ompany Registration Number: 05938633 Charity Reglstratlon Number.. 1118751 THE ASFARI FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE ASFARI FOUNDATION {A Company Lirnitèd by Guaranlee) CONTENTS Page Reference and Admlnislrative Oetails of the Charity. its Trustees and Advisers Trustees. Report Stslement of Trnstees. Responslbllltles 10 Indèpendent Audltorfs R•port on the Flnancial Ststem8nts Statemgnt of Financlal Actlvltles 15 Balance Sheet 16 Statement of Cash Flows 17 Notes to the Finan¢ial Statements 18-35 Llst of 2023 Grants by Programme l Organlsatlon I Couirtry 36-38 THE ASFARI FOUNOATION {A Company Llmlted by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustses Mr A￿nan Asfari. Chair Mrs Sawsan Asfari Mr John Ferguson FCA. Treasurer Dr Marwan MLtasher Ms Rasha Elmasry Mr Adeeb Asfari Mr Kareem Asfari Ms Saba Amubaslat Company rggistered number 05938633 Charfty registered number 1116751 Reglslered offl¢e The Asfari FourKlation Unit A 1-3 Canfield Plac* London United Kingdom NW6 3BT Chlef ExKutFve Officer Muna Abbas Independent audltor MHA Charte￿d Accountsnts and Statutory Audit 6th Floor 2 London Wall Place London EC2Y SAU Bankers Banque Banorient France 19>195 Brompton Road London SW3 1LZ EFG 8ank AG Bleicherweg 8 P.0. Box 6012 8022 Zurich Unity Trust Bank Four Brindley place Binniagham 81 2JB Sollcltors BDB Pitmans One Bartholomew Close London EC1A 7BL Page 1 THE ASFARI FOUNDATION IA company Ilmited by guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Introduction The Truslees present their rep)rt and finarrial statements for the year ended 310ecember 2023. The financial statements have been p￿pared in accordance y￿th the accounting policies set o¥Jt in note 1 to the rinancial slatements and comp y wth the Charity'5 Memorandum and Articles ofAssociation. the Companies Act 2006, and "Aceounling and Reporting by Charities-. Statement of Recommended Practiea applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicatrAe in Ihe UK and Republic of Ireland IFRS ',021". Constitution The Asfari Foundalion {the Foundation) is 8 company limited by guarantee {company number 059386331 and a registered charity govemed by its memorandum and articles ofassociation Charity number in England and Wales.. 1116751. Directors and Truslees serwns during the year and since the year end.. Mr Ayrnan Asfari {Chair> Mrs Sawsan Asfari Mr Adeeb Asfari Mr Kareem Asf8ri Mr John Ferguson FCA Dr Marwan Muasher Mrs Rasha Elmasry Ms Saba Almubaslal Objectives and activities The objectives of the Foundation are to fijrther suth charilable objects as the Trusl8es in their absolute discretion think fit. but lo include the following.. The advancement of education in any part ofthe world and in particular ofyoung people from Syria, Lebanon, Jordan. Palestine and the UK. The prevention and relief of poverty for the public benefft in any part of the world but not exclusively from Syria, Lebanon. Jordan, Palestine and the UK The Promotion of civic responsibility. g¢¥xl ritrzenship and community development for the public benefit in particular but not exclusi¥ely fof the ben8fil of young people and CNII society organi5alions from Syria, Lebanon, Jordan. Palestine and the UK. The advancement of human rights las stst oul in the Universal Declaration of Human Rights and subsequent United Nations convenlio11S and dedaratsons). confiict resolution or reconciliation and the promotion of equality and diversity for the public benefit anywhere in any part of the world and for yQUfVJ people from Syria. Lebanon, Jordan. Palestine and the UK. Page 2 THE ASFARI FOUNDATION IA company Ilmited by guaranto9) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 These charitable objects are en￿mpass9d within the Foundalion's VIS￿ of crfjating a just world where people have equal opportunities to transform their lives. invest in their ¢￿AMunf¢ie5. and shape the fvture of their ountries. In support of achieving this vision. the Foundation makes its mission to invest in. and support the sustainability of, a resilient and emFX)wered cNil Scmiety infrastructure and innovative youth, who can collectively lead a Iransformalional posibve change in their communities and countries. The Foundation engages in this mission by supporting the aclivities of our partner organis8tsons at the local, regional and global level. At the local level, the Foundation mak8s grants available across four thematic programmes including.. Youth Leaming, Entrepreneurship & Innovation IYLEAP} Building Civil Society Infrastructure, Knowledge Production. Ne￿OrkIng and Inlluencing and Relief. At the regional level. the Foundation develops strategic partnerships wrth influential academic and policy ￿ntreS (such as the American University of Beirut and Carnegie Middle East Centrel for kno￿edge prOduC￿n and convening around critical issues facing the Middle East region and connect¢ng high-level policy and research with effective practice on the ground. The Foundation also activdy pursues partnerships with academic institutions in the UK and woddwide, such as the London Schwl of Economics, and other donors {such as the Ford Foundation and Near East Affairs US State Department) to deliver c(>investsnenl in areas of mulual interest This enables the Foundation lo lake its impact to scale. At the global level, the Foundation uses the evidence of its impact and that of ils partners lo advocate lor localisalion, collaboratM)n. experimentslion with innovalNe approaches lo grar¢l making and partnerships, and the important role famity foundations can F4ay in helping to drive ￿sItIve change in the Middle East Granl making policy The Foundabon supwrts Organis8t￿n$ Ihal: Are fully registered with the appropriate aulhorities. Share our values and are aligned with our objectives. Have strong track records in implementation. Demonstrate dear purpose and strategy linked to a specffic consliluencyAarget group. ActNely seek lo become more effecttve. accountable sustainable. ActNely seek to transfomi and grow thesr organisation, and thg ecosystem in which thoy operate, including the professional development of their staff. Adopt innovative approa¢hes to programming. Address systemic weaknesses in our thematie areas. Are committed to transparency. active partnership. and sharing leaming and insighL Grant funding provided lo eligible organisalions is designed to support one or more of.. Organisatv)n￿ development {OD) and sustainabilty. focusing on staff and organisat￿nal capacity-building as w811 as digital transfomialion. Seed funding or experimenting with