NNS FOUNDATION Charlty number 1184159 Report and Flnanclal staternents For the year ended 31 December 2021 NNS Foundatlon Charlty number 1184159 Flnandal Statements For the year ended 31 December 2021 Contents Page Legal and Admlnlstratlve Informatlon Trustee's Annual Report Independent Audltor'5 Report 9-11 Statement of Flnancl?l Actlvltles 12 Balance Sheet 13 Statement of Cash Flows 14 Notes formln8 the flnanclal ststements 15-21 Relerence and Adminlstratfve lfthrmation Charlty Name: NNS Foundation Charfty reglstration number: 1184159 Re8lstered Offlce,, Wlthers LLP 20 Old Balley 3rd Floof Lontlon EC4M 7AN M4n48•ment Comn Magdalena Cornella De Vries SharaS Lowensteln Erlka-marle Wakld Sherlne Samlr Louls Ma8èr Nadla Sawlris DlrectOT of Corporate Trustee Director of Corpofate Trusiee Dlrector ol Corporate Trustee Dlrector of Corporate Trustee Dlrector of Corporate Trustee Tru$t¢e NNS Foundatlon Limited withers LLP 20 Old Bèllev 3rd Floor London EC4M 7AN Audltors Ernst & Youn8 LLP, l More London Place, London, SEI 2AF Bank¢ts JP Mor6an Luxembourg SA, G Route de Treves, L-2633 Sehnin8erbe￿ Luxembourg Barclays Bank, Level 15, One Churchlll Place, London, EC14 5HP 5ollcltots- Wlthers LLP, 20 Old Balley, London, EC4M 7AN NNS Foundatlon Charlty number 1184159 Trustee's annual report foi the year ended 31 December 2021 The trustee presents the annual report and flnanclal statements of the NNS Foundat5ot) Ithe -Foundatlon"I for the year ending 31 December 2021. The flnanclal 5tatèment5 have beÈn prèpared In accordallce with the Foundation's 8ovÈrnln8 document, the Charltles Act 2011 and "Accountln8 and RepDrt5ng by Charities., Statement of Recommended Practice appllcable to charlties preparSng their ac¢ounts in accordance with the Financial RÈporting Standard ppllcable Sn the UK and Republlc of Ireland FRS 102" Structure* ￿verTha￿• and m•nagement Governin document The Foundation is a charitable trust, registèred in England aod Wales Ire8lstered charSty number 11841591 and Is constltuted under d trust deed dated 20 December 2018. The Foundatlon was e5tabllshed by Mr Na5sef Sawlris, who has made 5ubstantlal donations to the Foundatlon over the course of the year forwhich the financial statements are prepared. The Foundation does not actlvely fundraise and it wlll continue its charltable work through on-golng donatlons from Mr Sawlrls. eration31 tructure The 501e corporate trustee ol the Foundatinn Is NNS Foundatlon Limlted (the Yrustee"l. a company limSted by Buarantee and IncoTporated In England and Wales Iregistered company number 117250701, havln8 Its reglstered offlce at Third Floor, 20 Old Baileyi London EC4M 7AN. The Trusteè is governed by Its memorandum and artlcles of a550Clation. The Tiustee'5 directors are Magdalena Cordelia De Vries, Sharal Lowensleln and Erika-marie Wakid (the 'Dlre¢tors"l. Over the course of 2021, two new additlonal dlrector5 have been appolnted namely Sherlne Ma8ar and Nadia Sawirls. The Dlrectors of the Trustee are appointed on the ba515 of their ski115 and expert15e In relatlon to the Foundation's strate8lc pfloritles and operatlons. All Directors gSve Ihelr time freely and no iemuneration Is paid to them or the Trustee. The Director5 are required to dSsc105e all relevant interests and re8lster them wlth the Trustee. and In accordance with the Foundatlon's pollcy, withdraw from declslons whère a confllct of Interest arises. On behalf of the Tiustee, The Board of Directors, all of whom have sufficient knowled8e of the charltable purpose of the Foundation. will hold regular meetings to discuss and agree pon the Foundation'5 Strategy, areas of activity a5 well as the consideration of qrani makin& rpsprvp.4 and risk management policles and performance. NNS Foundatlon Charlty number 1184159 Trustee's annual report for the year ended 31 December 2021 Icontinuedl Strurture. governance and manaiement lcont1n￿•d) contlnued eratlonal structure Any