MSFF THE MOHAMED S FARSI FOUNDATION Company No. 06775730 Charlty No. 1128012 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
The Mohamed S. Farsi Foundation Contents Legal aThJ Admwbi51ratl IndeFendent Examiner Rt Slatement of Fwwnciol ActMtse5 8alarte Sheet Statement of cash fkjws Notesto FinarThl Statewts 9-11
The Mohamed S. Farsi Foundation Legal and Administration Reilster•d Chaflty p40. 112K112 Reglsterod Company N 6775730 Reitstered Addre5S: 9 Appold Street London EC2A ZAP Trustees.. Mr. Hani Farsi Mr. J05hva Hanfli Mr. Hassan Dajani Mrs. LoubeAdams Ind•pendent Examlner& Moore Kingston Smith LLP 6° Floor 9 Appold Stt London EC2A 2AP Bankers." Coutts & Co. 440 Strand London WC2R OQS The governing documents ofthe Foundation are the MemoTaThJum and Artides of Association. last amended on 5 February 2(Kl9. The charitable company was incorp)rated on 17 Oecember 2C The charity is limited by guarantee and therefore does not have a share ¢aptral. The liability of the member5 is limited to the sum of £1 per member. Page: I
The Mohamed S. Farsi Foundation Trustee Report 2022 The Trustees ofThe Mohamed S. Farsi Foundation are pleased to present this report and independentty examined financial statements for the year endir¥ 31 December 2022. The Trustees confimi the annual rewrt and ffinancial statements compty with current StsILrtory requirements. the requrremeftts of the ChariWs gOrnIng document and the provisions of the Statement of Recommended practi ISORPI 'Accounting and Reportin8 by Charities.. Obl•rtlves and Artl¥ltles The Mohamed S. Farsi Foundation has four areas of focus. All of our efforts are forthe benefft of the public and are e¥cluyvety charitsble. We work Close wrth phiianthro advisors to find global grant-makiTh¢ opp)rtunitie5 ¥Are small amounts of money can have a large and sustainable impart. We espechilly prioritise social retum on our investments, seek the guidance of advisors in meetin8 each olthe below obpdr¥es. and support or8anizatior6 that show a commttment to innovv)n And bi8 ideas. In particular we focus on: Education.. Health or the saMn8of Iwes: The arts. culture. herrtage or stienct. and International de¥elopment. The Ye¥ In R• The Foundatton has had another thalen8ln8 yearth disapwntingly. no fimwv4ement in the fundin8 source from wthich grants are made. Hovfftr. the trustees are cautious opOmt5J¢ that the fvnds llow will shortty in to Impr and that they wi15 then be In posltion to agfeè an incrèasèd number of 8rants. During the year the Trustees approved a grantof USD 40.( to South Kent School. The Twuslee5 also discussed makin8 a 8rant to the UCL Architectural School in memory of or. Farsi. the Foundatfion's founder who was an architect. but reBrettabthIS. tQ8ether with other grants. had to be postp)red untll fvnd5 are availabje. Despite the financial constrnints. the Tru5tee5 continued to ¢fLSCUSS various proie¢ts wished the Foundation to support when It 1 and remain confident thatthe poslkn in futuré yÈar5 wdl improve. Grant Makhy Pohcy and (k8ani5atkwl StnKt Thè MSFF doe5 not acp1 unsolicited requests forfundfj. All Erant requests come through the tfustees and are then discued with the board at its quarterty meètings. If approved bv the board, appropriate due diligence is completed Prior to the Issu@ of the granL The Foundation ha5 a strict policy of inclusNeness and onty funds org3nisatKJns that meet this Stsndard in their operations. employrnènt and athlocacy. The Foundation prefers rèquests for programs, and tends not to fund events. overheads or endowments otherthan for Strategic Partners or legacy 8ranlees. The trustees refer to guidan¢e in the Charity Comffussion's guidance on Public 8enefit when reviewing the Foundation's aims and objedives, and planning future artivities. The tnjstees are responsib forfollowing up on the grants and ensurin8 the rnoney is being used Page.. 2
