ALSAMA PROJECT Private Company Limited by Guarantee Chofity Registrotion No.- 1191810 Compony Registration No." 12433605 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2024 ALSAMA PROJECT Contents Y•ar •nd•d 31 O•¢•ml)•r2024 Le8al and administrative infomiatlon Report ofthe T￿￿t￿5 Report of the Independent Auditors 11>13 Statement of Flnand•l Att￿￿'e5 14 Balance Sheet 15 Cash Flow Statement 16 Notes fomiin8 part ofthe Fin¥*ial Siatements 17-24 ALSAMA PROJECT Legal and admin¥strative lrrforn￿On Y•ar •nd•d 31 Dtt•mb•r 1024 The strurtural and admintStrati￿ ddails for the tharity are as follows.. Name: Alsaffla Project Type of eniity.. Pn"vate Company Limiied by Guarantee Date of inc¢xp)rntion: 30January 2020 Registered Charity Number: 1191810 Company number: 12433605 RÈ8lstered ènd prIrK1￿l offl¢t.' 5- Fl(w. ￿31 FuTnhal StreeL ionth)n. EC4A UQ The Trustee5 a5 It the date of thi5 report Ithe Irustee5"1 are". Melke Zierycsel Eliiabeih Mary Robertson Rlchard Veritv Chrlstopher john LiN1￿Y Teesthlq Suhir Helal Dr Paul Mltchell Kelish Pothalin8harn The ban*trs are.. anque Banorieni Fr•nc• 193-195 Brompt¢)n fload London JWJ ILZ The solKt<)rs ale.. Skadden. Afps. gat*, ￿alh¢T & F￿rn IUKI LLP 22 &"Sho￿￿te London EC2N 4BQ Tht auditovs are.. Mitchell Chafltsworth IAuditl Limit 3rd Flopr 44 Peter Street Manchester M2 5GP 21Page ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 The trustees pre5enl their fepwt together with the financial statements for the year ended 31 Decernber 2024 The financial statements have been prepared in accordance with the account¢n8 policies set out in the note5 to the Kcounts and cornpty with the charitys governing documeni. the charit￿ Aa 2011 and Accounting and Reporting ty Chafitses.. Statement ol Recommended Prartice applicable to Charit￿s preparingthelr accounts in accordancewith the Financial Reportin8 Standard applicable in ihe UK and RepublK ol Ireland t5sued in October 2019. Flnancial review, a¢hievements* performante and future plans History Alsama Prolea began ￿ a small fernale empowefrnent centre in January 2020. prowdin8 awarene55, cricket and yo8J sessions to teenage 8lrls in ShaiSla refugee camp. These gifls were lI￿n8 In po¥erty, Vul￿rable to early marriage, and were almost all illlterate. li was their request to learn Aralmc. English and tsJd8etin8 that compelled Melke Ziervr*de and Kadria Hu￿n to establish ￿5aMa'S first eilucation c¢ntr¢ in 2021. Edu¢*lon C•niMs sama Projett currenily supports fi¥e educatloft ¢eNres, In Shatll• camp. 8￿r￿. two In Bourl al Baraineh camp, Beirut and one in Jaramana, Damascus. Our sttsdenis are out-of-school relugee teenaRers. the Ma￿rI1¥ ol whom are female. In December 2022, ￿5am• Project Was eduutini 4LNI teena8ers in two centre5. In 41ri12023, we opened our thlrd centre,'Shatila 2., in February 2024 we opened our lourth centre,'8oufj 2'•nd in March 2025 we launched our centre in DamaKus,'JaramaDa I,. Now. across our flve educaibon centres A15am• educates 950 teenagers. Alsama has a S- vear ambition to 8row to over 40 education centre5. and are on tTKk lo educ•te l.l￿ teena8ers by 2027. The ￿lama Team op•nln9 W 2 F•kyvory 2024 j, ¢ii,I Ctsrrrtulr￿ C*velopment It is a Signifi￿nt thallenge to educate outd-school teena8ers join A15arna illiterate and innumerate. A15ama'5 curriculurn has been specially designed to fit 12 years of standard 5chooSing into 6 years. Our curriculurn has been desSgned uslng 4 inputs.. internal￿nI1 stèrNlards, Internal expertist, t￿erTh81 tonsuttation and student leedbatk. Alsama projett aims io pro￿de a workl-class. hdistFC educètion. rather than bas￿ literacy and numeracv. Stvdents study Maths, English. Arabic. IT. Science. Protessionaliym. Awareness. Criiical Thbnking, Art and Yoga. Lessons are [￿uSed on'real-life application. to keep students enÉaBed. 31Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 Sustoin¢7bility Our education system is con515tent and 5UStainable. We teach lof 5 day5 a weel 44 *pek5 a year. This is achieved at a low cost., our'per student, annual cosi 15 LIS $94Q. 83% of the global average. A rnajor task of A15ama in 2024 was achiewng formal xhool ￿reditatiOn. To achieve this goal we hosted a virtual WASC visit and a compfehensNe-audit" of A15ama as a whole. We are estatic to say that as of february 2025 two of our centres have been accredited with the other expected to occur later In the year. This means that our siudents will graduate ￿1h an iniernatw•l Kcrediiation. auowing them io pursue hqhereduution or enter the wole5s1o￿l obs mafket. Alsarna is deepty embedded intoits cornmuniti¢5. 91% ol patd5taff are th•1, •ndweoffer emphiyment opportunitle5 lo top studefits. We provide awareness. empowerment and literacy das5es to poTent5. Alsama operate5 under the protettion ol its tamp nei8hbtsurs.' we respect lotal txpettatitins and have established mutual trust. Thls ensurts tyjr centres, longevity. 145t5epiembei we had a waitin8 of 2.730prospective students demonstratln8ourcommunrtv support. Exlr¢Kurfculor Develo￿￿￿¢ Alsarna rwnlms ¢h• Import•nc• of ex¢racurrkul•r cr•¥tin8 wdl.roun¢l•d, •rnpowered IDdividu•ls. Mu51c In Septembtr 2023. A15ama op￿ed It5 Musk departmtnt. At the Ilme of Writ1￿ St￿ents re(elv* one group music lesson per week. ￿$am8 also offers instrumental lessons ¢)n piano. guitar. violin. oud and dèrbakè to 120 students. Our music proerimme focuses on collaboration èhd ptrfomiarfe.. we held our first concert In late 2023, in¢ludin8 ensemble and 5ndividufjl performances. We now hold J concertj per year in M•rns St￿Uled for 2025. Mryth Gar5in8ton 0￿[3 andthe Crty ol London Symphonia. Hiking 2023 also saw the Inau8urètlon of Alsama's h1k1￿ pro¢rnnvne. For many of our students. who live In overcrowded rban camps. Ihls was their first time Fn naiure. In 2024. we had 4 hikes in the Choul motsntains, and our top class 55 Current￿ Pfeparlngto take their Duke of Edlnburgh Bronie Awafd. We ￿arted 2025 wth a couple of hikes at ¥ar￿n8 dlfflculty levels. and ihe SiLtdents are coniinuin8 to work on thèir n3¥￿at￿1n and orienteerin8 skills, led by our new Duke of Edinburgh Assessor 50 they are ready for thwr campiNA irip in April. 41Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 Cricket Cricket Hub5 In oaober 2018. ran a one.week cricket ump. wpported by Qprtal KK15 Cricket and McKin5ey. Qn the first day. 20chlldren attended. On the second. 2￿Children turned up. By theendoltheWeek.￿5arna had decided to establlsh 'hub'. providing children with 6 hour5 01 cricket trainin8 every week. By 2023. Alym• has now expanded lo 12 cricket hub5 Icross three c4fflp5. Shatlla. Bouri al 8aralneh Marl, tented camp In tht Bekaa valley. Wt opened 2 mtye hubs In 2024. tralni￿ 660 players in tot•l. Communltv Impart ondPortnersh195 Cricket Is a panlcularly sultable swt lor Alsama's community. Crlcket is a non-contart sport. which means ihat boys and 8irlscan play tO8rfherwihout irans8ressin8 cultufal bwndanes. It requiresa ￿de ran8e of straie8lcaTrdathleti skllls. makln8 it accessible to children with drfferins abllities. Crkket iroinin8 works in parallel wlih our educatlon cenires io losier collaborail￿, leadefthlp and wmmliment. Out programme connerts refvye pl•yers io a *lder ￿Mm￿nI1V, In Lebanon •nd beyond. In 2023, we held sl# championshlps.. si￿e￿$eX, mixed and hafdball. We play fe¢ular matctr*s with other local ieams from Pakistan, Indla and VNIFIL We have continued to develop our coachin8 capacity. In 2023. we ran our fourth Leadership Course. 