Company Re9iStered Number: 14017708 Charity Registèred Number: 1204378 MADANIYA (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MADANNA IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detsils of the Charity. its Trustees and AdvSsèrs Trustses. Report Statement of Trustees. Responsibiliti8S Indepèndent Examinèrfs Report 10 Statemont of Financial A¢tivitie$ 8alan¢o Sheet 12 Statement of Cash Flows 13 Notes to the Flnancial Statèments 14-22
MADANtYA IA Cc*mpany LSmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Ayman Asfari, Chair Amneh Khoulani, Vice Chair Fadi Dayoub, Treasurer Samar Chamsi-Pasha Ibrahim Olabi (resigned 15 March 20251 Company reglstered numbèr 14017708 Charity reglstered number 1204378 Registered office 1 Gough Square London United Kingdom EC4A 3DE Chief exècutNe officer Sawsan Abou Zainedin Independent Examiner MHA 6th Floor 2 LDndon Wall Place London, United Kingdom EC2Y 5ALJ Soli¢itors BDB Pitmans LLP One BarthDlomew Closè London, United Klngdom EG1A TBL Page 1
PIADANIYA (A company limited by guarantsel TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 Chairfs Introduction On behalf of the Board Of Trustees, The Chair presents the Annual Report for Madanrya for the year ended 31 December 2024. Objèctives and Activitie4 Chartt&bl& Ob'ectives= The advancement of human rights las set out in the universal declaratton of human rights and subsequent nations convonlions and declarations), forth& public benefit in relatlon lo Syria, including but not exclusively by= raising the public's awareness of human rights issuès,. and ¢ondu¢ting intemational advocaoy of human rights. The promotion Df the effectwe use of rÈsour¢es for charitable purposes In relation to thosè affected by war and conflict in Syria (who are inside the country orwho have been displaced), in particular by running a notwork which will-. CD-ordin8te with civil society rJrganls8tions that have thè ctsmtnon goal of providlng charitable seTvices or 118 act as a forum for the exchange of information belw8en civil scKiety organk%ations in order lo Identfy gaps in the range of Charitable serViS availablè., represent a range of views to policy tnakers and funders.. and provide advi and information to uvil Socièty oiganisations. AGtivities'. Madanrya's charitable objecliv8s are deriveol from its vi%ion of an inclusNe, democratic. anof sovereign Syria, where all citr£ens are equal under the rule of law. These objectNes are entrenched in its mi%sion to protect civic Spa and support the pioneering role of cNil socièty in building Syrta's future. Madaniya advances thts misslon by= Mobilising Syrian ctvil society organisations inside and outslde Syria 8round a shared sel of righbaSed values to organise within a unifying civic space that transcends divisions and enhances 2 sènse of belonging 8nd own2rship_ Capitslising on the collective re80urces, apaCieS, knowledge. and political influencè of Syrian Civic actors to ensur8 a leading role for Syrians in Syria-related deGtsion-making processes on the local, national. regional, and intemalional levels. It elevates the presencé of Syrian cwic actors and introduces them as key interfocutors for international policymakers and genuine counterparts in dècision-making platForms related to Syria. Intemalty, Madaniya strwes lo inGrease the efficiency of civic work re]ated to Syria bysUPPOrting member organisations to itnprove their institutional Capacities and stimulating an inducwè work environment that protects ctwic actors. This environment allows them to efficiently navigate ltscal and national dynamics and the international assistance landscape and encourages their ordInatIon and llaboratIOn to nsuro complementarity and intersectionalty. reducing indwidualty and speculation. Public Benefit: The Trustees hav8 complied wtth their duty to have due regard lo the public benefft guidance published by the Ch8rity Commtssion. Page 2
MADANIYA IA Gompany limSt&d by guarantèe) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 AGhievements and PÈrFormance'. In 2024, Madaniya cementeLI its position as one of the most credible and influential Syrign civic actors in the Syria-mlated decisic)n-making landscape. Its work this year marked a bold leap fr)rward, not only in representing Syrian civil socièty in critical polrtiGal plaknrms but in shaping the discourse on Syria's fLrture through organised cNic mobilisation, strategic advocacy, and direct political engagement. Establishin Madan aasaK Actor in Dècision-makin Pla In 2024, M2daniya consolidated hs standing as a leading Syrian ¢wiG actor with direct access tD higleVel intèrnational platForms-rfiO tonger 8 peripheral presenGe, bul a recognised contributor to policy-shaping processes on Syria. What distingutsh¢d Madaniya's engagements throughout the ysar was notjust its pr&sence, but its abilty to bring wllective Syrian cwic per5pectlves into spaces traditionally reserved for states and multilateral instttutions. Most notably. in November. Madanrya's Chief Executive Offir delivèred a formal briefing ID the Untted Nations Securty Council {UNSC} during a session convened by thè United Kingdom. The intervention focused on the political deadlock. th& m8nlpulation of humanitarian aid, and thè broader erosion of 8¢countability. Drawing on insights from