new ideas or approaches by organisations that we believe are particulady innovative, have strong potential lo help young people. and work in our thematic areas. Research into systemic issues facing communities in the Middle East. and development of public policy approaches and recommendations. Connecling academic research and practice through ts)nvening and supporting clvil society organisations {CSOsl to document and disseminate their practical expertise at the local, regional, and global lavèls. Specific areas of need, identif￿d by dHJIb￿ cryanisations, Ihat do not fall into the above examples. Page 3 THE ASFARI FOUNDATION IA company Ilmlted by guaranlge) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The FOundat￿)n'$ grants are offered through four programmes that address wr thematic focus argas.. Youth Leamin Entre reneurshi and Innovath)n Well-educated and engaged young people. working together wth others as active members ofsociety can make a genuine contribution to the dèvelopment of their communities. This programme aims lo address the structural and systemic isssjes that restrict the educatK)nal and business opportunrt￿s available lo young people. 11 does so by investing in organisations iniliatwes that contribute to the overall vibrancy, professionalism. effectiveness and accountability of innovation and enlrepreneurship ecosystems in Palestine, Lebanon. Jordan, Syrian diaspora, and the United Kingdom. Buildin Civil Infrastructure A strong, energetic, and resilient civil society is key to the development of all healthy, partkipatory democratie socielios and therefore critical lo the future of Syria, Jordan, Palestine, and Lebanon. This programme aims lo bring people together for the common good. and provide quality infonnation lo citszens and policymakers, serving those in need and advocating for charoe. Knowled e Production Infjuen The Foundation's partners work on societally transfomative issues in a volatle region. Thè ensuing data offers rare insight into how CNII swety in the Middle East is developing-, yet their capacity to collect 8nd share il is limited. This programme aims to loverage dats from Fts peers. pathers and wider praclilioner and research communities and present best practices to 5tskeholders across regional and global netsvorks. helping to shape global understanding ol the challeng8s of the region. 11 emph)ys collaborative tools and techniques to share the innovatNe solulions and approaches developed In that context. Relief This programme is reactive and ad hoc in nature. As geOp￿1￿"Cal disruptions and nattsral disasters arise in the Middle East, the Foundation recognis8S thal there will be specrfic needs in communrties not supported through our core programmes. Achievements and perforniance Youth Learning? Entrepreneurship & Innovatlon In 2023, the Foundation partnered wtth 30 organisations. provKling them wilh grants tolalling £816.207. Those gran15 focused on Inc￿351ng thg robustness of civil society Ofganisations lo better raspond lo challenges faced by youth in the Levant. Some organisations focused on education and employment of youth including refugees in Lebanon. Some supported entrepreneurs in Palestine. Others supported innovative job crestion prograrTJming in Jordan. The Foundation also backed previously untried solut￿S lo advance granlees sustainability in serving their communities after donor support ends. Page 4 THE ASFARI FOUNDATION IA company Ilmlted by guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Two organisab.ons were identified to ddiver Tabadol. This inib'atlV8 hdps aspiring entrepren8urs and civil society organisations to respond a wide range of social issues induding inclusive qualty edu¢ation, eM￿0Yrnent. gender justice, and environmental sustainability through offering comprehensive support and mentoring. Tabadol serves to bridge the knowledge and expertise of social entrepreneurs with civil organisalions to exchange best praclicos and infomi and sustsin each otherfs efforts while serving their communities. AJI partiapanls were prowded with financial support. mentorship, and training through a fellowship model. The overall programme continues to ev(Jve as it embra¢es new ideas and approaches helping organisalions to amplfy their impact and reach a wider audience. Bulldlng Civil Soclety Infrastrudur• The Foundation made 29 grants lotalSing £1.805.406 that emp¢)wered hxal and diaspora civil society organisalions to contribute lo the vibrancy, professionalism. and effectiveness of the civil society sector and engage citizens diredy in critical societal issues. The FOUndat￿)n provided grants, netsvofking and leaming opportunilies for our partners. The grants incltjded: 'Organisational Devdopment, grants- which induded professional menloring by a technKal partnerto help the partners identrfy and address gaps in their govemance structure and financial administration through clear annual plans and milestones. 'Digital Transformation. grants - which supported organisations to enhance their digital presence and delivery. enabling them to grow their impad and sustainability. 'Str8tegic Partnerships, with nets¥orks. think tanks, and instttulions that i¥)ntrÉbute to bring together and enrich Syrian Civil Society organisakn"ons. Piloting a new programme Influencing and Polifycal Acumen for ￿Vil SOCAety leaders and practitiongrs in partnership with the London School of Economics and the Arnerican University of Beirul. This will explore new avenues of advocacy and influen￿. Our civil society partners are crilic81 for Crea￿n9 a peaceful. jusl. end prosperous fvture for the people in the Levant region. We are investing in our partnerfs lon*term sijstainabilty and professionalism as tsckling these chronic issue$ requiros commitment arMI decades of suslained effwts. Through the FoUndat￿n'S lon*temi investmenl the Asfari Institute fw Civl Society and Citizenship 8t the American University ol Beirut IAUBI has become a welkrecconised regional centre of ¢ivil society expertise, providing research, convening and educabon for the entire region. It is bridging the gap betsveen academic and activism and is helping our civil society partners with relevant leaming and nett¥orking opportunities. Page 5 THE ASFARI FOUNDATION (A company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Knowled Production NO￿0￿1n arKI Infl errin in 2023, the Foundation awarded grants totalling £383.115 covering various inibative$. These included.. Midan, 8n online resource that offers fomal and irrfom￿l e-leaming. in Arabic, in the Foundation's key thematic areas. 