The Mohamed S. Farsi Foundation Trustee Report 2022 as directed. as well as for the MSFF website and all extemal comrnunKations for the Foundation. Future Pl A primaryfocus of 2023 will be the continuin8 revbew of the Foundation's future straiewc priorities for the xt decade. Legacy CMItMents wiu continue throu8hout thi5 woces FInala1 Re¥5 In the year. £30.525 was received from the Foundath)n's founder and trustee, and this wa5 the onty income in the year. The FoundatKJn spent £27A54 on charttabltarti¥ities and awarded grants totalir £32,037 in the ojrrent finantial year. At the year end the dmrity had totsl resew of £3.29112021.' £6201, all of which were unrestricted. The Foundation's founder and trustee will tontinue to support the thaflty in a personal capacity for3 perlod of at least 12 rnonthsfrom the date of approval ofthe financlal statements. Resebyes Pollry The Foundation does not have reserves at this time. All grants and expenses in 2022 were funded on an a5-needed basis. The need for. and potertlial athanta8es of. a reserve policy will be reviewed in future years a5 the Foundation continues to grow. Rlsk Manaynwt The Trilstees regula1 examine the major risks to which the Foundation 15 exposed and, when any particular risks are deemed gnIfican[ di5CU5S them at Trustees. meetin85 a5 well as appropriate steps necessary to mitiBate them. The Foundation'5 fundinB sources have been disrupted a5 a result of the pandemic and adivlts cOntYed to be curtailed in the ojrrent year. There were no other signifan1 risks identified dur8 2022. Appolntment of Trustees The FOundatn bylaws allow any person who is willing and legal pemiilled to art as a trustee as apFx>inted ordinary resobjtion of the members. Statement of Trustee< Ile$pbIlItIeS The trustees lolwhith Mr H4ni Farsi is a150 a directorof The Mohzmed S. Farsi Foundation for the purposes of company lawl are responsible for preparin8 theTrustee5' Report and the financial Statents in accordance with applitable law and United Kin8dom Accountin8 Standards (United Kingd¢xn GeneraltyAc£epted Accountiftg PrJrtKel. Company law require5 trustees to prewe financial staternents for each financial year. This 8ive5 a true and frair v*w of the state ofthe affairs of the charttable company and of the Page.. 3
The Mohamed 5. Farsi Foundation Trustee Report 2022 incoming resources and appltcation of resour¢es. indlIng the income and expendIre. of the charitable ¢ompany forthat period. In preparlng these finantial st3tements. the trustees are required to.. • seled suitable accounting policies and then applythem consistent. observe the methods and principles in the Charities SORP.. • make judgements and estimate5 that are reasonable and prudent. • state whether applicable UK Accounting Standards havè followed, subject to ary material departures disdosed and explained in the financial statements- and prepare the finanoal statements on the going conorn basis Un55 It is Inapwopriate to presume that the charitable company will continue in business. The Trustees are responslble for keelyr properaccounting records that disclose with reasonable accurary at any time the finantial position ol the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2C#)6. They are also responsible for safeguarding the assets of the charitable company and hence for taklng asonable steps forthe preventitin detertion of fraud and other iireBularities. Thbs report has been prepared in accNdance with the special wovlsions of Part IS ofthe Companies Act 2£ ap1£able to small cornpanies. Independeni Ex•mlners Moore Kingst Smith LLP have indicated theirwillirwe5S to continue in Offi and It is proposed thatthty be re-appointed independent examinets forthe ensuing year. This report was approved by theTrustees on 2810912023 ¥ThJ 5i8ned on their behalf by: Hanl Farsl Trustee Page- 4