aeross Madaniya's network, the CEO underscored th¢ urgency of usingjustice and aid as pwssure points to unk)ck genuine political pmgrÈs$ in line with RÈsolLrtion 2254. The briefing reflectèd noljusl institutional expertise, but a coordinated CMC voice-shaped thTough intemal consuttations with Madaniya's members. Madaniya's &ngagement at UNSC was preceded by structured consultations with its member organisations. who helped sh2pe thè messages presentod. This &nsured that Mttdanrya's representation was not individualisad but grounded in CDlle¢tive civic deliberation and legilimaw. Earfier in thè year, Madaniya parbcipaled in the Ministerial Session of the Eighth Brussels Confèrènce on Syria, the Eu's flagship political and donor event on Syua. Madanrya's CEO seTved as one of three rapporteu for the Ministerial segment, tssked with rcporting on the panèls that took place earlier during the EU~led day of dialogue with the civil society. The rapporteurs, interventions brought civil society perspectives directly into thè ministerial dèliberations, ensuring that the priore$ and key messages raised in dis¢ussions were refIèeted in the political )nclusIOnS of the conferen. In Mov&mber. Madaniya also took part in a closed mepting with the EU MashreqlMaghr?b Working Group 4 coordination forum for EU member states on Middle East and North Africa affairs. This meeting carne amid escalating regional efforts to noTYT)alise ties wth the Assad regime. Upon invitation frtrm the EU, Madaniya's nvened a broader delegation of Syrian civil society actors frpm its member Drganisations to present in this mèèting. Together, the group presènted coordinated messages on thè refvgee file, th9 coliapse of the political process. and the risks of a dèpoliticised earfy recovery agenda. The inlerventlof15 served to inject an organised civic Counternarrative into EU policy discussions. At ttke end of November, Madaniya joined the 20th Annual Meeting of the Core Donor Group on Syria, a platfotrn convened by the European Commission with parti¢ipation from major donor wveTnrnenls and UN agencies. Thi% year's meeting marked a notablo shfft in focus-frtsm humanitsrian aid to early recoveryAargely in respons6 to mounting regional and international efforts to normalise relations with the Assad règime. In this context, Madaniya's intervention aimed to highlight the seritrus risks of politicising aid undèr the banner of early rewvery. Drawing on Ihe work of ils member organisatitsns, Madaniya presented key messages warning against approaches that could entnCh impunity. bypass political realttles, or enable the regime to instrumentalig& donor support for its own consolidation. ThrDu9h these engagemènts. Madantya demonstrated that Syrtan cNil society i£ capable not onty of participating in policy sPas-but of shaping them. These wère not symboli¢ appearances. They w&re strate9ic, ifbformèd, and representstNe interventions that rèasserted Syrian cwic agency wh&rg it had been marglnalised. Page 3
MADANIYA IA company limited by guarantsè) TRUSTEES. REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 Mobili5in rian Civil Soci8 Around Core National Issues While navigating inlernalional corridors of power, Madaniya was equalty focused on mobilisation. Throughout 2024, the organisation rallied Syrian civil actors around strategic develDpments-pushing for unity. clarity. and polrtical agency in a landscape often fragtnented by fatYJue and repression. The nomialisatlon fllè was a major area of focus. As po1col normallsatlon with the Asssd regime gained traction in regional and European ¢apttals, Madaniya co-led a coordinated civic response. not as a political intervention but to ensure that the regime's human rights vic)lab"tsns do not go unpunished and to prèss ft)r accountability and righ15-b8sed 501ulions. Together with prominent Syrian organisations, Madanrya developad a jDlnt ststement warning that th8 normaltsation process was directly fuelling rising violence against Syrian refugees, particularW in Lebanon and Turkey, and creating a broadèr culturè of impunity for human rights violations. This culminated in a press confÈrèneè in Brussels, attended by EU officlals and int&rnatK)nal media, where Madaniya and its partners publicly Ghallenggd ststeffjriven narratives and ¢alled for rights-based policie5 alignèd with UNSC Rèsolution 2254. Simultantsousty, Mad8niy8 ¢ontinued its advocacy around the Earty Recovery file. Building on rnonths of consuttations. it facilitated the space to Co-author a Syrian-led position paper critrquing the UN'S Earfy Recovery Strategy and Trust Fund. This paper callèd for shrfting the response moolel from inlprnatiot5al gatekeeping to Syrian-lèd planning, emphask8ing IDcalisation, justice, and human tights. The paper informed bilateral mèetings with the UK'S Foreign, Commonwealth and Development Offi¢¢ IFCDOI, and was later used in clDsed4oor discussions with thè EU donor bloc. Madaniya 81$0 h&lp&d convene the Second Annual Conferènce on ChÈmic41 Weapons in The H2gue, a key moment for Syria's jus1iGe agenda. Organised in collaboration with the While Helmets and other pathers and member otyanisations. the conference drew international attention back to) the use of chemical weapons and the regime's continued impunty. It also rèvived calls