Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**REGISTERED COMPANY NUMBER: 08249345 (England and Wales) REGISTERED CHARITY NUMBER: 1150993**
**Report of the Trustees and**
**Financial Statements**
**for the Year Ended 30 June 2025**
**for The Near East Foundation UK**
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Contents of the Financial Statements for the Year Ended 30 June 2025**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 9|
|**Report of the Independent Auditors**|10 to 13|
|**Statement of Financial Activities**|14|
|**Balance Sheet**|15|
|**Cash Flow Statement**|16|
|**Notes to the Cash Flow Statement**|17|
|**Notes to the Financial Statements**|18 to 26|
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES Reference and Administrative**
Charity Name The Near East Foundation UK Registered Charity Number 1150993 Company Number 8249345 (England and Wales) Registered Office Office 134-136, More London Place, London SE1 2RE
## **Trustees**
Anthony R. Williams Chairperson Dr. Robert N. Palmer Brown Dr. Anthony G. Williams Catherine E. Hopen Mona E Eraiba Selase Torkornoo
## **Managing Director** John Ashby
## **Auditors**
Sumer AuditCo Limited Lennox House 3 Pierrepont Street Bath BA1 1LB
## **Principal Bankers** NatWest
**Website** http://www.neareast.org/uk
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## **The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES**
## **Structure, Governance and Management**
The Near East Foundation UK ("NEF UK") was incorporated under the Companies Act 2006 on 11th October 2012 (company number 8249345) and became a registered charity of England and Wales (charity number 1150993) on 27 February 2013.
NEF UK is a charitable company with no issued share capital being limited by guarantee. The governing instrument is NEF UK's Articles of Association, the Near East Foundation ("NEF") is its sole member and the Trustees are the Charity's directors. The directors form the board of directors and are an independent body. The board of directors together with the Managing Director ensure that the Charity delivers its goals and has overall responsibility for overseeing NEF UK's strategy, finances, compliance, performance and risk. The Managing Director reports to the directors.
NEF UK is domiciled at 3 More London, London, SE1 2RE.
NEF UK is a founding member of NEF Belgium and two of its Directors sit on the Board of NEF Belgium.
Recruitment and Appointment of Directors
Director vacancies are identified by NEF UK's member and/or its directors and discussed at the general assembly meeting in accordance with the Articles of Association. Candidates for a director's position are required to submit a Curriculum Vitae and undergo an interview with the board Chairperson. The Chairperson will then invite selected candidates to meet the Managing Director and representatives of the board. The procedure for appointing and removing directors is set out in the Articles of Association. New directors are given relevant governing documents upon induction that includes information on NEF UK programming as well as the Charity's administrative and financial information.
Given the growth of NEF UK, the need for new directors has been discussed and efforts to identify potential board candidates continue. The directors have also continued to prioritise diversity in board recruitment.
## **Risk Management**
Directors are briefed on major risks faced by NEF UK as part of the annual risk briefing during the general assembly meeting. In addition, at each board meeting, directors generally receive:
- project dashboards that include programmatic and operational risks;
- overview of NEF UK's financial status;
- a risk register showing (a) occurred events/materialised risks and (b) new risks if identified;
- country-specific risk register if and when needed.
The following are key risks which NEF UK faces and related mitigation factors in place:
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## **The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES**
**Safeguarding:** NEF UK and/or its affiliates fail to prevent harm.
**Fundraising:** changes in the economic and/or political environment negatively impact NEF UK income and growth.
**Development Impact Bond (DIB):** the contractual instruments of the DIB are substantially delayed creating a financial strain on NEF UK cashflow. **Compliance in volatile environments:** failure by NEF UK, its partners and affiliates to comply with contractual requirements in volatile and high-risk environments where NEF works or to adequately respond to Donor's increased focus on compliance and accountable delivery.
