The Global Fund for Children UK Trust Annual Report and Financial Statements 30 June 2024 Company limf(ed by guarantee Registration Number 06031876 (England and Walesl Charity Registration Number 1119544
Contents Reports Referen and administrative information Report of the trustees Independent auditorfs report 12 Financial statements Statement of financial activities 17 Balance sheet Principal accounting policies 20 Notes to the financial statements 24 The Global Fund for Children UK Trust 1
Reference and administrative infomiation Trustees Marine Abiad Michel Antakly Carol Liew (appointed 29 October 2024) Antoine deGuillenchmidt- Treasurer John Hecklinger Kiran Moorthy Sonal Patel Muna Wehbe Mark Wilson - Chairman Registered and Operational address 4 Crown Place London EC2A 4BT Website www.globalfundforchildren.orgluk-trust Company number 06031876 (England and Wales) Registered charity number 1119544 (England and Wales) Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC UK Bank plc 1-3 Bishopsgate London EC2N 3AQ Solicitors Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE The Global Fund for Children UK Trust 1
Report of the trustees 30 June 2024 The trustees are pleased to present their report together with the consolidated financial statements for the year ending 30 June 2024. The reference and administrative information set out on page 1 forms part of this report., The financial statements comply with the Chartties Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). structure. governance and management The organisation is a charitable company limited by guarantee, incorporated on 18 December 2006 and registered as a charity on 7 June 2007. The company was established under a memorandum of association which established its objectives and powers, and is govemed under its articles of association, with Global Fund for Children (GFC) as the sole member. The CO-CEOS of GFC are members of the Board of Trustees and attends the UK Trust Board meetings, which are held four times a year. Established in the USA in 1994, GFC partners with community-based organisations around the world to help children and youth reach their full potential and advance their rights. GFC'S model combines flexible funding with capacity development services to help its partners realise transformational, youth-driven change. GFC'S partners emerge from the funding relationship as more sustainable and connected to the resources, people, and information they need to reach their goals. After graduation from GFC'S financial partnership, the partners remain vital peers and mentors in GFC'S growing global network. The Global Fund for Children UK Trust was registered as an independent charity on 7 June 2007 to extend the vision and mission ofGFC in the UK and mainland Europe. The UK Trust purchased the right to use the GFC brand for £1 and is required to adhere to the terms of the License Agreement beeen the two entities. Appointment of trustees The vision for the UK Trust Board is to assemble a group of individuals who combine entrepreneurial energy and field expertise with more established institutional perspectives. This mix is crucial to maintaining the organisation's innovative spirit while developing a sustainable institution. The Board is working to become more representative of the national and international communities and individuals the organisation seeks to serve. Board members are desired who represent a balance of ethnic, cultural, national, socioeconomic, gender, age, and geographic diversity. New trustees are nominated by existing Board members andlor the Co-ceo's. Candidates, biographies or Cvs are circulated to all existing Board members, and candidates are then interviewed by trustees and the chairman. The Global Fund for Children UK Trust 2
Report of the trustees 30 June 2024 structure, governance and management (continued) Appointment of trustees (continued) Candidates are approved by a vote of the UK Trust Trustees and then a written resolution is given by the US Board, signed by the Chair of the board of Directors. All new trustees receive access to all key documents relating to the charity's work and to their duties as a trustee and go through an onboarding orientation. Trustees are also encouraged to attend appropriate training sessions that will facilitate the undertaking of their role The Board of Trustees administers the charity. The CO-CEO, or a staff member working in that capacity, is appointed by the trustees to manage the day-to4ay operations of the UK Trust. The Board continues to review the risks of the charity on a periodic basis. The trustees are also directors for the purpose of the Companies Act 2006. Public benefrt The trustees refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. Objectives and activities GFC partners with local organisats'ons around the world to help children and youth reach their full potential and advance their rights. Over the past two decades, GFC'S grant-making and programme strategy has centred on directing flexible fijnding to nascent grassroots organisations employing a unique range of interventions to uphold the rights of children. Since 1997, GFC has invested $76 million in more than 1.100 community-based organisations, strengthening thousands of communities and reaching more than 11 million children and youth worldwide. GFC'S core objectives focus on three key activities.- GFC finds: GFC identifies innovative organizations everywhere- typically in the early stsges of their development - that are run by local leaders working with children and youth around the world. GFC funds: GFC funds its local partners, life-changing programmes for children and youth, as well as their organisational development The grants are flexible to maximise GFC'S impact and to meet needs that other funders are not willing to support. Together, GFC and its partners strengthen: GFC advises, mentors, and guides its partners, building mutual trust, accountability, and enduring relationships. The targeted capacity development provided helps its partners grow stronger and more responsive to challenges on the ground. The Global Fund for Children UK Trust 3
