ISFF ir4 THE MOHAMED S FARSI FOUNDAlloN Company No. 06775730 Charfty Ilo. 1128012 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Mohamed S. Farsi Foundation Contents Legal artd AdmlnlstrotloTh Trusw. Re Indepèndent ENarfner Rep ststemerbt of FIntial alance Sheet StstemeN oftssh fkn*5 Notestv the Finanoal Statements 9-11
The Mohamed S. Farsi Foundation Legal and Administration Re6lster•d Chaflty pio. 1128012 Re8lstered Company N 6775730 Registered AddrÈs>' 9 Appold Street London EC2A 2AP Trustees: Mr. Hani Farsi Mr. Joshua Hanfling Mr. Hassan Dajani Mr5. Louise Adams Independent Examiner Moore Kin8Ston Smith LLP 9 Appold Street London EC2A 2AP Bankws: Coutts & Co. 440 Strand London WC2R OQS The Boverning documents of the Fotsndation are the Memorandvm and Artides of Association, last amended on 5 Febwary 2(. The charitable company was incorForated on 17 Detember 21M)8 The charity is limited by guarantee and thÈrefore does not have a share capital. The liability ofthe members is limited to the sum of £1 per mwnber. Page.. I
The Mohamed S. Farsi Foundation Trustee Report 2024 The Trustees of The Mohamed S. Farsi FoundatN)n are pleased to present thi5 report and independenily examined financial statements for the year endi 31 December 2024. The TrusteÈ5 confirm the annual report and financial statements Comp with current statutory requirements, the requirements of the Charity5 8overnin8 document and the provision5 of the Statemenl of Recommended pra1{SoAPl.A¢(ounting and Reporting by Charrties.. OtsIKtl¥es and A¢ii¥ltks The Mohomed S. FaN Fodation has four areas of focus. All of ourefforts are for the benefit of the public and are exclusivety charitable. We especially prioiit15e social return on our investments. seek the guFd3nce of advisors in meeting eath of the below objectwes. and 5UPPOrt organization5 that show a commilment to innovation and bi8 ideas. In particular we focus on= Education,. Health or the savin8 of INes.' The arts. culture. heritage or science." and International development. Y•ar in ftevlew The Foundètlon continues to rv4Sew proAerts that further its charrtable aims wkh the focus thls year beir6 on educatton. Fundlng has been slow in Comlngthroh. althouBh the Foundation's founder has confimied funding will be recep1 by the Foundation to eae grnnts to be made for applicafjons recelved Fh)St year end. Durlng the year. the Trustees confird the* commrtment to fund. in due COLKSe. educational projerts Tun ty South Kent Sthool and the American Unlversity including The Abdul Aziz Said Chair in international pèace and confiKt resUlL Grant Mak0 Policy and Or8athi5ational Strlt The MSFF does not at¢ept unsolicited requests for fundiNd. AJI grant requests come through the irustee5 and are then distUS5ed with the board at its quarter mettiw. If approved by the board. appropriate due dilenCe is completed prior to the issuw)g of the 8ranL The Foundation has a strirt policy of inclusiveness and onty funds or8anisations that rneet this standard in their operations. employmenL and advocacy. The Foundation prefer5 requests for programs. and tends not to fvnd ewents. overheads or endowmènts other than for Strate8ic Partners or le8ary 8raniees. The trustees refer to the guidance in the Charrty Commission's guidance on Public Benefit when reviewing the Foundation'5 airns and objectrves. and planning future activities. The trustèes are Tespjnsible for following up on the grants and ensuring the money is being used as directed. 35 wel as for the MSFF webstte and all extemal communitations for the Foundation. Page: 2
