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2023-03-31-accounts

The Fardad Foundation CIO REPORT AND FINANCIAL STATEMENTS For the Year Ended 31 March 2023

The Fardad Foundation Contents

Page
Legal and Administrative Information 1
Report of the Trustees 2 - 12
Independent Auditor's report 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes forming part of the Financial Statements 20 - 26

The Fardad Foundation Legal and Administrative Information

Charity Name The Fardad Foundation
Charity Number 1176049
Trustees Elham Fardad
Anne Patricia Lorrimer-Roberts
Paresh Kumar Mehta
Anuoluwapo Opeyemi Adebogun
Saeed Atcha MBE DL
Registered Office Chenies House
Woodbank
Rickmansworth
WD3 4GZ
Auditors Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Bankers Lloyds Bank
Chelmsford Legg St Osc
1 Legg Street
Chelmsford
Essex
CM1 1JS
Solicitors Abbiss Cadres LLP
15 Old Bailey
London
EC4M 7EF

Page 1

The Fardad Foundation Report of the Trustees For the year ended 31 March 2023

The Trustees present the financial statements for the year ended 31 March 2023. The financial statements cover the period 1 April 2022 to 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charities Act 2011, the Memorandum and Articles of Association, and 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).

In setting objectives for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.

Structure, Governance and Management

The Fardad Foundation ("The Fardad Foundation" or "TFF") is a registered charity with registered charity number 1176049 (England and Wales).

The objectives of the charity are for the benefit of the public to advance such exclusively charitable purposes. TFF works directly with young first and second-generation migrants from deprived neighbourhoods, educational institutions and employers to provide bespoke support pathways towards the fulfilment of their true potential. TFF develops and delivers programmes, working with third parties and volunteers. The programmes include mentoring, workshops, work experiences and digital modules.

Migrant Leaders is a programme developed and delivered by The Fardad Foundation.

The Charity is governed by a board of trustees, who set the strategic and policy direction with day-to-day management functions being the responsibility of the Chief Executive and Executive Team.

The trustees who served during the reporting period and up to the date of signature were:

Elham Fardad Executive Team Trustee
Paresh Kumar Mehta Independent Trustee
Anne Patricia Lorrimer-Roberts Independent Trustee
Anuoluwapo Opeyemi Adebogun Independent Trustee
Saeed Atcha MBE DL Independent Trustee

Trustee Board updates are provided quarterly by the Chief Executive and trustees invited to quarterly Board meetings in addition to Advisory Board meetings where strategic decisions are made.

Page 2

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

The Governance of the charity includes the Executive Team, Trustees, Advisory Board, Young Leaders Panel and Patrons:

Objectives and Activities

The reporting period marks the completion of The Fardad Foundation’s fifth year as an independent UK charity founded by Elham Fardad, our Chief Executive. The strategic roadmap was set through a series of consultations at the beginning of the first period in order to create strong foundations in leadership, governance, efficiency and effectiveness of design and delivery of the programmes to the beneficiaries. TFF helps young migrants and in June 2018 at an Advisory Board the decision was taken to open up the candidate applications to all young people from disadvantaged backgrounds. This decision was in line with Elham Fardad objective to ‘give back to Britain’ for the opportunities that this country and the British people have given migrants, thereby boosting social mobility, tackling discrimination and strengthening communities:

The charity's aims are to:

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Page 3

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Page 4

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

The charity achieves these objectives by designing, developing and delivering its own programmes working with corporate partners and educational institutions to provide bespoke support pathways towards the fulfilment of their true potential:

Achievements and Performance

We have spent the first five years building a robust operating model in terms of programme, policies, processes, people and governance. This has enabled us to set a strong strategic roadmap ahead built on sound and sustainable foundations.

Our continuing roadshow of presenting to and engaging with schools, universities, charities and communities across Britain has helped us stay in touch with the challenges that disadvantaged young people and ethnic minorities face. Our drive to scale up the impact of our charity means that as at March 2023 we have 1,300 senior mentors from more than 95 FTSE100 and leading firms supporting our 1,500 talented young mentees.

Key to our success has been in collaborating with the corporates to bring connections, insights and experiences to the young people on the charity’s development programme. We achieved this through enduring corporate partnerships, with Anglo American, Smith & Nephew, Kantar, ABB, Westcon-Comstor, Illumina, Ipsos, Salesforce, Sparta Global, Meta, CBRE, First Mode, Swan Partners, Kingfisher, KPMG, Ciena and NatWest:

Page 5

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Page 6

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Page 7

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Page 8

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Page 9

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

We are proud of our charity’s humble beginnings and where we have reached today as at March 2023:

Page 10

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Financial Review

The charity funds its activities through corporate and individual donations from vetted individuals. During this reporting period the source of funds were:

Donations from Reza Fardad £100,000
Donations from Other Personal Donors £624
Corporate donations from Anglo American £5,000
Corporate donations from St James Place £2,500
Corporate donations from Vivedia £1,000
Corporate donations from Swan Partners £10,000
Corporate donations from Sparta Global £4,600
Corporate donations from BP £35,000
Corporate donations from Kingfisher £5,000
Corporate donations from CBRE £60,490
Corporate Donated Pro Bono Services Received £1,716,858
Gift aid £25,000

The total income for the year was £1,973,788, and the total expenditure for the year was £1,911,055 . The charity has made a surplus of £62,733 in the year, following a deficit of £40,757 in the prior year.

