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← The Asfari Foundation

2024-12-31-accounts

Company Registration Number: 05938633 Charity Registration Number: 1116751

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 11
Statement of Trustees' Responsibilities 12
Independent Auditor's Report on the Financial Statements 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 37
List of 2024 Grants by Programme / Organisation / Country 38 - 40

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Mr Ayman Asfari, Chair
Mrs Sawsan Asfari
Mr John Ferguson FCA, Treasurer
Dr Marwan Muasher
Ms Rasha ElMasry
Mr Adeeb Asfari
Mr Kareem Asfari
Ms Saba Almubaslat
Company registered
number 05938633
Charity registered
number 1116751
Registered office 1 Gough Square
London
United Kingdom
EC4A 3DE
Chief Executive Officer Muna Abbas
Independent auditor MHA
Chartered Accountants and Statutory Auditor
6th Floor
2 London Wall Place
London
EC2Y 5AU
Bankers Banque Banorient France
193-195 Brompton Road
London
SW3 1LZ
EFG Bank AG
Bleicherweg 8
P.O. Box 6012
8022 Zurich
Unity Trust Bank
Four Brindley place
Birmingham
B1 2JB
Solicitors Broadfield
One Bartholomew Close
London
EC1A 7BL

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Trustees present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006, and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”.

Constitution

The Asfari Foundation (the 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 Adeeb Asfari Mr Kareem Asfari Mr John Ferguson FCA Dr Marwan Muasher Mrs Rasha ElMasry Ms Saba Almubaslat

Objectives and activities

The objectives of the Foundation are to further such charitable objects as the Trustees in their absolute discretion think fit, but to include the following:

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

These charitable objects are encompassed within the Foundation’s vision of creating a just world where people have equal opportunities to transform their lives, invest in their communities, and shape the future of their countries. In support of achieving this vision, the Foundation makes its mission to invest in, and support the sustainability of, a resilient and empowered civil society infrastructure and innovative youth, who can collectively lead a transformational positive change in their communities and countries.

The Foundation engages in this mission by supporting the activities of our partner organisations activities at the local, regional, and global level. This support is delivered across three programmatic ‘pillars’ that address our thematic focus areas in line with the strategic objectives derived from the Foundation’s updated strategy for 2024 – 2028: 1) Building Civil Society Infrastructure, 2) Learning, Entrepreneurship, and Innovation, and 3) Knowledge Production, Networking, and Influencing.

At the local level, the Foundation makes grants of several types: Organisational Development, Performance Excellence, Influencing, Sustainability, as well as grants responding to specific areas of need that are not always covered by our core programmes. At the regional level the Foundation develops strategic partnerships with influential academic and policy centres (such as the American University of Beirut and Carnegie Middle East Centre) for Knowledge production and convening around critical issues facing the Middle East region and connecting high-level policy and research with effective practice on the ground. The Foundation also actively pursues partnerships with Academic Institutions in the UK and worldwide, such as London School for Economics) and other donors (such as the Ford Foundation) to deliver co-investment in areas of shared common interest, enabling the Foundation to take its impact to scale. At the global level, the Foundation uses the evidence of its impact and that of its partners to advocate for localisation, collaboration, experimentation with innovative approaches to grant making and partnerships, and the important role family foundations can play in helping to drive positive change in the Middle East.

Grant making policy

The Foundation supports organisations that:

Grant funding provided to eligible organisations is designed to support one of more of:

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Foundation’s Grant Programmes are delivered through 3 programmatic ‘pillars’:

1) Building Civil Society Infrastructure

The Building Civil Society Infrastructure pillar is at the heart of the Asfari Foundation's mission. Recognising the pivotal role civil society plays in driving positive change, the Foundation places a strong emphasis on supporting and strengthening civil society organisations (CSOs) across the Levant region. These organisations are the driving force behind grassroots initiatives, advocacy campaigns, and community engagement that address critical social, political, and economic challenges. The Foundation's commitment to this pillar extends beyond providing financial support, seeking to create an enabling environment for civil society to thrive by offering capacity-building programs, networking opportunities, and platforms for collaboration. By empowering civil society organisations to effectively mobilise communities, advocate for social justice, and amplify marginalised voices, the Foundation contributes to building a more inclusive, resilient, and participatory society in the Levant.