The Mohamed S. Farsi Foundation Trustee Report 2024 tw• Plans A primary focus of 2024 be the continuing review Of the Foundatlon's future strategic wiorities for the reyt decade. Lega¢y ¢ornmitments will tt+ntinue through0 thi5 process. nancial Revlew In the year, a £80.() commilrnent incIling a £S.IM) donath)n was e1ved from the Foundation's founder and trustee. and this was the onfy income in theyear. The Foundation spent £73,622 on charitable actNities and awarded grants totall É67.766 in the turnt financial year. At the year end the charity had total reseF¥es of £10,95512023.' E4.5771, all of which were unrestricted. The FoUndatn.5 founder and trustee will continue to support the charity in a personal capacity for a period of at least 12 months from the date of approval of the financial statements. ReseThes POIKV The Foundation does not have reserves at this time. All grants and expenses in 2024 were funded on an as-neetled b35is. The need for, and p)teniial advantages of. a reserve policy will be reviewed future Yea as the Foundation continues to 8row. Rlsk Mana8em•nt The Trustees regttlarty examine the major risks to which the Foundation is exF)osed and, when any particular risks are deemed significant. discuss them at Tru5tees' meetings a5 well as appropri3le steps necessary lo rnitl8ate them. The Foundation's furtd1 sources have been disrupted as a result of the pandemit and activities continued to be curtailed in the current year. There were no other si8nifKant risks entifIed during 2024. Appolntment olTrusto•s The Foundation bylaw5 allow any person who is willing and legally rmItted to act as a trustee a5 appointed by ordin•ry resolution of the members. St•tement ofTrusteÈs' Rewnslbllltles The trustees lof which Mr Hani Farsi is also a director of The Mohamed S. Faisi Foundation for the pvrposes of company lawl are responsible for weparing the Trustees. RÈport and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Urmted Kingdom Generally Accepted Accounting practi). Company law requires trustees to prepare finantial ststements for e*h financial year. Th15 give5 a true and fair view of the state of the affairs of the charitable company and of the incornin8 resoufces and apIcatIon of resources, incl11 the income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to.. Page.. 3
The Mohamed S. Farsi Foundation Trustee Report 2024 select suitsble accountiThd polities and then appty them con5iStentty- • observe the methfyJ5 and kKinciples in the Charities SORP.. make judgements and estimates that are reasonable and prudent. state whether applicable UK A¢counting Standards have been followed. subjert to any material departures disclosed and explained in the financial staternents,. and prepare the finantial statements on the going Conrn basis unless it Is inappropriate to presume that the chaiitsble ¢ompany will contlnue Ffb business. The Trustees are responsible for keeping proper atounting records that dist105e With reasonable accvracy at any time the financial position of the charitable company and enable them to ensure that the financial statements compty with the Companies Act 211)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deteuion of fraud and other irregularities. This report has been prepared in actordance with the special provisions of Part 15 of the Companies Aci 20C6 applicable to small companie5. Independént Emaffllnevs Moore Kingston Smith LLP have indicated their willingne55 to continue in Offi and it is prnposed that they be re-appointed independent examiners for the ensuir8 year. This report was approved by the Trustees on 29 soptemr 2025 and signed On their behall by". Hanl Far Trustee Page- 4
Report of the Independent Examiner to the Trustees of The Mohamed S. Farsi Foundatlon I yert to the charity trustees on nry ey2miMtth of tlN7 accounts of the Company for the year ended 31 De(ember 2024. whl¢h tOMpr the Ststemem ol Fihn¢i•l A£tlwti4 eance SheeL the St¥tement ol Cash flows and related ne$. Re5Ppnslbllte1 b•slsof repDrt As the charlvs tN5tee5 of the C(¥npany land also tts thcknr5 for the purposes of corwny lawl you a respM5ible forthe weParatI of the accounts kn atd)re wlth the requenwnts ofthe COmpanArt Ilhe Ace). NOnI satlsfied ffryselFthit the accountsof theC(fftp•ty¥re ry)t requlred to be audiieil underPart 16of the 2{ kt and afe eli81b for independent eXannIty. I rtwrt in resFtt of my exaMInat• of your char4tVs oetounts as carried out under section 14S of the Ch•iits Act 2011 1 th¢ ZOII rfl. In cang out rrry wmirwt)n I h folowed the Oirecth)ns gfven byihe Charrty C£rfnmrknJn under sertw 145151 Ibl of the 2011 kt. Irlepend•rt Ststern I have cory4eted my examln4tm. l (onfimi that m•tt•5 come to 17YY •ttent)n In connectb)fi the examknaik)n thlnR n ¢ause to believe.. 