for an exptiOnal tribunawa rnove aimed al bypassing the political gridlock within the UN S8curÉty Council and holding perpetrabrs accountable under intemalional law. Coordinatin National Pro ects for Political A en andawa Out of the Stalematè Al the heart of Madaniya's work in 2024 were ttvo major projects designed to address Syria's politi1 deadlock= the National Dialogue Project on Resolution 2254 and the Syria Strategy Project ISSP) in partnership wth the Middle East Institute IMEII, the European Institute of Peace IEIPI, and the Atlantic Council. The National Dialogue Project. launched in early 2024 Liroughl together Syftan Givic gGlor5 from across political dividès and geographic lines. ThrDugh 13 local workshops and multiple virtual sessions, participants engaged with the core components of a political transitiDn'. the transitional govern?ng body. constitutional rtrforwn. and elections. The dialogues reflected deep public frustration with the stalled political process bul also produc groundèd, loe8lly rooted visions for a credible nation81 political transition. The projecys cèntral aim was to develop a Syrlan inlerpret2tion ol UN Securtty Counctl Resolution 2254-one that reffects the Inied realities, priorities, and aspirations of Syrians. rather than externalty imposod frameworks. In p&rallel, Madaniya played a leading role in the Syria Strategy Project (SSP}, 8 mullilal&ral inttialivè seeking to produc8 policy solutions on Syria's humanitarian. eeDnomic, and political crtsis. Madaniya ensured Syrian civil society participation at all levels, contributing lo working groups and engaging directty with international policymakers. The project aimed lo develop actionable policy options for key intemalional and regional stakeholders, based rin the recommendations of specialised working groups composed of prominent Syrian and international experts across relevant sectors. Through this effort, Madanwa worked to bridge the gap bètsèèn technical experttsè, civi¢ priorthes, and intomalional poliw dlscussions. Tether, these kn) projp¢ts Qstsblished Madaniya not only as a pLotform for advocscy bLrt as a generator of polth.cal alternativesridgÈn9 grassroots perspectives international pDlicymaking arenas. Page 4
MADANIYA IA company limited by guarantsel TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Post-Assad Work and Political GrDundin Wh Ihe regimè change in December, a nw Chapter began. Madaniya conducted its first official visit to Syria. This symbolic and strategic moment was a signal of the civic space reclaiming the national stage. Upon arrNal in Damascus, Madaniya convened a round-table discussion wÈth its membèr oryaniyations. bringing together civic actors to Tefiect on the unfolding transition and identtfy sharèd priorities for the post-Assad period. Thp discussion focused on justice anct accountability, reconstruction, the principles needed lo guid8 a democratic and inclusivè political process. Irnmedialely followin9 the roundtsbl&, Madaniya hèld a press conference. formally announcing its presence on the ground and reaffirniing its cornmitment to a cwic-led transition rooted in citizenship. domocralic valuès, 8nd human rights. During this vistL Madaniya facilitated and participal6d in mè&tÉng$ between Syrian civic actors and international dèlègations, most notably with the French Spgclal Envoy and the U.S. As51Stant Secretary of state for Near Eastern Affairs. These meetings allowed Syrian civil socièty to articulatè 3 post-Assad vision rooted in citizenship. inclusion, and acGountsbl8 governance. By coordinating these encounters, Madaniya ensured thatcivil soaetywas notsidelined in the emergino powèr dynamics but adively shaping Syria's transition process. Intemal Gov8rnanc8 and Democmtic Practice Even amid national transformation, Madaniya rèmained ¢ommttttrd lo intemal refomi. Throughout 2024, the organisation facitstated a broad consultation wth its members on int?rnal bylaws and pr¶tions for Board of Directors elections. A new electoral systgm was designed, and an independent èlections MmIttee was establisheol. By the autumn. nominations had opened, and campaigning began. However, with the tegim&'s Gollapse and the unfolding political shtfts, the elections were temporarily hatted In DeMber. The decision was made by thè independ?nt committee to revise the governan framework in lina with Syria's evolving landscape and to ensure that Madaniya's internal processès align wtih its national responsibiltties in this Iransilional periud. This pause reflected not failure, but principlgd flexibilTty-one that prioritised national interest and collective strategy over pro¢edural ntinuity. Conclusion In 2024, Madaniya moved from being a promising Civic platfomi tr) a central actor in faGilitating Syria's future. Through strategic egageMent, grassroots mobilisation, and principled advocacy, it not onty represèntèd SyrNxn civil sttiety at the highest levels bul created new ¢Nic pathways toward political Iransfomiation. Its projects. partnerships. and firrn Commitsnenl established a foundatiDn for sustsined political participation based onjuslice, dignty. and demo¢ratic prindples. Financial Revlew Review of Financial Posiknon IAII figures have been rounded ID th8 n&aresl £1.0001= Mad8niya'8 total income in 2024 amounted to £73,000, recewed through philanthropic donation8 and an unrestricted grant frorn Madaniya Franc&. Of this amount, approximatety £68.CtOO was provlded by Madaniya Fran and a further £5,000 was received as a donatioft from Madaniya's Chairman. Page 5