new members of the Board wlll receive a compTehenslve induction into the Foundation. This includes a note prepared by the Foundation'5 sollcStors out15ning the Foundation's structure arnd the role and responslbllity of member5 of the Board, as well a5 copies ol the Chbrity Commlsslon's core Buldance, Including the Essentlal Trustee ICC31. Members of the board may also access formal tralnlns if required. The Trustee and the Fourbdation have no employed Staff. OblKtl¥es and artlvltles for the publlc berte￿¢ The Foundation'5 objectives focus exclusNely on Charitable purpose5 that the Trustee, In Sts di5Lr2tion, deems fit. The Dlrectprs conflrm that the Trustee has compSied with ils duty under the Charities Act 2011 to have tJue iegard to the Charity Commi5sion'5 Beneral Buldance on publlc beneflt and rèfers to the 8uldance when revlewlng the Foundation's objectSves, as well s plannlng future actlvities and awarding grants. The Foundatlon's grant making poli¢y15 deslgned to enable the charity to further Its cl7arltable purposes for the publlc benefit, The Trustee (governed by its Directorsl revlews the Brant making policy on a re8ular basis to ensure that it reflects the FoundatSon's oblectlves and therebyadvances public benefit. Wh115t malntainSng flexibility, the Foundation's grant makln8 strategy focuses Dn making 8rants of a m*anlngful size to fund educational and healthcare prolects and prDgrarnmes. The Foundation's strategy15 to fund prolects worldwlde, but with a current focus on the UK, USA, Egypt and other countrles In Africa. The Foundailon aims to be a long-term funder, assessing achievements In the first year of any funding arrangement before maklng additional grants in subsequent years to further the long-term oblectives 5¥pported by each of the pro8rammes. In developin8 this strategy. the Trustee relles on the expert15e of Its Dlrectors. At thls stage, the Foundatlon does not Invite unsoliclted Rrant applicatlons, rather relyin8 on the Trustee's connections within the sector to brinB Televant projects to the Foundation. attentlon. How our artivlties d•llver public beneflt Grant5 are made to operational charities aidSng charltable beneficlariÈs, as well as the general publlc more wldely. The Truste￿ Idkes &￿propriate ￿ep5 when m8kin8 deci5iiJn5 in rclotion to grant making to ensure that each grant provide5 adequale public benefit, and to ensure that the Foundatlon re¢elve5 adequate ieporting to allow It to improve Its targeted grant-makln8. NNS Foundatlon Charlty number 1184159 Trustee's annual report for the year ended 31 December 2021 Icontinuedl Durln8 the year, the Foundation made grant5 to.. O The Afrlcan Mi5slon Healthcare Foundatlon to support and strengthen Africa church rnlsslon hospirals to ald those Sn BTeate5t need5. O The Sawiris Foundatlon for Soclal Development to support initiatives In Egypt that encourage job cieation through trainlng, educatlon and acces5 to mlcrocredit. as well as effort5 to Improve health and further the endeavours of the local communitles to iwprove inlrastructure and gain access to baslc services. rf The Egyptian Education Founditlon, io support funding of under%raduate studSes for the Egyptian Education Foundation Scholar5, a seleci 8roup of highly quallhed studenls of Egyptian origin whn have defflonstrated excellence In acadernics. < The Memorlal Sloan Ketterin8 Carncer Center to support the advancement of health through high priority projects in blood cancer researth. O To Coptlc Orthodox Church foundatlon to support rpnovatlons of a church bu51dlng. / To the Unlversity of Penn5ylvanla to Support to the scholarship of E8VPtlan students / To the Unlver51ty of Chica80 to 5UPPOrt the scholar5hlp of Egyptlan student5. The Trustee continues to review the Impact of the Foundatlon'$ 8rant-makin8. Flnjnclal rnvlew Mr Sawirls generously made donatlons of USD 20,968,678 to the Foundatlon during the year 2021. The Foundation