The Fardad Foundation CIO Unaudited Report & Accounts Year ended 31 March 2025
The Fardad Foundation Contents
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 - 13 |
| Independent Examiner's Report | 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 |
| Cash Flow Statement | 17 |
| Notes forming part of the Financial Statements | 18 - 23 |
The Fardad Foundation Legal and Administrative Information
| Charity Name | The Fardad Foundation |
|---|---|
| Charity Number | 1176049 |
| Trustees | Elham Fardad |
| Paresh Kumar Mehta | |
| Anuoluwapo Opeyemi Adebogun | |
| Ziba Shamsi (appointed 3 November 2024) | |
| Anne Patricia Lorrimer-Roberts (resigned 5 May 2025) | |
| Saeed Atcha MBE DL (resigned 9 April 2024) | |
| Registered Office | Chenies House |
| Woodbank | |
| Rickmansworth | |
| WD3 4GZ | |
| Independent Examiner | 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 2025
The Trustees present the financial statements for the period ended 31 March 2025. The financial statements cover the period 1 April 2024 to 31 March 2025.
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 the "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 the signing of the accounts were:
----- Start of picture text -----
Trustee Appointments Resignations Trustee Category
Elham Fardad 01/12/2017 Executive Team
Paresh Kumar Mehta 01/12/2017 Independent
Anne Patrcia Lorrimer-
01/12/2017 05/05/2025 Independent
Roberts
Anuoluwapo Opeyemi
08/03/2021 Independent
Adebogun
Ziba Shamsi 02/11/2024 Independent
----- End of picture text -----
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 2025
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 seventh 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's 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:
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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.
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
Achievements and Performance
We have spent the first seven years building a robust operating model in terms of programme, policies, processes, people, technology 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 2025 we have 2,050 senior mentors from more than 95 FTSE100 and leading firms supporting our 3,750 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, Starbucks, Kingfisher, KPMG, Ciena, NatWest, BP, Verian, Barclays, Infineum, Informa, Pfizer, Genpact and Clifford Chance:
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
Page 7
The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
Page 8
The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
We are proud of our charity’s humble beginnings and where we have reached today as at March 2025.
Page 11
The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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 Elham Fardad | £50,000 |
| Corporate Donation from St James's Place | £1,000 |
| Corporate Donation from Ciena | £4,014 |
| Corporate Donation from Infinium | £6,000 |
| Corporate Donation from Swan Partners | £5,000 |
| Corporate Donation from BP | £25,000 |
| Corporate Donation from Others | £70 |
| Gift aid | £37,500 |
| Corporate Donated Pro Bono Services Received | £227,189 |
| Other - Interest and Trading activities | £626 |
| Total Income | £456,399 |
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 12
The Fardad Foundation Report of the Trustees (Continued) For the year ended 31 March 2025
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:
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select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial 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.
Approved by the Board of Trustees and signed on their behalf by:
................................................................ Elham Fardad Trustee
Date: 10 November 2025
Page 13
Independent Examiner's Report to the Trustees of The Fardad Foundation
I report to the trustees on my examination of the accounts of The Fardad Foundation for the year ended 31 March 2025 which are set out on pages 15 to 23.
Responsibilities and basis of report
As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe:
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(1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Fullerton FCA, DChA For and on behalf of Moore Kingston Smith LLP Chartered Accountants
9 Appold Street London EC2A 2AP
Date: 10 November 2025
Page 14
The Fardad Foundation Statement of Financial Activities For the year ended 31 March 2025
| Notes Income from: Donations received 2 Donated pro bono services received Other - Interest and Trading activities Total Income Expenditure on: Charitable activities 3 Total Expenditure Net income Transfers between funds Net movement in funds Reconciliation of Funds: 11 Total Funds bought forward Total Funds carried forward |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2025 2025 2025 2024 £ £ £ £ 228,584 - 228,584 435,922 227,189 - 227,189 237,538 626 - 626 1,606 456,399 - 456,399 675,066 570,688 - 570,688 546,731 570,688 - 570,688 546,731 (114,289) - (114,289) 128,335 - - - - (114,289) - (114,289) 128,335 289,335 - 289,335 161,000 175,046 - 175,046 289,335 |
|---|---|
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 18 to 23 form part of these financial statements.
Page 15
The Fardad Foundation Balance Sheet As at 31 March 2025
| Notes Fixed Assets Intangible fixed assets 7 Tangible fixed assets 8 Current Assets Debtors 9 Cash at bank Creditors: Amounts falling due within one 10 Net Current Assets Net assets Funds 11 Unrestricted funds Restricted funds Total Funds |
£ £ - 190 190 100,000 88,351 188,351 13,495 174,856 175,046 175,046 - 175,046 2025 |
£ £ 100,236 475 100,711 62,500 297,362 359,862 171,237 188,625 289,335 289,335 - 289,335 2024 |
|---|---|---|
Approved by the Trustees and authorised for issue on …....10 November 2025
Signed on their behalf by:
................................................................ Elham Fardad Trustee
The notes on pages 18 to 23 form part of these financial statements.
Page 16
The Fardad Foundation Cash Flow Statement As at 31 March 2025
| 2025 £ Cash flows from operating activities: (209,011) Cash flow from investing activities Purchase of intangible fixed assets - Net cash provided by investing activities - Change in cash and cash equivalents (209,011) Cash and cash equivalents at the beginning of the year 297,362 Cash and cash equivalents at the end of the year 88,351 Reconciliation of Net Income/(Expenditure) to Cash flows from operating activities (114,289) Adjustments for: Depreciation & amortisaton 100,521 (Increase) / decrease in debtors (37,500) Increase / (decrease) in creditors (157,743) Net cash used in operating activities (209,011) Analysis of cash and cash equivalents & net equity/(debt) Cash in hand At start of the year 297,362 Cash-flows (209,011) At end of year 88,351 Net movement in funds for the reporting period (as per the statement of financial |
2024 £ 324,091 (199,584) (199,584) 124,507 172,855 297,362 128,335 101,669 (62,500) 156,587 324,091 172,855 124,507 297,362 |
|---|---|
Page 17
The Fardad Foundation Notes to the Financial Statements For the year ended 31 March 2025
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 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) and the Charities Act 2011.
