Charity registration number 1190376 (England and Wales)
Company registration number 12192130
SAHAMIYE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SAHAMIYE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
I Ahmed
H Arteh
S Kaushik
Charity number (England and Wales)
1190376
Company number
12192130
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Independent examiner
Gravita Business Services II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
SAHAMIYE FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Statement of financial position
5
Notes to the financial statements
6 - 13
SAHAMIYE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

In 2024, the Sahamiye Foundation continued to build on its success, furthering its mission to advance literacy and education across the Horn of Africa. Our initiatives have empowered communities and provided essential learning opportunities to thousands of children and young adults. We remain unwavering in our commitment to creating a world where everyone has the chance to learn, grow, and thrive, regardless of their circumstances.

Key Initiatives in 2024

1. Expanding Daariz

This year, we made remarkable progress expanding Daariz, our free literacy app. We achieved significant growth in our user base throughout 2024, with a continued strong representation from women and girls.

2. School Reading Competition

We hosted an inter-school reading competition for 20 schools, challenging students on their reading speed and comprehension. The event successfully fostered literacy skills, and prizes were awarded to top performers to celebrate their achievements and encourage a culture of lifelong learning.

3. School Directory Database

Our work on developing a comprehensive school directory in Somaliland continued throughout 2024. This database, which captures critical data on school resources and infrastructure, will allow us to better tailor future programs to the specific needs of individual schools and enhance the overall effectiveness of our educational initiatives.

4. Targeted Campaigns

- Supporting Women in Markets: We continued our initiative to improve literacy and digital skills among women vegetable sellers in Hargeisa by providing them with smartphones preloaded with the Daariz app. This effort has enhanced their ability to read and write while opening up new economic opportunities.

- Reaching Camel Herders: Our efforts to promote literacy reached even the most remote communities. We continued to provide camel herders with smartphones and access to the Daariz app, giving them the opportunity to develop literacy skills that fit their mobile lifestyle.

- Engaging Students with Somali Literature on Facebook: A new campaign was launched on Facebook to help high school students learn Somali literature. This initiative used social media to make classic literature more accessible and engaging for a younger audience.

- Supporting IDP Children: We launched a targeted campaign for children living in the State House IDP camp. To help them learn the Somali language, we provided them with smartphones pre-loaded with the Daariz app, ensuring they did not miss out on vital learning opportunities.

Achievements and performance

In 2024, the Sahamiye Foundation made substantial progress in its mission to empower individuals through education. From expanding access to literacy tools like Daariz to developing new programs that target underserved populations, we continue to push the boundaries of what's possible in the fight for educational equality in the Horn of Africa. We look forward to further growth and impact in the years to come as we work toward our goal of reaching millions of learners.

SAHAMIYE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Financial review

During the year the charity has net outgoings of £176,333 (£2023: £118,333). The donations received in the year were £161,865 (2023: £336,307). The charity made donations of £nil (2023 - £nil) to various organisations.

Reserves policy

The charity's reserves (excluding amounts held within fixed assets) were £(11,245) at 31 December 2024. The Trustees feel that the charity does not need to hold reserves as the main donor currently provides funding when required.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Sahamiye Foundation Trustees are aware of the risks associated with working internationally, and familiar with the Charity Commission's Compliance Toolkit for guidance on how to manage risk when working abroad. Ismail Ahmed has experience working in African regions and will assist the Trustees in identifying and managing those risks, enabling them to make informed strategic and operational decisions.

Structure, governance and management

The charity is a company limited by guarantee formed by the governing documents being the Memorandum and Articles of Incorporation dated 5 September 2019 and amended on 5 November 2020.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

- Ismail Ahmed – Co-founder and Director

- Hayat Arteh – Co-founder and Director

- Shibani Kaushik – Director

All trustees are responsible for the general control and management of the Foundation. Ismail Ahmed and Hayat Arteh are responsible for overall investment strategy. Shibani Kaushik is responsible for operations and other general management activities.

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The trustees' r eport was approved by the Board of Trustees.

