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2022-06-30-accounts

Company no. 05839604 Charity no. 1119706

Globalteer

Report and Unaudited Financial Statements

30 June 2022

Globalteer

Reference and administrative details

For the year ended 30 June 2022
Company number 05839604
Charity number 1119706
Registered office Old Mill Cottage
Mill Hill
Stoke Gabriel
Totnes
Devon
TQ9 6RD
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Kerry Milton
Joanne Richmond
Adam Stacey
Sharon Tucker
Company secretary Kathryn Mannering
General manager Jim Elliott
Bankers HSBC
2 North Walk
Yate
Bristol
BS37 4AR
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Globalteer

Report of the trustees

For the year ended 30 June 2022

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from 1 January 2019).

Objectives and activities

Our vision

A world where human and animal suffering are minimised, and the future of our planet is safeguarded by effectively harnessing the goodwill of people who share our vision.

The Globalteer mission

Globalteer's mission is to support local community development initiatives in underprivileged areas in order to create a more equal society. We do this by creating community-led projects and providing resources to partner NGOs, so we can accomplish goals that serve our shared vision.

To make our mission and vision reality, Globalteer has two key charitable objectives which are:

These objectives are achieved by supporting selected community, wildlife and conservation projects in Southeast Asia and Latin America, and through the management of community-based projects in Cambodia and Peru.

All of Globalteer’s activities follow both the Charity Commission’s general guidance on public benefit and their guidance on prevention and relief of poverty. The trustees also ensure that all activity we undertake is in line with our charitable aims and objectives.

In addition, Globalteer continually strives to take an ethical and responsible approach to everything we undertake, ensuring our activities are delivered without detriment to the communities we work with and in such a way that we make a positive contribution to local economies in the countries where we operate. To this end, where practical, we seek to source labour, materials and supplies locally in order to ensure that the benefits of our work are maximised.

This approach underpins local businesses, local employment prospects and the viability of the local community. Wherever we employ external staff and volunteers, we work alongside the local workforce, never instead of them, and we pass on relevant skills and expertise wherever possible.

Our vales

2

Globalteer

Report of the trustees

For the year ended 30 June 2022

Achievements and performance Community projects

Globalteer continued to provide volunteers, financial and administrative support, as well as other services to community projects in Peru, Cambodia, and Colombia, contributing to the work of projects focusing on lifting under-privileged and vulnerable communities out of poverty and providing them with a chance of a better long-term future.

As in years previous, Globalteer’s Child Protection Policy was made freely available to all projects and NGOs that we work with to assist them in gaining an understanding of how to protect the children attending the projects. Adherence to an approved Child Protection Policy is part of every formal partnership agreement that Globalteer undertakes. Compulsory background checks are implemented for all Globalteer volunteers working with children and for all Globalteer staff.

Cambodia

Helping Hands Cambodia

Globalteer is now in its tenth year of supporting Helping Hands Cambodia, a Non-Governmental Organisation that provides free complementary education, university scholarships, nutrition training and health care to seven rural communities outside Siem Reap, reaching over 300 children daily. In addition, the project supplies a nutritional daily breakfast to between 60 to 100 children each morning, aiding their physical development and helping concentration in class.

This year, after several Covid-related setbacks, in-person classes were finally able to resume, and volunteers were able to return to the project. The teaching team continues to work hard to help the students get back into academic form after so much time away. A few special events were hosted upon re-opening, including motivational career talks and a circus workshop, which the students enjoyed immensely. In addition, the on-site garden has been expanded and continues to be wellmaintained by staff and students alike, contributing to the meal programme, as well as helping to teach students important life skills. The Helping Hands team continues to plan more activities for the coming year, as well as improving and expanding curriculum.

3

Globalteer

Report of the trustees

For the year ended 30 June 2022

Sports Programme

This year we received a 3-year extension of the grant which funds our Sports Programme in Siem Reap, which will fund the programme through 2025. We have been able to provide sports education to hundreds of children who would otherwise have no access to sports training or facilities. The programme has four main areas: managing a yearly tournament, a girls’ empowerment programme, collaboration with rural schools to improve sport as part of children’s education, and a “Sports for Social Impact” aspect, where children learn about social issues such as children’s rights, gender equality and drug abuse in conjunction with sport. We are proud of what this programme has accomplished since it’s origins and look forward to its continued growth.

