Charity Registration No. 1140294
Company Registration No. 07428793 (England and Wales)
GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
MrJ B Berry Mr C M Kenny Ms K Kearsey MsLT Alrichan Ms J Sault Ms A Britchford
{Appointed 5 July 2022)
Charity number 1140294 Company number 07428793 Reglstered office 222 Meadvale Road Ealing London W5 1LT
Independent examiner Gravita Ill LLP 66 Prescot Street London E1 8NN
GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) CONTENTS
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Page
Trustees report 1-3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-11
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2022
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Companies Act 2006 and the "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 (FRS102) (effective 1st January 2015).
Objectives and actlvitios
The Charity's objects are specifically restricted to the following. The charitable company’s objects are all for public benefit and there are no geographical restrictions or limits.
{1} The prevention or relief of poverty
(2} The advancement of education
{3} The advancement of health or saving lives
{4) The relief of those in need by reason of youth, age, il-health, financial hardship or other disadvantage
Achievements and performance
The work carried out by the charity aims to provide help and support in order to improve the conditions and life of those who are socially and economically disadvantaged. This work continued to expand in the year under review.
We continue to work in close co-operatian with local charities in operating the charity's main activities.
Financlal review
The Charity's income for the year increased to £221,211 (2021: decreased to £81,832). The charitable donations made in the year also increased to £120,514 (2021: decreased to £81,078 ).
Reserves policy
The Trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. The reserves are needed to meet the working capital requirements of the charity. At the year end the charity had reserves of £ 127,778 (2021: £31,157) and the Trustees are confident that the charity's voluntary income will increase in the future years. This will enable the charity to build up sufficient reserves and it will be able to continue the current activities of the charity even in an adverse event cf a significant drop in funding. In the short term, the Trustees have also considered the extent to which existing activities and expenditure could be curtailec, should such circumstances arise.
Risk Management:
The Board of Directors have a Risk Management strategy which comprises:
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® An annual process of identifying, defining and categorising risks.
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® The establishment of policies, systems and procedures to mitigate those risks identified in the annual review.
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© Aregular (minimum monthly) review of the principal risks and effectiveness of mitigation plans
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The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors and creditors balances to ensure sufficient working capital.
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Plans for the Future
Gulf for Good continues to host fundraising events and raise funds via corporate partnerships to ensure its own sustainabllity. Following the Covid pandemic, Gulf for Good Is committed to maintaining a minimum level of funds In the bank that could sustain the organisation for an agreed period of time should it be required.
Structure, governance and management
The charity is a company limited by guarantee and registered with the Charity Commission as a charity. The charity registration number 1140294.
The trustees {who are also directors for the purposes of the Companies Act 2006) that served the charity during the year were: Mr J B Berry Mr C M Kenny Ms A Edmondson (Resigned 23 March 2023) Ms K Kearsey Ms L T Alrichan Mr M A Bin Kuwair (Resigned 30 May 2022) Mr D Andrews (Resigned 14 December 2021) Mr C Orrell (Resigned 24 March 2023) Mr N Haston (Resigned 14 April 2023) Mr S Burgess (Resigned 20 April 2022) Ms J Sault Ms A Britchford (Appointed 5 July 2022) Ms V Cronir (Appointed 3 June 2022 and resigned 16 January 2023) Mr K Woolley (Appointed 27 June 2022 and resigned 29 March 2023) Ms N Shelton (Appointed 24 February 2022 and resigned 30 May 2023)
The board meets regularly to agree policy and good practice and to determine the chanity’s activities and to monitor its finances.
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
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GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
Public benefit statement
In setting our objectives and planning activities, we have given careful consideration to the Charity Commission's general guidance on public benefit.
On behalf of the board of trustees
Ms K Kearsey Trustee
Dated: 11 August 2023
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GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
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TO THE TRUSTEES OF GULF FOR GOOD
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| report to the trustees on my examination of the financial staternents of Gulf For Good (the charity) for the year ended
30 November 2022,
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 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the
2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial
statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have
followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | 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 2006 Act; or
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 2006 Act other than
any requirement that the accounts 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
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102).
| 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.
