Registered number: 07186340 Charity number: 1137815 GLOBAL CITIZEN. GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty, Its Trustees and Advlsers Trustees. Report 2-19 Independent Auditors. Report on the Financial Statements 20-23 Consolidated Statement of Financial Activities 24 Consolidated Balance Sheet 25-26 Charity Balance Sheet 27-28 Consolidated Statement of Cash Flows 29 Notes to the Flnanclal Ststements 30-48 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Joseph Cerrell, Trustee Craig Cohon, Trustee Sabrina Elba, Chair Hannah P8wlby, Trustee Philippe Voqeleer, Trustee S8wsan Chebli, Trustee Karen Pierce, Trustee Iresiqned 9 Auqust 20231 Guido Schmidt-Traub, Trustee18ppoinled 31 January 20241 Rosalind McKenna, Trustee lappoinled 31 January 20241 Kjell Stefan Lofven, Trustee (appointed 11 Oelober 20231 Company registered number 07186340 Charity registered number 1137815 Registered office 8 All Saints Street London N1 9RL Independent auditors Ac￿nd0 Consulting Ltd Chartered Certified Accounlanls & Slatulory Auditors 160 City Road London EC1V2NX Bankers HSBC Bank PIC Soulhwark London SE1 1YB Citibank Europe Ltd Ruelerweg 16 Frankfurt 60323 Page 1 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffecb.ve 1 January 20191. Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The Global Poverty Project Ilrading as Global Citizen) is a movement of engaged citizens who are using their collective voice lo end extreme poverty now. Global Citizen's vision Is a world free from extreme povety now. Our mission is to build a movement of 100 million Global Citizens whose actions will help achieve this vision. We have specific objectives to grow the movement of engaged Global Citizens, achieve specific political and financial changes necessary to end extreme poverty, and to keep our movement engaged. The organisation was launched al a side event of the UN High Level Summit in New York in 2008 and launched in the UK in February 2010. Global Povety Project UK Limited is part of a group of charities working together to achieve the aims and objectives. Al this lime the UK charity is best pla￿d to drive change In the UK, Germany and in Europe, but is also very active, in collaboration with the other GC charities, across the globe. All activib.es undertaken by the charity are for the benefit of the public at large. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. In setting objectives and planning for aclivib"es, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IP821'. Page 2 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl b. Strategies for achieving objectives On our plaffomi, Global CitEens learn about the systemic causes of extreme povety, tske action on those Issues, and eam rewards for their actions- as part of a growing global community Committed to lasting change. We are reaching more people by being present on a range of digital and broadcast plaffomis and in new markets. Partnerships with NGOS, businesses, govemmenls, artists, mullilaleral organisalions, philanthropic foundations, Individuals and others are key to our sucTrss. Thanks to our partners, we are able to drive forward our public campaigning alongside others Inside and outside the NGO sector. We are able lo influence govemmenls, key businesses and individuals lo help end extreme poverty. We are able to sustain our movement by raising necessary funds and in kind support for our work, for the greatest Impact possible. Communicating results and impact is also key lo achieving our objectives. We hold ourselves lo the highest standards of transparency and accountability, reporting back lo Global Citizens and partners about the impact of our work. Page 3 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl c. Main activities undertaken to further the Charity's purposes ft>r the public benefit The directors confirm that they have complied with the duty under section 4 of the Charities Act 2011 to have due regard lo the Charities Commission's general guidan￿ on public benefit. Where appropriate and relevant, particular reference has been made in this report lo specific instance5 of public benefit promoted through the activities of Global Poverty Project UK Ltd. The trustees have paid due regard to guidance issued by the Charities Commission in deciding what activities the charities should undertake. Achievements and perfomiance in 2023 2023 started with Global Citizen Now - the second iteration of our annual thought leadership action summit. Taking place in April in New York, the event brought together worfd leaders, actlV151s, the private sector, NGOS, and artists lo facilitate discussion and cross-seclor collaboration lo drive action lo solve the most urgent issues facing humanity and our planet. The summit featured key leaders from the private and public sectors, over half of the G7 was present, activists from around the globe were featured and there was broad representation from developing countries. The event had over 30 panels, 5 official side events and 8 hours of programming acros5 2 days featuring 66 Speakers (including 3 Heads of Stslel. We also hosted an informal high level lunch. Key leaders in allendance included Mia Mottley, Prime Minister of Barbados, Ursula von der Leyen, President of the European Commission., Hugh Jackman, actor and Global Citizen Ambassador, Justin Trudeau, Canadian Prime Minister, and Dr. Rajiv J. Shah, President, The Rockefeller Foundation. French President Emmanuel Macron also featured in an exclusive interview on climate finance, and the role of mullilaleral and government support for low- and middle-income countries impa¢led by climate change. German ChanTrllor Olaf Scholz contributed a video message on multilateral answers lo global challenges. Around the event, we were able to secure.. -4,000 media hits across 35 Countries, with potential reach of +9.7b g online and broadcast partners including MSNBC, Bloomberg and ABC 418 posts across Global Citizen channels reaching 4m total impressions and 66k total engagements. The Summit also included the Global Citizen Prize and the Cisco Youth Leadership Award ￿remonieS which honoured young, trailblazing changemakers who are profoundly impacting their local communities In the fight lo end extreme povety, demand equity and protect the planet, in line with Global Citizen's campaign to End Extreme Povety NOW. 11 was also an opportunity to launch v3 of the Global Citizen App in late April, setting up the future delivery of our product vision as previously briefed lo the board. In April, we hosted a reception in Washington, DC, in collaboration with the Australian embassy. We were joined by the Prime Minister of Barbados, Mia Mottley., Australian Ambassador lo the US, Hon Dr. Kevin Rudd,. Deputy Prime Minister and Finance Minister of Fiji, Bimian Prasad., USAID'S Deputy Administrator, Isobel Coleman,. and French Minister of Slate for Development, Chrysoula Zacharopoulou. The reception was focused on championing the need for more and beller development and climate financing lo tsckle the multiple crises facing low-and-middle-lncome countries, and lo highlight the opportunities in 2023 to make progress, including the Paris summit for instsnce. Power our Planet Global Citizen NOW served as a key delivery point for partners and priority campaigns, including serving as the announcement platform for the Power our Planet campaign. The Power Our Planet campaign co-chaired by Prime Minister Mia Mottley of Barbados focused on three policy policy goals.. Keeping Promises Already Made. Governments must slep up and meet their promises to help vulnerable countries tackle the climate crisis and fight extreme poverty. Page 4 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl Free Up Funding. We need lo free up funding from multilateral and other development banks, which could free $1 trillion in additional financing If they reform their policies and take on more risk. Transition to a Low-carbon Future. The private sector has a critical role lo play in reducing carbon emissions and making investments into transitions. One of the major milestones of the campaign was a live event on June 22 under the high patronage of Mr Emmanuel Macron, President of the French Republic. Power Our Planet: Live in Paris, took place by the iconic Eiffel Tower in Paris for a global convening moment rallying global leaders attending