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2023-08-31-accounts

Company number: 06037771 Charity number: 1118966

The Galilee Foundation

Report and financial statements For the year ended 31 August 2023

The Galilee Foundation is registered in England and Wales under

Charity Commission number 1118966 and Companies House number 06037771

Address: Unit A, 1-3 Canfield Place, NW6 3BT, London, UK

Telephone: +44 20 7993 8355 Email: info@galileefoundation.org.uk

www.galileefoundation.org.uk

The Galilee Foundation

Contents

For the year ended 31 August 2023

Reference and administrative information ......................................................................................... 1 Trustees’ annual report ....................................................................................................................... 3 Independent auditor’s report ........................................................................................................... 15 Statement of financial activities (incorporating an income and expenditure account) ................... 19 Balance sheet .................................................................................................................................... 20 Statement of Cash flows …………………………………………………………………………………………………………….. 21 Notes to the financial statements ..................................................................................................... 22

The Galilee Foundation

Reference and administrative information

For the year ended 31 August 2023

Company number 06037771
Charity number 1118966
Registered office The Galilee Foundation
and operational Unit A, 1-3 Canfield Pl, South Hampstead
address London NW6 3BT
United Kingdom
Country of England & Wales
registration
Country of United Kingdom
incorporation
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Marwan Bishara
Sawsan Asfari
Ms Leila Garadaghi
Yousef Bazian
Khalil Jahshan
Eyad Mahameed
Katherine Bucknell
Abdurrahman Elshayyal (resigned October 2022)
Advisory Board Advisers do not have any formal legal responsibilities. The advisers who only
offer advice and support are as follows:
David Freeman Legal adviser
Dina Bseisu Adviser
Key Management Marwan Bishara Chairman
personnel Sawsan Asfari Executive Director
Maha Al Farra Managing Director
Bankers Europe Arab Bank plc
35 Park Lane
Mayfair
London
W1K 1RB

1

The Galilee Foundation

Reference and administrative information

For the year ended 31 August 2023

Metro Bank
One Southhampton Row
London, WC1B 5HA
Accountant Treganna’s Consultancy
175 Chatsworth Road
London
NW2 5QS
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditors
110 Golden Lane
London
EC1Y 0TG

2

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

The trustees present their report and the audited financial statements for the year ended 31 August 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Trustees and organisational structure

Trustees of the Galilee Foundation serve until they stand down. New trustees are nominated to fill specific gaps identified by the Trustees. When new Trustees are appointed, they are provided with the information they need to fulfil their roles, which includes information about the role of Trustees and charity law. Trustees receive updates, progress reports and publications on a regular basis.

The Trustees currently meet virtually twice yearly to govern and monitor the progress of the Charity. They are also in touch regularly on email and video conference calls. The policies and procedures are reviewed and updated annually. The Trustees delegate the day-to-day running of the charity to the Foundation’s office in London. The Trustees confirm that they have complied with the Charities Act 2006

Maha Al Farra, the Managing Director and Heather McIntosh, Communications officer, continued in their roles. Dianne Woodward, who had provided administrative support in a voluntary capacity was appointed in a paid capacity in January 2023. Cassie Woodard, the Grants manager resigned in March and was replaced by Clare Roberts as Grants officer in May. Two new appointments were made in August, Layla Assam as Fundraising Officer and Ghada Maisury as a Trusts and Foundations Consultant. The employees’ work has been overseen by the Co-Founder, Executive Director and Trustee Sawsan Asfari. Treganna’s Consultancy continues to oversee and manage the Foundation’s finances on a monthly basis. Marwan Bishara, Chairman and Co-Founder, also lends support via a monthly Zoom meeting with the office team.

Grant making policy

The Foundation receives project proposals, however its current projects have been solicited and developed together with the partner organisations. The Foundation drafts agreements that specify the responsibilities of its partners and the schedule of reporting. Partners are required to submit narrative and financial reports at least once per year. Our Grants Manager and Grants officer have both had regular meetings with partners to monitor progress, and Cassie Woodward, the Grants Manager, before she left the Galilee Foundation, also travelled to Israel during the reporting year to meet with some of the

3

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

partners in person and discuss progress of projects. For sustainability of projects’ achievements, the Foundation seeks to develop longstanding partnership while maintaining rigorous monitoring and evaluation procedures.

