REGISTERED COMPANY NUMBER: (England •nd W#le$): 12479372 REGisfERED CHARITY NUMBER: 1191418 Report of the Trnstees aDd Fina•¢¥al Stst¢m¢rtts for the Year 28 February 2022 for The SarikbaNi Fouttd8tAon
Report of the Thiste For the yur ended 28 February 2022 The trustees who are also directhts of the charity for the pllposes of the Cotnpaoies Act 2(N)6. present their report with the fluancial stst¢m¢nts of the charity for the year ended 28 Febrnary 2022. The trustees have ad4)pt¢d the provisions of Accounting and ReportÈng by Cltarities.. Stalement of Recommended Practice applicable to ¢hariti¢s preparing their accounts in accordauce with th¢ Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effedive l January 2015). Objectives and Airns The Sarikhani Fowldation is ¥4 register Clwitable organi150n in tr United Kingdom ft>unded on 22 September 2020 with the mission.. (a) To promote art for the benefit of b]iC. (b) To advance the education of the public in the arts. (c) Such other ¢lwitable Purp5.
R¢port of the Trustees For the year ended 28 F¢bnry 2022 STRATEGIC REPORT Achievemellt and performaDce The charAty suc¢e55fully Carried out its obj¢¢tivGs during the year. Financial review Finan¢ialposiiion The trustees w¢re d¢ligbted to rEc¢ive donations of £374259 from th¢ United Kingd Total re50w¢es expended for the ytar w&s £349,732 and thereth the charity ryort a net incre&%e in fimds of £24.527. Reservespolicy The charity has power to set a5id¢ incornc a resttve against futt]r¢ eXpditiC but oThty in a¢¢ord8nce with a written policy about reserves to cover adrnÈnistrdtive costs. Going Concern The tru51ees have reviewed the circumstan¢¢s of the cknity and consi(kr that ad4uate Tesourc¢5 Colltilllle to be available to fiu)d the actÉvities of th¢ charity f(Y the fOSee•ble fUtt. The trustees are of the view that the charity is a going ¢oncern. Principal risks llDcertaiDtie5 aDd their m#DagtmeDt The trustees ar¢ r¢5ponsible for ensuring that there is an effective system for the management of the risks faced by the charity and have irnpl¢menled rilk management processes. The TtUs(ees bav¢ ensutEd tbat appropriate contro]s are in place to provide wurall¢e against fraud and er. These ¢ontyols ate continually Mon1knr for a(Iber¢Dce. Th¢ principal sources of futtding to the clty w¢r¢ from SarJTrhaw Famity in 2022. Th¢s¢ fi$ provide the comn)erciai basis for chatitable projects und#tsken by the chaTity. Piall for futsre p¢ri(bd$ The core ofthe elwtty's obiethiv&s are to promote art and adwdnce ID arts education. STRUCllJRE, GOVERNANCE AND MANAGEMENr Governing document The chartty is a registered ¢harAty and a conipany limi1 by guatantee. Th¢ govtitiing document is the Articles of Ao¢latiO The charity is fitrth¢r governed by the Board of Thte¢S which consists of fiv¢ who #Te set on this document. Tnjstees ar¢ r¢spon5ibl¢ for decision-making on long-teTm strategic direction and governance as well as the review of the charity's perfomhance. Recruitrnent attd appointment of neiv trTrst¢es The appointment of a new to the Board of Tn tak¢5 place due considerntion fiDm both partis%, ensure a good strategic fit for the Board 8Jd the prospective trUStr¢. Key maDagement relliuD¢ratio No Temuneration has been paid toth¢ trustees.
