REGISTERED CHARITY NUMBER: 1065969 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE GLOBE AND LAUREL MAGAZINE FUND Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP
THE GLOBE AND LAUREL MAGAZINE FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Page 1 to 4 5 6 7 8 to 16 •
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 OBJECTIVES AND ACTIVITIES Objectives and aims The Globe & Laurel Magazine charity exists to manage all financial transactions necessary for the nanagement, publication and sale of the Corps Journal of the Roval Marines and other associated items The objects of the Charity are to promote the efficiency of the Royal Marines Corps (the Corps) by: Maintaining and promoting contact between past and present members of the Corps and fostering mutual friendship 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 making The only grants made from this charity are to other charities which benefit Royal Marines, as directed by the ACHIEVEMENTS AND PERFORMANCE The fund has continued to underpin the charity's core output: the production of 6 editions per annum of the Corps' magazine, 'The Globe & Laurel' which is distributed to serving (regular and reserve), veteran, cadet, family and other interested subscribers. Hard copy distribution is made to over circa 7,400 recipients. In addition a subscription to an electronic version of the magazine is available via an application (App) and via PocketMags.co.uk, using their webreader software. After allocating money to cover anticipated future expenditure, it is expected that the trustees will able to make a donation to Royal Marines Association The Royal Marines Charity (RMA-The Royal Marines Charity) of £90K in the following year to contribute to the overall charitable support to the Royal Marines Family. Magazines are supplied to Recruit and Attract (R&A) in order to assist in the recruitment of suitable volunteers for the Royal Marines. Public Benefit The charity exists to support the military efficiency of the Royal Marines. By improving morale and esprit de corps amongst members of the Corps Family (serving, retired, reservists, cadets and dependents) the charity directly contributes to the quality of the Royal Marines as a key component of the nation's Armed Forces and thereby to the defence of the nation. The trustees have complied with the duty in Section 4 of the Charities Act 2006 and given regard to the Charity Commission guidance on public benefit. FINANCIAL REVIEW Investment policy and performance The Trust Deed authorises trustees to make and hold investments using the general funds of the charity within current rules and regulations. Our investors are instructed to invest in a portfolio which will maximise total return with a medium risk portfolio. The increase in the market value of investments for the year was £2,240 (increase in value £3,747 less fees of £1,507), taking the total to £257,201. Page 1
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Overview Net incoming resources (before any donation to RMA-The Royal Marines Charity and investment gains/losses) for the year to 31 March 2025 was £85K (2023/24; £55K). Based on the reserves as at 31 March 2025 there was a donation this year to RMA-The Royal Marines Charity of £9OK (2024/25: £62K). The overall worth of the fund has increased in the year to 31 March 2025 to £399,866 from £372,684 at 31 Marci 2024. The trustees are satisfied with the performance of the charity over the last accounting period and conside that expenditure has been within the Charter of the fund. In keeping with the Charter, trustees will look t make further donations to Royal Marines charities should excess funds be accumulated. he managing trustees foresee a requirement to set aside monies to meet expenditure on informatio ystems and computers in future years, in order to enhance the journal by utilising improving technology an software packages. A pool of reserves is maintained to ensure the continuity of the charity in unforeseen circumstances, which will allow the charity to continue producing high quality regimental journals, at current frequency, for up to a year. The Reserves 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 funds are reinvested as needed. Any further surplus at the end of a financial year, will be donated to those Royal Marines charitable funds which support the military efficiency of the Royal Marines. Whilst the current market value of the investment reserve attracts a healthy amount of investment income, it is intended that the investment reserve be maintained at around £250,000. This will provide investment income at a level able to fund the current and perceived future upgrades of technology and maintenance of existing equipment. In years where