5UPPOrted bv the Marylebone Cricket Club. After completing 8 hours ot intensNe trainin8 per day. 14 students advanced to ICC L*v•l 2. In 2024 w* hostod thrttttitknt intèrns frt*m th* UL workin8 to build Al£ama'stritket dwrtm*nt. A furth* group of student5 ￿11 take their ICC Level l exarn in late 2024. Ar4d*mk Scholarshlps-"Excellenc* Fu Alsarna spon￿r5 Its lop students to attend Internat1￿￿ Sd￿ and c(Alege5. Students are assessed by an Independent Selection C¢>mmittee on their deaf ¥i511>n to advance thwr comrnunity, leadership ski115 and acodem performance. Al￿rna partners W￿th admired secondary schoots in Lebanon and alxoad who alwi ￿th our values and cornmltrnent to diversity. A15ama's students Cothiftue to eam ￿¢0£1￿￿<10￿ thtir academic excellente. In 2024. through our partntr Al Futtalm Educaiion Foundation IAFEFI. two more OF our students we*e offered sclw)lèrships to a Pfe-eminent school in the VAE. United American School. 5tudeThts %¥ere nominated by an Independent 5elertion Commiitee based on merit and selected by AF£F. One chose to accept the 5(holatship and ￿ now in f￿bal. the ottr*r d)ose to continue 51Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 r studies at Alsama, l)oth are thri￿￿ aca(knMcally. partner5 Wth admire(15econdary schools in Lebanon and abroad. Sori•l Emeipnse5 Alsarna cu￿entlY incubates three social enterpfi5e5: Alsama Studio, the Arabic Language Sth)ol and the G12++. Embrolde C rotl -Alsomo Studl . Alsarna stud50 create5 bespoke. hand-made en￿ro*dery art. The enterfv Is a conThinity 01 SO refu8ee women artisans In the Shartlla. 8wrl and 8aralneh carnp5. Indudl￿ the mothers olour students, The stud*J alms to empower ils arti54n5 ty 5UPPWting their financial independence and personal growth. Many of these women are noi allowed to lea¥e the htyjsé except 10 80 to the Siudio, whith Pfovides a sale space lor problem sharin8 and cieativity. The studio has aho provmled yoga, lrteracy and empowermenvawareness classes to its artisans. Alsarna Siudlo is fin•nciilly i*endent frorn Ais•m•: Ill profrts are in¥ested intoihe studlo •n41 tts freel•ncer5. It makes sales lo￿14¥. and shlps io an iniefnatlonal Market. Currenily. ￿SaMa Studio has a Studio Director. Its artis•ns work to demand as freelancers. In 2024, the Studio expanded tt5 internall¢Thl sales tsy 5eekin8 the 8UIdan￿ ol soclal enterprlse investors and hlrlnB a marketin8 consultant. Arobic Lclnguoge khool Founded in 2024 by an ex.￿sam0 studeni. the ArabK iawia8* Sthool offers be8inner to advanced Arabic lessions In the Levantine dialect to anvone who wani to le•m Ar•blc. Staffed by students who have achithyd ￿ excelknt level ol English and Arabic. the lanwage sthool creates opportunllles for siudents to besin ￿arnIng buslness skfjlls and eainln8 indeper*leffl Intt*me. G12++ Qvtrlifit0t￿n Thè G12++ is des48n￿ lor displacèd siudènts. prthiidsne èn attèssiblè qualificatltsrt to allow thèm io acce55 higher education. Alsama ha5 Used data from it5 edUCat￿n centres to develop a 501ution to a global problem- only of all univer5ity.age relugee youth acces5 tertiary educatitin IUNHCRI. The G12++ airns to provide an accessible, Inexpenslve examlnatlon ih* lotuses on criiical thIn￿nI and skllls Instead ol fac In 2023. Alsama desl8ned its Prototype examlnation. deb**ped w4th professional test writers and academics. We have created a network of ur%iversiiie5. NGOS. Bo¥emments. sthools and foundations excited to enga8e with ihe enterprise. In 2024 Alsarna advanced this exam-based high 5th0￿ certification. Cambridge Assessment, Oxfgrd Measured ond other preeminent as5e55ment consultanaes guided our work. 61Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 Ploneerin8 un¢¥ersities have committed to 5UPPOrtin8 the develo￿¢ of the GIZM Exam. as well as wovlding placements and Sch￿arShIpS to ￿sarn3 students who succeed in eamin8 the GI2￿ Certificate. These include. In ihe UK.. University ol Leicester and the UnNersity of Carnbrid8e-. in the US,. Mor8vian