OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Globalteer

2024-06-30-accounts

Company no. 05839604 Charity no. 1119706

Globalteer

Report and Unaudited Financial Statements

30 June 2024

Globalteer

Reference and administrative details

For theyear ended 30 June 2024
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 2024

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.

2

Globalteer

Report of the trustees

For the year ended 30 June 2024

Our values

Achievements and performance

Community projects

Globalteer remains steadfast in its mission to uplift underprivileged communities through dedicated administrative and financial support. In Cambodia and Peru, our efforts have continued to make a profound impact, ensuring that essential services reach those who need them most. Globalteer also provided volunteers who contributed by working with local staff at the projects to make progress on their goals of lifting underprivileged and vulnerable communities from poverty and providing them with a chance at a better future.

Our dedicated volunteers play an invaluable role, working alongside local teams to drive meaningful progress in poverty alleviation and community development. Every partnership we establish includes strict adherence to our Child Protection Policy, ensuring that vulnerable children receive the highest standard of care and safeguarding.

Cambodia

Helping Hands Cambodia

Helping Hands Cambodia continues to transform lives in rural Siem Reap by providing free supplementary education, university scholarships, nutritious meals, and healthcare. This year, we proudly supported approximately 300 children daily, with half receiving a nutritious breakfast each morning—fuelling their academic performance and overall well-being.

A key contributor to the breakfast programme is our school farm, which has successfully expanded its range of fresh produce, further diversifying the children’s meals. The impact of this initiative extends beyond nutrition, fostering agricultural knowledge and sustainable food production skills.

3

Globalteer

Report of the trustees

For the year ended 30 June 2024

We also celebrate the ongoing success of our scholarship recipients, who are pursuing degrees in subjects such as Business and Agriculture.

To enhance the quality of education, our teachers participated in workshops focused on selfawareness, character building, and effective classroom management. These initiatives ensure that educators are well-equipped to nurture students academically and emotionally.

Globalteer Sports Programme

This programme fosters not only physical well-being but also social awareness, with key initiatives including:

We take immense pride in the progress and reach of this programme and look forward to its continued growth.

Peru

Picaflor House Community Project

Since its establishment in 2010, Picaflor House has remained a cornerstone of community development in Oropesa, near Cusco. This year, we provided after-school education and holistic support to approximately 60 children, offering academic assistance, sports, arts, and a daily nutritious meal.

The need for this programme arises due to the fact that the children’s parents work long hours in order to provide for their families, meaning that the children are left unattended and unsupervised in the afternoon. The lack of supervision has unintended consequences which are harmful for the children, from not being fed after school to having the children wandering the streets all day, which could place the children in vulnerable positions. Picaflor House thus offers the children a refuge from being in the streets, a nutritious meal, and academic support to ensure that the children maintain their grades at school. This last point is crucial in the children being able to reach their potential in adulthood because parents often pull them out of school to engage in child labour if they have poor grades. Helping them to maintain their grades not only keeps the children away from performing child labour, but it also keeps them in school so that they are able to reach their potential as adults.

Recognising the need for broader community support, we launched health initiatives including vision screenings for children struggling with undiagnosed eye conditions.

Mobile Library Project

Originally launched during the COVID-19 pandemic, our Mobile Library Project has been instrumental in addressing educational gaps for children in rural Cusco. The project takes books, teachers and resources to children living in rural villages to improve their literacy and create a love of reading.

Women’s Empowerment Programme

Empowering women and girls continues to be a priority for Globalteer. In addition to supporting female entrepreneurship, we introduced a dedicated class at Picaflor House, designed to challenge gender stereotypes and inspire girls to pursue their ambitions with confidence.

4

Globalteer

Report of the trustees

For the year ended 30 June 2024

Wildlife, animal welfare and conservation projects

Globalteer remains deeply engaged in wildlife conservation, animal welfare, and environmental protection across Southeast Asia and Latin America. Our partnerships support ethical elephant sanctuaries, marine conservation efforts, and wildlife rehabilitation initiatives, ensuring sustainable conservation practices and humane animal treatment.