income is not fully disbursed in paying grants and making purchases, excess funds may be reinvested in order to meet the trustees' investment target and/or be carried forward for paying donations in subsequent years. The trustees believe that it is important to safeguard the charity's investments and resulting investment income, in order to fulfil their responsibilities to both the current and future beneficiaries of the Globe and Laurel charity. Free reserves are calculated by deducting the value of fixed assets (including investments) from the total assets. At the end of the financial year these were £140K. The trustees have agreed that only six months operating costs of free reserves are required and based on the budget for the year to 31 March 2025, this was £56K at the end of the financial year. Fundraising policy The Globe and Laurel does not raise funds from the public as it is not a fundraising charity, but 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 copy of the magazine. The charity will continue to strive to increase sales and productivity to produce a greater financial return, benefiting Royal Marines charities. Page 2
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document comradeship and the welfare of the Corps, preserving its traditions and making donations to those armed forces charities which benefit the Royal Marines. Recruitment and appointment of new Trustees 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 trustees are selected by appointment within the Royal Marine Corps and generally will change at regular intervals. Those selected may also be trustees of other Corps charities. Organisational structure Two trustees' meetings are held each year, normally in May and November. The trustees agree the broad strategy and areas of activity for the charity, including consideration of grant making, investments, reserves and risk management policies and performance. Induction and training of new Trustees The induction process for any newly appointed trustee is to firstly meet with the Chairman and the remaining board members, followed by meetings with the Corps Secretary to explain the charity's procedures. The new trustee will receive copies of the Charity's Charter and be expected to be fully conversant with its aims and objectives. The trustee will meet with the Chair prior to his first meeting to clarify any uncertainties. The Charity's Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees consider by reviewing accounts twice yearly they are able to manage the income over expenditure. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1065969 Principal address The Corps Secretariat Building 32 HMS Excellent Portsmouth Hampshire PO2 8ER Trustees Brigadier N Sutherland MBE ADO Lieutenant Colonel G E Green OBE RN WO1 (RSM) T D Jukes RM WO1 (RSM) M Cowe MC RM Editor Major Graham Adcock RM Corps Secretary Lieutenant Colonel G E Green OBE RM Appointed: August 2022 Appointed: September 2022 Appointed: December 2022 Appointed: September 2024 Page 3
THE GLOBE AND LAUREL MAGAZINE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP Bankers Royal Bank of Scotland Brunswick Gate 23 Brunswick Place Southampton Hampshire SO15 2AQ Approved order of the board of trustees on ... 20. Ock 25 and signed on its behalf by: Lt CoG Green OBE RM - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GLOBE AND LAUREL MAGAZINE FUND Independent examiner's report to the trustees of The Globe and Laurel Magazine Fund I report to the charity trustees on my examination of the accounts of The Globe and Laurel Magazine Fund (the Trust) for the year ended 31 March 2025. Responsibilities and basis of report s the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance wi le requirements of the Charities Act 2011 ('the Act Section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or the accounts do not accord with those records; or 3. 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 accounts to be reached Gavin Whitter Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP 3l11/2= Date: Page 5
THE GLOBE AND LAUREL MAGAZINE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 INCOME AND ENDOWMENTS FROM Charitable activities Globe and Laurel magazines Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Globe and Laurel magazines Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Notes 4 2 3 31.3.25 Unrestricted fund 173,644 11,846 5,145 190,635 31.3.24 Total funds 141,637 12,487 5,612 159,736 5 6 1,899 165,301 167,200 3,747 27,182 372,684 399,866 1,708 138,382 140,090 13,790 33,436 339,248 372,684 The notes form part of these financial statements Page 6
