MSFF THE MOHAMED S FARSI FOUNDATION Company No. 06775730 Charfty No. 1128012 UNAUDrrED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
The Mohamed S. Farsi Foundation Contents Legal and Administratlon Trustees, Report Independent Examiner Report Statement of Financial ActitieS Balance Sheet Statement of cosh flows Notes to the Financial Statements 9-11
The Mohamed S. Farsi Foundation Legal and Administration Registered Charlty No. 1128012 Reglstered Compny No. 6775730 Retstered AddrÈ$5: 9 Appold Street London EC2A 2AP Trnstees: Mr. Hani Farsi Mr. Joshua Hanfling Mr. Ha55an Dajani Mrs. Louise Adams Independent Examlners: Moore Kin8Ston Smith LLP 6 Floor 9 Appold Street London EC2A 2AP Bankers.. Coutt5 & Co. 440 Strand London WC2R OQS The goveming documents of the Foundation are the Memorandum and ArtKles of Association, last amended on 5 February 2(M)9. The charitable tompany was incorporated on 17 December 2CI)8 The charity is limited by guarantee and therefore does not have a share capital. The liability of the members is limited to the sum of £1 per member. Page." I
The Mohamed S. Farsi Foundation Trustee Report 2023 The Trustees of The Mohamed S. Farsi Foundation are pleased to present this report and independently examined financial statements for the year ending 31 December 2023. The Trustees confirm the annual report and financial statements comply with current statutory requirements, the requirements of the Charitys governin8 document and the provisions of the Statement of Recommended Practice {SORPI 'Accounting and Reporting by Charitie5'. Obj¢rtive5 and Actl¥ltles The Mohamed S. Farsi Foundation ha5 four areas of focus. All of our efforts are for the benefit of the public and are exclusively charitable. We especially prioritise social return on our investments, seek the guidance of advisors in meeting each of the below objectives. and support organizations that show a commitment to innovation and bi8 ideas. In particular we focus on.. Education- Health or the saving of lives: The arts. culture. heritage or science: and International development. The Year in Review The Foundation continues to review projects that further its charitable aims with the focus this year bein8 on education. Funding has been slow in comin8 through. although the Foundation'5 founder has confirmed fundin8 will be received by the Foundation to enable grants to be made for applications ceived post year end. During the year, the Tw5tees confirnd their cornmitrnent to fund, in due COUTSe. educational projects run by South Kent School and the American University includin8 The Abdul Aziz Said Chair in intemational peace and confiict resolution. Grant Maklng Po15ry and lknanlsational StnKture The MSFF does not accept unsolicited requests for funding. All grant requests come through the trustees and are then discussed with the board at its quarterly meetings. If approved by the board. appropriate dve diligence is completed prior to the issuing of the grant. The Foundation has a stri¢t policy of inclusiveness and only funds or8anisations that meet this standard in their operations. employment, and advocacy. The Foundation prefers requests for programs. and tends not to fund events. overheads or endowments other than for Strategic Partners or legacy grantees. The trustees refer to the guidance in the Charity Commission's guidance on Public Benefit when reviewing the Foundation's aims and objectNes, and planning future actrvitie5. The trustees are responsible for following up on the grants and ensuring the money is being used as directed, as well as for the MSFF website and all external communications for the Foundation. Pa8e.' 2
The Moharned S. Farsi Foundation Trustee Report 2023 Future Plans A primary focu5 of 2024 will be the continuing review of the Foundation's future strategic priorities for the next decade. Legacy commitments will continue throughout this process. Financial Review In the year. a £45,LIJO commitment was received from the Foundation's founder and trustee, and this was the only income in the year. The Foundation spent £43,714 on charitable activities and awarded grants totaling £32,270 in the current financial year. At the year end ihe charity had total reserves of £4.57712021: £3,291). all of which were UnstrIcted. The Foundation's founder and trustee will continue to support the charity in personal capacity for a perbod of at least 12 months from the date of approval of the financial statements. Reserves Polky The Foundation does not have reserves at this time. All grants and expenses in 2023 were funded on an a5-needed basis. The need for. and potential advantages of. a reserve policy will be reviewed in futu yeor5 05 the Foundation continues to grow. Rlsk Management The Trustees regularly examine the major risks to which the Foundation 15 exposed and. when any particular risks are deemed significant. discuss them at Trustees, meetings as well as appropriate step5 necessary to mitigate them. The Foundation's fundin8 sources have been disrupted as a resuft of the pandemic and activities continued to be curtailed in the current year. There were no other signifint risks identified durin8 2023. Appolntrnent of Trurtees The Foundation bylows allow any person who is willing and legally permitted to act as a trustee a5 appointed by ordinary resolution of the members. Statement of TfUStees' Responslbllities The trustees lof which Mr Hani Farsi is also a director of The Mohamed S. Farsi Foundation for the purposes of company law) are SPOnsible for preparin8 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 trustee5 to prepare financial statements for each financial year. This gives a true and fair view of the state of the affairs of the charitable company and of the incomin8 resource5 and application of resources. including the income and expenditure. of the charitable company for ihat period. In preparing these financial statements. the trustees are required to.. Page: 3