Report ol the Tru5ttts For the year 28 February 2022 STRUCTURL GOVERNANCE AND MANAGEMENT REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company nu]nb¢r (England aDd Wales) 124793f2 Registsrfd Cbarity number 1191418 Registered offe 60 P¢mbridge Vill&s London WII 3Er Trustees Mr Ali Re7a Sarikhani Mrs Ina ROkIa Santhnat)n Sir Mark Ellis Pow¢ll Jones Professor Ali Massoud Ansari Mrs Seelna Louise Gbiassi Kennedy AeeouDtants Boroumslld & Associstes LLP Charter¢d Accounlants Suite 105, Viglen Hous¢ Alperton Lane Wembley HAO IHD Bankers Coutt5 & CO 440 Strand London WC2R OQS EVENTS SINCE THE END OF THE YEAR There w¢r¢ no events sin¢e the end of the year. FUNDS HELD AS CUSTODIAN FOR OTHERS Th¢re were no fun(ts held as cusÈoth"an for othets for the yearended 28 February 2022.
RepDrt of th Trnstees For the year end¢d 28 Februry 21n2 STATEMENT OF TRUSTEKS RESPONSIBILITIES The tru5tee5 who are a550 the dtrtctors of The Sarikhani Found%{ for the ofwmpany law are res)k)nsil)le for preparin8 the R of the Trustees aod the fin0Cial statements in accorth¢e with appli¢able law aud Uni¢¢d Kingdom A¢¢ounting Standards (Unit&l King¢kn G¢Deral]y Accept¢d Accouniing Prnctice) Conlpw law requiw the trustets to Fnpare ffftan¢i st*tem¢nts for ¢xh fJn3ncial yw which giv¢ a true and fhit ¢w of the state of affairs of the rharitsble compaTry and of th¢ it)comiDg resoUT and 4yplication of resources. iDCludU the incl¢ ond expelldibJr¢ of the charithble compally for tha¢ peri kn preEMrirkg those fmanciai s¢l¥t suitablc a¢¢ounting F11¢1¢$ w)d then appty thern eonsisteDtIy: observ¢ the methods 0j winciples in the Charity SORP; make judgcrn¢nts and estimatrs that are reasonabl¢ and wud¢Dt: prtpar¢ the FaTr¢i1 statements ors the going c(rtwern basis uDle5S li 1$ iDapproprikn to prume that th¢ hIlable Company will continue it) busine8S. Th¢ tnL8tees arr ry)osible k¢¢pin8 rffoper accounting ffcords wbi¢h disc105¢ with re8soDable accwxy at any tim¢ th¢ fanCial rA)8itiotL of the eharitable ¢ompany Slld ¢nablc them to ¢nswt that the fmanciaj ststrments comply with th¢ Companies A¢t 2006. They a a150 re5POrtsible for saf¢guarding the &wts of the cljarithble comp)Y 8nd hcnce for takmg reasonable 5WS for the pmention &nd det¢dion of fraud and other irregularitie lieport of the thttes, inCora¢1n8 a strdt¢gi¢ repoTL 8pproveA by order of the E4)ard of trustees, &8 the compa¢ 1211212022 .. and Signed oa) the lJ)ard's behalf by.. tna Rokh
Registered number: 12479372
THE SARIKHANI FOUNDATION DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
Boroumand & Associates LLP
Chartered Accountants
Suite 105, Viglen House Alperton Lane London HA0 1HD
The Sarikhani Foundation Directors' Report and Unaudited Financial Statements For The Year Ended 28 February 2022
| Contents | |
|---|---|
| Page | |
| Company Information | 1 |
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Income and Expenditure Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8—9 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 10 |
The Sarikhani Foundation Company Information For The Year Ended 28 February 2022
| Directors | Mr Ali Reza Sarikhani |
|---|---|
| Mrs Ina Rokhsana Sandmann | |
| Sir Mark Ellis Powell Jones | |
| Professor Ali Massoud Ansari | |
| Mrs Seema Louise Ghiassi Kennedy | |
| Company Number | 12479372 |
| Registered Office | 60 |
| Pembridge Villas | |
| London | |
| W11 3ET | |
| Accountants | Boroumand & Associates LLP |
| Chartered Accountants | |
| Suite 105, Viglen House | |
| Alperton Lane | |
| London | |
| HA0 1HD |
Page 1
The Sarikhani Foundation Company No. 12479372 Directors' Report For The Year Ended 28 February 2022
The directors present their report and the financial statements for the year ended 28 February 2022.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of promotion of art, advance of education and other charitable purposes for the benefit of public.