has entered Into multi-year non-commltted programrnes wlth grantees nd, in accordance wlth the Charltle5 SORP, the Foundatlon recognise5 the total value of those programmes in the year in which the legal obligation was agreed. The Foundation held total unresiricted lunds of USD 6,957,428 as at 31 December 2021. The Trustee had set-up a reserve pollcy in 2020 and established that there was no need to malntain a hlgh level of reserves into NNS Foundation. By sake of p¥udency, the Trustee however decided to maintaSn ? mlnlrnum level of reserve to cover at least one year ol accountancy and professional fees. R15k Management The Trustee regularly conslders the major rlsks to which the Foundatlon mlght be exposed and Is in the process of reviewing those rlsks In order to e5tabllsh proper protocols and procedure5 to mana8e thosp rlsks. NNS Foundatlon Charlty number 1184159 Trustee'5 annual report for the year ended 31 December 2021 Icontinuedl The Trustee ensures that, from lime to time. Its Directnrs are larnillariied with the updated gtsidance Issued by the Charity Commission in relation to risk management from time to lime and ihe Charity Commission's guidance CC26 Charities and Risk Management. The lollowlng are amongst the rlsk areas Identified In the Foundation's operatlon.. Management of confltcts of interest,. Compllamce with good governance,. The Tiustee has put in place a conflict ol interest policy which is revlewed on a re8ular ba51s. The Trustee has appointed profe5Stunal advisers to asslst In mitl8atin8 governance and other rlsks. Plans for the futu The Foundatlon will continue to make grants In accordance with its strate8y and objertives, as well a$ seeking to Identify other prolects 5ultable for 8r3nt fundlng by the Foundatinn. The Triistee 15 keen to continue its work establishln8 the Fotsndation's actlvltle5. Statements ol Tru#ee's reSpon￿bIlItIeS The Trustee is responsible for prèparlng the Trustee's Report and the accounts In accordance with appllcable law and Unlted Klngdom AccountSn8 Standard5 ILlnlted Kln8dom Generally Accepted Atcountlng Praeticel, The law appllcable lo charitles In England and Wales requlre5 the Trustee to prepare accounts for each Ilnanclal year 8ivlng a tiue and fair view ol the Foundation's financlal sitvatlon and of In¢omlng rèsources and application of iesources of the Foundation foi that partlcular year. In preparlng the accounts. the Trustee Is requlred to.. select sultable accountin8 pollcie5 and apply them consislentty,. observe the methods and prin¢iples In the CharStles SORP,. make jud8ement5 and estlmatps that are reasonable and prudent.. state whethei appllcable accountlmg standards have been followed, 5ubje¢t to anv material departures disclosed and explained in the accounts,. and prepare the accounts on the 6oln8 concern bas15 unless it Is inappropriate to presurne that the Foundatlon will coniinue in opeiation. The Irustee is responsible for keepin8 sufficient accounting records that disclose wlrh reasonable accuracy at any Ilme the Foundation's financial positlon and enable il to ensure that the accounts NNS Fuundatlon Charfty number 1184159 Trustee's annual report for the year ended 31 December 2021 Icontlnued ¢omply wlth the Charlties Act 2011, the Chariiy 1￿COL1ntS and Reports) Regulations 2008 and the provisions of the Foundation's trusi deed. It is also rtrsponsible for sale8uardin8 the asse15 of the Foundation aftd lor takin8 reasonable steps foi the prevention and derèction ol fraud and other •rreBularltles. The Dlrect015 of the Trustee certify that.. so far as we are aware, there Is no informatlon that Is needed by the Charws audltors in connectlon with preparln8 their reportof whlch the CharltV'5 auditors are unaware,. and we have taken all the steps thai miÉhi be reasonably expected rn order to make ourselves aware of any relèvant Information and to establish that the Charlty's audltor5 are aware