REGISTERED COMPANY YLryIBER: (England and Wales).. 12479372 REGISTERED CHARITY TrIUMBER: 1191418 Report of tht Tru5tee5 and FlnADeial Ststemtttts for the Year Elld￿ 28 Febru*ry 2024 for Tbe Sarlkhanl FouDdgtlo Report of the Trustees For th¢ ).￿r ended 28 Feb￿ary 21)24 The tTU5tees who are also d]r￿)r$ of the charity for the pU￿Se5 of the Companie5 Ath 21)06, present their report with lh¢ financial statwients of the charitv for the vear end¢d 28 February. 2024. The I[￿ee$ have adwed the provisions of Afjcounting at]d Reporting by Charities.. StateDient of Recommended Practice applicable to charÈlies preparing their accoLUrts in accordancE with the FiEwicial Keporting Srandord applicable in the UK and Republic of Irel￿d (FRS 102) {effe¢tiv¢ l Januatv 2015). OPJECTtVES AND ACTIVITIES ObjeL.livrs #nd Aims The Sarikhani FouDdatiott is a regisiered Charitsbl¢ Organiuion in the Unitryj Kingdoro fowidediTrn 22 Sq>tembeF 2020 with the missioo: (a)'fo promote art for the benelit ofpublic. (b) To advattce the ¢thication of the public in the aTt (cl Such other chwirable purw)ses. RepDrt ofthe Trlllft For the year ended 28 Ftbrnxry 2024 STRATEGIC REPORT Achievement and perfomance The ¢haritv su¢ce55fidly caITi￿ oui its obje¢iive$ durtng the vear. Fthanci*l review FiNa￿e￿a/POSi¥1ory The tnjsiees were d¢ligh¢ed to receive d￿ationS of £117.094 and n)yalti&8 of £3.722 from the UDiled Kingdo Total resoiwces expend￿ for the year was £1 11,679 therefore the clwity caD report anet surplus iti tillLds of £9,137. R&¥erv&*pi)liq' The chartiy has pom'er to set ¥side income as # r¢s¢rve against fulll￿ ¢xp¢nditure Ixrt only in accordance with a wrttten policy atK)ut reserves io cover adminislrntive costs. Go¥rtg Cop￿ern ThL trustees have teviewed the circu￿stanCeS Qt the Lharity and considerthat adequate Tesourc¢s continue to be available to fttnd the acti%'iti¢S uf th¢ ¢hÈrtt)' for the fores¢¢abl¢ futtwe. Th¢ trustees ar¢ of the view that the charity is a going conccm. Prlneipal r1$￿ uneertalntle8 and thelr tha#ageme#t The trustees are Tesyonsible lor ensurin¥ that there is an effective system for the monagement of the rtsks fared by the charity have implemvnied risk mana¥emeni pn)cesses. The Th￿et8 have ensured thai appropriate eontrols ar¢ in place io provide &ssurdnLf a¥iiinsI frydud and emjr. These conrrols are continuallv mOnits)r￿ for adherence. The prineipaI sottrees of funding to the ch#Tiry wett from Sarikhani Famlly in 2024. These fvndg provide the commercial basis for charitablt proiee15 undertaken by the eharir>". Plan for future perlods The core of the charity's objecti¥&g are ¢0 pr(￿0¢¢ art advanc¢ Tn arts education. STRucfiJRF., C,OVF.RNANCE AND MAN.4CENfENT CFoverning document The charity 18 a rcgistcred chartty and a oimpany liM¥l￿ by guaTantee. The govcrniJbg documenl is the Articles of Association. 'Ihe charity is fiirthcr governed by ihe E&)ard of Trusw which consisLS of five who are set Im Ihis documenL Tru.qtees are regponsible for decision-makino on long-1￿M strntegic dIT¢￿tbo￿ and governance ￿ well as the rcvicw orth¢ ¢harily's formanc¢. Rtcrnitrnent appuintmeDt of Trew trustee5 The (iPWintm¢ntvf {* n, ITICOTPi)f4Lliii¥ o 8lroi¢Ai¢ report, opproved by order ol. the board of rrustoeg. 