Peru

Picaflor House Community Project

Globalteer continues to support Picaflor House, the Peruvian NGO we founded near Cusco in 2010. Picaflor is a community development project in the mountain village of Oropesa where approximately 80 of the village’s children attend for additional education to complement their state school studies, sports, arts, and homework assistance. Many of the children’s parents never completed primary or high school, and many have learned Spanish as a second language after their native Quechua, making it difficult to help their children with their schoolwork. Picaflor House also offers classes in traditional music and dance, encouraging the children’s understanding of, and interest in, their heritage. Picaflor House also runs a nutritional programme, where children in attendance receive a free, nutritious lunch during the week, as well as a healthy snack, thanks to a generous donor.

Since the project moved locations to a larger space last year, we have been able to build new, portable classroom buildings thanks to grant funding. The classrooms arrived just on time, as public schools have finally returned to presential learning in Peru, after nearly 2 years of remote classes due to the pandemic. The children sorely needed this in-person interaction, and the Picaflor House teachers will have had a lot of work to do, helping the children catch up in their schoolwork, after so much time lost.

Globalteer also provided a group of volunteers to the project this year who donated their time and finances to build a greenhouse for Picaflor House. The organic fruits and vegetables grown in the greenhouse will be used as part of the meal programme, benefiting the children for years to come.

Mobile Library Project

In January, we expanded Picaflor House to include a Mobile Library project. The project takes books, teachers and learning resources to five rural communities around Cusco. Thus far, we have had a consistent attendance of 90 children across the five villages, ranging in age from 3 to 16 years.

Our teachers lead academic reinforcement sessions in maths and communication and also offer time for free reading or art. Our target audience was children from 6 to 14. However, most children are charged with the care of their younger siblings, so wouldn’t be able to attend without them. Globalteer interns have been helping the teachers by overseeing activities with the young kids that help them develop motor-skills, as well as colour, number and letter recognition.

We are also excited to see this project continue, since it has been such a success thus far.

4

Globalteer

Report of the trustees

For the year ended 30 June 2022

Women’s Empowerment

This year saw the continuation of our Peru Women’s Empowerment Programme. In much of rural Peru, women live in extreme poverty, lack formal education, and are excluded from economic opportunities. Cusco has one of the highest rates of domestic violence in Peru, yet women depend financially on their husbands. Therefore, there are unequal gender power dynamics; these women have little choice over their lives and finances.

Our Women's Empowerment Project aids women in starting businesses selling guinea pigs, or “cuy,” a traditional delicacy in high demand. The project was designed with local women's input, to ensure they receive the benefits. We provide the building materials, train them in building and maintaining the cuy pens, budgeting and coping with financial emergencies, and we provide emotional support and encouragement to the women, who have the chance to improve their families lives and break the cycles of poverty in their community. The businesses Globalteer originally helped to start remain active and we continue to monitor their progress.

In the later half of the financial year, after project visits left us realising we could do more for the women and girls of the community, we also expanded the Women’s Empowerment project to include a sub-project entitled “Chicas Unidas” (Girls United). We determined that many girls in the community felt that they did not have a place to express themselves, often have low self-esteem and selfconfidence and have limited knowledge about sexual and reproductive health. Chicas Unidas implements a girls-only space, supported by female facilitators. These spaces offer girls and young women opportunities to explore different activities, form relationships with one another, express their concerns and find ways to address any issues they face. Although this is a new project for Globalteer, we look forward to its future development.

Colombia

Globalteer continued working with two privately run, government-approved foundations in Medellin that provide residential and day care to vulnerable children from broken homes and families displaced by Colombia’s ongoing internal conflict. This year, we continued to provide monthly food packages to the project for their students, as well as send our first volunteer to one of the projects for the first time since the pandemic began in 2020.

Wildlife, animal welfare and conservation projects

Globalteer continues to work with several partner projects engaged in wildlife, animal rescue and welfare, and conservation work in Southeast Asia and Latin America, contributing to the work of projects focusing on sustainable conservation, humane animal treatment, ending wildlife trafficking, and wildlife rehabilitation. Globalteer volunteers assist with tasks such as animal care, facilities maintenance, observation work, and research and data collection. This year we began to see our volunteer numbers rising again for these projects, after they had virtually fallen to zero during the Covid-19 pandemic.

Southeast Asia

In Southeast Asia, we continued to work with responsible elephant rescue projects and sanctuaries, in Thailand and Cambodia. Our wildlife rescue and rehabilitation partner projects are located in Thailand, Laos and Indonesia, as well as two marine conservation projects in Malaysia. We also continue to work with two organisations near the Cambodian capital, Phnom Penh, one which specifically rescues Asian sun and moon bears and another working with stray cats and dogs.