11 a[ctl records were Th)tkept in respectofthe a5 wulred ty S¢ttv)n 386 of the 2(1)6 . or 21 the aCCotsdO nota¢cord ¥Ath those recwd%' or 31 Ihe accounts do notccrfnplywilh the accountmg reqU1ments of sertion 396 of the 2Q)6Act otherthan any requirernent ihat the a¢¢ounts gi¥ea'tnand fairf ¥ivwwhKh I5ta matterftyuidered a5 part of an Independent eXaNnati. or 41 the accounts h3¥e It been prepared in actordanre with ihe methodsand wlnciplesof the Statementof Recommended PractKe lor xcountinR¥nd reF4ytr"ng by charities. I ve no coernS and have corne •cr055 M other manws in ¢oMecth)n with the eyaminatn to whfjch attthtion Should be drawn Sn this report ordef to enab a propEr understsndin8 of the a¢c(wtsto be reached. ocle k blÈiULP Adam Fullerton. FCA DChA for ond on behalfof Moore KIty$ Smh UP 9Appold Street Lonth)n EC2A 2AP Date: 30 Septémbèr 2025 Pate: 5
The Mohamed S. Farsi Foundation Statement of Flnancial Activitie5 for the year ended 31 December Z024 Tot•1 Totsl Inwnvèfrom: &ants ar Ik>nath)ns 45.000 T•t•l 45.oc Charttable Attfvltles 73.6ZZ 73.622 43,714 Total 73.622 73,622 43.714 Il•t Incon{CApend[tj 6.378 6.378 1,286 Fwid b4(•1 Iyoveht for•rd •t lJaThMry2014 4,577 4.577 3.291 Fund b•l•nres rathed fon¥ard •t 31 De(ernbw 21114 10.955 10.955 4.577 The Staternent ofFlnancialktvts rekn results ofcontinuiTh8 XtritiES for year. Al recognised galns and knsse5 are wKhJded in the Stateftrf of FlnanclalActr4t. The notes leS 9 to Ilform part of1$tnanCIal 5tatenRnts. Page.. 6
The Mohamed S. Farsi Foundation Balance Sheet as at 31 December 2024 21I1J Debtors Cash at bank aThd in hand 120.1JXI 3,321 123J21 45.409 4.258 49.667 Credhorn: Am¢1a1ydUe withinoneye•r 1112,366) 145.() 10955 4.577 NetAsxts 4,577 Funds Unrestricted fund& Genefal fund5 10.955 4.577 10.955 4.S77 Fcf the yearended 31 December2024 the charity Wthtlld toexernptTh fMMajÈ un&r 5ett4)n 477of ihe CompafiiesAd 2006 rdating ro smaH componS. The membets have not rtquirEdthe(ompany to obtain an a111 of rtsaccourtsfortheyear In 9tIOn Kcordance Section 476 ofthe COMnIeS Att 2tsJ6. The drectors a£knth¢dtr resFons1 for conwytftg wilh the requIrets oftheAct wr(h respect toaccountkngretord5 ond for the preParan of a<counts. These accounts have bren prepared in accordance wtih the provisb)ns applKable to companies subiectto the sm)11 ¢¢mpanies KIme wiihln Part is ofthe ComWnI2(W6. 114nl F•rsl Truste• Comparbv No. [775730 Page: 7
The Mohamed S. Farsi Foundatlon Statement of Cash Flows for the year ended 31 December 2024 20 19371 63 In Intr• r•portlry pulod 19371 63 C•sh •t the th• p•vlod 4258 4.195 Cash atth• of th• r•portlty p•wlod 3321 42S8 R•¢ondlSatkn of NetMobw*KotFund5to NetC•dfflow from Op•ratlryP41¥111 flnanclal artl 6,378 L286 Adjv5trts for.. Increiselldecreasel kn C11$ Ilnrrea5el/de(rease in debttys N•t cash (used Inllprovtd•d by•)p•iaik¥ adl 67.276 174.5911 19371 39.190 140.4131 65 Cash In hand and it bank OpeniNd balante Cash.fiows CfyJs(ng lance 4,258 19371 3,321 4.195 63 4.258 Page.. 8
The Mohamed S. Farsi Foundation Notes to the Flnancial Statements For the year ended 31st December 2024 L A¢¢ouNthyP¢fKleJ Theflnanclal #aterrfits have i%en prepared In actord•mteryth the Ffjnanckil Repytry Stsndard appli¢•blt In the UK and Repu4£ of Ireland IFRS 1021. wbltshed ON 16 Jdy2015. Charttable Company Is a public benefit eThtrty forthe pu05e5 of FAS 102 and thereFiethe charitya150 prepared its financial statements in iccor&rKe wh the 51atement Df Recornrnended P(attKe •pplable to charities wep•ring their accounts irb Kcordancewlth the Flnanctsl Reportingsiandard atable the UK and Rewblr oflreland FRS 102 tharfts"esSORPI. the Cornpanies Att 2W6 and the