MADANIYA (A Gompany limtted by guarant8al TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Between January and November 2024, Madaniya did not y&t have an operational bank account. During thES pfrriod, all activitiès were fully fund by the grants from the Asfari Foundation and Madaniya Fr8n¢e, who he the funds in their own bank accounts on behaEf of Madaniya. Thèse tr0 èntibès managed and processad als expenditure directly on Madaniya's behalf. Madanrya's core charitable activities were pl#nned and implemented in close partneT5hip with Madaniya Francè, which also directly covered the costs of th&se achvtties. As such, all funds managèd on bèhalf of Madanrya were spent on Dperational expenses, primarily staff salaries for those involved in the planning and implementation of the programmes. In December 2024. Madaniya opened its UK bank account and received the £5,000 donation from its Chairman into it. By 31 December 2024, Madanrya had spent £120,000 of its total income. Thè rèmaining balance of £16,000 w85 carrted forward to support activities in 2025. Of this balance, £11,000 remains held by Madanwa France on behalf of Madanwa, and £S.000 is held in Madaniya's UK bank account. Madanrya did not carry OLrt 8ry fundraising activities in 2024. It aL%o holds no investments and does not opérate as a granl-maknng organis8tion. Accordingly, Madaniya does not have any investment or grant-making polici6s in pla. A formal reserves poli¢y is not yet estsblished, but development of such a policy Is currantsy underway. Princlpal Rlsks and Uncertainties: Thè absen of a bank account remain&d Madanwa'8 primary operational challenge throughout 2024, limiting its ability to fundraise and plan effectivety. As a company limited by gu8Tantee, Madaniya applied to several high- street and onlin& Lianks but made little headway. The broadèr banking environment-characlerised by overcompliance when dealing with confiict-affected and heavily sanctioned countries likp Syria-was a key factor in these delays. To maintain operations. Madaniya rèlied on a hDSting arrangement through its grant agreements w¢th the Asfari FDundation, which enabled the FoundatiDn to procèss payments on its behalf. Additionally, Madaniya ÈntÈred into a partnership with Madaftiya France, which signed grant agreements and covered a portton of Madaniy8'8 Opèrationa arkd programm&-related costs direclly. In December 2024, Madaniya successfully opened own bank account with Unity Bank. marking an important slep toward greater financial independence. The trustees and senior management of Madaniya are well aware ofthe financral risks 2ssocialèd wth sanctions and countertèrrorism rÈgulatr"ons. To manage these risks, MadanEya Worked closely with the Asfari Foundation, drawing on its experfence and infrastructure lo strengthen its due diligence processes, wlicios, and internal controls. Plans for the Future: Looking ahead to 2025 and beyond. Madaniya remains committed to advancing its Gharilable objectives in light of the significant political developmènts in Syria, p&rh¢ul8rly the fall of the Assad regime and the estsblishmenl Df a new transitional government. These changes present 8 historic opportunity to reimagine the rolè of Syrian cwil soci6ty in shaping th8 county's fuknre. In response, Madaniya will lead the development of a new strategic framework that refiects this evolving conlexL This strategy will be co4esigned with Madaniya's member oruanisetions and a newly reactivated board of directo. As part of this process, board elections will resume in 2025 to ensure broad and democratic representatsn in governance and deGi5iOn-making. Page 6
MADANIYA (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 RecognEslng the Importancè of operational presence within Syria, Madaniya will support the establishment of an independent, Syria4J8sed org8nl$8tic>n capable of managing activities on the ground in full Compl18n with local laws and regulations. Madaniya will brmalise partnerships with this entity in accordance with UK legal requirements and guidance from relevant authorities, ensuring alignmènt wrth its charitable purposes and accountabilty stanclards. In parallel. M8danya will continue lo serve as a convèner of Syrian civil society, facilitating dialogue among Tts member organtsations and generating policy all8rnalives that support the political transition in line with its vision and values. Additionally, Madaniya will work with its members to formalise a financial rrsodel that &nabl6s voluntsry contribLrfoons toward its long-torm finanGial suslainabilty. Going Concom After maklng apprDpdats 6nqulrtès, thè Tntstttes have a reasonable expectstion that the Charty ha5 adequate resources to continue in operational existence for the foreseeable future. Accordingly, thè Trustees continue to adopt the going concem basis in preparing the financial statemènts. This assessrnènt refiÈcts Madaniya's secured commitsnents, including ongoing support from the Asfari Foundation and contributions from member organisations. Howev&r. evèn