Report of the Trustees and Financial Statements for the period 1 June 2024 to 31 May 2025 for Rukhshana Media Limited REGISTERED COMPANY NUMBER: 141201631England and Wales) REGISTERED CHARITY NUMBER: 1208(106 Rukhshana Media Limited Contsnts dthe Financial Statemeftts for tho perlod 1 Junè 2024 10 31 May 2025 Page References and administrative (Jelails Re[￿rt of the Trusle8S 2to8 Rep(Yt of the Independent Examiners statement of Financial Activities 10 Balance Sheet Cash Flow Ststement 12 Note5 to th8 Financial Ststemenlg 13to23 Rukh$h￿a Media Llmited Referenc05 and admlni5tra1ive details lor tho perlod 1 June 2024 to 31 May 202S Reglstered Company number 14120163 (England and Wales) Reglstered Charlty number 1208006 Regist•red office 1 The Sanctuary Westminster Lon(k)n SWIP 3JT Trustees Sarah Ward-Lilley MBE. Chair Peym8na Assadullah Jenny Clark Elena Cosènlino Amiè Ferris-Rotrnan Emma Gr8ham-Hanison Caro Kriel Shruti Mehrotra Lisa Mitchell Lina Rozbih Sara Wahedi Edltor In Chlef Zahra Joya Independent Examlners CounlerCLAtU￿ Partnership LLP 23 St Le￿ardS Road Bexhlkon-sea East Sussex TN40 1HH Bankers Vlrgin Money (Clydèsdale Bank Plc} 35 R8genl Street SW1Y 4NO Lee Bolton Monier-William8 1 The Sanctuary Westminster SW1P 3JT Pago1 Rukhshana Nedla Umltod R•port of th• Tru$tges lor the pèriod 1 Jtsno 2024 to 31 May 202S Tho Trusleeg present Ihelr re(￿ and the independently examined finanrial statements of the Charity for the pèriod from 1 Juno 2024 to 31 May 2025. The Tru¥lees have adcpted provisions of th8 ststemenl of Recommended Practice {SORPI'Accounting and Rgporting by Charili6s" in preparing Ihe report and fina￿181 statemen15 of the Charity. The financiai stalernents have beèn prepared in accordance with the accounting pdicw sot out in the notes lo the accounts and Comp￿ wilh the Charily's govemirMJ Llocumfjnt, the Charil*s Act 2011, th6 Companies Act 2006 and Accounting and Reporting by Charities: Statement of R2commend8d Pradi¢e aP￿iCatI9 to charities p￿paring thèir XCLounts in accordance wth the Financial Reporting Standan apKAicat4e in the UK and Repu￿1¢ of Ireland IFRS 1021, 8ff8Ctrve January 2022. 0￿EcTIVEs OF RUKHSHANA MEDIA Rukhshana Media was launched by Afghan journalist. Zahra Joya. in 2020, to produce news content in Afghanistan focused prirnarly on stories abwl women. After the retum of the Taliban in August 2021, Zahra Joya Ifed Afghanislan, and h8r Work now continues from exilo in the UK. Rukhshana Media's obiectNes are lo promote th8 human rights of women and girfs in Afghanistan and arc4Jnd the wodd. It continues lo be female-led and provides a plattomi for women lo see stories aLx)ut issugs that affect Iheir lives, lo share thei¥ storigs arKI to amplify their vol￿. STRUCTURE, GOVERNANCE AND MANAGEMENT Legal stwcture Rukhshana Media was incorpora￿d as a company limited by Guaranlee in 2022 and ilas regislered as Charity ty the Chartty Commission for England and Wales on 25 April 2024. The Charity's governing documents are ils Memorandum aThJ Articbs of AssocHtion. Gtr¥gmance The Charty is governed by its 8oard ofTrustees. which ks ultimalety r85ponsiNe foi pdicy, strategy and work of Rukhshana Media and which current4y meets at least four ts'mes a year. The Boaid of Trustees develops and imrAements strategies lo guide the work of the Charity and ensures that the Charity 8cts in accordance wilh ils constituti￿ in ord¢r to meet ils chantable objoCtiv8s. The Chair ensures thal the Board of Trustees fuifils its r¢s￿￿s1*Y.1l1les for the govemance of th8 organi5alion. Trustses The Tnjslees who served during the pericA¥ are listed on page l. None of the Trustees were eM￿oyed by the Charity or had a financial interest in any contract with &he Charity. They atl give their lime and gxpertise volLtntarity- The Charity does not and wll not 8nter into any related party transa￿lOn$ wit￿)Ut seoking advice and approval from the Charity Commission. TNst&s are selected fortheir professiC￿al skills and experience across a variety of areas to which they can o)nlribute towards the effective running of the Charity. When a vacancy crkurs, a orofile of the new Truste& Director is agreed, and various methods of finding Suitab￿ candidates are used depending up)n the expertise required. Potential candidates are inlerviev4ed by several Trustees before being pul fopmard for approval by the Board of Trustees. Each new TTUStee Dirg¢tor appointed for an initial term of thr88 yaars and may then be re-91o¢ted for further periods of three years. The Chair is 8Kpoint8d for a period of three years, aft8r ￿1¢h now prokK)5ds are consldered and VO￿ on. Page 2 Rukhshana Medla Umhed Report of tho Trustèès for the pwiod 1 June 2024 10 