The AUC Foundation Annual report and financial ststements For the year endÈd 31 Detember 2023 Charlty Re8i5tration Number.. 1192888 The AUC Foundotion Contents Page Reference and administratlve details Trustees, report Independent examiner's report Statement of financial actlvriles Statement of financial posltion Princlpal a¢¢ountlng policies 9-10 Notes to the accounts 11-13 The AUC Foundotlon Reference and administrative information For the year ended 31 December 2023 Trust905 MSGabr H Rachid S Shenouda Chalr MSGabr Charfty rfflsterèd number 1192888 ReKlster•d offlce Bates Wells Braithwaite Thames Exchange 10 Queen Street Place London EC4R IBE Indap•nd•nt gxaminor 8uzzacott LLP 130 W[￿d Street London EC2V 6DL 8ank•rs National Bank of Egypt House 8-9 Stratton Street London WIJ 8LF The AUC Foundatlon Trustees, report Forthe year ended 31 December 2023 The Trustee5 present their annual r&port alonB ￿th the flnanclal stat•rnents of The AUC Foundation I'CharitWI for the year ended 31 December 2023. The firtancial statements have bÈen prepared In accordance with the accounting politles set out on page 6 and comply with The Charity's governing document, the Charities Act 20114nd "Accounting and Reporting by Charitles.. 5tatÈment of Recommended Prattice applicable to ch8rlties preparing their accounts in attordance with 'the Financial Reportin8 Standard applicable In the United Kingdom and Republic of Ire13nd' I'FRS. 1021, effectNe from accountin8 peri¢x15 commencing I january 20￿ or later.. STRUCTUFIE, fjOVERNANCE AND MANAfjEMENT StN¢ture The AUC Foundation I'the Ch4riWI is a charit8ble Incorporated organisation ICIOI, not havin8 5har£ capital 3nd was Incorporated on 21 De￿rnber 2020. It operate5 in accordance with a Gtsvemin8 Document adopted on 21 DecÈmber 2020, If the Charity is wound up. the members have no liability to contribute to its assets and no personal responsibility for Settling its debts and liabilities. ori4n15ation and minagement The Trustees make the key declsions about the conduct of the charity. The Trustees give their time voluntarilv and do not receive any remuner6tion fortheir services to the charity. Thè Trustees are considered the koy management personnel tsf the Charity. R•trttttment and appolntment of Trustges TheTrustee5 have completeeontrol tsf the Charity in rdation to the application of funds. Trustees are appointed in accordance with the CharIt￿S governin8 document. All decislon-maklng of the Charity 15 made in accordan¢e wlth the ChariWs Conflicts of Interest policy. Trustees The Trustees of the Charlty during the year ended 31 December 2023 and up to the date of approval of thi5 repDrt were.. MSGabr H Rachid P Hannon Iresi8ned 7 September 20221 S Shenouda Dr A E Sharkawy PhD Ire518ned 7July 20231 The AUC Foundatlon Trustees, report (Continued) For the year ended 31 De￿mber 2023 OBJECTIVES ANDACTIVlnE5 Poll£l•s and objectives The principal objective of the Charity 15 the advancement of èducation in the herStagÉ and ¢ulture of the Arab world. Publlc benefft statement The Trustees of the Charity have given due regard to the Charrf(y Commis5ion'5 gu￿anCe on public benefit and have taken reasonable steps to ensure that this euidance has been coET$idered in the activities undertak¢n by the Charity to deliver Its charitable purposes. The Charity delivers a benefit to the public through the putsuance of its principal object, the advancement of education and learning and in particular. the provision of facllitie5 for education at suitable establishments and the award of 5cholarshlps, maintenance allowance, or grants for Students. ACHIEVEMENTS AND PERFOR￿MeE The Charity rÈcÈived a payment in the year in accordance with the glft agreement pled8ed in 20221$475,000 to be received over 5 yearsl. The Charity held one rneetin8 wi(h board of trustee5 