Charity numb•r: 1203389 THE AZOUZ FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 THE AZOUZ FOUNDATION CONTENTS Rgf•rèn¢e and AdmSnl¥tMtlve Dotalls of the Charlty, lis Trustees and Ad¥i50rn Trusleos. Rgport Indopendent Examin•rfs Report ststoment of Flnanclal Activili•s Balance Shgot N4)tes to tho Financlal Statements 9-14 THE AZOUZ FOUNDATION REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADwseRS FOR THE PERIOD ENDED S APRIL 2024 Trustees Edward Alouz. Chair (appointed 17 February 20231 Aron A20uz (appointed 17 February 20231 Jeremy Davies (appointed 17 February 2023) Limoi Azouz lappoinled 17 February 20231 Theodo￿ A20uz (appointed 17 FebNary 20231 JeffveyAzouz (appointed 17 February 20231 Joshua Azouz {appointed 17 Februw 20231 Charlty reglsiwod number 1203389 Prlnclpal oflke 133 Hamm8rsmllh Road London W140QL Indep•ndent examinor Harris & Trotter LLP Chartered Accountsnl$ 101 New Cavendish Slreet 1st Floor South London W1W6XH Page 1 THE AZOUZ FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 5 APRIL 2024 The Trustees present their annual report tog&thor wth the financial statements of the Charity for the period 17 February 2023 to S April 2024. Objectives and activitias a. Policies and obfvctlvos In setting obJ'odNe$ and planning for activities. the Trustees have gwen consideration lo general guidan published by the Charity Commission relating to public benefrt, induding the gU￿ance'PUbllc b8nefrt-. running charrty IPB2)'. b. Charty's objoctlv Th8 trustees shall hold the trust fvnd and the income thereof upon trust to pay therefrom all the proper cost$ and expenses incurred by the Iruslees in establishing and administaring the charty and the trust fund and subject Iherelo lo pay or apply the In￿Me thereof lo such charitable institutions ￿ towards or for the furtheran￿ or advancement of such charitable purposes in such manner and in such proport￿n$ as the Irustee8 may from Ilme to time in their absolute di$cretion detemiine. . Grantwmaking policios During the period ended the tru$tees have supported Gharities in a numb8r of areas in line with the charrtable objeclives of the Foundation as set out above. Thg frustees will continue to rnake grants to organisations in furtherance of the charitys objectives Aehlovements and porformance a. Maln achlevements of the Charty During the period, the chaiity received £277,373 in unrestricted income. Income ￿￿e1Ved were from dmdends of £275,000 and donations of shares at par value worth £2,373. The donations ￿e1Ved were used to pay charf(abl8 grants in total of £261,008 in accordance to their ch8riiable objectives. Fin#n¢lal revlew . Golng concom After making appropriate enquirles, the Trustees have a Teasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For thi5 reason, they continue to adopt the going concem basis in preparing the financial staem8nts. Further detaib regarding the adoption of th& going oncem basis can be found in the accounting policies. b. Rgs8rv8s poIIcy The balance of undistributed ￿sOurceS as at 5 April 2024 lotalled £10,617. undistributed income during the period will be used to pay Gharitable grants in accordance to their objectives. The Teserves at the end of the penod was £10,617 which all of it is all unrestricted. Page 2 THE AZOUZ FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE PERIOD ENDED 5 APRIL 2024 Structurei govemanco and management a. Constitution Tha Azouz Foundation is a registered charity. number 1203389, and 1$ constituted under a Trust deed. The charty was in¢orporaled on 17 February 2023 and registered with Charity Commission for England and Wales on 5 Jun& 2023. b. Methods of appolntment or electloTh of Trustgos The managem8nt of the Charity is the responsibilty of the Trustees who are elected and Co￿pted under tho terms of the Trust deed. ¢. Financial risk man•g•ment The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo th8 operations and finances of the Charity, and are satisfied that systems and procedures a￿ in placa lo mitigate exposure lo the major risks. ststement of Trustees. responsibilities The Trusl8es are responsible for preparing th8 Trust88s' Report and the financial statements in accordance wtth appllc8ble law and United Kingdom Accounting Standgrds Iuniled Kingdom Generally Accepted Accounting Pradi¢e). The law applicable lo charities in England & Walgs requires the Trustee$ to prepare financial statements for each financigl period which give a true and fair view of the stale of affairs of the Charty and of its incoming resources and application of resourcgs, ineluding its income and eX￿ndlIUre. for that penod. In preparing these financial slatemenls, the Trustees are required to: select suitable accounting policieg and then apply them consislenlly,. obseNe the mèthods and principles of the Charities SORP (FRS 1021., make judgments accounting estimates that are reasonable and prudent., stste whether applicable UK A￿OUnting Standards IFRS 1021 have been fdlowed. subjert to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basi5 unless it is inappropriate to pre$ume that the Charity will continue in business. Tha Trustees are responsible for keeping adequate accounting records that are sufficient 1¢ show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial statements compty with the Charitiès Act 2011, the Charity {Account8 and Reports) Regulations 2008 and the provision¥ of the Trust deed. They are also responsible for safeguarding the assets of the Charty and henre for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 THE AZOUZ FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE PERIOD ENDED 5 APRIL 2024 Slalèment of Trust￿. respon$ibiliti•s {CONTINUED) Approved by order of the members ¢f the board of Trustees on 20 January 2025 and signed on their behaw by. Edward Azouz Page 4 THE AZOUZ FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENOED 5 APRIL 2024 Indep•ndfjnt Examlnefs Report to the Trustges of Tho Azouz Foundatlon IYh• Charlty,) I report to the charity Trustees on my examination of the accounts of the Charty for the period ended 5 April 2024. Responsibilitios and Ba$1¥ of Report As the Trustees of the Charity you a￿ responsible for the preparation of the accounts in accordance with the requirements of the Charflies Act 20111.lhe 2011 Act'l. I report in respect of my axamination of the Charitys accounts caryied out under section 145 of the 2011 A¢t and in carrying out my examination I have followed the applicable Directions givon by the Charity Ccthmission under sectson 14515)(bl of the 2011 Act. Independent Examlngr's Statement Since the Charitys gross income exceeded £250,000 your exaniner musl be a membgr of a bc#Jy listed in section 145 of the 2011 Act. I confirm that l am qualrfied to undertake the examination because l am a membèr of lenter body here), which is one of the lisled bodies. YOUT attention is drawn lo the fact that the Charity has prepar8d the aceounls in accordance with A￿U￿tIng and Reporting by Charities.. Sl*emenl of Recommend8d Pradice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK anty Republic of Ireland IFRS 1021 in preference lo the Accounts'ng and Reporting by Charilies: Statement of Recc¥nmended Praclice i$$ued on 1 April 2005 wh￿h is referred to in the exlanl regulations bLrt has beon wilhdrawn. l understand that this has been done in order for the accounts to provide a true and fair Mew in accordance with the Generally Accepted Accounting Practice affective for reporting periods beginning on or after 1 January 2015. I have completecl my examination. I confim that no motteTS have come lo my attention in ￿nn8￿10n with the examination giwng me cause lo believe that in any material respect.. ounting records were not kept in respeet of the Charty as required by section 130 of the 2011 Act.. or the accounts do not ￿COrd with those Te¢ord$,' or the accounts do not comply wrth thg applicable requirements concgrning the fomi and content of counts sel out in the Charities IAccounls and Report51 Regulalions 2008 other than any requirement that the accoynls give a'lrue and fairf view which is not a matter ¢onsKlered as part of an independent examination. I have no concems and have come across no other matters in connection w((h the examination lo which att&ntion Should be drawn in this report in order to enable 8 proper understandin9 of the aC￿UnIS to be roached. Page 5 THE AZOUZ FOUNDATION INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 6 APRIL 2024 This report is made solety lo the Charitys Trustees, as a body, in