THE GLOBE AND LAUREL MAGAZINE FUND BALANCE SHEET 31 MARCH 2025 FIXED ASSETS Tangible assets Investments Notes 13 14 31.3.25 Tota funds 2,996 257,201 260,197 31.3.24 Total funds 4,652 254,961 259,613 CURRENT ASSETS Debtors Cash at bank 15 CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS 25,697 168,231 193,928 (54,259) 139,669 30,605 118,733 149,338 (36,267) 113,071 TOTAL ASSETS LESS CURRENT LIABILITIES 399,866 372,684 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS 399,866 372,684 17 399,866 399,866 372,684 372,684 The financial statements yere approved and authorised for issue by the Board of Trustees and authorised for .... and were signed on its behalf by: Lt Col Green OBE RM - Trustee The notes form part of these financial statements Page 7
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities applicable in the UK and Republic of Ireland' and the Charities Act 2011. Income Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, receipt is probable and the amount can 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; - the donor has imposed conditions which must be met before the Charity has unconditional entitlement. Advertising income and investment income are recognised on a receivable basis. Income from charitable activities relates to the sale of magazines to The Royal Marines Charity and subscribers. It also includes App sales. Individual subscribers to the Magazine pay annually in advance and therefore the value of each annual subscription that relates to magazines to be distributed in future financial periods is deferred The unused subscriptions of members that have been lapsed for more than 5 years are released as donations. Magazine subscriptions are included in incoming resources gross of any subscription reduction to other charitable entities or Captain Naval Recruitment. The subsidised element of any subscription is included within charitable expenditure. Expenditure Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods or services are supplied. - Charitable activities include expenditure associated with printing and distributing the Magazine and include both the direct costs and support costs relating to those activities. - Support costs, including governance costs, include central functions and have been allocated to activities on a basis consistent with the use of resources. Irrecoverable VAT All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Tangible fixed assets Usefuciation is provided at the following annual rates in order to write off each asset over its estimated Computer equipment - 20% on cost Individual fixed assets costing £500 or more are capitalised at cost. Fixed asset investments vestments are stated at market value inclusive of accrued income as at the balance sheet date. T aughout the yeacial Activities includes the net gains and losses arising on revaluation and dispose Page 8 continued...
1. 2. 3. THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Tangible fixed assets All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the market value at the end of the year and opening market value or purchase date if later. Realised and unrealised gains are not separated in the Statement of Financial Activities. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Trustees. Unrestricted funds can be used in accordance with the Charitable Objectives at the discretion of the Restricted funds can only be used for particular restricted purposes within the Objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Donated services The charity has been provided with bookkeeping and accounting services with no charge by The Roya Navy & Royal Marines Charity (RNRMC). No value has been included in the financial statements for these bookkeeping and accounting services due to the services provided forming part of the core charitable objectives of the RNRMC. OTHER TRADING ACTIVITIES Advertising in magazine 31.3.25 11,846 31.3.24 12,487 INVESTMENT INCOME Listed investment income 31.3.25 5,145 31.3.24 5,012 Page 9 continued...
4. 5. 6. 7. 8. THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE ACTIVITIES Activity Magazine sales App income Globe and Laurel magazines Globe and Laurel magazines 31.325 168,069 5,575 173,644 31.3.24 136,030 5,607 141,637 RAISING FUNDS Investment management costs Portfolio management CHARITABLE ACTIVITIES COSTS 31.325 1,899 31.3.24 1,708 Direct Costs (see note 7) 66,987 Grant funding of activities (see note 62,000 Globe and Laurel magazines DIRECT COSTS OF CHARITABLE ACTIVITIES Magazine printing and postage Presentation magazines GRANTS PAYABLE Globe and Laurel magazines The total grants paid to institutions during the year was as follows: RMA - The Royal Marines Charity Support costs (see note 9) 36,314 31.3.25 65,981 1,006 66,987 31.3.25 62,000 31325 62,000 Totals 165,301 31.324 66,231 672 66,903 31.3.24 35,000 3.324 35,000 Page 10 continued...