Reserves Policy

At the year end, the charity’s unrestricted reserves totalled £161,000 all of which is unrestricted (2022: £98,267). The trustees have identified the total amount as a general reserve, which supports the overall running of the charity. It is the charity's intention to build on this reserve to support its charitable activities in the long term, which it is building towards.

Plans for Future Periods

The family personal donations were designed to support the charity in its formative years and are expected to continue in future rates at a similar level. This is coupled with the corporate partnerships we form in order to bring experiences, insights and training to the young people we support. The charity expects to grow in its fundraising and have taken an incremental approach, increasing programme staff resources as we secure sustainable funding sources. This is a critical part of the charity’s financial risk and sustainability approach.

Page 11

The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2023

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

The laws applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the CIO Constitution. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the annual review in pages 2 to 11 of this document meet the requirements of the Trustees’ Annual Report under charity law. They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Each person who is a Trustee at the date of approval of this report confirms that:

• So far as the Trustee is aware, there is no relevant audit information of which the charity’s auditors are unaware

• The Trustee has taken all the steps he/she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Approved by the Board of Trustees and signed on their behalf by:

................................................................ Elham Fardad Trustee Date: 31/01/2024

Page 12

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FARDAD FOUNDATION

Opinion

We have audited the financial statements of The Fardad Foundation for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

Page 13

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FARDAD FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Other matters

The corresponding figures in the financial statements of The Fardad Foundation were not audited as the charity did not require a statutory audit under the Charities Act 2011.

Responsibilities of the Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees 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 determines 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 14

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FARDAD FOUNDATION

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

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 charity.

Our approach was as follows:

Page 15

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FARDAD FOUNDATION

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

James Saunders (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date 31/01/2024

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Page 16

The Fardad Foundation Statement of Financial Activities For the year ended 31 March 2023

The Fardad Foundation
Statement of Financial Activities
For the year ended 31 March 2023
Notes
Income from:
Donations received
2		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
249,213
-
249,213
132,574
Donated pro bono services received 1,716,858
-
1,716,858
829,200
Other Trading activities 217
-
217
-
Grants 5,000
2,500
7,500
7,575
Total Income
Expenditure on:
Charitable activities
3
Total Expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of Funds:
11		 1,971,288
2,500
1,973,788
969,349
1,908,555
2,500
1,911,055
1,010,106
1,908,555
2,500
1,911,055
1,010,106
62,733
-
62,733
(40,757)
-
-
-
-
62,733
-
62,733
(40,757)
Total Funds bought forward 98,267
-
98,267
139,024
Total Funds carried forward 161,000
-
161,000
98,267

The statement of financial activities includes all gains and losses recognised in the period.

All of the above amounts relate to continuing activities.

The notes on pages 20 to 26 form part of these financial statements.

Page 17

The Fardad Foundation Balance Sheet As at 31 March 2023

Notes
Fixed Assets
Intangible fixed assets
7
Tangible fixed assets
8
Current Assets
Debtors
9
Cash at bank
Creditors:
Amounts falling due within one year
10
Net Current Assets
Net assets
Funds
11
Unrestricted funds
Restricted funds
Total Funds		 £
£
2,035
760
2,795
-
172,855
172,855
14,650
158,205
161,000
161,000
161,000
2023		 £
£
4,991
1,205
6,196
25,000
73,609
98,609
6,538
92,071
98,267
98,267
-
98,267
2022		 £
£
4,991
1,205
6,196
25,000
73,609
98,609
6,538
92,071
98,267
98,267
-
98,267
2022
6,196
92,071
98,267
98,267
-
98,267

Approved by the Trustees and authorised for issue on 31/01/2024

Signed on their behalf by:

................................................................ Elham Fardad Trustee