31 May 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT (continued Trustee$ {continuedl rruste8s are aware of the responsibilit￿$ and the imkX)rtanGe of their Strateg￿ rde in tha future w811- being of Rukhshana Medla. Charity Commission communicali('nb regarding training for Trustees and cuNenl advi(￿ re(￿l￿ed by the Charity are distributed lo the Truslees. During 2024125. a separate Advisory 8oard was ￿tablIshed to provide a wcjer nelwork of informal advi￿ and contacts for tle Editor in Chief and the Board. Organisational structyr• The Editor in Chief, Zahra Joya. was appointed by the Board in 2022 and reports d1￿C￿Y to them. The Editor in Chief is responsitle for achIe￿n9 the mission of the organisation by imF4ementing the Charrty'5 icy and strategy, and lor all areas of ts oper81ions. induding fundraising. charilalje activities and mmunications. The Editor in Chief is supported by a leadership team consisting of a Deputy Chief Editor and a Finan￿ mana￿r. The i>rganisalion's C￿ritable acti￿t￿ are carrierj out by a team of r￿$gathererS around the worfd, t(xJether with a smdl team producing online content. Subject to funding, th6 Charity a150 employs project-swclfi¢ Short-lemi staff arKI engag65 relevant wolessional 8UPPOrt, where needed. Ststsment on rlsk revlew Rlsks are analysed accordlng to thelr potenlial impact tc*Jath8r with actions that 8ilher hav8 been Or￿11 be taken in miligalion. The risk management process in th8 peric￿ resulte(S in prwjrity being ￿sted upon the followTng.' Safe 2.vd secure n8wsgalhering. Rukhshana Media staff, especially Ihose who are working in Afghanistan. are opp.raling in a polili-,.al and social environmeni which can be both emotionally and physically demanding. fheir work exposes them to wtential safety and secLJrity risks both for themselves ants for their editorial contacts and sources. The senior leadership team of Rukhshana Media are mindful of thes& risks and liaise closely aryj regularly with the reporting team lo assess and mrtigate these risks. The identity Of reporters. editors, and Iranslalors who work for RLikhshana often need lo remain anonymgus or use pseu(k)nym8 In these circumslances. Anonymity of editorial sources may aso need lo be respected when requested or when an editorial judgement is niade ovet the nepd lo protect an identity. Rukhshana WIH be transparent about the decision lo protect the Identity of its staff andlor contributors when this is the case. gital secuiity Given the natur8 of Ihe company's charitable work with people under threat, and the constant need for conlidentiJily when working walh its nelworks, digitsl and cyber security is a majDF concern all Rukhshana staff and ils Board. The company's IT sysl8ms and operations have reviewed thi5 year by a specialist independèftl consullan¢y. and all their recommendations have been implemenled. This organisèlion also delive¥ec5 bespoke training to the editorial leadership ttram and will prov￿& remote training Ihis year lo Rukhshana's reportTrng leam. Several encrypted communications options are available lo this team lor communicalions. There are no 8L-,If profiles on the Rukhshana Media website. Page 3 RUkhsh￿a Medla Limlted Raport of tho Trusiegs for tho period 1 Jung 2024 to 31 May 2025 OBJECTIVES AND AcfMnES Aims and objgGtlves Rukhshana Media promotss the fundamental human r@hts and equal treatment of women and girf8. in partieular In Afghanistan. It also commissions and lacilttales the prc*Juctlon of hlgh-quality jwmalism, covering human rights, freedom lo participale in civil society and equality issues. There is a partI￿lar focus on Afghanistan ￿ere Rukhshana Media's work indudes raising awar8n8ss of thts social and economic effects of the continued exclusion of women and girls from all elements of civil society. The Charity achieves its obi8¢lives by publishing néws content &cr¢)ss different media plalfom?s (video. audio and digilall about the issues facing women and girts, domonstraling joumalislic professionalism, independence. accLJraey, creativity, and adherence lo Inlemalional news reporting norms. Rukhshana Media re￿rterS and edrtor5 fdlow ils Editorial Guiddines which are also putrAished on its website. Upholding these standards is an essential value for Rukhshan8 Media and is the cornerstone of ils WOTk to CLllivale and retain tru51 arKI ddiver reliable and iMp￿tf￿ content to its audiences and users. Rukhshana Modia rew)rts on a ￿de range of i88LI08 induding chibd marriage. oconoinic hardship and gendgr discrimination. It reports from e*very province and community. across Afghanistsn and seeks ways to infom). to provide a ￿atforM and ¢reatg a conversation aM￿g Alghan wom8n. to