Universrty and the Ariiona State University. The G12++ Advi59ry Board is formed by Pres￿entS and Pro-VKe Chancellors of these universitie5, as well as visionary leaders In the space ol refvgee empowerment and of education and assessment. In 2025. we wlll beta- te51. digitalise and linali5e the Exam and are well on ow way to formal international accreditation. HQ Alsarna emphaslses 'on-the-gfounrf worklr8. Our HQ Is a ynall rorrfn In our flfst educatlon centre In Shatlla. Thls mean5 our adminlstratb¥e team 15 In close (ontart wlth the communities we serve. In 2024. Alyma strengthened it> HQ We hired a pe￿anent Head of Finance. a G12++ oFfKer and an Education Consultant to help re14ne our turritulum. We have also sou$ht lurthef external expertise.. workin8 wllh WASC to Improve our Govern5￿ Board Manual. 10 year financr41 plan and pro8ramme guides. 2024 was ihe year Alsama became an acttve member of the Lebanon Humanitarian and Development Forum, Ihe Lebanon Education Sectorni and ihe Lebanon Child Proiea in wder to collaboraie and COLvdinate our Ktivities wlih other NGOS. A15arna Proltct has undert•ken seb*ral Inktbattrns alrned at coAso16datlng tyJr Int•mal or8anlsation. We continued to inlorrn our salary sirutture throuih tyjr Salary benchmarkin8 exercises. Alsama Projttt rah one exercise wilh l¢)tal and internatlonal NGOS. and we took part in a further benchmarkin8 proj•rt ￿th m•Jor international NG05. We 3190 mTr8rated to a new file 5tOfa8e system for enhanced data 5ecurty- Since 2022. A15ama h45 also develvped it5 intern5hlp proyamme. In 2023 we recrulted Strategy and Development. G124+. and Cficket interns on a fi¥e-month rolat￿n. In 2024 we expanded Qui internship proAr3mme to include Flnance and communi￿15￿ Internshlps. Sustalnablllty and Reserves Alsama Prolect operates Il5 own educatlon centres and cilcket hub5. ThF5 rneans that oui costs are steady and lon8- tem). 60% of our on.the.ground costs in Lebar+on represeni staff empw as freelancers. who are pald Month￿1. Most other Costs are •lso re8ul•r, e.8. rent and transportaiknn and these costs are pald by ￿$ama Prolett Lebano and reSmburseil by us. ￿sama Project does noi sub(￿tract w thlfd par￿. expendlture Is supervised by the CEO, Melke Ziervo8el. Q>sts hzve risen In 2024. as we opwwd a fourth edu(atwJn centre and new cricket hvbs. Expenditure wll rise further. •s we have opened * fifth education tentre in March 2025 and pl•n to open a sixth education centre in 2025 and lurther crScket hubs. C05t5 are a150 Sntreasing due to h*h inflation in tebanon. ￿5am3 Projecys growth plan means Ihai the trusiees must carefully consider eKh to open a new cenlfe. and mainiain reserves Wlth prudence. The non-renewal ol lunding by any one si8ntlicant donor could have serious ￿VerSe ellects on the provision ol education. To ensure stability. the trustees currentty masntain at least 12 rnonths. future expenditure in reserve on rolllng basls. 2025 Spend 15 f(Keca5t to bE around $1SC(I.C#)).. the cutrent of Te5ervE5 IlrKludln8 IE5tr1cted and unrestricted lundsl ol 51.4(XI,IYXI is jusiljelow this ra￿e Iwt new di￿$ and (knnati¢)ns are bein£ attively ènd successfully sought in 2025. Alsama Project is deli8hied that so many of its donors have repeaiedly donated to the t￿rity. 415 of donations in 2023 were donation5 frorn loundatior15. corpoTrtions and individua15 who have 8rfted previous￿. Tht5 15 particulady gratifyin£ as Ir shows that not only are so many ¢Jonors mèintaiftin6 iheir commitment In 2024 from prewous years but some have svbsiantialtyiweased t*￿.1 donations. In additrf)n, Alsama Projea received some especially£enerous 71Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 rirst.tTrme donalions in 2024 from a number of foundatkn5 and indNKluals. The tru51ee5 ￿ extremely grateful for thls continued support. In 2025. we will continue to show all our donors the impact ol their donatlons on educatlng and empoweriThg the refvgee ￿mmUnitieS whKh we serve. sarna Projed uses cash balances toeam derAx￿ interest ahead of the months before the cash is spent. 