Partner Due Diligence

We have been strengthening our partner due diligence framework since the introduction of GF’s formal policy document in 2019. We now require initial operational and financial assessments to be prepared for all new partners before we enter into any grants arrangements or memoranda of understanding. We regularly monitor progress of programmes and utilise a Monitoring and Evaluation framework for the assessment and internal audit of our partners. Due to current events in Palestine/Israel since October 7th we are having to further revise and tighten our due diligence on donations and donors as well as partners to satisfy enhanced bank requirements and to comply with anti-money laundering and anti-terrorism legislation. We will be conducting ongoing due diligence on existing partners on an annual basis and when their governing personnel change.

Coronavirus Legacy

Although lockdown officially ceased in June 2021, Galilee Foundation staff have continued to use hybrid and remote working as the norm throughout the reporting period, for convenience and preference. While the London based Galilee employees endeavour to work in the office one day in common each week, other members of the team permanently work remotely from further afield. These measures have not adversely impacted our day-to-day operational activities in the UK, since much of the work is done digitally anyway. In some ways it has proven beneficial since new recruits do not have to be based in London, and we have had a larger pool of candidates to choose from. The absence of the daily commute also affords more time for a better work-life balance. The challenge to co-ordinate remote digital working and recreate the mutually supportive office atmosphere in order to maintain morale and productivity has been achieved with frequent virtual meetings, both regular and ad hoc, between staff, trustees, partners and volunteers etc using different digital tools depending on the reason for communication and the personnel involved. In some ways productivity has been increased because there is more freedom to choose the hours worked.

In the current reporting period our partners have seen a return to the larger single events and in person workshops being held indoors or out depending on choice and the occasion.

Our students have also been able to maintain the return to the classroom with teachers operating in a familiar environment and are now less impacted by the challenges of remote learning, availability of the infrastructure and technology for access. Increased financial

4

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

hardship due to the economic effects of national lockdowns has still been an issue for some however.

Our fundraising events have not entirely recovered from the pandemic as we have still been unable to have any in-person gala events, which we hoped to do in 2022-23, due to the vulnerability of older donors to endemic Covid and the current lack of appetite for returning to the pre-covid gala format among major donors. We have mitigated this partly by hosting as well as participating in virtual fundraising events such as the Big Give Campaign in December 2022. In March/April 2023 we also set up a Zakat and Ramadan Appeal and we were able to hold outdoor sporting challenges, namely, the Royal Parks Half Marathon in October 2022 and Asics London 10k in July 2023.

Principal Risks and Uncertainties

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to reduce and mitigate the exposure to risks. A cash flow summary is kept and regularly reviewed and updated. The Trustees have identified the following as the principal risks facing the Foundation and have controls in place for their active management:

5

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

our deliberations of going concern. Strategies have been considered for adoption according to the severity of the developing situation and should permit the Galilee Foundation to continue meet its charitable purposes.

Objectives and activities

The Galilee Foundation’s objectives are to further such charitable objectives as the Trustees in their absolute discretion think fit and include the following:

(1) TO ADVANCE THE EDUCATION AT ALL LEVELS OF PALESTINIANS IN OR LIVING IN ISRAEL AND THE PALESTINIAN TERRITORIES, REGARDLESS OF GENDER OR FAITH, IN PARTICULAR BUT NOT EXCLUSIVELY BY ORGANISING AND ENCOURAGING EDUCATION, CULTURE, HERITAGE, ART, SCIENCE AND RESEARCH INITIATIVES;

(2) TO RELIEVE THE POVERTY OF PALESTINIANS IN OR LIVING IN ISRAEL AND THE PALESTINIAN TERRITORIES, REGARDLESS OF GENDER OR FAITH, IN PARTICULAR BUT NOT EXCLUSIVELY BY THE PROVISION OF ADVICE, TRAINING AND SUPPORT.

The Galilee Foundation’s general areas of operation are Israel and Palestine.

To work towards these objectives, the Foundation identifies and makes grants to registered, reputable, non-political, and non-sectarian charitable organisations and research institutions for existing or new projects that meet the Foundation’s objectives. These policies have not changed during the year.

In deciding what activities the charity should undertake, the Trustees have paid due regard to guidance issued by the Charity Commission including with respect to public benefit.

The Galilee Foundation’s vision is to contribute to breaking the cycle of poverty and inequality faced by many Palestinian citizens of Israel as well as those in the occupied Palestinian territories. The Foundation believes strongly that access to education is the key to making this vision a reality.

Fundraising Statement

The Galilee Foundation is able to harness the goodwill and incredible generosity of donors from across the world through the work we undertake to provide a Higher Education to Palestinian youth. We generate funds from a wide range of UK and international donors. This includes individual one-off donations, regular donations, institutional funding as well as Gift Aid. These funds are raised by the trustees, staff, volunteers and individuals who fundraise in support of the Galilee Foundation. The Galilee Foundation received several generous donations from foundations such as the Asfari Foundation and Arab Centre Research and Policy Studies to support its projects. We also received generous donations

6

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

from those who took part in The Big Give 2022, Zakat and Ramadan appeals, London Asics 10K and Royal Park Half Marathon events. The Galilee Foundation also received a very small number of donations from our online boutique, Amazon Smile, Give As You Live and Facebook Donate.