amplify women's vokes and to inspire the next generation of W￿nert joumallsts. ACHIEVEMEKfs AND PERFORMANCE Impact Over the last year. Rukhshana Media has putdjshed over 11(KJ separate stoftes on ts website. averaging about 100 St￿leS per month in Persian with about 170 of these rfrversioned for the English sf(8. In July 2025. a new Pashto website was launched. In 2024, the website had a total ￿ 156k readers. This averages arouNJ 13k users per month. Th8S8 users Continue to com8 from ov8r 100 different &￿￿trieS. Rukhshana Media also ha5 42k fdlowers on Facebook, 8k on Inslagram arKI 14,3k on X The company is also partnering wth a gn)wing number of intem8tion81 news brands lo increase the rèach and impact of i18journallsm. Page 4 Rukhshana ￿￿1# Llmltad Roport of tho Trustws lor th• pèrlod 1 June 2024 to 31 May 2025 ACHIEVEMENTS AND PERFORMANCE (¢ontinugdl Impact (contlnuedl Zahra Joya has Intemew￿￿ several prominent internalional figures over the last ygar and is a frequent guest speaker al Intemational èven￿ During 2024125 these included.. Guest at House of L(￿d$, Afgh8n Women's Support Fonjm Meeting, London (Sep 24) Guest at Conference ofAfghan Journalists11, Bruss81s {Sep 241 Ct>organiser of Afghan Women Surnmit, Tirana {Sep 24) Guest al Amnesty Inlemationat Conference Evc4ulion of Afghanistan, Brussels, (Sep 241 Guest al Confèrence on Afghanistan 3 years on, Lond¢)n (Sep 241 Guest al 28th Forum 2000 Conference. Prague (Oct 24} Speaker at Roundtable on Women Living under the Tejibari ir. Afghanistan. online (Jan 251 Guest al meetinE'wilh Labouf Women's Group, London (Jan 25) Speaker at Committee IC￿breakn.n9 Session Chir￿, online (Feb 251 Pandlisl al Guardian Live's The Silencing of Wom6n event, L￿￿On (Mar 25) Guest al UK Parfiament's Gendor Apartheid Workshops. Lond￿ (Aw 251 S￿aker at Intemational Journalism Festival 2025, Perugia IApr 251 ak8r al Malala Fund internation81 meetings. Cape Town and Joh8nnesburg (Apr 251 Sreaker al GerKler Aparthold workshops 11, onllne (Apr 251 Guest at Gender Apartheid workshops, Cambridgo IM8y 251 Keynote speaker at De Balie Afghan Women's Ryhts meeting, Amsterdam (M&y 251 Guest at the F8m816 Leaders gathering, Bedin (May 25) Speaker al InlemalK)nal Conference on Gender Apartheid in Afghanistan, LorKlon (May 251 Pandlisl at Rukhshana Media'¥ Algh8n Media v The Taliban event. London (m￿ 251 AwaYd$ Rukhshana Modkq's is already an inlernationally recognised media organisation. Il's Editor in Chief, Zahra Joya, has received numerous awards for her worL During 2024125, these Includ￿ the Outstanding JoLtrnalisl award al the Magnilsky Human Rights Awards. FINANCIAL REVIE%V Results The Charitys results for the financial peric*J 1 June 2024 to 31 May 2025 are sgt out In the attached financ￿ stalemenls and mles. R•s•rv•s The Trustees aim to mwnlain general reserves lo provide around six months, o)ver of the Charws Otwing (xye costs. enabfing core chantable actiwti8s lo continue in the short18rrn should funding dmp signifi'cantly. In making this assessment. adjuslmenls ti) reserves are madg lo exdude restricted and designated reserves. t(KJelher with. adjustments to those costs that can be reason?bly reduced wth such a funding drop in min(J. Taking into a￿￿nI deferred Income this obje&ive was met in 2024125. For 2025126, Rukshana Media wdl need to increase Its in¢x)me wimarily to sUpp(￿t its c4)re costs and charitat4e adivities in order to ensur& rts general res$rv?s can be maintainod. Trustees r8gutsarly rovigw costs lo ensur6 Ruksh8na Mèdia drives efficiency where ever possibl8. PagL* 5 Rukhshana Media Limitod Report of the Trusteos for tho porlod 1 June 2024 to 31 M4 2025 FINANCIAL REMEW Icontinued) Fundraislng In December 2024. Rukhshana Media recgived signlficant funding fr(#n the mala￿ Fund to SUPkK)rt specrflc Afghan inilialive5 over tha next 2 years. The Charlty Is now the beneficiary of an ongoing fundraising initiative from Amnesty Internalis￿al and it ￿)ntinUeS lo receive ollwr regular don8tions frc the public via Tts website and from events. Rukhshana Media hosted its own first public event in London in March 2025 and its Trustees CLJnlinue to work actively lo secure sUstaina￿e SUp￿rt from funding opportunitiès vAth a range of different trusts and foundations. worldwde. Governmgntsl, Intsr9ovemmontal and partnership support No wvemment support was feceived during the period. FLrruRE PLANS AND ACTIVITIES Rukhshana Media has ambitious plans to expan(J its reaGh lo now audi&nces and users around thè worfd and continue lo grow its impact, maintaining a spodiglit on the lives of women and gids in Afghani8tsn and ensuring their voices continue lo be heard by govemments and Fdicy makers around the world. In 2025126. Rukhshana Media is introducing reporb.ng and publution in Pashto, alongside its Persiati and English (thenl. This will enable il to better serve ils users and audiences across all Ihg different règions of Afghanistsn and publish more stories from all wmmunities. 