ�Žƌ�ƚŽ�ƉƌŽǀŝĚĞ�ƚĞƌŵ ŝŶĂƟŽŶ�ďĞŶĞĮƚƐ͘

1.12 Foreign exchange

dƌĂŶƐĂĐƟŽŶƐ�ĚĞŶŽŵ ŝŶĂƚĞĚ�ŝŶ�ĨŽƌĞŝŐŶ�ĐƵƌƌĞŶĐŝĞƐ�ĂƌĞ�ƌĞĐŽƌĚĞĚ�Ăƚ�ƚŚĞ�ƌĂƚĞ�ƌƵůŝŶŐ�Ăƚ�ƚŚĞ�ĚĂƚĞ�ŽĨ�ƚŚĞ�ƚƌĂŶƐĂĐƟŽŶ͘

D ŽŶĞƚĂƌLJ�ĂƐƐĞƚƐ�ĂŶĚ�ůŝĂďŝůŝƟĞƐ�ĚĞŶŽŵ ŝŶĂƚĞĚ�ŝŶ�ĨŽƌĞŝŐŶ�ĐƵƌƌĞŶĐŝĞƐ�ĂƌĞ�ƚƌĂŶƐůĂƚĞĚ�ŝŶƚŽ�ƐƚĞƌůŝŶŐ�Ăƚ�ƚŚĞ�ƌĂƚĞƐ�ŽĨ�ĞdžĐŚĂŶŐĞ�ƌƵůing at ƚŚĞ�ďĂůĂŶĐĞ�ƐŚĞĞƚ�ĚĂƚĞ͘��ůů�ĚŝīĞƌĞŶĐĞƐ�ĂƌĞ�ŝŶĐůƵĚĞĚ�ŝŶ�ƚŚĞ�^ƚĂƚĞŵ ĞŶƚ�ŽĨ�&ŝŶĂŶĐŝĂů��ĐƟǀŝƟĞƐ͘

Ϯ �ƌŝƟĐĂů�ĂĐĐŽƵŶƟŶŐ�ĞƐƟŵ ĂƚĞƐ�ĂŶĚ�ũƵĚŐĞŵ ĞŶƚƐ

/Ŷ�ƚŚĞ�ĂƉƉůŝĐĂƟŽŶ�ŽĨ�ƚŚĞ�ĐŚĂƌŝƚLJ͛Ɛ�ĂĐĐŽƵŶƟŶŐ�ƉŽůŝĐŝĞƐ͕�ƚŚĞ�dƌƵƐƚĞĞƐ�ĂƌĞ�ƌĞƋƵŝƌĞĚ�ƚŽ�ŵ ĂŬĞ�ũƵĚŐĞŵ ĞŶƚƐ͕�ĞƐƟŵ ĂƚĞƐ�ĂŶĚ ĂƐƐƵŵ ƉƟŽŶƐ�ĂďŽƵƚ�ƚŚĞ�ĐĂƌƌLJŝŶŐ�Ăŵ ŽƵŶƚ�ŽĨ�ĂƐƐĞƚƐ�ĂŶĚ�ůŝĂďŝůŝƟĞƐ�ƚŚĂƚ�ĂƌĞ�ŶŽƚ�ƌĞĂĚŝůLJ�ĂƉƉĂƌĞŶƚ�ĨƌŽŵ �Žther sources. The ĞƐƟŵ ĂƚĞƐ�ĂŶĚ�ĂƐƐŽĐŝĂƚĞĚ�ĂƐƐƵŵ ƉƟŽŶƐ�ĂƌĞ�ďĂƐĞĚ�ŽŶ�ŚŝƐƚŽƌŝĐĂů�ĞdžƉĞƌŝĞŶĐĞ�ĂŶĚ�ŽƚŚĞƌ�ĨĂĐƚŽƌƐ�ƚŚĂƚ�ĂƌĞ�ĐŽŶƐŝĚĞƌĞĚ�ƚŽ�ďĞ�ƌĞůĞǀĂŶƚ͘ �ĐƚƵĂů�ƌĞƐƵůƚƐ�ŵ ĂLJ�ĚŝīĞƌ�ĨƌŽŵ �ƚŚĞƐĞ�ĞƐƟŵ ĂƚĞƐ͘

