DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 Charlty regSstrat5on number.. 1198443 JAMEEL EDUCATION FOUNDATION UK TRUSTEES'ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK CONTENTS Page Legal and administrative information Report of the Trustees Independent auditor's report statement of Financial Activities Balance Sh88t Cash Flow Statem8nt Notes to the Financial Statements 10-13
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK REFERENCE ANDADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 MARCH 2024 Charity name The Jameel Education Foundation UK Constitution A Charitsble Incorporated Organisation Registered Charity number 1198443 Registered offi¢e o Virdis Real Estate 1 Berkeley Stre8t London W1J 8DU Trusteès O Y Jamil M S H F8rnsworth A l Bangee 18ppointed 22 January 20241 Audltors Azets Audit Services 2nd Floor, Regis House 45 King William Street Londc)n EC4R 9AN
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 The trustees present their report along with the financial statements of the charity for the period ended 31 March 2024. The rinancial ststements have been prepared based on the accounting polioies set out in note 2 to the financial statements and comply with the Charity's constitution, the Charities Acl 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland issued in October 2019. Structure, governan¢e and management The Foundation is a registered charity, nutnber 1198443, and was r8gist8r8d 30 March 2022 und8r a constitution dated 7th September 2021. The minimutn numb8r of trustees 15 two and th8 m8ximurn numb8r is seven. Trust8es ar8 appointed for a t8rm of 3 year5 by resolub.on at properfy convened tneeb.ngs of the Trustees. Trustee tneetings are held on a quarterfy basis at which the minutes of the previous tneeting are approved., finances, funding requirements and annual budgets are reviewed., current and additional donab.ons are discussed,. and any necessary resolutions are passed. Risk manag•mant The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. Risk management of donations received is through regular reviews of quarterfy cash flow forecasts against the annual budget and continual discussions with the donors. Risk management of institutional use olfunds is addressed through regularcommunication wth the institutions and receiving reports on the use of donations. Financial risks are Managed through standard accounting processes, gd record keeping and joint signatures for all payments. Objectives and activities for the public benefit The J8meel Education Foundation aims to support aspiring stud&nts in England and overseas cornpl8ting their studies in areas such as agricultu, horticulture. science. engineering and Medicine. During the year the Foundation gave mainly postgr8du8te %holarships 8t 8 number of Universities in England including Oxford. Carnbridge, LSE, Gardiff and at three Univgrsities in GermanylAustria and 8 number of Universities in Asia. Grant making policy The Foundation has established its grant rnaking policy with the aims of meeting the above objective. This 15 done by partnering with institutions, discussing the charity's objectives and diawing up agreetnents that comply with the objective. Financial review The TrLJStees have reviewed the financial statements for the year and consider that they reflect the grants and donations made during the year and note that administrative costs have been kept to a reasonable level. The Foundation received unrestricted donations of £2,950,00012023. £1,815,000) during the period and generated net Income tsf 2836,22312023." £114,4061. The donations received were from related companies under common directorship. All donations made were unrestricted tts be used to meet the objects of the Foundation as deemed suitable by the Trustees. Reserves pollcy The Trustees review funding for the charity on a quartedy basis and consider that 3 months of reserves with reference to the annual budget is adequate. At 31 March 2024 the Foundation held total funds of £950,629, all included within the unrestricted fund 12023.. £114,406, all unrestricted). All reserved income will be spent in the next accounting period. All income is spent on grant making activities. Plans for the future The Foundation aims to build on its existing network and establish new scholarships aiming to benefits students from underprivileged backgrounds. The Foundation will also continue to fund scholarships to which it has commitrnents.