11 also aims to mainiain more of its cash balance5 in US dollars to hedge it against movements in sterling and Euro. th 2024 balances have been buitt up in the sister ￿5ama Projec¢ US and kept in US doliafs while e•ming iThteresi. Rlsk Manazernent Policy Stall in Beirui have continued to rrfUIar￿ review risks. update policie5 and processes, with extem•l guidance from Skadijen. Assks are grouped In ule8ories, includin8 financial. politKal and safe8u•rdln8. We have expanded our categorlsatlon ol risk registers to incorporate Alsama's new activbties. indudiTrd cricket ènd liekl trip r￿ISters. This year. we continued to expand related policie5 suth as our Conflict of Interest Polic¥. Enhanced Safe8uarding PTacticts and Fraud PolKy. These tdic1*5 were created by HQ wtth swlf*ant input from 0n.thtrgrc￿nd stalf. Internal Financial Controls are reviewed annvalty. Ma&ntainin8 reserves at the current leve15 5tturt in the UK helps ensurt there art suffitient resourtts In the e¥ent of adverse shotks bn Ltbano Stfucturel governance and management GoWmlwdo￿ffl•nt Memorandum artlcles Incorpor•ted 30 J•nuiry 2020 as Jmended by spedal resdutlon reglstered •t Companles House on 2 Sepiember 2020 as amended by certIf￿ale ol incorporatlon on change of name daied 7 Octobef 2020. As amnded 27 March 2023. DlrectoNltNst*•i and Indutdon. frnlnl The 8oard of Tru5tee5 mpels four times a year to admln15ter tht tompany. One ol thts* meetlrw15 Usualty held In Lebanon. so trustees can see lor thèmsefves the chaiity's impact and ¢)n-the-ground opefational thallen8es. In 2024. the trustees Wtre unable to mtet in Lebanon due to the war in the ctyjntry. HLvRver, they met virtually throughout the year to ensure srron8 >iraie8lc and finaTrclal Roverrsan£e. throu8h buslness-as-usual. thrO￿￿h crlsLs and thfough tht new normal. The trustees have the po*tr io apOni new or •ddlt14)nal trustees. New trusiees ￿dery0 Induciion tralnlng io brief them on thelr legal obllBatK>ns under charlty and company law and the conient of the ArtIc￿$ of Assoclation. Ketlsh Pothalin8am. le81￿¢re0 dirertor le14a￿d Paul Mrtthell •$ Chair of the Board in 2024. Oblertl¥os and •rtlvltl•s TheCompan￿5 oblectsare specllkally re51r6tted w s￿h purposes which èreexcluslvely thafliableand for the ber¢efrt of the publk under the laws of En8land and Wales as the Trusiees shall in thelr absoluie discfdion determine, including Ibut noi Ibmtted tol.. the rel*1 of ￿ertY or financial hardshlp amoAg refvgees and asylum seekers bv provSdin8 £rants, items and servltes to individuals in need andlor charities or other or8anisaiions workin8 10 prevent or relieve poverty,. attin8 as a resource for ￿￿Bee$ and awum seekers by prov￿11n8 advice and assistance and or8anisin8 PIO81ommes of physical educatbonal. arts and other attivitw asa means ol: lal advancin8 in life and helpin8 ywng people by developsng their skills. capacities, and capabilities to enable them to particlpate in 51xiety as independent. mature and rtsponsible indivtdvals. Ibl advanc1￿ education 81Pa¥t ALSAMA PROJECT Trustee5 Report Yèar end￿ 31 Ot<*mbtr 2024 Icl relte¥ing Unemp￿YMenI Idl providin8 recreational and leisure time activity in the interests of social wetlare for refugees aThd asylurn seekers who have need by reason of their yguth, age, Infirmity or disabilrty. poverty or social and economic circumstances with a ¥lew to Impro¥in8 the conditltsns of lile ol suth persons. Publk Btnefft The companyalm5 10 provlde publlc benefft bylh* rdlefof poyeftyorllnandalhardshipamonorehyeesand asylum seekers, prlmarlly by provldlng edUcatIc￿ aNI ulcket to