2) Learning, Entrepreneurship, and Innovation

The Learning, Entrepreneurship, and Innovation pillar reflects the Foundation's commitment to driving sustainable economic growth, fostering innovation, and empowering individuals to become agents of change. Recognising that entrepreneurship is a catalyst for job creation, economic development, and social progress, the Foundation seeks to support emerging entrepreneurs who are working to address societal challenges and build resilient communities. Through capacity-building programs, mentorship, and financial support, the Foundation nurtures the growth of innovative startups, social enterprises, and initiatives that tackle complex issues in the Levant region. By fostering an environment where creative solutions are encouraged and rewarded, the Foundation contributes to cultivating a culture of innovation that transcends sectors and boundaries. Additionally, the Foundation acknowledges the power of entrepreneurship and innovation in promoting social inclusion and creating opportunities for marginalised groups. By enabling individuals to transform their ideas into tangible solutions, the Entrepreneurship & Innovation pillar aligns with the Foundation's broader vision of a prosperous, equitable, and interconnected Levant.

3) Knowledge Production, Networking, and Influencing

The Knowledge Production, Networking, and Influencing pillar underscores the Foundation's belief in the power of informed decision-making and evidence-based advocacy. In a region characterised by complex social, political, and economic dynamics, the production and dissemination of accurate, contextually relevant knowledge by Arab experts, including researchers and practitioners, is essential for driving informed policies and social change. The Foundation aims to bridge the gap between research, policy, and practice by supporting initiatives that generate insightful research, data, and analysis. Through partnerships with academic institutions, think tanks, and research centres, the Foundation seeks to produce knowledge that addresses pressing regional challenges, informs policy debates, and fosters public discourse. Furthermore, the Foundation recognises the significance of influencing stakeholders and decision-makers to enact positive change. By leveraging its connections, expertise, and evidence-based insights, the Foundation works to engage policymakers, civil society leaders, and the public in meaningful dialogue, thereby contributing to a more informed, inclusive, and progressive regional agenda.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Foundation recognises that there will sometimes be specific needs in communities in our target countries that are not always supported through our core grant programmes that exist within the pillars above. The Foundation maintains space in our budget to facilitate grants responding to these needs, ensuring there is flexibility to respond in these scenarios, for example, in response to the geopolitical disruptions in the Levant region, such as the war in Gaza and Lebanon.

Achievements and performance in 2024

This year, the Foundation significantly advanced its programmes in support of Civil Society, Knowledge Production, and Innovation. Key efforts included the first year of our new Performance Excellence grant, as well as our Sustainability, and Organisational Development grants, which strengthened the capacities of diverse partners to address challenges, develop sustainable business practices, and build stronger and more resilience organisations. Programmes like Tabadol created collaborative spaces for social entrepreneurs and Civil Society Organisations (CSOs) to co-design impactful solutions for sustainability in the sector. The Certificate in Influencing and Political Acumen (CIPA) Programme empowered participants with advocacy skills to advance regional issues, while the Foundation’s partnership with the International Development Research Centre (IDRC) fostered strategic research on MENA Civil Society and laid the groundwork for joint initiatives on knowledge-topolicy processes. Collectively, these programmes reflect the Foundation's commitment to advancing impactful change in the MENA region.

1) Building Civil Society Infrastructure

Grants Funding

The Foundation supported 15 CSOs with Organisational Development grants (total funding £375,000), and 17 CSOs with Performance Excellence grants (total funding £119,000). Through these grants, partners reported improved governance, enhanced technical capabilities, and stronger financial resilience, notably in response to emerging challenges in Lebanon and Palestine.

In addition to the specific grant programmes above, the Foundation responded to the war on Gaza by providing grants to 9 organisations addressing urgent needs in education, health, and independent media, while also supporting organisational development activities (total funding approximately £156,000).

The Arab Alliance for CSO Development (AACSOD) and NGOi assessment services

The AACSOD programme - a partnership with the NGO Initiative (NGOi), part of the Global Health Institute (GHI) at the American University of Beirut (AUB) – continued to deliver essential services for CSOs in the MENA region such as training, digitisation, and organisational certification, with positive progress to date. The Foundation expanded the partnership with NGOi by integrating their organisational development assessment services into our grant programmes to help the Foundation and grantees to identify gaps and needs in organisational capacity, support monitoring and evaluation and impact measurement processes, collect data to support with knowledge sharing and research, and inform strategic decisions for future initiatives (total funding – AACSOD and assessment services – approximately £133,000).

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

2) Learning, Entrepreneurship, and Innovation

Grants Funding

The Foundation supported 10 CSOs with Sustainability grants (total funding £70,000). These organisations were participating in the Tabadol Programme (see below), and the funding enabled partners to develop solutions for environmental and economic challenges.