'Leaming Devek)pment' grants to support local 'gras$roots' clvil society organisations invest in knowledge production and management. as they evclve to become knowledge and leaming organisations. The 'Arab Alliance for CSO Development IAACSODI.. found&d Fn 2022 in a partnership belween the Asfari Foundation, the American Universty of Beirut's Non*Govemmenlal Organizalions Inilialivg INGOI), and the Ford Foundation. AACSOD is serving as a hub for essential services such as Institutional Strengthening & Development. Conlexlualisalion & Arabization. Training & Capaety Building, Digilisation of Content & Knowledge Sharing. arKI Organisalional certif￿ation. The 'Carnegie Arab Horizons.. Actionable Frameworks for Reform in the Arab Wodd. at the Malcolm H. Ke￿ Carnegie Middle East Center (MKCMEC). Our 6-year fvnding wmmilmenl started in 2020. Th8 inttiative is enabling the translation of the recommendations of the 'Ar8b Horizons, report into an actionable framework f￿ refomi to be used by p￿￿Ym3kets in the region. To dale. it has delivered publication of several academic artides and blogs on Education Refomi, a Political Economy Programme, and a series of panels, prwate meetings. workshops. and briefings led by Camegie experts (and external experts) covgring a range of pyessing issues with long-term implications forthe Middle East region and particularfy the countries of the LevanL In 2023, the Foundation joined regional and global networks (such as Arab Foundation Forum and International Education Funders Group) lo maximise its impact and join forces with other actors in the philanthropy spa¢e. The Foundation also supported the earty phase of the M8daniya ciwl society netsvork. Through shaping and funding thege inibalNes, the FourKlalion is expanding knowledge management among stskeholders across regional and global nelworks. This is helping to shape global understanding of the challenges of the region. arKI to share the innovative $tJutions and approaches developed in that context. Rellof Programme Relief grants totalling £352,773 in 2023 We￿ made in response to emerging Crises and devebpments in the region. This included financAal 5UPPOrt to organisations offering vtial humanitarian supwjrt in the Levanl and specrficalty in response lo the earthquake in Tut*ey and Syria and the cDnflict in Gaza. Future plans and stratggy During 2023. the Foundation embarked on a strategic F4anning exercise for the period of 2024-2028 with the active participation of ils team and board. together with input from a group of experts and current and fomier partners. The outcome of the exercise is a sharper focus on our outputs and outcomes, without a major change in our mission and direction. We will reflect these tharwjes in our report next year highlighting how we are restructuring our programmes, themes. and pillars. Page 6 THE ASFARI FOUNDATION IA company Ilmit•d by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Flnan¢ial Revlew Total income for 2023 amounted to £4.3 million {2022- £8.1 million). 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. part ol whieh is intended lo progressrvely build an investment capital base Ihat at a future date can serve lo fund chartia￿e expendilures. Income from inveslments is usually applietl lo augmenting the investment capital but wtth the flexibility to be called upon for annual expenditures if required. Totsl expendilure on charitable aclivilie5 for 2023 was £4.1 million {2022- £3.1 million). Of this total, £3.4 million (2022- £2.4 millionj was spent on granls awarded across the Foundation's programmes. Support costs to operato Ihe organisation amounted to £0.8 million12022- £0.7 mdlionl. AI 2023 year end, Ihe funds of the Foundation am￿nted to £16.5 million (2022 - £18.2 million}. Over the year there was a reduction of some £1.7 mill￿n 12022 - increase of £1.9 million) as total income fell short of the combination ol expenditures and the unrealised loss on investmenis. These funds were entirely unreslrirted, of which £15.9 million {2022- £17.7 million} comprising investsnent Capital was designaled as a quasi endowmenL This investment capital is managed along Ihe lines of an 'expendable endowmenv. Re￿r¥e$ Pollcy The Trustees periodically review the ReseThes poly. It is intended to enable the Foundation lo meet its financial obligatsons as they fall due and have sufficient resources lo enable Ét lo achieve ils wider mission and its charitable objects. A target range of £3￿k to £500k has been sel as Ihe level of free reserves. This is based upon 3 10 6 months of operational costs Icirca £200k to £400kl plus £100k contingency for unforeseen grants. The existence of rolling cash-flow forecasts and the flexibility lo draw down from thg investment portfolio enables the Foundation to manage its grant-making as wdl as ris operational expenditures. The policy re￿niseS that the income ofthe Foundatbjn var￿S year on yearand thus it 1$ prudenl to hold reserves with an appropriate level of liquidty to enable the Foundalion to plan and execute its activities. The policy also recognises that the reserves that represent the fixed assets ￿￿S the restricted and desunated funds of the Foundation are not freely available and hence distinguished frorn free reserves. At thg year end free reserves amounted to some £640k12022: £515k) slighty above the tsrget range. Investment policy and porfomianco The Trustees have an investment polw that evoNfes in line the strategic goals for the organisation allied with cash management forecasts covering ony)ing operations and granlmaking. In the short lo medium term. the Foundation's investment objective is capital growth whFlst ensuring adequate liquidity for situations in which drawdowns from the inveslment portfolio may be required lo fund activities. This necessitates active management of the portfolio mix. Longer terrn (beyOr￿ 10 years), the aim is to generate ineome to support the Foundation's programme expenditure. Th8 predominant approach lo investing bs to maximiso financi81 rgtums with the aim of realising a steding relum of 3¥0 above CPI over a trailing 3 year F*riod. However tt)e polw also allows for part of th8 portfolio to be dtrrect8d to social invè$tmgnL The Foundation's Investment Committee reviews and rnonitor5 investments and provides investsnent support to the Board. In 2023 the market Value of the investment portfolio incu￿ed unrealised losses of some £2.0 million12022 £3.1 million lossl. Atthough much of Ihe FX)rtfolK> is diversffied. certain direcdy hekl investments experiencod