during the year. FINANCIAL REVIEW Resuks forthe year The resu￿5 for the year are shown in the statement of the financial activities on page 6. Durlng the year. the Chadty received donations and other income totalling of £64,44412022.. £321.6511. The cost of raisin8 funds was £NII 12022.. £Nill and amount spent on charitable activities tot311ed to £53,17412022.. £11,688) which brought total expenditure for the year to £53,L7412022.. £11.6881. The result for the year ended 31 December 2023 was 4 surplus of £11.27012022". E3CY3,9631. The balanTr of the unrestricted reserves as at 31 December 2023 was £9.53712022.. £18.3231 anrl restricted reserves totalled £311,69612022.. £291.6401. Rts¢rve5 policy The level of reserves Is monltored and reviewed by the Trustees at least annually. The Trustee5 believe that the Charit¥ should t&rget to hold unrestricted financial reserves equivalÈntto a rninirnum of four month's operatin8 Costs. As at 31 December 2023 the ChariWs unrestrlcted reserve5 was £9.53712022.. É18,3231. The AUC Fowdatlan Trustee¢ roport Icontlnued) lor theyear ¢￿0￿31 Oocomber2023 TruStsei' responslblihlE55tatem• ftr* fru£t&Ès are fèswnSlb￿ftrpre'8r1n4 ttse Trus¢e£s' REPOIl 8ndthr flrJ4ntlal Staremontsln èccDrdence w￿happlIEdknle law and UntEed ¥lngdffn ￿n11fte S4apddrds lorju￿1￿￿ FInar￿￿1 Roport-'iu Stend3rd 102.. The Financk41 H•.portinE Stdndard èpplicablE In tlie UKand rtetxiblic of IrelaFid (United ￿￿EdOM GeneT<y A£cetxod coun?inEPra<(Icel. Tle applltabie to ch8ritie6 rn Inoand and Wei4s requires th*Tru5teÈJ to preporefln3ncia15toteTherrt51or oaeh financial y24r wlmch gtiio a true ènu fair tsip.w of the state of altairs ofthe Charily and olthrrtntQfning re5wrcvs ènd applic17￿n Df rE50urees ofihe Ch?rily for iiie ye6r. ITh preparlnz th&5e financl?I SiaTemw4 trustees are rEquiredts: sElert5Uttab* accvunring po.'Kle5 ènd t*eETr applYthemcc)Tr5rytently.- obseNe the methDd5 and prifjuplès lll"AccwntinE and kepffiing Iw CharlU•$- ststomonzol recommended èppfKoble to ¢harEt*sprepIrl￿ thEir•¢tOthtsin accwthnce with fJnortEkl Roporting 5taTrdaTd ID2, kejijdgmonts and acco￿ting estirnaies thatireroa50nabloand prwdont, slatt whethewapp1￿abl￿UK Ac¢oJntingstsrdar(9shave beèn fdlDWBd, gjbiertto any rn•twlal departbTe5 discbsed and exptsixod In the finanaal 5t3tementy' JM prepèra Ihe Ilnancial JtarÈrnenl$ on tht8anE concern basls unlo55 It 15 inapprupriètettrpresurne ttst Iho Qaritywill cvnrlhue In rhe fru5teftx are respunsible rtrkooping pmper rEC(Yds Ittata￿ suffirient to show explikn the harity'5 tra[￿¢1￿￿$ aod I1￿103￿ wllh r•asonable ttruraEy atany tlrne ihe fknithcbl pogtiry) orth& Charity and enjble rhem to ensure thai thelin6rKialst8tetnoNs cornpl¥ Withthe Ch8rf11io5Att2011. Charlty (k¢￿nIS and REpDftsi Regulation 2008 anla Iho provisions of rhe governin8 documenr, Thty3re als re5POn5iblefoT l8kinE5u£h 5tep8 as are reaSDll?Ily opon to theiB tysafeguard tlte aSSEts Dfthe o)aity and to prevent tnd dotectfraud andother irrEEu&rlUos. rhe TrusÈee5 a￿ responsible lorthe main￿¥￿e0 and intyiiy ¢ttht Charity 8nd fknancial knlortr*ion I￿luded onthe charity￿ websit4 ie8fslotion in thè UnitEd ￿nGdOM g4vomiryéth6 p*ÈparAtion 3nd dls$gmwLation of aCCO￿tsMa¥ dilferfrDm leÈwLit￿n In oiherjurisdiLtion& Thb iEwrtwJpprDved bytheT*usteeswd sl8ned on thwbebatr by.. Buzzacott The AVC FoU￿latIon Independent examinerfs report to the Trustees of The AUC Foundation I report to the Charlty TNstees on my exarnination of the atctsunts ofThe AUC Foundation for the year ended 31 December 2023. Responsibilities and basls of r•port As the Trustees of the Charity, you are responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 20011'the ACVI I report in respect of my examinatlon of the Charitls accounts ¢4rried out under section 145 of the 2011 Art and in carrying out myexamination I