dŚĞ�ĞƐƟŵ ĂƚĞƐ�ĂŶĚ�ƵŶĚĞƌůLJŝŶŐ�ĂƐƐƵŵ ƉƟŽŶƐ�ĂƌĞ�ƌĞǀŝĞǁ ĞĚ�ŽŶ�ĂŶ�ŽŶŐŽŝŶŐ�ďĂƐŝƐ͘�ZĞǀŝƐŝŽŶƐ�ƚŽ�ĂĐĐŽƵŶƟŶŐ ĞƐƟŵ ĂƚĞƐ�ĂƌĞ�ƌĞĐŽŐŶŝƐĞĚ ŝŶ�ƚŚĞ�ƉĞƌŝŽĚ�ŝŶ�ǁ ŚŝĐŚ�ƚŚĞ�ĞƐƟŵ ĂƚĞ�ŝƐ�ƌĞǀŝƐĞĚ�ǁ ŚĞƌĞ�ƚŚĞ�ƌĞǀŝƐŝŽŶ�ĂīĞĐƚƐ�ŽŶůLJ�ƚŚĂƚ�ƉĞƌŝŽĚ͕�Žƌ�ŝŶ�ƚŚĞ�ƉĞƌŝŽĚ�ŽĨ�ƚŚĞ�ƌĞǀŝƐŝŽŶ�and ĨƵƚƵƌĞ�ƉĞƌŝŽĚƐ�ǁ ŚĞƌĞ�ƚŚĞ�ƌĞǀŝƐŝŽŶ�ĂīĞĐƚƐ�ďŽƚŚ�ĐƵƌƌĞŶƚ�ĂŶĚ�ĨƵƚƵƌĞ�ƉĞƌŝŽĚƐ͘�E Ž�ƐŝŐŶŝĮĐĂŶƚ�ĂĐĐŽƵŶƟŶŐ ĞƐƟŵ ĂƚĞƐ�Žƌ�ũƵĚŐĞŵ ĞŶƚƐ were made in preparing these accounts.

ϯ �ŽŶĂƟŽŶƐ�ĂŶĚ�ůĞŐĂĐŝĞƐ

Unrestricted Unrestricted
funds funds
2020 2019
£ £
�ŽŶĂƟŽŶƐĂŶĚŐŝŌƐ Ϯ͕ϳϯϳ͕ϵϴϭ ϯ͕ϴϰϱ͕ϭϬϯ
' ŝŌĂŝĚ ϲϬϮ͕ϵϯϲ ϵϲϭ͕ϮϬϲ
3,340,917 4,806,309

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Investment income

Rental income
Fund investment income
Listed investment income
Interest receivable		 2020
£
4,400
111,345
233,194
2,851
351,790		 2019
£
143,130
51,521
238,857
9,717
443,225

The listed investment income comprises dividend income from shareholdings in Regional REIT and Royal Dutch Shell.

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Other income

Other income 2020
£
12,012
12,012		 2019
£
-
-

dŚŝƐ�ƌĞůĂƚĞĚ�ƚŽ�ƌĞĐŽǀĞƌLJ�ŽĨ�ĚŽŶĂƟŽŶ�ŵ ĂĚĞ�ƚŽ�<ŝĚΖƐ��Žŵ ƉĂŶLJ�ǁ ŚŝĐŚ�ǁ ĞŶƚ�ŝŶƚŽ�ĂĚŵ ŝŶŝƐƚƌĂƟŽŶ�ŝŶ�ϮϬϭϰ͘

ϲ �ŚĂƌŝƚĂďůĞ�ĂĐƟǀŝƟĞƐ

Grants to Grants to
individuals and individuals and
ŽƌŐĂŶŝƐĂƟŽŶƐ ŽƌŐĂŶŝƐĂƟŽŶƐ
2020 2019
£ £
' ƌĂŶƚĨƵŶĚŝŶŐŽĨĂĐƟǀŝƟĞƐ;ƐĞĞŶŽƚĞϳͿ Ϯ͕ϳϳϭ͕ϳϴϴ ϯ͕ϳϯϱ͕ϱϮϲ
Share of support costs (see note 8) 632,894 662,544
Share of governance costs (see note 8) 13,800 12,020
3,418,482 4,410,090

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Grants payable

Youth Empowerment
Civil Society
Relief
Cross programme
Strategic learning		 2020
£
1,055,059
1,354,042
165,828
-
196,859
2,771,788		 2019
£
739,554
2,497,626
442,424
55,922
-
3,735,526

Please see note 21 on page 23 and 24 for detailed analysis of grants payable.