NEF UK introduced new policies and procedures and has established practices to name a Safeguarding Focal Point within the Board. The focal point is the Chairperson of the Board. In his or her role as focal point the Chairperson makes an effort to deepen her or his knowledge of protection standards, coordinates with the designated compliance officer regular policy reviews and stays abreast of good practices and regulations. Safeguarding training for NEF UK staff and volunteers is compulsory and repeated annually. Frequency of training is communicated to all of NEF UK's funding agencies and entities. Background checks are in place for all staff and an ethics hotline is monitored 24/7 by a third-party provider:(https://www.whistleblowersecurity.com)In addition, NEF UK has established a local process for reporting and designated a local focal point for safeguarding in most of its local offices. NEF UK continues to strengthen and diversify its income streams. NEF UK is putting in place rigorous processes for budgeting, monitoring of financial performance and capitalising on the NEF Family of Entities to reach Value for Money (VfM) on staff allocation through secondment processes and cross tasking. Risks associated with fundraising post-Brexit have placed further risk considerations in this category. NEF UK's CFO puts in place mitigation measures to contain costs and avoiding shortcomings on project implementations. NEF UK has put in place systems for periodic programmatic and operational audits. NEF UK regularly reviews its implementation and management practices and tries to ensure that those working with NEF abide by NEF's Code of Conduct, ethics standards and that all staff members are held accountable for their work.
## **Related Parties**
None of the Directors receive remuneration or other benefits from their engagement with NEF UK. NEF UK Directors may be nominated to the NEF Belgium board but do not receive remuneration or benefits from such role.
NEF UK is a member of the Near East Foundation Family of Entities and as such works in partnership with all other NEF Entities both at the Headquarters and field levels sharing resources and knowledge. NEF UK is a founding member of NEF Belgium and as such has the right to appoint UK-based directors to that board.
NEF UK works in formal partnership with a growing number of Donors and Partners. Please refer to the Donors and Partnerships section 4 for further information.
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**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES 3. Purpose, Aims and Activities (projects) Mission Statement**
The object of the Charity is to build more sustainable, prosperous and inclusive communities in the Middle East and Africa through education, community organising and economic development.
## **Aims**
NEF UK aims to promote (a) sustainable development for the benefit of the public by the preservation, conservation and the protection of the environment and the prudent use of resources; (b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; (c) the promotion of sustainable means of achieving economic growth and regeneration.
## **Activities/Projects**
During the 2024-2025 fiscal year, NEF UK implemented the following projects:
## [ARMENIA]
**"Waste-to-Warmth" pilot project in Armenia** . The pilot established a social enterprise in a border community impacted by the Nagorno-Karabakh conflict which will produce and sell eco-briquettes to reduce residents' dependency on unsustainable harvesting of firewood, as well as create local jobs. Co-financed by Aurora Humanitarian Initiative [$50,028] and the Dadourian Foundation [$15,000]. Start date: March 2023; End date: December 2024.
## [IRAQ]
**Innovate Mosul: Strengthening the Green and Digital SME Ecosystem** . This project provided tailored business management training and networking support to 200 youth-led small and medium enterprises (SMEs) in the green and digital sectors to foster economic growth and job creation. Financed through a grant of $570,000 from United Nations Development Programme (UNDP) Iraq. Start date: June 2025; End date: December 2025.
## [JORDAN]
**Refugee Impact Bond** . The Refugee Impact Bond leveraged an up-front investment of $9,825,000 for NEF UK to deliver a vocational, entrepreneurship, and resilience-building programme for refugees and members of the host communities in Jordan. This programme was supported by the Norwegian Agency for Development Cooperation (NORAD), the U.S. International Development Finance Corporation (DFC), the IKEA Foundation, Novo Nordisk Foundation and FERD AS. NEF UK received the initial working capital as loan disbursements 2022, 2023, and 2024 of £2,852,684, £4,928,254, and £908,450 respectively. Repayment obligations on the debt financing of £7,158,985 as of June 30, 2025, were guaranteed by Funders NORAD, IKEA Foundation & Novo Nordisk, without further obligation on NEF UK. As of June 2025, the Refugee Impact Bond had a restricted fund balance of £274,125. This represents revenue that was recognized in fiscal year ending June 30, 2022, according to UK GAAP, that will be expensed in future years. This will remain in the restricted fund balance until fully expended. Start date: October 2021; End date: September 2025.