We communicate regularly with our supporters through newsletters, appeals, social media and emails. We provide a comprehensive picture of our activities on our website at: www.galileefoundation.org.uk as well as our social media channels and we are available to support via phone or email.

The Galilee Foundation is registered with the Fundraising Regulator and works in a way that is compliant with the Code of Fundraising Practice.

We have not received any complaints relating to fundraising. Should this happen, GF employees will record this digitally and discuss with our trustees to review.

The staff manage and monitor the fundraising work undertaken by others. Any volunteer or freelancer that works with us is required to sign a Confidentiality Agreement which we implemented in 2019. The staff also conduct informal interviews and induction of activities to all new volunteers.

Project Activities in 2022/23

The Galilee Foundation aims to bring positive and meaningful change to thousands of young people through its scholarship programmes, training, access to education and cultural activities.

In the 2022/23 financial year the Foundation renewed its support to most of its existing partners.

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The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

studies, students are required to participate in 120 hours of volunteer work including in elderly people’s homes, medical centres, and with the Pharmacists Syndicate.

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The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

programme, which included episodes on Palestinian culture, cuisine and history, and which received over 31,000 listens across the world.

Future Plans

In 2023-24, the Foundation plans to continue its work establishing an alumni programme for its students in order to keep in touch with them once they graduate and monitor the scholarship programme’s impact. It is hoped that a strong alumni network can benefit the wider community through engagement in capacity building, entrepreneurial collaboration, and job creation.

The Events following October 7[th] 2023 have strongly impacted our partners on the ground and our students in Israel and East Jerusalem. Palestinian students of Israel have been suspended, expelled or even arrested for misdemeanours as minor as raising the Palestinian flag or liking the wrong social media post. Although none of our beneficiaries have been involved to date, the possibility remains that any of them could be in the future. Some have lost their jobs for speaking Arabic at work. The start of the new academic year has been delayed due to the military call up and its effect on the functionality of universities. Our partners have responded with giving legal support to affected students and running new legal advice workshops on how to avoid sanctions and mental health workshops to counter the fallout from anxiety, panic and increased hostility towards them. These events have required the Galilee Foundation to look at how we can assist the new legal and mental health needs of partners and students within the limits of our objects. We are planning to

9

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

raise some funds to support Adalah’s increased employment costs as well as ACA’s workshops and mental health interventions.

In terms of fundraising, we will continue to develop our fundraising strategy with the aim of diversifying our funding to include more online and virtual events and a wider selection of smaller live events throughout the coming year as well as hold a major gala event in spring 2024. We will continue to reach out to trusts and foundations internationally and we plan to increase the number of regular donors through greater engagement with the wider community. Having expanded operationally with the hire of a community engagement officer and a Trusts and Foundations consultant we are progressing with the aim of having solid systems and processes in place.

The Foundation continues to conduct strategic reviews to ensure that its donations help those in need most effectively and are currently working on updating our strategy with regard to the future development of the Foundation.

2023 has already indicated that the consequences of the covid pandemic are still with us in terms of working practices. A return to the old normality continues to seem unlikely for the foreseeable future. We continue to develop our team building strategies for the new normal of remote and hybrid working and look to seize opportunities as well as meet challenges.

As the situation in Israel and the occupied Palestinian territories in particular and the Middle East in general develops in a dangerous and uncertain manner, the Galilee Foundation will need to continue to be flexible to adapt to the challenges ahead, and the impacts these will have on operations in general and fundraising in particular. Without being cynical we must encourage all stakeholders to recognize any possible opportunities in adversity and contribute innovative ideas for fundraising or to raise awareness, regardless of the conditions under which we will work this coming year. We also need to support our partners as they grapple with the local challenges that lie ahead, some of which are yet unpredictable. Finally, we must recognize that it is our beneficiaries, the young people whose lives we aim to change for the better, who are most impacted by our success or failure and do everything in our power to ensure their success.

Financial Review

The Foundation continues to receive interest payments from the generous endowment fund donated by the State of Qatar for the provision of university scholarships.

Income in the year was substantially higher due to the receipt of USD1,061,536 which will be used to support the Al-Quds Economic Empowerment program in the period to December 2026, and USD395,000 to support the core costs Mada Al-Carmel.