4$ th¢ wmpany nd %igiiLd ui) tli¢ bthard'$ behlllt'by.. Ini R(Ik Tru51L*i Registered number: 12479372 **THE SARIKHANI FOUNDATION DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024** Boroumand & Associates LLP Chartered Accountants Suite 105, Viglen House Alperton Lane London HA0 1HD ## **The Sarikhani Foundation 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 2024** |**Directors**|Mr Ali Reza Sarikhani| |---|---| ||Mrs Ina Rokhsana Sandmann| ||Sir Mark Ellis Powell Jones| ||Professor Ali Massoud Ansari| ||Mrs Seema Louise Ghiassi Clark| |**Company Number**|12479372| |**Registered Office**|19| ||Hillsleigh Road| ||London| ||W8 7LE| |**Accountants**|Boroumand & Associates LLP| ||Chartered Accountants| ||Suite 105, Viglen House| ||Alperton Lane| ||London| ||HA0 1HD| Page 1 The Sarikhani Foundation Company No. 12479372 Dlrectors, Report For The Year Ended 28 February 2024 The dlrertors present thelr report and the flnan(Jal statements lor the year ended 28 February 2024. Prlnclpal Artlvlty The company's pdnclpal actlvlty contlnues to be that of promotlon of art, advance of educatlon ané other chadtable purposes for the beneflt of publlc. Ttte company was granted cha￿table status under charfty number 1191418. Dlrecto The dlrertors who held Offi￿ durlng the year were as follows.. Mr All Reza Sa￿khan1 Mrs Ina Rokhsana Sandmann Slr Mark Ellls Powell Jenes Professor All Massoué Ansarl Mr5 Seema Loulse Gh5assl aark stst•m•nt ol Olr•¢t•i•' Rwpon•lbllltl¢• The dlrectors are responslble lor prepa￿n0 the Dlrectors. Report ané the Ilnantlal statement5 In accordance wlth appllcable law and regulatlons. Cornpany lav4 requlres the dlrectors tg prepare flnanclal sratements for each flnanclal year. Under that low the dlrectors have elected to prepare the flnanclal statements In accordance v41th Unlted Kin9dorn Generally Accepted Accountlng Pr?ctlce Iunlted Klngdom Accountlng sran¢ards and appllcable lawl, Under company law the dlrectors rnust not approve the flnanclal statements unles$ they are sarisfled that they glve a true and falr vlew of the State of affalrs of the company and of the surplus or defl¢lt of the company for that perlod. In pr•partng the flnanclal Statements the dlrectors are requI￿d to.. • select sultable accountlng pollcles and then apply them conslstently.. make judgments and accounting estSmates that are reasonable and prudent,. prepare the flnancial statement5 on the golng concem bas45 unless It Is inapproprlate to presume that the componv wlll contlnue In buslnes5. The dlrectors are ￿sponsIble lor keeplng adequate accountlng record5 that ore sufficlent to show and explaln rhe company's transa¢tlons and dlsclose vllth reèsonable èccuracy at any tlrne the Nnanclal posltlon of the company and enable them to ensu￿ that the Ilnancl31 statements comply wlth the Cernpanles Act 2006. They ère also responslble for $afegu)r¢lng the assets of the company and hence for takSng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. The dlre¢tors are rtspon51ble for the malntenance and Inteqrlty of the corporate and flnanclal Inforniatlon Included on the company's webslte. Leglslatlon In the Unlted Klngdorn governlng the preparatlon and dSssemlnatlon of flnanclal statements may dirrer from leglslarion In other lurlsdlttlons. Small Compony Rul•0 Thls report has been pr&pared in accordance wlth the speelal prov151tsn$ relatlng to companle5 subject to the srnall companles reglme wlthin Part 15 of the Companies Act 2006. On behalf ol the board Mrs Ina Rokhsana Sandmann Olrector 2511112024 Page 2 The Sarlkhani Foundation Accountants, Report For The Year Ended 28 February 2024 Chartered Accountants, report to the directors on the preparatlon ol th* unaudlted statutory accounts of Th• Sarikhani Foundation For The Year Ended 28 February 2024 In order to a5S15t you to fulfil your duties under the Companies Art 2006. we have prepared for your approval the accounts of The Sa￿khan1 Ftsundation For The Year Ended 28 Fetyruary 2024 which comprise the Income and Expenditure Attount, the Balance Sheet and the related notes from