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