I Ahmed
Trustee
Dated: 16 October 2025
SAHAMIYE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SAHAMIYE FOUNDATION
- 3 -

I report to the trustees on my examination of the financial statements of Sahamiye Foundation (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

.............................................
Colin Mills
Gravita Business Services II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
Dated: 17 October 2025
SAHAMIYE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
161,865
336,307
Charitable activities
4
338,198
454,690
Net expenditure and movement in funds
(176,333)
(118,383)
Reconciliation of funds:
Fund balances at 1 January 2024
501,982
459,240
Fund balances at 31 December 2024
325,649
501,982

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SAHAMIYE FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
329,600
508,982
Tangible assets
11
7,294
10,175
336,894
519,157
Current assets
Cash at bank and in hand
3,198
1,714
Creditors: amounts falling due within one year
13
14,443
18,889
Net current liabilities
(11,245)
(17,175)
Total assets less current liabilities
325,649
501,982
The funds of the charity
Unrestricted funds
325,649
501,982
325,649
501,982

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 16 October 2025
I Ahmed
Trustee
Company registration number 12192130 (England and Wales)
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Charity information

Sahamiye Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Resources expended are recognised in the period in which they are incurred and accounted for on an accruals basis.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements, including legal, accounting fees and costs of board meetings.

Where possible costs are allocated directly to the activities to which they relate. Support costs are allocated between charitable activities based on the apportionment of direct costs.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 5 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
161,865
336,307
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
4
Charitable activities
Education via app and website
Governance costs
Total
2024
Total
2023
2024
2024
£
£
£
£
Staff costs
88,570
-
88,570
148,543
Staff training
97
97
1,146
Depreciation and impairment
2,881
-
2,881
2,798

Rent

15,737
-
15,737
16,961

Marketing costs

6,561
-
6,561
39,751

Telephone and Internet

6,216
-
6,216
5,635

Accountancy fees

8,424
8,424
8,790

Legal and professional fees

-
4,223
4,223
13,109
Subscriptionns
1,710
1,710
1,764

Foreign exchange

41
-
41
204

Bank charges

1,228
-
1,228
1,240

Computer costs

6,981
-
6,981
3,727

Amortisation

179,382
-
179,382
175,592
Travel costs
836
836
7,143
Cleaning
-
-
-
137

General Expenses

14,944
-
14,944
26,984

Light, Heat and Power

367
-
367
-

Printing and Stationary

-
-
-
370
325,551
12,647
338,198
453,894
Donations paid (see note 5)
-
-
-
796
325,551
12,647
338,198
454,690
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
5
Donations payable
Hargiesa Market Fire
2023
£
Donations to individuals
796
796

In April 2022 a major fire broke out in the Hargiesa's Waheen Market causing severe damage and destroyed up to 5,000 businesses and impacted 17,000 traders. In line with the charity objective of relief of poverty, the charity assessed the situation and made donations to 761 female stall owners enabling them to resume trading.

6
Auditor's remuneration

During the year the charity paid fees of £8,424 (202 3: £8,790) to the accountants for the independent examination review and other services.

7
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. There were also no reimbursed expenses to the Trustees.

During the period ended 31 December 202 4 donations totalling £161,865 ( 202 3: £336,307) were received from Ismail Ahmed, a trustee of the Charity.

8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
15
19
Employment costs
2024
2023
£
£
Wages and salaries
87,544
147,993
Other pension costs
1,026
550
88,570
148,543
There were no employees whose annual remuneration was more than £60,000.
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
897,517
Amortisation and impairment
At 1 January 2024
388,535
Amortisation charged for the year
179,382
At 31 December 2024
567,917
Carrying amount
At 31 December 2024
329,600
At 31 December 2023
508,982
11
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
14,405
At 31 December 2024
14,405
Depreciation and impairment
At 1 January 2024
4,230
Depreciation charged in the year
2,881
At 31 December 2024
7,111
Carrying amount
At 31 December 2024
7,294
At 31 December 2023
10,175
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
12
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
817
808
Payable within one year
817
808
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
12
817
808
Other taxation and social security
-
11,267
Accruals and deferred income
13,626
6,814
14,443
18,889
14
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 31 December 2024:
Intangible fixed assets
329,600
Tangible assets
7,294
Current assets/(liabilities)
(11,245)
325,649
Unrestricted
funds
2023
£
At 31 December 2023:
Intangible fixed assets
508,982
Tangible assets
10,175
Current assets/(liabilities)
(17,175)
501,982
SAHAMIYE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
15
Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
17,251
16,964
2024-12-31 2024-01-01 false false CCH Software iXBRL Review & Tag 2025.2 12192130 2024-01-01 2024-12-31 12192130 bus:Director1 2024-01-01 2024-12-31 12192130 bus:Director2 2024-01-01 2024-12-31 12192130 bus:Director3 2024-01-01 2024-12-31 12192130 2024-12-31 12192130 2023-12-31 12192130 2023-01-01 2023-12-31 12192130 bus:FRS102 2024-01-01 2024-12-31 12192130 char:IndependentExaminationCharity 2024-01-01 2024-12-31 12192130 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP