Charity Registration No. 1183716 The Yusuf & Farida Hamied Foundation Audited Financial Statements For the year ended 31 December 2024
The Yusuf & Farida Hamied Foundation Contents Page Charty information Trustees. report Statement of trustees, responsibilities Independent 3udrtorfs report Statement of financial activiti8S Statement of financial position Statement of cash flows 10 Notes to the financial statements ••
The Yusuf & Farida Hamied Foundation Charity Information Trustees Dr Y.K. Hamied F. Hamied P.A. Robertson A. Sexton Charlty number 1183715 Auditor Ward Wlliams Chartered Arcounlant5 Statutory Auditor Belgr3ve House 3943 Monument Hill Weybridge Surrey KT13 8RN Accountants Dixcart Intemational Limited Chartered AccoLJntsnts Dixcart House Addlèstone R03d Bourne Business Park Addlestone Surrey KT15 2LE Bankers Barclays PIC 25 Circular Road Douglas Isle of Man IM1 IAD
The Yusuf & Farida Hamied Foundation Trustees, Report For the year ended 31 December 2024 The trustees present their ann report and finanaal statements for the ye8r ended 31 December 2024. The financial statements have been prepaTed in accordance wfch the acwunting policie5 set out in note 2 to the financial slalements and comply with the Foundation's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. StatÉmènt of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objectlves and activitie5 The Foundation's objectives are.. the advancement of education., the relief of sickness and the preservation of good health., the prevention or relief of poverty., the advanment of the arts., the promotion for the benefrt of the public of the conseNation, protection and improvement of the physical and natural environment and to advance the Èducab"on ol the public in such matters. The poliaes adopted in furtherance of these objectives are retaining ongoing dialogues with organisations and institutions that would be able lo deploy Teceipt of donations in such a way as lo further these objectives. There has been no change in these during the year. The Foundation has been established mainly to help to educate individuals about health issues and prevent sickness, primarily impacting people in the developing world. The Foundation will achieve this by provtding donations and funding to laboratories and academic institutions, as well as to projeds SUPPOrting global health through knowledge. The tru8tee8 have paid due regard to guidaneè Issued by the Charity Commission in deciding wh* activities the Foundation should undertake. The Foundation rfcself does not carry out dire¢t activlties, bul rather makes funding available to those who support its objectives. The Foundation remains concerned at the quallty of the applications and reporting from those organisations lo which grants are awarded, To promote the best use of its resources and lo mitigate the risk of fraud, of which there is no evidence, the Foundation continuès to review and update its grant niaking prosSes. AchieveTnents and performance The Found8tion is delighted to have made donations to a number of educational institutions in order for them to make support available to those studying and promoting global health into the ftJtur6. Financial review There is no fomial reserves policy in place. The trustees are of the opinion that no on90ing commitments are in place that would infringe the Foundation's ability lo meet its obligations. The main reasons being that its fixed expenses are ltrw and no longer lemi donations are committed lo wilhoul support from the primary benefactor. At the year end there were reserves of £1,603,63312023 - £670,9951. The results show suffiryenl levels of donations received to continue and furtherthe charitsble purposes. The trustees h3vÈ assÈs$ed the major risk5 to which the Foundaliori Is eKposed, and are satisfied that systems are in place to mitigate exposure to the major ri$k8. Consideration of the risk register and the rnitigalion of risk is a stsnding item on the agenda of the Board.
The Yusuf & Farida Hamied Foundation Trustees. Report {Continued) For the year ended 31 December 2024 Financial review Icontinued The Foundation plans to continue its efforts with all of its objectives including continuing support with global efforts against the spread of wide$pad disease. The plans for the future are lo continue lo seek appropriate causes in line with the Foundation's purposes, particularly in view of the current global health crisis, bLt also to support longer term vole which could help healthcare for 9eneration8. Structurei governanc8 and manag8m&nt The Foundation is a charita@ foundation and is govemed by th8 consb"tution dated 21 May 2019. The foundab.on was registered as a charity wlhin the meaning of the Chaiities Act 2011 wth effect from 4 June 2019, regislered no.. 1183715. The Iruslees who served duTing the year and up to the date of signature Df the financial statements were.. OrY.K. Hamied F. Hamied P.A. Robertson A. Sèxton None of the trustees have any benefiryal interest in the Fout)datlon. All of the Ifu$lees a ttMberS of the Foundation and there is no requirement for the trustees lo make any contribution in the event of a winding up. The trustees administer the Foundation through a both ¢omprislng all Ir1151ee5 which lakes and reviews all major decisions, including deciding on the approval of projects and the donation of funds. The board also reviews the strategy, operations and risk management of the Foundation and ensurès that dèeAsions contorm to the objectives. New SteS undergo a personalised programme of induction. Tru$lee$ afft required to acquaint Ihemsefves regularfy with the publications of the Charty Commissioners. Trustee$ are entitled to claim expenses for attendance at meetings of the Board of Trustee5 and such actiwtie5 as they undertake in representing the Foundation. P40 trustee is paid for iheir duties as a trustee. Trustees are required to declare conilicts of interest al appointment, and any such interests are reviewed by the board on an ongoing basis. The trustees are satisfied that the relationship with thè primary bèn8factors does not impact on the integrity of the Foundatitsn. .a(w' report was approved by the Board of Trustees. obeitswn TnJstee 17.10.25 Ded:.........................
The Yusuf & Farida Hamied Foundation Statement Of Trustees. Responsibilities For the year ended 31 December 2024 The trustees are responsible for preparing the Trustees. Report and the financial statements in accc}rdan N4rith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to tharities in England and Wales requires the trustees to prepare finanaal statements for each finanaal year which give a tme and fsir view of the state of affairs of the Foundation and of tre incoming resour and application of resources of the Foundation for that year. In preparing these financial ststements, the trustees are required to.. select surtatjle accounting poliaes and then apply them consistenuy", observe the methods and principles in the Charities SORP., make jLJdgémènts and estimates that are reasonable and prudent., state whether applicable accounting standards havè bèèn followed, subject lo 3ny material departLJre3 di8dosed and explained in the finanaal stslements,. and prepare the finanaal statements on the going concern basis unless it is in2ppmpriat& to presume that the charity 11 continLJe in operation. The trustees are responsbI& for keèping sufficT8nt accounting records th31 diyclose wlh reasonable 8ccuracy * any tirne thè financial position of the Foundation and enable them to ensure that the finanaal statements comply ¥Mth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and deteth.on of fraud and other irregularrties. 4•
The Yusuf & Farida Hamied Foundation Independent Auditor's Report To The Trustees Of The Yusuf & Farida Hamied Foundation Opin40 We have audited the financlal statements of Th& Yusuf & Farlda Hamled Foundation Ilhe 'Foundallon') for the year ended 31 December 2024 which comprise the statement of finanaal activities, the statement of financial position, the statement of cash flows and the nolÈs to the financial statements, including a summary of significant accounting policies. The financial reporting fr8mpwtsrk that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standards, induding FRS 102 The Financial Reporting Standard appIable in the UK and Republic of Ireland (United Kingdom Generally A¢cepled Ac¢ounts'ng Pradicel. In our opinion, the financial statem6nts'. give a true and fair view of the state of the charity's affairg as at 31 December 2024 and of its incoming resoLJrces and application of SourceS including its income and expenditure account, for the year then ended.. have bÈen properfy prepared in accordance with United Kingdom Generally Accepted Accounb"Trg PTactice', and have been prepaTed in accordan Tmth the Charities Act 2011. Basi5 for opinion We conducted our audit in accordance with International Standards on Auditing IUK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Autlitor's spOnSibl1111es for the audit of the financial statements section of our report. We are independent of the Foundation in 8ccordanc8 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 thè 8LJdit evidéncé w8 have obtained 1$ sijfficienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concorn In auditing the finanaal statements, we have conejuded that thè trustéÈs' use of thè going con(*m basis of accounting the preparation of the financ4al statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or ¢onditions that, indiwdually or collectively, may cast significant doubl on the Foundelion's ability lo continue as a going concem for a period of at least twelve months from when the fi'nancial statements are authorised for issue. Our responsibilitie5 and the responsibilitie5 of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the information induded in the annual report other than the financial statements and our auditorfs report thereon. The trustees are re5POn5ible for the other information contained within the annual report. Our opinion on the finanaal statements does not Gover the other informab.on and we do not express any form of assurance conclusion thereon. In nnectIon th our 8udil of the financial slalemenls, our responsibility is lo read the otheT infomialion and. in doing so, consider whether the other infomiakn'on is materially inconsistent with the financial statements or our knoedge obtained in the course of the audit, or otherwise appears to be Thaterially misstated. If we identrfy su m8teiial inconsistenGies 01 apparent material rmisslatemenls, we are required to delemiine whether this gives Thse to a materi31 misstatement in the finanaal 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 TepDrt that tsct. We have nothing to port in this regard. ••
