THE GOLD SERVICE FOUNDATION (LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS 31 MARCH 2023
Registered Charity No. 1155336
Company No. 8646228
HAINES WATTS Chartered Accountants & Statutory Auditors Aissela 46 High Street Esher Surrey KT10 9QY
THE GOLD SERVICE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| CONTENTS | PAGE |
|---|---|
| Legal and administrative details | 1 |
| The trustees’ report | 2 – 3 |
| Independent Examiners report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 - 9 |
Page 1
THE GOLD SERVICE FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS
| DIRECTORS/TRUSTEES | S E Giraldin | ||
|---|---|---|---|
| E C Griffiths | |||
| T Kochs | |||
| S Rebecchi | |||
| A D Storey | |||
| K Wylde | |||
| A Fasoli | |||
| L I B Forte - Appointed | on 15-Feb-23 | ||
| COMPANY SECRETARY | D L Battersby | ||
| REGISTERED OFFICE | Aissela | ||
| 46 High Street | |||
| Esher | |||
| Surrey | |||
| KT10 9QY | |||
| England | |||
| REGISTERED CHARITY No. | 1155336 | ||
| ACCOUNTANTS | Haines Watts | ||
| Chartered Accountants | |||
| Aissela | |||
| 46 High Street | |||
| Esher | |||
| Surrey | |||
| KT10 9QY | |||
| BANKERS | Barclays | ||
| 1 Churchill Place | |||
| London | |||
| E14 5HP |
Page 2
THE GOLD SERVICE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE AND GOVERANCE
Status
The Charity’s governing instrument is the company’s Memorandum & Articles of Association.
The organisation is a charitable company limited by guarantee, incorporated on 12 August 2013 and registered as a charity on 12 August 2013. The charity is registered under the name The Gold Service Foundation and it trades under that title.
Risk Management
The trustees have examined the major risks which the charity faces and seek to control these risks to mitigate any impact that they may have on the charity.
OBJECTIVES AND ACTIVITIES
The principal charity objective is to provide education and training to individuals in the field of hospitality, including through the operation of its Gold Service Scholarship.
FINANCIAL REVIEW
The trustees consider the financial position at the year end to be satisfactory.
There was a net surplus of £1,136 for the year ended 31 March 2023.
DIRECTORS/TRUSTEES’ RESPONSIBILITIES
The trustees (who are also directors of The Gold Service Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
Page 3
THE GOLD SERVICE FOUNDATION REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2023
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 to 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.
SMALL COMPANY EXEMPTIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Page 4
THE GOLD SERVICE FOUNDATION INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023
We report on the accounts of the company for the year ended 31 March 2023 which are set out on pages 5 to 9.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees (who are also the directors of the Gold Service Foundation for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied ourselves that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respect of our examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’).
BASIS OF INDEPENDENT EXAMINERS STATEMENT
In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statement present a true and fair view and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
In connection with our examination, no material matters have come to our attention:
(1)
which gives us reasonable cause to believe that in any
material respect the requirements:
- 386 of the 2006 Act; and
to keep accounting records in accordance with section
• to prepare accounts which accord with the accounting records, company with the accounting requirements of section 396 of the 2006 Act and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Haines Watts Chartered Accountants Aissela 46 High Street Esher Surrey KT10 9QY
Date: ……16[th] October 2023………….
Page 5
THE GOLD SERVICE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes Unrestricted Total Funds Funds 2023 2023 £ £ INCOME Voluntary income Donations 141,980 141,980 Interest 224 224 TOTAL INCOME 142,204 142,204 EXPENDITURE Charitable activities 4 141,068 141,068 Net income and net movement in funds for the year 1,136 1,136 Fund balance at 1 April 2022 153,031 153,031 Fund balance at 31 March 2023 154,168 154,168 ====== ====== |
Total Funds 2022 £ 106,840 113 106,953 84,276 22.677 130,353 153,031 ====== |
|---|---|
The notes on page 7 to 9 form part of these financial statements
The notes on page 7 to 9 form part of these financial statements
Page 6
Page 7
THE GOLD SERVICE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’, the 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) - (Charities SORP (FRS102)) and the Charities Act 2011.
The Gold Service Foundation meets the definitions of a public benefit entity under FRS 102.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements are prepared under the historical cost basis and prepared in sterling, which is the functional currency of the entity.
Judgement and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimated and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income
Income is recognised once the charity has entitlement, it is probable that the income will be received and the monetary value of the income can be measured with sufficient reliability.
Voluntary income is received by way of donations and gifts. This constitutes all the income received by the company in the accounting period. All donations are unrestricted.
Unrestricted funds
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Expenditure
Expenditure is included in the SOFA on an accrual basis, inclusive of any VAT that cannot be recovered.
Page 8
THE GOLD SERVICE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
4. EXPENDITURE Charitable Activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Travel expenses | 25,707 | 1,832 |
| Production costs | - | - |
| Photography & videos | 10,289 | 7,769 |
| Training & education costs for scholars | 29,307 | 2,975 |
| Legal & professional fees | - | - |
| Consultancy | 32,289 | 33,425 |
| Website costs | 5,688 | 8,287 |
| Marketing and P.R. costs | 15,356 | 15,813 |
| Scholarship administrator | 18,903 | 11,048 |
| Independent examination fees | 2,024 | 2,023 |
| Printing, stationery & telephone | 899 | 598 |
| Insurance | 580 | 506 |
| Entertainment | - | - |
| General expenses | 13 | - |
| Bank charges | 13 | |
| _ | __ | |
| 141,068 | 84,276 | |
| _ | __ | |
| 5. DEBTORS | ||
| 2023 | 2022 | |
| £ | £ | |
| Trade debtors | 16,400 | 13,000 |
| Prepayments | 171 | 167 |
| Other debtors | 1,650 | 1,6500 |
| -------------------------- | -------------------------- | |
| 18,221 | 14,817 | |
| ========================== | ========================== | |
| 6. CREDITORS: Amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Trade creditors | 2,087 | 13,469 |
| Accruals and deferred income | 9,800 | 1,800 |
| -------------------------- | -------------------------- | |
| 11,887 | 15,269 | |
| ========================== | ========================== |
7. TRUSTEES REMUNERATION
During the current and prior years, the trustees were paid no remuneration or expenses in relation to their services to the Foundation.
Page 9
8 . RELATED PARTY TRANSACTIONS
During the year £50,000 (2022: 50,000) was received by the Foundation via a donation from The Storey Foundation, a charity which shares a common trustee with the Gold Service Foundation.