10

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

Total expenditure of the Foundation on projects, generating funds and operational costs from I September 2022 until 31 August 2023 was USD 1,714,405 while the majority of the Foundation’s expenditure went towards the projects, totalling USD1,591,863. The Scholarship Programme remains the Foundation’s core and largest project, with the majority of project expenditure allocated to it.

Overall the results for the year were consistent with the budget.

Investment Policy

The Galilee Foundation has an Investment Committee comprised of the Chairman, Executive Director and a Trustee with over three decades of financial experience. The Investment Committee advises the board on appropriate investments, monitor performance, recommend the appointment of advisers, liaise with advisers, and report to the board. The Investment Committee mandate also manages the investment portfolio on a low risk, low volatility basis, with a view to generating income over the long term. Before each investment or de-investment decision is made, the investment committee consults with at least three outside financial advisors to ensure maximum diligence.

The objective of the Foundation’s current investments portfolio is to ensure capital preservation and generate investment income by seeking to produce financial returns at an acceptable low level of risk. The Endowment Fund is in a separate account and is invested in state bonds and some blue-chip shares in an amount that does not exceed 15 percent of the total. The results over the past decade have been quite satisfactory. The interest on the investments of this fund is used primarily for the Foundation’ s Scholarship Programme.

Reserves Policy and Going Concern

The Galilee Foundation is currently dependent on a range of sources of income to sustain its activities. Previously, the Galilee Foundation would hold a biennial fundraising gala dinner. In 2020-21 and in 2021-22 this was impossible due to covid, lockdowns and the lack of appetite for attending such events even out of lockdown. As a result, Galilee has had to rely on income from its investments, annual donations from a few foundations and several individual donors. Some income was generated from the online shop and other virtual/online fundraising events as mentioned above.

The Foundation plans its fundraising in advance having a 24 month view of cash flow.

To avoid closure if funding difficulties were to happen to the Foundation, the Board of Trustees has agreed to keep a certain level of financial reserves to ensure that its main operations can continue for a period of 12 months. It has been calculated that reserves of

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The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

USD208,863 would be needed to continue operating at a minimal level for at least 12 months.

The Board of Trustees consider that any reserves held above that level are available to be used to increase the number of students supported under the Scholarship program, or to new programs arising during the following years.

The Foundation’s consolidated balance sheet remains strong with net current assets of USD2,703,681. The trustees have reviewed the circumstances of the Galilee Foundation and consider that adequate resources continue to be available to fund its activities for the foreseeable future.

The consequences of the election of the far-right government followed by the current war in Gaza on the physical and material safety of our partners and beneficiaries in Israel and in the West Bank given the increasing tensions, alongside uncertainties with respect to possible escalation as well as the constraints on our fundraising and banking activities from the UK have added an extra layer of unpredictability. The Managing Director, Executive Director and Chairman have considered possible scenarios and strategies and are confident that adjustment to our activities can mitigate against the possibility of being unable to temporarily function in any capacity to meet our objects.

there are no material concerns currently regarding our operations. We will continue to monitor the situation on the ground with our partners and respond accordingly.

Audit information

The Trustees confirm that there is no relevant information of which the charitable company’s auditor is unaware. The Trustees have taken all reasonable steps to make themselves aware of any relevant audit information.

Remuneration policy for key management personnel

The Trustees consider the board of Trustees and the senior management team the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees’ expenses are disclosed in note 6 and related party transactions are disclosed in Note 7 to the accounts. There are currently five part-time employees and two external consultants and their pay is determined by the Executive Director and Chairman.

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The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

Statement of responsibilities of the trustees

The trustees (who are also directors of The Galilee Foundation for the purposes of company law) are responsible for approving the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £100 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 August 2023 was 8 (2022:7). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2023

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 8[th] May 2024 and signed on their behalf by

Sawsan Asfari Executive Director & Trustee

14

Independent auditor’s report

to the members of

The Galilee Foundation

Opinion

We have audited the financial statements of The Galilee Foundation (the ‘charitable company’) for the year ended 31 August 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

15

Independent auditor’s report

to the members of

The Galilee Foundation

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

16

Independent auditor’s report

to the members of

The Galilee Foundation

exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

17

Independent auditor’s report

to the members of

The Galilee Foundation

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano FCA (Senior statutory auditor) 20 May 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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The Galilee Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2023