Peru Dog Welfare (PAWS)

Through our Peru Animal Welfare Society (PAWS), we continue to tackle Cusco’s street dog overpopulation crisis with health, vaccination, and neutering campaigns. Our education efforts, including targeted workshops for children, promote responsible pet ownership and foster compassionate community attitudes towards animal welfare. The programme’s success is evident through increased community engagement and ongoing donor support.

Grant success

This year, we successfully secured over £108,000 in grants to sustain and expand our key programmes, including Cambodia Sports, PAWS, Picaflor House, and Helping Hands Cambodia. These funds are instrumental in ensuring the long-term sustainability of our initiatives.

Goals for the coming year

As we look ahead to 2024/2025, Globalteer remains committed to:

Cambodia

Peru

Worldwide

5

Globalteer

Report of the trustees

For the year ended 30 June 2024

Looking Ahead

Globalteer remains unwavering in its commitment to fostering positive change through ethical, sustainable initiatives. Our collective impact continues to grow, thanks to the dedication of our staff, volunteers, and supporters. With renewed passion and strategic focus, we are confident in achieving even greater milestones in the coming year.

Financial review

Our accounts for the year ended 30 June 2024 show income of £227,674 (2023: £276,256) against expenditure of £263,066 (2023: £238,300), resulting in a deficit for the year of £35,392, of which there was a deficit of £34,742 in unrestricted funds and a deficit of £650 in restricted funds. Income and expenditure increased by around 20% and 10% on the previous year, respectively. At year end, the charity had unrestricted funds in deficit of £26,052 (2023: in surplus of £8,690) and restricted funds in surplus of £64,666 (2023: £65,316).

Going concern

The trustees have assessed the financial sustainability of the charity and consider that it will continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. This assessment is based on the following factors:

Based on these considerations, the trustees deem it appropriate to prepare the financial statements on a going concern basis.

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. The trustees estimate 3 months’ worth of expenses to be approximately £66k. Free reserves at the year-end were £8,444.

6

Globalteer

Report of the trustees

For the year ended 30 June 2024

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 when required. 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:

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).

7

Globalteer

Report of the trustees

For the year ended 30 June 2024

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 25 March 2025 and signed on their behalf by

Kerry Milton - Trustee

8

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 2024, which are set out on pages 10 to 24.

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 2024, the charity's unrestricted funds were in deficit by £26,052. 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.

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.

Dougal Howard

Date: 25 March 2025 Dougal Howard ACA 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

9

Globalteer

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

For the year ended 30 June 2024

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
£
£
80,901
44,555
-
92,155
-
10,063
80,901
146,773
-
25,530
81,304
85,282
247
70,703
81,551
181,515
(650)
(34,742)
65,316
8,690
64,666
(26,052)		 2024
Total
£
125,456
92,155
10,063
227,674
25,530
166,586
70,950
263,066
(35,392)
74,006
38,614		 2023
Total
£
156,146
104,619
15,491
276,256
10,671
148,866
78,763
238,300
37,956
36,050
74,006

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 19 to the accounts.

10

Globalteer

Balance sheet

As at 30 June 2024

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
18
Funds
19
Restricted funds
Unrestricted funds:
General funds
Total charity funds
Creditors: amounts falling due after more
than 1 year		 £
5,507
91,810
97,317
(24,207)		 2024
£
1,199
73,110
(35,695)
38,614
64,666
(26,052)
38,614		 2023
£
1,685
29,477
116,422
145,899
(34,918)
110,981
(38,660)
74,006
65,316
8,690
74,006

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, 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 25 March 2025 and signed on their behalf by

Kerry Milton - Trustee

11

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies

a) Basis of preparation

Globalteer is a charitable company limited by guarantee registered in England and Wales. The registered office address is Old Mill Cottage, Mill Hill, Stoke Gabriel, Totnes, Devon, TQ9 6RD.

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 has unrestricted reserves in deficit of £26k, however unrestricted net current assets are in surplus by £8k, and the charity holds cash of £91k at year-end. In 2025, the charity received an extension for a restricted grant totaling over £262k over three years, which includes provisions for administrative costs generated by the charity.

Additionally, the charity has established relationships with several grant-making organisations that provide recurring annual funding, and we continue to actively seek additional grants to support our operations. We have already secured new grants in the current financial year and have strong prospects for further funding, given our ongoing relationships with grant providers.