Report of the Independent Examiner to the Trustees of The Mohamed S. Farsi Foundation I report to the charity trustee5 on ry exarrwnotw of the accounts of the Company for the year ended 31 December 2022, which comprise the Ststernent of FinancialP£tNities. Oalènce Sheet relaiÈd mote¥ Aesponsibili¢i•s •md lja5i50f rwt As the £haritls trusttts of the Company land a150 its directors for the PrseS of company lawl yw are reS51b for the PTeparation ofthe Krounts in ar(oarKe wrth the rewwementsofthe Compans Aci 261't 2( ACYI. HaVI5•t15fd my5eWthat the accounts ofthe Company are not requ io audid under Part 16 ofthe 20C6Act and are eliK1b lor ePeeTht examlnation. I rewt in of ry examinatK>n of ywr tharity's accounts as (arrd urthr sectiorb 14S of the Charilies Act 2011 1.the 2011 In canE out my examinatson I have followed the Dlrettions given Ch•rityCommw¢)n undEr5eclioTh 14951 Iblofthe 2011 Act Independert EX¥mlnerfsI1Irnw)t I have completed my exannath. I confimi that Th) h• torre to attent in connectbn with the examatty)n glw.ng me cauto bel¥e'. 11 acLrJuNine ¢0tre not kept in re5Ptttofthe Cornpanyas required lryseaion 386 ofthe 2C(6 Act: or 21 the atttyjntsdo notac(ord withtlw records: or 31 the attntS do not c(wnpty with the accouThtin6 requirernentsof sertion 396 of 2fK16ALt other than aw requirementthat the Count$ 81¥* a'true and fai< VIÈW whKh t5 nota m•tterci)wdered as part of aft independent examinaiiM- or 41 theaccwnts ha¥e not been prepared in ac(ord4ntt withthe method5 artl nCIPs0fthe tement01 Recommended Pratte foi accountin8and reportiry bytharitie5. I Ve no toncems and ha rorre rK) other matters In connecttln wh the examinaih)n to attentlon shtsuld be drown in thi5 report in ordei to eTrab a proper understanding of the 4rcoyntsto be reached. ocxe •m Fyllerton. FCA LKhA forand on behalf olmoow Kiwon SnWI Lip 9 Appold Street London EC2A 2AP Oate: 28 September 2023 Page: 5
The Mohamed S. Farsi Foundation Statement of Financial Activities lor the year ended 31 December 2022 Unre5tfkned Fund5 Total X122 Totsl 2021 Grartsand donkMs 30.525 Tot•1 30.52S 59.932 Expendtture o crilab Ath Z7.854 78.366 Total 27.854 27.854 14•f on¢on{tpenditUleI 18.434 Fund balan lo at I kilm2012 620 Fund balances ¢a1riedforwa at 31 Oecember2022 3.291 620 The StateTrt of n•Ill A(tw4iS 1ctsthe re¥j01£OntinU[aCtI1 fwthe yeor. l tnISed gains aNI bsses are imduded inthe StstementofFinarKièl*£tsth. notes on pase5 9 to 11 fomi partofthesefinancial statement& Page.. 6
The Mohamed S. Farsi Foundation Balance Sheet as at 31 December 2022 Note 2022 2022 2021 2021 Debtor5 Cash at bank and In ha1 34,475 2,223 36,698 9.191 Credhtys.. Amounts1alllnR wlthln oner 36.078 r4ei CurrtntA5sets 3,291 620 620 FuMIs un$tred fvnds.. General funds 3.291 620 3.291 620 Ftytheyear er¥led 31 Derember2022 the charitywasent6tsed toexemptthfromaudit undersect47701 the Compani25 Acl 2(#J6 rdatir¥ to smèll cLryanie& The members have not requ thecompany toobtainan audfjtof itsa¢wntslorthe year in questbn In accordarfe with seth476 ofthe CompaniE5 Act 2CQ& The director5 acknowledge their responsikn.1rtyforttynpIrtgiththe requirew[ of the £t wlth respect to a¢oKJThtinK retofd5 for the weparakn ofaccoun These accounts have been wepared in aCt(thr with the applKabbe toComn$ subjettto the Small companles regSme withln Part 15 ofthe CompanSA 2(. Approved bythe tru5teeson _ Hanl Farsl Trustee Company No. C6775730 Page.. 7
The Mohamed S. Farsi Foundation Statement of Cash Flows for the year ended 31 December 2022 22 2021 Net Cash lused inVpr¢y4lded by<>puath¥•¢thles L972 15721 cash in th• rwiiry L972 15721 Cash at the bi8lnnlry olthe pErfod 2.795 Cashat Iht ofth¢ repOry perfod RewncilIatntsI Net MoNYmentof Fundsto Net Cashlbow from operatiryActi¥is 14et lexpendytyrel forthe repLVtiry pwknd •sperthe staternent of flnarKial acb¥it 1671 118.4341 Adlustments ts.. In¢reasellde£reasel In credito IncreaselldecRasel in debtors Nei ¢•sh (used TrIpIlded byupeAth¥aEifr•les 130.1781 17.862 1.9n sn Analysts of¢ash 4nd ewhalents al r* debts Cash in har¥J and at bank Opening bal Ca5h.flows balarKe 2,223 2.795 572 2,223 4.195 Page.. 8