the New Financial Pact Summit, chaired by President Macron. We played a role in raising awareness and building momentum for key issues ahead of the Summit itself.. From January onwards we coordinated a coalition of global, French NGOS and think tanks to fomiulate joint asks and advocacy strategies on key issues. This led lo a joint briefing with recommendations and more specific briefs on lax options, Special Drawing Rights ISDRS) and debt pause clauses shared with a large number of governments. From March 2023, we began co-hosting monthly briefings on 'The Road to Paris,, offering an opportunity for civil society organisations ICSOS) lo be informed on opportunities for action, collaboration and share key messaging ahead of the Summit. On 8th June we organised, in collaboration with the Institute for Sustainable Development and International Relations IIDDRII, an informal breakfast discussion hosted by Her Ex￿llencY Gillian Bird, Australian Ambassador to France, al the Ambassadorfs residence, lo discuss the Summit for New Global Financing Pact. We were happy lo be joined by ambassadors representatives from Australia. Brazil, Colombia. Gemiany, ltsly. Kenya, Spain, Sweden, United Kingdom. USA and by Jérome Brunet Pos$enti, the Head of the International summits and global affairs Task-force at the French Ministry for Europe and Foreign Affairs. We were able to discuss the expectations and objectives of the SLJmmil and In particular the need to make progress on existing proposals. On 12 June, we collaborated with the French embassy in the UK to host a reception with key stakeholders from the UK government, civil society, academia and parliament. We organised a press conference on June 20th, with ONE France, Oxfam France, Care France, CCFD Terre Solidaire and the French Climate Action Ne￿ork lo discuss the key Issues at slake al the summit. Analyses and policy recommendations were presented. We also published a joint press release with these NGOS. After the summit. we did another joint press briefing, this lime with E3G, GSCC, Avinash Persaud and Mavis Owusu-Gyamfi, Executive Vice President of the African Cenler for Economic Transformation IACETI. Amongst other announcements we saw the European Investment Bank, France and the UK announce the Introduction of debt suspension clauses Into loan agreements for countries hil by natural disasters. President Macron also announced, together with IFAD President Alvaro Lario and Sabrina Elba, goodwill ambassador and Global Citizen Europe board chair, that he will champion the IFAD replenishment to be held in Paris on 14 and 15 December. Our live event was headlined by Lenny Kravitz, Billie Eilish, H.E.R., Jon Bab"ste and special guests FINNEAS, and Mosimann. The audience of 24,000 people had taken action and earned their Iickels and places there. Our stage In Paris gave a platform lo 11 inspiring youth climate aclivisls, alongside Global South leaders including Prime Minister of Barbados Mia Mottley, President of Kenya William Ruto, President of Brazil Lula da Silva, and President Ramos-Horta of Timor Lesle, participating via video message. Our efforts throughout the Power our Page 5 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl Planet campaign resulted in a commitment from Wodd Bank President Aiay Banga, made on stage in Paris alongside PM Mia Mollley, of a new debt pause option made possible because of Global Citizens for countries struggling with debt repayments in the aftermath of a natural disaster lo combat the mounting global debt crisis. Since then, several other creditors ft)Ilowed the example of the World Bank and are now Introducing debt pause clauses. The event featured more activist speakers than ever before from key countries including Mexico, Ecuador, Rwanda, Philippines, France, South Africa, US, and Kenya. We had over 80 NGOS supporting the campaign advocating on climate, human rights, hunger etc. A total of 259.9K actions were tsken to support Power Our Planet: Live in Paris: 258,541 poli￿ actions 1,389 educational actions 92°Aof totsl actions taken for the Power Our Planet Campaign since launch127 April) .G7 We used the G7 Summit in May as a slepstone in our Power our Planet campaign lo push asks around financing regarding debt, climate, and development as well as further specifics around climate, hunger and pandemic resilience. To further our asks, we Created a joint sign on advocacy letter with partners that we sent lo G7 leaders and had partners promote on social media, Published the sign on letter as an open letter on our website., . Advance media briefings conducted with the AFP, DPA, Reuters and our partners al the GsccNe￿Ork. Reactive statements and interviews conducted with GC spokesperson, Friederike Roder who gave press interviews on our G7 asks to a number of outlets Including,. the BBC and Japanese press outlets., Michael Sheldrick interviewed on BBC World Service, Newsday about the G7, importance of SDGS and highlighted IFAD., Coverage highlights include.. BBC'S Newsday, Washington Post, The Independent, South China Morning Post, AFP, DPA, Focus Germany, Canada Today, MSN, The Japan Times, Sluttgarter Zeilung, Augsburger Allgemeine, France 24. Keystats Imay 1- May 31, 20231.. Over 750 Online stories, across +27 countries Posted areacb.on thread explaining how the G7 didn't deliver Page 6 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl Global Citizen Festival The 2023 Global Citizen Festival in September gathered 60,000 global citizens, artists and advocates for a day of action against the backdrop of the week-long United Nations General Assembly. Broadcast live to audiences around the world, the event marked a year of campaigning lo drive advocacy toward major commitments across equity and education, the planet, for food and jobs. In the months leading up to the Global Citizen Festival, Global CitEens around the worfd took 3.4 million actions lo demand change the highest number of actions for a New York festival in over a decade, with many targeting European leaders. PR Targeted media alerts issued focusing on commitments pitched throughout the course of festival day Commitment coverage included. Reuters, The Guardian, Le Monde, AFP, plus more 6 press releases, media alerts & statements Issued, +20 Interviews with 8 spokespeople, supporting 9 GCF side events & announcements Keyslat5 (Jul 11- Sept 27, 20231: -85000nline Stories +35Countries GCF2023coveragehighlighls include.. Reuters, AP, AFP, Variety, GMA, Morning Joe, ABC7, Vvashinglon Post, Billboard, Bloomberg, New York Times, Deadline, People, Today Show, The Guardian, Daily Mail Online, Le Monde, TimesLive, ET Canada, The Independent, HypeBeast, Time Out, Ebony, IQ. At Global Citizen Festival 2023, global leaders pledged to end extreme poverty with monumental commitments Including. $240 million for the International Fund for Agricultural Development IIFADI, with France and Norway calling on other countries to also Increase their investments. Antigua and Barbuda and Timor-Lesle endorse the Fossil Fuel Non-Proliferation Treaty. Nine members of the United Stsles Congress, and UK Labour leader Keir Slarmer to follow through on UK and US climate commitments. Ireland guaranteed it will meet Ils climate financing promise by 2025. Through our direct advocacy with Irish stakeholders, Leo Varadk8r Taoiseach of Ireland reinforced the need to fulfil Ireland's pledge lo provide al least 25 million in intemalional climate finance by 2025 at the Global Citizen Festival in September. $290 million total commitments rallied for Global Citizen Festival, leading to a total of $470 million as a result of the campaign. European-wide activities and impact EU Budget On the EU budget, Global Citizen coordinated a group of over 30 civil society organisalions from across the development, humanitarian, pandemic preparedness and climate sectors, on the long term budget- the multiannual financial frameworks IMFFI and Own Resources advocacy. Despite challenges we achieved the following results.. Page 7 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl Worked with CSOS on joint amendments to the European Parliament report on own resources, succeeding in securing a strong call for an financial transaction tax IFTtI and support from a Coalibon across the political spectrum. Produced a joint position ahead of the European Council