Report of the trustees 30 June 2024 Objectives and activities (continued) Ourpmgramme focus GFC builds networks: GFC connects its partners to each other and to national and regional netrrforks. GFC brings together brilliant minds to share knowledge, generate learning, fuel advocacy, and build movements of social change. When its partners graduate, GFC stands proud: GFC'S partners emerge more sustainable and connected to the resources, people, and information they need to reach their goals. After graduation from the financial partnership, GFC'S partners remain vital peers and mentors in GFC'S growing global network. GFC'S programme focus GFC'S grant making and programme strategy emphasise five programmatic focus areas: Education - working to secure equal access to high-quality education for all children, irrespective of any obstacles that may stand in their way. Read about GFC artners in Ne accessible for all. al who are working to make education fun and Gender Justice GFC and our partners promote gender equity, advance girls, education, inspire healthy masculinities, support the rights of LGBTQ+ youth, and ensure that young people live free from gender-based violence and exploitation. Read about the AdoleSnt InfluenrS Movementfor Gender E uali who are a group of youth aged 13-25 who, with the support of GFC, are fighting to deconstruct gender stereotypes in West Africa. Youth Power-young people are achieving incredible things - creating change in the present and shaping the future. We help young people become leaders and changemakers, making sure they have the opportunities, skills, and confidence to tackle the issues central to their lives and their communities. Read about the involvement of adoleSntS and Senegal, co-created by GFC and Tostan. outh in a wellbein summit in Safety and Well-Being - GFC and its partners are committed to ending violence and exploitation of children, to helping young survivors rebuild their lives, and to protecting the mental health and wellbeing of every child and young person. Read about our men and boys. artner in Thailand who is fighting the trafficking and exploitation of The Global Fund for Children UK Trust 4
Report of the trustees 30 June 2024 GFC'S programme focus (continued) Climate Resilience-young people are mobilizing to address climate change. They are building resilience in their communities, educating their families and communities, advocating for policy changes, and stewarding the environment. We work with young leaders and youth-led organizations finding real solutions for both people and the planet. GFC'S implementation approach emphasises building allianS and neorkS across its local partners to support collective action. including community-wide, locally driven policies and legal protections to ensure that children and youth are provided for and protected, and participate in the full realisation of their rights. Impact and sustainability In the last 30 years, GFC has transformed the lives of more than 11 million children woridwide by supporting meaningful change where it stands to do the most good. in the heart ofcommunities. In the same period, GFC has identified over 1,100 local organisations in more than 80 countries and supported them with grants and technical assistance totalling over $76 million. On average, partners, budgets triple during their GFC partnership, enabling them to expand the size and impact of their programmes and to reach greater numbers of children in more and better ways GFC partners have been honoured with hundreds of national and international awards in recognition of their work. including 11 World's Children's Prizes, 37 Ashoka Fellowships. eight CNN Heroes Awards, and 9 With and For Gir5s Awards. Achievements and perfom)ance 2023124 saw the UK Trust celebrate GFC'S 301h year globally. We hosted a 30th anniversary gala in London in April 2024, implemented new UK wide programmes, moved into a new office and cemented the infrastructure needed to support the continued growth that the organisation continues to experience. GFC also moved to a new leadership structure, with Hayley Roffey (previous Global Managing Director) becoming CO-CEO with current CEO and President, John Hecklinger in March 2024. They lead the organisation in a Co- leadership structure, and both sit on the Executive Board. In 2023124 GFC UK Trust welcomed the first full time Global Designated Safeguard lead to GFC, as well as expanded the financial team in the UK, recognising the need for additional capacity and UK financial expertise to match the increased needs of a bigger team. We also welcomed a new Director of Learning and Evaluation to the UK Trust, as well as three new members of programs staff. In 202312024, the UK Trust entered into a new significant relationship with Peoples Postcode Lottery IPPLI who had been funding GFC'S work since 202012021 for specific, restricted projects. The Global Fund for Children UK Trust 5
Report of the trustees 30 June 2024 Achievements and performance (continued) Moving fopward, GFC will receive an annual, unrestricted grant of £800,000 of core funding from PPL. This funding has been pledged for a minimum of three years and will be paid quarterly, providing GFC with secure, long term core support which adds to the confidence of the overall organisation in meeting its, overhead expenditure. This funding has also provided resour to add a full time Senior Manager role to the marketing and communications team. The UK Trust has eXperiend a decrease in income this year, but an increase in expenditure which is the result of work completed in 2022123 as cited in last year's financial report. Our team has also continued to work with our colleagues around the world to ensure that GFC has globally grown income. As a result, GFC will report $15 million in revenue for year ended 30 June 2024 in its consolidated statement of activities. In the UK, we are reporting £9.5 million in revenue for 30 June 2024. We are also pleased to report an increase in our reserves, from two months operating to three. GFC'S grantmaking programmo In 2023124, GFC awarded $7.6 million in grants. Almost all the grants were restricted to specific funders and met a deliverable towards the funderfs support. Included in this amount were 141 grants made directly from the UK Trust to GFC grantee partners, which totalled £4.33m.The grants from the UKTrustto GFC grantee partners included many different kinds of GFC grants. These grants included organisational development grants, which support areas such as strategic planning, financial and management information systems, monitoring and evaluation, and fundraising,. opportunity grants, which support partners to attend conferences or trainings or develop their organisational visibility and capacity., emergency grants, which help partners in emergency situations such as post-disaster relief., and convening grants, which allow partners to organise their own workshops for sharing knowledge with other GFC partners and organisations in their nelworks. Safeguarding children and youth This year GFC onboarded a full-time Global Designated Safeguarding Lead IGDSL). They have conducted a full review of our current policies, procedures and practices and rewritten the Safeguarding Policy. This will be approved by the Board in Q1 next year. The new policy focuses on children, adults and staff and explores the importance of contextually relevant safeguarding to ensure our approach is able to be delivered worldwide while ensuring we meet our statutory requirements. In addition, the new GDSL has increased safeguarding support across the GFC team and to our partners to ensure we are able to respond to incidents quickly and appropriately. As well as inicident support, support for partners also includes capacity development and knowledge exchanges. The Global Fund for Children UK Trust 6
