REGISTERED CHARITY NUMBER: 1065969 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE GLOBE AND LAUREL MAGAZINE FUND Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire P07 6XP
THE GLOBE AND LAUREL MAGAZINE FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pago Report of the Trte8$ 1 to 4. Report of the Indepandont Auditorn 5 to 7 Statement of Flnancial AGtivltl Balance Shoot Notes to tho Financial Ststsments 10 to 18
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees psent their report with the financial statsments of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recotnmended Practi applicable to charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). OBJECTIVES AND ACTivrriES Objectives and aims The Globe & Laurel Magazine tharity exists to manage all financial transactions ner$Sary for the management, publication and sale of the Corps Joumal of the Royal Marines and other asgociated items. The objects of the Charity are to promote the efficiency of the Royal Marines Corps (the Corps) by.. Maintaining and promoting contact betrRen past and present members of the Corps and fostering mutual fnendship between them. Fostering esprit de corps, comradeship and the welfare of the Corps and preserving its traditions, and to make donations to those Armed Forces charities which benefit Royal Marines. Grant maklng The only grants made from this charity are to other charities which benefit Royal Marines, a8 directed by the tru8tees. ACHIEVEMENT AND PERFORMANCE The fvnd has contsnued to underpin the charitys core output.. the production of 6 editions per annum of the Corps, magazine, 'The Globe & Laurel, which is distributed to Serving (regular and reseNel, veteran, cadet, family and other interested subscriber8. Hard copy distribution is made to over circa 7.800 recipients. In addition a subscnption to an electronic version of the magazine is available via an application (Appl. After allocating money to cover ants'cipated future expenditure, it is 8XP8Cted that the trustees will be able to make donation to Royal Marines Association The Royal Marines Charity (RMA-The Royal Marines Charity) of £62k in the following year to contribute to the overall charitable support to the Royal Marines Family. Magazines are supplied to Captain Naval Recruiting (CNR) in order to assist in the recruitment of 8Urtable volunteers for the Royal Marines. Publlc BOnt The charity exists to 8UPPOrt the military effiaency of the Royal Marines. By improving morale and esprit de corps amongst members of the Corps Family (serving, tIred, reservigts, Lxdets and dependents) the charity d1cl1Y ujntn'butes to the quality of the Royal Marines as a key component of the nation's Amed Forces and thereby to the defence of the nation. The trustees have complied with the duty in Section 4 of the Charities Act 20[ and given regard to the Charity Commission guKlance on public benefft. FINANCIAL REVIEW Investmont policy and porfomiance The Trust Deed authonses trustees to make and hold investments using the general funds of the charity within current rules and regulalt'ons. Our investors are instructed to invest in a portfolio which will maximise total retum with a medium risk portfolio. The net increase in the value of investments for the year was £12,082, tsking the total to £254,961. Page 1
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Overvlew Net incoming resources (before any donation to RMA-The Royal Marines Charity and investment gainsilossesl for the year to 31 March 2024 wms £55k (2022123.. £47kl. Based on the reserve5 as at 31 March 2024 there was a donation in 2024r25 to RMA-The Royal Marines Chanty of £62k (2023124.. £35k). The overall Vrth of the furKI has In¢ased in the year to 31 March 2024 to £372,684 from £339,248 at 31 March 2023. The trustees are satisfied with the performan of the charity over the last accounting period and consider that expenditure has been within the Charter of the fund. In keeping with the Charter, trustees will look to m8k8 further donations to Royal Marines charities should eXs8 funds be acMUlated. Reserves pollcy The managing trustees forese8 a requir8ment to set aside monies to meet expenditure on IrrfOat1on systems and computers in future years, in order to enhance the joumal by utilising improving technology and sofhvare packages. A pool of resee$ is maintsined to ensure the continuity of the chanty in unforeseen circumstances, which will all¢xv the charity to continue producing high quality regimenlal journals, at current frequency, for up to a year. The Reserve8 Policy of the managing trustees can best be described as follows.. The policy of the trustees is to plan on a rolling annual review of the business plan to ensure that furKls are reinvested as needed. Any further surplus at the end of a financial year, will be donated to those Royal Marines charstable funds which support the military efficiency of the Royal Marines. Whilst the current mad(et