To ensure financial sustainability, we have implemented cost-saving measures, including a reduction in staff numbers. At the same time, the resumption of international travel and the reestablishment of flight routes, along with decreasing travel costs, have led to an increase in volunteer and internship bookings for the coming year. We anticipate further growth in these numbers, which will contribute to increased income.

The charity is also expanding its own projects and initiatives, reducing reliance on volunteer placements and diversifying income streams. Additionally, the development of a more structured conduit funding process to support partner organisations is expected to generate additional administrative fee income.

Our Group Volunteering programme, which hosts groups from universities, schools, and other organisations, has proven successful. We are currently in discussions with new and returning groups from the UK, USA, and other regions. The expansion of our internship programme is further helping to reduce costs while also providing additional operational support.

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.

12

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued)

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 2024 was £170,094 (2023: £130,720).

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.

e) Donated services and facilities

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. 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.

13

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued) 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:

2024 2023
Raising funds 5% 5%
Charitable activities - kids and community 65% 65%
Charitable activities - wildlife and conservation 30% 30%

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.

14

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued)

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.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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
£
£
79,871
76,275
-
104,619
-
15,491
79,871
196,385
-
10,671
86,553
62,313
762
78,001
87,315
150,985
(7,444)
45,400
Unrestricted		 2023
Total
£
156,146
104,619
15,491
276,256
10,671
148,866
78,763
238,300
37,956

15

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

3. Income from donations

Income from donations
Donations
Grants
Total income from donations		 Restricted
£
£
-
17,382
80,901
27,173
80,901
44,555
Unrestricted		 2024
Total
£
17,382
108,074
125,456		 2023
Total
£
43,271
112,875
156,146

In 2023, all income from donations was unrestricted, except £79,871 of restricted grant income.

4. Income from charitable activities

Volunteering income 2024
£
92,155		 2023
£
104,619

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

5. Other income

Picaflor House - administration recharge
Picaflor House - other income		 2024
£
4,529
5,534
10,063		 2023
£
10,320
5,171
15,491

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

6. Government grants

The charitable company receives no government grants.

16

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

7. Total expenditure

Total expenditure
Accountancy
Advertising
Bank charges
Employee costs
Foreign exchange 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
£
-
12,577
-
-
197
485
84
-
-
-
-
-
-
7,960
21,303
4,227
25,530		 £
-
7
26
10,616
2,527
-
68,148
-
914
695
2,335
388
16,655
10,174
112,485
54,101
166,586
Charitable
activities - kids
and community		 £
-
9
88
2,710
1,145
-
23,830
-
1,163
461
-
1,546
15,484
-
46,436
24,514
70,950
Charitable
activities - wildlife
and conservation		 Support and
governance costs
£
4,962
-
6,842
6,744
79
-
-
2,906
3,670
6,080
-
20,622
30,937
-
82,842
(82,842)
-		 2024 Total
£
4,962
12,593
6,956
20,070
3,948
485
92,062
2,906
5,747
7,236
2,335
22,556
63,076
18,134
263,066
-
263,066

Total governance costs were £3,060 (2023: £2,940).

17

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

7.
Total expenditure (continued)
Accountancy
Advertising
Bank charges
Employee costs
Foreign exchange 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
Prior period comparative		 Raising funds
£
-
3,768
-
-
329
-
-
-
-
-
-
-
-
3,914
8,011
2,660
10,671		 £
-
-
54
7,637
4,212
-
68,732
-
-
3,062
417
1,243
16,993
12,471
114,821
34,045
148,866
Charitable
activities - kids
and community		 £
-
-
117
4,021
1,909
-
36,780
-
1,971
412
-
1,517
15,320
1,290
63,337
15,426
78,763
Charitable
activities - wildlife
and conservation		 Support and
governance costs
£
4,470
-
6,784
2,360
132
142
-
2,863
753
6,394
-
-
28,233
-
52,131
(52,131)
-		 2023 Total
£
4,470
3,768
6,955
14,018
6,582
142
105,512
2,863
2,724
9,868
417
2,760
60,546
17,675
238,300
-
238,300

