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2024-12-31-accounts

Charity registration number 1140294 (England and Wales)

Company registration number 07428793

GULF FOR GOOD

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J B Berry Ms K Kearsey Ms L T Alrichan Ms J Sault Ms N Crampton Mr R Sherman Mr B Mccabe Ms L Barwick Charity number (England and Wales) 1140294 Company number 07428793 Registered office 222 Meadvale Road Ealing London W5 1LT Independent examiner Gravita Audit II Limited Aldgate Tower 2 Leman Street London United Kingdom E1 8FA

(Appointed 1 January 2024) (Appointed 24 March 2025) (Appointed 24 March 2025)

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 trust deed, 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

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.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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-operation with local charities in operating the charity's main activities.

Financial review

These results include the Charity's branch, "Gulf For Good" regisitered in International Humanitarian City, Dubai. The Charity's income for the year was £257,442 (2023: £506,033), and total expenditure was £480,854 (2023: £414,346.

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 £495,779 (2023: £565,523) 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 of a significant drop in funding. In the short term, the Trustees have also considered the extent to which existing activities and expenditure could be curtailed, should such circumstances arise.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Management:

The Board of Directors have a Risk Management strategy which comprises:

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.

Plans for the Future

Gulf for Good continues to host fundraising events and raise funds via corporate partnerships to ensure its own sustainability. 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 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:

Mr J B Berry Mr C M Kenny (Retired 24 March 2025) Ms K Kearsey Ms L T Alrichan Ms J Sault Ms E Ashton (Resigned 24 March 2025) Mr A Bannister (Resigned 24 March 2025) Ms N Crampton Mr T Koczwara (Resigned 24 March 2025) Ms S Razak (Resigned 22 March 2024) Mr R Sherman (Appointed 1 January 2024) Ms S Hewerdine (Appointed 24 March 2025 and resigned 23 June 2025) Mr B Mccabe (Appointed 24 March 2025) Ms L Barwick (Appointed 24 March 2025)

The board meets regularly to agree policy and good practice and to determine the charity's activities and to monitor its finances.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees report was approved by the Board of Trustees.

..............................

Ms K Kearsey Trustee 16/12/2025

Date: .............................................

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF GULF FOR GOOD

I report to the trustees on my examination of the financial statements of Gulf For Good (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

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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.

Paul Woosey FCA, FCCA Gravita Audit II Limited

Aldgate Tower 2 Leman Street London E1 8FA United Kingdom 16/12/2025 Dated: .........................

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
15,929
-
Charitable activities
168,038
226,708
Other income
4
435
-
Total income
184,402
226,708
Expenditure on:
Raising funds
5
70,113
-
Charitable activities
6
187,362
223,379
Total expenditure
257,475
223,379
Net income/(expenditure) and
movement in funds
(73,073)
3,329
Reconciliation of funds:
Fund balances at 1 January
2024
316,932
248,591
Fund balances at 31
December 2024
243,859
251,920
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
as restated
15,929
53,768
-
53,768
394,746
203,459
248,591
452,050
435
215
-
215
411,110
257,442
248,591
506,033
70,113
113,017
-
113,017
410,741
301,329
-
301,329
480,854
414,346
-
414,346
(69,744)
(156,904)
248,591
91,687
565,523
473,836
-
473,836
495,779
316,932
248,591
565,523
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
as restated
15,929
53,768
-
53,768
394,746
203,459
248,591
452,050
435
215
-
215
411,110
257,442
248,591
506,033
70,113
113,017
-
113,017
410,741
301,329
-
301,329
480,854
414,346
-
414,346
(69,744)
(156,904)
248,591
91,687
565,523
473,836
-
473,836
495,779
316,932
248,591
565,523
506,033
113,017
301,329
414,346
91,687
473,836
565,523

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
14
Unrestricted funds
15
2024
£
60,479
437,057
497,536
(2,241)
£
484
495,295
495,779
251,920
243,859
495,779
2023
as restated
£
252,297
324,854
577,151
(11,628)
£
-
565,523
565,523
248,591
316,932
565,523

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 director acknowledges her 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.

16/12/2025

The financial statements were approved by the trustees on .........................

..............................

Ms K Kearsey Trustee

Company registration number 07428793 (England and Wales)

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Gulf For Good is a private company limited by guarantee incorporated in England and Wales. The registered office is 222 Meadvale Road, Ealing, London, W5 1LT.