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**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES**
## [MALI]
**Program to Support Food Security and the Resilience of Populations to Social and Climate Crises in the Region of Mopti (PASARC II)** . The Ministry of Foreign Affairs of the Government of the Netherlands has funded a second phase of the PASARC I project. This 5-year, £9,000,000 follow-on project aims to improve the food security and resilience of rural populations in the Mopti region of Mali in the face of shocks related to climate change and social crises by strengthening the integrated management of natural resources by sustainably increasing the productivity and focus of value chains in the rural sector. As of June 2025, PASARC II has a restricted fund balance of £818,139. This represents revenue that was recognized in fiscal year ending June 30, 2024, according to UK GAAP, that will be expensed in future years. This will remain in the restricted fund balance until fully expended.
Start date: November 2018; End date: December 2025.
## [SOUTH SUDAN & SUDAN]
**Advancing Self-reliance among Displacement-affected Communities in Sudan and South Sudan** . This multi-country, multi-year project grant in neighbouring states in both Sudan and South Sudan worked to improve self-reliance among displacement affected populations (refugees, internally displaced, returnees, host communities) using long-term development approaches in various settings (urban, rural, camp, non-camp).
Financed through a grant of $1,270,583 from the United Nations Office for Project Services (UNOPS). Start date: August 2022; End date: December 2024.
## [SOUTH SUDAN]
**Resilience and Recovery for Crisis-Impacted Communities in South Sudan** . This project supported COVID, conflict, climate, and crisis-impacted people in South Sudan to reduce their risk of food insecurity, recover livelihoods and build resilience to future shocks and disruptions. Through the establishment of payam level associations, NEF supported communities to improve income, food security, agriculture production, coping strategies, WASH conditions, and access to finance.
Financed through a grant of $650,000 from Vitol Foundation and $250,000 from the Center for Disaster Philanthropy. Start date: June 2023; End date: May 2025.
## [SUDAN]
Integrated Reproductive Health and Gender-based Violence Services. The programme delivers emergency health and protection services across Sudan, including critical health infrastructure rehabilitation and maintenance, solarisation of health clinics, and procurement of key medical inputs to support frontline health service delivery. Additionally, NEF works to strengthen emergency preparedness, response, and all-hazards emergency risk management of service providers through capacity building. Financed through a grant of $2,717,609 from United Nations Population Fund (UNFPA). Start Date: January 2023 - End Date: December 2025
**Resilience for Peace & Stability, Food and Water Security Innovation Grant Program** . The programme contributed to inclusive economic growth and built resilience in 13 non-timber forest product-producing communities through the provision of bundled financial and technical services. It supported 3,000 entrepreneurs (75% women) involved in non-timber forest products and other cash crops to increase organisation, economic empowerment and a favourable institutional environment.
Financed through a grant of $300,000 from Stockholm University / Stockholm Resilience Centre / Global Resilience Partnership.
Start Date: July 2022 - End Date: December 2024
## [SYRIA]
**Syria Revolving Fund (RCF) to support Livelihoods Recovery in Syria** . This project (a $983,162 cost-share to an institutionally funded project awarded to NEF) aimed to ensure conflict-affected micro and small entrepreneurs in Syria have access to finance to start or scale their businesses and strengthen the local economy.
Start date: May 2022; End date: June 2025
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**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES**
## **Monitoring and Evaluation**
NEF UK is committed to the robust monitoring and evaluation of its activities in order to measure effectively their impact on the lives of those it supports. NEF UK designs monitoring and evaluation frameworks for all of its projects. It has dedicated staff at headquarters and local levels with responsibility for systematically overseeing and assessing project performance. Evaluation processes include monitoring of key indicators, which are reported (1) to donors through monthly, quarterly or annual reports and (2) to the Board of Directors through project dashboards and project briefs (generally distributed at board meetings).
NEF UK often works with external evaluators, which allows it to monitor performance and to scrutinise and improve its work. The NEF Family of Entities produces a consolidated Annual Report that is freely available to anyone and posted on the NEF website.
Finally, NEF UK believes that evaluation processes are crucial to enable organisational learning and effective design and delivery of projects. The NEF Family of Entities regularly reviews its impact goals and their alignment to NEF's mission. NEF has designed a global database to track and monitor data with the aim of generating efficient impact assessments across its programmes. As with all NEF Entities, NEF UK publishes project data to the International Aid Transparency Initiative (IATI) datastore where information is openly available under an open license.