8
Support costs
Support costs
Governance
costs
£
£
Staf costs
356,544
-
�ĞƉƌĞĐŝĂƟŽŶ
ϱ͕ϰϮϲ
Ͳ
Ofce costs
118,584
-
Other Professional Services
76,418
-
Investment management
fees
43,130
-
Finance interest expense
32,792
-
Audit fees
-
13,800
632,894
13,800
Analysed between
�ŚĂƌŝƚĂďůĞĂĐƟǀŝƟĞƐ
ϲϯϮ͕ϴϵϰ
ϭϯ͕ϴϬϬ		 2020
Support costs
Governance
costs
£
£
£
356,544
368,864
-
ϱ͕ϰϮϲ
ϰ͕ϵϯϱ
Ͳ
118,584
173,291
-
76,418
100,593
-
43,130
-
-
32,792
14,861
-
13,800
-
12,020
646,694
662,544
12,020
ϲϰϲ͕ϲϵϰ
ϲϲϮ͕ϱϰϰ
ϭϮ͕ϬϮϬ		 2019
£
368,864
ϰ͕ϵϯϱ
173,291
100,593
-
14,861
12,020
674,564
ϲϳϰ͕ϱϲϰ

Total fees for services paid to the auditors over the year were £28,483 (2019: 36,149) and include the following:

Statutory audit £13,800
Accountancy services £14,683

9 Trustees

enditure incurred in ĂƩĞŶĚŝŶŐ��ŽĂƌĚ�ŵ ĞĞƟŶŐƐ�Žƌ�ĮĞůĚ�ǀŝƐŝƚƐ͘�E ŽŶĞ�ŽĨ�ƚŚĞ�dƌƵƐƚĞĞƐ�ŚĂǀĞ�ďĞĞŶ�ƉĂŝĚ�ĂŶLJ�ƌĞŵ ƵŶĞƌĂƟŽŶ�ĂŶĚ�Žther benefits by the ĐŚĂƌŝƚLJ�Žƌ�ďLJ�ƌĞůĂƚĞĚ�ƉĂƌƟĞƐ͘��ůů�Ɛŝdž�dƌƵƐƚĞĞƐ�ĚŝƌĞĐƚůLJ�ŝŶĐƵƌƌĞĚ�ĞdžƉĞŶƐĞƐ�ƌĞůĂƚĞĚ�ƚŽ�ƚƌĂǀĞů͕�ƚƌĂŝŶŝŶŐ�ĂŶĚ�ĮĞůĚ�ǀŝƐŝƚƐ�ĨŽƌ�&ŽƵŶĚĂƟŽŶ ƉƵƌƉŽƐĞƐ͖Ă�ƚŽƚĂů�Ăŵ ŽƵŶƚ�ŽĨ�άŶŝů�;άϮϬϭϵ͗�άϭϬ͕ϳϳϴ�Ϳ�ǁ ĂƐ�ŝŶĐƵƌƌĞĚ ďLJ�ƚŚĞ�&ŽƵŶĚĂƟŽŶ͘

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

10 Employees

Number of employees

dŚĞ�&ŽƵŶĚĂƟŽŶ�Ăŝŵ Ɛ�ƚŽ�ƉĂLJ�ƐĂůĂƌŝĞƐ�ƚŚĂƚ�ĂƉƉƌŽƉƌŝĂƚĞůLJ�ƌĞĐŽŐŶŝƐĞ�ĂŶĚ�ƌĞǁ ĂƌĚ�ƚŚĞ�ƋƵĂůŝĮĐĂƟŽŶƐ͕�ĞdžƉĞƌŝĞŶĐĞ�ĂŶĚ� ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŽĨ�ŝƚƐ���K �ĂŶĚ�ŽƚŚĞƌ�Ğŵ ƉůŽLJĞĞƐ͕�ǁ ŚŝůĞ�ĂůƐŽ�ŬĞĞƉŝŶŐ�ƐĂůĂƌŝĞƐ�Ăƚ�Ă�ƌĞĂƐŽŶĂďůĞ�ůĞǀĞů�ĐŽŵ ƉĂƌĞĚ�ƚŽ�Ɛŝŵ ŝůĂƌ� ŽƌŐĂŶŝƐĂƟŽŶƐ�ŝŶ�ƚŚĞ�ƐĞĐƚŽƌ͘�t ŚĞŶ�ƉŽƐƚƐ�ĂƌĞ�ĐƌĞĂƚĞĚ͕�ƐĂůĂƌLJ�ƌĞƐĞĂƌĐŚ�ŝƐ�ĚŽŶĞ�ǁ ŝƚŚ�ƉĂƌƚŶĞƌƐ�ŝŶ�ƚŚĞ�ƐĞĐƚŽƌ͕�ƚŚƌŽƵŐŚ�ƐƉĞĐŝĂůŝƐƚ� ĂŐĞŶĐŝĞƐ�ĂŶĚ�ƚŽŽůƐ͘�^ĂůĂƌŝĞƐ�ĂƌĞ�ĂĚũƵƐƚĞĚ�ǁ ŝƚŚ�ŝŶĐƌĞĂƐĞĚ�ƌĞƐƉŽŶƐŝďŝůŝƚLJ�Žƌ�Ă�ĐŚĂŶŐĞ�ŽĨ�ƉŽƐŝƟŽŶ͕�ĂŶĚ ŽĐĐĂƐŝŽŶĂůůLJ�ŝŶĐƌĞĂƐĞĚ�ŝŶ� ůŝŶĞ�ǁ ŝƚŚ�ŝŶŇĂƟŽŶ͘