the company's accounting records and from Infom)ation and explanations you have given to us. As è ptsrtising member firrn of the Institute of Chartered Acthuntants in England and Walp.s (JCAEWI, we are sublert to its ethical and other professional reouirements which are detailed at http'.l/wbYw.icaeW.comlenlmembe￿hlpIregu1at1anS- stalldard5-and-guidance. This report 15 made solely to the directors of The Sarikhani Foundation. as a body, in accordance with the terms of our engagement letter. Our work has been Jndertaken solely to prepare for your approval the accounts of The Sarikhani Foulldation and state those rnatters that we have agreed to stste to the tlirecto¥s of The Sarikhani Foundation. os a body, in thls report in accordance with ICAEW Technical Release 07116 A4F. To the fullest extent permitted by law. we do not accept or assume resrM)nsibi5ity to anyone other than The Sarikhani Foundation and its directors. as a bc4ly, for our work or for thi5 report. It is your duty to ensure that The Sarikhani Foundabon has kept adeouate accounting words and to p￿pare statutory accounts that give a true and fair view of the assets. liabilit￿. finanaal posiknon and profit or loss of The Sarikhani Foundation. You consider that The Sarikhani Foundation is eyempt from the siatutory audit requirement for the year. We have not been Instructed to carry out an audit of the accounts of The Sarikhani Foundatlon. For this ￿050￿, we have not verified the aceurdcy or completeness of the accounting records or inforniation and explanations you have given to us and we do nol, therefore, express any opinlon on the financial statements. Si9ne Boroumand & Associates LLP 2511112024 8oroumand & AssrKiates LLP Charte￿& Accountants Sulte ior V5glert IltsuJe Alperton Lane London HAO IHD Page 3 ## **The Sarikhani Foundation Income and Expenditure Account For The Year Ended 28 February 2024** |**Notes**
**TURNOVER**
**GROSS SURPLUS**
Administrative expenses
**OPERATING SURPLUS AND SURPLUS FOR THE**
**FINANCIAL YEAR**|**2024**
**£**
120,816
120,816
(111,679)
9,137|**2023**
**£**
128,012| |---|---|---| |||128,012
(70,112)| |||57,900| 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 2024** |**SURPLUS FOR THE FINANCIAL YEAR**
**OTHER COMPREHENSIVE INCOME FOR THE YEAR**
**TOTAL COMPREHENSIVE INCOME FOR THE YEAR**|**2024**
**£**
9,137
-
9,137|**2023**
**£**
57,900
-| |---|---|---| |||57,900| Page 5 The Sarlkhanl Foundatlon Balance Sheet As At 28 February 2024 2024 2023 CURRENT AS$Ers Debtors Cash at bank and In hand 103,722 997 50,175 34,652 104,719 84,B27 Credltors: Amounts Fallln9 Du• Wllhln One Y••r 113,1551 12,4001 NET CURRENT AsseTS (LIABILITIES) 91,564 82.427 TOTAL ASSETS LESS CURRENT LIABILITIES 91,S64 82.427 NtT ASSETS 91,564 82.427 Incorne and Expendlture Account 91,564 82,427 MEMBERS, FUNDS 91,564 82,427 For the year end5ng 28 February 2024 the company was entltled to oxemptlon from audlt under ￿ttl0￿ 477 of the Cornponles Act 2006 relatlng to $mall cornpanles. The members have not requlred the company to obtaln an audlt In accordance wlth sectlon 476 of the Companles Art 2DO6. The dlrectttrs acknowled9e thelr respenslbllltl4$ for ¢omplylng wlth the requlr8ment$ of rh¢ Art wlth rq5pect to accountlng record$ and the preparatlon of accounts. These accounts have been pr•gared In accordance wlth the provl$lon$ appllcable to cornpanles subject to the Small companles reglme. The flnanclal statements were approved by the board of dlrectors on 25 November 2024 and were slgned on Its behalf bv.. Mrs In okhsana Sandmann Dlrecior The notes on pages 8 to 9 form part of these Nnanclal statements. Page 6 ## **The Sarikhani Foundation Statement of Changes in Equity For The Year Ended 28 February 2024** |As at 1 March 2022