1.1 Reporting period

In the prior year, the entity changed its reporting reference date. The annual financial statements were prepared for a period of 13 months (to 31 December 2023), therefore, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2 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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 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.

1.4 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 or grantors 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.

1.5 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.

1.6 Expenditure

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.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Liabilities are 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.

1.7 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, fittings & equipment

over four 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 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 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.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

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.

Basic financial liabilities

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

1.11 Governance costs

Governance 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.

At the date of these financial statements, there were no estimates and assumptions that considered to be critical or subject to significant judgements.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 15,929 53,768

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 435 215
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Event costs and bank charges 70,113 113,017
6 Expenditure on charitable activities
Direct Direct
grants grants
2024 2023
£ £
Direct costs
Staff costs 112,797 110,424
Depreciation and impairment 440 -
Donations 28,877 144,018
Legal and professional fees 24,681 14,529
Rent expenses 14,331 2,673
Software subscriptions and website costs 3,163 8,114
Office expenses 1,770 4,601
Other expenses 1,303 16,970
187,362 301,329
Grant funding of activities (see note 7) 223,379 -
410,741 301,329
Analysis by fund
Unrestricted funds 187,362 301,329
Restricted funds 223,379 -
410,741 301,329

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Grants payable

Grants to institutions:
Kisoro Children's Foundation
Tibetan Children's Village
Mission Himalaya
Raey of Hope Childrens Charity
The Sparkle Foundation
International Association For Transformation
Larchfield Children's Home
Foundation of African Empowerment
Chicuchas Wasi
The Kilimanjaro Initiative
The Citizens Foundation
Physically Active Youth (PAY)
Direct
grants
2024
£
38,524
13,897
8,012
25,341
35,435
17,403
22,277
14,134
28,159
7,733
4,441
8,023
223,379

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
Employment costs
Wages and salaries
2024
Number
4
2024
£
112,797
2023
Number
2
2023
£
110,424

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

11 Tangible fixed assets

Cost
Additions
At 31 December 2024
Depreciation and impairment
Depreciation charged in the year
At 31 December 2024
Carrying amount
At 31 December 2024
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other creditors
Fixtures,
fittings &
equipment
£
924
924
440
440
484
2024
2023
£
£
53,613
243,696
6,866
8,601
60,479
252,297
2024
2023
£
£
2,241
11,628
Fixtures,
fittings &
equipment
£
924
924
440
440
484
2024
2023
£
£
53,613
243,696
6,866
8,601
60,479
252,297
2024
2023
£
£
2,241
11,628
924
440
440
484
2023
£
243,696
8,601
252,297
2023
£
11,628

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Tibetan Children's Village
Mission Himalaya
The Sparkle Foundation
International Association For
Transformation
Foundation of African
Empowerment
Chicuchas Wasi
The Kilimanjaro Initiative
The Citizens Foundation
Physically Active Youth (PAY)
Soft Power
RAEY
Loden Foundation
Larchfield Children's Home
Kisoro Children's Foundation
January
2024
Incoming
resources
Resources
expended
Transfers
At 31
December
2024
£
£
£
£
£
41,703
-
(13,897)
27,806
8,012
-
(8,012)
-
-
35,435
-
(35,435)
-
-
74,585
-
(17,403)
-
57,182
21,586
7,617
(14,134)
-
15,069
28,159
-
(28,159)
-
-
14,491
4,477
(7,733)
-
11,235
10,517
-
(4,441)
-
6,076
8,603
-
(8,024)
-
579
5,500
22
-
-
5,522
-
81,164
(25,341)
-
55,823
-
20,896
-
-
20,896
-
32,320
(22,277)
-
10,043
-
80,212
(38,523)
-
41,689
248,591
226,708
(223,379)
-
251,920

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous period:
At 1
General funds
January
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
316,932
184,402
(257,475)
243,859
January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
473,836
257,442
(414,346)
316,932

GULF FOR GOOD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
484
-
Current assets/(liabilities)
243,375
251,920
243,859
251,920
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Current assets/(liabilities)
316,932
248,591
316,932
248,591
Total
2024
£
484
495,295
495,779
Total
2023
£
565,523
565,523

17 Prior year restated

The comparative figures have been restated to included the charty's branch "Gulf For Good" registered in International Humanitarian City, Dubai.