5

Globalteer

Report of the trustees

For the year ended 30 June 2022

Latin America

In Latin America, we partner with a project in Costa Rica working in sea turtle protection, a monkey sanctuary in Argentina, and several projects in Peru: a wildlife rescue and rehabilitation centre in the Peruvian Amazon, a stray dog rescue organization in Cusco, a horse rescue sanctuary, a marine conservation project on the northern coast, and an Amazon Rainforest conservation and research project.

Peru Dog Welfare

This year the Peru Animal Welfare Society (PAWS) had it most successful year yet. Our main mission is to reduce the number of dogs on the streets in the rural areas of Cusco, Peru, where overpopulation is rampant, as well as limiting the suffering of these dogs through a health, vaccination, and sterilisation programme. As part of the programme, we also educate locals on responsible pet ownership and work closely with village leaders to ensure our message is spread effectively.

By the end of 2021, we had realised quarterly visits to 12 communities, and added a 13th village to the schedule. Our teams carried out nearly 3,400 health-checks for the 2,350 animals registered with us. We also neutered nearly 260 animals. The first half of 2022 saw these numbers increase, and we also began working more closely with the communities, adding a new aspect to our education programme, hosting dog training sessions take place every week. The aim is to help owners see what their dogs can do and learn about animal welfare issues, such as keeping their dogs on leads as they walk around the village.

Our PAWS Peru Dog Welfare programme has proven immensely successful, and we continue to receive grants and regular donations to support this important work.

Grant success

We have continued to make grant pursuit a larger part of our financial strategy. This year, we were pleased to receive over £103K in grants for our initiatives: a continuation of our Cambodia Sports Programme, Peru Animal Welfare Society (PAWS), Picaflor House, and Helping Hands Cambodia.

Goals for the coming year

Globalteer has several goals for the coming 2022/2023 financial year:

Cambodia

6

Globalteer

Report of the trustees

For the year ended 30 June 2022

Peru

Worldwide

Financial review

COVID-19 pandemic implications:

The trustees recognize that the Covid-19 pandemic is not over and have considered the impact that the pandemic may continue to have on the charity’s current and future financial position. The possible continued implications are:

7

Globalteer

Report of the trustees

For the year ended 30 June 2022

The charity took the following steps in the previous financial year to mitigate the threats that Covid-19 posed to the organisation:

Taking these steps aided our financial position substantially.

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

For the 2022-2023 financial year we have confirmed:

8

Globalteer

Report of the trustees

For the year ended 30 June 2022

The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts.

Reserves policy

The charity continues with strategies for increasing income, with the objective to steadily increase reserves to a level of three to six months expenditure.�

Structure, governance and management

Governing document

The charity is a company limited by guarantee, as defined by the Companies Act 2006, which was incorporated on 7 June 2006 and registered as a charity on 18 June 2007.

Recruitment and appointment of new trustees

Trustee recruitment is advertised on the Globalteer website and at the project locations. The prospective trustee skills and motivation are assessed to ensure they are in line with Globalteer's requirements. All trustees are DBS (Disclosure and Barring Service) checked as the work carried out by Globalteer involves vulnerable children.

Induction and training of new trustees

New trustees will be inducted into the organisation by the general manager including access to all policies, governing documents, accounts and meeting minutes. Further relevant information such as the Charity Commission website and Companies House website shall also be supplied.�

Related parties

None of the trustees has any beneficial interest in the charity. Our trustees are unpaid and details of trustee expenses and any related party transactions are disclosed in the notes to the accounts.

Risk management

Globalteer's administration, financial accounting and fundraising is managed from the UK by the board of trustees with the assistance of the general manager.�

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.�

Major risks to the charity are as follows:�

9

Globalteer

Report of the trustees

For the year ended 30 June 2022

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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 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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 3 October 2022 and signed on their behalf by

Kerry Milton - Trustee

10

Independent examiner's report

To the trustees of

Globalteer

I report to the trustees on my examination of the accounts of Globalteer (the charitable company) for the year ended 30 June 2022, which are set out on pages 12 to 26.