The company was granted charitable status under charity number 1191418.
Directors
The directors who held office during the year were as follows: Mr Ali Reza Sarikhani Mrs Ina Rokhsana Sandmann Sir Mark Ellis Powell Jones Professor Ali Massoud Ansari Mrs Seema Louise Ghiassi Kennedy
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mrs Ina Rokhsana Sandmann Director
25/11/2022
Page 2
The Sarikhani Foundation Accountants, Report For The Year Ended 28 February 2022 Chartered Accoyntsnts. report to the dlr•£tors on the preparatlon ot the yudIted statiitory accounts of The S•rikhoni Foundatlon For The Year Ended 28 February 2022 In order to assist you to fulfil your duiTres under the Compani&s Art 2006, we have ppad for your approval the accounts of The Sarikhani Foundation For The Year Ended 28 February 2022 which comprise the Income and Expenditu Account, the Balanee Sheet and the relate¢ note5 from the company's accountyng OrdS and from infonnation and explanatlons you have glven to us. As a practislng member ftm) of the 1Tr$tUte of Chartered Accountsnts in England and Wales {ICAEW), we are subject to Its ethlcal and other professlonal requ1ments whKh are detsiled at http:/lwww.icaew.comlenlmembershSplregulations- standards-and-guldance. This report is made solely to the direttors of The Sarfkhanl Foundation, as a body, in accordan with the terns of our engagement letter. Our work has been un¢Jertaken Sole to prepare for your approval the accounts of The SarSkhani Foundatlon and stste those matters that we have agreed to stste to the 4CtorS of The Sarikhani Foundation. as a bjdy, in thls report in accordan wlth ICAEW Techrbical Release 07116 AAF. To the fullest extent pemiltted by law, we do not a¢pt or assume responsibllity t¢ anyone other than The Sarikhoni Foundation anL1 its Ilirector5, as a bodyi for our work or for this resiort. It Is your duty to ensure that The Sarikhani Foundation ha5 kept adequate accounting records and to prepare StatOry accounts that give a true and frdir view of the assets, liabilitits, financial posttion and profit or 1055 of The Sarikharni Foundatlon. Yciu consider that The Sarikhani Foundation is exempt from the ststutory audit requirernent for the year. We have not been in5trutted to carry out an audit of the aectsunts of The Sarikhani Foundation. For thi5 reason. we have not vemfied the accuracy or completene55 of the accounting records or Information and explanatlons you have given to us and we do not, therefo. express any opinlon on the finanual statements. Slgned Boroumand • Asso¢i•tss LLP 2511112022 Boroumand & Assoriates LLP Chartered Accountsnts Suite 105, Vl9len House perton Lane London HAO IHD Page 3
The Sarikhani Foundation Income and Expenditure Account For The Year Ended 28 February 2022
| Notes TURNOVER GROSS SURPLUS Administrative expenses OPERATING SURPLUS Interest payable and similar charges SURPLUS FOR THE FINANCIAL YEAR |
2022 £ 374,259 374,259 (349,715) 24,544 (17) 24,527 |
2021 £ - |
|---|---|---|
| - - |
||
| - - |
||
| - |
The notes on pages 8 to 9 form part of these financial statements.
Page 4
The Sarikhani Foundation Statement of Comprehensive Income For The Year Ended 28 February 2022
| Surplus for the financial year Other comprehensive income for the year Total comprehensive income for the year |
2022 £ 24,527 - 24,527 |
2021 £ - |
|---|---|---|
| - | ||
| - |
Page 5
The Sarikhani Foundation Balance Sheet As at 28 February 2022
| Notes CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 3 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2022 £ £ 36,840 36,840 (12,313) 24,527 24,527 24,527 24,527 24,527 |
2022 £ £ 36,840 36,840 (12,313) 24,527 24,527 24,527 24,527 24,527 |
2021 £ £ - - - - - - - - |
2021 £ £ - - - - - - - - |
|---|---|---|---|---|
| 36,840 (12,313) |
- - |
|||
| 24,527 | - | |||
| 24,527 | - | |||
| 24,527 | - | |||
| 24,527 | - |
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors on 25 November 2022 and were signed on its behalf by:
Mrs Ina Rokhsana Sandmann
Director
The notes on pages 8 to 9 form part of these financial statements.