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 Statement of Trustees, responsibilities The trustees are responsible for prep8ring the Trustees. Report and the financial staternents in accordan with applicable law and United Kingdorn Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). The law 8pplic8ble to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give 8 true and fair vi8w of the stste of 8ff8irs of the charity and of the incorng resources and 8ppli¢8tion of resour3 of the charity for that period. In pr8paring thes8 financial statements, th8 truste8s are r8quir8d to.. Select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP., ake judgernents and estitnates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position ol the charity and enable them to ascertain lo ensure that the financial statements comply with the Charities Act 1993, the Charity IAccounts and Reports) Regulations 2008 and the provisions ol the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of the charity and financial information included on the charity's website. Approved by the trustees on 2811012024 and signed on their behalf by Docu8byAdby.' 8CT SEF 8mi Trustee Ichairmanl 554DF
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAMEEL EDUCATION FOUNDATION UK Oplnlon We have audited the financial staternents of The Jameel Educalion Foundats'on UK Ithe 'charitable incorporated organisation'l for the period ended 31 March 2024 which comprise the Stalement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financi81 ststernents. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdorn Generally A¢pted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stste of the ch8ritsble incorporated org8nisation's affairs as at 31 March 2024, and of thg in¢orning resources and application of resoLJrces, including its incorne and expenditure, for the year then ended., have been properly prepad in accordan with United Kingdom Gener8llyACpIed Accounting Practice.. and have been prepared in 8c¢ordancg with the requirements of the Charities Act 2011. Basis for opinion Wg oonducted our audit in accordance with Intgrnational Standards on Auditing IUKI IISAS IUKII and spplic8blg law. Our r8sponsibilities under thos8 standard5 ar8 further described in th8 Auditor's responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these iequiiements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going coneern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charily's ability to continue as a going concern for a period ol at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infom)ation The other information comprises the infomiation included in the Trustees, annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible lor the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciuy stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read d)e other infomiation and, in doing so. consider whether the other information is materially inconsislent with the financial statements or our knovAedge obtained in the course of the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent materi81 rnisstatements. we are required lo d8termine whether this gives ris8 to a rnat8ri81 misstatement in th8 financial statements thems8lves. If, b8s8d on the work we have performed, we conclude that there is 8 material misstatement of this other information, we are required to report th8t fart. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements Is inconsistent in any material respect with the trustees, report," or the charity has not kept adequate accounting record5', or the financial 5tatetnents are not in agreement with the accounting record5 and returns,. or we have not received all the information and explanations we require f(>1 our audit.
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAMEEL EDUCATION FOUNDATION UK Responsibilities of trustees As explained more lully in the trustees, responsibilities slalement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free frorn material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability lo conty'nue as a going concern. disclosing, as applicable. matters related to going wncern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to 8s9 oper3tions, or havg no re81isti¢ 8ltern8tive but to do so. Auditor's responsibilities for the audit of the financial ststements W8 have b8en appoint8d as 8uditor und8r section 145 of the Chariti85 Act 2011 and r8POrt in accordance with r8gulations made under section 154 of that Act. Our objectiv8s ar8 to obtain reasonable assurance about whether the financi81 statements as a whole are free frorn rnaterial misstatement, whether due to fraud orerror, and to issue auditor's report that includes our opinion. Reasollable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect 8 material tnisstatetnent when it exists. Mi55tatements can arise frorn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions of users taken (>n the basis ol these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https".Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our audito¢s report. Extent to whlch the audlt was consldered capable of detectlng Srregularltles, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our reswnsibilities, outlined above and on the Financial Reporting cn¢11,$ website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that Iramewod(. Based on this understanding. we identify and assess the risks of material misstatement of the financial statements. whether due lo fraud or error, design and perforrn audit procedures restK)nsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In reswnse to the risk of irregularities and non-compliance with laws and regulations, including fraud, we design1 procedures which includ8d.. Enquiry of management and those charged with governance around actual and potential litigation and Claims as well as actual. suspected and alleged fraud,. Assessing the extent of compliance with the18ws and regulations oonsidered lo have a direct materi81 effect on the financial statements or the operations of the Company through enquiry and inspection.. Reviewing financial statement disdosures and testing to supporting documentation to assess cornpliance with 8ppli¢8ble laws and regulations., Performing audit work over the risk of m8n8g&rnent bias and override of controls, including t&sting ofjourn81 entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estirnates for indicators of potenti81 bias. B8cause of th8 inh8r8nt limitations of an aLJdit, there 15 a risk that we will not d8tect 811 irregulariti85, including those188ding to 8 rnat8rial misstatement in the financial st8t8rnents or non-compliance with regLJlation. This risk incr&ases the more that complianc8 Wlth 8 law or regulation is r8moved frorn th8 eV8nts and trans8Ctions r8flected in the financial st8t8ments, as we will be less likely to becorne aware of instanTrs of non-compliance. The risk of not detecting a rnaterial tnisstatetment resulting frotn fraud Is higher than for one iesulting frorn errol, as fraud may involve collu510n, foigery, intentional omissions, misr8pr8s8ntation5, or the ov8rride of internal control.