Tabadol Programme

Tabadol is the Foundation’s platform fostering collaboration and innovation between civil society organisations and emerging social entrepreneurs. This programme focuses on empowering social entrepreneurs by providing essential support and networking opportunities to develop impactful and sustainable solutions. By bridging the gap between entrepreneurs and organisations, Tabadol aims to create an ecosystem dedicated to sustainability in civil society work. It offers fellowships with financial stipends for social entrepreneurs and grants for CSOs to test new sustainable solutions. In 2024, Tabadol brought together 10 social entrepreneurs and 10 CSOs to cocreate innovative solutions for economic, social, and environmental challenges. By sharing tools, mentorship, and training, the programme facilitated collaboration that blended entrepreneurial thinking with community-driven approaches.

Asfari Challenge for Social Innovation (ACSI)

ACSI fosters and elevates emerging ideas created by social entrepreneurs, supporting them in proposing new solutions to social and environmental issues in the region. In 2024, ACSI extended support through financial grants, training, and mentorship over eight months. This year’s cohort of ACSI started with 47 teams receiving initial training. These were filtered to 13 teams (44 individuals) who received for extended support including seed funding, further training, and mentoring (total funding £100,000). Early-stage efforts focused on alternative learning models and refugee education, highlighting the potential of creative approaches to address persistent challenges.

“Shifting the Rhetoric” Initiative

This initiative aims to engage youth globally, focusing on the Global South, to redefine economic systems for sustainable prosperity. This pilot program in Jordan, led by the Centre for the Understanding of Sustainable Prosperity (CUSP) in partnership with the King Hussein Foundation (KHF), empowers youth through education, mentorship, and research to advocate for sustainable practices. In 2024, the Foundation provided £10,000 funding (of a total of £20,000 committed) to support the pilot phase, focusing on sustainable prosperity initiatives in Jordan through research, workshops, and mentorship for youth, emphasising entrepreneurship and sustainability. The second phase will build on the outcomes by scaling social entrepreneurship, mentoring civil society youth, and delivering policy recommendations to support systemic change in Jordan. The second phase will give greater role for King Hussain Foundation in Jordan to lead and sustain the initiative.

Strategic Consultancies

In 2024 the Foundation initiated two strategic consultancies focusing on developing models for scaling the Foundation’s solutions and programmes and putting these into practice (total cost approximately £19,500). These will initially focus on two areas, summarised below. The consultants were selected through a competitive application process.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

A. Scaling In-House Solutions

The selection process for the Scaling Framework consultancy has been completed, with six applications received. After a shortlisting and interview process, Caro Loutfi was selected to develop a comprehensive scaling strategy for in-house solutions (initially the Tabadol and ACSI programmes). She was a great fit for the task and for the Foundation. Her work will focus on developing a structured scaling process, mapping potential contributors, creating compelling case studies, and mobilising resources. With extensive experience in scaling organisations and securing funding, Caro's approach will enhance the Foundation's ability to support initiatives across the Levant and beyond. The consultancy, which commenced in December 2024, will run for one year, with key milestones including the development of a scalability assessment, contributors mapping and a resource mobilisation strategy.

B. Refugee Education:

The Refugee Education consultancy received an overwhelming 42 applications, demonstrating strong interest in this initiative. After a shortlisting and interview process, Edvise ME was chosen as the lead consultant to develop a scalable and sustainable refugee education model in collaboration with the Refugee Education Consortium. Their approach includes conducting extensive research on best practices, engaging key stakeholders, designing a framework that integrates partner organisations' strengths, developing a fundraising and marketing strategy to ensure long-term sustainability, this one-year project will progress through three phases, Research & Stakeholder Collaboration, Model Development and Donor Engagement & Fundraising. Additionally, the Foundation is collaborating with a documentary filmmaker to visually capture the educational needs of refugees in Lebanon and showcase the work of the consortium. This will serve as a powerful advocacy and fundraising tool to support the new model and mobilise further resources for our partners.

3) Knowledge Production, Networking, and Influencing

Grants Funding

The Foundation supported 6 CSOs with Influencing grants (total funding £42,000) as part of the Certificate in Influencing and Political Acumen (CIPA) Programme (see below). These grants helped the organisations to refine and implement the Influencing and Advocacy strategies and skills they developed through participating in the programme.