proposal on the MFF Mid-Term Review IMTRI, a joint letter lo the EC President and several EU Commissioners which unlocked meetings with the cabinets of Budget and Development Commissioner, as well as a joint position in reaction to the proposal published in June. We also reacted In the press. Drafted joint proposals for amendments and pushed MEPS lo ensure the European Parfiament position on the MFF MTR called for ambitious Increases for development and climate, ahead of a key vole In the Development Committee and in Plenary, which we secured as the EP called for Ukraine and developmenuclimale funds not lo be pitted against each other and for additional Increases lo the EU extemal action budget. Sent a joint letter to General Affairs Council ministers ahead of their September meeting which would discuss the MFF and sent a letter lo all EU leaders ahead of the October European Council meetings. We developed timely and deep analysis of several versions of the Council negotiating box, and prepared briefings co-signed by several CSO groups, which were shared with negotiators in Brussels and In capitals. Ahead of the European Council meeting in December, We coordinated an open letter which was signed by 66 influential individuals and thought leaders, including Members of the European Parliaments and leaders from civil society, Ihink-tanks, private sector, and activists. We also mobilised our members who Joined a twitter action. We analysed the outcome of the December Leaders meeting, which, if confirmed, could mean worying redeployments of ODA and cuts to the suggested Increases by the Commission. We reacted publicly together with 9 other civil society groups. Page 8 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl . G20 & WBI IMF Annual Meetings We drove strategic media placements in and around the G20 meeting in India in September, and the World Bank meetings in Morocco in October. Ahead of both we worked on a joint sign on advocacy leller with partners targeting G20 leaders and finance ministers. We attended the Vvorld Bank and International Monetary Fund IIMFI Annual Meetings in Marrakech to attend the various sessions and most Importantly network and meet with the finance leaders who were in attendance. The numerous meetings included strategy sessions with other NGO partners, meetings with key donors, speaking lo journalists from Reuters, AFP and Le Monde with the Zambian finance minister. COP28 We had a small team on the ground in Dubai for COP28 with a focus on the negoliab.ons and outcomes for the funding of the loss and damage fund, international taxes, mobilising climate finan￿ Including for adaplalion, sign up lo the fossil fuel treaty and progress on debt pause clauses. We had multiple meetings, including with the climate envoys from Germany and Italy, the French minister and the Elysée and others. At COP28 we saw the historic creation of the Loss and Damage fund on Day 1 of COP, with -$700M in new pledges. Many of the pledge5 came from Europe, with Germany being In the lead las first pledgers together with the UAE) and equally Important pledges from France and Italy. We will continue to work on advocacy efft)rts lo ensure that additional pledges are made and delivered in a transparent and timely manner, and the fund is set up quickly and efficiently. During COP, our co-founder and our Europe board chair joined 800+ signatories from CSOS, business, politics & academia & more lo call on the COP28 President & Parties to deliver a 1.5C aligned outcome in response lo the Global Stocktake. Building on their announcement at Power Our Planet in June during the Paris Summit for a New Global Financing Pact, the World Bank announced it would be extending a new lifeline lo small islands and other small stales struck by earthquakes and tropic81 storms, allowing governments to focus on disaster recovery Instead of debt repayment when catastrophes occur. The European Bank of Re¢onslru¢lion and Development IEBRDI and the African Development Bank joined the club (which also includes the European Investment Bank, the UK, FranTr and the Inter American Bank) and will also introduce debt pause clause$ In their loans. We also supported the launch of the new task force on international taxation, also something we had been advocating for since the start of the year. The task force was launched by Kenya and France, with the support of Barbados, Spain. Antigua and Barbuda and the AU and the EU. 11 should deliver a proposal for an international lax lo fund development and climate by COP30 in Bélem in 2025. We worked with our partners, the International Fund for Agricultural Development IIFADI on their side event which discussed the significance of mulli-stakeholder pro￿sseS that enable diverse community-led actions for a sustainable food future. Rural civil society actors came together lo share their perspectives, discuss innovative approaches, success stories, and lessons learned, as well as to explore opportunities for community empowerment In food system Iransfomialion. We achieved widespread coverage leading up to and during the course of this year's COP28. Mukiple reactive media statements were pitched during the course of the summit. Interviews conducted with Friederike Roder include.. New Scientist, AFP, DPA, El Independiente, CNBC, TF1, France 24, Foresight Podcast. Page 9 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl High reaching placement achieved on The Guardian's COP28 Live Blog Key stats l Nov 16 - Dec 14 20231.. -20D Media Hits +31 Countries Coverage highlights include. New Scientist, Reuters, AFP, DPA, CNBC, The Guardian, Radio France International, Le Monde, Le Figaro, France 24, Fran￿ Inter, Spiegel and more. Additional UK activities Our campaign majorly focused on holding the UK to account on their climate finance promise5. In totsl, UK Global Citizens took 17.7k actions on UK climate deliverables. This included sharing a video featuring former and current prime ministers making the promise and requesting a concrete plan for disbursement of the funding committed. We signed on to the UK Climate Action Network ICANI letter with over 100 partners calling for the UK to honour climate finance commitments with new and additional financing. We pursued cross-party engagement on some key issues.. support for restoring the UK'S international development leadership, climate change action, climate finance, food insecurity, MDB reform, global health and vaccines. We secured opposition party commitment al the Global Cib"zen Festival. The Labour leader committed to standing strong on the UK'S climate commilmenls. This was his first notable engagement with policy messaging on relevant issues working with a CSO. This was offered to The Guardian as a media exclusive on festival day. In September we contributed to the call for eviden￿ lo inform the UK'S intemalional development while paper focusing our Inputs on the need to restore overseas development assistance leadership, recommendations for innovative financing, climate acb.on and making good on pledges whilst championing International financial systems reform. We engaged with political parties for autumn paty conferen￿$ this included attending the Labour Paty Conference. We soft launched an International Development pledge targeting MPS to sign up to policies that restore the UK'S international development leadership from restoring 0.7°k ODA, lead on climate finance, global health and food security. For World Polio Day in October we reached out to parliamentsry stakeholders and secured their support on social media. We created a social toolkit to make Il easy for them lo do so. We pushed a range of actions ahead of the UK'S Food Security Summit in November utilising Global Cib"zen voice to remind the UK of the urgent need for action and financial support for tackling the food crisis and supporting rural farmers. Through the International Coalition for Advocacy on Nutrition IICANI we supported advocacy efforts ahead of and after the Food SummiL By the end of 2023, we had 449.8K Global Citizens registered In the UK. Our totsl UK reach on owned and operated channels was 41.6 Million. UK global citizens took 86.3K actions in 2023, bringing the all lime total number of actions taken by UK Global Citizens lo 1.67M. Additional Germany Activities In addition to our global moments and the Power our Planet