Responsibilities and basis of report

As the trustees of the charitable company (and 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 charitable 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 the charitable company'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 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:

Attention is drawn to the fact that at 30 June 2022, the charity's unrestricted funds were in deficit by £36,710. Whilst this presents a material uncertainty in relation to the charity's ability to continue as a going concern, for the reasons set out in accounting policy 1(b), the trustees consider it appropriate to adopt the going concern basis for the preparation of these accounts.

In all other respects, 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.

Date: 3 October 2022 Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

Globalteer

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2022

Note
Income from:
Donations
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Raising funds
Charitable activities - kids and community
Charitable activities - wildlife and conservation
Total expenditure
7
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure) and net
movement in funds		 Restricted Unrestricted
£
£
70,477
55,901
-
116,223
-
10,509
70,477
182,633
-
13,303
21,768
122,225
3,789
38,767
25,557
174,295
44,920
8,338
27,840
(45,048)
72,760
(36,710)		 2022
Total
£
126,378
116,223
10,509
253,110
13,303
143,993
42,556
199,852
53,258
(17,208)
36,050		 2021
Total
£
83,440
11,128
17,754
112,322
9,237
76,499
35,493
121,229
(8,907)
(8,301)
(17,208)

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

12

Globalteer

Balance sheet

As at 30 June 2022

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
15
Net current assets
16
Net assets / (liabilities)
17
Funds
18
Restricted funds
Unrestricted funds:
General funds
Total charity funds
Creditors: amounts falling due after more
than 1 year		 £
17,343
91,639
108,982
(31,166)		 2022
£
2,407
77,816
(44,173)
36,050
72,760
(36,710)
36,050		 2021
£
2,603
4,390
69,843
74,233
(44,491)
29,742
(49,553)
(17,208)
27,840
(45,048)
(17,208)

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 3 October 2022 and signed on their behalf by

Kerry Milton - Trustee

13

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Globalteer meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Going concern basis of accounting

The charity does not currently hold unrestricted reserves. This is mostly due to the effects of the Covid-19 pandemic and presents a material uncertainty related to the charity's ability to continue as a going concern. Despite this, it is notable that the charity’s financial position has improved significantly since the last year, and the trustees expect this trend to continue for several reasons. The charity held cash of £92k at year end. During the year, the charity received an extension for a restricted grant totalling over £230k over three years that includes provisions for administrative costs generated by the charity. Since year end, the charity has already secured over £5k in unrestricted grant funding for its initiatives, and an additional £9.5k in unrestricted donations will be received from a UK university before the end of the calendar year. Travel has resumed worldwide, resulting in volunteer placements beginning to return to their previous levels, which brings in crucial unrestricted funding for the charity. At least 7 large groups from universities and schools in the UK and USA have confirmed placements at the charity’s projects for the next year, and each of them has committed to fundraising for the charity, outside of their volunteer placement fees. Furthermore, our grant efforts continue with an experienced fundraising staff member dedicated full-time to raising our income levels and building our reserves. For these reasons the trustees consider that the charity has sufficient cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

c) Conduit funding

The charity does not include income and expenditure in the SOFA for project partners for whom they act as agent by collecting donations and passing them on. The amount of such income and expenditure for the year ended 30 June 2022 was £65,458 (2021: £113,415).

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of volunteer placements is deferred until criteria for income recognition are met.

14

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

1. Accounting policies (continued)

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

g) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, being staff time spent on each activity:

2022 2021
Raising funds 11.0% 11.0%
Charitable activities - kids and community 61.0% 61.0%
Charitable activities - wildlife and conservation 28.0% 28.0%

15

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

1. Accounting policies (continued)

j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Motor vehicles

3 years

Items of equipment are capitalised where the purchase price exceeds £500.

k) Interest in subsidiaries

The charity has a controlling interest in another entity, Picaflor House (registered Peruvian NGO no. 11106709) as well as Helping Hands Cambodia (registered Cambodian NGO no.007 with the Ministry of Interior). The charity has opted not to produce consolidated accounts as total consolidated income was less than £1 million during the year.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting 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 normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company only has financial assets and financial 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The company operates a defined contribution pension scheme for the general manager. There are no further liabilities other than that already recognised in the SOFA.

q) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

16

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

1. Accounting policies (continued)

r) Accounting estimates and key judgements

r) Accounting estimates and key judgements (continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1j to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