For theyear ended 31 August 2023
Note
Income from:
2a
2b
2b
2c
3a
9
5
14a
Reconciliation of funds:
Net income / (expenditure) before other
recognised gains and losses
Gains / (losses) on foreign exchange
Transfers
Net movement in funds
Total funds brought forward
Net losses on investments
Net income / (expenditure) before net
(losses) on investments
Total funds carried forward
Other projects
Raising funds
Total expenditure
Charitable activities
Scholarship programme
Other projects
Investments
Total income
Expenditure on:
Other trading activities
Other trading activities
Donations and legacies
Charitable activities
Scholarship programme		 Unrestricted
$ 49,893
11,884
144,520
1,494
186,913		 Restricted
$ 244,106
136,559
1,674,292
-
-		 2023
Total
$ 293,999
148,443
1,818,812
1,494
186,913		 Unrestricted
$ 11,896
7,718
6,954
755
151,895		 Restricted
$ 255,446
199,360
89,991
-
-		 2022
Total
$ 267,342
207,078
96,945
755
151,895
394,704 2,054,957 2,449,661 179,218 544,797 724,015
28,979
1,307
79,031
206,855		 -
-
676,744
721,489		 28,979
1,307
755,775
928,344		 16,304
71
58,620
46,897		 -
-
765,752
170,491		 16,304
71
824,372
217,388
316,172 1,398,233 1,714,405 121,892 936,243 1,058,135
78,532
(17,098)		 656,724
-		 735,256
(17,098)		 57,326
(107,797)		 (391,446)
-		 (334,120)
(107,797)
61,434
83,110
(296,080)		 656,724
-
296,080		 718,158
83,110
-		 (50,471)
(140,971)
(411,446)		 (391,446)
-
411,446		 (441,917)
(140,971)
-
(151,536)
4,411,671		 952,804
28,478		 801,268
4,440,149		 (602,888)
5,014,559		 20,000
8,478		 (582,888)
5,023,037
4,260,135 981,282 5,241,417 4,411,671 28,478 4,440,149

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14a to the financial statements.

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The Galilee Foundation

Balance sheet

Balance sheet
As at 31 August 2023 Company no. 06037771
Note
Fixed assets:
9
10
Current assets:
11
Liabilities:
12
13a
Total charity funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Restricted funds
Total Unrestricted Funds
Unrestricted funds
Designated funds
General funds

Investments
Cash at bank and in hand
Tangible Fixed Assets
Debtors		 $ 340,710
2,398,388		 2023
$ 2,535,137
2,599		 $ 71,802
1,875,457		 2022
$ 2,552,235
1,940
2,537,736
2,703,681		 2,554,175
1,885,974
2,739,098
35,417		 1,947,259
61,285
1,369,685
2,890,450
5,241,417 4,440,149
981,282
4,260,135		 28,478
1,914,000
2,497,671
5,241,417 4,440,149

Approved by the trustees on 8 May 2024 and signed on their behalf by

Mrs S Asfari Trustee

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The Galilee Foundation

Statement of cash flows

For the year ended 31 August 2023

For the year ended 31 August 2023 For the year ended 31 August 2023 For the year ended 31 August 2023
Note
$ $ 801,268
(as per the statement of financial activities)
Depreciation
5
2,116
(Gains) / losses from foreign exchange
(83,110)
Losses on investments
9
17,098
Dividends and interest from investments
(186,913)
(Increase)/Decrease in debtors
11
(268,908)
(Decrease) in creditors
12
(25,868)
255,683
186,913
10
(3,212)
437
9
-
184,138
439,821
1,875,457
83,110
2,398,388
Analysis of cash and cash equivalents
At 31 August
2022
Cash flows
$ $ Cash in hand
1,875,457
439,821
Total cash and cash equivalents
1,875,457
439,821
Cash flows from operating activities
Net income / (expenditure) for the reporting period
Net cash provided by investing activities
2023
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of fixed assets
Proceeds from sale of fixed assets
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Change in cash and cash equivalents due to exchange rate
movements		 $ $ (582,888)
1,327
140,971
107,797
(151,895)
13,429
(98,416)
(569,675)
151,895
-
-
339,334
491,229
(78,446)
2,094,874
(140,971)
1,875,457
Other
changes
At 31 August
2023
$ $ 83,110
2,398,388
83,110
2,398,388
2022
255,683
184,138
439,821
1,875,457		 (569,675)
491,229
(78,446)
2,094,874
(140,971)
At 31 August
2022
$ 1,875,457		 Other
changes
$ 83,110
83,110
2,398,388 1,875,457
Cash flows
$ 439,821		 At 31 August
2023
$ 2,398,388
1,875,457 439,821 83,110 2,398,388

21

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

a) Statutory information

The Galilee Foundation is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address and principal place of business is Unit A, 1-3 Canfield Pl, South Hampstead, London NW6 3BT.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Functional and presentation currency

These financial statements are presented in US$, which is the Company’s functional currency.

d) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

e) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

f) Income

Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable.

