The AUC Foundation Annual report and flnanclal statements Forthp year ended 31 December 2024 Charlty re815tratlon Aumber.. 1192888 The AUC Foundatlon Contents Page Reference and admlnlstrative detalSs Trustees, report statement of ffnan¢l•l a¢tlvities statement of flnanclal PDs6tlon Prlnclpal accounllng pollcles Netes to the accounts 10-13 The AUC Foundatlon Reference and administrative information For the year ended 31 DEcember 2024 Trusto•s MSGabr H Rachld S Shenoud MSGobr Ch•Sr Charlty wlstered nwnber 1192888 Railstered offk• B8tès Wells Bralthwalte Thames Exchange 10 Queen Street Plac London EC4A IBE Banke Natlonal Bank of Eypt House 8.9 Stratton Strlèt London WII 8LF Tho AUC Foundatlon Trustee< report For the year ended 31 December 2024 Th?Tru5tees present thelr annual re5YOrt alon8 vhth the financlal 5trdtement5 of The AUC Foundatlon I'chadtrfl forthe year ended 31 December 2024. The financlal statements have been prepared In accordance wlth the accountlng pollcles set out on page 6 and comply wlth The Charlty's goveminE document, the Charltles Act 2011 and Accounting and Reporting bv Charltles.. Statement of Recommended Prattlce applitable to charllles preparlng thelr a¢¢ounts In a¢¢ordancè wlth the'Financi31 Reportlng5tsndard applltable in the United Kingdorn and Republlc of Ireland. I'FRS 102,1, Effertlve from accountin8 periods commencSng l January 2015 or lattr" RucfuRE. GOVERNANCE AND MANAGEMENY Structure The AUC Foundatlon I'the Charltyl15 3 charltable Incorporated organlshtlon ICIOI, noi havl#g share capitsl and wa$ Incorporated on 21 December 2020. It Dperates In accordaThce w5th a Governing Docurnent adopted gn 21 Décèmber 2020, If the Charfty is wound Upi thè members have no Ilablllty to contrlbute to Its assets and no personal reSpOn￿￿.11ty for5ettlln81ts debts and IlabllSties. or8•nI￿tIon and Man￿•M*nt The Trustees make the key decSslons about the conduct ol the charlty. The Trustees 8lve thelr tlme voluntarlly nd do not recelvl any remuneratlon forthèlr servlce5 to the charlty. The Trustees are consldered the key mna8ement personnel Of the Charfty. RKrultm•nt and 4ppolntm•nt of Twuste¢ The Trustees have complete control of the Charlty In relatlon to the appIl￿tIon of funds. Trustees are 8ppolnted In attordance wlth the Charlty's governing document. All declslon-makln8 of the Charlty15 rnade In accordance wlth the Charlws contlirt5 of Inte￿$t policy. Yrustqqs The Trustees of the Char4ty durln¥the year ended 31 Decèmber2024 and up to thè date of approval of thls report were.. MSGabr H Rachld S Shenouda The AUC Filundatlon Truslees. report {continued) For the year ended 31 December 2024 OBJEcnvES AND AcfiviTIES Poll¢les •nd oble¢tfves Thè principal objective ofthe Charlty Is the advancom8nt of Èducatlon abDUt the hefltage and culture of thè Arab world. Publlc bènellt statement TheTru5tees of the Charlty have given due regard to the tharlty Commlsslon's guldance On public benefÈt and havel¥ken reasonable steps to en5ufE that thls guldance has been considered In the actlvltles undertaken bv the Char4tyto dellver Its charitable purposes. The Charlty dellvers a beneflt to th• publlc through the pursuance of lis prlnclpal oblect, the advancement of education and learnlng and In partlcular, the provi5i0n of facllitles for educatlon at 5ultable estab115hments and the award of scholarships, malntenance allowance, or grants for students. ACHIEVEMENTS ANO PERFORMANCE The Charrty Is lookln8 for dlfferent OPPDrtyThlties to support Its mls5ion. We currently have one 81ft agreement worth $475,000 whlch wlll be received over the perlod of five ye¥rs In equal amounts of $95,000 from 2022 to 2026. Thls fund wlll be used for The Charlty restrlcted purpose far8Tantln8 5cholarshlp. The Charlty held one meellngwlth board of truste85 durlngthe year. FINANCW REVIEW Results fortheye¥r The results for the year ?re shown In the 5taternent of the f5nanclal actlvltlès on page 5. Durln8 the ytar, the Charity recelved