a significant decline in marf(et vajue. Page 7 THE ASFARI FOUNDATION IA company limited by guaranto0) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Publi¢ benollt slatemgnt The Trustees have comFlied with their duty in section 17 of the Charitie5 Act 201110 have due regard to guidance published by the Chafity Comniissw)n. Risk Managemenl The Foundation operates a comprehensive risk register. and, for each risk, speafic mitigations are pul in p18ce. The risk register is regulady reviewed by the CEO, the Igam and the Trustees to ensure risks are appropriately managed. The Audit and Risk Committee monilors and advises the 8oard on audit, risks. and pdicy development and each of the Board $￿t￿ComMitteeS addresses relevant risks. The principal risks and Countermeasures identified by Trustees include.. Risk Counlerneasures Appointment of a reputable and experienced IT provider to ensure connectivty within a timely manner following an IT failure. . Appropriate and Se￿re cloud backup sdutions. Business Continuity Breach of regulations notably the funding of ierrorisrn, sanctions imposed upon countries. enb'lies or individuals or paying or facilitating the use of bribes Perthic training for all employees. Robust poliaes and procedures to identify risks and Mitigat￿)n through effecttve controls. Appropriate vetting procedures documenting all investigations. rationale. and decision-making pr￿$S. In-depth understsnding of funding requirements and proposed usage of fvnds. Reputation and Associalims Operations are restricted I pYohibFted because of its reputslion and associations. Transparency of intemal framework in which the Foundation operates in accordance with all regulatory obligatK)ns. Careful management of charitable ath"vit*s indudiNJ board oversight. Careful vetting of ￿1 partnerships. Close monitoring of changes to charita￿e regulations. oin monitori of Media covera eando ensource information. Investment policy setting out diversification guidelines. . PericKlic performance reporting and revw. Split be￿8e￿ directy held investrnents and externally rnanaged discretionary portfolio. Investment Perfomance Page 8 THE ASFARI FOUNDATION IA company Ilmlt•d by guarantoe) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, gov•manco and managèment The Foundation's Articles of Association provKles for a minimum of three Trustees, who are also dlrectors for the purpose of company law. Trustees are selected for their skills and abililies to en$ure Ihat the overall govemance is sound and meets its legal and moral 0￿19all0nS. Ne￿Y appointed Trustees undertske a series of meetings with the Foundation's senior management to ensure they gain a fvll understsnding of the Foundation and their responsibilities. The Foundation does not activety raise funds. income is rec*ived through donations from the Asfari Family to meat ils objectives. All grants paid by the Asfari Ftyjndation are independentty agreed by the Tnjstees collectively after review by the Projects subse charged with govemance around actual and potential lÉligation and claims; Enquiry of management abwt any instances of rKKpo)mFAiance withlaws and regulatmjns" Reviewng the control systems in place ar￿ testing the effectiveness of the controls,. Performing audit work over the risk of management override of controls. bn¢luding testing of journal entries and other adjustments for 8pproprialeness'. Evaluating the business rakn"onale of significant transactions outside the normal course of business,. Reviewing accountsng estimates for bias- Reviewing minutes of mee*"ngs of those tharged with govem8nce". and Reviewing financial ststement disdosures and testing to supporting doDJmentstion to assess oornplianGe with applicable laws and regulations. Because of the inherent limitations of an audit. there is a risk ihat we wll not detect all irregularities. including those leading to a material misstatement in the financial stslements or norpcompliance with regulalion. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls. as we will be less likefy to become aware of insLgnces of non-compliance. The risk is also greater regardir¥J irregularities cKcurriThJ due to fraud rather than error. as fraud involves intentional con￿lMen( forgery, collusion, omission or misrepresentakn"on. A further description of our responsibilities for the audit of the financial statements is located on the Finarbcial Reporting Council's website at= www.frc.o -uklauditoisres onsibilrties. This description forms part of our Audltorts Report Page13 THE ASFARI FOUNDATION IA Company Limited by Guarnnt•8) IMDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ASFARI FOUNDATION {CONTINUEDI Use of our report This report is made s<)lely to the charitable companys Members, as a t#ity. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 20C6. Our audtt Wotk has been undertaken so that we might state lo the charitable companys Members those matters we are required to stale lo them in an Auditorfs Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyDne other than the charitable company and its Members, as a b￿. for our audrt work, for this report, or for the opinions we have fO￿ed. Stuart McKay 8Sc FCA DChA (Senior Ststutory Audltor) for and on behalf ol MHA Statutory Aui5ilor London, United Kingdom Date: MHA is the trading name of Maclntyre Hudson LLP. a limited liatNIty partnership in England and Wales (registered number OC3123131 Page 14 THE ASFARI FOUNDATION IA Company Lirnited by Guaranto9} STATEMENT OF FINANCIAL ACTMfiES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrostricted funds 2023 Rostricted funds 2023 Total funds 2023 Total funds 2022 Note Income fr¢Mn: Donations Invoslments 4,043.429 179,147 120,125 4.163.554 179.147 7,830.771 273.946 Total incom6 4,222,576 120.125 4.342.701 8, 104, 717 Expenditure on: Costs of Raising funds.. Investment management fees Charltable activiknes 41.091 3,908.581 41.091 4,028,706 35,149 3.OTO.070 120.125 Total •xpgnditure 3.949.672 120.125 4,069.797 3,105,219 Revaluation of investments 12 11.956,621) 11,956.621) (3.069.862) Net movement In funds (1.683.717) 11,683.71 n 1,929.636 Re¢on¢iliation of funds: Total fund5 brought forward Nel rnovement in funds 18,218.120 (1,683.717) 18.218,120 11,683,71n 16.288.484 1.929.636 Total funds carrlgd forward 16.534.403 16,534,403 78,278, 120 The Statement of Financial Activthes indudes all gains and k)sses recognised in the year. All income and expenditure derive from continuing act￿ibes. The notes on pages 18 to 35 form part of Ihese finarKi?I ststements. Page 15 THE ASFARI FOUNDATION IA Company Limited by Guarant90} REGISTERED NUMBER: 05938633 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Note Fixod assots Tangible assets Investments 11 12 9.301 14.861.001 10,359 16,811,856 14.870,302 16,822.275 Current assets Debtors.. Amounts falling due ￿￿thin one year Cash at bank and in hand 13 17 53.690 1.702,381 64.686 1,804. 