Report of the trustees 30 June 2024 Financial review Total funds 2024 Total funds 2023 Unrestricted funds Restricted funds UnstriCted Restricted funds funds Results for the year Income from: Donations and legacies Other income Interest receivable 1.226.777 30.503 1,069 1.258,349 8.135,013 9.361.790 84.403 114,906 1.069 .219,416 9,477.765 366,596 14,878.901 15,245,497 42.155 42.155 2,108 2,108 368,704 14,921,056 15.289,760 Total income Expenditure on- Raising funds Charitable activities Grants awarded and Project costs Support costs Total expenditure 354.209 354.209 136,588 136,588 332,734 405.878 1.092.821 5,435,399 5,768,133 121.388 527.266 5.556.787 6.649.608 144,037 2,227,859 2,371.896 31.748 385,112 396.860 312,373 2.592,971 2,905,344 Net income 165.528 2.662,629 2,828,157 56,331 12,328,085 12,384,416 Results for the year Fiscal year 2023124 kicked off to a great start due to the locking in of £4.38 million over three years grant towards the new Young Gamechangers Fund initiative to make grants directly to individual young people throughout the UK and securing a three year funding from OAK Foundation worth £3.55 million. Securing these grants is testament of the growth in the UK Trust operations in Europe and the fundraising team have set sights for further growth in fiscal year 2024125. Total Expenditure for the fiscal year 2023124 went up due to prior secured pledges being received and grants expenses being made. Reserves policy and financial position The UK Trust has decided that it would be prudent to hold as a minimum, an equivalent of o months, expenditure for staff and overhead costs in reserve, which amounts to approximately £85.000 for the new financial year ending 30 June 2025. At 30 June 2024, the total fvnds of the chartty, which are equivalent to its free reserves, amounted to £627.927 (2023 - £462.399}. Free reserves at yearend therefore satisfy the above reserves policy. Any available balance above this limit is part of our regular operating cash, which is available to meet the ongoing needs of the organisation. The Board of Trustees receives and reviews a revenue and expense dashboard, with an update on cashflow and reserves, on a regular basis and create a plan to reduce costs if reserves are forecast to dip below an agreed-upon threshold six months in the future. GFC will continue to provide cash flow assistsnce to the UK Trust if needed for the upcoming year. Investment policy At present. the policy for the UK Trust is to invest only in cash deposits. The Global Fund for Children UK Trust 7
Report of the trustees 30 June 2024 Fundraising Throughout the last year GFC UK Trust has continued to work to a high standard with all its fundraising activities, ensuring that we operate with full transparency and regularly communicate our impact to our supporters, whether large or small. We provide regular reporting to all our institutional and ft)undation donors and provide extensive opportunities for our supporters to engage directly with our work. We have continued to adhere to the Code of Fundraising Practice following our initial registration with the Fundraising Regulator in 2023. The UK Trust takes significant steps to ensure the data of all our supporters and network members is secure. We never exchange data or private information with any other fundraising entities, and we regularly provide supporters and donors with the opportunity to change their communication preferens, from the type through to the regularity of the updates that they re1Ve.AS in previous years, the charity manages all of its fundraising activities in-house and does not employ any external fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service.Throughout 2023124 the charity received no complaints about its fundraising activities. The charity raises funds for the programs it implements both here in the UK and around the world. In certain cases, the UK Trust makes grants to support the work of its Us-based afriliate. Throughout the last year. the charity has further expanded its fijndraising team, hiring a Directorof Major Gifts to lead on all individual fundraising and to supportwith managing donor relationships in the UK and throughout Europe. Earlier in the year, the UK Trust hosted a 30th anniversary fundraising gala, that provide an opportunity for our staff and partners to share highlights from their work supporting children and young people around the world. Principal risks and uncertainties The trustees and key management personnel carry out an annual Risk Management Review. The trustees review these risks on an annual basis, at a minimum, to satisfy themselves that adequate systems and procedures are in place to manage the risks identified, and to ensure that appropriate mitigating actions are taken. Mhen completed, this review is documented in the minutes of the relevant meeting of the trustees As the UK Trust relies on donations, the principal risk is the impact of the economic climate for grant funding and donations. An evaluation is made of potential and actual funding events to ensure that the UK Trust's resources are used in the most effective manner and achieve value for money. Of course, like many charities. the UK Trust is impacted by the continued global cost of living crisis and woddwide financial instability and its effect on charitable giving, as well as multiple elections in 2024 in the countries we are registered in (UK and USI. This poses a risk to the UK Trust, but also an opportunity to play a leading role in facilitating funding flows to organisations working directly with affected communities globally. The Board of Trustees receives and reviews the revenue and expense dashboard on a regular basis. This dashboard provides an update on cashflow and reserves along with a plan to reduce costs if reserves forecast dips below an agreed-upon threshold of two months in the future. In this way, the UK Trust and GFC can react quickly to changing conditions and any shocks to the revenue pipeline. The Global Fund for Children UK Trust