value of the investment reserve attracts a healthy amount of inv88tment inc£+me. it 18 intended that the investment reser¥e be maintained at around £250,000. Thi8 will provide investrn8nt income at a level able to lund the current and perceived future upgrades of technology and maintenance of existing equipment. In years where InMe is not fully disl)ursed in paying grants and making pur¢hase8, excess funds may be reinvested in order to meet the trustees, investment target andlor be carried foThvard for paying donations in subsequent years. The trustees believe that it is important to safeguard the charstys investments and results'ng investment income, in order to fvlfil their responsibilities to both the current and future beneficiaries of the Globe and Laurel chanty. Free resenies are calculated by deducting the value of fixed assets (induding ifive81ment8) from the total asset8. At the end of the finaneAal year these were £113k. The trustees have agreed that only six months operating $ts of free resepies are required and based on the budget for the year to 31 March 2024, Ihi8 was £57k at the end of the financial year. Fundrnislng policy The Globe and Laurel does not raise funds from the public as it is not a fundraising charity, ljut one that is dependent on subscriptions for the magazine. The RMA-The Royal Marines Charity provides magazine income from their Day's Pay Giving receipts to provide each member of the Royal Marines serving personnel with a <xJpy of the magazine. FUTURE PLANS The charity will continue to strive to increase sales and productivity to produce a greater financial retum, benefits'ng Royal Marines charities. Page 2
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity adopted ts charter on 3 November 1997. which was subsequently amended by deed on 25 August 2004 and 3 April 2019. The charity was established by the Royal Marines to promote the efficiency of the Corps of Royal Marines and foster mutual friendship beINen them, to foster esprit de corps, comradeship and the welfare of the Corps. preserving its traditions and making donations to those armed fo5 charFties which benefit the Royal Marines. Rocrultment and appolntsnent of new Trustee8 Deputy Commandant General Royal Marines {DCGRM) is Chairman of the managing trustees of the charity with the remaining managing trustees being ex-officio members. The remaining ttustees are selected by appointment within the Royal Marine Corps and generally will thange at regular intervals Those selected may also be trustees of other co$ charities. Oryanisatlonal 8lructurn TV trustees, meetings are held each year, nomially in May and November. The trustees agree the broad strategy and areas of activity for the charity, induding consideration of grant making, investmnts, reserves and risk management poliaes and perfomance. Inductlon and trainlng of new Trustses The induction process for any newly appointed trustee 18 to firstly meet with the Chaimian and the remaining board members, followed by meetings with the Corps Secretary to explain the charity's procedures. The new tNstee will receive copies of the Charityls Charter and be expected to be fully CA)nv8rsant with its aims and objectives. The trustee will meet with the Chair prior to his first meeting to darrfy any uncertaints'e8. Rlsk management The Charity's Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established 8yStems and produ$ to manage those risks. The Trustees consKler by reviewing accounts bNice yearly they are able to manage the income over expenditure. REFERENCE AND ADMINISTRATIVE DETAILS Reglsternd Chorfty nurnber 1C65969 Prlnclpal addrn•s The Corps Secretariat Building 32 HMS Excellent Portsmouth Hampshire P02 8ER Trustse8 Brigadier N Suthertand MBE ADC Lieutenant Colonel G E Green OBE RM W01 (RSM) N A T Ollive RM VV01 IRSM) T D Jukes RM Appointed.. August 2022 Appointed.. September 2022 Appointed.. January 2022 Appointed.. Deomber 2022 Editor Major Graham Ad<x)ck RM Corps Socrntary Lieutenant Colonel G E Gen OBE RM Appointed September 2022 Page 3
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire P07 6XP Bankern Royal Bank of Stland Brunswick Gate 23 Brunswick Place Southampton Hampshire S015 2AQ STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees a responsible for preparing the Report of the Trustees and the financial ststements in accordan with applicable law and United Kingdom Accounb'ng Standards (Unrted Kingdom Generally Apted Accounting Practice). The law applic2ble to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepar8 financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charity for that period. In preparing those financial 8tstement8, the trustee8 are required to select suitable accounting policies and then apply them consistently., obseNe the methods and prinoples in the Charity SORP,. make judgements and ests'mates that are reasonable and prudent., prepare the finanaal statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are