with these commitments, there remains a projected deffcil that will noed to be bridged through addftional support from donors who share and believe in Madaniya's mission. While efforts to secure such support are ongoing, there can be no guarantee that the required funding will be obtsinèd. Further details regarding the adoption of the going concern basis can bè found in the accounting PDlicies. Structure, Govemanre and Management.. Thè goveming document of Madaniya is the CDnstilution which includ8$ its Memorandum and Articles of Association. St was incorporated OA 01 April 2022 and amended by the cerbftcate of incorporatictn on change of name and objèctives dated 10 August 2023. Madaniya's Gonstitution requires a minimum of three Trustees. Currently Madaniya has five Tntstees who also act as Directr)rs fDr thè PLErpDses of company law. frustees ar8 selected based on their experbse and Gapabililie5 to ensure effective govemance that meets legal and ethical stsndar(Is. The key management personnèl of Madaniya consist ofthe Trustees and the Chief Executwe Officer. Trustees voluntèèrthèirtime and re1vE no remun&ration. The CEO'S remuneration is dètermined ancf approved by th8 Trustees in line W[ sector standards. In 8ddthon to ils Trustees. Madaniya has a non-legal non governing Board of Diretttors of which the Trustee5 a embers. The authority of this Board of Directors is delegated by thg Trustees to develop and rècommend strategic plans for Madanrya. The Board of Directors acknowledges that the Trustees retain full control and legal responsibility and wll not usurp th& general decision-making authority of th& Trustees by acting without appropriate authority. The Board understands that any decisions it makes that contradict the lègal responsibilities of the Trustees are null and void. Members of the Board of Directors contrlbute their timè on a voluntary basis and therefore recèiv8 no remuneration. Thèy opèratè through sub committees and meet perK)Lfically to ensure the eff&cliv& strategic managem8nt of Madanya. Upon its inauguration in 2023 mèmbers of Madaniya's Board of DirectOES were sèlected by the Trustees for their skilb and abilities. In 2024 elèctions for one third of the Board of Dlrectors we Ljnderway before being paused in Dècembèr due to the 5ignrficanl political changes in Syria. Those Lfevelopmfrnts required amondments to the Board electoral system to refl&cl the new reality. ElectiDns will resume in 2C125 once the current Board and the independent committee appointed by Madaniya to supervise thè elections have finalised the updoted eleGtoral system. Page 7
MADANtYA IA ¢ompany lÉmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Beyond its Trustees and Board of Directors, M8daniya opérates a netrort of Syrian civil society organisalions. Membership in this network is contrathal and does not confer any formal constitutional role. Madaniya engag&s with these member organisations Ihrou9h regular meetings to solicit thèir vièw$ on strategic direction and to involve them in thè periodic elections of the Board of DireGlors. Small companies note In preparing this report, the Trustees have taken advantaga of th& small companies exemptions provideLI by section 415A of the CoTnpanies Act 2006. This report was approved and authorised for issue by the Truste&s and signe(l on its b&half by.. Ayman Asfari hair Date: 24.09.2025 Page 8
MADANIYA IA Company Limtted by Guarantèe) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trusteès (who are also the Directors of the Charity for the purposes of cotnpany lawl are responsible for preparing the Trustees. Report and the financial statements in accordancè wth applicablè law and United KlngdDm Accounting Stsnd8rds (United Kingdom Generalty Accepted Accounting Practical. Company18w fÈqLJirès thè Trustees to prapsre financial statements for each financial year. Undgr company law, the Trustees must not appmve the financisl stslements unless they are satisfied that they give a truè and fair view of the slate of affairs of the Charity and of its inming resources and application tsf resources. including its income and expenditure, for that period. In preparing these financial stat8mènts, thè Trustees are required to= select suitable accounting pollcies and then app them consistently., obselve the methods and principles of the Charities SORP IFRS 102)- make judgements and accounting estimatès that are rèasonable and prurlènt,. statè whèthèr applicable UK Accounting Standards IFRS 1021 have been followed. $ubjg¢t to any material departures disclosed and explained in the financial stalgmenls- preparè Iho financial statements on the going concern basis unless it ts inappropriate to pr8sum8 that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that arè sirfficiènt to show and explain the Chartws transactions and disclose wlh reasonable accuracy at any time the financial position of the Chartiy and Ènablè them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding th& assets of the Charity and hence for taking reasonable steps for thè prèvèntion and detection of fraud and other irregutarities. Approved by order of the Members of thè Board of Trustegs and signed on its.behalf ty. Ayman A5fari Chair Date= 1gQ7 /z¢ Page 9