The Yusuf & Farida Hamied Foundation Independent Auditorfs Report {Continued) To The Trustees Of The Yusuf & Farida Hamied Foundation Matters on which we are required to report by exception Vvè have nothing lo report In respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or suffiaent accounting records have not been kept., or th& finanual statemènts are not in agreÈmÈnt with the 8CCOLJnling records.. or we have not CeiVed all the inform3lion and explanations we Tequire for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the tru3tees are responsible for the preparation of the finall1 st8lement8 and for being sab"sfied that they give a true and fair Mew, and for such internal control as the trustees determine is necessary to enable the preparation of finanaal 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 Foundation's ability lo continue as a going concern, disdosing, as applicable, matters related to going concern and using the going coneem basis of accounting unless the trustees either intend to cease Dperations. or have no realistic alt2mative but to do so. Auditor's rèsponsibiliti8s for the audit of th8 financial statements We have been appointed as auditor Ljnder section 144 of the Charities Act 2011 and report in accordance with regulab'ons rnade 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 misstaternent, whether due to fraud or eThor, and to issue an auditor's report that indudes our opinion. Reasonable assuranee is a high level of 3ssurance but is not a guarantee that an audit conducted In arLordance with ISAS IUKI will always detect a rnaterial misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influenc the economic decisions of users taken on the basis of these finanual statements. Irregulariti8s, including fraud, are instancès of non-eomplianc8 with laws and regulations. We design procedure5 in line our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, induding fraud, is detailed below. We obtsined an understanding of the legal and regulatory frameworks applicable tD the charity and the sector in which they operate. We determined that the following were most significant.. the Charities Act 2011. We obtained an understandlng of how the charity is complying with those legal and regulatory frameworks by making inquiries of the management of the tharity. We corroborated our inquiries through our review of correspondence during our audit work. We assessed the susceptibility of the charity's financial statements to material misstatement, induding how fraud might occur. Audit procedures perfomied induded.. identifying and assessing the design effectiveness of controls managèment has In pl8¢e lo prevent and delect fraud., understanding how those charged with governanc& considerad and addressed the potential for ovÈrride of controls or other inappropriate influence over the finanrial reporting process., challenging assumptions and judgements made by management in its significant accounting estimat&s', identifying and testing journal entries, in particular any journal entries posted rith unusual account combinations," and asse55ing the extent of compliance with the relevant laws and regulations.
The Yusuf & Farida Hamied Foundation Independent Auditorfs Report (Continued) To The Trustees Of The Yusuf & Farida Hamied Foundation Because of the inherent Iirnitations of an audV£, there is a risk that V4e will not detect ail irregularits"es, including those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that complianTr with a law or regulation is removed from the events and transactions reflected in the financial statements, as we TMII be less likely tr> become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intents'onal eoncealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the finanaal statements is localed on the Finanaal Reporting Counril's website at.. http'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditDrfs report. Vsè of our r8port This report is m3de solely to the ch8rily's Iruslees, as a body, in accordan with Part 4 of thè CharitiÈ5 IAccount5 and Reports) Regulations 2008. Our audit work has been undertakén so that we might slate lo the charity's trustees those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by 18w. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Colin Hamilton FCCA (Senior Statutory Auditor For and on behalf of Ward Mfilliams, Slatulory Auditor Chartered Aceountsnts 8elgr3ve House 3943 MonLJment Hill Weyt)ridge Surrey KT13 8RN Dat8". Ward Imlliams is eligible ftsr appointment 35 auditor of the Foundation by virtue ol its eligibility for appointment a$ auditor of a company under section 1212 of the Companies Act 2006. 4•
The Yusuf & Farida Hamied Foundation Statement Of Financial Activities Including Income And Expenditure Account For the year ended 31 December 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from.. Donations and legacAes 7,258,062 1,630,790 Total income 7,258,062 1,630,790 Expenditure on: Charitable activities 6,317,760 1.270,103 Total ¢xpendlture 6,317,760 1,270.103 Net In¢ome and movement in funds 940,302 380.687 Recaneiliation of funds- Fund balances al 1 January 2024 670,995 310,308 Fund balances at 31 D&¢ember 2024 1,611,297 670,995 The statement of finall1 activities indudes all gains and losses recognised in the year. All income and expenditure d&riv8 from continuing actiwties. The notes on pages 11 to 16 form part of these financial statements.