spOnsible for keeping proper accounting records which disdose with reasonable acra at any ts'me the financial position of the charity and to enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and RerK)rts) Regulations 2008 and the provision5 of the trust deed. They are also responaible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie$. Approved by order of the board of trustses on ... arKI signed on its behalf by.. LtColG reen OBE RM - TNstee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE GLOBE AND LAUREL MAGAZINE FUND Opinion Vve have audited the financial statements of The Globe and Laurel Magazine Fund (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balan Sheet and notes to the financial statements, indudingi a summary of significant accounts'ng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting practi). In our opinion the financial statements: give a true and fair view of the slate of the charity's affairs as at 31 March 2024 and of its incoming resources and applicats'on of resources, for the year then ended., have been praperly prepared in accordano with United Kingdom Generally A¢pted Accounting Practi. and have been prepared in accordan with the requIreffnt$ of the Charities Act 2011. Basls for oplnlon INe conducted our audit in accordan with Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. IPJe a indeperKlent of the charity in accordan(% 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 responsibilrties in accordance with these requirements. We b81ieve that the audit eviden have obtained 18 sufficient and appropriate to provide a basis for our opinion. Conclu8ion• relallng to golng Conrn In auditing the finanaal statements, we have concluded that the tNstees' use of the going concern basis of accounts'ng in the preparation of the financial statements is appropriate. Based on the Vrk have performed, we have not identified any material unrtaIntI88 relating to events or t>)nditsons that, individually or collectrvely. may cast significant doubt on the charitys ability to o)ntinue as a going ncern for a period of at least e1ve month5 from when the financial statements a authorised for issue. Our r88ponsibilitie8 and the Sponsibl11t188 of the tIU8tee8 Wlth respect to going COnM are described in the relevant sections of this report. Othèr Informatlon The trustees are responsible for the other information. The other informabon compri8e8 the information included in the Annual Report, other than the finanaal statement8 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does rKJt cover the other inf0mtiOn and, except to the extsnt otheThvise explicitsy statsd in our report, VR do not express any fomi of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility is to ad the other information and, in doing so. consider whether the olher infomiation is materially in¢nSIStent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements, are required to detemiine whether this gives rise to a material misstatement in the financial ststemenls themselves. If. based on the work bve have perfomied, we wnclude that the is a material misstatement of this other infomiation, we are required to report that fact. Vle have nothing to report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Acrnunts and Reports) Regulations 2008 requires us to report to you rf, in our opinion.. the infonnats'on given in the Report of the Trustees is infx)nsistent in any material SpeCt with the financial statements., or sufficient aco)unting re¢x)rds have not been kept; or the financial statements are not in agement with the accounting records and retums.. or we have not reWed all the inf0mtion and explanations we require for our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE GLOBE AND LAUREL MAGAZINE FUND Responsibilitias of trustaes As explained MO fully in the Statement of Trustees, ResFonsibilities, the trustees are sponsible for the pparatIOn of the financial statements which grve a true and fair view, arKI for such intemal ¢ontfDI as the trustees detemiine is ne$sary to enable the preparation of financial statements that are free from matsrial misstatement, whether due to fraud or emr. In preparing the financial statements, the trustees are sponsible for assessing the charitys ability to cxjntinue as a going conrn, disdosing, as applicable, matters related to going concern and using the going cx)ncem basis of accounting unless the trustees either interKI to liquidate the charity or to cease operations, or have no realistic altematjve but to do so. Our rn8ponslbllltla8 for tho audlt of the financial statomont• Vve have been apwinted as auditors under Section 144 of the Charities Act 2011 and report in acc£>rdance with the Act and relevant regulats.ons made or having effect thereunder. 