Profit for the year and total comprehensive income
As at 28 February 2023 and 1 March 2023
Profit for the year and total comprehensive income
As at 28 February 2024|**Income and**
**Expenditure**
**Account**
**£**
24,527
57,900| |---|---| ||82,427| ||9,137| ||91,564| Page 7 **The Sarikhani Foundation Notes to the Financial Statements For The Year Ended 28 February 2024** ## 1. **General Information** The Sarikhani Foundation is a private company, limited by guarantee, incorporated in England & Wales, registered number 12479372. The registered office is 19, Hillsleigh Road, London, W8 7LE. ## 2. **Accounting Policies** ## 2.1. **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. ## 2.2. **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. ## 2.3. **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 . ## 2.4. **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. Page 8 ## **The Sarikhani Foundation Notes to the Financial Statements (continued) For The Year Ended 28 February 2024** ## 2.5. **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. ## 2.6. ## **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. ## 2.7. ## **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. ## 3. **Average Number of Employees** Average number of employees, including directors, during the year was: 5 (2023: 5) ## 4. **Debtors** |4.
**Debtors**||| |---|---|---| |**Due within one year**
Other debtors
5.
**Creditors: Amounts Falling Due Within One Year**
Accruals and deferred income|**2024**
**£**
103,722
**2024**
**£**
13,155|**2023**
**£**
50,175| |||**2023**
**£**
2,400| ## 6. **Related Party Transactions** During the year to 28 February 2024, the Sarikhani Family donated £117,094 to the companmy. ## 7. **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. Page 9 **The Sarikhani Foundation Detailed Income and Expenditure Account For The Year Ended 28 February 2024** |**TURNOVER**
Donations received
Royalties
Catalogues and tickets
**GROSS SURPLUS**
**Administrative Expenses**
Travel expenses
Transport and storage
Conservation and mounting
Exhibitions
Accountancy fees
Professional fees
Subscriptions
Production and publications
Charitable donations
Entertaining
Foreign exchange deficit
**OPERATING SURPLUS AND SURPLUS FOR THE**
**FINANCIAL YEAR**|**2024**
**£**
**£**
117,094
3,722
-
120,816
120,816
1,782
5,358
3,408
-
3,000
13,075
35
39,050
42,735
1,810
1,426
(111,679)
9,137|**2024**
**£**
**£**
117,094
3,722
-
120,816
120,816
1,782
5,358
3,408
-
3,000
13,075
35
39,050
42,735
1,810
1,426
(111,679)
9,137|**2023**
**£**
**£**
70,000
26,660
31,352
128,012
128,012
-
-
-
(10,761)
10,200
-
35
50,000
20,638
-
-
(70,112)
57,900|**2023**
**£**
**£**
70,000
26,660
31,352
128,012
128,012
-
-
-
(10,761)
10,200
-
35
50,000
20,638
-
-
(70,112)
57,900| |---|---|---|---|---| |||120,816
120,816
(111,679)||128,012
128,012
(70,112)| |||||| |||9,137||57,900| Page 10 ## **Independent Examiner's Report to the trustees of The Sarikhani Foundation** I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 February 2024. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees of The Sarikhani Foundation and also its directors for the purposes of company law you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of The Sarikhani Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of The Sarikhani Foundation as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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. ...................................... Key Page Chartered Certified Accountants 17 Birkdale Road London W5 1JZ 29 November 2024