## 4. Donors and Partnerships
NEF UK has received and receives funds from: United Nations Office for Project Services (UNOPS), United Nations Population Fund (UNFPA), United Nations Development Programme (UNDP), Global Resilience Partnership, Arab Gulf Programme for Development, Aurora Humanitarian Initiative Charitable Foundation, the DFC, IKEA Foundation, Novo Nordisk Foundation, NORAD, FERD AS, the Asfari Foundation, the European Commission, the Government of the Netherlands, UKAid Direct, City & Guilds Group, Trafigura Foundation, Rangoonwala Foundation, Big Lottery Fund, Comic Relief, Oak Foundation, Open Society Foundation, Vitol Foundation, Cowater Sogema and Cherie Blair Foundation.
NEF UK partners with local and community-based organisations in all countries where it implements projects. A detailed listing of all partners is available in the NEF consolidated annual report as well as in project-specific briefs and on the NEF website.
## **5. Fundraising**
NEF UK was created to advance the shared values and mission of the Near East Foundation, continuing an over one hundred-year-old legacy of humanitarian and development work abroad. NEF UK is mobilising UK-based and other international constituencies to find innovative, impactful, and cost-effective solutions to critical development and humanitarian issues. NEF UK's capacity and relevance are reflected in an already strong track record of high-impact, multi-year projects with support from partners such as the DFC, IKEA Foundation, Novo Nordisk Foundation, NORAD, FERD AS, Cherie Blair Foundation for Women, European Union, Big Lottery Fund, City & Guilds Group, Vitol Foundation and Comic Relief. NEF UK has led and continues to lead multi-year projects in Armenia, Morocco, Jordan, Lebanon, Mali, the Occupied Palestinian Territories, Sudan and Syria.
A robust fundraising strategy allows NEF UK to (1) close gaps not covered by direct or indirect cost recovery for NEF UK's programme activities, (2) invest in new initiatives and opportunities (e.g., investing in strengthening NEF UK blended financing mechanisms and fund pilot projects in new and critical locations such as South Sudan, Libya and Syria among others), (3) cover unexpected costs that will help us better respond to uncertain government funding and shifting needs on the ground, and (4) elevate the organisation's mission and raise awareness of its work in the UK and abroad. The goals and activities outlined in NEF UK's strategic fundraising plan, which is led by a team of fundraising and business development professionals and is discussed with the NEF UK Board of Directors, serve to establish a strong foundation for financial, operational, and programmatic stability as well as continued growth.
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**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **OBJECTIVES AND ACTIVITIES**
## **6. Future Plans**
NEF UK will continue to grow its programmes in the next fiscal year.
To date NEF UK has secured funding from public and private sector investors and donors to fund a Development Impact Bond to support livelihoods opportunities for refugees and their vulnerable host communities in Jordan and Lebanon. In addition, NEF UK has submitted proposals and secured funding from: (a) Government of the Netherlands to further scale the PASARC programme in Mali; (b) International Organization for Migration (IOM) to deliver emergency WASH services in Sudan; (c) United Nations Population Fund (UNFPA) to strengthen community-driven approaches to prevent and respond to GBV while promoting women's and girls' empowerment in conflict- and displacement-affected settings in Sudan and (d) continues to raise funds for the next phase of the Development Impact Bond (DIB) targeting refugees and host communities in Jordan, and for contributions to the blended finance mechanism to support a Revolving Credit Facility in Syria.
NEF UK has moved forward with its plans to pursue public commercial tendering and is awaiting donors' responses on several submitted proposals for potential projects in Iraq and Lebanon.
Furthermore, and as referenced above, the NEF UK Board has committed to (a) increasing the number and diversity of its Trustees/Directors on the board and (b) reviewing NEF UK fundraising policies and processes. In addition, the Board has approved a draft succession plan that can guarantee business continuity in case of short- or long-term emergencies.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
08249345 (England and Wales)
## **Registered Charity number**
1150993
## **Registered office**
Office 134-136 3 More London Place London SE1 2RE
## **Trustees**
A G Williams R N P Brown A R Williams J Garrett (resigned 31.12.24) E M Eraiba Ms C E Hopen S Torkonoo
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**The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS Auditors**
Sumer Auditco Limited Statutory Auditor Chartered Accountants Lennox House 3 Pierrepont Street Bath Somerset BA1 1LB
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Near East Foundation UK for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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## **The Near East Foundation UK (Registered number: 08249345)**
## **Report of the Trustees for the Year Ended 30 June 2025**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The Directors recognise that they are responsible for preparing the Directors' Report and the financial statements in accordance with all applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Whales requires the Directors to prepare financial statements for each financial year which give a true and fair representation of the state of affairs of the Charity they govern and of the incoming resources and application of those very resources for the period indicated. In preparing these statements, the Directors:
(a) adopt suitable accounting policies and apply them consistently
(b) observe the methods and principles of the Charity SORP
(c) apply judgments and estimates that are prudent
(d) state whether accounting standards have been followed and apply proper oversight on the financial and compliance functions of the Charity
(e) prepare financial statements on the going concern basis unless it is not appropriate to presume that the Charity will continue its business.