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAMEEL EDUCATION FOUNDATION UK Use of our report This report is made solely to the charity s trustees, as a body, in accordance with Part 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those malters we are required to state to therr in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the Charity and the charity's trustees as a body. for our audit work. for this report, or for the opinions we have formed. Aa) £u-'LLJJ John Howard (Senior Statutory Auditor) For and on b8half of Az&ts Audit S8rvic8S statutory Auditor, Chartered Accountants 2nd Floor, Regis House 45 King William Str8et London EC4R 9AN Date 29 October 2024
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestricted funds 2024 unstriCted funds 2023 Notes INCOME Donations, grants and leg8cies 2,950,000 1,815,000 Total in¢ome 2,950.000 1,815,000 EXPENDITURE Gharitable activitigs 2,113,777 1,700,594 Total expenditure 2.113.777 1.700,594 NET INCOME 836.223 114,406 Transfers between funds 10 NET MOVEMENT IN FUNDS 836,223 114,406 Total funds brought forward 114,406 Total funds carrled forward 9SO,629 114,406
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK BALANCE SHEET AT 31 MARCH 2024 Total Funds 2024 Total Funds 2023 Notes CURRENT ASSETS Cash at bank and in hand 1.020,722 163.448 1.020,722 163.448 CREDITORS Amounts falling due within on8 y88r 170,0931 149,0421 NET ASSETS 950.629 114,406 FUNDS Unrestricted funds Restricted funds 10 950,629 114,406 TOTAL FUNDS 950,629 114,406 The financial statements were approved by the Board ol Trustees on 2811012024 and were signed on its behalf by Do¢uSb)Ndby.' BCTASEFDAQB54DF. Omar Jamil Trustee Ichairmanl The notes on pages 10 10 13 form part of these financial statements.
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2024 2024 2023 Notes Cash used in operating activities Cash generated fromllabsorbed by) operations 10 857,274 163,448 Net cash used in investing activities Net cash used in financing activities Net in¢rease in ¢a$h and ¢ash eq4Jivalents 857,274 163,448 Cash and cash equivalent5 at beginning of period 163,448 Cash and cash equivalents at end ot period 1,020.722 163,448 The notes on pages 10 to 13 fom part of these financial statements.
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 GENERAL INFORMATION The Jarneel Education Foundation UK is a registered charitable incorporated organisalion no. 1198443. The address of the registered office is given in the charity information and the nature of the charity's operations and principal activities are set out on page 2 of these financial st8ternents. The J8meel Education Foundation registered as a charitsble incorporated organisation on 30 March 2022. and this is the second period for which financial statements are being prepared. ACCOUNTING POLICIES The principal accounting policies adopted, judgetnents and key sources of estitnates uncertainty in the preparation of the financial statements are as follows". lal Basis of aeeounting The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charits"es SORP IFRS 1021 Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland. IFRS 1021 and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation ol these financial statements are set out below. These poliries have been consistenuy applied to all years presented unless otherwise stated. Ibl Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity h85 adequate resources to continue in operation81 existence for the foreseeable future. Thus, the trustees ¢ontlnUg to adopt the going con¢em basis of acwuntin9 in preparing the financial st8tgrnents. (¢1 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific condthons by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Idl Incom• Income is recognised when the charity is legally entitled to it after any perfom)ance conditions have been me( the amounts can be measured reliably, and it is prtsbable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds ol covenant is recognised at the time ol the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribuiion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 lel Expenditure Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the constitution. together with grant lated support expenditure. Grants are charged to the Staternent of Financi81 A1VitieS when a legal or constructive obligation arises when the other p8rty has a re8son8blg exped8tion of receipt. Grant related support wsts represent office and governance wsts incurred in managing the grant 