2. Prior period comparatives

Income from:
Donations
Charitable activities
Other income
Total income
Expenditure on:
Raising funds
Charitable activities - kids and community
Charitable activities - wildlife and conservation
Total expenditure
Net income / (expenditure) and net movement in
funds		 Restricted
£
£
59,363
24,077
-
11,128
-
17,754
59,363
52,959
-
9,237
43,437
33,062
6,191
29,302
49,628
71,601
9,735
(18,642)
Unrestricted		 2021
Total
£
83,440
11,128
17,754
112,322
9,237
76,499
35,493
121,229
(8,907)

17

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

3. Income from donations

Donations
Grants
Total income from donations		 Restricted
£
£
-
23,245
70,477
32,656
70,477
55,901
Unrestricted		 2022
Total
£
23,245
103,133
126,378		 2021
Total
£
16,077
67,363
83,440

In 2021, all income from donations was unrestricted, except £59,363 of restricted grant income.

4. Income from charitable activities

Volunteering income 2022
£
116,223		 2021
£
11,128

All income from charitable activities in the current and prior period was unrestricted.

5. Other income

Picaflor House - administration recharge
Picaflor House - other income		 2022
£
9,208
1,301
10,509		 2021
£
10,212
7,542
17,754

All income from other sources in the current and prior period was unrestricted.

6. Government grants

The charitable company receives no government grants.

18

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

7. Total expenditure

Total expenditure
Accountancy
Advertising
Bank charges
Employee costs
Foreign exchange (gains) / losses
Fundraising
Grants and donations (note 9)
Interest
Medical costs
Office costs
Project expenses
Premises, repairs, maintenance and other
Staff costs (note 11)
Volunteer costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
1,792
-
-
(78)
-
918
-
-
-
-
-
6,737
-
9,369
3,934
13,303		 £
-
-
41
3,369
(430)
-
43,151
-
-
917
149
390
37,054
37,717
122,358
21,635
143,993
Charitable
activities - kids
and community		 £
-
906
38
3,196
(195)
-
5,994
-
2,369
453
27
3,490
16,842
(399)
32,721
9,835
42,556
Charitable
activities - wildlife
and conservation		 Support and
governance costs
£
3,753
-
5,983
2,662
(78)
60
-
1,752
437
4,408
-
9,690
6,737
-
35,404
(35,404)
-		 2022 Total
£
3,753
2,698
6,062
9,227
(781)
60
50,063
1,752
2,806
5,778
176
13,570
67,370
37,318
199,852
-
199,852

Total governance costs were £2,700 (2021: £2,550).

19

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

7. Total expenditure (continued)

Prior period comparative
Accountancy
Advertising
Bank charges
Employee costs
Foreign exchange (gains) / losses
Grants and donations (note 9)
Interest
Medical costs
Office costs
Project expenses
Premises, repairs, maintenance and other
Scholarship
Staff costs (note 11)
Volunteer costs
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
820
-
-
471
-
-
-
-
-
-
-
5,481
-
6,772
2,465
9,237		 £
-
-
11
37
2,593
28,512
-
-
13
-
1,616
-
30,143
16
62,941
13,558
76,499
Charitable
activities - kids
and community		 £
-
372
28
1,177
1,179
2,787
-
4,747
362
54
4,923
-
13,701
-
29,330
6,163
35,493
Charitable
activities - wildlife
and conservation		 Support and
governance costs
£
3,496
-
2,473
103
471
-
1,462
-
4,003
-
4,697
-
5,481
-
22,186
(22,186)
-		 2021 Total
£
3,496
1,192
2,512
1,317
4,714
31,299
1,462
4,747
4,378
54
11,236
-
54,806
16
121,229
-
121,229

20

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

8. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration		 2022
£
796
Nil
Nil
2,700		 2021
£
1,116
Nil
Nil
2,550

9. Grants payable

Total grants paid to institutions during the year were as follows:

Helping Hands Cambodia
The Global Hub
Other (<£5k in current period)
Grant commitments
Grants payable to institutions:
Grant commitments brought forward
Grants committed during the period
Grants paid during the period
Grant commitments carried forward (note 15)		 2022
£
31,738
-
18,325
50,063
2022
£
944
50,063
(49,295)
1,712		 2021
£
18,838
3,697
8,764
31,299
2021
£
2,420
31,299
(32,775)
944

10. Grant commitments

21

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

11. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Pension costs		 2022
£
65,218
2,152
67,370		 2021
£
53,547
1,259
54,806

No employee earned more than £60,000 during the year.

The total employee benefits of the key management personnel were £29,392 (2021: £26,879).