Revenue grants are credited to the statement of financial activities when received or receivable whichever is earlier.

Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

22

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

1 Accounting policies (continued)

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

Raising Funds 10%
Scholarship programme 50%
Other projects 40%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £750. Depreciation is charged on a straight line basis at 25%

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

23

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

1 Accounting policies (continued)

q) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

r) Financial instruments

Monetary assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net incoming resources for the year.

2a Income from donations

Income from donations
Donations re: Scholarship Programme
Half Marathon - Scholarship Programme
Donations		 Unrestricted
$ -
49,893		 Restricted
$ 137,854
-
106,252		 2023
Total
$ 137,854
-
156,145		 Unrestricted
$ -
11,896		 Restricted
$ 175,180
7,802
72,464		 2022
Total
$ 175,180
7,802
84,360
49,893 244,106 293,999 11,896 255,446 267,342

2b Income from charitable activities

Income from charitable activities
The Asfari Foundation
The Amjad & Shua Bseisu Foundation
Physics X
Open Society Foundation
Arab Center for Research and Policy		 Unrestricted
$ 30,448
570
76
11,818
113,492		 Restricted
$ -
5,700
18,478
118,182
1,668,491		 2023
Total
$ 30,448
6,270
18,554
130,000
1,781,983		 Unrestricted
$ -
-
-
-
14,672		 Restricted
$ 122,179
-
-
-
167,172		 2022
Total
$ 122,179
-
-
-
181,844
156,404 1,810,851 1,967,255 14,672 289,351 304,023

2c Income from trading

Income from trading
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
$ $ $ $ $ $
Sale of goods 1,494 - 1,494 755 - 755

24

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

3a Total resources expended (current year)

Staff costs (Note 6)
Audit and accountancy
Administration expenses
Grants to institutions (Note 4)
Bank & foreign exchange charges
Purchase of goods for resale
Fundraising costs
Support costs
Governance costs
Total expenditure 2023		 #
Charitable Activities
Raising
funds#
Scholarship
programme
Other
projects
$ $ $ -
-
-
-
-
-
-
-
-
-
676,744
865,119
-
-
-
1,307
-
-
13,173
-
-
14,480
676,744
865,119
14,435
72,174
57,739
1,371
6,857
5,486
30,286
755,775
928,344		 #
Charitable Activities
Raising
funds#
Scholarship
programme
Other
projects
$ $ $ -
-
-
-
-
-
-
-
-
-
676,744
865,119
-
-
-
1,307
-
-
13,173
-
-
14,480
676,744
865,119
14,435
72,174
57,739
1,371
6,857
5,486
30,286
755,775
928,344		 #
Charitable Activities
Raising
funds#
Scholarship
programme
Other
projects
$ $ $ -
-
-
-
-
-
-
-
-
-
676,744
865,119
-
-
-
1,307
-
-
13,173
-
-
14,480
676,744
865,119
14,435
72,174
57,739
1,371
6,857
5,486
30,286
755,775
928,344		 Governance
Costs
$ -
13,714
-
-
-
-
-		 Support
Costs
$ 101,805
11,751
25,988
-
4,804
-
-		 2023
Total
$ 101,805
25,465
25,988
1,541,863
4,804
1,307
13,173		 2022
Total
$ 69,854
21,309
21,246
936,243
4,832
71
4,580
14,480
14,435
1,371		 676,744
72,174
6,857		 865,119
57,739
5,486		 13,714
-
(13,714)		 144,348
(144,348)
-		 1,714,405
-
-		 1,058,135
-
-
30,286 755,775 928,344 - - 1,714,405 1,058,135

25

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

3b Total resources expended (prior year)

Total resources expended (prior year)
Staff costs (Note 6)
Audit and accountancy
Adminstration expenses
Grants to institutions (Note 4)
Bank & foreign exchange charges
Purchase of goods for resale
Fundraising costs
Support costs
Governance costs
Total expenditure 2022		 #
Charitable Activities
Raising
funds#
Scholarship
programme
Other
projects
$ $ $ -
-
-
-
-
-
-
-
-
-
765,752
170,491
-
-
-
71
-
-
4,580
-
-
4,651
765,752
170,491
10,760
53,799
43,040
964
4,821
3,857
16,375
824,372
217,388		 Governance
Costs
$ -
9,642
-
-
-
-
-		 Support
Costs
2022
Total
$ $ 69,854
69,854
11,667
21,309
21,246
21,246
-
936,243
4,832
4,832
-
71
-
4,580
107,599
1,058,135
(107,599)
-
-
-
-
1,058,135
4,651
10,760
964		 765,752
53,799
4,821		 170,491
43,040
3,857		 9,642
-
(9,642)
16,375 824,372 217,388 -