The Certificate in Influencing and Political Acumen (CIPA) Programme

In partnership with Asfari Institute at the American University of Beirut (AUB) and London School of Economics and Political Science (LSE), the Foundation developed a programme on “Influencing and Political Acumen” targeted for regional actors in CSOs located in the Levant. The first cohort of the programme was piloted in 2024 with the participation of 21 Civil Society Practitioners representing 12 CSOs. After thoroughly examining their context and being exposed to various influencing and advocacy tactics and tools, participants were able to create influencing and advocacy strategies that engage with different power dynamics within their stakeholders, including funders and International Organisations. The programme contributed to several advocacy achievements, including initiatives to improve educational access for refugees and campaigns for disability rights.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

“Taking Stock and Building a Research Agenda in MENA” Initiative

In partnership with the International Development Research Centre (IDRC), the Foundation co-designed and launched a programme and action plan aimed at promoting and strengthening the resilience and capacity of the research community and Civil Society in the knowledge-to-policy processes within the Middle East and North Africa (MENA) region. Through a call for concept notes, and virtual meetings, the initiative has brought together researchers to ensure complementarity and synergy as they develop their work plans with the main objective being to guide the donors’ research agenda by identifying key research priorities from a Civil Society perspective. The Foundation provided funding of approximately £35,000 for the development and delivery of a convening event to be held in 2025 at the Asfari Institute for Civil Society and Citizenship at AUB which will bring together donors and researchers in the region to present the research developed through the initiative.

Carnegie Endowment for International Peace, Malcolm H. Kerr Carnegie Middle East Center (MKCMEC): The Arab Horizons, and the Asfari Room

The Foundation’s partnership with MKCMEC continued (total funding in 2024 approximately £293,000), contributing to incisive policy analysis, debate, and ideas that help diverse actors across the Middle East and North Africa (MENA) tackle the significant challenges facing the region. These include managing and reducing conflict, overcoming stagnant and unresponsive governance, reducing socioeconomic inequality, promoting women's rights, adapting to climate change, strengthening civil society, and analysing the impacts of great power competition on peace and security in the region. In 2024 MKCMEC organised 11 Panels, 6 private briefings and roundtables, and 5 private workshops. In addition, MKCMEC produced six papers, three compendiums, seven articles, five commentary pieces, and over 100 Diwan blog pieces.

In 2025 the Foundation will launch new rounds of the ASCI, CIPA, and Tabadol programmes. There will be new funding opportunities through new rounds of the Organisational Development, Performance Excellence, and Sustainability, and Influencing grants. Ongoing partnerships and initiatives such as “Shifting the Rhetoric” and “Taking Stock and Building a Research Agenda in MENA” will continue, and the Foundation will expand its programme of convening events promoting knowledge sharing, collaboration, and community engagement, as well as engaging with our network and experts, and working with consultants, to explore how the Foundation’s programmes and initiatives can be scaled. Given the changing geopolitical context in Syria, the Foundation will explore adapting its engagement and support for Syrian CSOs. This will include closely monitoring the evolving legal environment in the UK related to sanctions and financial transfers to Syria, to ensure compliance with regulations.

Future plans

The Ford Foundation’s $5 million donation provides the Asfari Foundation with a secure and flexible funding base over the next five years, ensuring continuity of support to civil society actors despite potential external funding restrictions. By covering both programmatic activities and essential operational costs, the fund strengthens our institutional capacity while enabling long-term planning. Decision-making authority remains fully with the Foundation, safeguarding our independence and compliance with UK charity regulations. This collaboration also creates opportunities to leverage additional aligned donors, enhancing the sustainability and impact of our work.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Review

Total income for 2024 amounted to £352k (2023 - £4.3M) . 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 of which is intended to progressively build an investment capital base that at a future date can serve to fund charitable expenditures. This capital base also serves to sustain charitable expenditures in years when donation income is constrained. Income from investments is usually applied to augmenting the investment capital but with the flexibility to be called upon for annual expenditures if required. In 2024 the Foundation embarked upon a drawdown phase during which accumulated reserves are called upon to fund expenditures.

Total expenditure on charitable activities for 2024 was £2.7 million (2023 - £4.1M). Of this total, £1.9 million (2023 - £3.4M) was spent on grants awarded across the Foundation's programmes. Support costs to operate the organisation amounted to £0.7 million (2023 - £0.7M).

At 2024 year end, the funds of the Foundation amounted to £12.9 million (2023 - £16.5M). These funds were entirely unrestricted. During 2024, there was a deficit of some £3.7 million (2023 – deficit of £1.7M) as total income fell short of the combination of expenditures and the unrealised loss on investments. The deficit is amply covered by drawdowns from reserves.

Reserves Policy

The Trustees periodically review the 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 with an appropriate level of liquidity. The policy recognises that the reserves that represent the fixed assets and the restricted and designated funds of the Foundation are not freely available and thus are to be distinguished from free reserves. The pool of unrestricted funds comprises investment capital and funds for annual expenditures. The Foundation has entered a phase of needing to draw upon its investment capital to continue to fund annual grant programmes and operational costs. This flexibility allows the Foundation to plan for multi-year grant programmes.