Report of the trustees 30 June 2024 Plans for future periods In 2023124, the UK Trust covered its own costs for the whole year and benefitted from operational support from GFC. In 2024125. this will continue as the UK Trust continues to grow and raises new revenues of income. The UK Trust continues to play a key role in raising emergency funds for crises, as they happen around the world, and will continue to work with new corporate partners and individuals in response to these emergencies to raise flexible income which we can disburse efficiently and safely. In 2023124, GFC began the new £4.38 million, three-year partnership, with Co-op Foundation, #iwillFund, Restless Development and GFC, to make grants directly to individual young people throughout the UK. The Board of Trustees are aware a challenge remains, as the world continues to operate within global economic instability, and it will work closely with the CO-CEO'S to ensure key decisions are made at critical times. The UK team are embedded fully in the global infrastructure and are supporting organisation wide objectives, in line with our five-year strategic vision. The Board of Trustees will continue to develop, plan, and launch new initiatives to expand the UK Trust's donor base.The calendar year 2024 is Global Fund for Children's 30th year and events will continue throughout Q1 and Q2 of FY25. The organisation has a range of projects, events and campaigns planned throughout the year to acknowledge this. GFC plan to lebrate progress and impact, but even more importantly to shine a light on the significant and urgent steps that need to be made around the world to make a fairer, safer and healthier future for children and young people. The Board of Trustees looks foNard to collaborating with the GFC stsff to continue a series of matching campaigns and salon dinner style events to maximise the new contacts made following the 30th gala, to ensure that sufficient unrestricted funds flow into the UK Trust after witnessing their success in the last financial year. The theme ofthe 30th Anniversary Gala.. One Worfd, One Childhoodwas evident throughout the evening as we shared our work past and present, and our future calls for action with a specially invited group oftrustees, funders. and supporters. old and new, all emceed by GFC'S global ambassador and Emmy award winner, Zuri Hall. The gala raised $1 million in unrestricted income for GFC globally. Key management remuneration policies Key management of the charity is regarded as its trustees and the CO-CEO and the Deputy Director. The CO-CEO remuneration is set by GFC, with consideration from the UK Board of Trustees, and is reviewed annually. A number of criteria are used in setting pay.. the nature of the role and its responsibilities. competitor salaries in the global sector, and the sector average salary for comparable positions. End-of-year performance evaluations, where goals and targets are set, are reviewed by the trustees. The Global Fund for Children UK Trust 9
Report of the trustees 30 June 2024 Going concem The trustees assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concem. The trustees make this assessment for a period of one year from the date of approval of the financial statements. After reviewing the UK Trust's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue its operational existence for the foreseeable future. The key factors for this expectation are as follows- The UK Trust Board is confident that the senior management team in the US and the CO-CEO in the UK are well plad as GFC enters a new phase of discovery and innovation. The UK Board is fully committed and is looking forward to another successful year of bringing in new resources, expanding our reach, raising awareness and funding the forefront of social change. The UK Team, with the supportfrom the US office, will continue to establish partnerships with UK and European based institutions with a focus on both domestic and international based programming. The fully integrated US and UK Team will continue to find opportunities to introduce new board members to partners and connecting them thoughtfully with GFC'S work. The UK Trust will continue to support the growth of FSC and ensure its sustainability by securing sustainable investment GFC will continue to provide cash flow assistance to the UK Trust if needed for the upcoming year. Trustees, responsibilities statement The trustees {who are also directors of The Global Fund for Children UK Trust for the purposes of company law) are responsible for preparing the trustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to.. • select suitable accounting policies and then apply them consistently; • observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS The Global Fund for Children UK Trust 10
Report of the trustees 30 June 2024 Trustees, responsibilities statement (continued) make judgements and estimates that are reasonable and prudent., state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that 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 and detection of fraud and other irregularities. Each of the trustees confirms that: so faras the trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware. and the trustee has taken all the steps that helshe ought to have taken as a trustee in order to make himselflherself aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. This confirmation is given and should be interpreted in accordan with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website_ Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees and signed on their behalf by: Trustee.. Approved on" LVKk LIL54Yr IdLC The Global Fund for Children UK Trust 11
Independent auditorfs report Year to 30 June 2024 Independent auditovs report to the members of The Global Fund for Children UK Trust We have audited the financial statements of The Global Fund for Children UK Trust (the 'charitable company,) for the year ended 30 June 2024 which comprise the statement of financial activities, the balan sheet, statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Practice). In our opinion, the financial statements.. + give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its income and expenditure for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. The Global Fund ft)r Children UK Trust 12
Independent auditorfs report Year to 30 June 2024 Other information The other information comprises the information included in the annual report and financial ststements. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other inft)rmation contained within the annual report and financial ststements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. • the information given in the trustees, report, which is also the directors, report for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements., and • the trustees, report. which is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ofthe knowledge and understanding ofthe charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or • the financial statements are not in agreement with the accounting records and returns; or rtain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit,. or • the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. The Global Fund for Children UK Trust 13