donotlons and other income totallln8 of £19,62712023.. E64,4441. The Cost of ralslng funds was £Nil12023.. ÉNIII and amount spent on charltable actlvltles totalled to £102,23112023.. £53,174) whlch brou8ht iotal expendlture for the yBar to £102,23112028.. £53,174). The result for the year ended 31 December 2024 wa$ a deficlt of £82,60412023'. surplus £11,270). The balance of the unrestrlrted reserves as at 310Ecember 2024 was deflclt of EIO,14312023-surplu5 of £9,5371 and restrlcted resiNe5 totalled £Z48,77212023.' £311,696). Reser¥es polky The level of r•serves15 monitored and reviewed by the Trustees at least annually. The Trustees belleve that the Charity should target to hold unre5trlcted financlal reserve5 equlvalentto a ffjinlmum of four month's operatlng costs. A5 at 31 December2024 the Charlty5 unrestricted re5eryes were Deficlt of £10,14312023-surplus of £9,537>. The Charity received incomlng resources Shortly afterthe y•ar end to brln8 this fund ITh line with the level Set out bythe trustees. The AUCFwndJrlon Trustee5' report Icontlnuodl For rho yÉtsr ondod 31 Deceinber 2024 Tru￿￿¢$, iosponslbllliies staiemcm Tho Tru5tecs ore reipon$5ble fori)reparlng iho Tnt51Èe$' Repprt kTrn(J Ilio IinonElal 5141temeiils In aeiordanio with app11cab1e law and Unlle(l Klii8dum Iltcouniin8 StLindJrd5 In¢ludln# r.IDEtynclil Rop<)riin£ standard 102. Iho FinJnt1411 Reportlii8 Standard appllcftble In the UK ailLI Ileplibllcof lielan¢r 2024 Note 2024 2023 Cuffent ps%4ts C6sh at bank Dtsbtors: &mouiit5wlthln ono veor 120.759 S88 105,95Z 373 121,347 106.325 Credltors: amoutsts l)Illngduewlthln oneyeor NetoJfront•ssets 121.228 85,031 OebtorB'. amtruhts MDTQ thèn gnoyo•r 173.2n 236,196 238.629 32J.233 Chorlty Funds Unrostrlllied funds ResirScted lunds Total lund5 110,1431 248 772 238.629 9,537 3tl.6YS 321.233 12 i.v Jil'.iil.; The flnanclal statements were 4pproved bythe Trustees and 518nod OD Ihelr behalf by.. S Gjbr Iru5tee The AUC Foundatlon Notes to the financial statements (continued) Fortheyear ended 31 DecembÈr 2024 G•nqral Infomiatknn The AUC Foundation I'the ChariWI Is a charltable incorporated organlsatlon ICIOI. not having share capltal and is Incorporated In En8land and W21es. The Charity re8lstration number Is 1192888. Its reRlstered office and principal plate of businessls Bates Wells Bralthwaite, Thames Exchange, 10 Quee Street Place, London, EC4R IBE. AccountlnR pollcle$ 2.1 Nasi5 01 pr•p•ratlon These accounts have been preparéd foi the year ended 31 December 2024 with comparatlve informatlon presented for the year ended 31 December 2023. The financlal Statements have beÈn prepared undorthe hlstorlcal tost convendon with items recognlsed at cost ortrans?ctlon value unless otherwise statpd In the relevant accounting poll¢les belpw or In the notesto thE5e accounts. Thè flnanclal statements hpve beèn prepared In accordance wlth 'Acteuntln¥ and lieportSng bv Charltes.. Statement of Recomrnended Practlce applitable to charltles prepaiing thelrflnantlal statement5 In accordance wlth the linanclèl reportln8 Standard appllcable In the Llnlted Klngdom and Republlc of Irel8nd IFRS 1021 ICharlt1¢5 SORP IFRS 1021" Yhe flnanclal reportlng stsndard appllcable In the UK and Republlc of Ireland I'FRS, 1021, and the Charlties Act 2011. The Char5ty constitutes as publlc be#efStenlttyas defined by FRS 102. The accounts are presented In 5terlln8and #re rounded to the nearest pound. Crltlul accountlni •5tlm4t•s and ar•AX of Judym¢nt The prepèiatitsn of financlal statèments In compllance wlth FRS 102 requlres theuse of certain ciltlcal accountln¢ estlmate5. It 31s0 requlre$ rnana8¢ment to ex•rclse lud8ement In applyln8 the companfs ac¢¢untlng pollcles. The followin8 princlpal accountlng poll¢les have been 4pplled: A$ses$ment of ￿1Th￿ Concern The Trvstee5 have assessed whetherthe use olthe goln8 concern assumption Is appropriate In preparlng these accounts. The Trustees have made this 35ses5ment In respect to a perl¢d of at least one