The Reserves policy calls for free reserves to be at least in the range of £300k to £500k. At the end of 2024 total funds, all unrestricted, amounted to £12.8 million (2023 - 16.5 million) of which £9.3 million (2023 - £15.9 million) were designated as an expendable (or quasi) endowment. Free reserves amounted to £3.5 million (2023 - £0.6 million). This increase in free reserves reflects the drawdown of the quasi endowment to sustain charitable expenditures.

Investment policy and performance

The Trustees have an investment policy that evolves in line with the strategic goals for the organisation.

As the Foundation envisages constraints on its donation income for the next few years it recognises that it needs to make drawdowns from its investment portfolio. The investments held in unrestricted reserves (treated as an expendable quasi-endowment) are thus required to provide the necessary funds for continuity of grant making and operational support. Accordingly, the investment policy has been revised to place emphasis on liquidity rather than the previous objective of maximising financial return for long term growth. The potential for part of the portfolio to be deployed for social investment remains. The composition of the investment portfolio is undergoing change to support this shift to ensuring liquidity in the short to medium term. Whilst it is envisaged that this phase of drawdowns from investments will be temporary, the trustees shall regularly monitor the situation.

The Foundation’s Investment Committee reviews, monitors investments and provides investment support to the Board.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The market value of the investment portfolio incurred unrealised losses of some £1.3 million net in 2024 (2023 - £2.0 million unrealised loss).

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

The Foundation operates a comprehensive risk register, 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. The Audit and Risk Committee monitors and advises the Board on audit, risks, and policy development and each Board sub-committees addresses relevant risks. The principal risks and countermeasures identified by Trustees include:

Risk Countermeasures
Business Continuity •Appointment of a reputable and experienced IT provider to ensure
connectivity within a timely manner following an IT failure.
•Appropriate and secure cloud backup solutions.
Breach of regulations
notably the funding of
terrorism, sanctions
imposed upon countries,
entities or individuals or
paying or facilitating the
use of bribes		 •Periodic training for all employees.
•Robust policies and procedures to identify risks and mitigation
through effective controls.
•Appropriate vetting procedures documenting all investigations,
rationale, and decision-making process.
•In-depth understanding of funding requirements and proposed usage
of funds.
Reputation and
Associations		 •Operations are restricted / prohibited because of its reputation and
associations.
•Transparency of internal framework in which the Foundation operates
in accordance with all regulatory obligations.
•Careful management of charitable activities including board
oversight.
•Careful vetting of all partnerships.
•Close monitoring of changes to charitable regulations.
•Ongoing monitoring of media coverage and opensource information.
Reduced funding from the
Asfari Family in 2024,
likely to continue to 2026		 •Drawdown on investments to meet the Foundation’s cash flow
requirement.
•Restrict the foundation annual budget for the next three years at 2.5
million GBP, ensuring it meets its long-term commitments.

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THE ASFARI FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The 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 Foundation’s senior management to ensure they gain a full understanding of the Foundation and their responsibilities.

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

All grants paid by the Asfari Foundation are independently agreed by the Trustees collectively after review by the Projects sub-committee. Trustees with conflicts of interest declare these in advance and do not participate in related decision making.

The Key Management Personnel of the Foundation represent the Trustees and the Chief Executive Officer (CEO) only. Whilst the Trustees provide their time on a voluntary basis and thus do not receive any remuneration, the Chief Executive Officer’s remuneration is set by the Board of Trustees, having regard to sector benchmarks.

Statement of disclosure to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

This report was approved and authorised for issue by the Trustees and signed on its behalf by:

…………………………… Mr Ayman Asfari Chair

Date: 11.09.25

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THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

. ...............................................

Mr Ayman Asfari

Chair Date: 11.09.25

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(A Company Limited by Guarantee)

THE ASFARI FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ASFARI FOUNDATION

Opinion

We have audited the financial statements of The Asfari Foundation (the 'Charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE ASFARI FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ASFARI FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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THE ASFARI FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ASFARI FOUNDATION (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 15

THE ASFARI FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ASFARI FOUNDATION (CONTINUED)

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 Members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart McKay BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of MHA Statutory Auditor London, United Kingdom

Date: 23.09.2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 16

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations
4
Investments
5
Total income
Expenditure on:
Costs of Raising funds: Investment management fees
6
Charitable activities
7
Total expenditure
Revaluation of investments
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
224,869
126,932
351,801
40,862
2,646,272
2,687,134
(1,343,064)
(3,678,397)
16,534,403
(3,678,397)
12,856,006		 Total
funds
2024
£
224,869
126,932
351,801
40,862
2,646,272
2,687,134
(1,343,064)
(3,678,397)
16,534,403
(3,678,397)
12,856,006		 Total
funds
2023
£
4,163,554
179,147
4,342,701
41,091
4,028,706
4,069,797
(1,956,621)
(1,683,717)
18,218,120
(1,683,717)
16,534,403

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 20 to 37 form part of these financial statements.