11 will 8190 work mcTr with other Afghan media espgcialty those wo￿n9 in èxile, lo further inc¥oa$8 the impact and reach ofAfghan news conlenL Rukhshana Me(lia will dso develokxa training manual for its reporters. The Charf(y will continue workirvJ to fulfil its mission a5 fdlDws'. Secure sustainabl8 sources of support from &xisling partnerships and frtNm new funding sources in order lo support the company's core charitable work and 5ustsln healthy ￿$8￿6S. Support programme development, fundraising and C￿mMUnicatiOnS by increasing the Charity's ability to measure and tsvaluato the impad and efficiency of its work. Increase active participation in inlemational cc4labora1￿nS and str*egic support groups to beneffc and grow the Ch8rty's visibility naliorb811y and internationally across all rnedia FA8fforms. Page 6 Rukhshana Medla Llmlted RoF>Ort of tha Trustees for the pqrtod 1 Juno 2024 to 31 May 2025 STATEMENT OF TRUSTEES RE8PONSIBIUTIES The Trustees {vtho are thg dirgdors of Rukhshana M8dkq Limltwj ior the purposes of company law) gre responsiblè for prepailng the Annual Report and Ihe financk4 statements in accordance with applicat4e law and United Klngdom Accounting Standard5 (United Kingdcffn Generally Accepted Ac￿Un[.￿g Practicel- Company law requires the Trustees lo prepare company financial statements for each financiJ period, which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and ap￿1¢allon of resources, Including the incL)me and expenditure, of Ihe company fcf the period. In preparing these financial slalemenls. the Trustees are required to.. select suitable accounliThJ pdicies and then ap￿Y them oJ)Sis1gnily. observe the m6thod$ and prinGiFAe5 in the Charities SORP. make judgemen18 and estirnales that are re8SLVl8ble and prudent. state whether apklicatle UK Accoun￿"nO Standards have bèen fdlowed. subject to any material departures disdosed aThJ exrAained in the financial stalemenls. and prepare the finan￿81 stslements on Ihe going concern basis unless f( is inappropriate to presume that Ihe Chantsb￿￿ompanY will contlnue In Operat￿n. The Trustees a￿ responsible for keey'ng prr4)er accounting re(x)rd5 that are sufficient to show and explain the charitaNe companys transactions and disclose with reasonatAg a￿￿Ta¢Y at any lime the financial tx)sition of the charitable company and ena￿e them to ensure that the financial statements comply ￿th the Companies Act 2006. They are also responsible f(x safeguarding the assets of the charitaile company and he￿￿ for ta￿.ng reasonatje steps for the detection and prpvenlion of fraud and other irregularities. The Trustees are responsible for the maintenance 8rKI integrity of the corporate and financSal infomiation included on the charrta¥o company's website. PUBLIC BENEFIT STATEMENT Truslees confim) that they have CoM￿led with their duty lo have due reg?rd lo the guidance on puL4ic benefit published by the Charty Commission in exercising their powers or duties. The public benafit of the Charity's adivities is outlined under'O#'ectives and Activities. above. Page 7 Rukhshana Media Limitad Report ol the Trustees for tho Period 1 June 2024 to 31 May 2025 PREPARATION OF THE REPORT This ￿port of the Board of Trustees has b88n prèpared ta￿.ng advantage of the smell companies eXeMpl￿)n of se¢tw)n 415A of the Companies Act 20(￿. INDEPENDENT EXAMINERS counter￿lI￿re Pathership LLP were apF¥)inted as independent examiners to Rukhshana Media Limited. Apwoved by order of the Board of Trustee5 on 2 September 2025 and signed on its bphalt by.. Sarah Chair ard-Liliey Page 8 Independwt Examin•rf$ Réport to the Membw5 of Rukhshana Modla Limlt•d I report lo the trustees on my ex8min8tion of the financial sl8lemonts of RLskhshana Meaki for the year rKlod 31 May 2025. Responslbilitres and basis of report As the cttarity's lrtjstees, you are responsit4e for the preparalion of the accounts in acc4)rdance wtth the requirements of the Charit￿S AQ 2011 (°Ihe AGf}. I report in respect of my exam1r￿tIon of the Trust's accounts carried out under se&ion 145 of the 2011 Act and in carrying out my examination, I have falltswed all the applicaNe Directions given by the Charity Commission under section 145151(bl of the Act. Independent examin•Ws statement I have completed my examination. I confim that no material matters have come to my attention in connection with the examlnation ltslhgrthan that disclosed