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Paul Woosey FCA, FCCA
Gravita III LLP
66 Prescot Street
London
E1 8NN
Dated: 11 August 2023
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2022
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Voluntary Income | 3 | 33,182 | - | 33,182 | 12,318 | - | 12,318 |
| Charitable activities | 4 | - | 188,029 | 188,029 | - | 69,514 | 69,514 |
| Total income | 33,182 | 188,029 | 221,211 | 12,318 | 69,514 | 81,832 | |
| Expenditure on: | |||||||
| Raising funds | 5 | 313 | - | 313 | 142 | - | 142 |
| Charitable activities | 6 | - | 120,514 | 120,514 | - | 81,078 | 81,078 |
| Other | 11 | 3,763 | - | 3,763 | 2,606 | - | 2,606 |
| Total resources expended | 4,076 | 120,514 | 124,590 | 2,748 | 81,078 | 83,826 | |
| Gross transfers between | |||||||
| funds | - | - | - | (11,564) | 11,564 | - | |
| Net income/{expenditure) for the | |||||||
| year/ | |||||||
| Net movement infunds | 29,106 | 67,515 | 96,621 | {1,994} | - | (1,994) | |
| Fund balances at 1 December | |||||||
| 2021 | 31,157 | - | 31,157 | 33,151 | - | 33,151 | |
| Fund balances at 30 November | |||||||
| 2022 | 60,263 | 67,515 | 127,778 | 31,157 | - | 31,157 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activilies.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 NOVEMBER 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 130,778 | 33,437 | |||
| Creditors: amounts falllng due within one | |||||
| year | 13 | (3,000) | (2,280) | ||
| Net current assets | 127,778 | 31,157 | |||
| Income funds | |||||
| Restricted funds | 67,515 | - | |||
| Unrestricted funds | 60,263 | 31,157 | |||
| 127,778 | 31,157 |
The campany Is entitled to the exemption from the audit raquirament contained in section 477 of the Companies Act 2006, for the year ended 30 November 2022.
The Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair viaw of[the][state][of][affairs] of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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 11 August 2023
Ms K Kearsey Trustee
Company registration number 07428793
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GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
Charity information
Gulf For Good is a private company limited by guarantee incorporated in England and Vvales. The registered office is
222 Meadvale Road, Ealing, London, W5 1LT.
1.1. Accounting convention
The financial statements have been prepared in accordance with the charity's gaveming 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)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 not to
prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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 concem 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.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of
the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the chantty 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.
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GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
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1 Accounting pollkcles
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(Continued)
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1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it
is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be
measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs Involved in undertaking each activity. Direct costs attributable to a single activity are allocated
directly to that activity. Shared costs which contribute to more than one activity and support costs which are not
attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the
asset's use.
Liabilities ara recognised as soon as there is a legal or constructive obligation committing the charity to the
expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category.
Costs of generating funds are the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its
beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature
necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives.
1.6 Cashand 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.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other
Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include only 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are
settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to
another entity, or if some significant risks and rewards of ownership are retained but control of the asset has
transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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GULF FOR GOOD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
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1 Accounting pollcles
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(Continued)
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Basic financial ilabilities
Basic financial liabilities, including creditors and bank loans 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 payments 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 ara derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.8 Governance costs
Govemance costs include costs of the preparation and examination of the statutory accounts, the costs of the trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
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.
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At the date of these financial statements, there were no estimates and assumptions that considered to be critical or
subject to significant judgements.
3 Voluntary income
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 33,182 12,318
4 Charitable activities
Restricted Restricted
funds funds
2022 2021
£ £
Sales within charitable activities 188,029 69,514
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
5 Raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Bankcharges and charity memberships | |||
| Bankcharges | 313 | 142 | |
| 313 | 142 | ||
| 6 | Charitable activities | ||
| Direct grants | Direct grants | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grant funding ofactivities {see note 7) | 120,514 | 81,078 | |
| 7 | Grants payable | ||
| Direct grants | Direct grants | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Lebanese Red Cross | - | 8,780 | |
| Nusaned | - | 14,136 | |
| Larchfield Children's Home | 60,393 | - | |
| Mission Himalaya | - | 2,941 | |
| Marangu Hotel Ltd | - | 11,285 | |
| SOS Kinderdorf Intemational | - | 2,212 | |
| Kisoro Children's Foundation Inc | 15,317 | 1,376 | |
| Harney Westwood | - | 77S | |
| Madecins Sans Frontieres | - | 36,022 | |
| SOS Children’s Villages | 20,263 | - | |
| Chicuchas Wasi | 1,456 | 5,971 | |
| FAE Enjoro Foundation | 23,085 | - | |
| 120,514 | 81,078 |
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GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
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8 Support costs
Support costs Governance 2022 2021 Basis of allocation
costs
£ £ £ £
Legal and professional - 3,770 3,770 2,606 Governance
- 3,770 3,770 2,606
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9 Trustees
No trustees received any remuneration during the year.
10 Employees
The average monthly number of employees during the year was:
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2022 2021
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.
11 Other expenditure
2022 2021
£ £
Professional Fees 3,763 2,606
3,763 2,606
12 Taxation
The company is a registered charity and is, therefore, exempt from taxation.
13. Creditors: amounts falllng due within one year
2022 2021
£ £
Accruals and deferred income 3,000 2,280
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This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.