Page 17

THE ASFARI FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 05938633

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2024 2023 2023
Note £ £ £ £
Fixed assets
Tangible assets 11 6,691 9,301
Investments 12 7,833,408 14,861,001
7,840,099 14,870,302
Current assets
Debtors: Amounts falling due within one year 14 19,743 53,690
Cash at bank and in hand 5,059,477 1,702,381
5,079,220 1,756,071
Current liabilities
Creditors: Amounts falling due within one
year 15 (63,313) (91,970)
Net current assets 5,015,907 1,664,101
Total net assets 12,856,006 16,534,403
Charity funds
Restricted funds 16 - -
Unrestricted funds 16 12,856,006 16,534,403
Total funds 12,856,006 16,534,403

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Mr Ayman Asfari Chair

Date:

11.09.25

The notes on pages 20 to 37 form part of these financial statements.

Page 18

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Investment income
5
Purchase of tangible fixed assets
Proceeds from sale of investments
12
Purchase of investments
12
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18		 2024
£
(2,454,365)
126,932
-
5,910,817
(226,288)
5,811,461
3,357,096
1,702,381
5,059,477		 2023
£
(272,580)
179,147
(2,600)
221,824
(227,590)
170,781
(101,799)
1,804,180
1,702,381

The notes on pages 20 to 37 form part of these financial statements

Page 19

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The Charity is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1116751) and Registrar of Companies (Company Registration Number 05938633).

The Members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity.

The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are listed in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Asfari Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

2.2 Going concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements, and does not believe there to be any material uncertainties over its ability to continue as a going concern.

Page 20

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.

Property income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided, net of discounts, VAT and other sales related taxes.

Investment income is recognised when receivable. Interest income is included when receivable and the amount can be measured reliably by the Charity.

Income in relation to Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Support costs represents costs that cannot be directly attributed to the charitable activities. Support costs have been allocated to a charitable activity on the basis of a proportion of total direct costs per activity.

Governance costs include the costs of compliance with constitutional and statutory requirements and have been allocated to the charitable activities in the same proportions as support costs.

Staff costs and depreciation have been allocated in full to support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Page 21

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment - 20% Straight line Office equipment - 20% Straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

2.6 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are continuously measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities, if the shares are publicly traded or their fair value can otherwise be measured reliably. As investments are continuously revalued there are no realised gains or losses recorded. Investment income is accounted for in the period in which the charitable company is entitled to receipt.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments 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 includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

Page 22

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.10 Financial instruments

The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 14. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 15. Taxation and social security are not included in the financial 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 obligation to deliver charitable services rather than cash or another financial instrument.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 23

(A Company Limited by Guarantee)

THE ASFARI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.13 Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the Balance Sheet date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the Balance Sheet date.

Exchange gains and losses are recognised in the Statement of Financial Activities.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

No significant accounting estimates or judgements were made in preparing these accounts.

Page 24

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from donations

Donations and gifts
Gift aid
Donations and gifts
Gift aid
Investment income
Rental income
Listed investment income
Interest receivable		 Unrestricted
funds
2024
£
179,895
44,974
224,869
Unrestricted
funds
2023
£
3,231,887
811,542
4,043,429		 Restricted
funds
2024
£
-
-
-
Restricted
funds
2023
£
120,125
-
120,125
2024
£
4,400
105,730
16,802
126,932		 Total
funds
2024
£
179,895
44,974
224,869
Total
funds
2023
£
3,352,012
811,542
4,163,554
2023
£
4,800
173,073
1,274
179,147

5. Investment income

All investment income in both the current and prior year has been allocated to the unrestricted fund.

Page 25

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Expenditure on raising funds

Investment management fees
Investment management fees		 Unrestricted
funds
2024
£
40,862
Unrestricted
funds
2023
£
41,091		 Total
funds
2024
£
40,862
Total
funds
2023
£
41,091

Page 26

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure on charitable activities

Youth Learning, Entrepreneurship, and Innovation
Building Civil Society Infrastructure
Knowledge Production, Networking, and Influencing
Relief
Youth Learning, Entrepreneurship, and Innovation
Building Civil Society Infrastructure
Knowledge Production, Networking, and Influencing
Relief		 Grant
funding of
activities
2024
£
304,794
1,220,908
239,188
166,405
1,931,295
Grant
funding of
activities
2023
£
816,207
1,805,406
383,115
352,773
3,357,501		 Support
costs
2024
£
112,837
451,988
88,548
61,604
714,977
Support
costs
2023
£
163,170
360,922
76,589
70,524
671,205		 Total
funds
2024
£
417,631
1,672,896
327,736
228,009
2,646,272
Total
funds
2023
£
979,377
2,166,328
459,704
423,297
4,028,706

Please see Note 22 for detailed analysis of grants payable.