Independent auditorfs report Year to 30 June 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements 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 error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We 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.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- and • we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined thatthe most significantframeworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Ststement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011). The Global Fund for Children UK Trust 14
Independent auditorfs report Year to 30 June 2024 Auditor's responsibilities for the audit of the financial statements (continued) We assessed the susceptibility of the charitable company's financial ststements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to their knowledge ofactual, suspected and alleged fraud.. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions, and assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. review of the minutes of meetings of those charged with governance., and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditols report. The Global Fund for Children UK Trust 15
Independent auditorfs report Year to 30 June 2024 Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an audito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable ompany and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Shachi Blakemore (Senior Ststutory Auditor) For and on behalf of Buzzacott LLP. Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 24 January 2025 The Global Fund for Children UK Trust 16
statement of financial activities Year to 30 June 2024 Total funds 2024 Total fund5 2023 Unrestricted Restricted funds funds Unrestricted Restricted funds funds Notes Income from: Donations and legacies Other income Interest receivable Totsl income 1.226.777 30.503 1,069 1,258.349 8,135.013 9,361.790 84,403 114,906 1,069 .219.416 9.477,765 366,596 14,878,901 15,245,497 42,155 42.155 2,108 2,108 368,704 14,921,056 15,289.760 Expenditure on: Raising funds Charitable a¢iivities . Grants awarded and Project costs Support costs Total expenditure 354.209 354,209 136,588 136.588 332.734 405.878 1.092.821 5,435.399 5.768,133 121.388 527,266 5,556,787 6,649,608 144,037 2,227,859 31,748 365,112 312,373 2.592,971 2,371,896 396.860 2,905.344 Net incom8 165.528 2.662.629 2.828,157 56,331 12,328,085 12,384.416 Transfers between funds Net movements in funds 16S,528 2.662,629 2.828,157 56,331 12,328,085 12,384,416 Reconciliation of funds= Fund balan$ brought fofward al 1Juty 462,399 12.915,171 13,377,570 406,068 587,086 993,154 Fund balances carried forward at 30 June 627,927 15.577.800 16,205,727 462.399 12.915.171 13,377,570 All of the charity's activities derived from continuing operations during the above two financial years. All recognised gains and losses are included in the statement of financial activities. The Global Fund for Children UK Trust 17
Balance Sheet as at 30 June 2024 2024 2024 2023 2023 Notes Current assets Debtors Cash at bank and in hand 9 9,712,000 6.920,464 16.632.464 9,237,885 4,327.236 13.565,121 Liabilities: Creditors= amounts falling due within one year Net current assets 10 (426.737) 16.205.727 {187,551) 13,377,570 Total net assets 16.205.727 13,377.570 The funds of the charity: Unrestricted funds General funds 627.927 462,399 627,927 15.577,800 16,205,727 462.399 12.915,171 13,377,570 Restricted funds The notes on pages 24 to 31 form part of these financial statements. Approved by the trustees and signed on their behalf by.. Trustee.. Ak" J•L4•hJ Approved on.. Company Registration Number. 06031876 {England and Wales) Charity Registration Number: 1119544 (England and Wales) The Global Fund for Children UK Trust 18
statement of cash flows Year to 30 June 2024 2024 2023 Notes Cash flows from operating activitie5: Nel cash provided by operating adivities A 2.592,159 3,476.313 Cash ftows from investing activities: Interest received Net cash provided by investing activities 1.069 1,069 2,108 2,108 Change in cash and cash equivalents in the year 2,593,228 3,478,421 Cash and cash equivalents at 1 July B 4,327,236 848.815 Cash and cash equivalents at 30 June B 6,920,464 4,327,236 Notes to the statement of cash flows for the year to 30 June A Reconciliation of net movement in funds to net cash provided by operating activities 2024 2023 Net movement in funds (as perthe statement of financial a¢tivitiesl 2.828.157 12.384,416 AdjustTnents for: Interest re1vable (Increase) in debtors Increase in creditors Net cash provided by operating activities 11,069) {2,108) (474,1151 19,030,057) 239186 124,062 2,592,159 3,476,313 B Analysis of changes in net debt 2023 Cash flows 2024 Cash al bank and in hand Total cash and cash equivalents 4,327.236 4,327,236 2.593.228 2,593,228 6,920,464 6.920,464 The Global Fund for Children UK Trust 19
Principal accounting policies Year to 30 June 2024 Basis of preparation The principal accounting policies adopted, judgements and key SoUrS of estimation uncertainty in the preparation of the financial statements are laid out below. These financial statements have been prepared for the year to 30 June 2024, with comparative information provided in respect of the year to 30 June 2023. The financial statements have been ppared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland {Chanties SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The chartty constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: • the allocation of staff costs beeen support costs, expenditure on raising funds and expenditure on charitable activities. estimates made in relation to fijture income and expenditure flows for the purpose of assessing going concem in the light of the ongoing Coronavirus pandemic. Assessment of going concern The trustees assess whether the use of going concern is appropriate" i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment for a period of one year from the date ofapproval ofthe financial statements After reviewing the UK Trust's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue its operational existence for the foreseeable future. The key factors for this expectation are as follows.. The Board is confident that the senior management team in the US and the CO-CEO in the UK are well placed to lead GFC. The Global Fund for Children UK Trust 20