780 1.756,071 1,868,866 Creditors.. Amounts falling due within one year 14 (91.970) {472.961) N•t ¢urrent assets 1.664.101 1,395,905 Total net as$•ts 16.534.403 18,218, 120 Chartty fvnds Restricted funds Unrestricted fund5 15 15 16.534.403 18,218,120 Total funds 16.534,403 18,218,t20 The Trustees ackno¥￿edge the￿ responsibilities for compty'tng the requirements of the Companies Act 2006 with respect to accounting reccrds and preparation of financial statements. The financial statements have been prepared in accordance ￿th the provisions applicable lo entities subject to the small companies regime. The financial ststements were approved and authorised for issue by the Trustees 2nd signed on their behalf by.. Mr Ayman Asfari Chair Dale: The notes on pages 18 to 35 fcffm part of these financial state￿￿ts. As at the ¢urrent and prior year4nd. all assets and liabilities were held in Unrestricted funds. Page 16 THE ASFARI FOUNDATION IA Company Limitsd by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEh18ER 2023 2023 2022 Notè Cash flows from operating actlvttles Nel cash used in operating activities 16 1272.580> 4,552.715 Cash flows from Investlng actlvltles Investment income Purchase of tangib18 fixed assets Proceeds from sale of investments Purchase of investments Shares grfted to the Charity 179.147 (2.6001 221.824 1227.590) 273,946 (10.451) 814,588 {497,655J (5,200,OOOJ 11 12 12 12 Net cash provided byllused in) investing actiVFties 170.781 (4,613.572) Change In Cash and cash •qulval•nts in th• yoar Cash and cash equivalents at the beginning of the year (101.799) (60.857) 1.804180 1.865,037 Cash and cash equlvalents at the •nd of the year 17 1,702,381 1,804, 180 The notes on pages 18 to 35 forn part of these financkAI statements. Page 17 THE ASFARI FOUNDATION IA Company Limited by Guarante8) PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Genoral Inforniation The Charity is a company limited by guaranlee and is registered wth the Charity Commission (Charity Registered Number 1116751) and Registrar of Companies (Company Registration Number 059386331. The Members of the company are the Truslees named on page 1. In the event of the CharÉty being wound up. the Ilability in ￿pect of the guarantee is limited to £1 per Member of the Charity. The address of the registered office is given in the Charrty infomiation on page 1 of these financial slatemenls. The nature of the Charitys operalions and principal activits'es ale listed in the Trustees, Report. Accountlng pollcles 2.1 Basis of preparalion of flnancial statements The financial statements have been prepared in 8ccord8nce the Charilh?s SORP IFRS 102) - Accounting and Rfrporting by Charities= Statemenl of Recommended Practice 8pplicable to charities preparing their accounts in accordance with the Financial Reports'ng Standard applicable in the UK and Republic of Ireland {FRS 102), the Financial Reporb"ng Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Asf8ri Foundation meets the definilion of 8 public benefft entty under FRS 102. Assets and liabilities are initially recognised at hislorical cost or transaction value unless olherw¢se staled in the relevant accounting wlicy. The financial statements are presented in sterling vthich is the funth.onal curr8ncy of the Charity and rounded lo the nea'est pound. 2.2 Going conGorn The Trustees have assessed the use of going concern and have considered possible events or conditions that mtghl cast significant doubt on the ability of the Charity to continue as a going concem. The Trustees have made this assessment for a period of al least one year from the dale of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectab.on that the Charity has adequate resources to continue in operat￿nal existence for the foreseeable future. The Charity therefore conb.nues lo adopt the going concern basis in preparing its financial statements. and does not bel*ve there to be any material uncertainties over its ability to continue 85 a going concern. Page 18 THE ASFARI FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {contInU￿) 2.3 Incomè All income is recognised once the Charity has entiuemenl lo the income, it is probable that the income wll be received and the amount of income receivatle can be measured reliably. Cash donations are recognised on rec*ipL Other donations are reccgnised once the Charity has bagn notified of the donation. unless performance condttions require deferral of the amount. Property income i% measured at the fair value of the consideratson received or receivable and represents amounts recetvable for services provided. net of discounls, VAT and other sales related taxes. Income in relatson lo Gtft ￿ or deeds of covenant is rec¥)gnised al the *'me of the donation. 2.4 Expenditu Expenditure is reccvJnised once there is a legal or construclNe oblwjation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amounl of the obligation can be measurod reliably. Expenditure on charitable activities is ir￿Urred on directly undertaking the activities which further the Charity5 obiecbves, as wdl as any as￿lated support ￿$ts. Support costs represents costs that canrkot be directly attributed to the charitable acb'vities. Support costs have been allocated to a charitable activity on the basis of a prOpO￿.0n of total dirgct costs per activty. Governance CAJsts indLFde th8 costs of compliance constitutional and statutory r8quirtmgnls and have been allocated to the charitable activiknes in the same proportions as support costs. Staff costs and depreciation have been allocalad in full to support costs. Grants payable are charged in the year vthen the offer is made except in those cases where the offer is conditional. such grants being recognised as expeThJilure when the conditions attaching are fuffilled. Grants offered subject lo conditions lhthich have not been met at the year end are noted as a commitment. but not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. 