MADANIYA IA Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Independent Examlnerfs Report trj the Trustees of Madaniya I'the Charityj I report to thÉ Ch8rÉty Trustees on my examinaJon of Ihe accounts of the Charity for th6 year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the Charlty land its Directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance wllh the requirements of the Companies Act 2006 Vthe 2006 Act'i. Having satisfied mysew that the accounts of the Charity are not required to be aLJdited under Part 16 of the 20Q6 Act and are eligible for independ¢nl examination, I report in respect of my examination of the Charivs accoLtnts Carried OLrt unLfer section 145 of thè Ch8ritiès Act 2011 (the 2011 Act'l. In carrying out my examination I have followed the Directions gtven by the Charity Commission under sectlon 14515llbl of the 2011 Act. Independent Examlnerf$ Statsment I havè complètèd my examination. I confirm that no matters have come lo my att8ntion in nneCtiOn wth the 8X2mination giving me cause lo believe= a¢xx)unting r8cords were not kept respect of Charity as required by sectlon 386 of the 2D06 Act.. or the accounts do not accord with those records,. or the 8¢¢0unts do not comply with the acsounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true ancl fairf wew which is not a matter ¢onsidered a8 part of an independent examination- Dr the accounts have not been prepared in acBordanBe with the methods 8nd principles of the Statement of Recommended Practice for accounting and rèporbng by chartlies lapplicable lo Ehartties preparing their accounts in accDrdancè wlh thè Financial Reportsng Standard appIlble in the UK and Republic of Ireland IFRS 102)]. I have no concerns anct have come across no other matters in connection with thè MInatiOn to whi attention Shou be drawn in this report in ordèr to enabl& a proper understanding of the accounts to be reached. This report is made sol8ly to th6 Chariws Trustees, as a body, In aCrdanCe wth Part 4 of the Charities (Accounts and Reptsrtsl RegU[aS 2008. My work has been undertaken so that I might stale to the Charitys Trustees those matters l am required to Statè to them in an Independent Examinerfs Report and for no oth8r purpose. To the fullest extent pormitted by law, I do not accept or assume restonsibility lo anyone other th8ri the Charity and thè Charty's Trustees as a body. for my work orfor this report. Signed.. Dated- 2510912025 stuart MGKay Bsc FCA DChA MHA Audlt Sgrvl¢es LLP 6th Hoor 2 London Wall Pla London, United Kingdom EC2Y SAU Page 10
MADANIYA (A Company Limitgd by Guarant991 STATEMENT OF FINANGIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER2024 Unrestri¢ted fvnds 2024 Totsl funds 2024 Total fvnds 2023 Note Income from: DonaJons and grants 73A86 73,386 568,082 Total income 73.386 73.386 568.082 Expenditure on: Charitable activities 119.533 119.533 516. 120 Total expendlturo 119.533 119,533 516. 120 Nèt movement in funds 46,1471 (46,147) 51,962 Rèconciliation of funds: Total funds brought forwar Net movemènt in fvnds 51.962 146,1471 51,962 46.147) 51.962 Total funds carried fonvard 5.815 5,815 51.962 The Statement of Financial ActNtknes includes all gains and losses recognised in the year. The notes on pages 14 to 22 form part of these financial statements. Pag&11
MADANIYA IA Company Lirnited by Guarantee) REGISTERED NUMBER.. 14017708 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2024 2023 2023 Notè Current assets Cash al bank and in hand 15,595 57.598 15,595 57.598 Creditors: Amounts f811ing du& wtthin on year 10 9,7801 (5.636) Net Current assets 5,815 51,962 Total net assets 5,815 51,962 Charity funds Unr88th¢tsd fund8 5,815 51,962 Total tunds 5,815 51,962 The Charlty was entitled to exemption from audit undér s8ction 4T[ of the CDtnpanies Act 2006. The Members hav? not required the company to obtain an audit for the year in question in accordance wÉth section 476 of Companies Act 2008. The Trustees acknowledge their responsibiltbes for complying with the requirements of the Aot Wtth respect to accounting records and preparation of financial ststements. The financial statem8nts have been prepared in accordance wtth kne provisions applicable lo en1¢5 subject to the small companies regime. The ffnancial ststements werè approved and authorised for issue by the Trustees and signed on their behaEf by-. Ayman Asfari Chalr Date. N1g9/&2r The notes on pages 14 to 22 fomi part of these financial stslèmènts. Page 12
MADANNA IA Compary Llmitsd by Guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notg Ctsh flows from opèrating actlvltles Nel cAsh usèd ift operating activitigs 13 142,003) 57,598 Changa In cash and cash equlvalents in the year Cash and cash equrvalents at the beginning ofthe year 142,0031 57.598 57,598 Cash and cash equivalents at tho end of the yèar 14 15,59S 57,598 The notes on pages 14 10 22 fr)m) part of these financial statements Page 13