Campaign, we ran a number of important local campaigns in Germany. By the end of 2023, we had 163,600 Global Citizens registered In Gemiany. Our total Page 10 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl reach landed al 9.9 Million and we have increased the number of actions taken per user on average from 11.5 10 16. Global Citizens in Germany look 39,400 action5 in the past year. ODA Campaign A crucial part of our work in Germany in 2023 continued lo be our ODA (overseas development assistance) campaign, aiming to achieve the spendings for ODA and humanitarian aid to be al least 0.7 /0 of Germany's Gross National Income. We built a campaign based on the slogan "Deulschland muss global denken. (Germany musl think globally), addressing the government with our expectations, bul also encouraging them lo keep their promises. Our angle.. Raise awareness for the importance of multilateral organisations - and the need to fund them adequately through the ODA budget. To prevent the cuts, we mobilised our Global Citizens through actions and explainer conlenl. b*1JerknFdknglknth.Wtys¢*henw5rthdyrt4Sstr￿¢bLVIt nuthobonP F•miniiba¢h*AuQ•n. vndEThtwkklurffjspoHtsTr-•ndithlDo¢h ¥bvd•vtrtthsryvntlkhP We promoted OLJr ODA campaigns on our German social media channels and with creative social media activities with a strong focus on the planned cuts for multilateral organisations and their impact. We also took part in a photo stunt with the slogan #Luftnachoben I'room for improvement") in front of the Brandenburg Gale with 27 other organisations to protest against planned cuts of 50/0 in international development spending and 1801ts in spending on humanitarian aid. )knEhOL￿n The result." In a budget committee meeting in November, the Federal Foreign Office IAAI received an additional 700 million euros compared to the original draft budget. The BMZ received 100 million euros more for crisis prevention and reconstruction. Therefore, the CLJts to the AA budget were ￿d￿Ced from -180/¢ to -80/0, while the CLJts for the BMZ were reduced from _50A lo 4.6O/D compared lo 2023. Page11 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl However, a ruling of the Federal Conslitulional Court IBVerfGI on 15 November, which declared the second supplementary budget 2021 unconstitutional. had far-reaching consequences for the 2024 budget. 60 billion euros originally intended lo deal with the consequenTrs of the Covid-19 pandemic were shifted to the so-called "Climate and Transformation Fund" in 2022, a practice that, according lo the BVerfG, was not compatible with the debt break enshrined in the Basic Law. As a result, In December 2023, the coalition government had lo account for cuts of around 17 billion euros in the 2024 federal budget. Hence, on the political side, we coordinated a joint letter signed by eleven partner organisations that was sent to key decision-makers in the Bundestag and the coalition ahead of the negotiations. By the end of 2023 the budget crisis following the ruling of the federal conslilutional court in November was still not resolved and additional cuts of 400 million euros In the BMZ budget were discussed. Together with our partner organisations we published a press release on how these cuts would jeopardise Germany's leading role in humanitsrian aid and development cooperation. This was picked up by the media. au5tEiitythrNdvidOwnEntg￿P5 In continuation of our 2022 efforts to shed light on the human suffering and costs of the Afghanistan withdrawal, we partnered in March 2023 with the German refugee support organisation Visions for Children e.V. lo hold a public panel discussion and movie screening. The event focused on the Ihen-current situation in Afghanistan, especially In regard to German development assistance and humanitarian needs. Next lo representatives of Visions for Children and Global Citizen, panelists Included Member of the Bundestag, Schahina Gambir, and the DW News journalist, Waslat Hasral-Nazimi. t￿21￿Fr￿d1Y*U1Irt￿n*Irm1tmI￿￿rn￿￿n￿whIld￿enl Stsff Organisalionally, Global Cib"zen adjusted its structure during 202212023 to enable il to continue lo meet ils charitable objectives and be as efficient as possible. This has meant a reduction of staff In Europe. Al the end of 2023 we had a staff base of 11 people working in the London office, 4 staff members based in the Berlin office, which Is boosted by parental Cover for a staff on matemity leave, and 1 member employed in Fran￿. Achievements and performance Page 12 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review a. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existenTr for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis Can be found in the Accounting Policies. b. Financial revi9W Overall income for the period was £1.4m (UK Global Povety Project £1.1 m, Global Citizen Deutschland £334kl 12022.. £2.06m (UK Global Poverty Project £1.59m Global Citizen Deulschland £475kll. 99.9°k of this came from the US charity with very litue from other Sour￿$. Expenditure for the period was £1.42m (Global Povety Project UK £1.097m and Global Citvzen Deutschland £319kl12022 £2, 153,652 (Global Povety Project UK £1.675m and Global Citizen Deutschland £478kll. The UK office works alongside other Global Cit￿en offices lo achieve global goals so expenses and income can shift annually belween offiTrs depending on staff skill sets and the activities undertaken, and this Is reflected In the results in 2023. The cost of generating funds accounted for 6,￿ of the totall8,￿ Global Poverty Project UK and O'/0 for Global Citizen Deutschlandl and relates lo UK staff building partnerships which generated income into Global Poverty Project Inc. Income re￿iVed into Global Poverty Project Inc was used to fund the UK and German charities. Support costs in 2023 accounted for lo°￿ of expendilure111'/9 of expenditure for Global Povety Project UK and 7'/o Global Citizen Deutschlandl. The UK charity provides management and administration support for all Europe operations including Global Cib"zen Deutschland the 100 /0 owned subsidiary of Global Poverty Project UK Ltd and provides management support to other international GC offices in Canada, Australia, Nigeria and South Africa. Governan￿ costs accounted for 30/0,14,￿ GPP UK and 1'/o GC DEI leaving 80,￿ for direct charitable aclivilies177°/o Global povety Project UK and 92°/o Global Citizen Deutschlandl. Additional Charitable expenditure in Europe occurred directly through Global Poverty Project Inc. How Global Clt4zen used Its fvndlng DilÈdCha￿Ll￿B athvil HowGlobal Cltlzen UK Its fundlng • ¢4mpaiynin9-UK • C4mp?i4Oln9-GermpDy How Global e6tlzen Deutschland used Its lundlng campa￿ll1n￿- UK • CampavJning- Gonnmy CaMpa￿nIng- Global Isw•s #¥ontsand pro)￿tr On the balance sheet unrestricted ￿SerVeS sland at £585k al the end of the year and restricted funds at £0. Page 13 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 c. Reserves policy The trustees reviewed the reserve policy at the end of 2023 to ensure that it continued to reflect the needs of the charity. The trustees consider that there is a balance be￿een spending funds received in a prompt and appropriate manner, with the need lo have enough reserves to ensure uninterrupted operations and to manage cash fluclualions. The trustees consider that the minimum unrestricted reserves that need lo be held are those needed lo ensure an ordedy wind down in the event of Global Povety Project UK and Global Citizen Deutschland ceasing their operations. This has been estimated at £391 k being approximately three months of direct current core costs and a modest contingency lo cover all wind up costs and unforeseen expenses. The maximum unrestricted reserves should be the amount needed lo continue Ils regular operations for the following 3 months and manage short term cash flow flu¢lualions. Al the end of 2023 that was calculated at £481 k based on 2023 average expenditure with an inflationary uplift. The UK has the full support of the global company (Global Povety Project INCI which is registered and based in New York, USA. The global company is the UK'S only member. At the end of 2023 the amount of readily available reserves stood at £577k. The charity actively reduced ils reserves in 2022 following a reslrucluring, so that they sat within the above policy, bul during 2023 there were further reductions