Raising funds
Charitable activities
Support and governance
Average head count		 2022
No.
1.0
9.0
1.0
11.0		 2021
No.
1.0
6.0
3.0
10.0

12. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

13. Tangible fixed assets

Cost
At 1 July 2021
Additions in year
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 £
4,715
-
4,715
2,112
781
2,893
1,822
2,603
Motor
vehicles		 £
-
600
600
-
15
15
585
-
Office
equipment		 £
4,715
600
Total
5,315
2,112
796
2,908
2,407
2,603

22

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

14. Debtors

Trade debtors
Prepayments
Other debtors		 2022
£
15,249
1,185
909
17,343		 2021
£
1,746
848
1,796
4,390

15. Creditors : amounts due within 1 year

Loans
Trade creditors
Grants payable
Conduit funding
Credit cards
Accruals
Creditors : amounts due in more than 1 year
Loans
Analysis of debt maturity
Debt due:
repayable within one year
repayable between one and five years
repayable in five years or more		 2022
£
5,379
50
1,712
10,724
10,593
2,708
31,166
2022
£
44,173
5,379
28,274
15,899
49,552		 2021
£
447
376
944
29,024
11,142
2,558
44,491
2021
£
49,553
447
22,784
26,769
50,000

16. Creditors : amounts due in more than 1 year

A 9 year unsecured Government Bounce Back Loan was received from HSBC for £50,000, at an interest rate of 2.5%. A capital and interest payment holiday was given until 22 June 2022 and the final repayment date is 19 November 2030.

23

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

17. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets / (liabilities) at 30 June 2022
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets / (liabilities) at 30 June 2021		 £
-
72,760
-
-
72,760
£
-
27,840
-
-
27,840
Restricted
funds
Restricted
funds		 £
2,407
36,222
(31,166)
(44,173)
(36,710)
£
2,603
46,393
(44,491)
(49,553)
(45,048)
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
2,407
108,982
(31,166)
(44,173)
36,050
£
2,603
74,233
(44,491)
(49,553)
Total
funds
(17,208)

24

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

18. Movements in funds

Movements in funds
Restricted funds
Cambodia Sport Programme
The Summerlee Foundation
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 July
2021
£
22,175
5,665
27,840
(45,048)
(45,048)
(17,208)		 £
£
70,477
(21,768)
-
(3,789)
70,477
(25,557)
182,633
(174,295)
182,633
(174,295)
253,110
(199,852)
Expenditure
Income		 £
70,884
1,876
At 30 June
2022
72,760
(36,710)
(36,710)
36,050

Purposes of restricted funds

The SOL Foundation The funds from this grant are used to provide sports education to thousands of (Cambodia Sport children in Siem Reap, Cambodia who would otherwise have no access to Programme) sports training or facilities. With the grant, we manage a regular sports programme at Helping Hands Cambodia School, run a yearly tournament, have begun a girls’ empowerment programme, collaborate with rural schools to improve sport as part of children’s education, and run a “Sports for Social Impact” aspect, where children learn about social issues such as children’s rights, gender equality and drug abuse in conjunction with sport. The Sol Foundation’s mission is to inculcate sports for development programmes including qualities of leadership and loyalty, sportsmanship, competitive ambition and drive for academic excellence, as well as discipline, fair play and respect. These are also our objectives for the programme.

The Summerlee The funds from this grant are for a one year supply of medicines and veterinary Foundation supplies for Globalteer’s mobile veterinary clinic and dog welfare programme in Cusco, Peru (“PAWS”). The funds will be used for sterilisations, vaccinations, parasite medications and other treatments during our health campaigns for animals in the rural villages surrounding Cusco during the next financial year.

25

Globalteer

Notes to the financial statements

For the year ended 30 June 2022

18. Movements in funds (continued)

Prior period comparative
Restricted funds
Cambodia Sport Programme
The Summerlee Foundation
Jean Sainsbury Animal Welfare Trust
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
14,838
3,267
-
18,105
(26,406)
(26,406)
(8,301)
At 1 July
2020		 £
£
50,774
(43,437)
3,589
(1,191)
5,000
(5,000)
59,363
(49,628)
52,959
(71,601)
52,959
(71,601)
112,322
(121,229)
Income Expenditure		 £
22,175
5,665
-
At 30 June
2021
27,840
(45,048)
(45,048)
(17,208)

19. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2022
£
7,675
11,780
19,455		 2021
£
-
-
-

20. Related party transactions

There were no related transactions during the current or prior year.

26