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
D ĂŶĂŐĞƌŝĂů͕ĂĚŵ ŝŶŝƐƚƌĂƟǀĞĂŶĚƉƌŽŐƌĂŵ ŵ ĞƚĞĐŚŶŝĐĂů
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
ϳ
2020
£
317,111
30,466
8,967
356,544		 2019
Number
ϲ
2019
£
321,952
32,491
14,421
368,864

dŚĞ�ŬĞLJ�ŵ ĂŶĂŐĞŵ ĞŶƚ�ƉĞƌƐŽŶŶĞů�ǁ ŝƚŚŝŶ�ƚŚĞ�&ŽƵŶĚĂƟŽŶ�ŝƐ�ƚŚĞ��ŚŝĞĨ��džĞĐƵƟǀĞ�K ĸ ĐĞƌ�;��KͿ͘�dŚĞ�ĐƵƌƌĞnt CEO was the only member of staff who was remunerated within the pay band £90,000 to £99,999 (2019: £70,000 to £79,999). All staff are ĞŶƟƚůĞĚ�ƚŽ�ƐĞǀĞƌĂů�ďĞŶĞĮƚƐ͘���ŬĞLJ�ďĞŶĞĮƚ�ŝƐ�ƚŚĞ�&ŽƵŶĚĂƟŽŶΖƐ�ƉĞŶƐŝŽŶ�ƐĐŚĞŵ Ğ͕�ǁ ŚŝĐŚ�ŵ ĂƚĐŚĞƐ�ƐƚĂī�ĐŽŶƚƌŝďƵƟŽŶƐ�ŽĨ�ƵƉ�ƚŽ�ϱй ŽĨ�ƋƵĂůŝĨLJŝŶŐ�ĞĂƌŶŝŶŐƐ͘�ZĞŵ ƵŶĞƌĂƟŽŶ�ƉĂŝĚ�ƚŽ�ŬĞLJ�ŵ ĂŶĂŐĞŵ ĞŶƚ�ƉĞƌƐŽŶŶĞů�ŝŶ�ϮϬϮϬ ƚŽƚĂůĞĚ�άϵϳ͕ϮϴϬ ;ϮϬϭϵ: £109,529). This ƌĞŵ ƵŶĞƌĂƟŽŶ�ƌĞůĂƚĞƐ�ƚŽ�ŐƌŽƐƐ�ƐĂůĂƌLJ�ƉĂŝĚ͘

dŚĞ�ŶƵŵ ďĞƌ�ŽĨ�Ğŵ ƉůŽLJĞĞƐ�ǁ ŚŽƐĞ�ĂŶŶƵĂů�ƌĞŵ ƵŶĞƌĂƟŽŶ�ǁ ĂƐ�άϲϬ͕ϬϬϬ�Žƌ�ŵ ŽƌĞ�ǁ ĞƌĞ͗

£70,000 - £79,999
£90,000 - £99,999
11
Net gains / (losses) on investments
ZĞǀĂůƵĂƟŽŶŽĨŝŶǀĞƐƚŵ ĞŶƚƐ
>ŽƐƐŽŶƐĂůĞŽĨŝŶǀĞƐƚŵ ĞŶƚƉƌŽƉĞƌƟĞƐ		 2020
Number
-
1
2020
£
;ϭ͕ϰϳϱ͕ϳϭϯͿ
Ͳ
(1,475,713)		 2019
Number
1
-
2019
£
ϭ͕ϮϬϲ͕ϴϱϰ
;ϭϰ͕ϯϬϳͿ
1,192,547