refugee teenagers In Lebanon. The trustees, repjrt was approb*d by ihe Board dTrustees. K Poihalln8am Truste• O•¢e........ 2710712025 91Pa¥t ALSAMA PROJECT Report of the Audltofs to theTru5tees of Alsama Project Yèar end￿ 31 Oec•mber 2024 OpiniD We have audtted the financlal statements of Alsama Prolect Ithe 'ChariVI fof the year ended 31 December 2024 which cornw55e the 5tstefflent of linanual actr¥iiie5, the bala￿e 5hEeL the 5[a￿￿ent of tashllow5 and note5 to the rinancial statements, includin£ ￿EnIr￿ant accountin& policies. The fina￿111 reporting framework thai has been applled In iheir preparaison is applicable law and United KFngdom Accountin8 Standards. including Fittancial Reporting Standard 102 The Finonciol Reporting Stondtsrd opplKoble in the UK Republic of Irelond Iunited Klngdom Generally kcepied Accouniing Practkel. Ir* our ownion, the frr*anclal statements.. Ive a true and falr view ol the stste ot the tharitable companfs aftalrs as at 31 December 2024 and of incoming resource5 Ind ippliution of re50urces. for the year then ended.. have been property prÈpar•d In atcoidance wAih XitW>m Gentrally Accepted Accountin8 Prartke; and have been kwi•red In accordance w6th ihe requlrements of the CThnles Aci 21N 0•sh lor oplnlon We condvcted our audit in accordance wilh Iniernaiional Standards on Audilin8 IUKI IISAS IUXII and appll£able law. Our responsibllities under those siandards are fvrthei descrlbed in the Auditorfs responsi￿"11t*sA0r the oudlt olthe firtontiol stotements section ol our rtport. We art IndeptNJent of the charrty in actordance with the ethlcal reouirements that ar* relevani toovraudit olthe financial statèments in the UL includin8 the FRCS Ethical standard, and we have fulfilled our other ethital rt5ponsibilitie5 in accordance vrith these requirements. We believè that the audit evidtnce we have obtained 1$ Sufficient and appropriate to provhle a ba$15 lor our opinlon. Concluslons r•latI￿ to ¢oh¢•rn In auditin8 tht IlnancL41 statements. * havt cortthded that the trust*es' of the 80Sn8 cwrn basls of actovntin8 tn ihe Pfeparath)n 01t￿ fin8ntlal stai•ments ts approwlaie. 6•5ed on the work wt have performed. we have thntlfied any materlal untertalniies relatlng to evenis or ¢onditions that, indNidually or collectively, may cast Signif￿nt doubt on thè thariivs ability to continuè as a eoini ¢oncern for a period of at least tkbylve month> from when the financial statements art •uthori5¢d for i5su¢. Ourresponsibilities and the responsibilities of the trustteswith r•spttE to 8oin8eonomare desciibed in thè rele¥ani sectlons ol thSs report. Olh•r Inforniatlon The other Inlormation compri5¢5 th¢ inlorrnatw i￿luded In the ann4wI report other than the th"n•ncial statements and ouraLtditorfs report thereon. The trustees are respon51ble for the other informatlon contained within the annual report. Our opTrnion on the financial ststements does nol cover the other inlormatKJn and we do not expre55 any forrn of assurance conclusion thereon. Our responsi￿IrtY is to read the other information and. in doing 59, consider whether the other Informatlon Is materialty I￿on$15tenI with the financial statements or our knowledge obtained In the couvse of the audit. or otherw15e appear5 tg be materialty mi55tated. If we identify such material incon515tencies orapparent matertal misstatements, we are required todeterrnine Wheth￿ thss gives riseto a material misstatement In the financial statements themselves. If. based on the work we have pertormed. 