Principal accounting policies Year to 30 June 2024 Assessment of going concern (continued) The Board is fully committed and is looking ft)rward to another successful year of bringing in new resources, expanding our reach, raising awareness and funding the forefront of social change We are looking fotward to welcoming new trustees in FY25, and continue to enjoy full and engaged support from the UK Trustees. The UK Trust with the support from the US office will continue to establish partnerships with UK and European based institutions with a focus on both domestic and international based programming. The fully integrated US and UK Team will continue to find opportunities to introduce new board members to partners and connecting them thoughtfully with the GFC'S work, with a donor trip tentatively scheduled for FY25. GFC will start hosting regular in-person salon style dinners and events to expand its donor base, beginning with a dinner in LA in September 2024. The Trust will further its funding relationships with institutions such as PPL. Funders Safeguarding Collaborative (FSCI will continue to build on its membership neOrk and provide technical support and training on matters related to safeguarding. • GFC will conts'nue to provide cashflow assistan to the UK Trust if needed for the upcoming year. The trustees have therefore concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern, and that the use of the going conr basis of preparation for these financial statements is appropnate. Income recognition Income is recognised in the period in which the charity has entitlement to the income, the amount of income rAn be measured reliably and it is probable that the income will be received. Income comprises donations, grants from trusts, and interest receivable. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the reIpt is considered probable In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Iere donors specify that donations and grants must be used in future accounting periods, the income is deferred. The Global Fund for Children UK Trust 21
Principal accounting policies Year to 30 June 2024 Income recognition (continued) Grants from trusts are credited to income when the charity has both confirmation of the amount and entitlement to the income. In the event of grants confirmed but not received, the amount is accrued for where the receipt is considered probable. Interest is included when it is recetvable and the amount can be measured reliably by the charity. This is usually on notification of the interest receivable from the bank. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs (including governan costs). All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification beeen activities is as follows.. + Expenditure on raising funds includes all expenditure associated with fundraising, including applicable staff costs. + Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity by supporting children across the globe. Such costs include charitable grants, direct costs and support costs including governance costs. • Grants and donations are included in the statement offinancial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end. All expenditure is stated inclusive of irrecoverable VAT. Allocation of support and governance costs Support costs represent indirect charitsble expenditure. In order to carry out the primary purposes of the charity it is neSSary to provide support in the form of personnel, financial procedures, provision of office services and equipment and a suitable working environment. Staff costs are allocated between raising funds and charitable activities on the basis of time spent on these activities by staff. Governan costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Debtors Debtors are recognised attheir settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. The Global Fund for Children UK Trust 22
Principal accounting policies Year to 30 June 2024 Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than thr* months from the date of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. Fund structure Funds held by the charity are either. Unrestricted general funds- these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds these are funds that can only be used for particular restricted purposes within the objects ofthe charity. Restrictions 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 is included in the notes to these financial statements. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Pension contributions Contributions in respect of the charity's defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity's contributions are restricted to the contributions disclosed in the notes to the financial statements. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees, contributions. Operating leases Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the lease term. The Global Fund for Children UK Trust 23
Notes to the financial statements Year to 30 June 2024 1 Income from: Donations, grants and legacies Un- restri¢ted Restri¢ted Un- restricted 2024 Reslricled 2023 General donations Gifts-ln-li'nd donations Gift Aid Grants recewed Gala donations 75.931 21,519 6.975 680.832 441.520 1.226,777 21.$00 97,431 21,519 6.975 ,794.345 441.520 9,361,790 135.253 71,738 206,991 22,381 3,502 25,883 5,753 6,555 12,308 203.209 14.797,106 15.000,315 .113.513 Total funds .135,013 366,596 14,878,901 15,245,497 2 Expenditure on.. Raising funds Unrestricted funds 2024 2023 Staff costs (note 6) Fundraising Events 184,200 170,009 354,209 136,588 136,588 3 Expenditure on: Charitable activities - grants awarded and project costs Un- restrlcted Restrlcted Un- restricted 2024 Restricted 2023 Grants awarded Staff costs Inole 61 Other Project Related Costs Project related costs lo GFC US (note 131 Total funds 4.334,276 808,446 4.334,276 861.946 5,957 138,080 1.951.416 197,679 1,957,373 335,759 53,500 100.851 142.103 242.954 49,407 49,407 178,383 332,734 150,574 5.435,399 328,957 5,768,133 29,357 29,357 2.227,859 2,371.896 144,037 Charitable activities - grants awarded by category Total funds 2024 2023 Primary grants Emergency grants Institutional Partnership grants Opportunity grants Phoenix Fund grants 590.133 5.400 308,473 8.957 3,421.313 4,334.276 271,861 99,957 48,375 1.537,180 1,957.373 Grants were awarded to institutions £4,294,276 and individuals £40,000. The Global Fund for Children UK Trust 24
Notes to the financial statements Year to 30 June 2024 3 Expenditure on: (continued) Charitable activities - grants awarded Restricted funds 2024 2023 Action pour le Developpement et la Protection de la Famille BEAP Community Partner Black South Wesl Network Fight for Right Generation Femme du 3eme Millenaire Impacl Hub Bradford CIC Kanlungan Filipino Consortium Lancashire BME Nelwork SILOE South Asian Health Action Tasif Khan Community Boxing Academy The Angelou Cenlre The Ubele Inilialive Wesl Bowling Youth Initiative Grants under £20.000 Restless Development Bury Defen Academy Eglise Armee des Vainqueurs The Urban Equestrian Academy Free Your Mind Blossorn Anima Youth African Youth Arise Believe Achieve Grants below £50,000 20.000 22,500 200,000 40,000 22,000 200,000 200,000 200,000 22,000 200,000 39,400 200,000 337,180 39,400 214,893 444.484 308,473 65,000 50,000 50,000 50.000 50.000 70,000 so,000 70,000 3,126,319 4.334.276 1,957.373 4 Support costs Total funds 2024 2023 Staff costs (note 61 Other staff cos15 Staff training and development Bank charges Insurance Postage and prTnling Telecommunications and media Professional and legal fees conferen and membership Office expenses Travel and subsisten Technology costs Office rent Govemance c051s 112,014 2,587 26,727 1,849 7,838 253 2,657 26,655 3,792 16,128 128,238 16,996 153,603 27,929 527,266 116.571 2,713 12,831 2.000 2,673 149 1,970 68,223 8,799 1,745 67,113 3,900 79,273 28,900 396,880 The Global Fund for Children UK Trust 25