havefollowed all the applicable directions given by the a)arity Commission under sertion 14515llbl of the Act. Independent examlner's stèt•m•nt I have completed my examination. I confirrn that no material matters have come to my attentlon In eonnethon with the examination givlng me cause to believe that in any material respect.. the accounting record5 were not kept in respECt olthe Charity as required by section 130 of the Art.. or the accounts do not atwrd with those records. or the accounts do not complywith the applicable requirements concerning the form and content of accounts set out in the Ch4rity (Accounts ènd REportsl Regulations 2C¥)8 other than requirement that the accounts 8ive a 'true and fair view which15 nota matter consldered as part o* an independent examination. I have no concern5 and have come across no other matters in connection wlth the examination towhich attention Shou￿ be drawn in this report in order to enable a proper understanding of the accounts to be reached. Claire Collins, ACCA Buuawtt IlP Chartered Ac¢ountants 130 Wood Street Ltsndon EC2V 6DL Date.. 10 October 2024 Thg AUC Foundatlon Statement of financial activities For the year ended 31 December 2023 Tot•1 funds vèar gnded 31 D•cember 2023 Restricted fvnds 2023 Unrestrl¢ted fund5 2023 Note Intom• from: Donation5 59.403 41 Other income 41 Total ihcorne 5.CQO 59A44 Expendllur• on: Charitsble activltles 15,056 15,056 168.2301 168.2301 153.1741 153.1741 Total expendltui• N•t In¢om• net mov8m8nts Ih funds 20,056 18.7861 11,270 Reconclllatlon of funds: Total funds brou8ht forward 291,640 18.323 309963 Total funds carrl•d ftsrward 311.696 9,537 321,233 All actlvlties relèt£ to continuing operations. All reco8nised gains and 1055es are included in the above statement of findncial activities. The note5 on pa8e5 11 to 13 form part Df these financlal st3tem*nts. The AUC Fourhlatlon Statement of financial activitles Fpr the year ended 31 December 2022 Icomparatwe perSodl Totsl funds year ended 31 December Restricted funds 2022 Unrestricted funds 2022 Note 2022 Income from.. Dtsnations 191,640 30,000 li 321,640 li Other income Total incorne 291,640 30,011 321,651 Expenditure on.. Charitable artwities 111,6881 111,6881 111,6881 111.6881 Total expenditure Net Income and net movements In funds 291,640 18,323 309.963 Reconciliation of funds.. Total funds brought forward Total funds carried forward 291.640 18,323 309,963 l actlvltles relate to continuing operatlons. All recogni5ed gains and losses are included in the above ststement ot financial artivitie5. The notes on pages 11 to 13 form part of these financial Statements. TheALK Foundatton- Wstratlonnumber1192888 Staternent of financial posiTrion As at 31 Decernber2023 Nllte 2023 2Q2Z Cash 4t bonk Debtors.. arnounts wiihln 4)ne year 30,UII YJ6.325 30,011 54dllor*. arr￿fall￿A duewkhth ontyèar w*￿r[￿nt•s$É 21 111.6881 IA.3 85.037 D¥btD￿ iffitsJMs mor•thin year Nei a55ets ZJ6.196 291,640 321333 309.963 CharfWFund5 LknTeStrrcted funds P￿str￿te￿fund5 Total funds 9,537 31L696 321.233 18,323 291,640 J2 Thefinancknl ststEments were approwd bylheTruste¢5and on thelr behèlf by.. IWSGabr . Lqi 2alq The AUC Foundatlon Notes to the finanaal statements For the year ended 31 December 2023 G•n•ral Informatlon The AUC Foundation I'the CharitVI Is a charitable Incorporated organisation ICIOI, not having share capital and is incorporated in England and Wales. The Charity reglstration number is 1192888.lts reE15tered office and principal place of bu51nes5 is St. Peters House, 130 Wood Street, London, EC2V 6DL. Ac¢ounting polleles 2.1 B•sls of Pre￿ratIOn These accounts have been prepared forthe year ended 31 DecÈmber 2023 with cOMparat￿e information presentsd for the year ended 31 December 2022. The financial statement5 have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accountin8 