Page 18

The Fardad Foundation Cash Flow Statement As at 31 March 2023

he Fardad Foundation
ash Flow Statement
s at 31 March 2023
2023 2022
Notes £ £ £ £
Cash flows from operating activities: 99,246 9,756
Cash flow from investing activities
Purchase of tangible fixed assets - (1,140)
Net cash provided by investing activities - (1,140)
Change in cash and cash equivalents 99,246 8,616
Cash and cash equivalents at the beginning of the year 73,609 64,993
Cash and cash equivalents at the end of the year 172,855 73,609
Reconciliation of Net Income/(Expenditure) to Cash flows from operating activities
Net movement in funds for the reporting period (as
per the statement of financial activities) 62,733 (40,757)
Adjustments for:
Depreciation & amortisaton 3,401 3,225
Decrease / (increase) in debtors 25,000 46,250
Increase / (decrease) in creditors 8,112 1,038
Net cash used in operating activities 99,246 9,756
Analysis of cash and cash equivalents & net equity/(debt)
Cash in hand
At start of the year 73,609 64,993
Cash-flows 99,246 8,616
At end of year 172,855 73,609

Page 19

The Fardad Foundation Notes to the Financial Statements For the year ended 31 March 2023

1 Accounting Policies

Charity information

The Fardad Foundation is a CIO limited by guarantee incorporated and registered in England and Wales. The registered office is Chenies House, Woodbank, Rickmansworth WD3 4GZ.

1.1 Basis of preparation

The CIO is a public benefit entity for the purposes of FRS 102. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared for the year ended 31 March 2023 in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on a going concern basis under the historical cost convention.

The principal accounting policies, which are applied consistently, are set out below.

1.2 Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the CIO to continue as a going concern.

The trustees have made this assessment for a period of at least one year from the date of the approval of the financial statements. In particular, the trustees have considered the charitable company’s forecasts and projections and have taken into account the pressures on income.

Having carried out a detailed review of the Charity's resources and the current economic challenges facing the Charity, the Trustees are satisfied that the Charity has sufficient cash flows and adequate resources to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements and that it is appropriate for the accounts to be prepared on the going concern basis.

1.3 Status

The CIO is a registered charity, (number 1176049).

1.4 Income

Income is recognised in the Statement of Financial Activities when it becomes receivable, and the entitlement, measurement and probability principles are met.

Donated services are included at their estimated open market value.

1.5 Expenditure

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

Governance costs relate to the direct running of the Charity allowing the Charity to operate and generate the information required for public accountability. These costs have all been allocated to charitable activities.

All costs are allocated between expenditure categories of the SoFA on a basis to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a direct cost basis.

Page 20

The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2023

1.6 Fund accounting

Unrestricted funds are those which are available for the general purposes of the Charity at the discretion of the Trustees.

The Fardad Foundation had no restricted funds at 31 March 2023.

1.7 Critical accounting estimates and areas of judgement

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

(i) Gifts in kind

Gifts in kinds are recognised within incoming resources and expenditure at an estimate of the value to the charity of the donated services or goods. Where possible the value of services/goods are confirmed directly with the supplier however in some instances this information is not available and a best estimate is made of the expected cost of such goods based on what the charity would be willing to pay for similar services or goods at a market rate.

1.8 Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

1.9 Pension costs

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity in the year.

1.10 Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the balance sheet date. All exchange differences are included in the statement of financial activities.

1.11 Intangible fixed assets and amortisation

Intangible fixed assets comprise website development costs. This is recognised at cost and are measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation commences once the asset is completed and brought into use and is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs 5 years straight line basis.

1.12 Fixed assets and depreciation

All fixed assets with a value over £500 are capitalised at cost, being their purchase cost together with any incidental expenses at acquisition, and depreciated to their estimated residual value over their estimated useful lives as follows:

Computer equipment 4 years straight line basis.

2. Voluntary Income - Donations and Legacies

2023
£
224,213
25,000
249,213		 2022
£
Donations received 107,574
Gift aid 25,000
132,574

Page 21

The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2023

3.
Charitable activities
Year to 31 March 2023
Mentoring programme
Conferences & workshops
Digital programme
Opportunity Fund
Mentee Mentor
EduTech Kids Scheme
Charitable activities
Year to 31 March 2022
Mentoring programme
Conferences & workshops
Digital programme
Opportunity Fund
Mentee Mentor Programme
EduTech Kids Scheme
4.
Support costs allocated to activities
Staff costs
Employment costs
Marketing costs
Office costs
Staff travel costs
Trustee expenses
Audit fees / Independent examiners fees
Accountancy fees
Legal & professional fees
Depreciation & amortisation
5.
Staff Costs
Wages and salaries
Social security costs
Pension costs
The average monthly number of employees was:
Average number of employees		 Q01.XLS
Direct costs
£
1,049,453
399,209
358,077
34,666
5,199
3,258
1,849,862
Direct costs
£
447,820
346,588
99,309
79,123
6,456
2,564
981,860		 (Note 4)
Support costs
£
39,776
12,239
6,118
3,060
-
-
61,193
(Note 4)
Support costs
£
15,985
5,649
2,825
1,412
2,315
60
28,246
2023
£
3,934
2,599
8,613
615
-
999
11,950
1,701
27,381
3,401
61,193
2023
£
36,634
2,708
39,342
2023
3		 2023
£
1,089,229
411,448
364,195
37,726
5,199
3,258
1,911,055
2022
£
463,805
352,237
102,134
80,535
8,771
2,624
1,010,106
2022
£
3,727
3,228
6,202
2,215
156
658
3,936
1,944
2,955
3,225
28,246
2022
£
35,843
-
1,424
37,267
2022
1