8W8rd progratntne. (fl Cash at bank and in hand Cash at bank and cash in hand includes cash and short tertll highly liquid investtllents a short maturity of three months or less Ii(>m the date ol acquisition or opening of the deposit or similar accounts. Igl Crèditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the tiansler ol funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Other creditors and accruals are recognised at their settlement amount due. Ihl Taxatlon The Jameel Education Foundation UK is considered to pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect ol income or capital gains reTrived within categories covered by Chapter 3 Part11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exient that such income or gains are applied exclusively to charitable purposes. lil Critical accounting estimates and judgements In the 8pplication of the charity's aCUnting policies, the trustees are required to rnake judgernents, estimates and assumptions about th8 Carrying amoLJnt of assets and liabilities that ar8 not r8adily appar8nt frorn other sources. The estimates and associated assumptions are based on hislorical experience and other factors that are considered lo be relevant. Adu81 results rnay differ from these estimates. The board of trust8es do not b81iev8 that any 8ccounting judgern8nts or 85timates hav8 b88n applied to the58 financial statements that have 8 significant risk of causing a material judgement to the ¢8rrying amount of assets 8nd liabilities within the n&xt rinanci81 y88r. DONATIONS, GRANTS AND LEGACIES Unr85tricted funds 2024 Unrestricted funds 2023 Donations and gifts 2,950,000 1,815,000
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES Unrestricted funds 2024 Unrestricted fijnds 2023 Grants to organisations Isee note 51 L8gal fe85 IT support Professional fees Trav81 Bank charges Exchange gains & losses 1,998,204 230 1,800 90,912 5,701 645 5,365 1,674,355 1,474 3,000 256 11,009 2,102,857 10,920 1,690,094 10,500 Share ofgovernance costs (see ntste 61 2.113.777 1,700.594 GRANTS TO ORGANISATIONS Unrestrlcted funds 2024 Unrestrlcted funds 2023 Sigrnund Freud University Cambridge University Cardiff University Oxford Islamic Centre University of Marburg Humboldt University Universiti Sains Islam Malaysia UCL Iuniversity College London) LSE (The London School of Economics) University of Westminster University of West London NICMAR Kingston University London London M8tropolit8n University KSA Other organisations 639,347 340,247 236,194 112.192 685,991 554,924 194.995 134,093 85,281 74,487 129,588 63,952 62.241 51,000 45,250 37,065 32,500 30,500 24,990 79,628 58,094 1,998.204 1,674.355 GOVERNANCE COSTS Unrèstrlcted funds 2024 Unrèstrlcted funds 2023 Auditor's remuneration Audit fee Non-audit fee 9,360 1,560 9,000 1,500 10.920 10,500 TRUSTEES None of the trustees received any remuneration or benefits from the charity during the year. Two trustees were reirnbursed expenses amounling to £3,456 in the year12023'. £nill for travel costs. 12
DoGusign Envelope ID.. 174820C5-152H06C-8F4C-FOFCFCA69D29 THE JAMEEL EDUCATION FOUNDATION UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants payable (see note 91 Trade oreditors Accru8ls and deferred inwme 59,173 29,500 9,042 10,500 10.920 70,093 49,042 GRANTS PAYABLE 2024 2023 At 30 March 2022 Grants approved Grants paid 29,500 1,998,204 11,968,531) 1,703,855 11,674,355) Grants payable at 31 March 2023 59,173 29.500 10 MOVEMENT IN FUNDS At30 March 2023 At31 March 2024 Income Expendlture Transfers Unrestricted funds 114,406 2,950.000 12,113,777) 950,629 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricte(I funds Restricted funds Total funds 2024 Total fun(Is 2023 Current assets 1,020.722 170.0931 1,020.722 170,0931 163.448 149,0421 N8t assets 950,629 950,629 114,406 12 CASH GENERATED FROM OPERATIONS 2024 2023 N•t ineoma for tha raporting pèriod Adjusted for.. Increaselldecreasel in creditors 836,223 114,406 21,051 49,042 857,274 163,448 13 RELATED PARTY TRANSACTIONS Total donations ceiVed of £2,950,000 12023.. £1,815,0(M)I were from related parties under common directorship. All donations made were unrestricted to be used to meet the objects of the Foundation as deemed suitable by the Trustees. During the year and included within grants paid, are payments made to Kingston University of £18.500 and Kings College London of £6,616 for university tuition fees, and £24,990 to KSA Two Ltd for accommodation in respect of the wile and son ol one the Trustees ol the Foundation, Mr M Farnsworth. 13