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

12

Tangible fxed assets
Ofce
Equipment
&ŝdžƚƵƌĞƐ͕Įƫ ŶŐƐ
& equipment
£
£
Cost
At 1 January 2020
21,238
5,889
At 31 December 2020
21,238
5,889
�ĞƉƌĞĐŝĂƟŽŶĂŶĚŝŵ ƉĂŝƌŵ ĞŶƚ
At 1 January 2020
13,451
1,178
�ĞƉƌĞĐŝĂƟŽŶĐŚĂƌŐĞĚŝŶƚŚĞLJĞĂƌ
ϰ͕Ϯϰϴ
ϭ͕ϭϳϴ
At 31 December 2020
17,699
2,356
Carrying amount
At 31 December 2020
3,539
3,533
At 31 December 2019
7,787
4,711		 Total
£
27,127
27,127
14,629
ϱ͕ϰϮϲ
20,055
7,072
12,498

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13 Fixed asset investments

�ŽƐƚŽƌǀĂůƵĂƟŽŶ
At 1 January 2020
sĂůƵĂƟŽŶĐŚĂŶŐĞƐ
Interest and mangement charges
/ŶĐŽŵ ĞƌĞƚĂŝŶĞĚŝŶƉŽƌƞŽůŝŽ
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019		 Managed
ƉŽƌƞŽůŝŽƐ
Listed
investments
Unlisted
investments
£
£
£
7,051,660
5,627,238
2,398,405
Ϯϱϭ͕ϳϳϮ
;ϭ͕ϯϵϳ͕ϭϵϵͿ
;ϯϯϬ͕ϮϴϲͿ
(36,516)
-
(39,807)
ϱϯ͕ϯϲϰ
Ͳ
Ϯϵϵ͕ϵϭϮ
7,320,280
4,230,039
2,328,224
7,320,280
4,230,039
2,328,224
7,051,660
5,627,238
2,398,405		 Total
£
15,077,303
;ϭ͕ϰϳϱ͕ϳϭϯͿ
(76,323)
ϯϱϯ͕Ϯϳϲ
13,878,543
13,878,543
15,077,303

The listed investments consist of £2,519,906 (2019 : £3,457,617) Regional REIT Limited shares, £855,133 (2019 :£1,520,621) Royal Dutch Shell B shares, and £855,000 (2019: £649,000 ) Smithson Investment Fund shares.

dŚĞ�&ŽƵŶĚĂƟŽŶ�ĂůƐŽ�ŚŽůĚƐ�ŝŶǀĞƐƚŵ ĞŶƚƐ�ǁ ŽƌƚŚ�άϳ͕ϯϮϬ͕ϮϴϬ�;ϮϬϭϵ͗�ϳ͕Ϭϱϭ͕ϲϲϬͿ�ŝŶ ƚǁ Ž��ƌĞĚŝƚ�^ƵŝƐƐĞ�managed investment ƉŽƌƞŽůŝŽƐ͘�/Ŷ�ĂĚĚŝƟŽŶ͕�ƚŚĞ�&ŽƵŶĚĂƟŽŶ�ŚĂƐ�ƵŶůŝƐƚĞĚ�ŝŶǀĞƐƚŵ ĞŶƚƐ�ŝŶĐůƵĚŝŶŐ�:Ğƌŵ LJŶ�^ƚƌĞĞƚ��ĚƵĐĂƟŽŶĂů�ZĞĂůEstate Fund now valued at £2,220,153 (2019: £2,253,242).

14
Financial instruments
Carrying amount of fnancial assets
Instruments measured at fair value through proft or loss
15
Debtors
Amounts falling due within one year:
' ŝŌĂŝĚƌĞĐĞŝǀĂďůĞ
Other debtors
Prepayments and accrued income		 2020
£
13,878,543
2020
£
ϲϬϮ͕ϵϯϲ
14,172
100,283
717,391		 2019
£
15,077,303
2019
£
ϵϲϭ͕Ϯϳϱ
14,912
66,609
1,042,796

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
KƚŚĞƌƚĂdžĂƟŽŶĂŶĚƐŽĐŝĂůƐĞĐƵƌŝƚLJ
Grants payable
Trade creditors
Other creditors
Accruals and deferred income		 2020
£
ϭ͕ϱϱϴ
2,006,362
339
429
14,016
2,022,704		 2019
£
ϭ͕ϲϭϬ
932,536
12,295
-
15,575
962,016