of that Informat50n. Golng concern The Directors of the Trustee belleve that preparin8 the financlal statements on the goln concern basls Is approprlate. They have consldered the Impact of coviD-1g on the Charity and expect it to have Ilmited lrnpact. The sole donor ha5 expressed hfs Intentfon to contlnue provid5ng donations to the Foundatlon durin8 the 80in8 con¢ein period. The Chailty is not obligated to provlde 8rants to benellclarles unle55 the fundlng is made avallable by the doiiur and the Chaiity ha5 SLtfflclent funds to cover all expected support and governance expendltuies for a perlod of at least 12 months from the appiovil of these flnanclal 5tatemÈnl5. Approved by the Trustee on 05 May 2022 and signed on Its behalf bv.. Erlka-marfe Wakld On behallof the Directors of the frustee ## ## ## ## ## ## ## ## ## ## NNS Foundatlon Charlty number 1184159 Stit•m•nt af Flnancl•l ActI￿tI*l Ilneludlw thc¢m• & EMp•ndAur• A¢uurtl For th* ye*r tnded 31)•c•mb•r 2021 Unr•rtrk*•d Fund• 2021 uso Trtil Tot•1 Fund• 2020 uso 2021 USD Inwrnl￿ r••ourt•i Note5 In¢ornlni r••ourt•i from N•rit•d fundit Volunrory Incorne.. DoThJtfjony 20,968.678 20,968,678 5,9Q6,121> Inv•itrn•nt In¢¢m• Bank and dep081f Interests Trf•l Incom1￿ r•¥ouru• 20,968,766 20,968,766 5,g06,851 R•wyrc•s •y•nd•d ch•rft•bl• i¢tlvttl•• 14,228,678 14,228,678 5,548,573 Go¥•rA•n￿ M•ts 94,310 94,310 59,443 T•t41 f••our<•i •Np•nd•d 14.322.988 14,322,988 5,608,021 N•t In¢om• forih• y•4r.IN•t In¢omlni r•loUr￿ b•for• gth•r r•co¢nl••d i•ln¥l 6,645.778 6,645,778 298,830 Oth•r r•trynl••d i•kni Forei8n currency exchaThÉe 8alnsll1055e51 N•t mav•m•nt In 11581 6.645,620 11581 6,645,020 12.1011 296,729 R•¢ond114tlon otfuMI• Total funds brou8lit forwacd 311,808 311,808 15.079 Totil Funds ￿TTI•d forwArd 6,957,428 6.957.428 311,808 All of the above re%ylts are derlved from corfIN1￿ activitlak The statement of flnJncl¥l actlvltlés Intludés all 8iln and105geg In the perlod -12- NN5 Foundation Charlty number 1184159 B•l•M• Sh••t ¥ It JI Da￿￿ts•1 2021 us USD Cwr•Tht AH•ts Piepayments C8sh 81 bank and and rBsh equlv*l¢Tht 145 12.651,096 12,654.241 127 341.519 Credltors.. amounts f•llin8 dug wlthln on8 year 15,696,813] 130,7111 Nrt Curnent A•Mtt 6.957A2B 14•t&•••t• 6,957A 311,808 i1wtrn•trltt•dfithdi R••trlcEd lundi 6,957,428 311MI8 T•til 6 957 428 311808 The annual report and financ5al statements were authorlsed lor Issue by the irustee on 05 May 2022 and are sl8ned on Its behalf on 05 May 2022 by Erlka-made Wakid. Dlrector of the Trustee. -13. NNS Foundatlon Charlty number 1184159 St•t•m4nt ￿e•sh Aowi For th• y••r •nd•d 31 D•¢eMh•r 2021 2020 Notes us IJSD Nete•sh w0￿ded byl (usèd Inl operatlnia¢ii¥ltlÈs 12,311.774 107.aoy Caih flowy In¥èstln&artlvltles: Interest rerelved 88 725 Cha￿• In cosh Ind cash equlval•nt In the yeaf 12,311,862 308.034 Cish and c•sh equlvalent ttt the beginning cl th• y•ir N•t Fwelqn exch•nge galnlllossl Ca>h and e9ul¥*lent•tthe end of th8 yq4r 342,392 34459,00 2.101 654,096 a41J92 C4th e41h equl¥8leD¢ consllts o*. Cash at bank 8nd In hand 12,654096 341392 cAJh cash equfvalènt at 11 Oecember2021 11654096 341J92 14. NNS Foundation Charity number 1184159 Notes forming the Flnan¢S•l Ststements tor the year ended 31 O*cember 2021 l. AccountSn8 Pollcles The principal accounting pollcle5 are summari5ed below. The accountin8 pollcle5 have been pplied consisteatly khroughout the perlod. lal Basls of proparailon The financial statements have been prepared in accordance wlth Accountln8 and Reporting by Charltles.. Statement ol Recommended Practice applicable lo charities preparlng thelr account5 in accordance with the Financlal Reportlng Standard app15cable in the UK and Republic Df Ireland IFRS 1021 and the Charltles Aci 2011. The flnanclal statement5 are prepared in US Oollars whlch Is also the fvnctSonol currency and hbve been rounde(J to the nearest dollar. The financlal statements have been prepared under the