The Mohamed S. Farsi Foundation Trustee Report 2023 • select suitable accounting policies and then apply them consistently: obseNe the methods and winciples in the Charities SORP: make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5,' and prepare the financial statements on the going concem basi5 unle55 it is inappropriate to presume that the charitable company will continue in business. The Trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2(M)6. They are also responsible for safeguarding the assets of the charitable company and hen¢e for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provIs)n$ of Part 15 of the Companies Act 21XJ6 applicable to small companies. Independent Examlners Moore Kingston Smith LLP have indicated their willingness to continue in office and it is proposed that they be re-appointed independent examiners for the ensuing year. This report was approved by the Tmstee5 on 26 September 2024 and signed 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 trustees orb my examination of the a¢¢ounts of the Company for the year ended 31 December 2023, whith comprlse the Statement of Financial Actmties. Balancè Sheet, the Statement of Cash flows and related notes. ResponsibilitSes and basls of report As the chariivs irustee5 of the Company land Jlso its directors for the purposes of company lawl you are responsible for the preparation of thÈ accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audtted under Part 16 of the 2006 Act and are eligible for independent examination, I rep)rt in respect of my examination of your charitrfs accounts as Carried out under section 145 of the Charities Aci 2011 I'the 2011 ACVI. In tarrying out my examination I have followed the Oirections given by the Charity Commission under sertion 145151 Ibl of the 2011 Act. Independent Examlner's Statefflent I have completed my examination. I confirni that no matters have come to my atlentlon in Connection with the examination glving me cause to believe.. il accounting recoids were not kept in respect of the Company as required by section 386 of the 2006 Act. or 21 the accounts do not accord with those records.. or 31 the a¢counis do not comply wilh ihe accounting requirements of section 396 of the 2006 Acl other than any requirement that the accounts give a'true and fair, View which is not a matler considered as part of an independent examination,. or 41 the accounts have not been prepared in accordano with the methods and principle5 of the Statement of Recommended Practice for a¢countin8 and reporting by charit*s. I have no concerns and have come across other maiters in connection with the e¥amination to whith attention should be drawn in this report in order to enable a proper undersiandin8 of the accounts to be reached. octe QEM LLP Adam Fullerton. FCA IXhA for and on behall Of M¢x¥re Klnytthi Smrth LLP 9 Appold Street London EC2A 2AP Oate- 27 September 2024 Page.. 5
The Mohamed S. Farsl Foundation Statement of Financial Activities for the year ended 31 December 2023 Unreslrlaed Funds Tolal 2023 Total 2022 Note )come Irom." Grants and donation5 45,COJ 45.LKLI 30.525 Total 45.C 45,CrfXI 30,525 EMpend•tyre on: Charitable Activities 43,714 43.714 27,854 Total 43,714 43.714 27,854 Net Incomellexpenditure) 1.286 2,671 Fund balances brou¢ht forward at l January 2023 3.291 3.291 620 Fund balances orrled lorward at 31 December 2023 4,577 4,577 3,291 The Statement of Financial Activities refiects the results of continuinB aclivities for the year. All reco8ni5ed Bains and losses are induded in the Statement of Financial Activities. The notes on pages 9 to 11 forni part of these finanaal statements. Page: 6
The Mohamed S. Farsi Foundation Balance Sheet as at 31 December 2023 Note 2023 2023 2022 2022 Current Assets Debtors Cash at bank and in hand 45.409 4.258 49.667 4.996 4.195 9.191 Credltors: Amounts fallln8 dye within one year I45,1? 15.9 Net Current Assets 4,577 3.291 Net A55ets 4.577 3,291 Funds Unrestricted fvnds- General funds 4.577 3.291 4,577 3.291 For the year ended 31 Dember 2023 the charity was Ènttded to exemption frorn audit under Seciion 477 of the Companie5 Art 20C6 relating to small compani The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companles Att 2006. The director$ 3cknowled8e their responybility for comptying with the reouirements of the Aci with respect to attounting records and for the preparation of accounts. These accounts have been prepared in accordance wilh the pro4rysions applicable to companies subject to the small companies reBime wiihin Part IS of the Companies Act 2(KK. Approved by the trustees on .16..s*kn.r..2ff4 and signed on their behalf by: Hanl Fars5 Trustee Company No. 06775730 Page.. 7