' ƌĂŶƚƐ�ƉĂLJĂďůĞ�ƌĞůĂƚĞƐ�ƚŽ�ŐƌĂŶƚƐ�ĐŽŵ ŵ ŝƩĞĚ�ŝŶ�ĨƵƌƚŚĞƌĂŶĐĞ�ŽĨ�ƚŚĞ�ĐŚĂƌŝƚLJΖƐ�ŽďũĞĐƟǀĞƐ�ƚŚĂƚ�ĂƌĞ�ĞdžƉĞĐƚĞĚ�ƚŽ�ďĞ�ŵ ĂĚĞ�ǁ ŝƚŚŝŶ� ƚǁ ĞůǀĞ�ŵ ŽŶƚŚƐ͘��ƵĞ�ƚŽ��Ks /�Ͳϭϵ͕�ƐŽŵ Ğ�ĂĐƟǀŝƟĞƐ�ĂƌĞ�ďĞŝŶŐ�ŵ ŽĚŝĮĞĚ�ǁ ŚŝĐŚ�ŵ ĂLJ�ĚĞůĂLJ�ƐŽŵ Ğ�ƉĂLJŵ ĞŶƚƐ͘

ϭϳ K ƉĞƌĂƟŶŐ�ůĞĂƐĞ�ĐŽŵ ŵ ŝƚŵ ĞŶƚƐ

At the year end date the charity had outstanding commitments for future minimum lease payments undĞƌ�ŽƉĞƌĂƟŶŐ�ůĞĂƐĞƐ͕ which fall due as follows:

Within one year
Between two and fve years		 2020
a
£
39,500
117,745
157,245		 2019
s restated
£
39,500
157,245
196,745

dŚĞ�ŽƉĞƌĂƟŶŐ�ůĞĂƐĞ ƌĞůĂƚĞƐ�ƚŽ�ƚŚĞ�ƌĞŶƚĂů�ŽĨ�ƚŚĞ�&ŽƵŶĚĂƟŽŶΖƐ�Žĸ ĐĞ�ŽǀĞƌ�Ă�ƉĞƌŝŽĚ�ŽĨ�ϭϬ�LJĞĂƌƐ͘ The total lease payment recognised as an expense in the year totalled £39,500 (2019: £39,500).

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

ϭϴ ZĞůĂƚĞĚ�ƉĂƌƚLJ�ƚƌĂŶƐĂĐƟŽŶƐ

Ayman Asfari is on the panel of senior advisors of Chatham House. No grants were funded in 2020.

D Ăƌǁ ĂŶ�D ƵĂƐŚĞƌ�ŝƐ�ƚŚĞ�s ŝĐĞ�WƌĞƐŝĚĞŶƚ�ĨŽƌ�^ƚƵĚŝĞƐ�Ăƚ��ĂƌŶĞŐŝĞ��ŶĚŽǁ ŵ ĞŶƚ�ĨŽƌ�/ŶƚĞƌŶĂƟŽŶĂů�WĞĂĐĞ�;�Ărnegie). In June 2015, �ĂƌŶĞŐŝĞ�ǁ ĂƐ�Ăǁ ĂƌĚĞĚ�Ă�ŐƌĂŶƚ�ďLJ�ƚŚĞ��ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ�ŽĨ�Ψϭŵ �ŽǀĞƌ�ϯ�LJĞĂƌƐ͘�/Ŷ�ϮϬϮϬ�ƚŚĞ�&ŽƵŶĚĂƟŽŶ�ĚŽnated $146,400 (2019: $120,000).

�LJŵ ĂŶ��ƐĨĂƌŝ�ŝƐ�Ă�ŵ Ğŵ ďĞƌ�ŽĨ�ƚŚĞ��ŽĂƌĚ�ŽĨ�dƌƵƐƚĞĞƐ�ŽĨ��ĂƌŶĞŐŝĞ��ŶĚŽǁ ŵ ŵ ĞŶƚ�ĨŽƌ�/ŶƚĞƌŶĂƟŽŶĂů�WĞĂĐĞ͘

Ayman Asfari and Marwan Muasher are Board members of the American University of Beirut to whom the �ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ donated $nil in 2020 (2019: $1,597,722).

^Ăǁ ƐĂŶ��ƐĨĂƌŝ�ŝƐ�Ă�'ĞŶĞƌĂů�D Ğŵ ďĞƌ�ŽĨ�dŚĞ�t ĞůĨĂƌĞ��ƐƐŽĐŝĂƟŽŶ͘�dŚĞ�&ŽƵŶĚĂƟŽŶ�ĚŽŶĂƚĞĚ�άE ŝů�ŝŶ�ϮϬϮϬ�(2019: £10,000). Sawsan �ƐĨĂƌŝ�ŝƐ�ĂůƐŽ�ƚŚĞ��ŽͲ&ŽƵŶĚĞƌ�ĂŶĚ��ŝƌĞĐƚŽƌ�ŽĨ�ƚŚĞ�'ĂůŝůĞĞ�&ŽƵŶĚĂƟŽŶ�ƚŽ�ǁ ŚŽŵ �ƚŚĞ��ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ�Ěonated £75,000 in 2020 (2019: £75,000).