historical c05t conventlon. The Foundatlon meets the definition of a publ1¢ beneflt entity under FR5 102. Assets and Ilabllltles are Initlally recognised at hi5torlcal cost or transactSon value unless otherwlse stated In the relevant accounting policy or note, The flnancial stalements are prepared as at 31 December of each year. Ibl Goln¥ concern The Dlrectors of rhe Trustee believe that preparing the flnanclal statements on the golng concern basls Is appropriate. They have consldered the ongoing impact of COVID-19 on the Charlty and expect It to have limited impact on the charitV5 access to fundingand its obSllty to make grants to beneficlarie5. The sole donor has expressed hi5 Intentlon to contlnLte providlnB donations to the Foundatlon durin8 ihe goln8 concern period. The Charity is not obll8aEed to provide 8rants to beneh'ciaries unless the fundin8 is made available by the donor. The Charity has mlnlmal fixe(i and operatlng expenses and the cash funds held In its Reserves wlll cover these expenses for a perlod ol at least twelve months from the date on which these accounts are slgned by the Trustee5. 15- NNS Foundatlon Charlty number 1184159 Notes formlng ihe Flnandal Statements for the year ended 31 Dèc•mber 2021 {¢ontinvedl l. AccouTrtlnB Pollcles {contlnuedl Icl Income All incoming resources are included in the statement of flnanclal activltle5. All donations are recogn15ed when the charity has re￿IVed the funds. Idl Interest recelvable Intefest on funds held on deposits Is included when recelvable and the amouni can be rneasured rellably by the Charlty,. thls Is normally upon notificatlon of the interest pald or payable by the bank. le) Fund accountlTr4 Unrestrleted lunds are available to spend on actlvltles that fuither any of the purposes of charltv. Doslgnated funds are unrEStrliled funi15 of the charity whlch trustee5 have decided èt thelr discretion to set aslde to use for a specific purpose. Re5tri¢tel funds aye danatlons whlch has speclfled are to be solely used for partlcular areas of the charity's work or for spetiflc prolects beln6 undertaken by the charity. The dlrector5 01 the Trustee have a8reed that they do not need to maintain a hl8h level of reserve5 into NNS Foundation for the followln8 re3sons'. there are no staff paid and limlted ongoin8 liabilities the charlty w511 not enter into any grant commitments unless It has feceSved donations to enable it to make such a commitment; and the foundeT has expressed his commitment to providlng the Foundation wlth re8ular unrestricted donatlons 8y sake of prudencyi the Board ol Trustee will maintxln a small level of reserves equal to one yearfs worth of accountahry and professional fees lapprox. USD so,￿0). Thls policy will need to be reviewed by the Trustee If condition5 are changing and at minlmum once a year, In Expenditure Expendlture is reco8nised once there 15 a le8al or constructive obllgallon to make poyment to a third party. it is probabla that settlement will hp rpqiiiTP.d. and the amount of the obligation can be measuied rellably. Expendlture Is classlfied under the following activity headings.. .16- NNS Foundation Charity number 1184159 Notes formin8 the Flnandal Statements for the year ended 31 December 2021 (contlnued I. A￿O￿ntIng Pollcles Icontlnuedl The Expenditure on charitable a¢tivSties Include the costs of delivering the Foundation's acrlvltle5 and servlces for Its benellclarles. Governance costs include those costs associated with meeting the constltutlonal and statutory requlrements of the charlty and includè the audlt fees and costs Ilnked to the Strategic mana8Èment of the charltv. 