2.5 Tanglble fixed assèts and depreciation Tangible fixad assets are initially recognised at cost. After recogniti¢)n. under the c05t mod81. tangible r￿ed assets are measured al cost less accumutaled dep￿ciatiOn and any accumulated impairment losses. Ml costs incurred to bring 8 tangible fixed asset into its intended working condition are induded in the measurement of cosL Page 19 THE ASFARI FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng pollc188 {contlnued) 2.5 Tangible flx•d assets and dopreclatlon (contlnu•d) Depreciatron is charged so as to alkxate the cost of tsngbi le fixed assets less their ￿SIdUal value over their estimated useful lives, using the slraighl-line method. Oepreciab'on is provided on the folknmng b8SiS'. Fixlur8s. fitb"1gs & equipment Office equipment 20% Straight line 20% Straight line Gains and losses on dK8POS8ls are determined by comparing the proceeds with the carrying amount and are recognisee in the Statement of Financial Activities. 2.6 Investments Inveslmenls are rwnised initially at fair value which is nom)ally the transaction price excluding trdnsaction costs. Subsequently. they are continuously measured al fair value ￿th changes recognised in 'net gains I (losses) on investments. in the Statement of Financial Activities, if the shares a￿ publicly traded or their fair y￿￿e can otherwse be measured rella￿y. As investments aTe continuously revalued there are no realised gains or losses recorded. Investment income is accounted for in the perKKI in which the charitabte u)mpany is entitled lo receipL 2.7 Debtors Trade and other debtors are recognised at the seldement amount after any trade discount offered. Prepayrnenls are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand indudes tash and short4emi highty liquid investmenls with a short maturity of th￿e months or less from the date of acquisition or opening of the deposit or similar accounL 2.9 Llabilltios and provlslons Liabilities are recognised when there is an oblNJath)n at the Balance Sheet date as a result of a past event, it is probablo that a transfer of economic benefit will be required in settl&ment. and the amount of the settlement can be estimated reliabty. Liabilities are racognised at the amount that the Charity an￿1paI@S it wll pay to settle the debt or the amount it has as advan¢xl payments for the goods or services it must provide. Provi5K)ns are measured at the t￿$t estimate of the amounts required lo settle the oblHJalion. Whe the effect of the tirr,e value of money is material, the provision is based on the present value of those amounts, discoLtnted at the prevtax discount rate that reflects the risks specific lo the liability. The nwinding of Ihe discount is recoJnised in the Slatement of Financial Activities as a finance cost. Page 20 THE ASFARI FOUNDATION IA Cornpany Llmlted by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {contiDugdl 2.10 Financial instrumonts The Charity only holds basic Financial Instruments. The financial assets and financial liabilitles of the Charity are as follows.. Debtors- trade and olher debtors {induding accrued income) are basic financial inslnjments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments. Cash at bank- is dassif￿d as a basie financial instrument is measured al face value. Liabilitt8S trade ￿editorS. accrua￿ and other creditors wll be classified as financial inslruments, and are measured at amortised cosl as detailed in Nole 14. Taxalion and social security are not induded in the fin8neial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligalK)n lo deliver chaiital￿e serw￿S rather than cash or another financial instrumenL 2.11 Fund accountlng General funds are unrestricted funds ￿￿ch are availatrAe for use al the di$¢retion of the Trustees in furtherance of the general objecttves of the Charity and which have not been designaled for other purposes. Designated lunds comprise unrestn.cted funds that have been set aside by the Trustees for particular purposes. The aim and use of each deswdnated fund is set out in the notes to the financial ststements. Restricted funds are funds ￿tch are lo be used in accordance Yth speufic restriction5 imF)osed by donors or which have been raised by the Charity for particular purposes. The Costs of raising and administering such fvnds are charged against the SpeUr￿ lund. The aim and use of each restricted fund is sel out in th8 notes to the finanaal sta18ments. Investment income. gains and losses are allocated to the appropriate fund. 2.12 Employ•• b8ngfits The cost of any unused holklay entitlemwrt is recognised in the peritsj in which the employee's services are received. Termination benefrts are recognised immediately as an expense when the Charity is demonstrably committed lo teminat8 the employment of an employee or to provide teminab.on beneffts. Page 21 THE ASFARI FOUNDATION IA Company Limited by Guarant8e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies (continued) 2.13 Forelgn exchange Foreign currency transactions are initially reccKJnised by apFAying to the foreign currency amount the spot exchange rate betsyeen Ihe functional currency and the foreign currency al the Balance Sheet date of the transaction. Monetary assets and liabilibgs denominated in foreHJn cuirenryes are translated into sterling at ralas of exchange ruling at the Balan￿ Sheet date. Exchange gains and losses are reco9nised in the Statement of Finanual Activities. c￿tICal accountlng estimates and areas of judgom•nt Estimates and ju(Jgements are continually evaluated and are based on historica experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions conceming the future. The resulting accounting estimates and assufflptions will. by definition. sddom equal the related actual results. The estimates and assumptions that have a sKJnificant risk of causing a materkgl adjustment to the Ca￿ng amounts of assels and liabilities within the next finan(ial year are discussed bebw. No significant acctyJnting estimates or judgements were made in propariThJ these accounts. Page 22 THE ASFARI FOUNDATION IA Company Limitsd by Guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2023 Income from donations Unrestricted Rostrlcted funds funds 2023 2023 Total funds 2023 Donations and gfftg Gift aid 3.231,887 811,542 120.125 3.352.012 811.542 4,043,429 120,125 4,163,554 In the prior year. the Charity received an unrestricted donation of IFSted shares from a Truslee. Al the date of receipt. the fair value of ￿ shares was £5.200.000. Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Donations and gifts Gift aid 7.293,711 522.357 14,703 7.308.414 522.357 7,816.068 14,703 7,830, 771 Investm•nl Income 2023 2022 Relltal income Listed investment incoffle Fund investment inwme Interest receivable 4,81)0 173,073 4,800 210, 138 58.330 678 1,274 179.147 273,946 All investment income in both the ¢uffent and prior year has been allocated to Ihe unrestrlcted fvnd. Page 23 THE ASFARI FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expgnditure on ralslng fvnds Unrestrlcted funds 2023 Total funds 2023 Investment management fees 41,091 41,091 Unr8stricted funds 2022 Total funds 2022 Investment management fees 35,149 35, 149 Page 24 THE ASFARI FOUNDATION IA Company Llmited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture on charltable a¢tlvities Grant fundlng of activlties 2023 Support osts 2023 Total funds 2023 Youth Leaming. Entrepreneurship, and Innovation Building Civil Society Infraslrucbjre Relief Knowledge Production. Neh¥thing. aThJ Inlluencing 816.207 1.805,406 352,773 383,115 163.170 360.922 70.524 76,589 979.377 2.166,328 423.297 459,704 3,357,501 671,205 4,028,706 Grant fiJnding ol activities 2022 Support Costs 2022 Total lunds 2022 Youth Leaming, Entrepreneurship. and Innovation Building Civil Society Infrastructure Relief Knowledge Production. Ne￿orking, and Inlhjencing 1, 115,980 836,050 121,678 322,064 315.699 234,262 34.094 90.243 1,431,679 1.070,312 155, 772 472,307 2.395.772 674,298 3,070,C170 Please see Note 23 tor d8talled analysis of grants payable. Page 25 THE ASFARI FOUNDATION {A Company Limited by Guaranlee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendlture on charitablè activities {continuad) Analysis of support costs Totsl funds 2023 Total fvnds 2022 Stsff ¢osts Depreualion Office costs Other professional seNices Finance interest expense Govem8nce costs Foreign exchange {gainsPlosses 388,627 3,658 159,862 119,747 389,870 2,447 169,201 66,318 21.600 (22,2891 21,480 25,035 671,205 674,298 Governance Costs 2023 2022 Audito¢s remuneration - Audit ol the finarKial statements Audito￿$ ￿MuneratiOn - Other services Auditorfs remunaration - Under accrual of prior yaar f￿$ Tax compliance- CwralN)n tax retum 17,940 2,580 16,800 2,400 1,200 1,080 1,080 21,600 21,480 Page 26 THE ASFARI FOUNDATION {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff c¢>st8 2023 2022 Wages and salaries Social security costs Pension costs 336,778 37.038 14,811 348.816 31.342 9,652 388.627 389,810 The average number of petsons employed by the Charity durir@ the year was as follows.. 2023 No. 2022 No. Manageria, administrative and pr(KJramme technical The number of em￿oYeeS employee benefits {exdthYing ernpkj￿r pension costs) exceeded £60,000 was.. 2023 No. 2022 In the barKI £60,001- £70,000 In the band £90,001 - £1￿.000 In the band £100.001- £110,000 The Foundation consKlers its Key Managernenl Personnel to be the Tru5tee5 and the Chief Executive Officer. Total remuneration paKI to Key Management Personnel in 2023 was £114.493 (restated 2022 - £128.272). Page 27 THE ASFARI FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tw$t88s' remuneration and expenses During the year, no Trustees received any remuneration or other benefits in their capacity as a Trustee (2022- £NIL). During the year ended 31 December 2023. expenses totalling £6,723 were feimbursed or pahl direcdy lo 2 Trustees f2022- £NIL to no Tnjstees). These expenses were for travel and accomodalion costs. 11. Tangible fixèd assets Flxtur0S, flttings & equlpment Office equlpment Total Cost or valuation At 1 January 2023 Addillons 5.889 10.451 2.600 16.340 2.600 Al 310ecember 2023 5.889 13,051 18,940 Depreclatlon Al 1 January 2023 Charge for the year 4.711 1,178 1.270 2.480 5.981 3.658 Al 31 December 2023 5,889 3,750 9,639 Net book value At 31 December 2023 9,301 9.301 Al 31 December 2022 1.178 9. 181 tO,359 Page 28 THE ASFARI FOUNDATION IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 12. Flxed asset investments Listed Unllsted Invostmonts Investments Total Cost orvaluadon At 1 January 2023 Additions Disposals Revaluatlons 13,596.523 3,215,333 16.811.856 227.590 227.590 1221,8241 1221,824} 1271,8901 {1.956.621) {1.684.731) At 31 December 2023 11,911,792 2.949,209 14.861.001 Net book value Al 31 De￿mber 2023 11.911.792 2,949,209 14861,001 At 31 De￿rntser 2022 13.596.523 3,215.333 16.811,856 Page 29 THE ASFARI FOUNDATION (A Company Limilod by Guaraftt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Debtors: Amounts falling duo within one year 2023 2022 Other debtors Prepayments arml accrued income 13.167 40,523 73, 167 51,5t9 53,690 64, 686 14. Creditor5: Amounts falling due wlthln one year 2023 2022 Trade creditors Other taxation and social secyjrity Accruals Grants payatje 1,936 2.306 23,130 64,598 1,306 1.375 20,280 450.000 91,970 472,967 Grants payable relates lo grants committed in furtherance of the Charills objectives Ihal are expected to be made within twelve months. Page 30 THE ASFARI FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statsm•nt of funds Staterngnt of funds - Gurrent year Balance at 31 Galnsl December (Losses) 2023 Balan¢• at 1 January 2023 Transfers nlout Income Expendlture Unrestrlcled funds Designatgd funds Designated Funds 17.693.180 179.147 141,091) 10.631 11.956.621) 15,885.246 Goneral funds Unrestricted fvnds 524.940 4.043.429 (3.908.581) {10,631} 649.157 Total Unrestrlcted funds 18.218.120 4.222.516 (3,949.6721 11.956.621) 16.534,403 Restrtcted funds Restricted Funds 120,125 (120.125) Total of funds 18,218.120 4.342.701 14.069.797) 11,956,621) 16,534,403 Unreslricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. These include designated funds comprising the investment assets of the Four5dation of £14,861.001 and cash of available for invesknent of £1.024.245 that are intended for building a capitsl base in fvture y8ars that will provide inveslmenl income for annual expenditures. The Charity re￿iVed a restricted donation of £120.125 specffically for the earthquake appeal. These funds were fully utilised for thèir intended purpose during the year. Page 31 THE ASFARI FOUNDATION (A Cornpany Limited by Guarantge> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Ststsmgnt of funds {conlinu•d} Statement of funds - prior year Balance al 31 Decernber 2022 Balance al l January 2022 Transfers in/oul Gain (Losses) Incon7e Expenditure Unrestricted funds Designated funds Designated Funds 15,*48.049 273,946 (35, 149) 5,276, 196 (3.069,862) 17,693. 180 G9ngral funds Unrestricted fvnds 1,640.435 7.816.068 (3,055,367) (5,276, 196) 524.940 Total Unre$trlcted fund$ 16.288.484 8,090,014 (3,090.516) (3,069,862) t8,218, 120 Re$trfcted funds Restricted Funds 14,703 (14. T03) Totsl of funds 76,288,484 8. 