7A* condude that there Is material misstatement of this other information. we are required to report that laLt. We have nothing to feport In this r￿￿. IOIPa8e ALSAMA PROJECT Report of the Audltofs to theTru5tees of Alsama Project Yèar end￿ 31 Oec•mber 2024 Matters on wlHch we Jre required to rewt by exception We have nothing to report in respert of the folk)win8 matters In refatlon to t*thkh the CharltSe5 (Accounts and Rewn51 Re8vlatiiJn5 2(J)8 requtre u5 10 Teporr w you if, in our opinion: the Infomiatlon 8l¥en In the finandal Matements is IrKonsittent in any matthal ￿pert wrth the tntsrees. report., or suftknent accouniin8 ￿ordS have not been kept: or Ihe finandal statements are not In a8reement wlih ihe xcountin8 records: or we have Thjt received all the informat*Jn and explanat*Jn5 we require for our audit. R•spon%lbMkl•s ol tn As explained more fulty in the statement of tru5tee5' responsitslrrie5. the irustees, who are 4150 the dirertor5 of the charliy for ihe purpose of company law. are responsible f¢y ihe preparatlon of the financial statements and for bein8 satisfled ihat they give a true and lair View, and lor such iniefnal conirol as the trustees determine Is necessary to enable the preparation ol hnanciil statements that are Iree from material rni$5tatement. whether due to fraud or error. In preparing the finantial siatements, the trustees ère responsible forassessing the charity'sability to continue as a 8oin8 toncern. disclosin& as appli¢able. matters felated to 8oin8 concefn and usSn8 the 8oin8 toncem basls of xcountin8 unless the trustees either iniend to liWdate the charitable c¢hiwny Of io cease operation& or have no realistlt altemètbve but Eo do $0. Audlforfs r•Spofi￿b1ttl•$ l¢f th• •udlt d th• Ilnancw stat•m We have been •pOnted as auditor uThler section 144 of th• Ch•rftles Aci 2011 and report in accordance wlth the Att and relevani regulèiions made or havlng effert thereunder. Our objectfves are io obtaSn reasonable assurarte about wheiher the flnancfjal ststements as a whole •re free from material missiatement. wheiher due to Iraud or error, and io issue and auditorfs report that includes our opinion. Rea50nablt a55urance 15 1 high level of a55uranct but is noi a 8uafanie* that an audit conducted in accordante with ISAS IUKI wlll always detect a rnattrlal mSsstatemertl vthen It exists. Mi55taternents taft arlse from fraud or error and are considerèd rnaterial il. individualfy or in a88regate. thèy touk4 rèasonabfy ￿ expertèd to Nifluence the economic deci5ion5 of users taken on the bisis ol these finonci•l statement¥. l¢re8ularities. irtluding fraud. are instarK*s of non.complian￿ with laws and regulations. W• d*si8n prot•dures in Ilne wlth our responslbllitie$. outllned above. to deiett materlal missiaiernents resp￿t of irre8ularliies, includlng Iraud. The enent to which our procedures are upable ol deiecflni Irreguloriile5, IrKludir& fraud, is detailed below. Btcause ol the Inherent limitations of an audit. there is a risk thai we wll not detect all ￿￿egUlarItIeS. includin8 those leadingto a material mi5staternent in the financial statements or non. In cornn￿￿ with all undrF IUKI. •r¥•lw pviftyn) ¥pwfi¢ to the rSsk of mana6ement override. We also obtalned in understandlnl ol tht be8al and r4ulaiory framework that thé Cha￿tsbIe tompany opefate5 In, f¢,5551 192,2901 Cash flow from investNw artpiitles N•t C•sh Ilowfrom IrN•$t￿ •¢il¥ltlqs Cash flow Irorn hnancini arti¥rtie5 Net C•sh Ilowfrom •¢tMtles Net Incre•selldeue•sel In c•sh 153.5551 192,29)) C•sh and cash equlvilent$ 415tart date 202J 633,054 715.344 C•ih and tath •gulv*knht% if end d•1• 1024 161Pa8e ALSAMA PROJECT Notes to the Flnan£lal St•t¢m•n Year errfed 31 Decernljef 2024 AcMuntln8 polkl•s Charlty InfonTratlon sama Projea Is a prlvaie company Nrniied by gyarantee Incorporate In En8land and Wales. The I￿lstered office is 5 Floor. 3fy31 FurnNal Stfeet, Londm, EC4A IJQ Th• 8uarantors at 31 December 2024 are the trU￿ee$ In office at that date and detslled in the tru5tee5 report. Their liabilrty in respect of the guarantee as Set out in the Memorandum ol AsKKiatiOn 15 limited to £1 per guafantor. 1.1 A