No employee received remuneration of more than £60,000 during the year (2022: Nil)

Page 23

The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2023

6. Trustees and Key Management Personnel

The Charity considers that the key management personnel are the Trustees. The total employment benefits, incuding pension costs of key management personnel was Nil (2022:Nil) During the period one trustee (2023: one) received £999 for the reimbursement of expenses (2022: £658) relating to travel and meeting expenses.

7. Intangible fixed assets

Website
development
costs
£
Cost
At 01 April 2022
14,777
Additions
-
At 31 March 2023
14,777
Amortisation
At 01 April 2022
9,786
Charge per year
2,955
At 31 March 2023
12,741
Net book value
At 31 March 2023
2,036
At 31 March 2022
4,991
8.
Tangible fixed assets
D01.XLS
Computer
Equipment
£
Cost
At 01 April 2022
1,842
Additions
-
At 31 March 2023
1,842
Depreciation
At 01 April 2022
636
Charge per year
446
At 31 March 2023
1,082
Net book value
At 31 March 2023
760
At 31 March 2022
1,206		 Total
£
14,777
-
14,777
9,786
2,955
12,741
2,036
4,991
Total
£
1,842
-
1,842
636
446
1,082
760
1,206

Page 24

The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2023

9.
Debtors
Other debtors
10. Creditors: Amounts falling due within one year
Accruals and deferred income
11. Analysis of Funds
O01.XLS
At 1 April
2022
£
Unrestricted Funds
98,267
Restricted Funds
-
Total Funds
98,267		 Income
£
1,971,288
2,500
1,973,788		 G01.XLS
J01.XLS
Expenditure
£
(1,908,555)
(2,500)
(1,911,055)		 2023
£
-
-
2023
£
14,650
14,650
Transfers
£
-
-
-		 2022
£
25,000
25,000
2022
£
6,538
6,538
At 31 March
2023
£
161,000
-
161,000

Restricted funds

A grant was provided by St James Place for the Digital Zone project, a web-based learning zone for Mentors and Mentees aged 16-25 years to assist with the Young Leader Module.

Unrestricted Funds
Restricted Funds
Total Funds		 At 1 April
2021
£
139,024
-
139,024		 Income
£
966,849
2,500
969,349		 £
(1,007,606)
(2,500)
(1,010,106)		 Transfers
£
-
-
-		 At 31 March
2022
£
98,267
-
98,267

Page 25

The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2023

12. Analysis of Net Assets between Funds

Analysis of Net Assets between Funds
Year to 31 March 2023
Unrestricted funds
Total funds
Year to 31 March 2022
Unrestricted funds
Total funds		 Fixed
Assets
£
2,795
2,795
Fixed
Assets
£
6,196
6,196		 Current
Assets
£
172,855
172,855
Current
Assets
£
98,609
98,609		 Current
Total
Liabilities
Tunds
£
£
(14,650)
161,000
(14,650)
161,000
Current
Total
Liabilities
Funds
£
£
(6,538)
98,267
(6,538)
#
98,267		 Total
Tunds
£
161,000
161,000
Total
Funds
£
98,267

13. Capital commitments

At 31 March 2023 the charity had no capital commitments not provided for in the financial statements.

14. Related Party Transactions

During the period, the Foundation received donations totalling £100,000 from R Fardad, (2022: £100,000) who is a close family member to E Fardad, a trustee of the charity.

During the period E Fardad loaned the charity £Nil. (2022: £15,000). No interest was charged on this and the loan was repayable on demand. The loan was repaid in full in the prior year.

There were no other related party transactions that require disclosure in the year under review.

Page 26

www.migrantleaders.org.uk enquiries@migrantleaders.org.uk

linkedin.com/company/migrant-leaders twitter.com/MigrantLeaders facebook.com/MigrantLeadersUK instagram.com/migrantleaders_

The Fardad Foundation (TFF) is a UK registered charity that works directly with young people from deprived neighbourhoods, educational institutions and employers to provide bespoke support pathways towards the fulfilment of their true potential. TFF develops and delivers programmes, working with third parties and volunteers. Incorporated independently, TFF is governed by a diverse Trustees Board.

The Fardad Foundation (TFF) is registered as a charity with the Charity Commission in England and Wales with registered charity number 1176049.