Notes to the financial statements Year to 30 June 2024 4 Support costs (continued) Of the above expenditure, £121.388 of support costs related to the restricted fund12023 - £91,991 of staff costs and £273,121 of support costs related to the restricted fund). 5 Net income lexpenditure) This is stated after charging.. 2024 2023 Audilorfs remuneration Audit seNices . Other services 21,000 6,929 16,800 20.029 6 Staff costs 2024 2023 Salaries and wages Social security costs Pension contributions 976.224 106,572 75.364 1,158,160 481,718 52,960 54,240 588,918 2024 2023 Summary of slaff costs.. Raising funds Project costs Support Costs 184,200 861.946 112,014 1.158.160 136,588 335,759 116,571 588.918 2024 2023 £60,000 - £69,999 £70,000 - £79,999 £80,CQO- 89.000 £90,000 - £99,999 £120,000- £129,999 £150,000- £159,999 Contributions of £35,035 (2023 - £30,796) were paid for the provision of money purchase pension benefits in respect of these employees. Termination payments of £23.917 were made dunng the year. There were no amounts outstanding at 30 June 2024. The average number of employees during the year was.. 2024 2023 Full time 15.9 Part time Full lime Part time Average number The Global Fund for Children UK Trust 26
Notes to the financial ststements Year to 30 June 2024 6 Staff costs (continued) No trustee, or any person connected to them, reiVed any reimbursement of expenses during the year {2023- none) 7 Key management personnel The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to4ay basis comprise the trustees, CO-CEO and Senior Directors. The total remuneration amounted to £424,595 during the year12023 £206,181) 8 Taxation The Global Fund for Children UK Trust is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 9 Debtors 2024 2023 Grants receivable Amounts owed from related parties Prepayments and other debtors 9.634,097 9,061,960 89,420 86,505 9,237,885 77.903 9,712,000 10 Creditors: Amounts falling due within one year 2024 2023 Amounts owng to related parties Expense creditors and accruals Grants payable Taxes and social security 143.818 82.485 165.533 34.901 426.737 63,164 101,154 23,233 187,551 11 Restricted funds At 1 July 2023 At 30 June 2024 Income Expendrture Transfers National Lottery Communtty Fund Boys and Young Men Inrtialive Spark Fund Funder5 Safeguarding Consortium Emergenry Response Fund 485.363 6.941 (136.5971 116.5441 348,766 28,441 38.044 314.953 8.233 34.658 11,761,688 300.000 172,172 17.003 {293.4401 125.2361 134,6581 13.871.173) {1.140.3521 193,685 Phoenix Fund Young Gamechangers Fund OAK Foun¢Jalion Other Restricted Fund5 321.745 4.080.000 3.555.000 35,452 8,219.416 8,212,260 3,239,648 3,555,000 3.335 12.915.171 138.787) 15.556.787) 15,577,800 The Global Fund for Children UK Trust 27
Notes to the financial statements Year to 30 June 2024 11 Restricted funds (continued} At 1 July 2022 Al 30June 2023 Income Expenditu Transfers PEAK Initialwe People's Postcode Lottery National Lottery Communty Fund 8oys and Young Men InitiatNe Swedish Postcode Lottery Spath Fund Funders Safeguartling Consortium Emergency Respjnse Fund IWII Phoenix Fund Young Gamechangets Fund Other RestriGted Funds 35,568 (32,233) (198. 733) 3,335 198.733 499,910 (14.547J (20,386) (41,997) 485,363 20,386 48,938 6,947 329.448 38,519 119, 102 85,668 202,888 13.617.449 300.000 11.533 14,921,056 (133,597) (115.954) (168.230) (1,855,761) 314,953 8,233 34.658 11,761.688 300,000 f11,533) f2.592.971) 587,086 12,915,171 Boys and Young Men Initiative: Exploring Masculinities in England (The National Lottery Community Fund and People's Postcode Lottery) The Boys and Young Men (BYM) Initiative was originally launched by GFC in 2020, supported by The National Lottery Community Fund, to pilot a new and innovative neork of community-based organisations across England focused on working with young people around positive, healthy and expansive masculinities. During the 18-month pilot, the partners supported over 8.000 boys and young men in England. Based on learning from the pilot, phase of the Initiative launched in January 2023 with three years of support from The National Lottery Community Fund. This phase is focused on exploring work around masculinities and trauma. intersections and youth voice and partners have advanced innovative youth-led peer support for young men around online misogyny and extremism, addressing community tensions and anger, conducted research on young Black men's experiences of masculinities. The BYM Initiative continues to seek to bring new funder partnerships around this work, reflecting that there is a gender equity funding for work with boys and young men in the UK. In the past year, GFC provided flexible emergency grants to partners and has identified additional funding from the People's Postcode Lottery to resource two years of flexible annual grants to BYM community partners. The Global Fund for Children UK Trust 28
Notes to the financial statements Year to 30 June 2024 11 Restricted funds (continued) The Phoenix Way (The Youth Endowment Fund, Fondation CHANEL, Lloyd's Bank Foundation for England and Wales) The Phoenix Fund was established in 2020 with the SUPFX)rt of The National Lottery Community Fund and GFC and gave over £2 million in grants to Black and racially minoritised community groups across England in 2020121 during the COVID-19 crisis. In 2022123, the Phoenix Fund was relaunched as the Phoenix Way. The Phoenix Way, led by community leaders across England and supported by GFC, is a grantmaking initiative aimed at transfomiing Black and racially minoritised communities in the UK. It was established in partnership with six Regional Leads and with the support of several UK funders, including The Youth Endowment Fund, Fondation CHANEL and the Lloyds Bank Foundation for England & Wales to build on the SucsS of the 2020 emergency fund. GFC is acting as grant administrator for the Phoenix Way unts'l 2026 in order to support the long-term growth, sustainability and independence of the Phoenix Way Since the launch of The Phoenix Way in 2022, GFC has administered over £3 million in grants to Black and racially minoritised groups and organisations across England and Wales through the Phoenix Way's innovative