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 emr, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in aC(X)rdan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Jn81dered material rf, individually or in the aggregate, they could reasonably be expected to Inftuen the economic decisions of users taken on the basis of these financial ststements. The extent to which our procedure8 are capable of detecting irregularities. induding fraud is detailed below.. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtsined an understanding of the legal and regulatory framework in which the o)mpany operates. The key laws Considered induded the Chants'es Act. We have o)rrob)rated our enquiries through review of Trustee minutes. We have evaluated management incentives and opportunsties for fraudulent manipulation of the financial statements induding management override of controls and the application of revenue recognition at cut-off and considered that the prinapal risk was related to the posts'ng of inappropriate joumaS entries to improve the result befo the year end. We have addressed this by assessing joumal entries as part of our planning audit approach. We have enquired of management and those charge with govemance in resped of known or suspected instan$ of non-compliance with laws and regulations. We have also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicatN)ns of fraud or non-o)mpliance with laws and regulations throughout the audit. There are inherent limitations in the audit proodures described above. Vle are le88 likely to become aware of instan8 of nOn-complban wrth laws and regulation5 that are not dosely related to events and transactions refiected in the financial statements. Aso, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional mispresentatiOns. or thfough collusion. A fUrtr description of our 8F)0n$IbilitleS for the audit of the financial statements is located on the Financial RerK)rting Council's website at wvM.frc.org.ukJauditorsresponsibilitl8s. This description foms part of our Rert of the Independent Auditors. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE GLOBE AND LAUREL MAGAZINE FUND Use of our report This report is made solely to the charity's trustees. as a Ix)dy, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit yrk has been undertaken so that we might state to the charitys trustees those matters we a required to state to them in an auditors, rewrt and for no other purpose. To the fijllest extent pernitted by law. V do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for our audit Wrk. for this rert, or for the opinions we have formed. . Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park DenffEad Hampshire P07 6XP Date:..... Page 7
THE GLOBE AND LAUREL MAGAZINE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Unrestricted furKI 31.3.23 Tolal funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Globe and Laurel magazines 141,637 131,770 Other trading activrties Investment income 12,487 5,612 15,499 4,440 Total 159.736 151,709 EXPENDITURE ON Raising fvnds 1,708 Charltablg actlvltle8 Globe and Laurel magazines 138,382 159,821 Totsl 140,090 159,821 Net gain81(1038e8) on investments 13,790 (17,763) NET INCOMEI(EXPENDITURE) 33,436 (25,875) RECONCILIATION OF FUNDS Total funds brought forward 339,248 365,123 TOTAL FUN08 CARRIED FORWARD 372,684 339,248 The notes fom part of these ffinancial statements Page 8
THE GLOBE AND LAUREL MAGAZINE FUND BALANCE SHEET 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Notes FIXED ASSETS Tangible assets Investments 13 14 4,652 254.961 6.306 242,879 259,613 249,185 CURRENT ASSETS Debtors Cash at bank 15 30,605 118,733 12,099 104,921 149,338 117,020 CREDITORS Amounts falling due within one year 16 (36,267) {26,957) NET CURRENT ASSETS 113,071 90,063 TOTAL ASSETS LESS CURRENT LIABILITIES 372,684 339,248 NET ASSETS 372,684 339,248 FUNDS Unrestricted funds 17 372,684 339,248 TOTAL FUNDS 372,684 339,248 The financi I statements Vre approved and auth0ri8ed for issue by the Board of Trustees and authori8ed for issue on ..Il .A•.a. LJ4. . and Vre 8igned on its behaw by.. Lt Col G Green OBE RM - Trustee The notes fom part of these financial statements Page 9
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of prnparfng the financlal statements The financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in acrdance with the Charit$ SORP (FRS 102) 'Aoxsunting and Reporting by Charities". Statement of RecommerKled Practice applicable to charities preparing their accounts in accordance wsth the Financial Reporting Standard applible in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015),, Financial Reports'ng Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. Income Voluntsry income induding donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised Whe there is entioement, reipt is probable and the amount (2n be measured with sufficient reliability. Such income is only deferred when.. the donor specifies that the grant or donation must only be used in future accounting periods.. or the donor has imposed conditions which must be