The Directors are aware that they are responsible for (a) making sure that accounting records are kept in accordance to the law (b) that accurate disclosures on the financial position of the Charity are made at all time and when requested (c) that financial records provided to them enable them to ascertain to ensure that the financial statements comply with the Charity Act 1993, all applicable Charity Regulations and the provision of the Charity (d) safeguarding the assets and reputation of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, including but not limited to financial mismanagement (e) the maintenance and integrity of the Charity and all financial information included on any of the Charity's related publications electronic or otherwise.
## **AUDITORS**
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
21/05/2026
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. A R Williams - Trustee
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## **Report of the Independent Auditors to the Members of The Near East Foundation UK**
## **Opinion**
We have audited the financial statements of The Near East Foundation UK (the 'charitable company') for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Auditors' 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 UK, including the FRC'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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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## **Report of the Independent Auditors to the Members of The Near East Foundation UK**
## **Matters on which we are required to report by exception**
In the light of the 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 Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **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.
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.
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## **Report of the Independent Auditors to the Members of The Near East Foundation UK**
## **Our 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Charities Act, Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.
We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We also utilised the work of group auditors on specific projects to further understand how the charitable company complies with these requirements.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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 Report of the Independent Auditors.
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## **Report of the Independent Auditors to the Members of The Near East Foundation UK**
## **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 auditors' 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Cunningham (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Chartered Accountants Lennox House 3 Pierrepont Street Bath Somerset BA1 1LB 22/05/2026 Date: .............................................
Page 13
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
## **The Near East Foundation UK**
## **Statement of Financial Activities for the Year Ended 30 June 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Charitable Activity
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Charitable Activity
Net foreign exchange gains/(losses)
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
16
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
431,812
-
-
431,812
151,916
(221,804)
(69,888)
501,700
(446,337)
55,363
121,638
177,001|
Restricted
funds
£
228,372
4,336,234
322,541
4,887,147
4,678,005
-
4,678,005
209,142
446,337
655,479
1,131,575
1,787,054|2025
Total
funds
£
660,184
4,336,234
322,541
5,318,959
4,829,921
(221,804)
4,608,117
710,842
-
710,842
1,253,213
1,964,055|2024
Total
funds
£
563,212
2,962,630
389,860
3,915,702
4,629,710
237,593
4,867,303
(951,601)
-
(951,601)
2,204,814
1,253,213|
|---|---|---|---|---|
The notes form part of these financial statements
Page 14
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
## **The Near East Foundation UK (Registered number: 08249345)**
|**Balance Sheet**
**30 June 2025**
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
11
12,930
**CURRENT ASSETS**
Debtors
12
156,794