in expenditure caused by recruiting challenges, with gaps in staffing and some off boarding employees replaced by staff In our sister charities based outside Europe. Additionally lightening donor reporting requirements has meant that more expenses are handled directly by the US company. The trustees will continue lo review levels of expenditure and reserves, and If expenditure is expected to remain low, then reserve5 will be further reduTrd in 2024. Future planning will have regard to the level of reserves held, the charity's requirement for reserves, given these vary as circumstances change and the level of support it receives from the global company. Page 14 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 d. Principal risks and uncertainties The UK charity is reliant on Global Povety Project Inc for resources, support, direction and income and has confirmed it will continue this support for the foreseeable future. In 2023 less than 1 /0 of the UK charity's income came from other sources, which is similar lo 2022, although some non-financial support and advice were received from other partnerships. The relationship with Global Poverty Project Inc is dynamic and support flows In both directions as the two charities recognise they Can achieve their goals faster if they work closely together, with some UK staff managing US andlor African based staff. Reserves are monitored closely, as per the reserves policy to further ensure the stability of the UK company. The challenging economic environment throughout 2022 and 2023, caused by the Ukraine war, the pandemic, the energy crisis, global recession and high inflation has many widespread consequenTrs. The levels of povety continue to Increase, making our mission lo end extreme poverty harder bul more urgent. Global Poverty UK has proved lo be agile and adaptable, and had a successful year despite the challenges, continuing to challenge Governments to work towards global equitsble solutions. Many of GC'S sponsors have reduced levels of income lo use for charitsble purposes so GC has reslruclured to reduce Ils core costs and reduce Ils vulnerability. In 2023 hybrid working was introduced with staff expected lo work In the offiTr 3 days per week. Not all staff have found the transition back to the office easy and GC are working to establish the most efficient way lo work both within a Country team but also directly with an International team. In the meantime there are various mental health support options available to stsff. The high profile GC enjoys, our large scale and prestigious activities, the support we receive from both headline stars and royalty and our worfdwide broadcasts has led to malicious attacks, both cyber attacks and scrutiny by journalists into our organisation values and the partners we have. The loss of Global Poverty Project UK'S reputation would be significant and our increased profile Increases this risk. The loss of data from a cyber-attack, leading to contravention of GDPR, Is a further risk. To manage these risks, we have robust IT procedures and appropriate policies and we carefully consider our partners. We choose to work with companies seeking lo Improve, as well as those who are already leading by example, as this will lead to faster development and accept that this is somewhat controversial. Our model of cost sharing on larger projects, ensures that our financial exposure Is manageable. Political Instability caused by the economic crisis In the UK, the troubles facing the current UK government, a polarisalion of US politics and the aftermath of Brexit could impact the ability of the charity lo achieve its mission. The registration of a separate charitable company In Germany is complete, which Is a subsidiary of the UK charity. Legal adviTr has been sought to mitigate any further organisational risks and these have been reflected in our strategy for 2024. e. Principal funding Global Povety Project Inc is the primary funder of Global Povety Project UK Ltd. They are the US and global version of the UK charity with the same aims and objectives of the UK Charity. The Charity was a sub recipient of funding from the Gates Foundation Ivia Global Poverty Project Incl, as well as the European Climate Foundation, IFAD, Education Cannot Wail, the Intemalional Labor Organisation and the European Climate Foundation. Structure, governance and management Page 15 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontinuedl a. Constitution Global Povety Project UK is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The charity is conslituled under a Memorandum of Association and is a registered charity (number 11378151. The trustees who are also the directors for the purpose of company law and who have served during the year are.. Ms S Dhowe Elba Mr J Cerrell Ms S Chebli Mr C Cohon Mr S Lofven (Appointed 11 October 20231 Ms H Pawlby Dame K E Pierce DCMG (Resigned 9 August 20231 Mr P J R Vogeleer The principal object of the charity is for the public charitsble purposes of raising awareness and encouraging action for the relief of global poverty in the United Kingdom and overseas. b. Methods of appointment or election of Trustees The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. The minimum number of trustees is 3 and the maximum 12. The trustees may appoint any individual as a trustee, either to fill a casual vacancy or a5 an addition lo the current trustees, so far as Il does not contravene Ils governing documents. In 2021 the charity undertook a significant review of Ils board using an external consultsnt. As a result of the findings the board membership was extended to ensure representation from a broader demographic, with the first German representative appointed on 2 Feb 2022. Global Poverty Project UK Ltd Is part of a group of charities which shares aims and objectives. The Global Poverty Project Inc sets the Global Strategy, which is then tailored at the regional level to create maximum Impact in key European markets. The Iruslees oversee this process and its implementation In close consultation with the Vice President for Global Advocacy and other staff working across Europe (UK, Germany, FranTrl- Global Povety Project Inc, IGPP incl a company registered in the USA, is the sole member of the charity which gives il the right to appoint and remove the charity's trustees. None of the trustees have any beneficial interest in the charitsble company and the group. Oryanisational structure and decision-making policies The charity is controlled by the trustees who are supported by key management staff who make day to day decisions for the charity. All events and specific expenditure musl be approved by the trustees in accordance with the Articles of The Charity. Page 16 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontinuedl d. Policies adopted for the induction and training of Trustees The induction is conducted by Michael Sheldick, Chief Policy. Impact & Government Affairs Officer In Global Policy & Advocacy, from the Global Povety Project Inc with the support of the VP of Global Advocacy. The board members receive relevant documents (current global and regional business planlstrategy. accounts., articles of association., dates of board meetings over the next yearl. They also meet and are briefed on their obligations by Simon MosslLiza Henshawlmichael Sheldrick from the Global Poverty project Inc, the chair of the Board for Global Poverty Project Inc and the Vice President of International Markets. Training is made available lo Board members. e. Pay policy for key management personnel As far as possible all salaries in GC are benchmarked. Salary benchmarking was updated during 2022. Stsff performance and pay reviews are undertaken ￿l¢e annually across the organisalion. During 2023 the President of Global Poverty Project Inc was responsible for setting the salaries of the majority of staff within the organisation. f. Related party relationships During the year under review the charity had related paty transactions with Global Povety Project Inc, USA, a company incorporated in the USA and sole member of the charity. During the year the charity received a total Income of £1.49m, (Global Poverty Project UK £1.1 m, Global Citizen Deulschland £382kl 12022 £2.06m (Global Povety Project UK £1.587m Global Citizen Deutschland £475kll. The Europe office benefited from grant