The Yusuf & Farida Hamied Foundation statement Of Financial Position As at 31 December 2024 2024 2023 Notss Fixed assets Intangible assets io 200.000 Current assets Cash al bank and in hand 1,626,147 484,195 Cradltors.. amounts falling due within one year 11 114,B50) 113,2001 Net current assets 1.611,297 470,995 Total assets tess current liabilities 1.611,297 670,995 ThÈ funds of the Foundation Unrestricted funds 12 1,611,297 670,995 1,811,297 670,995 The notes on pages 11 10 16 form part of the$e finanryal ststemerts. 17.10.25 ststements weJE approved by the trustees on ...............,......... Trust
The Yusuf & Farida Hamied Foundation Statement Of Cash Flows For the year ended 31 December 2024 2024 2023 Notes Cash flows from operatlng actlvltlès Cash generated from operations 17 1,191,952 361.281 Investing activities Purchase of intsngible assets Iso,0001 1200,0001 Net cash used in investing activities 150,0001 {200,0001 Nèt incrèase in cash and cash equivaler 1,141,952 161.281 Cash and cash equiwalenls at beginning of year 484,195 322,914 Ca¥h and rash gquivalgnts at end C*f year 1,626,147 484.195 The notes on page3 1110 16 form part of Ihe8e finanaal statements. 10-
The Yusuf & Farida Hamied Foundation Notes To The Financial Statements For the year ended 31 December 2024 Charity infonnation The Yusuf & F8rid8 H8mied Foundation is a charitable foundation and is governed by the con51ilubon dated 21 May 2019. The Foundation was registered as a charity within the meaning of the Charities Act 2011 with effect from 4 June 2019, registered no.. 1183715. Accountlng poll¢les 2.1 Accounting convention The financial statements have been prepared in accordance with the Foundation's governing document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 1021 leffective 1 January 20191 The Foundation is a Public Benefrt Entity 85 defined by FRS 102. The finan¢ial stslements have departed from Ihe Charities (Accounts and Reports) Regulation5 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of th8 Statement of Recommended Prartice which 15 referred to in the Regulations but which has Sin{ been witrrtr8wn. The finanaal stslemenls are prepared in sterling, which is th6 functional currency of the Foundation. Monetary amounts in these financial statements are roundèd lo the nearest £. The finanGial 5tsternenls have been prepared under the historical cost convenlioN. The Principal accounting policies adopted are set out below. 2.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the Foundation has adequate reSoUS to continue in operats.onal existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Charitsble funds Unrestricted ftjnds are available for use at the discretion of the trustees in furtherance of their tharitable objectives. 2A Income Income is recognised wh8n the Foundafyon is legalty entided to Vc after any perfomiance conditloris have been mel, the amounts can be measured reliably, and rf( is pro)bable that income will be received. Cash donations are re¢ognised on recelpt. other donations are recognised once the Foundation has been notified of the dtsnalion. 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economie benefft lo third party, it is probable that a transter of economic benefits wll be required in settlement. and the amount of the obligation can be measured reliably. Other than professional expenditure Iwhieh indudes VATI and foreign exchange differences arising on retranslation. grants continue to be paid as appropriate causes, w((hin line of the Foundation's purposes. are presented. ••
The Yusuf & Farida Hamied Foundation Notes To The Financial Statements (Continued) For the year ended 31 December 2024 Accounting policies (Continued) 2.6 Intangible fixed assets other than goodwll Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amurtisats'on and acLumulated impairm¢nt losses. ArnNtisalion is recogni5ed so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis.. Media Production 100% 2.7 Impairnient of fixed assets At each reporting end date, the Foundation reviews the carrying amounts of its tangible and intangible assets lo deterrnine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 888et is estimated in order lo determine the extent of the impaimient loss lif any). 2.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at ca51 with banks and other short-term liquid inv8strn8rrts with original m3turilies of three months or less. 2.9 Fin8ncial instruments The Foundation has elected to apply thè provisic)ns of Section 11 '8$sic Financial InslrLJments' and Se¢tion 12 'Other Financial Instrurnenls Issues, of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are inilialty measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the arrangement constitvles a financing transaction. where the transadion 15 measured al the present value of the future TeThipls discounted at a rnarkel rate of interest. Financial assets classified as receivable within one year are not amortised. 