104, 717 (3, 105,219J (3.069,862) 18.218, 120 Page 32 THE ASFARI FOUNDATION (A Company Llmlted by GuaTanlee} NOTES TO THE FINANCIAL STATEMEKFS FOR THE YEAR ENDED 310ECEMBER 2023 16. Réconciliation of not movement In funds to net cash flow ftom operallng actlvllles 2023 2022 Net 1ncomelex￿nd1tUre for the year (as per Statement of Financkal Aclimlesl 11,683.717) 1,929,636 Adjustments for: Depreciation charges Losses on investments Investment in￿rne Decre8se in debtors Decrease in creditors Interest a￿1 management charges paid from portfol 11 12 3.658 2,447 1,956,621 3,069.862 (179.147) {2T3,946) 10.996 578. 795 {380.991) (780,049J 25,970 13 14 12 Nol cash provid•d byl(used In) oporatlng a¢tivilies (272.580) 4,552, 715 17. Anatysis of cash and equlvaknts 2023 2022 Cash In hand 1.702.381 1,804,180 Totsl cash and cash equivalents 1,702,381 1,804, 180 18. Analysls of change$ In nol debt At1 January 2023 Cash Ilows At31 December 2023 Cash at bank and in hand 1.804.180 {101.799) 1.702.381 1.804,180 1101,7991 1.702.381 The Charity had no debt in either the {￿rrent or wevious year. Page 33 THE ASFARI FOUNDATION IA Company Limited by Guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Pension commltments The amount recognised as an expense in the year was £14.811 (2022 - £9.652). There were £2,306 (2022- £7,375) contributions payable to the fund at the Balance Sheet date. 20. Operatlng lease ¢ommltm¢nts Al 31 December 2023 Ihe Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2023 2022 Not later than 1 year Later than l year and not ￿ter than 5 years 38.745 39,500 38, 745 38.745 78.245 The following lease Pa￿ments have been reccwJni8ed as an expense in the Statemenl of Financial Activities: 2023 2022 Operating lease renlals 39,500 39,500 The operating lease relates to the rental of the Foundation's office over a period of 10 years. Page 34 THE ASFARI FOUNDATION IA Company Limitod by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Rolatod party transactlons Marwan Muasher is the Prnsident for Studies and Ayman Asfari 1$ a Member of the Board of Trustees at Camegie Endowment for the Inlemalional Peace Icamegiel. In 2023, the Foundation granted £296,435 (2022- £240.402) lo the Carnegie Endowmenl for Inlemational Peace. Sawsan Asfari is the &>founder and Director of the Gdilee Foundation. In 2023, the Foundation granted £50,000 (2022- £NIL) to the Galilee Foundation. Ayinan Asfari and Marwar¢ Muasher are Tnjstees of the American University of Beirut. In 2023. Ihe Foundation granted £613,625 (2022 - £110.404) to Ihe University. Ayman Asfari is the Chairman of the Civil sC￿ty Ne￿[k (Madaniyal. In 2023, the Foundation granted £580.765 (2022- £10,255) to the Civil s￿Iety Network. of which £57,598 (2022 - £NIL) was outstanding at the year*Thl. Rasha Elasry is a Board Momber of the Karam Foundation. In 2023. the Foundation granted £20,730 f2022- £NIL) to the Foundation. Muna Abbas is a Founding Member of the Young Jofdanian Scientists. In 2023. the Foundation granted £6.528 (2022- £NILJ to the Young Jordanian Scientists. No amounts reL8ting to any of thg grants detailed above were outstanding as at the year-end (2022 - £NIL). All gr8nts and donations mad8 by the Asfari Foundation are independenuy agreed by the Board of Trustees 21 the F¢JJndation's Board meeting. Trustees Trmth ci)nflicts of interest dedare these in advance and do not parb'cipate in related decision making. When a decisK)n is required in relation lo programmes or funding associated wth organisations that receive fvnding from The Asfari Foundation. the relevant Trustee abstains from voting. The totsl amounts of donations given by the Trustees lo The Asfari Foundation in tho yoar was £3,231,887 (2022- £7,291.931)'. this amcMJnt in Ihg prior year indudes a gfft of shares in the year valued at £5.2 million. 22. Post balance sheet events As at the dale of the ￿gnIng of the actounts, the value of the Foundations listed investments have decreased by £1.7 million. Page 35 THE ASFARI FOUNDATION IA Company Llmited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Llst of 2023 Grants by Pmgrammo l Oryanisalion I Country 20rJ 2022 L••mlng. EntrepTrn•w*iF4 and InThivalion nw Alswna Athar Assrd*r Art lo Beinrt Tod* Blorn Build p￿¢s￿ne Challengo lo Cha char￿b$IChat￿m￿￿s Centre C4MI &Kioty *vJ t*m(tracy Creab* Space Bthnrt Creati￿ty aub K*ak Des￿rn Ay ￿Muntt lknr 8eyirt War 31.959 6.574 paesline 8.370 86,876 24.362 47.283 27.277 P4eslir paÈ$iinè T5.￿) Tu* 6,712 48.59J Tukey 47.769 F** F￿￿tIty) Cqants 75.IXKI FQMS Paestr Kiwn 10.( IDPMC 6.643 675. 6.574 Ld)anese Lg makes￿88 MMKN NGO 50,183 91.970 48,590 6,574 101.100 8,370 NaT8kal•n Twkey 48.552 54.531 6.5T4 P4eslire Tkrtey Urknj King Urit*J KiNJ*) Let4rtsi P￿m& Wtyl&OO TurqkKNse ￿(￿MEAn Tw51 V¢Yfftts¥ Gr¢18 YMCA o1twl¢L¥￿UKar￿l￿} 31.959 24.277 V•i 12.589 2.569 816,208 1.115.980 Page 36 THE ASFARI FOUNDATION IA Company Limited by Guarantsg) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Llst ot 2023 Grants by Programme l Organlsatlon I Country (wntinued) 8ulldlng $*xlgty Infra*￿￿￿[• 6.528 49.593 Al Jumhtsrtya Alzhe1m¢rA88tKHli￿ LebwF Medla 8.787 98.772 caiil s￿IetY Nei Elgital Opwunty Tn*t COT Letsn FOL￿￿ F*kit StroNJ As8[K4*1￿ IAct frx UK 39,812 36,741 17,819 Urit*# Kiryltsyn Twk•y 7,0 6,819 48.128 7,OC(S y* IDRAAC IMPACT JNdan Ywny S¢*niisi It•traii* 8k C88d8 C*nierts *bJ TnMrir8 Lthre¥e Lea3uefi)rWtyYw7 in L4)arn5e Obsfftgw trY4ork£r5 & Emthee RWS W¢YIIERI Lcrton Schod dEe￿On￿$ P+Wartya Socth Nelwk Urdt•J Kirp*)m 8.187 6.528 6.fjT 6,622 8,370 Urit&l Kitw&Jn Ur¢ed 73.670 580,765 37. 37. TLw*ey 6.622 21.463 47.652 Obs4yl¢$ PubhB StsrtFdni SupeFpwr Pwtr sye knitiat￿9 Syrtan Syrian Cqnlre Stwks ￿ Re8egrch Syrian ￿tre ty aThJ Ftpedom QrfExp￿S Sydan Centre Sx Pc1￿Y R85ewth Takatoat Tho Ametkart BeinA Asfan knsiilirte fry Ciiql & Q¢iz•thp8t clBeN Thè L**nl CetrtTo brSlratwi¢ Slwjias P¢liGy InilHb The Vty¢ss Prwi Tiny Hand UnGl41iz*J Unlokj Ston85 W8rnhth Team 6.528 USA 8.187 T5.￿ 49.746 6,622 79.897 401,228 83,(66 ,296 41,220 8,187 USA u￿e0 9,369 7.370 6.7 75.￿0 Othw (c￿¥t￿l0n¢y) 4428 1.VOS,4D 830,050 Page 37 THE ASFARI FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Ll$t of 2023 Grants by Programme l Organlsatlon I Counlry (contlnued) R•li•f Camw>6 tr b*em*kxd P8X USA UK 75.867 io.L lo,￿￿ F￿rnIa1￿ East Pew GLA (Syrhan C(xrmunily e*M H￿0) ET2000 114.058 Kan>m Fwr*atkin TL•*ty USA 20.7 19,079 Molham 120. 41.5 Thg Syrian CAmwgn U(thJ Kiry 8,7>2 16.427 351773 121.6r8 Knwl•d•• Pro￿￿tI¢)￿, and Inllu•n(4 Askn 47.125 184.535 110.404 19T.663 Ik.5 39.949 13.003 Tr* Ameriran Lhihetsily of8w Lewii C*ntffj fcrf str*w st￿1¢8 {CrnSUtt￿Ié&} USA 3,115 Totsl Grants 3.357.501 2,305.772 Page 38