year from the date gf approval of these accounts. The Trustees of the Charlty have Concluded that there are ng materfal uncertaintles rèlated to events or condltlons that may cast signlflcant doubton the ablllty of the Charity to contlnue as golng concerTr. The Trustee5 are of the opinlon that the Charitywill have sufficSent ￿sourceS to rneet its liabllltles as theyfall due. Z4 sh Ilow 5tatEment The flnanclal statements do not include a cash flow statement because the Charity, as a small reportln8 entity, Is exempt from the requlrement to produte such a statement under Accauntlng and Reportlng by charitles Statement of Recommended Prttctl￿ (Charities SORP IFRS 10211. Th2AUC Foundatlon Notes to the financial statements {continued) For the year ended 31 Decembor 2024 2. Accountlng polides Icontlnutdl Income recoKnltlon Income is recognlsed In the periDd In whlch the Charlty Is entitled to reeeipL the amount can be measured rellabty and il is probable that Inrome wlll be r￿e1ved. Where Income relètes to future perlods, thls income wlll bé deferred. Grants and donations recelved for the geThernl purposes of thè charltable companyare Included as unrestrltted funds* grants and donatlon$ for acisvltles restricted by the wlshe5 Of the donorare taken to restricted funds. 16 Expendliure LlabllltSes are reco8nlsed as expendlture as 500n as there Is a legal or cO￿truCtiVe obllgatlon £ommltting the Charlty to make a payment to a thlrd party, It15 probable that a transfer of economlc benEfit wlll be requlred In settlement and the amDunt of the obllgatlon can be measured rellably. Expenditure is included In the accounts on an accruals ba$ls and Included attrlbutabl£ VAT. whlth cannot be rewvered. Expendlture is allocattd to the partlcular actlvity on a dlrett basls or by allocatlon ba5eil on the level of dlrectexpendlture relatin8 to that actlvtty. Debtors Debtors aro reco8nlsed at thelr settlement amoun( less any provlslens fDr non.recov8rabllllv. Prepayments are valued atthe amount prepzld. They have been dlscounted tothe present valtse of tht future cash recelpt where such dlscountln8 Is materlal. Jh at bank Cash at bank represent5 such 3ccounts and Instruments that are available on demand or have a maturity ol less than three m¢)nth$ frorn thè date Df acquisltlon5. Credltors Ind provlslons Creditorsand provlsions are recognlsed whèn there Isèn obligatlon at thè balance Shèet date a52 result of a past event, It 15 probable thata transferof economlc benefit wlll be requSrod In settlemen¢ and the amount of the settlement can be estlmated rellably. Credllor5 and proYi5ions are recognlsed at the omcunt the Charlty Bntlclpates It will pay to settle the debt. They have been dlscounted to the present value of the future cash payrneThtwhere such dlscountinB Is m3terlal. Taxatlon The AUC Foundatlon Is a re8lstered Charity and therefore Is not Ilable to Incorne tax or corporatlon tax on income derlved from Its eharltable artivlt1è5, a5 It falls withln the various exemptlons 8vallable to reglstered charities. zii Fund 3ccountlnB Restricttd funds a￿ to be used forspecific purpose5 as specifled by thE donor. Expenditure whlch rneets thelr crlterlals char8ed ttFthe fund. Unrestrfcted 8eneral funds are available for use atthe dlscrètion of the Trustees ln the furtherance of the general objettlves tsf the Charity. Th• AiJC Foundatlun Notes to the financial statements (continued) For the year ended 31 December 2024 2.IZ Forel8n ¢urrencles Monetary assèts and Ilabilitiès denominated In forelgn currencle5 gr?translated into Pounds stÈTlin8 at rates of exchan81 rvlin8 atthe balance S￿et date. Transactions in foreign currencies are translatsd into Pounds sterling atthe rate rullng on the date of the transartion. Exchangè galns and losse5 are recognlsed In the Starement of financlal actlvltles Incorporatln4 Income and expenditure account, tlonatlons and ley¢S1s Restrlcted funds 2024 Uniestrlttld funds 2024 Total funds Z024 Glft Ald recelvèd