MADANIYA IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Genèral inftsm)ation Madaniya ks a Charttsble Company and Is registed wth the Charity Comm[ssn (Charity Registerecl Number 11916811 and the Regi%trar of Companies (Company Registration England and Wales, Compary Numbèr.. 140171081. In thè event of the Charity being wound up, the liabllty in respèct of the guarantee is limited to £1 per Mgmber of the Charity. The address ol the registèred offi¢e is given in the Charity information on page 1 of thes6 financial ststements. The nature of the Charws op?rations and prinGipal activtiies are detailed in e Trustees, report. The signifiGant account[r policie5 applied in thè pr8P8ration of these financial statements are set out below. These policies have been consistently applies lo all periods presented unless otherwise stated. Accountlng poli¢ie$ 2.1 Basis of preparation of flnanclal $tatsments Thp financial ststements have been prepared in aeeordan¢e vwlh the Charities SORP IFRS 1021 Accounting and Reporting by Charilies.. Statement of Recommendgd Practice applicable tD charities preparing their a¢counts in accordance with the Financial Repotting Standard applieable in the UK and Republic of Imland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and Ihe Companies Act 2006. Madanrya meets the definition of a public benefit èntity under FRS 1 D2. Assets and liabilities are initially recDgnisecl at historical c05t or transaction value unless othprwse stated in the relevant accountirbg policy. The financial ststements are presented in sterling which is thè ftJn¢tion81 currency of the Charity and rounded lo the nearest pound. 22 Golng concÈm The financial statèmènts have been prepared on a going wncem basis as the Trustees liÈVe that no material nrtainti85 exist. The Trustees havo cDnsidèred the level of funds held and the expected level of inGOtne and expenditure lor 12 months from 2hOrI$l9 these ffnancial statements. The budgeted income and expènditu Is sufficient with the level of reserve5 for the Charty to be able lo Ctsntinue as a going concern. 2.3 Income All income is recognised onGe the Charity has entiuemènt to the income, it is probable that the income will be reNed and th9 amount tsf income rerIable can be rnèasured r&liabty. Grants are included in the StalemeAt Df Fin8nGial Activities on a receNabl8 basis. The balance of income receThred for specific purposes bLrt not expÉnded during the period is shown in the relevant funds on tho Balance Sheet. Wher& income is received In advance of entitlement of reipt, its recognition is defèrrèd and in¢luded in creditors as deferred income. Where entieMent occurs before income is reIved, the incorll8 IS 8Gcrued. Page 14
MADANIYA (A Company Limited by Guarantee) NOTES TO THE FINcIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 A¢wunting policies {continued) 2A Expenditure Expenditure is recognis8d On there is a legal or constructFve obligation to transfer economic benefit to a third party. tt is probable that a transfer of ewnomi¢ bènefits will bè required in setuement and the amount of the obligatiun can be measured reliably. Expenditure is cjassthed by actNity. The costs of èach actNty are made up of the total ol direct costs and shared costs, including support Costs involved in undertaking each activty. Direct costs attnbutable to a slngle a¢tsvtty are alb¢aled d1ctlY to that actroity. Shared costs whlch contribute to mDre than Dnè activity and SUPPDrt Costs which are not attributsble to a single activity are apportionèd between those activities on a basis consistent with thè usè of rèsourcès. Central stafF costs are allocated on the basis of time spent, ancl deprectation charges allocated on the portion of the assèt's use. Expendttur8 on charitable a¢tivities is in¢urred on direct]y undertaking the aclivthes which further thè Charivs objectives. as well as any associated support (Sts. All expenditure is inclusive of IeCOverable VAT. 2.5 Cash at bankand in hand Cash at bank and in hand includes cash and short-terni highly liquid investments wth a short maturity of three months Dr less from the d2t8 of acquisitiDn or opening of the deposit or similar aGcount. The Charitys bank account was held under the name of the Asfari Foundation who 8r8 acting as agent until thè chsrity can establish its own accounL 2.6 Liabilities Liabilitie5 are recognised when there is an obligation at the BalanGe Sheet date as a resum of a past Èvènt it is probablè that a transfer of economic benefrt will be required in settlement, and the amount of the setuemenl can be estimated reliabty. Liabilities are reGniSed at the amount that the Chartty arhtifjipates tt wll pay to settle the debt or the amount it has received as advanced paymènts for the goods Dr services it must provide. 2.7 Financial instruments The Charity only holds basic flnancial instruments as defined in FRS 102. The financi81 assèts an financial liabilities of the Charity and their measurement bases are as follows: D8blors- tr8¢8 and other dgbtors (including accrued inwmo18r8 basic financial inslnJm8nts and #t8 debt instruments meaSUd at amottised Cost. PpaYments are AQt financial instruments. Cash al bank is classified as a basic finanThal instrumènt and is mÈasurÈd 8t frdce value. Financial liabiltlies - Ir&de GreditOT5, aGGruals and other creditors are finanal instruments. and are measured at arTh)rt15pd cost as detailed in Note 10. 2.8 Penslons Thè Charity opèratès 8 definèd contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Page15