community-led participatory grantmaking approach, as well as supporting the development of regional and national infrastructure organisations implementing the Phoenix Way locally through the provision of larger infrastructure grants Investing in Youth Social Action (#iwill Fund and GFC) In a match funding partnership with the #iwill Fund, GFC'S 'lnvesting in youth social action for boys, programme supports four community-based organisations in Bradford, West Yorkshire with £150.000 in grants over an 18 month period. This tsrgeted, place-based initiative seeks to better understand and address the barriers to boys aged 10-14 in engaging with youth social action. Our partner organisations are actively working with boys aged 10-14 on a diverse range of social action. including packing and delivering food parcels, volunteering at community events and developing a community shop, throughout Bradford District. GFC is providing capacity development to partners in collaboration with local infrastructure partner, Impact Hub Bradford. The #iwill Fund is made possible thanks to a £66 million joint investment from The National Lottery Community Fund and the Department for Culture, Media and Sport IDCMSI to support young people to access high quality social action opportunities. Young Gamechangers Fund (C04)p Foundation, the Co-op. #iwill Fund) In partnership with Restless Development. GFC is delivering the participatory Young Gamechangers Fund. Built on the shared understanding that for too long, young people have been left out of the decisions that affect them the most, the £4.5m Young Gamechangers Fund, funded by the Co-op, the Co-op Foundation and the #iwill Fund will tackle this head on with grants of up to £20,000 a year for young people transforming communities into safer, more sustainable and more inclusive places to live. GFC, in partnership with our Young Gamechangers Fund partners and our youth-led steering group, have set up a new co4esigned participatory fvnd that invests in youth-led organisations, groups and individual children and young people leading change in their communities. In the first year, GFC has administered grants totalling over £600,000 to 34 partners across the whole of the UK, making grants in both Scotland and Northem Ireland for the first time. The Global Fund for Children UK Trust 29
Notes to the financial statements Year to 30 June 2024 11 Restricted funds (continued) Survivor-led Activism Fund (Oak Foundation) The Survivor-led Activism Fund is a new survivor-led, advocacy-focused fund aimed at preventing child sexual abuse in Europe. With funding from the Oak Foundation, GFC will set up and deliver an innovative, participatory fund that will be shaped by a survivor-led steering group and will be designed and delivered in accordance with participatory grantmaking and gOvefflan structures. Wth an initial focus on mapping and participatory design, the new fund will be launched in 2025 and will seek to fund and provide trauma- informed capacity development support to survivor-led advocacy efforts within Europe. Funder Safeguarding Collaborative GFC helped launch the Funder Safeguarding Collaborative (FSC) back in 2021. FSC is now a vibrant community of over 90 Foundations who together wield an annual grant-making budget ofover $8 Billion. In 2024, FSC launched a four-year strategy. aimed at transforming the role of funders in safeguarding, driving action to create safer organizational practices and cultures. As the only philanthropic support organisation dedicated to safeguarding, FSC closes a gap by offering high quality, specialist support that is tailored to the needs of grant- makers. All the knowledge and income generated by FSC'S work is reinvested in the neIOrk, helping transform grant-making for the better. FSC'S strategy builds on its theory of change and its three inteNoven strategic objectives which together maximise the potential and power of funders, to make organisations safer. First, generating new knowledge and strengthening the evidence base on safeguarding, allows FSC to confidently champion safeguarding among the wider philanthropic community. FSC builds awareness, understanding, and influences grant-making organisations to prioritise keeping people safe. Awareness must be matched by action, and FSC accompanies its member5 on a journey to implement changes that build a culture of safeguarding, in their own organisations and the organisations they fund. Ultimately, FSC'S work supports fijnded partners to keep people and communities safe by building a philanthropic ecosystem that prioritises safeguarding and recognises its importance in ensuring higher impact. Alongside its new strategy, FSC reviewed its business model and revised its membership fees. The objective of this revised business model is to diversify FSC'S income, decrease dependency on grant-funding from 80°/o of the Collaborative's costs, down to 500/0 and work towards fully unrestricted income. The change in membership fees is projected to bring the Collaborative a 100°/0 increase in membership income. FSC is fully funded in FY25 and has secured three multi-year unrestricted grants during 2024. The Global Fund for Children UK Trust 30
Notes to the financial statements Year to 30 June 2024 12 Operating leases As at 30 June 2024. the charity was committed to total future minimum lease payments under non-cancellable operating leases as follows-. Office premises 2024 2023 Within one year 32,400 30,000 13 Related party transactions The charity received cash donations from various related parties during the year. These are summarised below: Related Party Donations income 2024 2023 Trustees Other related parties exciuding trustees= . Goldman Sachs & Company . PJT Partners Total 161.706 16,100 149,750 3.183 314.639 25,000 3,335 44.435 The donations above were without specific temis and conditions and unrestricted in nature. Goldman Sachs & Company is a related party by virtue of the fact that a number of the trustees are members of its management committee. PJT Partners is a related paty by virtue of the fact that one of the trustees is a Partner at this organisation. The trustees did not receive any emoluments or any reimbursement of expenses during the year {2023- none). Additionally, the following transactions took place during year.. Related Party Expenditure payable 2024 2023 Income receivable 2024 2023 Global Fund for Children US 341.664 29.357 197,845 370,125 The Global Fund for Children US is the charity's US parent entity. Mark Wilson, Hayley Roffey and John Hecklinger are also trustees of GFC. At the year end, an amount of £143,819 was owed to The Global Fund for Children US for grants and operating expenses to The Global Fund for Children UK Trust {2023 - £89,420 owed fromThe Global Fund for Children US). The Global Fund for Children UK Trust 31