18

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

8. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration (excluding VAT)
Grants payable
Total grants paid to institutions during the year were as follows:
Helping Hands Cambodia
Picaflor House
Elie Valley
WFFT
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)		 2024
£
486
Nil
Nil
2,550
2024
£
55,342
11,316
7,703
6,946
10,755
92,062
2024
£
3,509
92,062
(92,111)
3,460		 2023
£
722
Nil
Nil
2,450
2023
£
60,474
3,897
4,578
3,854
32,709
105,512
2023
£
1,712
105,512
(103,715)
3,509

9. Grants payable

10. Grant commitments

19

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

11. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Pension costs		 2024
£
61,641
1,435
63,076		 2023
£
58,663
1,883
60,546

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

The total employee benefits of the key management personnel were £45,367 (2023: £29,494).

Raising funds
Charitable activities
Support and governance
Average head count		 2024
No.
0.5
8.0
0.5
9.0		 2023
No.
1.0
9.0
1.0
11.0

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 2023
Disposal
At 30 June 2024
Depreciation
At 1 July 2023
Disposal
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 £
4,715
(532)
4,183
3,440
(532)
363
3,271
912
1,275
Motor
vehicles		 £
600
-
600
190
-
123
313
287
410
Office
equipment		 £
5,315
(532)
Total
4,783
3,630
(532)
486
3,584
1,199
1,685

20

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

14. Debtors

Trade debtors
Prepayments
Conduit funding (note 17)
Other debtors		 2024
£
2,344
639
1,615
909
5,507		 2023
£
27,890
678
-
909
29,477

15. Creditors : amounts due within 1 year

Loans
Trade creditors
Grants payable
Conduit funding (note 17)
Credit cards
Accruals		 2024
£
6,041
1,711
3,460
-
9,907
3,088
24,207		 2023
£
5,514
949
3,509
13,154
8,593
3,199
34,918

16. 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		 2024
£
35,695
6,041
25,712
9,983
41,736		 2023
£
38,660
5,514
23,467
15,193
44,174

A 9 year unsecured Government Bounce Back Loan was received from HSBC for £50,000, at an interest rate of 2.5%. The final repayment date is 19 November 2030.

21

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

17. Conduit funding

Balance at start of year
Funding received during year
Funding distributed during year
Balance at end of year		 2024
£
(13,154)
170,094
(155,325)
1,615		 2023
£
(10,724)
130,720
(133,150)
(13,154)

Conduit funding represents donations received and administered on behalf of partner organisations. The charity does not include income and expenditure in the SOFA for these funds.

18. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets / (liabilities) at 30 June 2024
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets at 30 June 2023		 £
-
64,666
-
-
64,666
£
-
65,316
-
-
65,316
Restricted
funds
Restricted
funds		 £
1,199
32,651
(24,207)
(35,695)
(26,052)
£
1,685
80,583
(34,918)
(38,660)
8,690
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
1,199
97,317
(24,207)
(35,695)
38,614
£
1,685
145,899
(34,918)
(38,660)
Total
funds
74,006

22

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

19. 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
2023
£
64,202
1,114
65,316
8,690
8,690
74,006		 £
£
80,901
(81,304)
-
(247)
80,901
(81,551)
146,773
(181,515)
146,773
(181,515)
227,674
(263,066)
Expenditure
Income		 £
63,799
867
At 30 June
2024
64,666
(26,052)
(26,052)
38,614

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 most recent installation of the grant is for a three-year extension of 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.

23

Globalteer

Notes to the financial statements

For the year ended 30 June 2024

19. Movements in funds (continued)

Prior period comparative
Restricted funds
Cambodia Sport Programme
The Summerlee Foundation
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
70,884
1,876
72,760
(36,710)
(36,710)
36,050
At 1 July
2022		 £
£
79,871
(86,553)
-
(762)
79,871
(87,315)
196,386
(150,986)
196,386
(150,986)
276,257
(238,301)
Income Expenditure		 £
64,202
1,114
At 30 June
2023
65,316
8,690
8,690
74,006

20. 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		 2024
2023
£
£
2,846
5,878
-
2,951
2,846
8,829

21. Related party transactions

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

24