MADANIYA {A Company Limitèd by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 2.9 Fund accounting General funds are unrestricted funds whi¢h are availabl& for use at the di%¢r8tion of the Twstees in furtherance of the general obledves of the Chartty and whl¢h have ngt been dpsignated for other purposes. CrÈtlcal accountlng estimates and areas of judgement Esfjmates and ludgements are wnttnualty evaiuatsd and are based on hlstorlcal experience and other factors. including expectations of fubJre events that are believed to be reasonable under the circumstances. In¢om¢ from donations and grants Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Donations Grants 5.000 68,386 5,000 68,386 568.082 73,386 73,3BS 568,082 Page 16
MADANIYA (A Company Llmlted by Guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 Anatysis ot expenditure on charitable activitie5 - by fund Unro$tri¢ted funds 2024 Totsl 2024 Tot&1 2023 Charitabl& activities 119,533 119.533 516, 120 Analysis of expenditure on charitable a¢tivitie$ - by type Activities undertaken directly 2024 Support co$ts 2024 Total fund$ 2024 Charitable activities 62.370 57,163 119,533 AGtivities undertaken directly 2023 Support costs 2023 Tot81 funds 2023 Charitable actwities 345,088 171.032 516. 720 Page 17
MADANIYA IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2024 Anaty$is of expenditure on charitable acttvitigs - by type (¢ontinued) Analysis of support costs Totsl funds 2024 Totsl funds 2023 Staff costs Legal costs PayrDII services Governance costs Bank charges Website costs Sundry costs rr CDSts Consultancy Travel costs Insurance 30.000 420 699 56.316 fQ,525 748 3,540 1.141 44, 743 486 6,605 17,930 28,362 636 8.130 304 686 2,578 14,346 S7,163 171.032 Govèrnanre costs 2024 2023 Indepenolenl examiners, romuneratlon- current period Ind8pèndenl examiners. remuneraUon- Prfor year over accrual Ind8pènd&nl 8xaminers' remur)eration- Prloryear under accwal 6,570 4,500 (gSQ) 1,56D 8,130 3.540 Page 18
MADANIYA IA Company Llrnlted by Guaranteè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 2024 2023 Wages and salariès soal securrly costs Pension wsls 56.144 3.398 1,761 84,419 9.263 2,$65 61,303 96,347 The average numbgr of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Employ&ès No employee received r8mun8ratlon amounting to more than £60,000 in either y&ar. The totsl amount of employee benefits received by Key Management Personnèl was £61,303 (2023 £61,921J. The ChaTtty GOnSiLlers its Key Managemènt Personnèl lo comprise: CEO Trustees Trust¢o$' remuneration and expenses During tha yaar. no Trustees received any MneratIon or other benefits (2023- £NIL). During the ypar endgd 31 Decèmber 2024, expenses totalling £NIL w8re reimbufsed or paid dir8cty to no TTUStees (2023- £1.292 to 2 Tmstgesj. The were in respect of travel costs. 10. CredEtors: Amounts falling due within one year 2024 2023 Other laxalign and soBial security other creditors AccruaL% 1440 770 6.570 f, 736 4,500 9.780 5,636 Page 19
MADANIYA (A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER2024 11. statement of funds Statèment of funds - ¢urrgnt year Balancs at 31 De¢ember 2024 Balance at 1 January 2024 Income Experkdtturo Unrestricted funds Unreslrioted funds 51,962 73.386 1119.5331 5,815 Statement of funds - prior year Bplan at 31 December 2023 Income Expendkure Unrestricled funds Unrestricted fttnds 568.082 (516, 120) 51.962 12. Anatysis of net aets between funds Anatysb of net assets between funds - rurrent period Unrestricted nds 2024 Total funds 2024 Current 8ssèts Creditors due within one year 15,595 {9.7801 15,595 19,7801 Total 5,815 5,815 Page 20
klADANiYA (A Company Limitéd by Guarantèe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Anatysis of net assèts betseen funds (continuèd) Analysis of n&t assets between funds - prior period Unrestrict8d ftinds 2023 Totsl fvnds 2023 Curffnt assèts Cdti0rs due within one year 57,598 f5,636) 5T.598 (5,636) Total 51,962 51,962 13. Reconciliatlon of net movamènt in funds to net cash flow from operatlng a¢tivities 2024 2023 Net incomèlexpendriure for the period 18s per Statement of Financial Actfvitiesl {46.147) 57,962 Adjustmènts for.. Decrease in debtors Increaselldecreasel in ¢ditorS 12,683 IT,047) 10 4.144 Net cash provlded byllused inl operatlng aCtiltieS 142,0031 57.598 14 Analysls of ¢ash and cash equivalents 2024 2023 Cash in hand 15,595 57,598 Total cash and cash èquivalents 15.595 57.599 Page 21
MADANIYA (A Company Limtted by Guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Analysis of ¢hanges in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 57,598 (42,0031 15.595 57.598 142,0031 15,595 16. Pension commitments The amount recognised as an expensè in the year was £1.761 (2023 - £2,565). There was £770 payable lo th¢ fund at the Balan Sheet date (2023- £NILJ. 17. Rèlatèd party transactions Thè Truste&, Ayman Asfari is also a Trusteg of The Asfari Foundation. During the year. Grants totalling 7,681 (2023 £477,302J was made by The Asfari Foundation to the Gharty. He also made an UnstrICted donation of £5.ODD (2023 - £NIL) to the Charity. As at the y6ar-end, a total of £NIL {2023 - £NILJ was owèd to th& Charity. The Asfari Foundation also agrèes to hold their grants on trust for and to the order of Madantwa until a suitable bank account has been secured to aocept the grant transfer. Accoréingly, Madaniya can dire¢t the Foundation to make payments to third parties from the allocated grant Dn its behalf. Page 22