Investments
13
1,449
Cash at bank
19,863
178,106
**CREDITORS**
Amounts falling due within one year
14
(14,035)
**NET CURRENT ASSETS**
164,071
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
177,001
**CREDITORS**
Amounts falling due after more than one year 15
-
**NET ASSETS**
177,001
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|
Restricted
funds
£
-
9,006,204
-
81,328
9,087,532
(7,300,478)
1,787,054
1,787,054
-
1,787,054|2025
Total
funds
£
12,930
9,162,998
1,449
101,191
9,265,638
(7,314,513)
1,951,125
1,964,055
-
1,964,055
177,001
1,787,054
1,964,055|2024
Total
funds
£
25,285
6,512,510
1,706
3,074,013
9,588,229
(591,667)
8,996,562
9,021,847
(7,768,634)
1,253,213
121,638
1,131,575
1,253,213|
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21/05/2026 ............................................. and were signed on its behalf by:
............................................. A R Williams - Trustee
The notes form part of these financial statements
Page 15
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
|**The Near East Foundation UK**
**Cash Flow Statement**
**for the Year Ended 30 June 2025**
2025
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
(3,295,363)
Net cash used in operating activities
(3,295,363)
**Cash flows from investing activities**
Purchase of current investments
-
Interest received
322,541
Net cash provided by investing activities
322,541
**Change in cash and cash equivalents**
**in the reporting period**
(2,972,822)
**Cash and cash equivalents at the**
**beginning of the reporting period**
3,074,013
**Cash and cash equivalents at the end**
**of the reporting period**
101,191|2024
£
(1,664,199)
(1,664,199)
(1,706)
389,860
388,154
(1,276,045)
4,350,058
3,074,013|
|---|---|
The notes form part of these financial statements
Page 16
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Cash Flow Statement**
## **for the Year Ended 30 June 2025**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
Increase in debtors
(Decrease)/increase in creditors
**Net cash used in operations**|2025
£
710,842
12,355
(322,541)
(2,650,488)
(1,045,531)
(3,295,363)|2024
£
(951,601)
23,478
(389,860)
(665,937)
319,721
(1,664,199)|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank and in hand
**Liquid resources**
Deposits included in cash
Current asset investments
**Total**|At 1.7.24
£
3,074,013
3,074,013
-
1,706
1,706
3,075,719|Cash flow
£
(2,972,822)
(2,972,822)
-
(257)
(257)
(2,973,079)|At 30.6.25
£
101,191
101,191
-
1,449
1,449
102,640|
|---|---|---|---|
The notes form part of these financial statements
Page 17
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Financial Statements for the Year Ended 30 June 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Staff costs include both NEF UK staff as well as costs of people not directly employed by NEF UK but working on NEF UK projects.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - Straight Line over 5 years
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 18
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2025**
|**2.**
**DONATIONS AND LEGACIES**
Contributions
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Grants
Grants received, included in the above, are as follows:
EU Grants
PASARC
United Nations
Development Impact Bond Income
**5.**
**CHARITABLE ACTIVITIES COSTS**
Charitable Activity
Net foreign exchange gains/(losses)
**6.**
**SUPPORT COSTS**
Charitable Activity
Net foreign exchange gains/(losses)|Direct
Costs
£
4,754,779
-
4,754,779
Management
£
75,142
-
75,142|2025
£
660,184
2025
£
322,541
2025
Charitable
Activity
£
4,336,234
2025
£
-
1,654,979
539,364
2,141,891
4,336,234
Support
costs (see
note 6)
£
75,142
(221,804)
(146,662)
Finance
£
-
(221,804)
(221,804)|2024
£
563,212
2024
£
389,860
2024
Total
activities
£
2,962,630
2024
£
29,227
851,447
547,624
1,534,332
2,962,630
Totals
£
4,829,921
(221,804)
4,608,117
Totals
£
75,142
(221,804)
(146,662)|
|---|---|---|---|
|||||
|||||
|||||
Page 19
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 30 June 2025**
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Depreciation - owned assets|2025
£
12,355|2024
£
23,478|
|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024.