26

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

4 Grant making

4
Grant making
5


Depreciation
Total grants for the year
Mada Al-Carmel: Arab Centre for Applied Social Research – to support PHD students
Mada Al-Carmel: Arab Centre for Applied Social Research – to support research project
Adalaha Legal Centre
Net income for the year
Yaffa Youth Movement Association (YYMA)
The Arab Culture Association: to support the Scholarship Programme
Challenge to Change - Galilee Foundation She Codes programme
Al-Quds University Economic Empowerment Strategy - Youth Economic Empowerment
Al-Quds University Scholarship Programme
Baladna Assoc.: Core funds
This is stated after charging:
Operating lease rentals:
Property
Auditor's remuneration (excluding VAT):
Audit
Cost
The Arab Culture Association: to support the Alumni Programme		 2023
Grants to
institutions
$ 395,000
75,500
82,966
676,744
39,791
8,325
183,741
19,805
40,000
69,991		 2022
Grants to
institutions
$ -
75,500
-
765,752
-
-
25,000
-
69,991
1,591,863 936,243
2023
$ 2,116
5,835
11,428		 2022
$ 1,327
6,283
9,642

Staff costs were as follows:

Staff costs were as follows:
2023 2022
$ $
Salaries and wages 96,436 66,327
Staff pension costs 4,070 4,298
Social security costs 1,299 (771)
101,805 69,854
Total emoluments paid to staff were: 96,436 66,327

No employee earned more than $76,039 during the year (USD equivalent of GBP 60,000) (2022: $69,703).

The total employee benefits including pension contributions of the key management personnel were $57,353 (2022: $28,153).

The average weekly number of employees (head count based on number of staff employed) during the period was 4 (2022: 3).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: $nil). No charity trustee received payment for professional or other services supplied to the charity (2022: $nil).

There were no trustees' expenses relating to attendance at meetings of the trustees.

27

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

7 Related party transactions

During the year donations totalling $30,448 (2022: $122,179) were received from The Asfari Foundation. The Asfari Foundation is a related party as Mrs Sawsan Asfari, a trustee of Galilee Foundation, has majority control over the Asfari Foundation with her immediate family members. Grants from the Asfari Foundation funded grants to the Arab Cultural Center (Scholarship Fund) as well as to fund the Galilee Foundation's organisational development and capacity building in accordance with the conditions of the donations.

In 2023 the charity paid $5,835 (2022: $6,283) to the Asfari Foundation in respect of the rental of office space.

$75,000 (2022: $72,464) was received from Goldman Sachs Gives on a recommendation from the Fadi Abuali Annual Giving Fund. Mr Abuali is the husband of Leila Garadaghi, a trustee of the Galilee Foundation

Other aggregate donations from related parties were $11,314 (2022: $9,276).

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Investments

Investments
Fair value at the start of the period
Additions
Disposal proceeds
Net change in fair value
Fair value at the end of the period		 2023
$ 2,552,235
-
-
(17,098)		 2022
$ 2,999,366
-
(339,334)
(107,797)
2,535,137 2,552,235

The investments comprise an Ooredoo Intl Finance Ltd bond, a Qatar National Bank bond, and publicly listed shares in Royal Dutch Shell plc, Gilead Sciences Inc, Glaxosmithcline plc, Johnson & Jonson Inc, Pzizer Inc, Viatris Inc., and Haleon plc

28

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

10 Tangible fixed assets

Tangible fixed assets
Depreciation
At the start of the year
Charge for the year
At the end of the year
Trade debtors
At the end of the year
All of the above assets are used for charitable purposes.
Cost
At the start of the year
Additions in year
Disposals in year
Eliminated on disposal
At the end of the year
Net book value
At the start of the year
Grants payable
Creditors: amounts falling due within one year
Debtors: amounts falling due within one year
Trade creditors
Prepayments
Accrued income
Accruals		 Fixtures and fittings
2023
2022
$ $ 5,308
5,308
3,212
-
(995)
-
7,525
5,308
3,368
2,041
2,116
1,327
(558)
-
4,926
3,368
1,940
3,267
2,599
1,940
2023
2022
$ $ 604
1,049
1,875
3,381
338,231
67,372
340,710
71,802
2023
2022
$ $ 3,093
1,564
20,538
50,079
11,786
9,642
35,417
61,285
7,525 5,308
3,368
2,116
(558)		 2,041
1,327
-
4,926 3,368
1,940 3,267
2,599 1,940
2023
$ 604
1,875
338,231		 2022
$ 1,049
3,381
67,372
340,710 71,802
2023
$ 3,093
20,538
11,786		 2022
$ 1,564
50,079
9,642
35,417 61,285