ZĂƐŚĂ��ůŵ ĂƐƌLJ�ŝƐ�Ă��ŽĂƌĚ�D Ğŵ ďĞƌ�Ăƚ�ƚŚĞ�<ĂƌĂŵ �&ŽƵŶĚĂƟŽŶ�ƚŽ�ǁ ŚŽŵ �ƚŚĞ�&ŽƵŶĚĂƟŽŶ�ĚŽŶĂƚĞĚ�άE ŝů�;ϮϬϭϵ͗άϮϬ͕ϬϬϬͿ͘�

�ůů�ŐƌĂŶƚƐ�ĂŶĚ�ĚŽŶĂƟŽŶƐ�ŵ ĂĚĞ�ďLJ�ƚŚĞ��ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ�ĂƌĞ�ŝŶĚĞƉĞŶĚĞŶƚůLJ�ĂŐƌĞĞĚ�ďLJ�ƚŚĞ��ŽĂƌĚ�ŽĨ�dƌƵƐƚĞĞƐ�Ăƚ�ƚŚĞ�&ŽƵŶĚĂƟŽŶ͛s �ŽĂƌĚ�ŵ ĞĞƟŶŐ͘�dƌƵƐƚĞĞƐ�ǁ ŝƚŚ�ĐŽŶŇŝĐƚƐ�ŽĨ�ŝŶƚĞƌĞƐƚ�ĚĞĐůĂƌĞ�ƚŚĞƐĞ�ŝŶ�ĂĚǀĂŶĐĞ�ĂŶĚ�ĚŽ�ŶŽƚ�ƉĂƌƟĐŝƉĂƚĞ�ŝŶ�ƌĞůĂƚĞĚ�ĚĞĐŝƐŝŽŶ�ŵ ĂŬŝŶŐ. t ŚĞŶ�Ă�ĚĞĐŝƐŝŽŶ�ŝƐ�ƌĞƋƵŝƌĞĚ�ŝŶ�ƌĞůĂƟŽŶ�ƚŽ�ƉƌŽŐƌĂŵ ŵ ĞƐ�Žƌ�ĨƵŶĚŝŶŐ�ĂƐƐŽĐŝĂƚĞĚ�ǁ ŝƚŚ�ŽƌŐĂŶŝƐĂƟŽŶƐ�ƚŚĂƚ�receive funding from the �ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ͕�ƚŚĞ�ƌĞůĞǀĂŶƚ�dƌƵƐƚĞĞ�ĂďƐƚĂŝŶƐ�ĨƌŽŵ �ǀŽƟŶŐ͘

dŚĞ�ƚŽƚĂů�Ăŵ ŽƵŶƚ�ŽĨ�ĚŽŶĂƟŽŶƐ�ŐŝǀĞŶ�ďLJ�ƚŚĞ�ƚƌƵƐƚĞĞƐ�ƚŽ�dŚĞ��ƐĨĂƌŝ�&ŽƵŶĚĂƟŽŶ�ŝŶ�ƚŚĞ�LJĞĂƌ�ǁ ĂƐάϮ͕ϳϯϳ͕ϵϴϭ�;ϮϬϭϵ͗�άϯ͕ϴϰϱ͕ϭϬϯͿ͘

ϭϵ �ĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ ŽƉĞƌĂƟŽŶƐ ϮϬϮϬ ϮϬϭϵ
£ £
(Defcit)/surpus for the year (1,189,476) 2,031,991
Adjustments for:
/ŶǀĞƐƚŵ ĞŶƚŝŶĐŽŵ ĞƌĞĐŽŐŶŝƐĞĚŝŶƐƚĂƚĞŵ ĞŶƚŽĨĮŶĂŶĐŝĂůĂĐƟǀŝƟĞƐ ;ϯϱϭ͕ϳϵϬͿ ;ϰϰϯ͕ϮϮϱͿ
(Gain)/loss on disposal of investment property - 14,307
Fair value (gains) and losses on investments 1,475,713 (1,206,854)
�ĞƉƌĞĐŝĂƟŽŶĂŶĚŝŵ ƉĂŝƌŵ ĞŶƚŽĨƚĂŶŐŝďůĞĮdžĞĚĂƐƐĞƚƐ ϱ͕ϰϮϲ ϰ͕ϵϯϱ
/ŶƚĞƌĞƐƚĂŶĚŵ ĂŶĂŐĞŵ ĞŶƚĐŚĂƌŐĞƐƉĂŝĚĨƌŽŵ ƉŽƌƞŽůŝŽ ϳϲ͕ϯϮϯ ϮϮ͕ϱϬϬ
/ŶĐŽŵ ĞƌĞƚĂŝŶĞĚŝŶƉŽƌƞŽůŝŽ ;ϯϱϯ͕ϮϳϲͿ Ͳ
Movements in working capital:
Decrease in debtors 325,405 114,497
Increase/(decrease) in creditors 1,060,688 (56,484)
�ĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ ŽƉĞƌĂƟŽŶƐ 1,049,013 481,667