## **9. STAFF COSTS**
|Wages and salaries
Wages - seconded staff|2025
£
439,634
816,482
1,256,116|2024
£
403,630
999,587|
|---|---|---|
|||1,403,217|
The average monthly number of employees during the year was as follows:
|Direct employees|2025
5|2024
5|
|---|---|---|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£130,001 - £140,000|2025
1
1
-
-
2|2024
1
-
1
1|
|---|---|---|
|||3|
Page 20
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
## **The Near East Foundation UK**
|**Notes to the Financial Statements- continued**
**for the Year Ended 30 June 2025**
**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
349
**Charitable activities**
Charitable Activity
-
Investment income
166,186
**Total**
166,535
**EXPENDITURE ON**
**Charitable activities**
Charitable Activity
431,810
Net foreign exchange gains/(losses)
104,716
**Total**
536,526
**NET INCOME/(EXPENDITURE)**
(369,991)
**Transfers between funds**
424,809
**Net movement in funds**
54,818
**RECONCILIATION OF FUNDS**
Total funds brought forward
66,820
**TOTAL FUNDS CARRIED FORWARD**
121,638
**11.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 July 2024 and 30 June 2025
**DEPRECIATION**
At 1 July 2024
Charge for year
At 30 June 2025
**NET BOOK VALUE**
At 30 June 2025
At 30 June 2024|
Restricted
funds
£
562,863
2,962,630
223,674
3,749,167
4,197,900
132,877
4,330,777
(581,610)
(424,809)
(1,006,419)
2,137,994
1,131,575||Total
funds
£
563,212
2,962,630
389,860
3,915,702
4,629,710
237,593
4,867,303
(951,601)
-
(951,601)
2,204,814
1,253,213
Motor
vehicles
£
153,066
127,781
12,355
140,136
12,930
25,285|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
|||||
|||||
Page 21
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
## **The Near East Foundation UK**
|**Notes to the Financial Statements- continued**
**for the Year Ended 30 June 2025**
**12.**
**DEBTORS**
2025
£
Amounts falling due within one year:
Other debtors
7,655,826
Prepayments and accrued income
1,507,172
9,162,998
Amounts falling due after more than one year:
Other debtors
-
Aggregate amounts
9,162,998
**13.**
**CURRENT ASSET INVESTMENTS**
2025
£
Other
1,449
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2025
£
Trade creditors
141,493
Other creditors
7,159,664
Accruals and deferred income
13,356
7,314,513
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2025
£
Other creditors
-||2024
£
75,129
359,226
434,355
6,078,155
6,512,510
2024
£
1,706
2024
£
569,166
10,601
11,900
591,667
2024
£
7,768,634|
|---|---|---|
||||
Page 22
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
## **The Near East Foundation UK**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 30 June 2025**
## **16. MOVEMENT IN FUNDS**
|Net
movement
At 1.7.24
in funds
£
£
**Unrestricted funds**
General fund
121,638
501,700
**Restricted funds**
PASARC II
394,100
430,374
DIB Jordan
274,403
226,003
Syria - Vitol NES Phase II
357,171
(40,594)
SY-NEF UK Revolving funds
67,742
-
AM -Waste to warmth
-
(14,281)
Sudan United Nations Office for
Project Services (UNOPS)
-
(148,335)
Sudan Global Resilience Partnership
-
(34,277)
Sudan Lakes Program
32,784
(281,675)
SS United Nations Office for Project
Services (UNOPS)
-
3,100
Sudanese Red Crescent Emergency
Response Plan
5,375
-
Sudan United Nations Population Fund
for HIV & Aids
-
69,380
UK - SFS Syria
-
(553)
1,131,575
209,142
**TOTAL FUNDS**
1,253,213
710,842
Net movement in funds, included in the above are as follows:|Transfers
between
funds
£
(446,337)
-
-
-
-
14,281
148,335
34,277
248,891
-
-
-
553
446,337
-|
At
30.6.25
£
177,001
824,474
500,406
316,577
67,742
-
-
-
-
3,100
5,375
69,380
-
1,787,054
1,964,055|
|---|---|---|
|**Unrestricted funds**
General fund
**Restricted funds**
PASARC II
DIB Jordan
Syria - Vitol NES Phase II
AM -Waste to warmth
Sudan United Nations Office for
Project Services (UNOPS)
Sudan Global Resilience Partnership
Sudan Lakes Program
SS United Nations Office for Project
Services (UNOPS)
Sudan United Nations Population Fund
for HIV & Aids
UK - SFS Syria
**TOTAL FUNDS**|Incoming
resources
£
431,812
1,654,979
2,417,235
-
(1,809)
309,306
(19,675)
230,181
29,283
264,291
3,356
4,887,147
5,318,959|
Resources
expended
£
69,888
(1,224,605)
(2,191,232)
(40,594)
(12,472)
(457,641)