funding from the Bill and Melinda Gates Foundation, which is also the employer of Iruslee Joe Cerrell. Live Nation, which is the employer of trustee John Reid la Iruslee until 31 October 20221 and a valued partner of Global Citizen, supported our global activities in 2022 and 2023. Global Citizen rents a desk from Systemiq in Paris for one of Ils employees, al fair market rent. Guido Schmid- Traub, a board member since January 2024, is a director of Syslemiq. g. Financial risk management The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are sabsfied that systems and procedures are in place lo mitigate exposure to the major risks. Page 17 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods In 2024, Global Citizen's work will focus on children and youth.. as those most Impacted by climate change, food Insecurity and lack of a¢￿$S to health, bul also as change makers and our common future. On global health, we will campaign for a successful Gavi replenishment, especially against the backdrop of the historic opportunity of o new malaria vaccines. On food security, we want to continue our support for IFAD bul also agricultural adaptstion and research more specifically, such as through CGIAR. On climate, after the historic decision at COP28 to transition away from fossil fuels, we will make sure this is now followed by concrete action and that funding going into fossil fuels is being redirected into creating green jobs and renewable energy. None of this will be possible without active citizens, and without the right level and quality of financing, which means that our work on civic space and on development and climate financing Ilhrough the reform of the International Financing System, ODA and laxationl will continue. We will achieve these goals through a number of global events and campaigns, including the thought leadership Summit GC NOW in May 2024, the Global Cib"zen festival in New York in September and Move Afrika and leveraging policy processes such as the G7 (led by Italy) and the G20 Iled by Brazill. In addition to the global events, we will also run local events and campaigns in the UK, Germany, France and elsewhere in Europe and beyond. Members. liability The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. Information on Fundraising Practises Global Citizen has not engaged directly with the general public to ask for funding for itself, nor worked with a third party for the purpose of raising funds during 2023 or 2022. Safeguarding Global Citizen's Interactions with members of the public occur through information sent via email, social media channels or placed on the web site, where Information Is offered freely. At events, security al all levels is paramount. Robust and detailed plans are pul in place with team briefings to ensure all staff understand the plans. Global Citizen staff receive training in safeguarding issues. Employee involvement The Charity's policy is lo consult and discuss with employees, al meetings, matters likely to affect employees, Interests. Information of matters of concern lo employees Is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the charity's group perforrnan￿. The charity does not routinely use volunteers, and did not use any volunteers during 2023. Key management staff at 31 December 2023 were.. Martin Forsyth Vice President, International Projects Friederike Meister Senior Advocacy Director Friederike Roder Vice President, Global Advocacy Wendycourtenay Financial Controller. Company Secretary for Global Poverty Project UK and Geschaftsfuhrung for Global Citizen Deutschland Page 18 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ststement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿pted Accounb"ng Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial stslements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Infomiatlon to audltors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable group's auditors are aware of that Information. Auditors The auditors, Ac￿nd0 Consulting Ltd, have indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Sabrina Elba Chair of Trustees Dale.. 24 April 2024 Page 19 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK Oplnlon We have audited the financial statements of Global Povety Project UK Ilhe 'parenl charitable company'l and ils subsidiaries Ilhe 'group'l for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated Balan￿ Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. 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 Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the parent charitable company's 8ffairs as at 31 December 2023 and of the Group's incoming resources and application of reSoUr￿s, including its income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial slalemenls 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 doubl on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the relevant sections of this report. Page 20 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK ICONTINUEDI Other Informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otheNise explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 performed, 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. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsislenl in any material respect with the financial statements., or the parent charitable company has not kept sufficient accounting records., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Slalement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is ne￿SSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but lo do so. Page21 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK ICONTINUEDI Audltors. responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 151 of the Charits'es Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemenl 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misststemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. Explanation as to what extent the audlt was consldered capable of detectlng Irregularltles, Includlng fraud: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive lo those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identlfylng and assesslng potentlal rlsks related to Irregularltles.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. The nature of the industry and sector, control environment,. results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the charitable company's policies and procedures,. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation lo revenue recognition. In common with all audits under ISAS IUKI, we are also required to perform specific procedures lo respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Audit response to risks identified As a result of performing the above, we identified revenue recognition as key audit maller related lo the potential risk of fraud. Our procedures lo respond to risks identified included the following.. reviewing the financial statement disclosures and testing lo supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., enquiring of management, concerning actual and potential liligalion and claims., Page 22 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK ICONTINUEDI performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misststemenl due to fraud., obtsining an understanding of provisions and discussing with management lo understand the basis of recognition or non-recognilion of lax provisions,. and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert lo any indications of fraud or noncomplian￿ with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charitsble company's trustees those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Accendo Consultlng Ltd Chartered Certified Accountsnts & Stslutory Auditors 0412512024 Dale.. Accendo Consulting Ltd are eligible to act as auditors in terms of secb.on 1212 of the Companies Act 2006. Page 23 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitsble activities Investments 107.875 1.290.654 40,065 5,715 1.398.529 40,065 5,715 2,004, 700 57,098 397 Total income 107.875 1.336.434 1.444.309 2,062, 795 Expenditure on: Raising funds Charitable activities 86,013 1,223,319 86,013 1,331,194 71, 731 2,081,316 107,875 Total expenditure 107,875 1.309,332 1.417,207 2,153,047 Net movement in funds 27,102 27,102 (90,852) Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 557.680 