chr1t51 2011. Thefinandal stateNits a k¥ep3red fjn stertln& whKh isthefunctkJnaltLfftncy ofthe company. Monetary arrnunts Inthese finanaalst3tementsa murtded tothe nearell prmmd. The charlty lsa wbliE bendlt entrtyasdefined FRS 102. Itexlsissowy to PW5ue ltsthrltable objectlvesand doe5 not seek to make o flnanclal return. The tru#ees have a55e55ed Wthether the use (rfthe goi(0rM b•5r5 15 approprfaie and h•ve c0Th5idered posslble events or twdln5thèl mieht c3stwifft3Tht doubt ihe •bilityof the char6table company to contlnue as a golfi8 concern. The trustees have madtthis a55essment fora pern)d of ot leastone yearfromthe date of approval of the financial statements. In PartVrttrU$tees ha¢Sidered thecharitabtèt(MnnI5 forecastsand projettlons and have taken xcowt of pres%wes on donation ifi¢ome. After maingèn4uirTesthe trntstees have Concluded that there Is a reasonable expertat thèt theth•rittWe coryany hasad4uale re%Jurce5 to continue in OFerational exlstence lorthe fore5eeaL4e fLrture. Ihe Ch•rItab comparyiherÈfore contueSt0adoPtthe concem basls In prÈp•rin¢ itsfinancial siatemefits. ¢1 Fund arntIr GEneral funds are restriCted fundsthKh are avalabbe for use at the olthetnjstees in lUrtTanceof the general ofthe ¢haritable company •Ad whh have not been deswted for other purptsse5. dl lrto Incomefrom donatKJnsartdgrnThts ts kndudedwhen re¢eNable unless tre dortr has¥(IW th•tthe donotlon or gTrnt relatesto a fUre perK>d orthat certain prtrconditions mLtst t fvlfilled belore use. In theseca5e5 the arnounts rereived are reco8nlsed In th¢ reknnt perityj orwhen the prtrcoThdr(knns have been met and Lwrtll then treated Is deferred irKome. Donalions or grants for partocular purFKises are accounted for as restricted funds. •) ExpEndllure tts basls of allD£lon Expendlture is im¢luded in the Statemeni of Fin•n¢kil Art1¥h(SOFA> on •Th accruals basi &JFPOrt costs ctyryr15e the costsof adminsttving the actfr11to1 the charrty and Is Ihrluded wlthln charftable exF¢ndittxe. GrrKe costs3 irluded in SUpt CO#$ 4550Ck1ted wilh enng1he Cty rneets Its nductsry ties. Charitable attr¢0$ts Mde¥r3nts payable tothivd partie5 kn fUrtIKe of the charitable objct5 ofthe charity. Pa8e.' 9
The Mohamed S. Farsi Foundation Notes to the Financial Statements For the year ended 31st Decembor 2024 Ac¢¢•Jnikn¢ PolSrle5 Itonttwed) ln preparinifin4ncial statements 6t L% necessary to make certain judgemEnts. estimates ind a$SuMptn$thaI affect thE aUnts recognised In fih•noal 5tateffnt& nre are estimatrs ¢tirdered to ha¥e a sitniftint effect. AnAndal Ihiirurnents Cath and Cth Ewl¥4erns Qsh and cash equw3lents IrKludeca5h at banks and h•ndand short terni Lknsits wtth a maturlty d•teof three monthsor les> GTrntsand don• Tot•1 Totsl 2023 Ik*na16ons 45.rlxi 45,((Q ChrltaNe •¢tt¥ht•S Totsl Grants Inoie41 Support costs (note 51 67.766 5.856 67.7E6 5.8 39.270 73.622 73,622 43,714 An•FoSsof¢rnnts rn•dt The a(fvancement of edutatK 67,766 39.270 67.766 39.270 Pa8e'. 10
The Mohamed S. Farsi Foundation Notss to the Financial Statements For tho year ended 31st December 2024 Supwt wsts 2024 Independeni examiner remuneration Accountan¢y ind 5ecretsrial fees P4li5celL4neous expenses 4,0 L377 479 3.958 5.856 Gorae costs ncded wfthin supportc05tsafiurtted to E4.(IXI12023: £3.9581. The Charity ths not enyloyanysthff. No memrS01 the rd ofTru5tee5 receld remuherathjn forthefjrseThtes durlngthe T. nor had anYt¢se5 reimtsjrsed. D•btors iozj Other Debt 120,iKKI 45.4(8 120.C 45.409 2024 Accruals 106.626 1,740 39.270 2.220 Other ¢Trdr(o 112.366 45,090 G¢nornlFwK The Genefil Fund rewesefitsfund5avaib1e for F>roiectsand •drnlDi5trat. If tre•re th) fund5 availalAe In ihe General Fd. adrnth1stlatr expenditurew61 be mei by the Tru5tee5. 10 Rtlthd hrty TrnnM¢thns Lring the yÈor. donatvjnstotall.ng £80.CfA>12023.. £45.(XKII re madÈ by H Fars4. trustee. É120.MO 11023: £45,0) was recelvable from H Fary at yearend. 11 Key M•n•K•mert Personnel Kty management perswnelu)rnwi5e the i)ard dtntst•> The char6ty has no empkw& pa.. 11