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 CIO’s forecasts and projections and have taken into account the pressures on income.
Having carried out a detailed review of the CIO's resources and the current economic challenges facing the CIO, the Trustees are satisfied that the CIO 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 18
The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025
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 2025.
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 s the cost or valuation of assets less their residual values over their useful lives on the following b Website development costs 5 years straight line basis. Software/app development costs 2 years straight line basis. |
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 s the cost or valuation of assets less their residual values over their useful lives on the following b Website development costs 5 years straight line basis. Software/app development costs 2 years straight line basis. |
|---|---|
| Website development costs 5 years straight line basis. Software/app development costs 2 years straight line basis. |
|
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. |
|---|---|
| Software/app development costs | 2 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
| Donations received | 2025 £ 191,084 37,500 228,584 |
2024 £ 373,422 62,500 435,922 |
|---|---|---|
| Gift aid | ||
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The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025
| 3. Charitable activities Mentoring programme Conferences & workshops Digital programme Opportunity Fund Charitable activities Mentoring programme Conferences & workshops Digital programme Opportunity Fund Mentee Mentor & EduTech Kids Scheme 4. Support costs allocated to activities Staff costs Employment costs Marketing costs Office costs Trustee expenses Independent examiners/auditors fees Accountancy fees Depreciation & amortisation 5. Staff Costs Wages and salaries Pension costs The average monthly number of employees was: Average number of employees |
Direct costs £ 275,724 82,617 73,610 1,051 433,002 Direct costs £ 189,839 99,151 85,829 34,750 3,930 413,499 |
(Note 4) Support costs £ 60,582 59,205 17,899 - 137,686 (Note 4) Support costs £ 53,293 53,293 13,323 - 13,323 133,232 2025 £ 13,725 1,749 9,927 3,162 1,642 6,000 960 100,521 137,686 2025 £ 111,877 4,816 116,693 2025 5 |
2025 £ 336,306 141,822 91,509 1,051 570,688 2024 £ 243,132 152,444 99,152 34,750 17,253 546,731 2024 £ 6,957 904 2,054 8,347 1,091 7,800 4,410 101,669 133,232 2024 £ 67,036 2,710 |
|---|---|---|---|
| 69,746 | |||
| 2024 4 |
No employee received remuneration of more than £60,000 during the year (2024: Nil)
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 (2024: nil).
During the period one trustee (2024: one) received £1,642 for the reimbursement of expenses (2024: £1,091) relating to travel and meeting expenses.
Page 20
The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025
7. Intangible fixed assets
| Website development costs £ Cost At 01 April 2024 214,361 Additions - At 31 March 2025 214,361 Amortisation At 01 April 2024 114,125 Charge per year 100,236 At 31 March 2025 214,361 Net book value At 31 March 2025 - At 31 March 2024 100,236 8. Tangible fixed assets Computer Equipment £ Cost At 01 April 2024 1,842 Additions - At 31 March 2025 1,842 Depreciation At 01 April 2024 1,367 Charge per year 285 At 31 March 2025 1,652 Net book value At 31 March 2025 190 At 31 March 2024 475 |
Total £ 214,361 - 214,361 114,125 100,236 214,361 - 100,236 Total £ 1,842 - 1,842 1,367 285 1,652 190 475 |
|---|---|
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The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025
| 9. 10. **11. ** |
Debtors Other debtors Creditors: Amounts falling due within one year Creditors for Fixed assets Accruals and deferred income Others Creditors Analysis of Funds At 1 April 2024 £ Unrestricted Funds 289,335 Restricted Funds - Total Funds 289,335 Restricted funds At 1 April 2023 £ Unrestricted Funds 161,000 Restricted Funds - Total Funds 161,000 No Restricted grants in the current year. |
Income £ 456,399 - 456,399 Income £ 675,066 675,066 |
Expenditure £ (570,688) - (570,688) Expenditure £ (546,731) (546,731) |
2025 £ 100,000 100,000 2025 £ - 7,567 5,928 13,495 Transfers £ - - - Transfers £ - - - |
2024 £ 62,500 62,500 2024 £ 127,188 8,891 35,158 171,237 At 31 March 2025 £ 175,046 - 175,046 At 31 March 2024 £ 289,335 - 289,335 |
|---|---|---|---|---|---|
Restricted funds
No Restricted grants in the prior year.
Page 22
The Fardad Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025
12. Analysis of Net Assets between Funds
| Year to 31 March 2025 Unrestricted funds Total funds Year to 31 March 2024 Unrestricted funds Total funds |
Fixed Assets £ 190 190 Fixed Assets £ 100,711 100,711 |
Current Assets £ 188,351 188,351 Current Assets £ 359,862 359,862 |
Current Liabilities £ (13,495) (13,495) Current Liabilities £ (171,237) (171,237) |
Total Tunds £ 175,046 175,046 Total Funds £ 289,335 289,335 |
|---|---|---|---|---|
13. Capital commitments
At 31 March 2025, the charity had no capital commitments not provided for in the financial statements.
14. Related Party Transactions
During the year, the Foundation received donations totalling £100,000 from R Fardad, (2024: £100,000) who is a close family member to E Fardad, a trustee of the charity.
During the year E Fardad donated to the charity £50,000 (2024: £150,000).
There were no other related party transactions that require disclosure in the year under review.
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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.