8asic financial liabilities Basic financial liabilities, induding creditors are initially measured at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present V31ue of the future payments discounted at a market rat& of interest Financial liabilities classified as payabl8 within one year are not amortised. 2.10 Taxation The Foundation is exempt Irom laxalion on ils tharilable actiwties. 2.11 Forèlgn exehange Transactions in currene5 other th2n pounds sterfing are recorded at the rates of exchange prevailing al the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end dale. Gains and 10ss¢$ arising on tran51alion in the periDd are included in the profil and Ioss account. 12-
The Yusuf & Farida Hamied Foundation Notes To The Financial Statements (Continued) For the year ended 31 December 2024 Donotions and legacies Unr•$trl¢t•d Unrestrlcted funds funds 2024 2023 Donations from individuals 7,258,062 1,630,790 The source of all donations was Dr and Mr5 Hamied, who donated £7,258,06212023- £1,630, 7901 during the ye8f. Charitable activiti98 Charitablg Charitsble Expenditure Expenditure 2024 2023 AM0SaIlon Legal fees Exchange Igainslllosses Audvc and accountancy 250,000 6,379 327 26,754 138,9691 30,342 241,373 6,076,387 33.460 1,236.643 Grant funding of activiti¢s1see note 51 8.317,760 1,270,103 Grants payable Charitable Charitable Expenditure Expenditure 2024 2023 Grants to institutions.. Cambridge University The Royal Society Yusuf Hamied Programme for Indla Christ's Gollege Cambridge Llving Human Heritage other 950,000 10,855 5,000,000 89,015 26,517 975,000 200,000 50,000 11,643 6,076,387 1.236,643 13-
The Yusuf & Farida Hamied Foundation Notes To The Flnancial Statements {Continued) For the year ended 31 December 2024 Support costs Support Goveman¢• costs costs 2024 Support Gov•rnan¢o costs Costs 2023 Exchange Igainslllosses 138,9791 {38,9791 327 327 Audit fees Legal and Professional Accountsncy fees 7,500 7,500 6,200 6,379 20,554 6,200 6,379 20,554 22,742 22,742 138,979) 30,242 18,7371 327 33,133 33,460 Governance costs includes payments to the auditors of£7,500 (2023- £6,20q for audrt fees. Trustees None of the trustèès lor any persons eonnected rith th&ml rèceived any rèmuneration or benefits from the Foundation during the year or the preceding year. Employees The Foundation had no employees dLJring the year or the preceding year. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitsble purposes. 10 Intsn9lble fixed assots Media Production 05t Al 1 January 2024 Addltions 200,000 50,000 Al 31 De¢ember 2024 250,000 Amortisation and impairm•nt Al 1 January 2024 ATnorbs8tion charg8d for thè year 250.000 At 31 December 2024 250,000 Carylng amount At 31 Dècèmber 2024 At 31 December 2023 200,000 14-
The Yusuf & Farida Hamied Foundation Notes To The Financial Statements (Continued) For the year ended 31 December 2024 11 Creditors: amounts falling duo within one year 2024 2023 Accru818 and deferred income 14,850 13,200 12 UnrÈstricted funds The unrestricted funds of the Foundation comprise the unexpended balances of donations and gTanls which are not subject to speafic conditions by donors and grantors as to him they may be used. These indude designated funds whith have been set aside Dut of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incorning resources Resources expended At31 Dgcember 2024 General fund$ 670.995 7,258,062 16,317,760) 1,611,297 Previous year: At l January 2023 Incomlng resources Resources expended At31 December 2023 General funds 310,308 1,630,790 11,270,103) 670.995 13 Financial commitmentsi guarantses and contingent liabilities At the balance sheet date the Foundaty"on had committed to provide funding of £14,000,000 12Q23 £4,950,0001 in support of the construction of buildings for ch8ritable purp08es. These commitments will be nded by donatÈons from Dr and Mrs Hamied. 14 Capltal commitments Amounts contracted for but not provided in the financial st8tements'. 2024 2023 Acquisition of intangible ass@ts 50,000 15 Related party transactions The source of all donations was Dr and Mrs Hamied, who donated £7,258,06212023- £1,630, 790) during the year. Professional fees of £30,40512023 - £20,551 were charged by Dixcart International Limited during the year. P.A. Robertson. one of the trustees of the Foundation, is a DirectOT of Dixcart International Limited. 15-
The Yusuf & Farida Hamied Foundation Notes To The Financial Statements (Continued) Foy the year ended 31 December 2024 16 Analysis of changes in nat funds The Foundation had no material debt during the year. 17 Cash generated from operatlon$ 2024 2023 Surplus for the year 940,302 360,667 Adjustments for.. Amortisalion and impairment of intangible assets 250,000 Movements in working capital: Increase In creditors 1,650 594 Cash generated from operatlons 1,191,952 361,281 16-