The Mohamed S. Farsi Foundation Notes to the Financial Ststements For the year ended 31st December 2022 A(fount1 PolKies Basis of prep•r•tion of financial staternwts The frnancial statements h8¥e been prepored in cordaIe with the FInala1 RepDrtinE Stsrthrd applicable In the UK and RepvblK of Irend IFRS 1021. pulAthed on I6JU 2015. The Choritab Cornpny isa public neff( entity forthe purpose5 of FRS 102 arJ therelorethe charrtyalso prepared it5 financial 5tstemeTht5 in accordarKe wr¢h t ststement ol Recomrmnded Prattice aPItable to charitE5 weparing th•r accounts in accordan£e with the FinarKial Reporting StaTrIa aPp1kab in the UK aTra Republic of IrelaTrJ (The FRS 102 Charrties SORPI. the Cc4npans Att 2[ and thÈ Chatibe5 Art 2011. The hnancSal statements are prepared in Ster1¥ which isthe fUrKthaI curtew of ihe comp•ny. mOtary amounts In thesethnan£h11 statemÈnts are rounded tothe arest FlThj. charity Is a publit benefft entitya5 defined ty FRS 102. Itex15ts sol2fyto pursue its thorilalAe oblecti¥e5and does n¢X seek to makea finan0 return. bl Goity Con¢ern 8•5iS The trustees have asse55ed wher the useofthe 8orng(oncerN basis is •pproprsote and have c0nshled possible EntS ry condition5that rnt casi syfficant dbt on the ability ofthe charitabk cc#nparry tocontlnue as a goini corKem. The trustees have made this asse55rrrntfora perirrtl of at least one year from the date olapproval of the financial staternersts. In particuLarthetru51ees h•%t con5xlered the tharitabCOMpanIS fore(astsand proiertion5 and have tak account of pre&sure5 on donthbn irKome. After Makfr enqtsires the trustees have concluded that there Isa reasonab expe[tatn that thtthèritable (cffjpany has adequate reKwrces to Continue In operatTha1 existen for foreseeable future. The charitabbe (ompanvtherefo contmiiies to adoptthegoing concern basis in eparinB itsfinancial 5t4terner. ¢1 Fund •¢CotIty General fvnds are n$thd fvhds whkh are availab for use at disuebon of thetrv5tees in lurtherance of Ihe gener4 obitttffts of the dwtible (ompartyand whh hbt Thx beendesiKnated for other purposes. dl Iorne IrKomefvom donations and gmts 6 whEn rErei¥able the (b)nor hès Sofid thatthe tIoTr or grant iektes to a future period oithat crytain prOndit5 n¥Jsi befvlI befo use. In these ¢ase5 the amounts receNed are recognised in the relevant per or when the pre-conditions have l)eem metarxl until then treated as deferred incorre. Don•tvJns or grants for particukr a ¥¢Cnted for as restrrted funds. el ExpMilitur• and its ba515 (rfèllora Eymditure 15 included in the Ststementof Fknahtial Acti¥Ttie519)FAI an oc(rua15 basis. pport costs comprise the ¢05ts of adrnini5teringthe Nii*sof the diaritya1 t5 cluded within charitable eynditure. G¢)vemance c05tsare luded in yjpport costs asso¢wted wrth en5umgthe Charity meets rtsfidutitiry dutles. Ch¥riUINe actfvtymsts [lde 8rants payabk tothird in fvrtheran ofthe charikble obierts oftht ¢h•rity. Page". 9
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st December 2022 Accourrtlry Poldes Icontknuedl IJ Cthital act1¥ WiM¥wte5anO4a5 olJuemert In Prepari financial statewnts bt i% wessbryto m•kecertainNdgements. esteS and •ssumptH>Nsthot affectthe aftnts retognised ifi thefinana 5tatemert& There are ngestimatesconsAlered to hovea 5¥nificant effect. 81 Flnanclal Insiriiiiients C•sh •rKI C•5h Equiwalwrts C•sh and ush equ¥b7lents cash at banks and in hand and slK>rt term depoyt5with a rnarty date of three mnth5 or less. l Grants and don•t Total Yotsl 2021 UNe#ii¢t•d tjonotws 30,525 59.932 Charitableartmtles Trf•l 2012 Totsl 2021 Vnremrlued Gfants Ir¥)te 41 Support costs Inote 51 32.037 32.037 75.149 27 27.854 54 AnJis clernnts rtwle No. The advan of educK)n The advancement of the arts. cUre. herita8e orscien The ad¥anceftnt of international de%tloprnent 32,037 69.519 S.630 75.149 Page.. 10
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st December 2022 pport ¢osts 2021 Indeperthnt examlnatWaLlit &tNtIn Legal and professional fees MiKellaneous expenses 3,2CQ (7,7701 387 2,412 3(L) 505 rfftrnarKe costs i[ded wrthin support costsanM)unted to1£4,570112021: £2.712 The charity doe5 employ any stsff. No membersolthe Board ofTrustees remurlat for their ¥w¥Ke5 durlry the year. nor any exper reimbwsed. Debtors 2022 20ZI ¢)her Oebtor5 34.475 8 Crethtorn f•lhduewlll4n one ar 2022 2021 Accrua15 3,2C 5.202 22.236 &640 Er creditor5 Genwal FndS Gewal Fund rrf¥esents funds available for proJecis admlnisiraiKIA. Iffthe we no furK15 ovailolle General F. admintstratNe eXpendire will met tytheTrustees. 10 Rel¢d PartyTransartlons Dur6 the year. donathjns were receid totslliry£30S2512021.. £59.9321 Irom H Fa. truste¢ 11 KeyManagennt P¢rsonr Key managerr*nt pe(sCne1 c¢xAl$e Ird of trustee5. Thetharlty has noempknffje> Page.. 11