met before the Charity has unconditional entitlement. Advertising income and investment income are recognised on a re(8ivable ba818. InLx)me from Charitale activities relat88 to the sale of magazines to The Royal Marines Charity and subscribers. It also indude8 App sales. Individual subscribers to the Magazine pay annually in advance and thefOre the value of each annual subscription that relates to magazine8 to be distributed in fijture financial periods 18 deferred. The unused subscriptions of members that have been lapsed for more than S years are relea8ed as donation8. Magazine 8ub8cripts.ons are indud8d in incoming resource8 gr08s of any 8ub8CriPtion reduction to other charitable entities or Captain Naval RecNitment. The subsidiged .element of any sub8CriPtion is induded within tharitable expenditu. Expendlturn Expenditure is recognised when a liability 18 incurred. Contractual arrangements are recognised a8 goods or sepiices are supplied. Charitable activities include expenditure assoaated with printing and distributing the Magazine and indude both the direct costs and support LX)Sts relating lo those activities. Support costs, including governance costs. indude (%ntral functions and have been allocated to activities on a basis consistent with the use of $OUr$. Irrecovernble VAT Ail resources expended are classified under activity heading8 that aggregate all cst5 related to the tegory. Irrecoverable VAT is charged against the category of resources exp8nded for which it was incurred. Tanglble fixed assets DepCiatIon is provided at the following annual rates in order to write off each asset over its eslimated useful lrfe. Computer equipment 20% on cost Individual fixed assets costing £500 or more are capitalised at $t. Fixed asset investments Investments are stated at market value inclusive of accrued incy)me as at the balan sheet date. The Statement of Financial Activities indudes the net gains and losses arising on revaluation and disrK)sals throughout the year. Page 10 conts"nued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Tangible fixed assets I gains and losses are taken to the Statement of Financial Activrties as they arise. Realised gains and losses on investments are c21culated as the difference betsveen the market value at the end of the year and opening market value or purchase date rf later. Realised and UnalISed gains are not separated in the Statement of Finanaal Activities. Taxation The chanty is exempt from tsx on its charitable activities. Fund ac¢ounling Unrestricted funds can be used in accordance with the Charitable Objectives al the discretion of the Trustees. Restrictsd fvnds can only be used for particular restricted purposes within the Objects of the Chanty. Restn'cts'ons arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund 18 induded in the notes to the financial statements. Pon8lon costs and other post•rntlremgnt benefit8 The charity operates a defined contnbulion pension scheme. Contributions payable to the chanty's pension scheme are charged to the Statement of Financk21 Activth'es in the period to which they relate. Donatod 8ervlco• The charity has been provided with bookkeeping and accounting Servic88 With no charge by The Royal Navy & Royal Marines Charity (RNRMC). No value has been induded in the financial statements for these bookkeeping and accounting services du8 to the senrfices provided fomiing part of the core Charitable objectives of the RNRMC. OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Adve'sIng in magazine 12,487 15,499 INVESTMENT INCOME 31.3.24 31.3.23 Listed investment income Deposit account intsrest 5,612 4,310 130 5,812 4,440 Page11 cx)ntinued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS . continuad FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Globe and Laurel magazines Globe arKI Laurel magazines Magazine sales App inrne 136.030 5,607 127,462 4,308 141,637 131,770 RAISING FUNDS Invaslment management costs 31.3.24 31.3.23 Portfolio management 1,708 CHARITABLE ACTIVITIES COSTS Grant funding of activit8 (see note 8) Direct Costs (see note 7) Support costs (see note 9) Totsls Globe and Laurel magazine8 66,903 35,000 36,479 138,382 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Magazine printing and postsge PSentatIOn magazines 68,231 672 71,448 600 66,903 72,048 GRANTS PAYABLE 31.3.24 31.3.23 Globe and Laurel magazineg 35,000 55,000 The total grants paid to institutions during the year VRS as follows.. 