11 Debtors: amounts falling due within one year

29

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

13a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Investments
Net assets at 31 August 2023
Fixed assets
Net current assets		 General
unrestricted
$ 2,535,137
2,599
352,714		 Designated
$ -
-
1,369,685		 Restricted
$ -
-
981,282		 Total funds
$ 2,535,137
2,599
2,703,681
2,890,450 1,369,685 981,282 5,241,417

Of the General Unrestricted Funds $1,369,685 are designated meaning that the charity has commited these funds to future projects.

13b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Fixed assets
Investments
Net current assets
Net assets at 31 August 2022		 General
unrestricted
$ 2,552,235
1,940
(56,504)		 Designated
$ -
-
1,914,000		 Restricted
$ -
-
28,478		 Total funds
$ 2,552,235
1,940
1,885,974
2,497,671 1,914,000 28,478 4,440,149

14a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
Unrestricted funds:
Designated fund
Yaffa Youth Movement Association
Mada Al-Carmel - Core Funds
Al-Quds Youth Economic
EHewar Daycare
Galilee Foundation - UK Funds
Scholarship Program - (Arab Cultural
Association, Ferial & Mohamed Abuali
Scholarship, Open Society)
Baladna - Association for Arab Youth
Alumni Programme (Open Society)
Restricted funds:
General funds		 At 1
September
2022
$ 7,000
-
-
-
-
-
-
21,478		 Income &
gains
$ 395,000
106,253
274,413
82,982
82,964
1,061,536
-
51,809		 Expenditure &
losses
$ (395,000)
-
(676,744)
(39,791)
(82,966)
(183,741)
50,000
(69,991)		 Transfers
$ -
(106,253)
402,331
-
2
-
-
-		 At 31 August
2023
$ 7,000
-
-
43,191
-
877,795
50,000
3,296
28,478 2,054,957 (1,398,233) 296,080 981,282
1,914,000
2,497,671		 -
477,814		 -
(333,270)		 (544,315)
248,235		 1,369,685
2,890,450
4,440,149 2,532,771 (1,731,503) - 5,241,417

30

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

Movements in funds (continued)

Purposes of grants made - restricted funds

Yaffa Youth Movement Association (YYMA) - core funding for partner

Mada Al-Carmel: Arab Centre for Applied Social Research – to support core funding for partner The Arab Culture Association - to support the Scholarship & Alumni Programmes. Alumni Programme - supported by Open Society to develop alumni links

Al-Quds - to support the Scholarship & Youth Economic Empowerment Programmes

Baladna - to support studies preparation of students

Hewar Daycare - programme orginally supported from funds received from Doha Institute. The building of the daycare center is no longer progressing, and the sum shown represents the amount previously charged now credited back. Use of funds to be agreed.

Galilee Foundation UK - Support costs of the charity within the UK

Purposes of grants made - unrestricted funds

Mada Al-Carmel: Arab Centre for Applied Social Research – to support PHD Program Al-Quds Scholarship Program

Adalah Law Centre

Challenge to Change - Work readiness & Employability

Designated funds represent the value of future commitments to scholarship students & other projects which do not meet the accounting criteria for inclusion as a liability, but which the charity is likely to need to pay out to existing students & projects.

14b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Unrestricted funds:
Restricted funds:
General funds
Baladna - Association for Arab Youth
Scholarship Program - (Arab Cultural
Association, Qatar Foundation for
Education, Ferial & Mohamed Abuali
Scholarship)
Designated funds:
Mada Al-Carmel - Core Funds
Mada Al-Carmel - PHD program
Galilee Foundation - UK Funds
Al-Quds		 At 1
September
2021
$ -
7,000
-
-
-
1,478		 Income &
gains
$ -
-
72,464
382,342
-
89,991		 Expenditure &
losses
$ (75,500)
-
-
(765,752)
(25,000)
(69,991)		 Transfers
$ 75,500
-
(72,464)
383,410
25,000
-		 At 30 August
2022
$ -
7,000
-
-
-
21,478
8,478 544,797 (936,243) 411,446 28,478
2,027,994
2,986,565		 -
179,218		 -
(370,660)		 (113,994)
(297,452)		 1,914,000
2,497,671
5,023,037 724,015 (1,306,903) - 4,440,149

31

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2023

15 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:


following periods:
Less than one year
One to five years		 2023
2022
$ $ 507
464
-
-
507
464
Property
507 464

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £100.

32