20 Analysis of changes in net funds

The charity had no debt during the year.

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

21 List of 2020 Grants by Programme / Organisation / Country

Grant Location
Youth Empowerment
Al-Fanar
Lebanon
Al-Nayzak
Palestine
Basma and Zeitooneh
Lebanon
Challenge to Change
Switzerland
ChangeLabs/Changemakers
Lebanon
Fondation Diane
Lebanon
Galilee Foundation
UK
Gaza Sky Geeks
UK
Pitchworthy
Lebanon
ShareQ
Lebanon
United Lebanon Youth Project
Lebanon
Year Here
UK
Yes Theatre
Palestine
YMCA
Lebanon
Civil society
Al-Jumhuriya
Turkey
Al Share Media
Canada
Atlantic Council of the United States
USA
Badael
Germany
CanDo
UK
Dawlaty
Brussels
Enab Baladi
Turkey
Hands Up Foundation
UK
Lebanon Support
Lebanon
Masar
Lebanon
Megaphone
Lebanon
Nahnoo
Lebanon
Roia
Netherlands
Syrian Centre for Legal Studies and Research
Germany
Syrian Centre for Media and Freedom of Expression
France
Syrian Centre for Policy Research
Lebanon
Syrian Archive
Germany
The Asfari Institute for Civil Society & Citizenship at AUB
Lebanon
The Syria Campaign
USA
Women Now
France
Other		 2020
2019
£
£
75,000
75,000
75,000
72,980
75,000
73,511
10,000
-
30,000
-
75,000
-
75,000
75,000
75,000
75,000
190,059
75,000
75,000
72,136
75,000
73,382
75,000
75,000
75,000
72,544
75,000
-
1,055,059
739,554
2020
2019
£
£
75,000
75,931
7,000
-
-
37,736
75,000
72,545
75,000
75,000
75,000
71,629
75,000
72,136
75,000
75,000
7,000
-
37,500
-
37,500
-
75,000
72,058
7,000
-
75,000
73,045
75,000
79,255
75,000
72,136
75,000
-
283,042
1,662,514
75,000
72,927
75,000
-
-14,288
1,354,042
2,497,626

-23-

THE ASFARI FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic Learning and Engagement
Carnegie Endowment for International Peace
USA
Citizens Build a Community
Israel
Global Health Institute at the American University of Beirut
Lebanon
Hakini
Palestine
Hands Up Foundation
UK
Humanitarian Leadership Academy
UK
IDRAAC
Lebanon
RiyadA
Lebanon
ShareQ
Lebanon
Technovatio
UK
Other
Cross Programmes
SRM Intelligence and Risk Consulting
UK
Technovatio
UK
Other
UK
Relief
Al Quds Foundation for Medical Schools in Palestine
Palestine
Black Pearl
USA
Good Chance Theatre
UK
International Medical Education Trust
UK
Jusoor
USA
Karam Foundation
Turkey
Maram Foundation
Lebanon
Medical Aid for Palestinians
UK
Syrian Civil Defence
USA
The American University of Beirut
Lebanon
The Syria Campaign
USA
Welfare Association
UK
Other
Total Grants		 2020
2019
£
£
21,352
-
7,000
-
84,087
-
7,000
-
7,000
-
30,261
-
7,000
-
7,000
-
7,000
-
18,000
-
1,159
196,859
-
2020
2019
£
£
-
200
-
45,000
-
10,722
-
55,922
2020
2019
£
£
6,250
-
-
31,000
20,000
-
-
20,000
50,000
-
-
20,000
-
54,000
-
53,000
-
77,349
50,601
121,833
-
42,280
-
10,000
38,977
12,962
165,828
442,424
2,771,788
3,735,526

-24-