Page 27

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure on charitable activities (continued)

Analysis of support costs

Staff costs
Depreciation
Office costs
Other professional services
Governance costs
Foreign exchange (gains)/losses		 Total
funds
2024
£
437,979
2,610
119,119
103,064
23,940
28,265
714,977		 Total
funds
2023
£
388,627
3,658
159,862
119,747
21,600
(22,289)
671,205

8. Governance costs

Auditor's remuneration - Audit of the financial statements
Auditor's remuneration - Other services
Auditor's remuneration - Under accrual of prior year fees
Tax compliance - Corporation tax return		 2024
£
18,540
2,880
1,320
1,200
23,940		 2023
£
17,940
2,580
-
1,080
21,600

Page 28

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Staff costs

Wages and salaries
Social security costs
Pension costs
Private medical insurance		 2024
£
387,176
37,529
13,274
6,595
444,574		 2023
£
336,778
37,038
14,811
-
388,627

Included within wages and salaries above are termination benefits totalling £69,666 paid in full to two individuals during the year (2023 - £NIL). This value constitutes £9,952 of contractual benefits and £59,714 of non-contractual benefits. The non-contractual benefits represent ex-gratia payments which were approved by the Trustees and made in the best interest of the Foundation.

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Managerial, administrative and programme technical 5 6

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 1 1
In the band £90,001 - £100,000 1 1
In the band £100,001 - £110,000 1 -

The Foundation considers its Key Management Personnel to be the Trustees and the Chief Executive Officer. Total remuneration paid to Key Management Personnel in 2024 was £119,632 (2023 - £114,493) .

Page 29

(A Company Limited by Guarantee)

THE ASFARI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL)

During the year ended 31 December 2024, expenses totalling £ NIL were reimbursed or paid directly to 0 Trustees (2023 - £6,723 to 2 Trustees) . These expenses were for travel and accomodation costs.

11. Tangible fixed assets

Cost or valuation
At 1 January 2024
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Fixtures,
fittings &
equipment
£
5,889
(5,889)
-
5,889
-
(5,889)
-
-
-		 Office
equipment
£
13,051
-
13,051
3,750
2,610
-
6,360
6,691
9,301		 Total
£
18,940
(5,889)
13,051
9,639
2,610
(5,889)
6,360
6,691
9,301

Page 30

(A Company Limited by Guarantee)

THE ASFARI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Fixed asset investments

Listed Listed Unlisted Unlisted
investments investments Total
£ £ £
Cost or valuation
At 1 January 2024 11,911,792 2,949,209 14,861,001
Additions - 226,288 226,288
Disposals (5,373,216) (537,601)
(5,910,817)
Revaluations (1,394,833) 51,769 (1,343,064)
At 31 December 2024 5,143,743 2,689,665 7,833,408
Net book value
At 31 December 2024 5,143,743 2,689,665 7,833,408
At 31 December 2023 11,911,792 2,949,209 14,861,001
13. Unlisted investments
Jermyn TOSCA Freshstream Total unlisted
Street investments
Educational
Real
£ £ £ £
Cost of valuation
At 1 January 2024 1,889,562 853,442 206,204 2,949,209
Additions - - 226,288 226,288
Disposals (112,844) (363,338) (61,419) (537,601)
Revaluations - 51,769 - 51,769
At 31 December 2024 1,776,719 541,873 371,072 2,689,665
Net book value
At 31 December 2024 1,776,719 541,873 371,072 2,689,665
At 31 December 2023 1,889,562 853,442 206,204 2,949,209

Page 31

(A Company Limited by Guarantee)

THE ASFARI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Debtors: Amounts falling due within one year

Other debtors
Prepayments and accrued income		 2024
£
13,117
6,626
19,743		 2023
£
13,167
40,523
53,690

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals
Grants payable		 2024
£
14,584
1,942
28,197
18,590
63,313		 2023
£
1,936
2,306
23,130
64,598
91,970

Grants payable relates to grants committed in furtherance of the Charity's objectives that are expected to be made within twelve months.