below-) which gi¥8s m cau50 to believe that in. any material rgspecl= the accounting records were not kèpt In ac¢ordance wth section 130 of the Charitles Act,. or the accounts dld not accord with the accounting records" or the accounts did not cOm￿Y the ap￿1¢able requirements COr￿eming Ihg fom and contont of accounts sel out in the Charities (Accounts Rep)rtsl Regulations 2008 other than any requirement that Ihe accounts give a'true anrl falrf wewwhich is not & matter cOns￿ered as part of an inLlependenl examination. I have no concems and have come across no other matters in conneclion wth the examinatvJn to which attention should be dra￿ in this rewt in order to enat4e a prO￿r understanding of the accounts lo be reached. Tom ￿¢OX FCIE CounlercLrfture Partn?r5hip LLP 23 St Leonards Road Bexhilkon-sea East Sussèx TN40 1HH Dated. 11- oq . 10 2 Page g Rukhshana Medla Llmlted IReglstered number.. 14120163) statement of FSnan¢ial Actiyities lor thg Pgrtod 1 Junè 2024 to 31 May 2025 Unrestrlcled Restricted Funds Funds Total 2025 Total 2024 Not¢s Incomè frtxn: DonalN)ns CharitètrAe aclivil 45.433 11.668 45,433 130.387 164,724 99,182 118,719 Total In￿rne 57 101 118,719 175.820 263,￿ EXpendI￿re on: Raislng furKJs Charita￿6 activities. (3.933) 125,933) 13.933) 1141,7501 1167,683) 1181,300) Totsl Èxpenditure (29,866) 1141.7501 1171,618) 1181,300 Net incomelexpgndlture before tran￿or9 27,235 123,031) 82.606 Transf8rs belween funds 124.501) 24.501 Other rocognis•d galnslllosses)- Foreon exchange gains 10 Net movgmont in funds 2.734 1,470 4,204 82,616 Fund bdances at 1 June 2024 82,616 82,616 Fund balances at 31 May 2025 85,350 1,470 86,820 82.616 The note5 on pages 13 to 23 fcMTh, part of these finanrial slalements Page10 Rukhshana Madia Limit￿ (Reglsternd numb•r: 14120163) Balancg Shget Al 31 May 2025 Not9S 2025 2024 Flxed Assets TatyJible assets Currenl Assets Debtors Cash at banks 10 14 32,987 95,039 52.141 128.026 91.336 Credltors Arrbounls falling due wilhin on8 perirAI 11 141.2061 19.6201 Not CU￿0nt Assots 86,820 81,716 Net Assets 86,820 82.616 Funds UnrgstrKted General fund Restricted funds 12 12 85,3S) 1,470 82.616 Net Funds 86,820 82,616 The company is enli118d to the exemption from thg a￿dit requirement contained in 477 of the Companies Acl 2006, for the perw)d ended 31 May 2025. The diraclors ackno4￿edge their respY)nsibilities for c(MntAying with the requirements of the Companies Act 2006 with respect to aec(xJnlir#J records and thè preparation of financial slalements. The members have not required th8 company to okxain an audit of ils financial sL*ements for the Feriod in question in &cordance wrth section 476. Thè FinanGial Slalgments were approved. and auth0ri5ed for issu8, by th9 Trust98s on 2 September 2025 and signed on tlieir bèh4f by.. Sarah Wa -Llley- Chair ny Cl8rk- Trustee The notes on 13 to 23 fomi part of these fin8naal statemenL¢ Page 11 Rukhshana Media Limited Cash Fl¢)w Statement lor the period 1 June 2024 10 31 May 2025 Nol•s 2025 2024 C*$h I1￿ from op•rating activitiOS Nel movement in fu4ds Adjustments for. Dep￿Ciall0n of fixed assets Loss on disFNJsal of fixed assets Decreaselllncrease) in Debtors Increa5ellDecreasel in Creditors 4.204 82,616 300 899 6,208 31.586 124,447) {136.7351 Net Cash Iu5edllgon•rated by opornting activities 42.897 178,266) Cash flow$ from Investlng aclivltS¢8 Sale of fixed a55ets Net cash generated by investSng actlvlues Nei increaselldecreas•l In cash and cash •quivalonts Cash and cash equivalents al beginning of period 42.898 52,141 178.266) 130,407 Cash and ¢a8h equlvalènts at Ond of pèriod 14 95,039 52,141 Page 12 Rukhshana Madia Limltod Notes to thg Financial Stataments for the p9rlod 1 Jun& 2024 to 31 May 2025 ACCOUNTING POUCIES Rukh5hana Media is a company limited by guarantee. incorporated in England. The registered office is 1 The S8nctuary, Westminster London SW1 P 3JT. Tr nature of the Charity's operatsons Is set out in the Rgport of Ihè Trustees. a) Basls of prèparntlon The Charity con5tttules a poblic benefit entity as defined by FRS 102. The firiJncial slalements have been prepared in accord811ce wrth Accounting and Rep(￿tIng by Charities.. Ststemenl of Recommended Practice ¥pplicable to charilies preparing their accounts in 8ccordance wilh th8 Financial Reporting Standard applicable in the United Klngdom and RepU￿1C of Ireland IFRS 1021 leff8CtiV8 January 2022). the Charities Act 2011, the c￿panI&S Act 2006 and UK Generally Accepted A￿lntir@ Pracaice. b} Prgparation al accounts on going concern basls There are no.mat8rial ur1COrtainties about the Charity's ablity to conkn'nue as a going concern and Ihereft)re, the accounts have been pre￿red on this basis. The