THE GLOBE AND LAUREL MAGAZINE FUND OTES TO THE FINANCIAL STATEMENTS - continue OR THE YEAR ENDED 31 MARCH 202 SUPPORT COSTS Management 34,139 Governance costs £ 2,175 Totals 36,314 Globe and Laurel magazines Support costs, included in the above, are as follows: Management Wages Pensions Insurance Card processing fees Stationery and miscellaneous expenses Computer expenses Staff travel Legal and professional fees Depreciation of tangible assets Governance costs Auditors' remuneration Independent examiners fee 31.3.25 Globe and Laurel magazines 1,339 277 624 4.035 207 2,000 1,656 34,139 31.3.25 Globe and Laurel magazines 2,175 2,175 31.3.24 Total activities 23,571 1,603 357 517 489 4,268 20 1,054 32,479 31.3.24 Total activities 4,000 - 4,000 10. TRUSTEES' REMUNERATION AND BENEFITS Thare wed 31 Marches remuneration or other benefts for the year ended 31 March 2025 or for the Trustees' expenses There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. Page 11 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 11. STAFF COSTS Wages and salaries Other pension costs 31.3.25 22,500 1,339 23,839 31.3.24 23,571 1,603 25,174 The average monthly number of employees during the year was as follows: Support staff No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 31.3.25 2 31.324 Unrestricted fund INCOME AND ENDOWMENTS FROM Charitable activities Globe and Laurel magazines Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Globe and Laurel magazines Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 141,637 12,487 5,612 159,736 1,708 138,382 140,090 13,790 33,436 339,248 372,684 Page 12 continued...
• THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 13. TANGIBLE FIXED ASSETS COST At 1 April 2024 and 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 14. FIXED ASSET INVESTMENTS Computer equipment 17,629 12,977 1,656 14,633 MARKET VALUE At 1 April 2024 Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 Listed investments 254,961 (1,507) 3,747 257,201 257,201 254,961 There were £181,110 (31.3.24: £189,510) of investment assets held outside the UK. The Charity's investments are held in a Common Investment Fund for The Royal Navy and Roya Marines Charity. The Common Investment Fund is managed by Sarasin & Partners Fund Managers or behalf of The Royal Navy and Royal Marines Charity. The Globe and Laurel's funds represent 0.61% of the total portfolio. The historical cost of the above investments is £235, 151 (31.3.24: £235, 151) Page 13 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors VAT 31.3.25 20,137 4,840 720 25,697 31.3.24 21,920 7,655 1,030 30,605 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses Deferred income (see below) 31.325 505 200 2,602 50,952 54,259 31.324 1,930 2 4,000 30,335 36,267 Deferred income Deferred income comprises magazine subscriptions and advertising income received for issues which will be published in future financial periods. 2025 Balance brought forward Amount release to incoming resources Amount deferred in the yea Balance carried forward 30,335 (30,335) 50,952 50,952 2024 24,484 (24,484) 30,335 30,335 17. MOVEMENT IN FUNDS At 1.4.24 Net movement in funds At 31.3.25 372,684 27,182 399,866 372,684 27,182 399,866 Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources Unrestricted funds General fund 190,635 TOTAL FUNDS 190,635 Resources expended (167,200) (167,200) Gains and losses 3,747 3,747 Movement in funds 27,182 27,182 Page 14 continued...
THE GLOBE AND LAUREL MAGAZINE FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS - continued Comparatives for movement in funds At 1.4.23 Unrestricted funds General fund 339,248 TOTAL FUNDS 339,248 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended 159,736 (140,090) 159,736 (140,090) Net movement in funds 33,436 33,436 At 31.3.24 € 372,684 372,684 Gains and losses Movement in funds Jnrestricted fund General fun 13,790 33,436 TOTAL FUNDS 13,790 33,436 18. RELATED PARTY DISCLOSURES Key personnel No remuneration was paid to key personnel. RMA - The Royal Marines Charity MA - The Royal Marines Charity is a registered charity with trustees in common. The charity sel magazines to the RMA - The Royal Marines Charity for distribution to serving Royal Marine Royal Marined oarity al Min this years at unted to 62,00 31324: 535,000 to the RMA - The Ministry of Defence The charity works closely with the Ministry of Defence (MOD). The charity's 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 MOD premises space utilised by the charity is not discrete from other MOD responsibilities. Therefore no value has been recognised as donated services within these financial statements for the use of MOD personnel and premises. Page 15 continued...
... THE GLOBE AND LAUREL MAGAZINE FUND 19. ULTIMATE CONTROLLING PARTY The charity is controlled by its board of trustees collectively. No one individual or any other entity controls the charity Page 16