Page 32

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Designated
Funds
General funds
Unrestricted
funds
Total
Unrestricted
funds		 Balance at 1
January
2024
£
15,885,246
649,157
16,534,403		 Balance at
31
Transfers
Gains/
December
Income Expenditure
in/out
(Losses)
2024
£
£
£
£
£
126,932
(40,862)
(5,310,776)
(1,343,064)
9,317,476
224,869
(2,646,272)
5,310,776
-
3,538,530
351,801
(2,687,134)
-
(1,343,064)
12,856,006

Unrestricted 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 Foundation of £7,833,408 and cash of available for investment of £1,484,068 that are intended for building a capital base in future years that will provide investment income for annual expenditures.

Page 33

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds
General funds
Unrestricted
funds
Total
Unrestricted
funds
Restricted
funds
Restricted Funds
Total of funds		 Balance at
1 January
2023
£
17,693,180
524,940
18,218,120
-
18,218,120		 Income
£
179,147
4,043,429
4,222,576
120,125
4,342,701		 Expenditure
£
(41,091)
(3,908,581)
(3,949,672)
(120,125)
(4,069,797)		 Transfers
in/out
£
10,631
(10,631)
-
-
-		 Gains/
(Losses)
£
(1,956,621)
-
(1,956,621)
-
(1,956,621)		 Balance at
31
December
2023
£
15,885,246
649,157
16,534,403
-
16,534,403

Page 34

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
11
Losses on investments
12
Investment income
5
Decrease in debtors
14
Decrease in creditors
15
Net cash used in operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
19.
Analysis of changes in net debt
At 1
January
2024
Cash at bank and in hand
£
1,702,381
1,702,381		 2024
£
(3,678,397)
2,610
1,343,064
(126,932)
33,947
(28,657)
(2,454,365)
2024
£
5,059,477
5,059,477
Cash flows
£
3,357,096
3,357,096		 2023
£
(1,683,717)
3,658
1,956,621
(179,147)
10,996
(380,991)
(272,580)
2023
£
1,702,381
1,702,381
At 31
December
2024
£
5,059,477
5,059,477

The Charity had no debt in either the current or previous year.

Page 35

THE ASFARI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Pension commitments

The amount recognised as an expense in the year was £13,274 (2023 - £14,811). There were £1,942 (2023 - £2,306) contributions payable to the fund at the Balance Sheet date.

21. Operating lease commitments

At 31 December 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2024 2023
£ £
Not later than 1 year 12,500 38,745

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

Operating lease rentals

2024 2023
£ £
39,500 39,500

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THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Related party transactions

Marwan Muasher is the Vice President for Studies and Ayman Asfari is a Member of the Board of Trustees at Carnegie Endowment for the International Peace (Carnegie). In 2024, the Foundation granted £286,841 (2023 - £296,435) to the Carnegie Endowment for International Peace.

Sawsan Asfari is the Co-founder and Director of the Galilee Foundation. In 2024, the Foundation granted £25,000 (2023 - £50,000) to the Galilee Foundation.

Sawsan Asfari is a Director of The Voices Project. In 2024, the Foundation granted £25,000 (2023 - £50,000) to The Voices Project.

Sawsan Asfari is a general member of The Welfare Association. In 2024, the Foundation granted £78,349 (2023 - £20,000) to The Welfare Association.

Ayman Asfari and Marwan Muasher are Trustees of the American University of Beirut. In 2024, the Foundation granted £390,071 (2023 - £613,625) to the University. The Foundation also paid the University £9,573 for provision of Self-Assessment Services.

Ayman Asfari is the Chairman of Madaniya. In 2024, the Foundation granted £7,000 (2023 - £580,765) to the Civil Society Network, of which £NIL (2023 - £57,598) was outstanding at the year-end.

Rasha Elasry is a Board Member of the Karam Foundation. In 2024, the Foundation granted £7,000 (2023 - £20,730) to the Foundation.

Muna Abbas is a Founding Member of the Young Jordanian Scientists. In 2024, the Foundation granted £NIL (2023 - £6,528) to the Young Jordanian Scientists.

No amounts relating to any of the grants detailed above were outstanding as at the year-end (2023 - £NIL).

All grants and donations made by the Asfari Foundation are independently agreed by the Board of Trustees at the Foundation's Board meeting. Trustees with conflicts of interest declare these in advance and do not participate in related decision making. When a decision is required in relation to programmes or funding associated with organisations that receive funding from The Asfari Foundation, the relevant Trustee abstains from voting.

The total amounts of donations given by the Trustees to The Asfari Foundation in the year was £179,895 (2023 - £3,231,887) .

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THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. List of 2024 Grants by Programme / Organisation / Country

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THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. List of 2024 Grants by Programme / Organisation / Country (continued)

Page 39

THE ASFARI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. List of 2024 Grants by Programme / Organisation / Country (continued)

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