27,102 557,680 27,102 648,￿2 (90,852) Total funds carried forward 584,782 584,782 557,680 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 30 to 48 form part of these financial statements. Page 24 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) REGISTERED NUMBER: 07186340 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 13 7.349 8,25T 7,349 8,257 Current assets Debtors Cash al bank and in hand 15 292.147 344,743 352, 160 285,928 636,890 638,088 Creditors.. amounts falling due within one year 16 {59.457} (88,665J Net current assets 577,433 549,423 Total assets less current liabilities 584,782 557,680 Net assets excluding pension asset 584.782 557,680 Total net assets 584,782 557,680 Charity funds Reslricled funds Unrestricted funds 18 18 584,782 557,680 Total funds 584,782 557,680 The Charity was entiUed lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Page 25 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) REGISTERED NUMBER: 07186340 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 Sabrina Elba Chair of Trustees Dale.. 24 April 2024 The notes on pages 30 to 48 form part of these financial statements. Page 26 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) REGISTERED NUMBER: 07186340 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments 13 14 7,349 21,742 8,25T 21,742 29,091 29,999 Current assets Debtors Cash al bank and in hand 15 292,797 296,542 340,680 259, 750 589,339 600.430 Creditors.. amounts falling due within one year 16 {45,598} {70,384J Net current assets $43,741 530,046 Total assets less current liabilities 572,832 560,045 Net assets excluding pension asset 572,832 560,045 Total net assets 572,832 560,045 Charity funds Reslricled funds 18 Unrestricted funds 18 572,832 560,045 Total funds 572,832 560,045 The Charity's nel movement in funds for the year was £12,787 {2022- £(88,342JJ. The Charity was entiued lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordan￿ with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordan￿ with the provisions applicable to enlilies subject lo the small companies regime. Page 27 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) REGISTERED NUMBER: 07186340 CHARITY BALANCE SHEET ICONTINUED} AS AT 31 DECEMBER 2023 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Sabrlna Elba Chair of Trustees Dale.. 24 April 2024 The notes on pages 30 to 48 form part of these financial statements. Page 28 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating activities 63.652 21,413 Cash flovts from investing activities Purchase of tangible fixed assets 14.837} f7 1,564) Net cash used in investing activities 14,837) Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 58,815 9,849 285.928 276.079 Cash and cash equivalents at the end ofthe year 344.743 285,928 The notes on pages 30 to 48 form part of these financial statements Page 29 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Infomiatlon The charity is a company limited by guarantee and registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity's registered offi.￿ address which is also its principal place of business is.. 8 Al Saints Street, London. N1 9RL. Accounting policies 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Global Poverty Project UK 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 slated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balan￿ Sheet consolidate the financial statements of the Charity and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial stalemenls. 2.2 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balan￿ of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income lax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income lax recoverable in relation to investment income is recognised at the time the investment income is re￿1Vable. 2.3 Expenditure Page 30 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following basis.. Fixtures and fillings Computer equipment 200 330 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impaimient. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. Page 31 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balan￿ 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. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or setvices it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Slalement of Financial Activities as a finance cost. 2.10 Flnanclal Instruments The Group 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 al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Operatlng leases Rentals paid under operating leases are charged lo the Consolidated Ststemenl of Financial Activities on a straight-line basis over the lease term. 2.12 Penslons 2.13 Fund accountlng General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 32 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accountlng estlmates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experien￿ and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a signifi'cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi'nancial year are discussed below. Income from donatlons and legacles Restrlcted Unrestrlcted funds funds 2023 2023 Total funds 2023 Donations Grants 353 1,290,301 353 1,398,176 107,875 Total 2023 107,875 1,290,654 1.398,529 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Donations Grants 700 1,898,738 700 105,262 2,(X74,000 Total 2022 105,262 1,899,438 2,004, 700 Page 33 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charltable actlvltles Unrestricted funds 2023 Total funds 2023 Ineome from charitable activities- Campaigns UK Income from charitsble activities- Campaigns Global 40,065 40.065 Total 2023 40,065 40,065 Unrestricted funds 2022 Total funds 2022 Income from charitable activities- Campaigns UK Income from charitable activities - Campaigns Global 50 57,048 57,048 To1812022 57.098 57.098 Investment income Unrestricted funds 2023 Total funds 2023 Investment income 5,715 5,715 Un￿Stricted funds 2022 Total funds 2022 Investment income 397 397 Page 34 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on ralslng funds Costs of ralslng voluntary Income Unrestrlcted funds 2023 Total funds 2023 Costs of raising voluntary income - w8ges and salaries Costs of raising voluntary income - pension costs 84,231 1,782 84,231 1,782 Total 2023 86,013 86,013 Page 35 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on ralslng funds Icontlnued) Costs of ralslng voluntary Income Icontlnuedl Unrestricted funds 2022 Total funds 2022 Costs of raising voluntary income - w8ges and salaries Costs of raising voluntary income - pension costs 70,111 1,620 70,111 1.620 Total 2022 71,731 71,731 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2023 2023 Total 2023 Campaigns UK Campaigns Europe Campaigns Global Special events 100,540 161,656 558,052 403,071 100,540 269,531 558,052 403.071 107,875 107,875 1,223,319 1,331,194 Page 36 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture on charltable actlvltles Icontlnuedl Summary by fund type Icontlnuedl Restricted Un￿Stricted funds funds 2022 2022 Total 2022 Campaigns UK Campaigns Europe Campaigns Global Special events 240,478 455.551 846,157 433,868 240,478 560.813 846, 1ST 433,868 105,262 105.262 1,976,054 2,081.316 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Campaigns UK Campaigns Europe Campaigns Global Special events 79,683 225,933 470,475 364,998 20,857 43,598 87,577 38,073 100,540 269,531 558,052 403,071 Total 2023 1,141,089 190,105 1,331,194 Page 37 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Icontlnuedl Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Campaigns UK Campaigns Europe Campaigns Global Special events 197,585 495, 179 736,44T 382,496 42,893 65,634 109,710 51,372 240,478 560,813 846, 1ST 433,868 Total 2022 1,811. 