Truslees have paid particular attention lo the likely effe(X on the charit￿ of the COVID-19 outbreak. the Ukraine conflict, inflationary pressures. the level of funds hdd and the expected levd of income and expenditure for 12 months from authorising these finanGial stalemonts. The budgeted irKom and expenditure ar8 sufficient with thelgvel ol re5erve5 for the Charity to be able to corrtinue as a going concern. c) Related party trnn8èCtlon8 Al Ir8ns8Ctlons ar8 carried out al ami's length wherever posslbl8. d) Forelgn •xchang• Monetary assets aTrJ liabililies denomirialed in foreign ￿TrencIeS are translated into slerfing at rates of exchange ruling at the balance Sheet date. Transactions in foreign currencies are translated into slerfing al the rale ruling oil the date crf Ihe receipt or payment Exchange gains arK1 losses are rectyjnised In the SOFA ¢) Income recognltlon AJI income is induded in Ihe SOFA when Charity is legally enlilled to it. the reGgipl 1$ probable, and the amotjnt can be measured wilh suffic￿r,1 reliabilrty. Voluntary income t)onatton$ are recognised in the perh￿￿ in whtch they are received. Grnnts recelvable Grants are uediled lo the SOFA when ￿CeIvable. Inccffie is only deferred where there are tirne nstraints irnposed by thè donor or rf the funding is perfornian￿ releted. Where entitlement to grdnts receivable is dependerbt upon the fulfilmgnt of conditions within the Charrty's control. the in￿rne is recogni5ed when there Is suffi¢ionl eviden￿ that conditions will b8 met. Grar supporting the cor? activities of the Charity and with rD specific restrictions F4aced upon their Use are induded within vduntary income. Grants that have specific restrictions placed upon Ih8ir use are also induded Donations and Legacies under lh8 calegtyry of "Restricted IrKomg". Restrlcted Intom• Income received that has sPe￿fiC restrictions placed Lbpon rts use is creditéd to restricted incomè wthin the SOFA on a receivable basis. Unsp&nl ba18nces aro carri&d lo￿ard thin Ihe relevant restricted fund. Page 13 Rukhshana Media Limited Notes lo the Flnanclal Statemgnts for the pèrlod 1 Juné 2024 to 31 May 2025 1. ACCOUNTING POUCIES {continued) 8) Income recognldon (contlnued) t>onat•d servlces and facllltles Facllilles and seNlces donated for the Charity's use, where the benefit is 4uanlrfiabl8 and the goods or Se￿iceS would olherwise have had to be purchased, are re￿gniSed in the financial slatèmÈntS. 8$ bolh income and eX￿ndilurts. al a reaS0r￿bIe estimAte of their value in the perth in they are donated. Incomè recoverable Income tax recoverable in rdation to Grft Aid donations is rec(YJnised at the b'me the rothnt Incom8 is receiv8￿8. Deferred InGom9 Where Income relatlng lo a future period ha5 been received. it is deferrgg arKJ 5ubsequentiy recognised in the period in which the Charity becomes entil￿d to the income. Exp•ndlture EXpe￿IllUre is TeccMJnised in the period in which they are incuThed on an accruals basis. ExperKliture includ&s attributable VAT, whlch cannot be rgcovered. Grants and bursari8s are recognised in the period in ￿1¢h they ar8 CA)mmitted. Grants payable are attributed to the related classification header in the SOFA. The costs of generating funds relate lo the costs incurred by the Charity in raising furwjs for the charitable work. Governan￿ L¥Jsls are those associaled with the govemance arrangements relating to the stfalegic operations of the Charity as opFM)$8d lo those costs associated with the general nning of the Charity, fundraising or charilalJe aclNily. These govgFnan¢e ￿$1$ include external examinalion costs and al￿alK)n of SUPFK)rt cosls. Expenditure is allocated to the particular activity Whe￿ the cost relates dIr￿UY lo that activty. Support Costs which cannot be directly attributed to p3￿cular actiwtses, have been apportioned proportionately to Ihe18v61 of oxponditure for the differwl actNities. gl Fund a¢¢ounting General funds that are unrestricte(l are availa￿e for USE at the discretion of the Trustees in furtherance rt the general objecdve8 of the Charity and where they have not been deslgnaied for other purposes. Designated funds wmprise unreslrthd funds that have been set aside by the Trustees fc partieular PLJrpos8s. The aim and use of each designated fund are get wl In the notes to the finanaal slalements. Reslricted funds are th)se to bo used in aCCordar￿e with speaffi¢ restrictions imposed by )nors OT which have been raised by the Charity for particular purposa& Th8 aim and use (rf each restricied fund are sel t)ut in the notes to the finanaal ststements. Where the￿ is an overspend ￿ a particular restricted ftjnd. a period*nd Irai'.sfer is made frLvn General Funds to the r8sp8clive