accorilance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stst8 to the Charills Trustees those matters l am requir8d to stale to them in an Independent Examinerfs Rep)rt and for M other purpose. To the fullest extent permilled by law, I do not accept or assume Tesponsibility to anyone other than the Charity and the Chantys Trustees as a body, for my woth or for thi$ report. Hugh Lask FCA CTA Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London VV1W 6XH Date: 20 January 2025 Page 6 THE AZOUZ FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 5 APRIL 2024 Unrostrlthd funds 2024 Tolal funds 2024 Note In¢om• from.. Donations and legacies Investments 2.3n 275,OlXI 2,373 275.000 Total Incom• 277,373 277,373 Expenditure on: Charitsble activitie5-. Grants paid Governance costs 261,008 5.748 261,008 5,748 Totsl •xpenditurn 266,766 266.756 Net movement In funds 10.617 10.617 RKonclllatlon of funds: Net movement in funds 10,617 10.617 Total funds carrl•d fornTard 10,617 10.617 Th8 Stslement of Financial Activities includes all gains and losses rgGognised in the pariod. The notes on pag85 9 to 14 fomi part of these financial statements. Pag8 7 THE AZOUZ FOUNDATION BALANCE SHEET AS AT S APRIL 2024 2024 Note Fixod asgets Investment5 10 2.373 2.373 Current assets Cash at bank and in hand 12.624 12,624 {4.380) Creditors: amounts falling due ￿thIn one year Net current assets 8.244 Total assets less curr•nt Ilabilities 10,617 Net assets •x¢ludlng pènsion asset 10.617 Total net assets 10,617 Charlty fvnd5 Unrestricted fvnds 11 10.617 Total funds 10,617 The financial ststement$ were approved and authorised for issue by the Trustees on 20 Janu8ry 2025 and signed on their behaw by.. Edward Azouz The notes on pages 9 to 14 fomi part of these financial statements. Page 8 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED S APRIL 2024 General Infoymatlon The A20uz Foltndation is an unincorporated charity which is a reglstered charity in England and Wales, chanty regislrats'on number 1203389. Accountlng pollcies 2.1 Basls of pr•paratlon of flnan¢lal statements The finanelal statement¥ have been prepared in accordance wlh the Charities SORP IFRS 1021- Accounting and Reporting by Charities: Statement of Recommended PraCt￿e 8pplicable lo charities preparing thair accounts in accordance wrth the Financial Reporting Standard applicabl8 in the UK and Republ￿ of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Irèland IFRS 1021 and the Charitws Act 2011. The financial Ststements have been preparad to gNe o 'true and farf vw and have departed from the Charities (Accounts and R8POrts} Regulations 2008 onty to the extent required to provKt8 a INe and fairf view. This departure has involved following the Charitie8 SORP {FRS 102} publish8d In October 2019 rather than the Accounting and Reporting by Charities: Statemènt of Recommended PraclKe effective from 1 April 2005 which has since been withdrawn. The Azouz Foyndation rneets the definition of a public benefrt enlty under FRS 102. Assets and liabilities are initially re￿nised al historical cost or transaction value unless otherwise ststed in the relevant accounting policy. 2.2 Income All income is reccgnised once tho ChaTity has entitlement lo the income. it is piobable that the income will be re￿iVed and the amount of income receivable can be measured reliably. 2.3 Exp•ndlture Expenditure is recognised once there is a legal or construdwe obligation to transfer eGonomic bengff( lo a third paty, il is probable that a transfer of economic benefits will be required in settlement and the ￿OUnt of the oblig81ion Can be measured reliab￿- Expenditure is classified by activity. The c05t5 of Qach activity arg made up of the total of direct costs and shared costs, including support w$1$ involved in undertaking èach acliMty- Direct costs attTibutable to a single adivity are allocated directly lo that activty. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single aclivty are 8PPOrtioned between those activitie$ on a basis consistent with the use of resources. Central staff costs are alloeated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expendrture on charitable actwities is incurred on directly undertthng the xtiwties which further th8 Chariivs objeclwes, as well as any associated support costs. Gran18 payable are charged in the period when the offer is m¥le except in those cases where the offer is conditional, such grants being re¢ognised as expenditure when the conditions attaching are fulfilled. Grant5 Offered subject to conditions which have not been met at the period end are noted a$ a commrtmenl, bLrt not accrued as expendrture. All expenditure 15 incbjsive of irwoverable VAT. Page 9 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 6 APRIL 2024 Accountlng policies l¢ontinued) 2.4 Investmonts Fixed asset investments are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value al the Balance Sheet date. unless the value cannot be measured reliably in which case rt is measured at cost ￿s$ impairment. Investment gain$ and losses. whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investrnents, in the Slatwnent of Financial Actiirities. 2.$ Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highty liquid investments with a short maltsrty of throe n*Jnlhs or le8s from the dale of acquisition or opening of the d8posII or similar account. 2.6 Flnan¢lal Inslrumonts The Ch* onty has finan¢ial assets and financial li8bilities of a kind that qU81ify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequent measured al their settlement value wrth the exception of bank loans which are subsequent measured at amotti8ed cost uslng the effoclivo interest method. 2.7 Fund accountlng General fvnds are unrestricted fund8 which are available for use at the discretion of the Trustee8 in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment inc(Th, gain$ and losses are allocated to the appropriate fund. Incom• from donations 4nd1gga¢i•s Unrèstrlcted funds 2024 Totsl fund$ 2024 Dcfflations 2.373 2.373 Investment income Unrestricted funds 2024 Total funds 2024 Investment income- d￿ldendS re¢eived 275,000 275,000 Page10 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants pald 261.008 261,008 Analysls of expondlture on charitable actlvlties Summary by tund type Unrestricted funds 2024 Total 2024 Dired costs 266,756 266,756 Analy$l$ of expenditure ty actlvltles Grant fundin9 of Govemance activities costs 2024 2024 Total funds 2024 Dir8ct costs 261,008 5,748 266,756 Paye 11 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED S APRIL 2024 Analysls of oXPgnditur• by activities (continued) Govornan¢e costs Totsl funds 2024 Activitiès 2024 Bank charges Accountsncy fee Independent examination fee 210 2,538 3,000 210 2.538 3,0 5.748 5.748 Independent examlngrfs remuneratlon 2024 Fees payable to the Charitls Independent exominer for the independent examination of Charity's annual accounts Fees payable to the Charity's independent examiner in resped of.. All other services not included above 3,000 2538 Trustees. remuneration and ex￿n¥•5 Durtng th8 peric¥J. no Trustee5 rec8iv6d any remuneral￿n or other benefrts. During the peiK>J ended 5 April 2024, no Trustee expenses have been incurred. Page 12 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOO ENDED 6 APRIL 2024 10. Fixed asset inv•stmentS Unli5tsd invosthxnts Cost or valuatlon Additions 2A73 Al 5 April 2024 2,373 Net book valuè Al 5 April 2024 2,373 The shares are held at par value of 2,373 ordinary shares at a value of £1 per share. 11. Statsm•nt of funds Statement of funds - ¢uNent period Balance at 5 Aprll 2024 Income Expenditure Unrnstrl¢ted funds General Funds- all funds 277.373 {266.7661 10.617 12. Summary of funds Summary of funds- curront period Balancg at 5 April 2024 Incom8 Expendlturè General funds 277.373 1266.7561 10.617 Page13 THE AZOUZ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 6 APRIL 2024 13. Analysls of net a55ets betwogn funds Analysls of net ass8ts behveèn funds- Gurrent pèrlod Unrestricted fund$ 2024 Total funds 2024 Fixed as$91 investments Current assets Creditors due within on8 year 2,373 12,624 {4,3801 2A73 12,624 (4.3801 Total 10,617 10,617 14. Relatod party transactions During the period. the charity received dividends lolalling £275.cKIO from a company in vAKih the Trust8es art directors and shareholders. During the period, the trustees, donated £2,373 worth of shares in a ¢ompany in which they are directors shareholders. Durrng the period, £2,000 ol donation$ was pald lo a charity Whe￿ a trustee is also a trustee. Page 14