policies below or In the note5 to these accounts. The flnanclal statÈments have beÈn prÈp3red in accordance with"Accounting ond Reportln8 by Charites.. Statement of RÈ¢ommended PrècticÈ appllcable to charities preparing their financial statements in accordance wlth the financial reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (Charitles SORP IFRS 1021- The financial reporting standard applicable in the UK and Republlc of Ireland I'FRS, 1021. and the Charities Act 2011. The Charlty ¢onstitute5 as public beneflt entity as defined by FRS 102. The accounts are presented in steding and are rounded to the nearest pound. Crltlcal ac¢•untln8 •Stlmatss and aréas olludgfjment The preparation of financial statements in cotnpliance wi(h FRS 102 requlres the use of ￿rtaIn critical accounting estimate5. It also requires m4n48ernent to exercisejud8ernent in applyin8 the companvs accounting policies. The following principal accounting policies hove been applied.. 13 Assessment of8olnuco￿or￿ The Trustees have assessed whetherthe use of the going concern 8S5umption is appropriate in preparin8 these accounts. The Trustees have maut this assessment in respettto a period of at least one year from the date of approval of these atcounts. The Trustees of the Charity have concluded that there are no materlal uncertaintles related to events or conditions that may cast significant dcubt on the ability of the Charity to ttrntinue a5 going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. Cash flow statement The financial statements do n(It include a cash flow statement because the Charity, as a small reporting entity, is exempt from the reqUirer￿nt to produce such a statement under Accountlns 4nd Reportin8 by charities Statement Of Recomrnended Practice Icharltles SORP IFflS 10211. Thg AUC Foundatlon Notes to the flnancial statements For the year ended 31 December 2023 2. Accountln8 pol1cl￿ Icontlnu•dl Ineom• recognltlon Incorne is recognised in the period in ¥*hich the Charlty Is entttled to receipt, the amount can be measurÈd reliably and it is probable that income will be received. Where incorne relates to future periods, this Income will be deferréd. Grant5 and donatlon5 received for the genÈfal purposes of the charitable company are included as unrestricted funds,. grants and donations for activfcies restricted by the wishes of the donor are taken to restricted funds. Expendlture Liabllities are reco8ni5ed as expenditure as soon as there Is a legal or constructive obligation commlttlng the Charity to make a payment to 3 third party. it 15 probable that a transfer of economic benefit will be required In settlement and the arnount of the obligation cèn be measured reliablv. Expenditure is included in the ac¢ounts on an accruals basis antl iNduded attributsble VAT, which cannot be rectsvered. Expenditure is allocated to the particular activity on a dirert basi% or by allocatlon based on the level of dlre¢t expenditure relating to that activity. Debtors Debtor5 are recognised at their settlement arnount, less any provlslons for non-recoverabllity. Prepayment are valued at the amount prepaid. They have been discounted to the presentvalue of the future cash receipt where such discounting is material. 2J Cash at bank Cash at bank represents suth accounts and instruments that are available on demand or have 3 maturity of less than three months from the date of acqui51tions. cred￿0￿ and Pl￿510n$ Credltorsand provisions are recognised when there is an obllgation atthe balance sheetdate as a result of o past event, it is probable that a transfer of economic bengfit will be required in settlement, the amtrunt of the settlement can be estimated reliably. Creditors and prOv￿10nS are recognised at the amount the Ch4dty onticipates it will pay to Settle the debt. They have been dis¢vunted to the present voluo of the future cash payment where such discounting 15 material. 