Page 6
The Sarikhani Foundation Statement of Changes in Equity For The Year Ended 28 February 2022
| Profit for the year and total comprehensive income As at 28 February 2022 |
Income and Expenditure Account £ 24,527 |
|---|---|
| 24,527 |
Page 7
The Sarikhani Foundation Notes to the Financial Statements For The Year Ended 28 February 2022
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland " ("FRS 102") and requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in £, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents donations received .
1.4. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to release the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.
Page 8
The Sarikhani Foundation Notes to the Financial Statements (continued) For The Year Ended 28 February 2022
1.6.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as laibilities once they are no longer at the discretion of the company.
1.7.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short tem liquid investments with original maturity of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2021: 5)
3. Creditors: Amounts Falling Due Within One Year
| . Creditors: Amounts Falling Due Within One Year |
||
|---|---|---|
| Accruals and deferred income | 2022 £ 12,313 12,313 |
2021 £ - |
| - |
4. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
5. General Information
The Sarikhani Foundation is a private company, limited by guarantee, incorporated in England & Wales, registered number 12479372. The registered office is 60, Pembridge Villas, London, W11 3ET.
Page 9
The Sarikhani Foundation Detailed Income and Expenditure Account For The Year Ended 28 February 2022
| TURNOVER Donations received GROSS SURPLUS Administrative Expenses Exhibitions Publications and other information OPERATING SURPLUS Interest payable and similar expenses Bank interest payable SURPLUS FOR THE FINANCIAL YEAR |
2022 £ £ 374,259 374,259 307,224 42,491 (349,715) 24,544 17 (17) 24,527 |
2022 £ £ 374,259 374,259 307,224 42,491 (349,715) 24,544 17 (17) 24,527 |
2021 £ £ - - - - - - - - - |
2021 £ £ - - - - - - - - - |
|---|---|---|---|---|
| 17 | - | |||
| 24,544 (17) |
- - |
|||
| 24,527 | - |
Page 10
Independent Examiner's Report to the trustees of The Sarikhani Foundatio I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 February 2022. Respective re5PODsibilities of trustees •nd examiner As the charity's tNstees of The SarAkhani Foundation and also its directors for the purposes of Company law you are responsible for the preparation of the accollnts in ac¢ordance with the requirements OE the Companies Act 2006 {'the 2006 Act'l. Having Satisfied myself that the accounts of The S8nkluni Foundatiorl are nol Tequired to be audited undei Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your chaiity's aOUnt$ as earried out under 5¢Ction 145 of the Chan"ties Act 2011 ('tb¢ 2011 Act.). kn caryillg Out my examination I have followed the DiTections given by the Clwity Commission undcr Section 145{51 Ib) of the 2011 Act. Ithdependent examlner's statement E have completed my examination. I confinD that no matters bave come to my attention in connection with tb¢ examination giving me cause to believe.. accounting records were not kept in respect of The Sarikhal Foundation as required by stttion 386 of the 2006 Act. or 2. the accoullts do w)¢ a¢cord with those records. or 3. the account5 do llot cornply with the ac¢ounting requirements of section 396 of tbe 2006 Act other tha any requirement that the accounts give a 'true aud lair view which is not a matter considered as part of an independent ¢xaminaiion', or 4. the accounts have Dot been prepared iti acGordallce with the methods attd ptiucipl¢s of the Siatement of Recotnmended Practice for a¢¢ounting and reporting by charities lapplicable to Charities prepating their accounts in accordance with the FiDallcial Reporting Standard applicable the UK and Republic of Ireland (FRS 1021]. I have no concems and have corne across no other mattels in conncction with the exaD]inatioll to which attention should be drawn sn this report in order to etthle a propel understanding of the accounts to be reached. Akn*Lggf Key Page Chartered Certifjed Accountants 17 BirkdaLe Road IA)ndon W5 IJZ 12 Dxember 2022