181 Debtors Tiade and other debtois are recogn15ed at the settlement due after any trade dlscount olfered. Ihl Cash ai bank and osh equlvalents Cash at bank and cash equlvalents Includes cash and Short term hlghly Ilqtsld Investments with a maturity of three months or less from the date of acquisltlon or openin8 Ot the deposlt or slmllar account. {11 Credltots and provlsions Credltors and provlslons are recogn15ed where the charity has a present obligatlon resultlng from a past event that wlll probably result In the transfer of funds to a thlrd party and the amount due to settle the obllgation can be measured or e5tlmated re.liably. Credltor5 and prov551ons are recognised at thelr settlement amount after allowln8 for any Irade discounts due. 111 Fore￿ ￿ne￿¢¥ FoTel8n turrency transactlons are translated into the functlonal currency usln8 the spot exchange rates at the dates of the tran5actlons. Forei8n ex¢han8e galn and losses re5ultln8 from the settlement of transactions and from the translatlon at perlod ernd exchange rate5 01 monetary assets and Ilabililies denominated in foreign currencle5 are recoenlsed in the statement of flnandal activitie5. 17- NNS Foundatlon Charlty number 1184159 Notes lormlng the Flnanclal Stst¢ments for th• y•ar ended 31 December 2021 (contlnuedl l. ￿￿untIng Policies IcontSnuedl Ikl Taxatlon As a charity, NNS Foundatlon Is exempt from tax on Income and galn5 fallin8 wlthln section 505 of the Taxes Act 1988 or s256 of the Taxatlon of Char8eable Gain5 Act 1992 to the pxtent ihat these are applied to Its charitable objects. No tax char8es have ar15en in the Charlty. 2. Don4llons 2021 Total USD 2020 Total USD Oonations from the founder 20,968,678 5,906,126 3. Charlt•bl• •¢tlvltles 2021 Total USD 2020 Total USD Charitable act5vltles 14,228,678 5,548,573 In the year 2021 nlne 8rants werelssued by NNS Foundatlon, the fSr5t beln8 to Afrlcan Mlssion Healthcare USD 61KJ,(100, the second was made to Sawlrls Foundation for Soclal Development USD 4,719,(100. the third 8rant was made to Memorlal Sloan Kotterlng Cancer Center USD I,000,(hJO, the fourth grant was made to Coptlc Orthodox Church Foundation USD 283,022, the flfth one was made to UnivÈrslty of Pennsylvania USD 611,250, the slxth was made to Universliy of ChicaBo USD 93,023, the seventh was made Egyptian Educatlon Foundatlgn USD 762,383, the elghth wa5 made to Afvi¢an MIs5ion Healthcare USD 500,00 and the nlnth was made to SawlrSs Foundation for Soclal Development USD 5,660,000. 18. NNS Found•llon Charlty number 1184159 Notes lowmlnl th• Flnanclal Statsments for thè year ended 31 December 2021 (contlnued) 4. fjovernante ¢osts 2021 Totsl USD 60,715 32,915 2020 Total USD 26,239 32,648 561 59,448 Le801 & professSonal fees Audlt fees Bènk charges 94,310 5. Cr￿ltOrS 2021 Total USD 5,663,898 32,915 5.696,813 2020 Total USD Other credliors Accruals 30,711 -19- NNS Foundatlon Chaflty number 1184159 Notes formlng the Flnanclal St•t•m•nts for tho year ended 31 Dec 2021 Icontlnued) 6. RKondllatlon of net Incomè to net cash flow from operdtlni artlvltles 2021 Total USD 6,645,620 2020 Totsl USD 296,729 Net Income for th• reportlni perlod las per 5ts1•m¢nt of flnanclal actlvftlesl Forel8n currency exchange Igaln5111055es 158 2.101 Interest from Investments 1881 17251 IlncreaseVDecrease In OebtOfS 1181 4,163 Increase In Credltor$ S,666,102 12,311,774 5,041 307,309 7. Movements In Funds At31 December 2020 In£omiftB Resources Ongoins Resources Tr•nsférs At31 December 2021 Restrirted Funds Oesi8nated funds Unrestricted lund5 Total Fund5 311,808 20.968,766 114,323,146) 311,808 20,968,766 114,323,146) 0 6,957,428 0 6,957,428 -20- hlNS Foundatlon Charlty number 1184159 Notes lormlng the Flnand41 Statements for the year ended 31 Oec 2021 {continuedl 8. Cammltm•nts Durlng the financial year the NNS Foundation made pledges fDr the total amount of USD 32,448,133. The grant agreements between the Foundatlon and the grantees have been 518nÈd. Each grant Ss also sublect to the Foundation's loundEr making o donatlon to the Foundation so It ha5 funds avallable to make the 8rant. 9. SulMqu•nt Ev•nts Durlng 2022, the NNS Foundation ha5 made additlonal 8rants to four charitles for a total amount of USD 2,956,148. 21-