31.3.24 31.3.23 RMA- The Royal Marines Charity 35,000 55,000 Page 12 )ntinued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Goveman costs Management Totals Globe and Laurel magazines 32,479 4,000 36,479 sUprt o)sts, induded in the above, are as follows.. Management 31.3.24 Globe and Laurel magazines 31.3.23 Total ath'vikn'es Wages Pensions Insuran Card proSSIng fees Stationery and mis¢xllaneous expenses Computer expenses Staff travel Bad debts Depreciation of tangible assets 23,571 1,603 357 517 489 4,268 20 21,852 1,527 372 483 420 3,503 870 1,723 1,654 32,479 30,750 Governance costs 31.3.24 Globe and Laurel magazine8 31.3.23 Total acbvities Auditors, remuneration Independent examiners fee 4,000 2,025 4,000 2,025 10. TRUSTEES, REMUNERATION AND.BENEFITS There were no trustees, MuneratiOn or other beneffts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru8tw' expen808 The were no tTUStees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 13 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 11. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Other pension costs 23,571 1,603 21,852 1,527 25,174 23.379 The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 Support staff No employees received emoluments in eXs9 of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES unStriCted fund INCOME AND ENDOWMENTS FROM Charitable activiti08 Globe and Laurel magazines 131,770 Other trading activities Investment income 15,499 4,440 Total 151,709 EXPENDITURE ON Charltsble actlvltlos Globe and Laurel magazine8 159,821 Net gains1{lo83> on investments (17,763) NET INCOMEI(EXPENDITURE) (25,875) RECONCILIATION OF FUNDS Total funds brought foThvard 365,123 TOTAL FUNDS CARRIED FORWARD 339,248 Page 14 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS Computer equipment COST At 1 April 2023 Disposals 20.337 {2,708) At 31 March 2024 17,629 DEPRECIATION At 1 April 2023 Charye for year Eliminated on di8P08al 14,031 1,654 {2,708) At 31 March 2024 12.977 NET BOOK VALUE At 31 March 2024 4,652 At 31 fvlarch 2023 8,306 14. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 April 2023 Disposals Revaluations 242,879 (1,708) 13,790 At 31 March 2024 254,961 NET BOOK VALUE At 31 March 2024 254,981 At 31 March 2023 242,879 There were £189,510 (31.3.23'. £168,300) of investment assets held outside the UK. The Charivs investments are held in a Common Investment Fund for The Royal Navy and Royal Marines Charity. The Common Investment Fund is managed by Sarasln & Partners Fund Managers on behalf of The Royal Navy and Royal Marines Charity. The Globe and Laurel's funds represent 0.58% of the total portfolio. The historical cost of the above investments is £235,151 (31.3.23: £235,151). Page 15 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors VAT 21,920 7.655 1,030 4,653 8,368 1,078 30,605 12.099 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Social security and other taxes Accrued expanses Deferred InMe (see below) 1,930 448 4,000 30,335 2,025 24,484 36.287 28,957 Doferrod Incom• Deferred inc¥)me o)mprise8 magazine $ub8CriPtion8 and advertising income received for i8sue$ which will be published in future financial periods. 2024 2023 Balan brought forward Amount release to incoming resources Amount deferred in the year 24,484 (24,484) 30,335 26,752 (26,752) 24,484 Balan carried forward 30,335 24,484 17. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted fund8 General fvnd 339,248 33,436 372,684 TOTAL FUNDS 339,248 33,436 372,684 Net movement in funds, induded in the above are as follows: Incoming resources Resour$ expended Gains and losses Movement in fvnds Unrestricted funds General fund 159,736 (140,090) 13,790 33,436 TOTAL FUNDS 159,736 (140.090) 13,790 33,436 Page 16 ntinued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS- continuod Comparatives for movement in funds Net thiement in funds At 31.3.23 At 1.4.22 Unre8trl¢tsd fund$ General fund 365,123 125,875) 339,248 TOTAL FUNDS 365,123 (25,875) 339,248 Comparative net mment in funds, included in the above are as follows.. Incoming SoUrS Re8ourc*s expended Gains and losses Movement in funds Unrn8trl¢ted funds General fund 151,709 (159,821) (17,763) (25,875) TOTAL FUNDS 151,709 (159,821) (17,763) (25,875) 18. RELATED PARTY DISCLOSURES Koy por8onnol No remuneration was paKI to key personnel. RMA - The Royal Marlno• Charlty RMA - The Royal Marines Charity is a registered charity with tfU8tee8 in common. The charity sells magazines to the RMA The Royal Marines Charity for distribution to setving Royal Marine8 personnel and for Royal Marines recruitrnent. The charity also donates surpluses to the RMA - The Royal Marines Charity arKI in this year this amounted to £35.000 {31.3.23.. £55,000). Mlnlsty of Dgfence The charity works dosely with the Ministry of Defence (MOD). The charitys Editor and Secretary are employed by the MOD and the charity operates from MOD premises for which no charge is incurred. The amount of time spent by MOD personnel or the amount of MOO pMIseS space utilised by the charity is not dis¢te from other MOD responsibilib'es. Therefo no value has been recognised as donated services within these financial statements for the use of MOD personnel and premises. Page 17 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31 MARCH 2024 19. ULTIMATE CONTROLLING PARTY The Charity is controlled by its board of trustees collectively. No one individual or any other entity controls the charity. Page18