Totsl 19,573 19,573 19,573 19.573 ReSt￿Cted Fund5 2023 Unrestrkted funds 2023 Total funds 2023 Donailons Donatlon Income Sn klnd Unwlndln8 of dlscount related to donatlon Total 400 59,003 400 59,003 5,OOQ 64,403 5,000 5,000 59,403 Included In donètlon Income In klnd are don4ted servlces from The Amerfcan Unlversity of Calro totzlllng £ NII12023.. £59,003) In respect of Insuran¢e aThd legal & profe551onal Ite5 pald on the Charli¢s behalf and the detall of whlch Is In note 13 Related pèrtytrans4ctlon. Other Income Reslylrted fund$ 2024 Unrestricted lunds 2024 Totsl funds 2024 Inierest Income rotsl 54 54 54 54 Restr5rted funds 2023 Unrestricted funds 2023 Total funds 2023 Interest Tncome Tgtal 41 41 41 41 io TheAUC Foundatlon Notes to the financial statements Icontinued) For the year ended 31 Decembér 2024 Empendlture on charftable artmtles Restrlrted fund$ Unrestrlrted funds 2024 Total funds 2014 Charltable actlyltles In5uran¢e Bank Charges Unwinding of dlscount related to Ilonatitjn Exchange rate dlfference 574 20 574 20 64,877 11.9531 64077 149531 Go¥ernaD¢e costs Le8al and profe5slonèl fee$ A¢¢ountancy fee5 33,451 5,Z62 39,307 33,451 62,924 101231 Rertrlctèd funds 2023 Unrestrfcted fund5 2023 Total funds 2023 Charlt•ble artlvltl•s Insurance Exchange rate dlfferenc? S,157 1,157 115.0561 115,0561 Governance cgsi$ Legal and prcfesslonal fee Attountancy fee5 Independent examlnatlon fee5 57,473 57,473 4,800 4,800 41,800 68,230 4,800 53,174 115,0561 Thè Charlty has not employed any staff dlrectlv. IndependEnt qxamlmrfg remunerntlon 2024 2023 Accountanryfees Independent examlnatlon fees 5.262 4,800 9.600 Trustse< r•mun•ratlon No Trustees recelved any emolumènt$forthelr serylces as Trustee5 durlng the year. NoTrustees were relmbur5ed fcr any expenses durfn8 the year. Debtors: amounts due wlthln than oneyeir 2024 2023 Prepayments 588 373 588 373 li The AUC Foltndatlon Notes to the financlal statements (continued) Forthe year ended 31 December Z024 D•btoYs: amounts due after morè than one year 2024 2023 Othei debtors 173,271 173,271 236.196 236,196 In 2022, the Charlty recelved a irant cornmltment lo receive an amount of $95,000 per annum frorn 2022 to 2026 Incluslve. An 355et wa5 recoBnlsed, dlscountod to present value u5in8 a dlscount rate of 7% per annum. The notlonal Interest Is deblted to the ststement of Ilnanclal a¢tlvltles as the dtscount ls"unwound". io. Credltors: amounts wlthln Ontt￿r 2024 2023 Trade Credltors Accruals Other Loans 5.160 44,649 55,989 21,288 21,288 ii, Allo¢4tlon of n•t 4$5•ts between fundi The allocatlon of net assets betr4een fijnds as at 31 December 2024 •re represented bv,. R•strlct•d fund5 2024 Unrestrlrted funds 2024 Tot41 fund5 2024 Current a55ets 75.500 173,272 4S,846 121,346 173,272 155,9891 238,629 Non-current assets Current liabllltles 155.9891 110.1431 Total net aMets 248,772 The allo￿tIon of net 355ets be￿een funds as at 31 De¢ernber2023 are represented bv: Restrfcted funds 2023 Unrestrirted funds 2023 Total funds 2023 rrentas5ets 75,500 236.196 30,825 106,325 236,196 121,2881 321,233 Non-current assets Current Ilabi1ities 121,2881 9,537 Total net assets 311,696 12 Th• AUC Foundatlon Notes to the financial statement5 (continued) For the year ended 31 December 2024 Rtstrlcted fvnd5 Total funds 2024 Op•nlng funds Z024 Income 2014 Expendlture 2024 248,772 248.772 Scholarship Totsl net assets 511,696 311,696 62,9Z4 62,924 The specllled purposè forwhlch the above fibnds are ul1115ed are: To 5UPPOrt one undèrgraduate E8yPtlan student from Upper E8YPt, who demonstrates academit meril and flnanclal need. Related party tran5Xtlons The Am8r¢can Unlversty of Calro pald for expenses of the Charltytotollln8 £44,649 durlng the year 12023: £59,003). The COTrespondlng expendlture is reco8nlzed wlthin charltable actlvltiès. M S Gabr, a trustee of the charlty, Is also a trustee of The Amerlcan Unlverslty ol Calro. At the year end the amount due to thls related party was £44,64912023.. £NS11. 13