2.10 Taxatlon The AUC Foundation is a registered Charlty and thèrefore is not liable to In¢tsme tsx or corporation tax on income derived frorn it5 charitaLile actlvltles, as It fa115 wlthin the various exetnptions available to registered charitie5. Lll Fund occountlng Restrlcted funds are to be used for specific purposes as specified by the donor. Expenditure whith meets their criteria is charged to the fund. Unrestritted general funds are available for use atthe discretion of the Trustees in the furtherance of the 8eneral oblectlves of the Charity. io The AUC Found•tlon Notes to the financlal statements For the year ended 31 Decetnber 2023 2.12 Forelgn curronrles Monetsry assets and liabilities denominated in foreign currencie5 are translated into Pound5 5terfing at rates of exchange ruling at the balance sheet date. Transactions in foreS8n currencies are transl4ted into Pounds sterllng at the rate ruling on the date of the transaction. Exchange gains and 105ses are reco8niséd in the Statement of financial activities incorporatlng income and expenditure account. Donations and leg￿leS Restricted fvnd5 2023 Unr•5tri¢t•d nd5 Total funds Z023 2023 Donations Donatlon Income In kind Unwindlng of discount related to donation Total 4C#) 59,(#)3 59,003 5,000 5.iK)O 59,403 64,403 Restrict¢d Funds 2022 Unrestricted fvnds 2022 Total fund5 2022 Donations Unwindin8 of discount related to donation Total 30,OC 30,CXX) 291,640 321,640 291,640 291,640 30,OCKI Included in donation incorne in klnd are donated services from The Arnericon University of Cairo totalllng £59,003 in respect of insurance and leg81 & profes5ion31 fees paid on the Chariws behalf and the det4il of which is in note 13 Related party transaction. Other Income Restrlct¥d lunds 2023 Unrestrlcted funds 2023 Total fvnds 2023 Interost in¢om• Total 41 41 41 41 li Thg AUC Foundation Notes to the finanaal statements Forthe year ended 31 De￿mtser 2023 Restricted funds 2022 Unrestricted funds 2022 Total fvnds 2022 Interest IncornÉ li li Total li li ENpendlture on rhafitable 8Ctlvltie5 Restrlcted funds 2023 Unrestrltted funds 2023 Total fund5 20Z3 charItsb￿ )rtIv￿leS ID5urance Exchange rate difference L157 1,157 115,0561 115I1561 G¢wemèn¢e co$15 Legal and professional fee Accountancy fees Independent examination fees 57.473 4,800 57A73 4000 4.800 68,230 115.0561 53,174 Restricted funds 2022 Unrestricted funds 2022 Total fund5 2022 Governance costs Accountancy fees Independent examination fees 6,888 6,888 4.80) 11,688 4,800 11,688 The Charity has not ernplDyod any staff directly. Independent •xamlnerfs r¢muneratlo 2023 2022 Accountancy fee Independent examination fee 6,888 4,800 11,688 Trust•4g lgmuneratlon No Trustees received any emoluments for their service5 a5 Trustees during the year. No Trustee5 were reimbursed for any expenses durln8 the year. 12 The AUC Fotsndatlon Notes to the financial statements For the year ended 31 December 2023 Debtors: amounts due withln than on• Y￿r 2023 2022 Prepayments 373 373 Debtors: amounts d￿¢ aft•r mor•th4n one year 2023 2022 Other debtors 236,196 236,196 291,640 291,640 In 2022, the Charty recelved a grant commitment to receive an amount of $95.000 per annurn from 2022 to 2026 inclusive. An asset was recognlsed, dlscounted to present value using a dis(x>unt rate of 7% per annum. The ntstional interest is credited tothe statement of financial artivities as the dlscount is"unwound" Cr•dltors: amounts due withÈn tme y•ar 2023 2022 Accruals 2LZ88 2L288 11,688 11,688 ii. Allocatlon af n•t 4ss8ts betwgen funds The allocation of net assets between funds as at 31 December 2023 are represented by.. Restrlct•d fund5 2023 Unrestrlcted fufid5 2023 Total funds 2023 Current assets Non