707 269,609 2,081.316 Analysis of direct costs Campaigns Campaigns Campaigns UK Europe Global 2023 2023 2023 Special events 2023 Total funds 2023 Staff costs 61,995 630 51,404 1,356 173,173 412,903 2,557 55,015 303,645 1,202 60,151 829,947 5,745 305.397 Depreciation other Charitable Expenditure 17,058 Total 2023 79,683 225,933 470,475 364,998 1,141,089 Campaigns UK 2022 Campaigns Eull)pe 2022 Campaigns Global 2022 Special events 2022 Total funds 2022 staff costs 140,532 2,351 54, 702 284, 170 2,561 208,448 608,441 5,279 122,727 315,393 2, 793 64,370 1,348,536 12,984 450, 187 Depreciation Other Charitable Expenditure Total 2022 197,585 495, 179 736,447 382,496 1,811, 707 Page 38 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Icontlnuedl Analysls of support costs Campaigns Campaigns Campaigns UK Europe Global 2023 2023 2023 Speclal events 2023 Total funds 2023 Staff costs Campaign expenses Governance costs 12,161 1,140 7,556 28,903 4,907 9,788 54,504 14,649 18,424 25,S25 3,899 8,649 121,093 24,595 44,417 Total 2023 20,857 43,598 87,577 38,073 190,105 Campaigns UK 2022 Campaigns Campaigns Europe Global 2022 2022 Special events 2022 Total funds 2022 Staff costs Campaign expenses Governance costs 27,641 6,348 8,904 44,614 5,007 16,013 62,068 27,065 20,577 32,840 7,644 10,888 167, 163 46,064 56,382 Total 2022 42,893 65,634 109, 710 51,372 269,609 10. Auditors. remuneration 2023 2022 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 4.700 4,500 Page 39 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs Group 2023 Group 2022 Charity 2023 Charity 2022 Wages and salaries Social security costs Contribution lo defined eontribulion pension schemes 925.361 129,058 1,412,475 196,930 798.979 101,865 1, 170,292 190,677 19,955 29,007 19,955 29,007 1.074.374 1,638.412 920.799 1,389.976 During the year the Company made temiination and ex gralia payments of £Nil12022.' £38kl. The average number of persons employed by the Charity during the year was as follows.. Group 2023 No. Group 2022 No. Charity 2023 No. Charity 2022 No. Adminislralion and management 16 25 13 21 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2023 Group 2022 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001 £90,000 In the band £90,001 - £100,000 In the band £100,001- £110,000 Total remuneration paid to key management personnel was £321k12022.' £267kl. 12. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NIL). Page 40 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tanglble flxed assets Group and Charlty Fixtures and fittings Computer equipment Total Cost or valuation At 1 January 2023 Additions Disposals 31.560 711 25.261 4.126 {5,8471 56.821 4,837 15,8471 At 31 December 2023 32,271 23,540 55,811 Depreciation At 1 January 2023 Charge for the year On disposals 29.929 562 18.635 5.183 {5.8471 48.564 5,745 15,8471 At 31 December 2023 30,491 17,971 48,462 Net book value At 31 December 2023 1,780 5.569 7,349 At 31 December 2022 1,631 6,626 8,257 14. Fixed asset investmgnts Page 41 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Debtors Group 2023 Group 2022 Charity 2023 Charity 2022 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 258,949 319,869 257,731 1,868 29.455 3.743 308,389 29.455 3.743 29,345 2,946 29,345 2,946 292,147 352, 160 292,797 340,680 16. Creditors: Amounts falling due within one year Group 2023 Group 2022 Charity 2023 Charity 2022 Trade creditors 7,434 23,655 4.662 23.706 3,571 37,221 6,479 41,394 2,681 23,655 4.662 14.600 3,571 37,221 6,479 23,113 Other laxalion and social security Other creditors Accruals and deferred income 59,457 88,665 45,598 70,384 17. Financial instruments Group 2023 Gmup 2022 Charity 2023 Charity 2022 Flnanclal assets Financial assets measured at fair value through income and expenditure 344,743 285,928 296,542 259, 750 Page 42 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expendlture Unrestricted funds General Funds - all funds 557,680 1,336,434 11,309,332) 584,782 Restricted funds Reslricled Funds- all funds 107,875 1107.875} Totsl offunds 557,680 1,444,309 11,417,207) 584,782 Page 43 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds (contlnuedl Statement of funds - prlor year Balan￿ at 31 December 2022 Balance al l January 2022 Income Expenditure Unrestricted funds General Funds - all funds 648,532 1,956,933 (2,047, 785) 557,680 Restricted funds Reslricled Funds- all funds 105,262 f105,262J Totsl offunds 648,532 2,062, 195 (2, 153,047J 557,680 19. Summary offunds Summary offunds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds Reslricled funds 557.680 1.336,434 11.309,332} 107,875 1107,875) 584,782 557.680 1.444.309 11.417.207} 584.782 Page 44 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Summary of funds Icontlnuedl Summary offunds - prlor year Balan￿ at 31 December 2022 Balance al l January 2022 Income Expenditure General funds Reslricled funds 648,532 1,956,933 (2,047, 785) 105,262 f105,262J 557,680 648,532 2,062, 195 (2, 153,047) 557,680 20. Analysis of net assets botween funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 7,349 636,890 159,4571 7,349 636,890 159,4571 Totsl 584,782 584,782 Analysls of net assets between funds - prlor year Un￿Stricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 8,257 638,088 (88,665) 8,257 638,088 (88,665) Total 557,680 557,680 Page 45 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2023 Group 2022 Nel incomelexpendilure for the year las per S18tement of Financi81 Ackn'vitiesl 27,102 (90,852) Adjustments for: Depreciation charges AmortlS8tion charges Decrease in debtors Decrease in creditors 5,745 12,311 1, 776 137. 848 (39,670) 60,013 {29.208} Net cash provlded by operatlng actlvltles 63,652 21,413 22. Anatysis of cash and Cash equivalents Group 2023 Group 2022 Cash in hand 344.743 285,928 Total cash and cash equlvalents 344,743 285,928 23. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 285,928 58,815 344,743 285,928 58.815 344,743 24. Penslon commltments The Group operates a defined contributions pension scheme. The assets of the scheme are held separstely from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group lo the fund and amounted to £19,95412022 - £29,007). Page 46 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Penslon commltments Icontlnuedl Contributions tolaling £4,661 12022.. £6,479) were payable to the fund al the balance sheet date 25. Operatlng lease commltments At 31 De￿mber 2023 the Group and the Charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2023 Group 2022 Charlty 2023 Charity 2022 Not later than 1 year 11.483 30.368 11.483 30.368 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group 2023 Group 2022 Charity 2023 Charity 2022 Operating lease rentals 72.031 65,542 72.031 65,542 26. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases lo be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 27. Related party transactions Global Poverty Project Inc. IGPP USA), a company incorporated in the USA, is a sole member of Global Povety Project UK Ilhe charilyl. During the year the Group received a total income of £1.49m IGlobal Povety Project UK £1.1 m Global Citizen Deulschland £382kl12022 £2.15ml. At the year end, the balance owed lo the charity was £257k. The Europe office benefited from grant funding from the Bill and Melinda Gates Foundation, which is also the employer of trustee Joe Cetrell. Live Nation, which is the employer of Iruslee John Reid la trustee until 31 October 20221 and a valued partner of Global Citizen, SLJPPOrted our global activities in 2022 and 2023. Global Citizen rents a desk from Syslemiq in Paris for one of its employees, al fair market rent. Guido Schmid-Traub, a board member since JanLJary 2024, is a director of Syslemiq. Page 47 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8 GLOBAL POVERTY PROJECT UK IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 28. Ultlmate parent undertaklng and controlllng party The charity is under control of ils sole corporate member Global Poverty Project Inc, USA IGPP, Incl which is the charity's immediate and ultimate parent company, a company incorporated in the USA. GPP Inc. is a sole member of the charity which gives il the right to appoint and remove the charity's trustees. The charity's accounts are consolidated into GPP, Inc. accounts. The consolidated accounts of GPP, Inc. are available from 594 Broadway, Suite 207 New York, NY 10012 USA. 29. Prlnelpal subsldlarles The following was a subsidiary undertaking of the Charity.. Name Company number Registered offlce or prlnclpal Prlnclpal actlvlty place of buslness Global Citizen Deulschland gGmbH R003229 Ackerstra￿e 29, 10115 Berlin Charity Class of shares Holdlng Included in consolidatlon Ordinary 1000/0 Yes The financial results of the subsidiary for the year were.. Name Income Expendlture ProfitllLossl I Surplusl (Deficit) for the year Net assets Global Citizen Deutschland gGmbH 334.064 (319,240) 14.824 33.702 Page 48 Do¢ ID.. 0608af81ebfa16b2e4d4e8¢3f5d001¢¢8eOb8B8