The Mohamed S. Farsi Foundation Statement of Cash Flows for the year ended 31 December 2023 2023 Cash flows from operailng activi. Nei cash provlded by operatSn8 a¢ti¥rties 63 1.972 Chan8e In tash in the reportiry rIOd 63 1,972 Cash at the b•gSnnSng of the perh)d 4.195 2,223 Cash at the end olthe reportlwd perlod 4.258 4,195 Reconclllatlon of Net Movement ol Funds to Ilet Cathfflty4V from Operatlng Acti¥itles Net income lor the rewtinÉ period 05 per the statement of financlal actlvStles 1.286 2.671 Adjustments for.. Increaselldecreasel in creditors Iincreaselldecfease in debtors Net cash (used Inllprovided by operalln8 acll¥St 39,1 140.413 63 130.1781 29.479 1.972 Analysis of cash and c•sh equlvalerts and net debts Cash in hand and at bank OpeninB balance Cash-llows aosing balance 4,195 63 4.258 2,223 1,972 4.195 Page.. 8
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st December 2023 Accountlng Poll¢les al Accountlng ¢onvent 8asls ol preparatlon of financSal statements The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, published on 16 ju 2015. The Chafltablè Crjmpany is a public benefit entitv for the purposes of FRS 102 and therefore the charity also prepared its financial statement5 in accordance with the Statement of Recommended Practice applicable to tharities preparing their accounts in accordan with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland lThe FRS 102 Chariiies SORPI, the Companies Act 2Crf)6 and the Charities Act 2011. The financial statements are prepared in sterlin& whith is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. The charity 15 a public benefit entity as defined by FRS 102. It exists solety to pursue Trts tharitable objectives and doe5 not seek to make 3 finanual return. b) Golnz Conom 8•$1$ The trusiees have assessed whÈiheT the use of the goin8conwn basis is 3PPfopriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable cornpany to continue as a going concern. The trusiees have made this assessment for a period of at least one yeaf from the date of approval of the financial statements. In particular the trustees have considered the charitable companvs forecasts and projections and have taken account of pressures on donation income. After making enquir5 the trustees have concluded that there is a reasonable expectation that the charltable company has adequate resources to continue in operational existence for the foreseeable future. The Charitable company thèrefore continues to adopt the 8oin8 concern basis in preparing Its financial staternents. cl Fund accounti General funds are unrestrictÈd funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable Company and whith have not been designated for other purpo5e5. dl Income Income from donations and BTants is induded when recewable Un55 the donor has specified that the donation or grant relates to a future period or that ceitain prÈ-tonditions must be fulfilled before use. In these cases the amounts received are recognised in the relevant period or when the pre-con(Jitions have been met and until then treated as deferred income. Donations or 8rants for particular purposes are accounted for as restricted funds. el Expendlture and Its basis of allocatlon Expenditure is Included in the Statement of Financial ACtMS {SOFAI on an acuuals ba515. Support costs comprise the costs of administering the actiwties of the tharity and is included within charitable expenditure. Governan costs are induded in supp)rt Costs associated with ensur1 the charty meet5 its fiduciary duties. Charitable aCtity costs include grants payable to third partie5 in fvrtherance of the tharitable objects of the charity. Page.. 9
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st December 2023 Accountlng Pollcles Icontlnuedl n Crfil¢¥l ac¢ountlni e5tTmale5 and ar of lud8ement In preparing finanaal statements it is newsary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. There are no estimates considered to have a significant effect. 81 Flnancial Instruments Cèsh and Cash EquhalLMts Cash and cash eqyivalents indude cash at banks and in hand and short temi deposits with a maturity date of three months or less. Grants and don•tlons Totsl 2022 Unrfrkted 2023 Donation5 45.C 45,OLKJ 30,525 45.( 45.fK 30.525 Charftsble artfvltles Tola 2023 Total 2022 unrertrlCd Grants (note 41 Support costs (note Sl 39.270 39,270 4,444 32,037 14.183 43.714 43,714 27,854 Analysis of grants made 2023 No. 2022 No. The advancement of education The advancement of ihe arts, culture, heritage or sciÈn¢e The advancement of international devèlopment 39,270 32.037 39.270 32,037 Page.. 10
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st December 2023 Suppwt 51% 2023 2022 Independènt examinationlaudit & accountancy Legal and professional fees Miscdlaneou5 expenses 3.958 3.200 17,7701 387 4,183 Governance ¢0sts induded wrthin support costs amounted to £3.95812022: £4,570). The rharity doe5 not employ any Staff. Trustees, Remuneratlon and Reirnbwsed Expense5 No members of the Board ofTrustees received rernunerat1 for their seNces durln8 the year, nor had any eynses reimbursed. Debtors 2023 2022 Other Debtors 45,409 4,996 45.409 4.996 Creditor5: Amounts fallin8 due wlthln one ye¥ 2013 2022 Accrua15 Accrvals- grants Other Creditors 3.6¢XI 39,270 2.220 3,200 2,7C(I 45,090 General Funds The General Fund represents fund5 available for project5 and administration. If there are no funds available in the General Fund. administtstive expenditure will be mei by the Trustee& 10 Related Party Tran5artlons During the year, donations were received totall1 É45.((2022.' £30.52SI from H Farsi, trustee. 11 Key Management Personnel Key management personnel comprrse the board of trustees. The charity has no employees. Page- 11