GLOBAL SOURCENET
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company No 3569686
Charity No 1076786

GLOBAL SOURCENET
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
Page
Company information
Directors, report
Report of the Independent Examiner
Statement of financial activities
Balance sheet
Notes to the financial statements
24
8-10

GLOBAL SOURCENET
COMPANY INFORMATION
Directors
SA Helms
JT Smith
RC Rogers
V Searle
J Janes (appointed 20 August 2023)
Secretary
SA Helms
Registered Office
International House
36-38 Cornhill
London
EC3V 3NG
Bankers
Barclays Bank PLC
Leicester
LE87 3BB
Independent examiner
Miriam Hickson CTA FCA
Jacob Cavenagh & Skeet
5 Robin Hood Lane
Sutton
Surrey
SM12SW
Page 1

GLOBAL SOURCENET
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The members of the board of directors, who are the trustee directors of Global SourceNet present their
report and the unaudited financial statements for the year ended 31 December 2023.
Charitable aims
Global SourceNet's principal activities are the advancement of education and the relief of poverty,
principally in Asia, by providing direct financial support to projects and field operatives, together with
administrative and technical support services.
Legal and administrative details
The legal and administrative details required by law set oul on page 1 form part of this report.
Directors
The names of the persons who were directors during the year ended 31 December 2023 were as follows.,
SA Helms
J T Smith
RC Rogers
V Searle
J Janes (appointed 20 August 2023)
The key management personnel of the charity, who are the directors, are in charge of directing, controlling,
running and operating the charity on a day-to-day basis. All directors give of their time freely and no director
received any remuneration or reimbursed expenses In the year.
The company may appoint directors by ordinary resolution. Directors are not subject to retirement by
rotation. Directors may appoint a director, who would hold office until the next AGM at which he must be
reappointed. Directors are selected from those who are experienced in the workings of the charity and who
are therefore oriented thoroughly prior to consideration for appointment.
Constitution
Global SourceNet is a company limited by guarantee without share capital and is governed by its
Memorandum and Articles of Association dated 19 May 1998. Each member is liable to contribute up to a
maximum of £1 to the company's debt in the event of winding up. The company is administered by its
trustees who are also directors for the purpose of company law.
Results
The results for the year's operation are set out in the attached financial statements. The net decrease in
funds for the year amounted to -£5,949 (2022: net increase £3,769). The retained reserves at 31 December
2023 amount to £12,845 (2022: £18,799).
Review of activitles
In 2023 GSN continued resourcing charitable educational projects in Central Asia. GSN conducted
leadership training, cultural exchange, English clubs, summer camps, and continues in projects to alleviate
poverty. GSN continued to work to establish a permanent operation in Iraq. This was approved by the
governrnent in 20241 During 2023 GSN taught basic financial education courses, English classes, and
conducted summer camps for children. Continued research was carried out by GSN staff on important
ancient historical sites throughout the south with an eye towards creating a training program for Iraqis to
prepare them to serve as historical tour guides.
Future plans
GSN'S directors remain mindful of the need for careful stewardship of funds, to operate as efficiently as
possible, while maintaining the highest possible quality of service, to the greatest number of people to carry
out our stated purposes.
Page 2

GLOBAL SOURCENET
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)
Reserves
The charity holds free reserves to ensure that it can meet its foreseeable commitments, bearing in mind the
current level of activity and uncertain financial markets. The Trustees consider that the charity should aim
to maintain realisable reserves to cover an average of 30 days operating funds.
Risk assessment
The trustees have implemented systems to mitigate all major risks to which the charity is exposed. The
charity maintains a Corporate Risk Assessment and has reviewed the personal risks, the financial risks and
the compliance and administration risks which face the charily. The report sets out to highlight certain
pertinent areas where the charity should and has taken steps to mitigate the risks.
Of these identified risks, the trustees believe the greatest to be personnel risk. Many of these personnel live
in areas prone to disease, famine, drought, harsh living conditions and strife. The most the charity can do is
implement reasonable safeguards and policies intended to lessen the risk to personnel. To that end, the
charity has set in place the following policies..
The charity will maintain awareness of international and regional events, especially in areas of
involvement. The charity will monitor all international warnings and alerts, and will pass these
directly to all relevant personnel,.
Country directors have the authority to choose projects, relocate personnel, evacuate personnel,
and extricate the charity from any situation where there is a perceived risk to personnel;
Training and education is given to ensure that personnel understand the risks involved in their
particular situation, and that they personally accept these risks; and
The charity has established evacuation procedures for personnel living in volatile regions.
Fulfllment of the Charity Commlsslon guldellnes on Public Benefit
We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims
and objectives and planning our future activities. In particular, we consider how our planned activities will
contribute to the aims and objectives of the charity.
Page 3

GLOBAL SOURCENET
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)
Statement of Trustees, responsibilities
The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
Company law requires the directors to prepare financial statements for each financial period which give
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 directors are required to..
Select suitable accounting policies and apply them consistently:
observe the methods and principles in the Charities SORP
make judgements 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 its operations.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable
accuracy at any time the financial position of the charitable company and 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 of fraud and
other irregularities.
The Trustees, report has been prepared in accordance with the special provisions relating to small
companies within Part 15 of the Companies Act 2006.
APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY:
R C Rogers
Director
16 SEP 2024
International House
36-38 Cornhill
London
EC3V 3NG
Page 4

INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
GLOBAL SOURCENET
I report to the charity trustees on my examination of the accounts of the Global SourceNet for the year
ended 31 December 2023 set out on pages 6 to 10.
Responsibilities and basis of report
As the charity's trustees (who are also its directors for the purposes of company law) you are responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {"the
2006 Act").
Having satisfied myself 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, I report in respect of my examination of your
charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying
out my examination I have followed the directions given by the Charity Commission under Section 145{5)(b)
of the 2011 Act.
Independent examlner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with
the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Company as required by section 386 of the
2006 Act., or
the accounts do not accord with those records., or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act
other than any requirement that the accounts give a 'true and fair view, which is not a matter
considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles 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 the Republic of Ireland (FRS 102).
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.
R Hickson FCA CTA
Jacob Cavenagh & Skeet
5 Robin Hood Lane
Sutton
Surrey
SM12SW
Date: 16loqlzoZ
Page 5

GLOBAL SOURCENET
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Unrestricted
Funds
Unrestricted
Funds
Note
Income from:
Donations
Income from Charitab18 Activities
29,390
28,813
Total income
34,085
54,700
Expenditure on:
Charitable activities
Total expenditure
40,039
50,931
Net incomel(expenditure)
(5,954)
3,769
Reconciliatlon of funds
Funds brought fomard
Funds carried forward
All recognised gains and losses are reflected through the Statement of Financial Activities and all activities
were continuing.
Page 6

GLOBAL SOURCENET
BALANCE SHEET
AS AT31 DECEMBER 2023
Company No. 3569686
2023
2022
Note
Fixed assets
Investments
Current assets
Cash al bank and in hand
Other debtors
9,349
12,093
13,565
19,519
Creditors:
Amounts falling due within one year
720
720
Net current assets
Net assets
Funds
Unrestricted income funds
For the financial year ended 31 December 2023 the company was entitled to
exemption from audit under section 477 of the Companies Act 2006 relating to
small companies.
Directors, responsibilities..
The members have not required the company to obtain an audit of its
financial statements for the year in question in accordance with section 476
The directors acknowledge their responsibilities for complying with the
requirements of the Act with respect to accounling records and the
preparation of financial statements.
These financial statements have been prepared in accordance with the special
provisions relating to small companies within Part 15 of the Companies Act
2006 and were approved by the Board on 16 September 2024 and signed on
their behalf by:
R C Rogers
Director
Page 7

GLOBAL SOURCENET
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
Accounting convention
The financial statements are prepared under the historical cost convention, as modified for
investments at fair value, and in accordance with the Charities Statement of Recommended Practice
(Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), the Companies Act 2006
and applicable accounting standards.
Global SourceNet meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
There are no material uncertainties regarding the charity's ability to continue as a going concern.
Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available
for use at the discretion of the directors in furtheranc8 of the general charitable objectives.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the charity for particular purposes.
Income
Voluntary income and donations (including legacies) are accounted for once the charity has
entitlement to the income, it is probable the income will be received and the amount of income
receivable can be reliably measured. Where material assets are donated to the charity for its use,
these are capitalised at the estimated market value at the date of the gift and included under income.
Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for
longer term liabilities. Charitable expenditure includes all support costs in respect of the company's
activities and includes Governance costs, which represent all expenditure on compliance with statutory
and legal requirements. Where costs cannot be directly attributable to particular headings, they have
been allocated to activities on a basis consistent with use of resources.
Foreign currencies
Transactions in foreign currencies are translated at rates prevailing at the date of transaction.
Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the
year end. Differences arising from exchange gains or losses are taken to the Statement of Financial
Activities.
Investments
Investments are shown in the balance sheet at fair value. Where the fair value is not readily
ascertainable, the directors, best estimate is used. Gains or losses arising from revaluation are
recognised in the Statement of Financial Activities as appropriate.
Debtors
Gift aid recoverable and other debtors are included at the settlement amount due. Prepayrnents are
valued at the amount prepaid.
Page 8

GLOBAL SOURCENET
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)
ACCOUNTING POLICIES (contlnued)
Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of opening of the deposit.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a
past event that will probably result in the transfer of funds to a third party and the amount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised
at their settlement amount. Concessionary loans are included at historic cost.
Flnancial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value.
CHARITA8LE ACTIVITIES: Advancement of education and relief of poverty
2023
2022
Activities Undertaken Directly..
Project Costs
36,713
50,148
Support Costs..
Office costs
Governance - Independent Examination fees
Exchange {gain)Ilosses
1,076
660
63
720
NET (EXPENDITURE)IINCOME
2023
2022
This is stated after charging/(crediting)'.
(Gain)Iloss on exchange
EXECUTIVE COMMITTEE'S REMUNERATION AND REIMBURSED EXPENSES
The directors received no remuneration or reimbursed expenses from the company during 2023:£Nil
(2022.. £Nil).
There were no other related party transactions.
Page 9

GLOBAL SOURCENET
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)
SHARE CAPITAL
Global SourceNet is a company limited by guarantee and has no share capital. The liability of each
member is limited to £1.
INVESTMENTS
In 2021 Global SourceNet was gifted 100 % of the share capital of FIMAS Limited (Company number
03523615), a company providing financial and management services. These shares were valued at
£2,644 when given and revalued to fair value at the year end.
2023
2022
2 £1 ordinary shares
Value brought forward
Revalued
Value carried forward
Page 10