fund to cover the s￿)rtIall. Page 14 Rukh$hana M•dla Llmited Notes to tho Financial Statgm•nts for thè poriod 1 June 2024 to 31 May 2025 1. ACCOUNTING POLICIES (contlnued) h) Tangiblo fixod ass•ts and dgpraclatlon Depreciation is wovided al rates c8lcul8te(I towrit8 dow ihe cost of each 8S3el to ils estimated resdual valu¥ ovgr its 8xrKted useful lie. The d&preaaticm rates us8d are as follows.. Office fumiture 25% on 8 Strai9ht4ine basis Items ofequipment arè ¢8Pitalised where Ihe purchase pri￿ exceeds £500. Depreciation costs are allocated lo activilies on th8 basis of the use of Ihe related assets in those actMlie$. l) Op•rating I￿$•5 Rentals payable under operating leases. wher¢ subslanlially ali the risks and rewards of (Mnershlp remain with the lessor, a￿ Charged lo the SOFA in the period in which they fall due. l) Short4èmi dobtofs and credltors Debtors and ¢￿dItOrS with no stated interest rale and receivable or paydLle within one period are recC￿ed al Ihe IransactK)n price. Amy losses arising from impaimienl are rec(gnised in the statement rffinancial activities. k) Employee penslon and bonefits The costs of short-lerm employee benefits ar8 recognised as a liability and an expense. The cost of ?.￿Y unused k4iday 8nlitlement is r8cognised in the perlc41 in whlch the employee's services are recewed. Tem)ination benefiis are recognised immediately as an expense when the Charity is demonstratrAy committed to le￿ninate the employrnont ofan emkloyee or to provide lemiinalion benefits. Since 1 June 2023, lh8 Charity pays contributions into the Wortr tho pgrlod 1 Jung 2024 to 31 May 2025 2. TOTAL INCOME Unre$trict•d Funds R#strlcted Funds Total Funds 2025 Totsl Funds 2024 Donatlons Donations from individuals Donations from organisations Gift Aid daimed from HMRC Grfts in Kind 31,054 10.500 579 3,300 31,054 10,500 679 3,300 143,724 21,000 45.433 45.433 164,724 Charltsbl• actlvltles Deutsche Welle Akademie 24 Deutsthe Welle Akadèmie 25 Internews AIMS 2 Internews AIMS 3 Iniemews AIMS 4 Internews IAQIA Malala Fund News articles. fees Speakers, fees 11,254 2,052 6,783 50,153 19,504 11,254 2,D52 6,783 50.153 19.504 7,420 49,029 13.992 26.439 28,973 28.973 3.168 8,500 3.168 8.500 1,054 1.248 11,668 118.719 130,387 99,182 RAISING FUNDS A¢￿VitIe$ undertaken directly Granl fundlng of activiti8s Support eo3ts (see note 51 Total 2025 Unrestncted Funds Consultanues for grants. apF4ications 3.000 933 3,933 A¢tlvltle$ undertaken directly Grant fundlng of aetlvities support ¢o$ts (see note 51 Total 2024 Unrestricted Funds Consultancies for grants, apF4iGalion$ Page 16 Rukhshana Madla Limlted Noto$ to tho Financial Statomonts for the period l June 2024 to 31 May 2025 CHARITABLE ACTIVITES Activiti•8 und•rtak?n directly Grant funding of actlvltles Suppo costs (see Total 2025 note 51 Unrestt7Cted Funds Online media reporting and investigative journalism 19.779 6,154 25.933 Restricted Funds Online media reporting and invè51igative journalism 108,110 33,640 141,750 Total Funds 19,779 108,110 167.683 Actlvities unil•rtaken diro¢tly Grant funding of •ctivilio$ Support costs1$8e Total 2024 note 51 Unrestricted Funds Online media reporting and investigative jcjmalism 14.477 6.523 21,000 Reslncled Funds 0￿1n& medi8 reportiro and investigative journalism 110,503 49,797 160,300 Total Funds 14,477 110.503 56.320 181,300 Pag817 Rukhshana Medla Llmltsd Notes to tho Financial Statgmonts ft>r thg period 1 Jun• 2024 to 31 May 2025 SUPPORT COSTS 2025 Administration expensgs Slaff costs Fr¢d8ncer5' fees Deskloffice hire Recruilmenl fees IT suppori, inlemet and websile eosts Insur8n(* costs Other administrati￿ fees Loss on disposal of frxed assels Depraciation 29,047 2.113 300 14.999 21.730 4,884 4,800 748 33 1.838 2,662 370 2.820 899 300 Govemance costs Independent examinalKsn fees Legal and other profess￿nal f68s Oth8r governanr￿ fees 2.274 242 2.160 4.743 40.727 56,320 Support costs that ¢an￿t be direcuy 8ttribute(I lo particular adivltles. h8ve been apportiwed propOrt•)nate￿ lo the level of expenditu￿ for the different actNilies. NET INCOMEIIEXPENDITURE) 2025 2024 Net In￿Me/{eXp￿ndrtUre) is slated after charging.. Independent examinat￿￿￿ feo OpeTating lease rental- office space Depreciation 2,274 6,930 2,160 15,972 300 7. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. reMu￿rat￿)n or other benefits for the ¥Jeri¢￿ 1 June 2024 to 31 May 2025 2024.. STAFF COSTS 2025 2024 Salaries Social security contributions Pension contributi￿$ 65.295 42.038 1,228 878 67,977 42,916 Editori81 free18ncers' fees 74,116 .101,820 Pa98 18 Rukh$hana Medla Limlted Notgs to the Flnanclal Statoments for the pgriod 1 Jun& 2024 to 31 May 2025 STAFF COSTS (continued 2025 Number 2024 Numbor The average m?nthly number of full-time and part-time employees ¢JurirvJ the period was as follows.. EdilorkAI staff Support staff The average monthly number of freelancers durit¥J the per￿￿1 was as fdlows". Editorial f￿elancerS Support treelancers 13.0 12.0 14.0 13.4 No emF4oyees received Temuneralion in excess of £60.CQO12024. Nill. Key Management Remuneration The total empbyee remuneration in the period attributalAe to key management was £47,160 12024: £38,(￿0) TANGIBLE FIXED ASSErs furniture Cost At 1 June 2024 Disposal of flxed assets 1,200 11,200) At 31 May 2025 Deprociation At 1 June 2024 tlisposal of fixed assets {3001 300 At 31 May20£S Not Book Valuo At 31 May 2025 At 31 May 2024 900 Page 19 Rukh$hana Media Limited Noles to the Financial Statements lor thè pèriod 1 Jun• 2024 to 31 May 2025 10. DEBTQRS.. amounls falllng due within one 2025 2024 Aecounts receivable Prepayments Accrued income Other debt￿￿. 604 60 32,247 76 36,835 2,360 32,987 39,195 11. CREDITORS,. amounts falllng wlthin one yoar 2025 2024 Accounts payable Deferred incom8 AcGnJals 11.011 23,204 6.991 2,935 41,206 9.620 12. STATEMENT OF FUNDS Op•nlng balance at 1 June 2024 Income Exp9ndI￿rn Transfers Closlng balance at31 May 2025 RESTRICTED FUNDS Afghan exiled me(Jia 2024 11,254 114,609) 3.355 Afghan exiled media 2025 2,052 (582) 1.470 Alhrfs 2 Afghanislan infomation & media support MS 3 Afghanlstsn infofmalion & ￿￿518 sUp[￿rt AIMS 4 Afghanistan infom)ation & media $uppc41 6,783 (1,922> 14,8611 50,153 162,1851 12,032 19.504 (25.269) 5,765 Malala Fund Afghanistan IniiJ"alive grant 28,973 (37,183} 8,210 118.719 1141.7501 24,501 1,470 Page 20 Rukhshana Media Llmited Notes to tho Financial Statements for the pwiod 1 June 2024 to 31 May 2025 12. STATEMENT OF FUNDS (continued) Restii¢ted funds Afghan ex11￿ media.. These indude funds received from Deulsche Wdle Akademie lo support and cover reKM)rts and news related to woman and children in Alohanistsn. Afyhanislan infom7ation andmedia suppom. The projecis are funded by Inlemews Europe and aim lo supwt Afghan media lo safety provide put1￿ information lo cilvzens ￿OsS the (￿ntry. Malala Fund Afghanisfan Init￿lIve grant.. This project is funded by Malala Fund and seeks lo build Rukhshana Media's capacty to rep)rt on all issues affecting Afghan women and glrls. SP8Ctfically gender aparth8id. Opening balance at 1 June 2024 Ineome ExpwKliture Tr8n*lars Closing balance a131 May 2025 UNRESTRICTED FUNDS General Funds 82,616 57,101 129,8661 124,5011 85.350 TOTAL FUNDS 82,616 175,820 1171,6181 86,820 Page 21 Rukh$hana Media Llmlted Nolos to thg Finan¢ial Statements for the p•riod 1 Junè 2024 to 31 May 2025 12. STATEMENTOF FUNDS Icontinugdl Opening Closlng balance at31 May 2024 at 1 Jung 2023 Income ExpenditiJre Transfern RESTRICTED FUNDS Afghan exiled media 7.420 (10,457) 3.037 AIMS 2- Alghanistsn information and media supwt 49,029 187,2561 38.227 AIMS 3- Afghanistan information and media SUPPOrt IAQIA- Improving access lo quality Information in Afghanistsn 13,992 121,3131 7,321 26,439 141,274) 14.835 96,880 1160.3001 63,420 Nll Rostricted funds Afghan exiled media.. This indudes funds received from Deirtsche Welle AkadeTnie to support and cover reports and news rekted lo women and children in Afghaniglan. Afyhanlstan infomalion and media support. Th8 pr(yects ar8 funded by Inl8mews Europe and aim to support Afghan media to safely provide puL4ic information lo citizens across the country. Improving a¢c8ss to quality infomiation in Afyhanistan-. Thi5 project is funde(I by Inlemows Europe and sègks to u5ejoumalism to improve the qu￿ty and diversityof infrJmialion available lo the people of Afghanistan. UNRESTRICTED FUNDS General Funds 167.036 (21.0001 163,4201 82.616 TOTAL FUNDS 263.916 1181,3001 82,616 Page 22 Rukh5hana Media Limited Notes to the Financial Statements fi)r thè ￿riod 1 June 2024 to 31 May 2025 13. ANALYSIS OF NEf ASSErs Genoral funds Rgstrfctod Total funds Total fvnds furNIs 2025 2024 Tanglble flxed assets Current assets Currenl liabilit 900 91.336 19,6201 126.556 (41,2061 1,470 128,026 141,206) 85,350 1.470 86.820 82.616 COMPONENTS OF CASH AND CASH CQUIVALETr¥rs 2025 2024 Bank cu￿ent account PayPal acccwnt 94,970 69 52,141 95.039 52,141 15. OTHER FINANCIAL COMMITME 2025 2024 At 31 May 2025, the Charity had annual commitments under non-can¢ellaNe operating lease5 as follow5: OffKe rent due in one year Nl 6.930 ULTIMATE CONTROLUNG PARr Thè trustees do nol consKler there to be an ￿tiMate controlling party. 17. RELATED PARTIES The tfUStee$ th) not consider there to be any related party transactions. 18. TAXATION c￿￿ent lax chargelr8paym8nt for the year is Nil12024.' Nil) Page 23