(14,602)
(511,856)
(26,183)
(194,911)
(3,909)
(4,678,005)
(4,608,117)|
Movement
in funds
£
501,700
430,374
226,003
(40,594)
(14,281)
(148,335)
(34,277)
(281,675)
3,100
69,380
(553)
209,142
710,842|
|---|---|---|---|
Page 23
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 30 June 2025**
## **16. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
PASARC II
DIB Jordan
Jordan - WPF
Syria - Vitol NES Phase II
SY-NEF UK Revolving funds
SY-VITOL - NWS Earthquake recovery
AM -Waste to warmth
Sudan United Nations Office for
Project Services (UNOPS)
WASH services in South Kordofan
State
Sudan Global Resilience Partnership
Sudan Lakes Program
Sudan IOM DP
ML PNUD
ML PNUD II
Sudanese Red Crescent Emergency
Response Plan
**TOTAL FUNDS**|At 1.7.23
£
66,820
1,142,864
274,125
56,113
214,935
79,210
44,083
39,198
148,718
52,730
86,018
-
-
-
-
-
2,137,994
2,204,814|Net
movement
in funds
£
(369,991)
(585,019)
185,174
(56,113)
159,159
(11,468)
(39,887)
(39,099)
(118,125)
(52,730)
(80,762)
54,636
(12,882)
8,015
2,116
5,375
(581,610)
(951,601)|Transfers
between
funds
£
424,809
(163,745)
(184,896)
-
(16,923)
-
(4,196)
(99)
(30,593)
-
(5,256)
(21,852)
12,882
(8,015)
(2,116)
-
(424,809)
-|
At
30.6.24
£
121,638
394,100
274,403
-
357,171
67,742
-
-
-
-
-
32,784
-
-
-
5,375
1,131,575
1,253,213|
|---|---|---|---|---|
Page 24
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2025**
## **16. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
PASARC II
DIB Jordan
Jordan - WPF
Syria - Vitol NES Phase II
SY-NEF UK Revolving funds
SY-VITOL - NWS Earthquake recovery
AM -Waste to warmth
Sudan United Nations Office for
Project Services (UNOPS)
WASH services in South Kordofan
State
Sudan Global Resilience Partnership
Sudan Lakes Program
Sudan IOM DP
SS United Nations Office for Project
Services (UNOPS)
ML PNUD
ML PNUD II
Sudanese Red Crescent Emergency
Response Plan
**TOTAL FUNDS**|Incoming
resources
£
166,535
851,447
1,758,006
-
274,681
-
-
-
349,549
(52,730)
44,427
276,680
29,227
23,940
137,922
44,516
11,502
3,749,167
3,915,702|
Resources
expended
£
(536,526)
(1,436,466)
(1,572,832)
(56,113)
(115,522)
(11,468)
(39,887)
(39,099)
(467,674)
-
(125,189)
(222,044)
(42,109)
(23,940)
(129,907)
(42,400)
(6,127)
(4,330,777)
(4,867,303)|
Movement
in funds
£
(369,991)
(585,019)
185,174
(56,113)
159,159
(11,468)
(39,887)
(39,099)
(118,125)
(52,730)
(80,762)
54,636
(12,882)
-
8,015
2,116
5,375
(581,610)
(951,601)|
|---|---|---|---|
The restricted fund represent grants and contributions received from the various bodies to deliver the projects as outlined in our Trustees' Report.
As part of the Trustees' ongoing consideration of reserves, a review has been undertaken during the year to assess the utilisation of unrestricted funds and allocation of overhead costs to specific projects. Transfers between the funds shown above include the necessary adjustments. The transfers represent centrally costed overheads that are directly linked to each specific projects.
## **17. CONTINGENT LIABILITIES**
The organisation entered into a finance agreement in a previous accounting period. The Refugee Impact Bond leveraged an up-front investment of $9,825,000 for NEF UK to deliver a vocational, entrepreneurship, and resilience-building programme for refugees and members of the host communities in Jordan. This program is supported by the Norwegian Agency for Development Cooperation (NORAD), the US International Development Finance Corporation (DFC), the IKEA Foundation, Novo Nordisk Foundation and FERD AS. NEF UK received the initial working capital as a loan disbursement of £4,928,254 in 2022 with a further £2,852,684 received in 2023. Repayment obligations on the debt financing of £7,780,938 are guaranteed by Funders NORAD, IKEA Foundation & Novo Nordisk, without further obligation on NEF UK.
Final calculation of bond obligations were reached post year end and the balance cleared by the funders in December 2025 in-line with the bond agreement.
Page 25
continued...
Docusign Envelope ID: F944AB22-DDC4-84AA-83B3-34A46E7418B5
**The Near East Foundation UK**
**Notes to the Financial Statements - continued for the Year Ended 30 June 2025**
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 June 2025.
Page 26